Sep 5, 2025 4:01 PM Eastern Daylight Time Share BOSTON--(BUSINESS WIRE)--Eaton Vance Municipal Bond Fund (NYSE American: EIM) (the "Fund†) held an annual meeting of shareholders earlier today (the "Annual Meeting†). At the Annual Meeting, Fund shareholders were asked to elect three Class II Trustees. The Annual Meeting was adjourned to September 16, 2025 at 11:30 a.m. Eastern Time to allow more time for shareholders to vote. The August 20, 2025 record date for shareholders entitled to vote at the adjour ...

Core Viewpoint - The article discusses the case of Davis Lu, who was sentenced to 4 years in prison and 3 years of supervised release for intentionally damaging protected computers at his former employer, Eaton Corp. The case highlights the severe consequences of insider threats in the corporate environment [1][9]. Group 1: Incident Overview - Davis Lu, a former employee of Eaton Corp, was found guilty of "intentional damage to protected computers" after he planted malicious code in the company's systems [3][9]. - The malicious code included a termination switch named "IsDLEnabledinAD," which locked out thousands of users from the network when Lu's access was revoked [5][6]. Group 2: Impact on the Company - The malicious actions led to significant operational disruptions at Eaton Corp, resulting in substantial costs for the company to restore normal network operations [8][9]. - The U.S. Department of Justice indicated that Lu's actions caused the company to incur losses amounting to hundreds of thousands of dollars [8]. Group 3: Legal Proceedings - Lu's request for a retrial was denied by the court, which upheld the original verdict based on the evidence presented during the trial [9]. - The final judgment included a prison sentence of 4 years, followed by 3 years of supervised release, emphasizing the seriousness of his actions and their impact on his career and personal life [9][10].

伊顿(EATON)（ETN.N） 优于大市 收入增长稳健，数据中心业务表现亮眼 证券研究报告 | 2025年08月18日 2025 年上半年业绩 19.5 亿美元，同比+7%。2025 年上半年公司实现营业收 入 134.0 亿美元，同比+9%；归母净利润 19.5 亿美元，同比+7%；经营利润 率 23.9%，同比+0.5pct。单季度来看，2025 年第二季度公司实现营业收入 70.3 亿美元，同比+11%，环比+10%；归母净利润 9.8 亿美元，同比-1%，环 比+2%；经营利润率 23.9%，同比+0.3pct，环比+0.1pct。 北美电气化业务表现亮眼。分业务来看，2025 年上半年，北美电气化/全球 电 气 化 / 航 空 航 天 / 车 辆 业 务 / 车 辆 电 动 化 业 务 分 布 实 现 收 入 63.6/33.6/20.6/12.8/3.4 亿美元，同比+14%/+8%/+13%/-12%/-1%；经营利 润 率 分 别 为 29.7%/19.4%/22.6%/16.3%/-4.4% ， 同 比 +0.2/+0.8/+0.3/-0.7/-3.8pct。。 数据中心业务订单强劲增长。 ...

Group 1 - Eaton's shares have performed strongly over the past year, gaining 23% [1] - The company's results have been boosted by a rebound in aerospace and ongoing infrastructure spending [1] - Eaton's exposure to data center construction has also contributed positively to its performance [1]

Group 1: Overall Industry Performance - The revenue and profit margins of power equipment companies continue to grow, with most companies having a substantial backlog of orders [1] - New order growth is slowing down, with Siemens Energy's new orders increasing by 24% year-on-year, while GEV's new orders declined by 32% due to high base effects and project cancellations [1][3] - Companies like Eaton and Mitsubishi Electric are experiencing a decline in new orders, but their base orders remain strong [1] Group 2: Data Center Demand - Eaton's data center orders in the U.S. have surged by 55%, supported by acquisitions of modular power shell manufacturers and solid-state transformer technology companies [2] - Schneider's data center sales and potential demand have also seen double-digit growth, contributing to overall positive sentiment in the data center sector [2] - GEV anticipates that the accelerating demand for data centers will support the growth of its electrification business throughout the year [2] Group 3: Gas Turbine Orders - GEV's gas turbine new orders have nearly doubled year-on-year, with total backlog capacity reaching 55 GW, expected to hit 60 GW by year-end [3] - Siemens Energy's new orders also grew by 17% year-on-year, with approximately 3 GW of new orders coming from data centers [3] - Both GEV and Siemens Energy are experiencing rising prices for gas turbines, with backlogs amounting to 3-4 times their 2024 revenue [3] Group 4: Long-term Outlook - The overseas electrical equipment market is expected to maintain a high level of prosperity, driven by AI data centers and infrastructure upgrades in Europe and the U.S. [4] - Companies are strategically positioning themselves to capitalize on the growing demand for data centers and the need for equipment upgrades as renewable energy penetration increases [4]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: U.S. Machinery and Electricals - **Focus**: Impact of recent policy changes by the Trump Administration on various sub-sectors including electricals, construction, agriculture, and trucks [1][11] Core Insights and Arguments 1. Policy Impact on Renewables - The Trump Administration's policies are de-prioritizing renewables, negatively impacting companies like Quanta (PWR) which derives 30% of sales from this sector [2][49] - The OBBBA cuts tax credits for renewables, shortening the eligibility timeframe from 2032 to 2027, leading to a projected slowdown in construction activity post-2025 [16][54] - Construction costs are rising due to stricter domestic content requirements and tariffs, which could drive renewables to ex-growth from 2025-2030 [2][18] 2. Construction Sector Stimulus - The reinstatement of 100% bonus depreciation for qualified property under the OBBBA is expected to stimulate construction activity, unlocking nearly $90 billion in additional non-residential construction spending, a 7% increase compared to 2024 levels [3][67] - This change is anticipated to benefit construction OEMs such as OSK, URI, ETN, CAT, TRMB, HUBB, DE, and J [3][12] 3. Agriculture Equipment Demand - Changes in biofuels policy, including a 75% increase in biomass-based diesel production mandated by the EPA, could lead to a 10% increase in agricultural equipment demand [4][84] - The extension of clean fuel tax credits from 2027 to 2029 and increased subsidies for biofuels are expected to positively impact companies like Deere, AGCO, and CNH [4][101] 4. Truck OEM Competitive Landscape - The Section 232 investigation into commercial vehicle manufacturing is likely to favor U.S.-based manufacturers like PACCAR (PCAR) by reversing the current tariff structure that disadvantages U.S. manufacturers [5][104] - Current tariffs create a cost disadvantage for U.S. truck manufacturers, as they face higher costs due to imported components [107][110] Additional Important Insights - The overall economic reorientation towards investment rather than consumption is expected to benefit the machinery and electrical sectors [13] - The anticipated slowdown in renewable energy construction does not imply a complete decline, as electricity demand continues to grow at a CAGR of 1.5-2% [28][40] - Historical context indicates that previous cuts to renewable tax credits led to significant underperformance in the sector, suggesting potential risks ahead [46] - The bonus depreciation changes are expected to lead to mid-single-digit earnings growth for companies like Oshkosh, Eaton, and United Rentals [79][82] Company Ratings and Price Targets - **Outperform Ratings**: Trimble (TP $99), Jacobs (TP $163), PACCAR (TP $118), Eaton (TP $410), Hubbell (TP $511) [7][8] - **Market-Perform Ratings**: AGCO (TP $118), Caterpillar (TP $447), Deere (TP $548), Cummins (TP $385), United Rentals (TP $885), Titan America (TP $15), Oshkosh (TP $132), Quanta (TP $410) [7][8] This summary encapsulates the key points discussed in the conference call, highlighting the implications of policy changes on various sectors and companies within the U.S. Machinery and Electricals industry.

Group 1: Overall Earnings Season Insights - The 2025 Q2 earnings cycle is winding down with most S&P 500 companies reporting results, showcasing resilience and strong overall growth alongside positive revisions for Q3 [1][7] - Companies such as Apple, Eaton, and DoorDash achieved quarterly records, contributing to the positive sentiment in the earnings season [1][7] Group 2: Eaton Highlights - Eaton, an intelligent power management company, reported a record-breaking quarter with adjusted EPS of $2.95, reflecting an 8% year-over-year increase [4] - Organic sales for Eaton grew by 8% compared to the previous year, with segment margins reaching a Q2 record of 23.9% [4] - The company has a strong dividend growth rate of 7.5% over five years and has consistently paid dividends since 1923 [6] Group 3: Apple Highlights - Apple reported strong quarterly results, achieving records in sales, iPhone revenue, and EPS, with Services revenue reaching an all-time high of $27.4 billion [9][13] - The installed base of active devices for Apple also hit a new record, and the company generated free cash flow of $24.4 billion during the period [13] - Apple's shares are trading at a forward 12-month earnings multiple of 29.3X, reflecting a 30% premium relative to the S&P 500 [14] Group 4: DoorDash Highlights - DoorDash shares surged over 50% in 2025, with quarterly results showing records in Total Orders, Marketplace GOV, and revenue [16] - Total Orders increased by 20% year-over-year, and sales rose by 25%, with adjusted EBITDA climbing 52% to $655 million [16] - The company noted high levels of consumer engagement in the U.S., indicating strong consumer spending on delivery services [19]

Market Overview - The Data Center Power Management Market was valued at USD 22.0 billion in 2024 and is projected to reach USD 40.1 billion by 2032, with a CAGR of 7.80% from 2025 to 2032 [1][5]. Growth Drivers - The market is experiencing transformative growth driven by increasing global data consumption, energy-efficient infrastructure services, and the expansion of cloud and hyperscale data centers [2]. - Intelligent power solutions that integrate with renewable energy sources to monitor real-time power consumption are preferred by organizations to reduce operational costs and carbon footprints [2]. Regional Insights - In the U.S., the market was valued at USD 5.9 billion in 2024 and is expected to grow to USD 10.6 billion by 2032, reflecting a CAGR of 7.57% [3]. - North America accounted for 35% of global revenue in 2024, supported by advanced digital infrastructure and early adoption of cloud technologies [12]. - The Asia-Pacific region is anticipated to grow the fastest, driven by significant investments in digital infrastructure and government-led renewable energy initiatives [13]. Market Segmentation By Component - The hardware segment held the largest market share at 48% in 2024, driven by essential components like Uninterruptible Power Supply (UPS) systems and Power Distribution Units (PDUs) [6]. - The services segment is expected to register the fastest CAGR during the forecast period due to the increasing complexity of data center environments [7]. By Data Center Type - Hyperscale data centers led the market with a 26% revenue share in 2024, essential for handling large data workloads and supporting cloud services [8]. - Edge data centers are projected to witness the highest CAGR, driven by the demand for low-latency processing and real-time analytics [9]. By Industry - The IT & Telecom sector held the largest share in 2024, fueled by the demand for cloud computing and the expansion of 5G networks [10]. - The retail sector is expected to record the fastest CAGR, driven by the growth of e-commerce and the need for robust IT infrastructure [11]. Key Players - Major players in the market include Schneider Electric, Eaton Corporation, ABB Ltd., Vertiv Holdings Co., Siemens AG, Delta Electronics, Huawei Technologies, Rittal GmbH & Co. KG, Tripp Lite, and Legrand SA [4]. Recent Developments - Schneider Electric launched the Galaxy VXL, a compact UPS for AI workloads, and partnered with NVIDIA for a liquid-cooled AI cluster design [16]. - Vertiv introduced the MegaMod CoolChip, a modular data center solution that reduces deployment time by up to 50% [16].

然而，在这场波澜壮阔的智能革命之下，一个困境正悄然浮现，成为悬在所有从业者头顶的"达摩克利 斯之剑"。当大模型参数从千亿卷向万亿，训练一次的耗电量巨大，当"电力"成为限制想象力的那 把"锁"，一个深刻的时代命题摆在面前： 行业对算力的无尽渴求，正在遭遇地球有限能源的物理边界。谁来为这个智能时代，提供源源不断、稳 定可靠且绿色可持续的"心跳"？ 在中国创新脉动最强劲的粤港澳大湾区，我们探寻着答案。七月流火，南都湾财社深调研团队来到深耕 动力管理领域超百年的全球巨头伊顿（Eaton），走进其位于深圳的全球研发制造中心，对话伊顿电气 亚太区关键电源总经理李海平，试图在这家"动力心脏"的缔造者身上，共同解码AI时代背后的"引擎方 程式"。 这是一个被代码和算力重新定义的时代。人工智能的浪潮，正以超乎想象的速度，重塑着千行百业的边 界，擘画着一个无限可能的未来。 第三，也是最容易被忽视的，是传统电网与智能负载的架构错配。"现在我们必须保护电网免受AI波动 性的影响，这是一个全新的技术问题。"李海平强调。与传统IT负载相对平稳的特性不同，AI算力负载 具有典型的"脉冲式"波动特性——在进行大规模并行计算时，其功率需求会瞬 ...

Core Insights - Eaton Corporation (ETN) reported Q2 2025 earnings of $2.95 per share, exceeding the Zacks Consensus Estimate by 1.03% and reflecting an 8.05% year-over-year increase, driven by improved organic sales volumes and sustained demand [1][9] - Total revenues for Q2 reached $7.02 billion, surpassing the Zacks Consensus Estimate of $6.92 billion by 1.4%, with a year-over-year increase of 10.7% attributed to an 8% rise in organic sales, a 2% contribution from acquisitions, and a 1% boost from favorable currency translation [3][9] Financial Performance - GAAP earnings for the quarter were $2.51 per share, a 1.2% increase from $2.48 in the previous year, with differences attributed to charges related to intangible assets, restructuring, and acquisitions [2] - Selling and administrative expenses rose to $1.14 billion, up 12.5% year over year, while research and development expenses decreased by 2% to $192 million [8] Segment Performance - Electrical Americas reported sales of $3.4 billion, a 16% year-over-year increase, with operating profit at $987 million, up 15% [4] - Electrical Global's sales reached $1.8 billion, up 9% year over year, with operating profit of $353 million, reflecting a 16% increase [5] - Aerospace segment sales were $1.1 billion, up 13% year over year, with operating profit at $240 million, a 17% increase [6] - Vehicle segment sales declined to $663 million, down 8% year over year, with operating profit decreasing by 13% to $113 million [6] - eMobility segment sales were $182 million, down 4% year over year, with an operating loss of $10 million [7] Guidance and Outlook - For Q3 2025, Eaton expects earnings in the range of $2.58-$2.64 per share and anticipates organic growth of 8-9% [12] - The company projects adjusted earnings per share for 2025 to be between $11.97-$12.17, indicating a 12% increase at the midpoint from the previous year, with organic sales growth expected in the range of 8.5-9.5% [12] Backlog and Financial Position - Eaton's backlog increased by 17% in Electrical Americas, 16% in Aerospace, and 1% in Electrical Global on a rolling 12-month basis [10] - As of June 30, 2025, the company's cash decreased to $0.39 billion from $0.55 billion at the end of 2024, while long-term debt rose to $8.75 billion from $8.47 billion [11]