For more, let's bring in Joe Leavia, counselor to the secretary of the Treasury Department. Joe, great to have you with us. Would you do you agree with that sentiment.>> I do. I mean, the thing is the GDP numbers, which we could get into, were fantastic, was all private sector led, but what struck me, Melissa, is the profound weakness in the interests sectors of the economy such as structures and residential. Structures, which are factories, by the way, they'll get a huge lift with the tax bill.uh 2026 shou ...

Group 1: Global Economic Impact - The ongoing geopolitical influences and misalignment of monetary policies are expected to fundamentally reshape purchasing power across both private and public sectors in the medium to long term [1] - Japan's prolonged ultra-loose monetary policy is reportedly helping the country emerge from a "deflation trap," with the yen's depreciation significantly boosting overall demand [1] - Despite a 40% increase in the average price of second-hand homes in Tokyo over five years and a nearly 20% rise in major stock indices, the actual purchasing power of residents has declined due to high input inflation [1] Group 2: Domestic Market Overview - The domestic equity market has shown continued volatility, with a notable focus on the fourth quarter as a critical period for industry information and monetary policy direction [2][34] - The uncertainty in policy is expected to decrease marginally, while the sustainability of the computing power sector will face ongoing scrutiny from the market [34] - Smaller stocks are anticipated to benefit more from the market's expansion trends compared to larger stocks [34] Group 3: Convertible Bond Market - The convertible bond market has seen an overall increase of 0.48% during the week, with 20 out of 29 sectors experiencing gains [47] - The average daily trading volume in the convertible bond market reached 636.11 billion yuan, reflecting a significant increase of 29.75 billion yuan from the previous week [47][48] - Approximately 63.48% of convertible bonds recorded an increase in value, with 15.37% of bonds rising more than 2% [48] Group 4: Sector Performance - Among the 31 sectors, 19 experienced gains, with retail, non-bank financials, and beauty care leading the way with increases of 6.66%, 2.90%, and 2.87% respectively [45] - Conversely, sectors such as electronics and power equipment faced declines, with drops of -3.28% and -3.12% respectively [45]

AI发展路径将"充满波折但长期向好"。 近期，全球最大资产管理公司贝莱德（BlackRock）发布2026年投资展望报告，罕见地大篇幅聚焦人工 智能（AI），谈及AI主题及相关产业链机会、AI相关的融资模式转变，以及AI提升生产率的潜力和对 宏观经济的影响。 在博万看来，答案取决于美国经济增长能否突破其2%的长期趋势。虽然美国处于全球经济前沿，但过 去150年的所有重大创新——包括蒸汽机、电力和数字革命——都未能使其突破2%的增长趋势。"实现 这一突破难度极大，若AI能拉动GDP增速，那么其整体效益将是巨大的。这虽然难度极大，但AI首次 使这种突破首次变得可以想象（conceivable）。"博万说道。 原因何在？博万认为，AI本身不仅是一项创新，还具有革新创新过程的潜力。AI可能开始自主生成、 测试和改进新概念。如果实现这一点，发现速度可能会加快，推动材料、药物和技术等领域的科学突 破。这种自我强化的加速创新循环，是实现增长突破的关键。"尽管可以想象，但我们并不知道它是否 真的会发生，因此需要追踪一些能够作为创新加速'领先指标'的证据，例如每年新专利数量的激 增。"博万分析道。 就宏观的影响来看，博万似乎也 ...

12月12日，据韩联社，摩根大通资产管理公司策略师Kerry Craig周四在接受采访时称，韩国公司，尤其 是全球人工智能供应链上的企业（如半导体制造商），明年可能会继续迎来股票需求的增长。他对近期 股市中有关人工智能泡沫的担忧不以为然。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 Craig表示："现在市场上开始出现对资本支出水平的担忧，但我认为这绝不是泡沫。"他解释称，这是 因为目前大部分资金来自公司自有现金，而非债务，并且有实际需求和强劲的盈利前景支撑，这与互联 网泡沫时期不同。他还表示，与其他市场相比，认为韩国市场并未"过度高估"。此外，美元走弱以及韩 国从造船到国防等多元化的科技公司阵容，可能有助于提振明年韩国KOSPI指数的表现。 ...

Group 1 - The Japanese economy contracted more than initially reported for the July to September quarter, with a revised annual GDP decline of 2.3%, exceeding economists' expectations of a 2.0% drop and the initial estimate of 1.8% [1] - On a quarterly basis, GDP fell by 0.6%, compared to economists' forecast of a 0.5% decline and an initial estimate of a 0.4% decrease [1] - Private consumption, which accounts for over half of Japan's economy, saw a slight month-on-month increase of 0.2% in October, higher than the initial estimate of 0.1% [1] Group 2 - Capital expenditure, an indicator of private demand, decreased by 0.2% quarter-on-quarter in the third quarter, contrasting with the initial estimate of a 1.0% increase [1]

Summary of Sotera Health Company FY Conference Call Company Overview - **Company**: Sotera Health Company (NasdaqGS:SHC) - **Date of Conference**: December 03, 2025 Key Industry Insights - **Market Normalization**: The med tech industry is experiencing consistent volume expansion across various customer types, indicating a normalized market without significant transient factors affecting volumes [1][2] - **Outsourcing Trends**: Approximately two-thirds of the sterilization market is outsourced, with a gradual shift towards outsourcing over multiple years, but no significant year-to-year changes are observed [5][6] - **NSHAP Regulations**: The new NSHAP regulations regarding sterilizers, particularly ethylene oxide, are expected to take effect in April 2026, but concerns about compliance have diminished due to extensions [7][9] Company Performance and Strategy - **Capacity Management**: The company is cautious about capital investments in new sterilization capacity, ensuring that new facilities are justified by demand and customer commitments [14][16] - **Future Capacity Plans**: New facilities are expected to come online in late 2026 and 2027, with a strategy to secure about 40% of capacity commitments before construction [16][18] - **Pricing Power**: The company anticipates maintaining a price increase of 3%-4% annually, with Sterigenics positioned at the higher end of this range due to multi-year contracts [21][22] Financial Outlook - **Capital Expenditure (CapEx)**: Current CapEx is elevated due to cobalt development and NSHAP compliance, but is expected to decrease to around $100 million in the long term [22][23] - **Debt Management**: The company aims to reduce net leverage to 2-3 times by the end of 2027, while generating $500-$600 million in free cash flow during the same period [27][30] - **Cash Allocation**: Priorities for cash allocation include organic growth, debt reduction, and potential M&A opportunities, with a focus on maintaining a strong balance sheet [31][32] Business Segments - **Nordion**: The Cobalt-60 business is a significant cash generator with a 60% margin, providing essential sterilization services and maintaining a strong market position [35][36] - **Nelson Labs**: The testing business is crucial for regulatory compliance and product marketability, with a focus on sterility assurance and cross-business synergies with Sterigenics [38][39][40] Litigation and Risk Management - **Litigation Status**: The company has made progress in de-risking its litigation profile, particularly concerning ethylene oxide cases, with confidence in scientific evidence supporting its position [43][44] Conclusion - Sotera Health Company is well-positioned in the med tech industry, with a focus on maintaining growth, managing capacity, and navigating regulatory challenges while ensuring strong financial health and strategic investments in its core businesses.

该统计结果预计将直接影响日本2025年第三季度国内生产总值（GDP）的修正值。相关数据亦将在12月 日本央行货币政策会议前受到政策制定者的密切关注。 （文章来源：新华财经） 新华财经北京12月1日电日本财务省最新发布的企业统计调查数据显示，2025年第三季度，日本企业利 润同比大幅增长19.7%，远超市场预期的3.7%，并较上一季度仅0.2%的微弱增幅实现强劲反弹。然而， 同期企业资本支出同比仅增长2.9%，显著低于市场普遍预期的约6%，亦较第二季度7.6%的增速明显回 落。 根据该调查，剔除软件支出后的资本支出同样录得2.9%的同比增幅，低于预期水平，释放出企业投资 动能明显减弱的信号。与此同时，企业整体销售额同比微增0.5%，基本持平，略高于市场预期。 上述数据呈现出"利润强劲、投资疲软"的显著背离现象。尽管企业盈利状况显著改善，但在经济前景不 确定性加剧的背景下，日本企业普遍表现出谨慎态度，资本开支意愿明显降温。 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The global economy is entering the top - region due to the continuous wrong policies in the United States [2] - AI - driven capital expenditure of nearly $3 trillion is expected to drive the market up, but there are risks if it fails to turn into productivity [1] - The shift of foreign capital from the South Korean stock market to Chinese technology sectors is significant [1][2] 3. Summary by Related Catalogs 3.1 Global Economic News - Google's AI infrastructure head says the company must double AI computing power every 6 months and achieve an additional 1000 - fold increase in 4 - 5 years to meet AI service demand [1][2] - US data center planned capacity has soared to 245 gigawatts, with a 45 - gigawatt increase in Q3, and developers are building their own power plants in energy - producing areas [1][2] - Morgan Stanley predicts that the S&P 500 index will reach 7,800 in 2026 driven by AI - related capital expenditure [1] - Foreign capital is leaving the South Korean stock market and flowing into Chinese technology sectors [1][2] - NVIDIA CEO Huang Renxun believes China will win the AI competition due to favorable regulations and low energy costs [2] - High - end chip depreciation concerns are affecting the US stock AI sector [1] - A "sell - Japan" trade is happening, with a rare "triple - kill" in stocks, bonds, and exchange rates [1] - Eli Lilly becomes the first trillion - dollar pharmaceutical company due to strong demand for drugs and sector rotation [1] - In September, over 1.9 million unemployed people in the US aged 25+ with a bachelor's degree accounted for a quarter of the total unemployed [1][2] - Amazon laid off about 4,700 employees, with nearly 40% in engineering, and cut jobs in the game and advertising sectors [1][2] 3.2 Global Economic Logic - The probability of the Fed cutting interest rates in December has risen to 75% after the New York Fed President's dovish remarks [2] - The capital expenditure forecast of the five major tech giants in 2026 has soared to $533 billion, and AI data center construction may need at least $5 trillion in the next five years [2] - US stock retailization is accelerating, and retail investors are major net buyers, especially in the options market [2] - US household excess savings accumulated during the pandemic are almost exhausted, and consumer slowdown has spread to middle - income groups [2] - Economists are worried that large - scale layoffs by well - known companies may be an economic warning signal [2]

一场由AI驱动的资本开支热潮正在形成，但这背后也潜藏着重大风险。 近日，摩根士丹利在其2026年展望报告中描绘了一幅整体积极的图景，认为由AI驱动的资本支出热潮将成为市场的主要推动力。 然而，该行也发出了一个关键的长期警告：如果这场耗资数万亿美元的投资未能及时转化为实质性的生产力增长，那么由此引发的杠杆率上升和 信贷担忧可能成为市场面临的主要风险。 AI引领的3万亿美元资本开支浪潮 策略师Michael Zezas在报告中表示，世界正在对美国政策的转变做出反应。美国政策已从过去的自由贸易转向以产业政策、贸易壁垒和战略投资 为核心的新共识，这种转变为企业资本支出的大幅回升提供了动力。 报告指出，在企业资产负债表现金充裕、经济环境有利以及AI技术前景的共同推动下，一场资本支出的浪潮正在形成。 摩根士丹利预计，全球与AI相关的资本支出将接近3万亿美元，其中约1.5万亿美元需要通过公共和私人信贷市场进行融资。 这一投资热潮预计将对实体经济产生直接影响，成为未来几年经济增长的重要引擎。该行经济团队预测，仅AI相关的资本支出就将为2026年美国 1.8%的GDP增长预估值贡献0.4个百分点。 投资机遇：从信贷到股市的广泛 ...

Core Insights - FirstEnergy reported Q3 2025 operating earnings of 83 cents per share, exceeding the Zacks Consensus Estimate of 76 cents by 9.2% and showing an increase from 76 cents in the same quarter last year [3][4] - Total operating revenues reached $4.14 billion, surpassing the Zacks Consensus Estimate of $3.91 billion by 5.8% and reflecting an 11.2% increase from $3.72 billion in the prior year [5] - The company has narrowed its 2025 core EPS guidance to a range of $2.50-$2.56, aligning with the Zacks Consensus Estimate of $2.53 per share [8] Financial Performance - Core earnings growth was driven by new base rates in Pennsylvania and increased transmission rate base, partially offset by higher planned operating expenses [4] - Total operating expenses rose to $3.3 billion, up 10.5% from $3 billion in the previous year, while operating income increased to $830 million, a 14.2% rise from $727 million [7] - Interest expenses also increased to $312 million, reflecting a 13% rise from $276 million in the prior year [7] Segment Performance - Distribution segment revenues totaled $2.02 billion, up 11.2% year-over-year [6] - Integrated segment revenues amounted to $1.65 billion, a 13.8% increase from $1.45 billion in the previous year [6] - Stand-Alone Transmission segment revenues reached $488 million, up 2.7% from the prior year [6] Capital Investment and Guidance - FirstEnergy has increased its 2025 capital investment plan to $5.5 billion, with over half allocated to strengthening its Transmission operations [9] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period [8] Market Reaction and Outlook - Following the earnings release, there has been a downward trend in estimates for the stock, indicating a shift in market sentiment [11] - Despite the downward estimate revisions, FirstEnergy holds a Zacks Rank 2 (Buy), suggesting expectations for above-average returns in the coming months [13]