Investment Rating - The report does not explicitly provide an investment rating for the electronics manufacturing industry Core Insights - The electronics manufacturing industry is experiencing rapid growth, valued at $1.275 trillion in 2023, with a growth rate of 7.5% driven by digitization and automation [7] - The industry is responsible for over 4% of global greenhouse gas emissions, highlighting the need for energy efficiency to mitigate environmental impact [7][9] - Energy efficiency is identified as a critical lever for reducing emissions, with potential energy savings of 25% to 30% achievable in fabrication facilities without compromising quality [8][12] - Effective management of energy use across the supply chain is essential for achieving net-zero emissions, as consumer electronics suppliers account for over 77% of the industry's total emissions [9] Summary by Sections 1. Why Supply Chain Energy Management Matters in the Electronics Manufacturing Industry - The global electronics market is growing rapidly, with significant contributions from the Asia-Pacific region and North America [7] - China's electronics manufacturing industry reached RMB 37.72 trillion (US$5.2 trillion) in 2023, with over 41,200 companies [7] - The sector's environmental impact is significant, necessitating innovation in energy technologies to support a low-carbon economy [7][8] 2. Retrofitting Existing Facilities for Energy Efficiency - Existing FATP facilities require urgent energy upgrades, particularly those built 10-20 years ago [24] - International and national standards are becoming stricter, necessitating compliance for energy management systems [24][25] - A structured process for optimizing energy efficiency includes conducting energy audits, project implementation, and savings verification [28][29] 3. Planning for Optimum Energy Efficiency in New Facilities - New FATP facilities should adopt an integrated design approach to maximize energy efficiency [6] - Key considerations include building layout, system and equipment selection, and control and monitoring strategies [6] 4. Managing Energy Efficiency in FATP Facilities - FATP facilities consume energy primarily through production, HVAC, and process air systems [18] - The production system accounts for 32% of energy consumption, while HVAC and process air systems account for 30% and 28%, respectively [20] - Implementing energy efficiency measures can significantly reduce energy consumption and costs [16][22] 5. Energy Efficiency Measures (EEMs) - EEMs can achieve substantial energy savings across various systems, including HVAC, process air, and production processes [62] - Case studies demonstrate that comprehensive energy-efficiency programs can lead to over 30% energy savings in FATP facilities [62][63] 6. Project Implementation and Acceptance - Effective project execution requires addressing challenges such as production schedule impacts and high upfront investments [66] - Collaboration with OEMs can enhance project success and streamline implementation [67] 7. Savings Verification - A rigorous measurement and verification process is essential for validating energy savings from implemented measures [72][73] - Engaging external auditors can enhance the credibility of the energy-efficiency program [75]

Investment Rating - The report does not explicitly provide an investment rating for the FIFA Club World Cup 2025 Core Insights - The FIFA Club World Cup 2025 is expected to generate significant socio-economic impacts, with a total attendance of approximately 3.7 million people and an estimated event-related expenditure of $7.2 billion [8][10] - The overall economic impact is projected to reach $41.3 billion globally, with a gross domestic product (GDP) contribution of $21.1 billion and the creation of 432,000 full-time equivalent jobs [8][39] - The Social Return on Investment (SROI) is calculated at 4.34, indicating that for every dollar invested, society is expected to benefit by $4.34 [9][64] Economic Impact - The macroeconomic analysis estimates the monetary impacts of spending, focusing on indicators such as gross output, GDP, labor income, and employment [14] - The total economic impact in the USA is projected at $17.1 billion, with a GDP contribution of $9.6 billion and 105,000 full-time equivalent jobs created [10][39] - The event is expected to generate direct, indirect, and induced economic contributions, with significant benefits for sectors such as wholesale & retail, accommodation & food, and defense & security [43] Social Impact - The social impact analysis highlights non-financial benefits, including improvements in health, well-being, and social connections within communities [26][71] - The total social benefits are estimated at $3.36 billion, with tourism-related benefits accounting for $2.43 billion, sport benefits at $0.58 billion, and entertainment benefits at $0.35 billion [60][62] - The event is anticipated to foster increased physical activity, leading to long-term health benefits and potential savings in public health costs [72][73] Methodology - The analysis employs the Social Return on Investment (SROI) methodology aligned with OECD guidelines, incorporating stakeholder engagement and outcome mapping [4][9] - Data sources include FIFA expenditure forecasts, tourism reports, and international benchmarks from organizations such as the World Bank and OECD [6][8] - The study utilizes an inter-country Social Accounting Matrix (SAM) to evaluate the economic impact across 45 productive sectors and 76 countries [5][15]

Investment Rating - The report does not explicitly provide an investment rating for the FIFA World Cup 2026 Core Insights - The FIFA World Cup 2026 is expected to have a significant socioeconomic impact, with a total attendance of approximately 6.5 million people and event-related total expenditure estimated at $13.9 billion [8][36] - The overall economic impact is projected to generate a gross output of $80.1 billion globally, with a GDP contribution of $40.9 billion and the creation of 824,000 full-time equivalent jobs [9][43] - The Social Return on Investment (SROI) is calculated at 3.64, indicating that for every dollar invested, society benefits by $3.64 [62] Summary by Sections Scope - The FIFA World Cup 2026 will expand to 48 teams, co-hosted by Canada, Mexico, and the United States, aiming to enhance global participation and competition [2][32] Methodology - The analysis employs Impact Analysis and Social Return on Investment (SROI) methodologies aligned with OECD guidelines, incorporating stakeholder engagement and monetization of benefits [4][28] Economic Impact - The total economic impact includes a gross output of $80.1 billion, with the USA contributing $30.5 billion to GDP and creating 185,000 full-time equivalent jobs [9][43] - The accommodation and food sector is expected to benefit the most, followed by real estate and wholesale and retail sectors [46][47] Social Impact - The event is projected to generate social benefits valued at $8.28 billion, with tourism, sports, and entertainment contributing significantly [58][60] - The SROI for the USA is calculated at 4.03, indicating substantial social returns from investments made for the event [66] Expenditure Breakdown - Total expenditure for the event is estimated at $13.9 billion, with the USA accounting for $11.1 billion, including $6.4 billion from anticipated tourist spending [36][37] Tourism Impact - The influx of visitors is expected to generate billions in economic activity, benefiting hospitality, transportation, and retail sectors, while enhancing the global visibility of host cities [34][38] Employment Generation - The event is anticipated to create 823,474 full-time equivalent jobs globally, with significant contributions from the accommodation and air transport sectors [50][51]

Investment Rating - The MRO industry is rated positively, with expectations of continued financial performance improvement and increased investment activity over the next two years [7][8]. Core Insights - The MRO industry has fully recovered from the COVID-19 pandemic, with spending forecasted to reach $120 billion in 2024, a 7.2% increase from the pre-COVID peak in 2019 [4][67]. - The industry is expected to grow at an annual rate of 2.7% through 2035, reaching $156 billion [4][5]. - Key disruptors identified include material shortages, labor and material cost management, and the adoption of generative AI [10][12]. Demand and Market Trends - The MRO market reached over $114 billion in 2024, with a forecasted increase to $120 billion in 2025 due to factors like aging fleets and increased aircraft utilization [4][67]. - The MRO sector is experiencing a "super cycle" driven by higher maintenance needs of an aging fleet [67]. Business Climate - 68% of survey respondents believe the financial performance of the MRO industry improved over the past year, with 72% expecting continued improvement [7]. - Nearly three-quarters of respondents anticipate increased outside investment and deal activity in the next two years [7]. Investment Segments - Engines are expected to attract the most investment, followed by components and heavy airframes [8]. - The engine segment is favored due to pronounced supply chain challenges and better margins compared to labor-intensive segments [8]. Disruptors - Material shortages emerged as the top disruptor, followed by labor and material cost management [10]. - Changes to fleet plans and the adoption of generative AI are also significant disruptors [12]. Supply Chain Challenges - Supply chain issues persist, with over half of respondents expecting challenges to last at least another 18 months [15]. - Two-thirds of respondents indicated a need for improved supplier performance and inventory availability to regain confidence in the supply chain [16]. Material Cost Inflation - Material costs increased by an average of 7.7% last year, with expectations of a 6.3% rise next year [18][19]. - The MRO/OEM segment experienced slightly higher cost increases compared to operators [18]. Labor Market Dynamics - Labor supply remains strained, with wage inflation reported at 6.6% last year, and a projected slowdown to 5.7% next year [30][31]. - The shortfall of certified mechanics in North America is expected to grow to 19% by 2028 [33]. Labor Productivity - Over half of respondents reported improvements in frontline labor productivity, driven by better training and communication [38]. - MROs/OEMs reported slightly better productivity gains compared to operators [38]. AI Adoption - AI adoption in the MRO industry is increasing, with 64% of respondents reporting value realization from AI investments [54]. - The focus of AI applications includes cost management, efficiency, and materials forecasting [58][59]. Conclusion - The MRO industry is on a growth trajectory, surpassing pre-COVID levels and expected to exceed $150 billion in the next decade [67][68]. - Challenges remain in material and labor cost inflation, supply chain weaknesses, and labor supply constraints, but strategies are being implemented to enhance productivity and embrace AI [68].

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The WHO design principles and tools aim to enhance the usability and impact of WHO guidelines by focusing on the needs of end users and improving implementation at the country level [2][3] - The development of these principles involved extensive co-design workshops with participants from 15 countries, emphasizing a user-centered approach [8][9] - The principles are designed to be complementary to existing WHO documentation and informed by user feedback to ensure relevance and effectiveness [4][5] Summary by Sections Design Principles - The design principles include: 1. Design with empathy by understanding people and their context 2. Design for living guidelines 3. Design for accessibility 4. Design for clarity 5. Design for translation to multiple languages [13][21] Tools for Implementation - Relevant tools developed to support the design principles include: - T1: Stakeholder network map - T2: Enablers and barriers - T3: Empathy map - T4: Guideline journey mapping - T5: Annotated sample guideline chapter - T6: Design guide - T7: Translated sample guideline page [15][40][46] Development Process - The principles were developed over two years through four workshops, focusing on improving accessibility, clarity, and translation [8][11][12] - Insights from over 70 end-users were gathered to identify barriers in guideline use and inform the design process [7][8] Focus Areas - Emphasis on understanding the unique circumstances of guideline users to enhance implementation [22] - Guidelines should be treated as living documents that can be updated easily to reflect new evidence [26] - Accessibility is crucial, ensuring guidelines are usable by individuals with various impairments and available across multiple platforms [30] - Clarity in communication is essential, with guidelines written in plain language and structured for easy navigation [35] - Consideration for translation is necessary to accommodate diverse languages and cultural contexts [38]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The paper introduces a new approach to measuring Global Value Chain (GVC) participation, emphasizing the need for accurate metrics for informed policy-making [2][8] - It identifies three modes of GVC participation: pure backward, pure forward, and two-sided, which allows for a more nuanced understanding of how countries and industries engage in GVCs [8][25] - The findings indicate that traditional trade-based GVC metrics significantly underestimate global GVC activity, particularly in sectors like services and upstream manufacturing [9][10] - GVC participation is shown to enhance overall output stability while increasing exposure to external shocks, highlighting its dual role in economic dynamics [11][21] Summary by Sections Introduction - The emergence of GVCs complicates policy-making by introducing new opportunities and risks compared to traditional trade [7] - GVC-led growth strategies can lead to better access to inputs and technology but also present challenges such as income inequality and exposure to imported shocks [7][8] Methodology - The paper develops enhanced accounting measures using inter-country input-output (ICIO) data to assess GVC participation [22] - A tripartite decomposition of GVC trade is introduced, allowing for a comprehensive evaluation of countries' and sectors' engagement in GVC activities [24][25] Findings - Approximately half of GVC production, around USD 10 trillion in 2019, remains unaccounted for when only traditional trade metrics are considered [9] - The new metrics reveal that low and middle-income countries may be more shielded from international disturbances than previously thought during early trade liberalization phases [10] - GVC participation is positively correlated with higher per capita income growth, indicating its significance in economic development [11] Related Literature - The report discusses the need for rigorous measures of GVC participation to inform economic growth and development questions [13] - It highlights the limitations of existing measures and the importance of a comprehensive approach to understanding GVC dynamics [17][18] Conclusion - The paper underscores the importance of accurate GVC measurement for informed policy decisions and economic development strategies [12][21]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the significant reliance on liquid fuels for electricity generation in West Africa, which imposes high costs and financial burdens on utilities [9][20] - It emphasizes the potential for enhanced regional power trade as a cost-effective solution to reduce dependence on liquid fuels and improve financial sustainability [10][28] - The report outlines practical steps for countries to reduce liquid fuel reliance, even in the absence of regional integration [57] Summary by Sections Key Findings & Recommendations - Liquid fuels contribute to high electricity costs, averaging US$ 0.26/kWh, and account for 73% of regional generation costs [9][20] - Regional power trade could triple from 9.7 TWh to 29.5 TWh by 2030, leading to an 82% reduction in liquid fuel generation [9][32] - Improved dispatch and management of existing grid assets can further reduce liquid fuel use [9][10] - Contractual terms for liquid fuel generation often create financial vulnerabilities for utilities [9][10] Liquid Fuels in West Africa's Current Power Generation Landscape - In 2022, liquid fuels provided 4.5 GW of capacity and generated 12.7 TWh of electricity across 14 West African countries [11][12] - Liquid fuels account for 14% of the total energy mix and 16% of installed power capacity in the region [17] - The average cost of electricity service is correlated with reliance on liquid fuels, with fuel costs comprising 73% of annual power generation expenses [20][21] Liquid Fuel Phase-down through Regional Power Trade - The West African Power Pool (WAPP) has the potential to significantly reduce liquid fuel dependence through enhanced regional trade [28][55] - The modeling indicates that full regional trade could lead to a reduction of 20 million tons of CO2 emissions by 2030 [47][55] - Addressing barriers such as poor financial performance of utilities and historical nonpayment issues is crucial for deeper integration [56] Developing Domestic Options for Near-term Liquid Fuel Reduction - Countries can optimize existing grid assets and improve management of liquid fuel contracts to reduce reliance on liquid fuels [57][62] - Dispatch optimization studies can lead to significant reductions in liquid fuel usage without major new infrastructure investments [62][63] - Scaling up alternatives to liquid fuels, including renewable energy sources, is essential for long-term sustainability [57][74]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report outlines the newly implemented (Trial) Measures for Science and Technology Ethics Reviews, which aim to regulate ethical reviews in scientific research and technology development, emphasizing the importance of responsible innovation and risk prevention [7][8] Summary by Sections General Provisions - The Measures are formulated to strengthen the governance of science and technology ethics and to promote responsible innovation [7] - S&T activities that require ethics reviews include those involving human participants, laboratory animals, and activities posing ethical risks [8] Reviewers - Institutions such as universities and research organizations are responsible for managing S&T ethics reviews and must establish ethics review committees for sensitive research areas [14][15] - The committees must have at least seven members with diverse expertise and backgrounds [17] Review Procedures - S&T ethics risk assessments are mandatory before conducting S&T activities, and applications for ethics reviews must include detailed information about the proposed activities [20][21] - The review committee can approve, modify, or disapprove applications based on ethical considerations [35] Supervision and Management - The Ministry of Science and Technology (MOST) oversees the overall guidance of S&T ethics reviews, while local departments manage supervision [64] - Work units must register their ethics review committees and report on their activities annually [67][70] Supplementary Provisions - The Measures define "S&T ethical risk" and outline the criteria for minimal risks, which are routine risks encountered in daily life [81] - The Measures will be implemented starting December 1, 2023 [86]

Investment Rating - The report does not explicitly provide an investment rating for the aluminium industry. Core Insights - The aluminium industry is projected to increase production by over a third by 2050, leading to rising emissions unless decarbonisation measures are implemented [20][88] - Aluminium production accounted for approximately 1.1 gigatonnes (Gt) of CO2 emissions in 2022, primarily due to reliance on fossil fuels [19][67] - The integration of renewable energy sources such as solar and wind is essential for reducing the carbon footprint of aluminium production [21][22] - The report emphasizes the need for a supportive policy environment to accelerate the transition towards low-carbon aluminium [30][32] Summary by Sections Executive Summary - Aluminium is crucial in various industries but significantly contributes to climate change, with emissions projected to rise without decarbonisation efforts [19][20] - The report outlines the role of renewable energy and other levers to reduce emissions in the aluminium sector [20][28] Introduction - The aluminium market was valued at approximately USD 160 billion in 2022, with over 7 million jobs supported globally [39] - The report discusses the environmental impact of aluminium production, which emitted over 1.1 billion tonnes of CO2 equivalent in 2022 [39][67] Transformation Pillars: Towards Net Zero in the Aluminium Sector - The report identifies three key pillars for decarbonisation: increasing low-carbon electricity sources, eliminating direct emissions, and maximizing recycling [89] - It highlights the importance of integrating renewable energy into smelting processes to significantly reduce emissions [95][102] Recent Progress and Key Actions - Several aluminium producers are already integrating renewables into their operations and participating in research and development initiatives [28][29] - The report calls for collaborative efforts among governments, producers, and other stakeholders to achieve decarbonisation goals [29][30]

Investment Rating - The report emphasizes the need for dynamic social registries in the Sahel to enhance adaptive social protection systems, indicating a positive outlook for investment in this area [2][5][26]. Core Insights - Countries in the Sahel are experiencing interconnected shocks, particularly from climate change and conflict, necessitating systems that can quickly identify changes in household welfare [2][3]. - Adaptive Social Protection (ASP) is highlighted as an effective approach for governments to support the poorest and most vulnerable populations, integrating various social protection policies and programs [3][8]. - Dynamic social registries are essential for accurately assessing welfare changes among vulnerable populations, enabling timely and effective support during crises [4][9][26]. Summary by Sections Recommendations for Dynamic Social Registries - Establish a permanent client-interface for households to provide and update data on-demand, ensuring the registry reflects current welfare conditions [5]. - Adopt a modular structure for socioeconomic questionnaires to enhance data collection efficiency and reduce costs [5][40]. - Ensure interoperability with other data sources and ASP delivery systems to improve coordination and effectiveness [6]. - Promote systematic peer-to-peer learning to enhance national capacities in implementing dynamic social registries [6][52]. Introduction - The policy note consolidates findings from a study on dynamic social registries in low-income and shock-prone contexts, particularly in the Sahel [7]. Importance of Dynamic Social Registries - Static social registries in the Sahel often lead to outdated data, which can significantly affect targeting accuracy and program effectiveness [23][24]. - Dynamic registries can mitigate data decay and support inclusive social protection programs, maximizing impact during rapidly changing conditions [26]. Features of Dynamic Social Registries - Dynamic registries allow continuous updates and intake of new data, combining self-reported information with administrative records [27]. - Key features include a unique gateway for households, continuous updates, and assessment of household needs based on program eligibility criteria [27]. Data Intake Modalities - Countries can maintain current social registries by utilizing various data sources, including direct self-reported data and indirect data from administrative records [28][34]. - A combination of direct and indirect data collection methods is recommended to ensure comprehensive household information [39]. Modular Structure for Questionnaires - Modular questionnaires can improve data management efficiency by allowing targeted data collection based on program needs [40][46]. - The core module captures essential data for all households, while complementary modules can be tailored for specific programs [46]. Cross-Country Learning - Systematic cross-country learning and cooperation can accelerate the establishment and expansion of dynamic social registries in the Sahel [52]. Conclusion - The design and implementation of dynamic social registries require balancing timely data collection with comprehensive coverage to effectively support vulnerable households [54][55].