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1、2 August 2019THIS CONTENT MAY NOT BE DISTRIBUTED TO THE PEOPLE'S (EXCLUDING SPECIAL ADMINISTRATIVE REGIONS OF(THE "PRC")AND MACAO)We combine revenue-exposure data from the proprietary HSBC Climate Solutions Databasewith fundamental Buy ratings from our global equity analystsand create

2、the HSBC Climate Stocks, 28 companies from 12 markets, deriving 50-100% of revenue from climate themesuAshim PaunCo-head, ESG Research; Climate Change StrategistHSBC Bank plc ashim.paun+44 20 7992 3591Amit Shrivastava* AnalystHSBC Securities and Capital Markets (India) Private Limited amit1.shrivast

3、avahsbc.co.in+91 80 4555 2759Wai-Shin Chan, CFAHead, Climate Change Centre; Co-head, ESG ResearchuuOur approach: We have returned to our proprietary HSBC Climate Solutions Database to create a stock screen comprising companies that derive a majority of their revenues from climate change themes inclu

4、ding in areas such as clean power generation, energy efficiency, water, waste and agriculture. However, this time, we have combined revenue data with ratings from our equity analysts.What this gives us: The 28 companies in this concentrated screen are green pureplays and are rated Buy by HSBC analys

5、ts. They operate in markets around the world, vary in market cap from cUSD240m to cUSD48bn, and derive revenues from 14 climate themes in total. As a theme, Industrial Efficiency has the highest weighting by market cap. Fivecompanies in this screen derive 100% of revenue from climate themes: Siemens

6、 GamesaTheand Shanghai Banking Corporation Limitedwai.shin.chan.hkLucy Acton* ESG Analyst HSBC Bank plclucy.acton+44 20 3359 3365* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulationsRenewable Energy (SGRE SM),Enterprises Water G

7、roup (371 HK), Xinyi SolarHoldings (968 HK), Biffa Plc (BIFF LN) and Wasion Group Holdings(3393 HK).Performance: On an equal weighted basis, our HSBC Climate Stocks screen has outperformed the MSCI All Country World Index (ACWI) index by 8.5% since 2017 and by c1% year-to-date. Also, the average div

8、idend yield (DY) for the screen (c2.6%) is marginally higher than the DY for global equities (c2.5%). Looking forward, our Radar methodology which captures investor sentiment and short-term market dynamics sees 72% of companies placed in the top two most favourable quadrants.HSBC Climate Solutions F

9、rameworkThe HSBC Climate Solutions Fr environmental and climate chanLow Carbon Energy ProductionBio-energy Carbon CaptureDiversied Renewable Gas (Hydrogen) Hydro/Geo/Marine Integrated Power NuclearSolar WindClimate Fina Carbon Tra InvestmenSource: HSBC *Gas climate theme represents Hydrogen GasThis

10、report replaces the version of the same date and title, to correct the number of companies with clean power themes as their main source of climate revenue and linked to efficiency themes (should be six).Issuer of report: HSBC Bank plcDisclaimer & DisclosuresThis report must be read with the disc

11、losures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it.View HSBC Global Research at:HSBC Climate Stocks28 green pureplays, Buy-rated CorrectionClimate ChangeGlobal获取报告1、2、3、每周群内7+报告；当日华尔街日报、4、行研报告均为公开利归原作者所有，起点财经仅分发做内部学习。扫一扫关注 回复：加入“起点财经”群。

12、Climate Change Global2 August 2019Executive SummaryHSBC Climate Stocks green pureplaysIn this report, we present the HSBC Climate Stocks. The 28 companies in the screen take a majority of their revenues from one or more of the list of 21 climate change themes we use in our Climate Solutions Database

13、, and are rated Buy by the coveringequity analysts in HSBC Global ResearchWe have created a number of stock screens in recent years, where we look for companies that earn revenues against climate change themes such as solar and wind power, buildingsefficiency and energy storage.How can investors get

14、 exposure to climate change themes?We have designed them to highlight exposure to certain ideas explored in thematic notes, including low-carbon transport (Transport: the second frontier: Finding opportunities from the HSBC Climate Solutions Database, 15 January 2019) and agriculture (Fragile planet

15、 agriculture: Opportunities from the HSBC Climate Solutions Database, 11 July 2018). We have also created screens to give climate exposure to countries, including our Climate Leaders via our Fragile Planet methodology (Fragile planet: Opportunities across 10 climate-leading nations, 10 April 2019).

16、They aim to help clients to identify companies that can give revenue exposure tospecific climate themes, given certain constraints.With this note, we look at climate revenues and add another criterion stocks rated Buy by HSBC analysts resulting in a concentrated stock screen.We use the following cri

17、teria to screen for HSBC Climate Stocks from the HSBC Climate Solutions Database:A concentrated screen focusing on climate revenues and stocks rated Buy by HSBC analystsuCompanies that are Buy-rated by HSBCCompanies with a minimum market-cap of USD200mCompanies that derive a minimum of 50% of their

18、revenues from climate-related businesses the themes are summarised in the Framework diagram on page 2.uu28 companies meet these screening criteria we list them by country of incorporation on pages 4-5 and give detail on their climate-related businesses from page 11.Appendix 1 gives more details on t

19、he methodology and Appendix 2 gives definitions of the different climate themes under which we attribute revenue.2Climate Change Global2 August 2019ContentsHSBC Climate Stocks a global screen exposure4HSBC Climate Stocks analysis6A range of climate themesLow Carbon Energy Production themesEnvironmen

20、t & Land Use Management themesEnergy Efficiency & Energy Management themes11111315Appendix 1 notes on methodology17Appendix 2 - Definitions of the 21 HSBC Climate Solutions Themes21Disclosure appendix28Disclaimer313Climate Change Global2 August 2019HSBC Climate Stocks a global screen exposur

21、eWe list here the 28 companies in our HSBC Climate Stocks screen, organised by country of incorporation. We also give key data on their climate revenue exposure (in percentage terms). From page 11, we look in more detail at the climate-related businesses of eachcompany and provide links to the most

22、recent relevant fundamental report on each.EuropeBelgiumuUmicore SA, UMI BB, climate revenue exposure: 54.4%DenmarkuRockwool International AS, ROCKB DC, climate revenue exposure: 75.1%FranceuEDF, EDF FP, Climate revenue exposure: 55.5%Veolia Environnement, VIE FP, climate revenue exposure: 80.2%Germ

23、anyuCentrotec Sustainable AG, CEV GR, climate revenue exposure: 81.3%SpainuSiemens Gamesa Renewable Energy SA, SGRE SM, climate revenue exposure: 100%SwitzerlanduABB, ABBN SW, climate revenue exposure: 56.0%UKuBiffa Plc, BIFF LN, climate revenue exposure: 100%uPennon Group Plc, PNN LN, climate reven

24、ue exposure: 99.1%4Climate Change Global2 August 2019AmericasUnited StatesuAdecoagro, AGRO US, climate revenue exposure: 53.7%uAmerican Water Works Co Inc, AWK US, climate revenue exposure: 98.2%Aqua Amer ca, WTR US, climate revenue exposure: 99.4%uAsiaChinauGree Electrical Appliances Income, 000651

25、 CH, climate revenue exposure: 83.2%uLongi Green Energy Technology Co, 601012 CH, climate revenue exposure: 97.3%uTianjin Zhonghuan Semiconductor, 002129 CH, climate revenue exposure: 91.1%uWasion Group Holdings, 3393 HK, climate revenue exposure: 100%uEnterprises Water Group, 371 HK, climate revenu

26、e exposure: 100%uChina Conch Venture Holdings, 586 HK, climate revenue exposure: 88.3%uChina Everbright International, 257 HK, climate revenue exposure: 88.6%uChina Longyuan Power Group, 916 HK, climate revenue exposure: 67.3%Dynagreen Environmental Protection, 1330 HK, climate revenue exposure: 78.

27、7%uuHuaneng Renewables Corp, 958 HK, climate revenue exposure: 95.7%uXinyi Solar Holdings, 968 HK, climate revenue exposure: 100%IndiauDhanuka Agritech, DAGRI IN, climate revenue exposure 97.5%uFinolex Industries, FNXP IN, climate revenue exposure: 82.3%uPower Grid Corp of India, PWGR IN, climate re

28、venue exposure: 87.9%uUPL, UPLL IN, climate revenue exposure: 84.5%PhilippinesuManila Water Co Inc, MWC PM, climate revenue exposure: 96.1%5Climate Change Global2 August 2019HSBC Climate Stocks analysisOur 28-stock screen sees major exposure to 9 main climate themes, including renewable energy, effi

29、ciency, agriculture and water themesThe screen has outperformed the MSCI ACWI by c1% year-to-dateIt also positions well in relation to our Climate Radar analysis, which tracks investor sentiment and short-term market dynamicsuuuOur HSBC Climate Stocks brings together fundamental Buy ratings with rev

30、enue analysis from the Climate Solutions Database. This brings in companies with climate revenue exposure levels from c54% through to five companies with 100%. Six companies have clean power (including solar and wind) as their main climate theme. Six have efficiency (buildings and industrial), six w

31、aste, and a total of eight companies have water and agriculture themes. There is also a huge variety in market cap, from Centrotec Sustainable AG (USD241m) to Gree Electrical Appliances(USD48,138m). Table 1 summarises these characteristics.Clean power, waste, water, agriculture, efficiencyTable 1: H

32、SBC Climate Stock screenCompany NameTickerHSBCClimate Expos. (%)HSBCClimate SectorCurrencyCurrent PriceHSBCTPM-Cap (USDm)HSBCRatingHSBCAnalystABBABBN SW56.0Industrial EfficiencyCHF18.8125.0041,189BuyMichael Hagmann*American Water Works Co IncAWK US98.2WaterUSD115.11130.0020,780BuyVerity Mitchell*Pow

33、er Grid Corp Of India PWGR IN87.9Industrial Efficiency INR210.80 230.0016,018BuyPuneet Gulati*, CFAVeolia EnvironnementVIE FP80.2WaterEUR22.8524.5014,395BuyVerity Mitchell*Longi Green Energy Technology Co 601012 CH 97.3SolarCNY25.7336.2013,544BuyCorey Chan*Siemens Gamesa Renewable Energy SASGRE SM10

34、0.0WindEUR12.6815.009,612BuySean McLoughlin*Umicore SAUMI BB54.4WasteEUR28.4439.007,802BuyMartin Evans*UPL UPLL IN84.5AgricultureINR595.25 750.006,606BuySaurabh Jain*China Conch Venture Holdings586 HK88.3WasteHKD27.0538.006,236BuyHoward Lau*, CFAChina Everbright International 257 HK88.6WasteHKD6.959

35、.405,454BuyEvan Li*Enterprises Water Group371 HK100.0WaterHKD4.155.805,310BuyHoward Lau*, CFAXinyi Solar Holdings968 HK100.0SolarHKD4.324.804,447BuyEvan Li*Tianjin Zhonghuan Semiconductor002129 CH 91.1SolarCNY10.1814.304,034BuyCorey Chan*Pennon Group PlcPNN LN99.1WasteGBPp7178703,694BuyVerity Mitche

36、ll*Huaneng Renewables Corp 958 HK95.7WindHKD2.142.802,888BuyEvan Li*Rockwool International ASROCKB DC 75.1Buildings Efficiency DKK1651.00 2750.002,645BuyBrijesh Siya*Finolex IndustriesFNXP IN82.3AgricultureINR526.70 680.00946BuyPrateek Bhatnagar*, CFAAdecoagro SAAGRO US53.7Bio-EnergyUSD6.7214.50783B

37、uyAlexandre FalcaoBiffa PlcBIFF LN100.0WasteGBPp220290672BuyVerity Mitchell*Dynagreen Environmental Protection1330 HK78.7WasteHKD3.684.50491BuyEvan Li*Wasion Group Holdings3393 HK100.0Buildings Efficiency CNY2.864.20365BuyYork Pun*, CFADhanuka AgritechDAGRI IN97.5AgricultureINR362.35 475.00250BuySau

38、rabh Jain*Centrotec Sustainable AGCEV GR81.3Buildings Efficiency EUR12.0019.00241BuyRichard Schramm*Source: HSBC, Company website, Refinitiv Datastream; Current price as of 31 July 2019*Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA re

39、gulations6Manila Water Co IncMWC PM96.1WaterPHP23.5030.70955BuyColin Davis*, CFAChina Longyuan Power Group916 HK67.3WindHKD4.817.304,974BuyEvan Li*Aqua America IncWTR US99.4WaterUSD41.8345.509,024BuyVerity Mitchell*Electricite De FranceEDF FP55.5NuclearEUR11.2213.5038,096BuyAdamGree Electrical Appli

40、ances Income000651 CH 83.2Buildings Efficiency CNY55.0961.6048,138BuyLina Yan*Climate Change Global2 August 2019Many companies earn climate revenues from just one theme, for instance Biffa plc (100% waste) and Aqua America Inc (99.4% Water). However, several companies earn revenues in a number of th

41、emes Pennon Group plc, Veolia Environnement and Manila Water Co Inc earn revenues from both waste and water themes, while China Everbright has revenue attributed tofour themes water, waste, bio-energy and solar. Table 2 gives this breakdown.One climate theme or several Six companies have the clean p

42、ower themes as their main source of climate revenue, six are linked to efficiency themes and six to wasteTable 2: HSBC Climate Stocks climate revenue breakdownClimate revenue exposure across various themesSource: HSBC, Company Websites7Company NameCarbon TradingInvestment CompaniesBuildings Efficien

43、cyEnergy StorageFuel CellsIndustrial EfficiencyTransport EfficiencyAgricultureForestryPollution ControlWasteWaterBio-EnergyCCSDiversified RenewablesGas (Hydrogen)GeothermalHydroIntegrated PowerMarineNuclearRs are MSolarWindMulti-SectorTotalSiemens Gamesa Renewable Energy99.60.4100Enterprises Water G

44、roup100100Xinyi Solar Holdings100100Biffa Plc100100Wasion Group Holdings 80.219.8100Aqua America Inc99.499.4Pennon Group Plc51.247.999.1American Water Works Co Inc98.298.2Dhanuka Agritech97.40.1397.5Longi Green Energy Technology97.397.3Manila Water Co Inc2.593.696.1Huaneng Renewables Corp5.390.495.7

45、Tianjin Zhonghuan Semiconductor91.191.1China Everbright International54.81419.40.588.6China Conch Venture Holdings25.962.388.3Power Grid Corp Of India87.987.9UPL84.584.5Gree Electrical Appliances Income83.283.2Finolex Industries57.624.782.3Centrotec Sustainable81.381.3Veolia Environnement3644.280.2D

46、ynagreen Environmental Protection78.778.7Rockwool International75.175.1China Longyuan Power Group0.420.020.031.4865.467.3ABB5656.0Electricite De France0.010.020.153.60.21.555.5Umicore54.454.4Adecoagro21.132.653.7Climate Change Global2 August 2019HSBC Climate stock-screen price performance & key

47、valuation metricsLooking at the price performance, the HSBC Climate stock-screen has outperformed global equities over the past few months, as well as over the last few years. Year-to-date an equal weighted HSBC Climate Stock screen has outperformed the MSCI ACWI index (equalweighted) by c1% and by

48、8.5% since the beginning of 2017.Outperforming the MSCI ACWILooking at consensus valuations, the 12 month forward price-to-earninultiple for HSBCLower price-earnings multiples, marginally higher overall yieldClimate stock-screen is significantly lower than the corresponding 12 month forward PE ratio

49、 for global equities benchmark (MSCI ACWI). Currently, at 11.0x, the average 12 month forward relative PE for HSBC Climate stock-screen is 26% lower than its 10-year average level (Chart 1). Also, at 2.62%, the average current dividend yield for HSBC Climate stocks is slightly higherthan the current

50、 dividend yield for the MSCI ACWI index (2.49%).Chart 1: HSBC Climate stocks trade at discount to global equitiesChart 2: HSBC Climate stocks average DY is marginally higher than DY for global stocksSource: MSCI, IBES, Refinitiv Datastream, HSBCSource: MSCI, Refinitiv Datastream, HSBCHow HSBC Climat

51、e Stocks are placed on the HSBC Climate RadarThe HSBC Climate Radar is one of the first attempts to profile, quantitatively and systematically, investment themes within the global climate space. It offers investors an objective framework that allows them to separate long-term influences from short-term effects and identify climate themes that are well placed to be recognised and rewarded by the market. In our last update HSBC Climate Radar - Top conviction themes - Solar and Wind, 21 May 2019, we highlightedSolar and Wind as the most attractive Climat