Investment Rating - The report indicates a critical need for additional mid-band spectrum licensing to avoid a looming spectrum crisis in U.S. wireless networks, which could significantly impact economic growth and technological leadership [6][14][49]. Core Insights - The U.S. is facing a spectrum crisis that threatens to degrade wireless network performance and economic growth, with a projected loss of $1.4 trillion in GDP between 2025 and 2035 if additional spectrum is not licensed [6][13][15]. - By 2027, U.S. networks will be unable to meet nearly 25% of traffic demand during peak hours, worsening to only 27% by 2035, indicating a severe capacity shortfall [9][10][15]. - The report emphasizes the urgent need for policymakers to license additional mid-band spectrum to ensure reliable wireless networks and maintain U.S. global technology leadership [14][49]. Summary by Sections Executive Summary - The U.S. spectrum crisis has long-term negative implications for economic growth, with rising demand and constrained supply pushing networks to their limits [6][14]. - Without additional spectrum, the U.S. risks losing $1.4 trillion in potential GDP between 2025 and 2035 [6][15]. Spectrum Shortfall Impacts on Wireless Networks - The spectrum shortfall will start impacting consumers as early as 2026, with significant congestion expected by 2027 [9][10]. - By 2027, the U.S. will face a spectrum deficit of 401 MHz, which could triple to 1,423 MHz by 2032 if no new spectrum is licensed [17][79]. The Risk to Enterprises without More Spectrum - Upstream manufacturers and ecosystem solution providers will lack the incentive to innovate, leading to a loss of access to next-generation technologies for enterprise end-users [11][144]. - The lack of spectrum will adversely affect productivity and market development opportunities across the wireless connectivity value chain [144]. Downstream Consequences for Consumers - Consumers will experience degraded service quality, with increased latency and reduced bandwidth, impacting their quality of life [36][39]. - Next-generation technologies, such as mobile AI applications and autonomous vehicles, will struggle to reach the market due to insufficient spectrum [12][36]. Call to Action: Core Recommendation - Policymakers must urgently license additional mid-band spectrum to address the looming spectrum deficit and ensure the U.S. maintains its global technology leadership [14][49].

Investment Rating - The report does not explicitly provide an investment rating for the OTC pharmaceutical industry Core Insights - The OTC pharmaceutical market is highly competitive, and strong commercial relationships with customers are critical for success [1] - Effective trade terms management is essential for optimizing profitability while providing competitive incentives [5] - A holistic approach to trade terms optimization is necessary to navigate complexities in the OTC market [9] Summary by Sections Commercial Policies and Financial Impact - Commercial policies significantly impact commercial margins, with discounts, rebates, and operational expenditures affecting triple net performance [2][4] - Companies can achieve up to a 20% increase in triple net profitability through optimized trade terms management [16] Challenges in Trade Terms Management - Diverse customer needs, regulatory constraints, competitive dynamics, and the necessity for robust data analytics complicate trade terms management [6][7][8] - A tailored approach is required to meet the distinct expectations of pharmacy chains, independent pharmacies, and wholesalers [6] Benefits of Efficient Trade Management - Transitioning from on-invoice to off-invoice discounts enhances transparency and aligns incentives with sales outcomes [11] - Focusing on sell-out performance improves inventory turnover and reduces overstocking risks [12] - Increased investment in trade marketing boosts customer engagement and drives end-user demand [13] - Customized trade terms strengthen customer relationships and build long-term loyalty [14] Methodology for Trade Terms Optimization - The report outlines a comprehensive methodology for optimizing trade terms, including performance diagnosis, industry benchmarking, and tailored optimization roadmaps [15][19][20] - Financial impact modeling provides clients with insights into potential ROI from gross-to-net improvements [21] Case Study Insights - A case study revealed that a global pharmaceutical client faced inefficiencies in trade terms, leading to a decline in sell-out despite significant gross-to-net investments [24][26] - Implementing seven levers for gross-to-net optimization resulted in freeing up approximately 20% of gross-to-net investments, enhancing sell-out and driving sustainable sales growth [32] Conclusion - OTC pharmaceutical companies must prioritize trade terms management optimization to enhance gross-to-net performance while maintaining competitive commercial policies [33]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Michigan's grid faces significant challenges, including reliability issues, resource adequacy, and the need for decarbonization. Virtual Power Plants (VPPs) are identified as a viable solution to address these challenges while maintaining cost-effectiveness [2][7]. Summary by Sections Michigan's Grid Challenges and the VPP Opportunity - Policymakers and utilities can incorporate VPPs as part of a broader strategy to tackle Michigan's grid challenges, which include aging infrastructure and increasing demand [7]. Distribution System Reliability and Affordability - Michigan experiences frequent and prolonged power outages, costing customers an average of $1,272 annually from 2013 to 2022, which is approximately $600 higher than the average in other Great Lakes states [8][10]. - The state ranks poorly in reliability metrics, with significant room for improvement in system average interruption duration index (SAIDI), average interruption frequency index (SAIFI), and customer average interruption duration index (CAIDI) [10][11]. Resource Adequacy - The retirement of coal plants and projected load growth could lead to resource adequacy risks, with a potential summer capacity deficit of 1 to 3.7 GW projected for the MISO North/Central region in the planning year 2025-26 [26][27]. Decarbonization - Michigan has set ambitious clean energy targets, aiming for 80% clean energy by 2035 and 100% by 2040. Achieving these goals will require a significant shift in utility investments and operations [30][41]. Michigan's VPP Readiness - Michigan has made strides in deploying distributed energy resources (DERs), with a notable increase in electric vehicle registrations and a growing interest in battery storage [33][35]. - The state has a supportive regulatory environment, with the Michigan Public Service Commission (MPSC) actively working to improve distribution system resilience and affordability [38]. Near-Term Actions for Michigan Decision Makers to Scale VPPs - Decision makers are encouraged to advance policies that promote DER adoption, utilize best practices in program design, and enable VPP participation in wholesale and retail markets [45][48]. - The MPSC can facilitate the aggregation of residential and small commercial customers to enhance participation in VPPs [50].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Business travel serves as a barometer for economic growth, with volumes reflecting the health of economic activity in regions [2] - The report highlights the top destinations for European business travelers based on flight and car rental data from 2024 [2] - The geopolitical landscape remains complex, but global business travel growth in 2024 exceeded expectations, indicating positive momentum for 2025 [8] Summary by Sections Top 10 European Cities - The ranking of European cities for business travel in 2024 remains largely unchanged, with Stockholm moving up to 9th place, pushing Brussels to 10th [4][6] - Growth in Western Europe's business travel is primarily driven by real estate activities, followed by the arts, entertainment, and recreation sectors [4] Top 10 Countries - Germany remains the most visited European country, with Spain and Sweden moving up to 6th and 9th places, respectively [10] - Italy shows the strongest increase in inbound business travel at 21%, driven by economic recovery and expanded airline operations [11][15] Top 10 Routes - London is the most popular hub for European flights, with eight city pairs in the top 10 routes [17] - The most popular intercontinental route is from London to New York City [21] Cabin Class and Flight Type - For European flights, 92% of business travelers booked economy class, while intercontinental flights are evenly split between business and economy class at 44% each [22] - Most European flights (85%) are direct, while only 52% of intercontinental flights are direct [23] Car Rental Insights - 21% of air bookings in Europe included a rental car, with Germany leading in car rental cities [31] - An imbalance between supply and demand has led to significant price increases in car rentals, with expectations of further rate hikes in 2025 [35]

Investment Rating - The report indicates a strong positive outlook for the renewable energy sector, highlighting significant growth and potential for future investments [13][15]. Core Insights - By the end of 2024, renewable energy sources accounted for 46% of global installed power capacity, with a record addition of 585 gigawatts (GW) in 2024, marking a 15.1% increase [14][15]. - Solar power was the leading contributor, with over 452 GW added, representing more than three-quarters of the total renewable additions [15]. - The report emphasizes the need for accelerated growth to meet the target of tripling installed renewable power capacity to 11 terawatts (TW) by 2030, requiring annual additions exceeding 1,120 GW [17][18]. Summary by Sections Total Capacity - The global renewable energy capacity reached 4,448,051 megawatts (MW) by the end of 2024, showing a consistent upward trend from previous years [64]. Renewable Energy Breakdown - Hydropower, wind energy, and solar energy are the primary contributors to the renewable capacity, with significant growth observed in solar photovoltaic installations [19][15]. Regional Insights - Major contributors to new renewable capacity in 2024 included China, the United States, and the European Union, which collectively accounted for 489 GW (83.6%) of the total new installations [16]. - In contrast, Africa's contribution was minimal, with only 4.2 GW (0.7%) added, highlighting disparities in renewable energy deployment [16]. Future Outlook - The report calls for a much faster pace of growth in renewable energy installations to achieve a sustainable energy future and meet global climate goals [18].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Government relations are essential for startups to navigate regulatory environments and ensure compliance, which can significantly impact their operations and growth [7][8] - Successful startups proactively engage with government entities, adapting their strategies to align with regulatory changes and fostering relationships with key stakeholders [47][50] - The playbook emphasizes the importance of understanding the regulatory landscape and building a comprehensive government relations strategy from the outset [15][23] Summary by Sections 1. Introduction to Government Relations - Government relations are crucial for businesses of all sizes, especially startups that often innovate ahead of regulations [7] - Startups must adjust operations to comply with regulations, making government relations a key function to mitigate risks and enable growth [8][11] 2. When and How to Start - Startups should develop a government relations strategy from day one, regardless of when they formalize this function [15][16] - Early engagement with government can help startups navigate the regulatory landscape effectively [22][23] 3. Navigating Government Relations in Indonesia: A Case Study - Gojek's proactive engagement with regulators helped it navigate regulatory challenges and establish a supportive framework for its operations [26][28] - The company collaborated with government authorities to create regulations that balanced innovation with public safety [29][32] 4. Startups' Laundry List: Key Questions - Startups should ask about applicable regulations, key stakeholders, compliance requirements, and strategies for staying informed about regulatory changes [35][39] - Building and maintaining relationships with regulators is essential for long-term success [41][42] 5. Common Traits of Successful Startups - Successful startups engage proactively with regulators, prioritize compliance, and adapt quickly to regulatory changes [47][49] - Strong legal and regulatory teams are vital for navigating complex legal landscapes [50][51] 6. Best Practices for Government Relations - Understanding the regulatory landscape and building rapport with key government officials are critical for effective government relations [54][59] - Startups should leverage industry associations for collective advocacy and insights [60] 7. Common Pitfalls Faced by Startups - Startups often struggle with regulatory uncertainty, complex bureaucracy, and resource constraints [72][74] - Maintaining good relationships with government officials and ensuring compliance are crucial to avoid pitfalls [77][78] 8. Influencing Regulatory Changes - Startups can influence regulatory changes by understanding the policymaking process and building compelling narratives that align with government objectives [87][92] - Engaging with stakeholders and maintaining relationships post-advocacy are essential for long-term success [95] 9. Looking Ahead - Startups must prepare for potential shifts in policy priorities with the upcoming administration in Indonesia [98][99] - Emerging trends in government relations will focus on sustainability and aligning with international regulatory standards [100][101]

Investment Rating - The report emphasizes that the AI race is not solely about technological superiority but significantly revolves around supply chain mastery, indicating a strong investment potential in companies that can secure their supply chains effectively [2][29]. Core Insights - The AI industry is facing constraints such as power shortages, supply chain bottlenecks, and rising chip costs, which are reshaping expansion strategies for major players like Microsoft and Nvidia [2][3]. - The report identifies ten critical elements necessary for large-scale AI deployment, highlighting that mastering both core and hidden elements of the supply chain is essential for success in the AI race [9][29]. - The future of AI will depend on companies' abilities to build, sustain, and scale the infrastructure that supports AI technologies, rather than just focusing on software innovations [30]. Summary by Relevant Sections Core Elements of AI - AI Talent: Essential researchers, engineers, and data scientists are crucial for building and optimizing AI systems [9]. - AI Models: Continuous research and innovation are necessary for developing foundational AI capabilities [9]. - AI Chips: Specialized processors like GPUs and TPUs are vital for powering AI computations [9]. - AI Training Data: Large datasets are required for effective AI model training [9]. Hidden Supply Chain Elements - Compute Hardware: High-performance computing components are necessary to support AI workloads, with supply chain disruptions causing delays [19]. - Data Center Construction: The demand for data centers is increasing, but space and power availability are becoming constraints [12]. - Data Center Infrastructure Equipment: Essential equipment like cooling systems and power distribution units are critical for AI operations [14]. - Power Generation: The energy demand for AI is expected to double by 2026, necessitating innovations in power generation [21]. - Real Estate: Strategic land acquisition for data centers is becoming increasingly competitive [23]. - Telecom Infrastructure: High-speed data movement is essential for AI applications, making telecom infrastructure a critical component [27]. Conclusion - The report concludes that the leaders in the AI sector will be those who can effectively manage their supply chains, including chips, data centers, energy, and telecom networks, rather than just those with superior technology [29][30].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Education is a key driver of personal and social development, with foundational literacy skills being essential for success in all academic subjects and everyday life [17][19] - Many children globally are unable to read with comprehension, exacerbated by the COVID-19 pandemic, highlighting the need for effective classroom assessments to support foundational reading skills [20][24] - Classroom assessment plays a crucial role in the learning process, providing timely feedback to improve instruction and inform stakeholders about student progress [21][22] Summary by Sections 1. Assessment and Reading Proficiency – Concepts and Definitions - Effective education requires a curriculum, trained teachers, and learning assessments to identify learning gaps [30][31] - Learning assessment is the process of collecting information to inform educational decisions, with classroom assessments being the most relevant for foundational learning [32][34] 2. Classroom Assessment of Early Grade Reading Skills - Early Grade Reading (EGR) skills are foundational for literacy and must be assessed to ensure students progress along a learning trajectory [61][62] - Classroom assessments should reflect the reading progression framework to provide accurate information on students' mastery of skills [60][62] 3. Mapping of Assessment Tools with Respect to Early Grade Reading Skills - The report includes an overview of existing assessment tools and their alignment with early grade reading skills [3.1][3.2] 4. Supporting Teachers in Effective Practice of Literacy Classroom Assessment - Teacher training is essential for developing assessment competencies, which directly impact student achievement [4.1][4.2] 5. Key Issues in Development and Use of EGR Classroom Assessment - Language of instruction, curriculum alignment, and the use of technology are critical factors in the effectiveness of classroom assessments [5.1][5.2][5.4] 6. Conclusion - The document emphasizes the importance of integrating classroom assessment practices into teacher training to improve literacy outcomes [6] 7. References - The report includes a comprehensive list of references supporting its findings [7] 8. Additional Publicly Available Resources on Classroom Assessment - Additional resources are provided for further exploration of classroom assessment practices [8]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Artificial Intelligence (AI) is rapidly transforming industries and society, driving innovation and industrial change [4] - AI is reshaping communication services, enhancing user interaction experiences and creating new business models [8] - The integration of AI into communication services is expected to deepen collaboration within the ecosystem and redefine business models [49][53] Summary by Sections 1. Introduction - AI is becoming a driving force for technological innovation and industrial transformation, reshaping lifestyles and business models [4] 2. AI Opens New Areas for Communication Services - AI is redefining user interaction by integrating multiple modalities for a more immersive experience [10] - AI enhances traditional voice and video calls with features like real-time translation and personalized experiences [13][14] - AI-driven instant messaging platforms offer intelligent Q&A, information filtering, and cross-language communication [19][21] - AI enables the creation of personalized video ring-back tones (RBT) and immersive communication experiences [22][24] 3. AI Paves New Paths for Terminal Development - AI is driving the evolution of smart devices, including smartphones, wearables, and robots, enhancing user experience and interaction [28] - AI smartphones are expected to see a compound annual growth rate of 63% from 2023 to 2028 [30] - AI wearables are becoming more intelligent and independent, providing precise health monitoring and seamless interaction [31][40] - AI robots are transitioning from programmed tasks to autonomous decision-making capabilities [41][44] 4. AI Reshapes the Communication Service Ecosystem - The traditional roles of players in the communication ecosystem are changing with the introduction of AI technology providers and vertical industry enterprises [48] - AI is expected to enhance collaboration among ecosystem participants, driving innovation and expanding service offerings [50][51] - The shift from "pipeline providers" to "new information service providers" is anticipated as operators seek to diversify their service offerings [53] 5. New Challenges Brought by AI Development - The implementation costs of AI services are high, and the effectiveness often does not meet user expectations [57] - AI technology poses higher demands on communication performance, requiring advancements in network capabilities [59][60] - Data security and the risk of technology misuse are significant challenges in the integration of AI with communication services [62][63] 6. AI-Driven Communication Service Prosperity - The integration of communication and AI technologies is expected to drive the intelligent transformation of various industries [68] - The report emphasizes the need for operators and partners to explore innovative applications of AI-driven communication services [69] - Enhancing network capabilities and data security measures is crucial for the future of AI in communication [71]

Core Insights - The global supply chain software market is projected to grow at an annual rate of approximately 16%, reaching around $62 billion by 2028, driven by increasing global disruptions and complexities [8][18][19] - The demand for supply chain and logistics (SCL) software is expected to see significant growth due to a backlog of demand and private equity cash reserves, benefiting from organic growth [9][19] - The report highlights a notable increase in spending on supply chain management modernization projects, which is expected to account for over 50% of the forecasted growth, approximately $17 billion by 2028 [19] Market Dynamics - The SCL software market is experiencing a moderate level of mergers and acquisitions (M&A) activity in 2024 due to ongoing uncertainties, with expectations for a significant acceleration in M&A activity by the end of 2025 and early 2026 [8][9] - The report indicates that the average annual renewal rates for leading supply chain management (SCM) software providers are expected to nearly double from the current 3%-5% to 7%-10% post-2025 [19] - Autonomous spending on new end-to-end supply chain management capabilities and orchestration platforms is projected to account for approximately 30% of the forecasted growth [19] Technological Advancements - The integration of artificial intelligence (AI) and machine learning is enhancing operational decision-making capabilities, optimizing inventory levels, and reducing waste [20] - AI-driven risk assessments are identifying vulnerabilities within supplier networks, improving resilience, and mitigating potential disruptions [20] - Advanced data processing ensures higher accuracy and completeness, driving more informed decision-making and streamlined processes across the supply chain [20] Industry Trends - The report notes a significant increase in the adoption of warehouse automation technologies, which rose from approximately 5% to 25% over the past decade, with expectations for continued growth [22] - The North American market holds the largest share of the inventory management systems, accounting for about 40%, with local deployments still representing around 64% of all systems [22] - The last-mile delivery market is projected to reach $161 billion in 2024, with an expected annual growth rate of about 10% over the next eight years [25] M&A Activity - The report outlines several notable acquisitions in the SCL software space, including Veriforce's acquisition aimed at enhancing supply chain risk management solutions and Jaggaer's acquisition to support its next growth phase [27][28] - The report indicates a total of 74 M&A transactions in the SCL sector, with a notable increase in transaction volume observed in recent quarters [30][31]