Since its inception in 1973, the HKMA Best Annual Reports Awards has become a highly regarded benchmark in Hong Kong's information disclosure landscape. It aims to award and recognize organizations for their achievement in annual report preparation. A total of nine enterprises received the "Certificate of Excellence in Environmental, Social and Governance Reporting". Other award-winning companies include CLP Holdings, CK Hutchison Holdings, Hong Kong Exchanges and Clearing Limited, MTR Corporation, Swire Pr ...

EDF announces the success of its senior green multi tranche bond issue for a nominal amount of 2.75 billion euros On 26 February 2026: EDF (BBB+ stable S&P / Baa1 stable Moody’s / BBB+ stable Fitch) successfully priced a senior green bond issuance in 4 tranches for a nominal amount of €2.75 billion (the “Bonds”): €500 million Bonds, with a 2-year maturity and a Euribor 3M + 0.33% floating coupon;€750 million Bonds, with a 5-year maturity and a 3.0% fixed coupon;€1 billion Bonds, with a 12-year maturity and ...

PHINIA (NYSE:PHIN) 2026 Investor Day February 25, 2026 09:00 AM ET Company ParticipantsBrady Ericson - President and CEOBrian Sponheimer - Portfolio ManagerChris Gropp - VP and CFOFederico Merendi - Equity Research Vice PresidentJoseph Spak - Managing DirectorKellen Ferris - VP of Investor RelationsNeil Fryer - VP and General Manager of Global AftermarketPedro Abreu - VP and Chief Strategy OfficerTodd Anderson - VP and CTOConference Call ParticipantsBobby Brooks - Senior Research AnalystDan Levy - Senior Eq ...

司旗 长江证券电力公用分析师: 各位领导好，我是长城证券电力公用张伟华团队的分析师思齐。很高兴今天在这个马年的 第一个交易日由我来给各位领导这边。汇报我们这个城城公用开门红系列电话会议的第一 期，那么怎么去看待节后电力行业的一个行情？那我们先说结论，那我们认为的话，其实 虽然说今年整体大家对于这个牛市的一个氛围是比较浓烈，但是从整个电力行业的市场来 讲的话，我们认为正在逐步的进入到了一个击球区。那么电力行业的话，在这个从 2 月份 往后的这个时间段，尤其是进入到了二季度开始的话，可能就会进入到一个传统的这么一 个表现强势的。 这么一个行情窗口期里面，所以在当下这个时间节点的话，我们认为其实电力行业的一个 配置价值是在逐步的一个凸显，包括其实我们从近期的路演的反馈来看的话。也能很明显 的感觉得到来关心电力行业的一些投资者和领导在变得逐步的一个增多起来。那么从结论 性的角度上面来讲的话，我们会建议如果是关心这个或者说侧重边际变化的一些资金的配 置需求的话，我们觉得在四个子板块里面的话，相对来讲像绿电以及包括核电的产业链， 我们认为可能都是一个比较好的一个选择。 那么如果是关注一些更长期的一些配置价值，一些更偏这个 ...

Key Takeaways PPL plans $23B capex for 2026-2029, targeting a 10.3% rate base CAGR.PPL sees rising data center load, with 25.2 GW in PA and 9.3 GW in KY pipeline.PPL delivered $170M O&M savings and aims for 4-6% annual dividend growth.PPL Corporation (PPL) shares have gained 2.1% over the past three months compared with the Zacks Utility-Electric Power industry’s rally of 2.6%. The company is expanding its footprint through new generation, transmission, and distribution projects, while its strategic investm ...

Core Insights - 3 E Network Technology Group Limited is positioning its Mikkeli, Finland project as the Nordic Compute Gateway to enhance its AI infrastructure presence in the Nordic region, leveraging local resources for a global compute scheduling network [1] - The company plans to deploy AI-native nodes in the Nordic region to address evolving infrastructure constraints in high-performance computing (HPC) and meet increasing global demand for ultra-high-density computing [2] - The Mikkeli project is designed specifically for AI-oriented workloads, differentiating it from traditional cloud architectures, and aims to address heat dissipation and interconnect requirements for next-generation GPU clusters [4] Strategic Development - The Nordic region, particularly Finland, is highlighted for its favorable power infrastructure and natural cooling conditions, as evidenced by Google's significant investments in the area, which supports 3 E's strategic planning [3] - The Mikkeli project aims to improve the Total Cost of Ownership (TCO) for AI clusters by leveraging Finland's cost-competitive power infrastructure and natural cooling conditions, aligning with global carbon neutrality objectives [5] - The project will connect to a high-speed fiber optic backbone, enabling low-latency interconnection with major European Internet Exchange Points (IXPs) and supporting real-time distribution of AI tasks [6] Vision and Goals - 3 E's strategic layout in Finland is part of its global "Gateway Model," aiming to deploy compliant, low-carbon compute nodes in strategic locations and enhance participation in the global digital infrastructure supply chain [7] - The company seeks to establish a strategic connection point between global developers and Nordic resources, promoting efficient and sustainable cross-border collaboration in the AI era [7]

Group 1 - The Vicat Group's VAIA project has been awarded a GPID grant by the French government, marking a significant milestone in its development [1] - The VAIA project aims to capture and store 1.2 million tons of CO2 annually at the Montalieu-Vercieu cement plant, the largest in France [1] - The final investment decision for the VAIA project is scheduled for 2027, following ongoing studies [1] Group 2 - The GPID grant is part of the French government's Major Investment Plans aimed at accelerating ecological and industrial transition [2] - The program supports innovative projects that contribute to the decarbonization of industry and modernization of infrastructure [2] Group 3 - Vicat has been a key player in the mineral and biosourced building materials industry for 170 years and is listed on the Euronext Paris market [3] - The company aims for carbon neutrality in its value chain by 2050 and operates in three core business lines: Cement, Ready-Mixed Concrete, and Aggregates [3] - Vicat generated consolidated sales of €3,884 million in 2024 and employs nearly 10,000 people across 12 countries [3]

Core Insights - Kojamo plc reported an increase in total revenue and net rental income for 2025, despite property sales, with an improved occupancy rate throughout the year [1][13] Financial Performance - Total revenue for Q4 2025 decreased by 1.8% to EUR 111.7 million compared to EUR 113.6 million in Q4 2024, while total revenue for the full year increased by 0.6% to EUR 455.2 million from EUR 452.4 million [6][7] - Net rental income for Q4 2025 increased by 2.2% to EUR 76.0 million, and for the full year, it rose by 1.6% to EUR 307.7 million [6][7] - The net rental income margin improved to 68.1% in Q4 2025 from 65.5% in Q4 2024, and for the full year, it was 67.6% compared to 66.9% in 2024 [6][7] - Profit before taxes for Q4 2025 was EUR 17.8 million, down 56.3% from EUR 40.7 million in Q4 2024, while for the full year, it was EUR 26.8 million, slightly up from EUR 26.3 million in 2024 [6][7] - Earnings per share decreased to EUR 0.06 in Q4 2025 from EUR 0.13 in Q4 2024, and for the full year, it was EUR 0.08 compared to EUR 0.09 in 2024 [6][7] Investment and Property Management - Kojamo owned 38,945 rental apartments at the end of 2025, down from 40,973 in 2024, having completed 0 apartments and sold 2,028 during the year [5][6] - Gross investments in Q4 2025 totaled EUR 14.8 million, a decrease of 52.7% from EUR 31.3 million in Q4 2024, while total gross investments for the year were EUR 42.5 million, down 19.6% from EUR 52.8 million in 2024 [6][8] - The fair value of investment properties at the end of 2025 was EUR 7.6 billion, down 4.3% from EUR 8.0 billion in 2024 [8] Occupancy and Market Trends - The financial occupancy rate improved to 94.8% in 2025 from 91.5% in 2024, with a notable increase in the last quarter to 96.3% [7][14] - The rental market is balancing, with signs of recovery in the capital region, while rental markets in Tampere and Turku have largely normalized [15][16] Future Outlook - For 2026, Kojamo estimates total revenue to be between EUR 484 million and EUR 497 million, with FFO expected to be between EUR 147 million and EUR 157 million, excluding non-recurring costs [9][11] - The outlook considers the acquisition of 4,761 apartments expected to be completed by April 2026, which aligns with the company's growth strategy [11][18] Customer Experience and Sustainability - The company has focused on improving customer experience, reflected in a Net Promoter Score (NPS) increase to 57, and a decrease in tenant turnover [17] - Progress towards carbon neutrality is on track, with a significant reduction in the carbon footprint per apartment [20]

Core Viewpoint - The Ministry of Ecology and Environment has issued a notification to enhance the national carbon market construction, indicating a clear expansion of the carbon trading market by 2026 [1][4]. Group 1: Carbon Market Management - Strengthening the management of key emission units in power generation, steel, cement, and aluminum smelting, with a focus on quota compliance by 2025 [2]. - Key emission units with direct emissions reaching 26,000 tons of CO2 equivalent must be included in the 2027 national carbon trading market list, to be published by provincial ecological environment departments by October 31, 2026 [2]. - Data quality management for key emission units will be organized by provincial departments, with a control plan due by December 31, 2026 [2]. Group 2: Reporting and Verification - Other key industries such as petrochemicals, chemicals, construction materials, non-ferrous metals, paper, and civil aviation are required to report their 2025 emissions data, with verification deadlines set for March 31 and December 31, 2026 [3]. - Industries not yet included, like steel and cement, must also report by March 31, 2026, with verification by July 31, 2026 [3]. Group 3: Market Expansion and Future Outlook - The carbon market currently covers approximately 8 billion tons of emissions, accounting for over 60% of national carbon emissions, with plans to expand coverage to major industrial sectors by 2027 [4]. - The Ministry of Ecology and Environment is preparing technical documents for quota distribution and verification for industries like chemicals, petrochemicals, and civil aviation, supporting the market's expansion [4]. - The tightening of long-term quotas is expected to drive carbon prices upward, alongside total control and a combination of free and paid allocations [4]. Group 4: Investment Recommendations - Recommendations include focusing on clean energy companies such as Longjing Environmental Protection and those involved in biofuels and green hydrogen [5]. - Companies engaged in energy-saving technologies and waste resource recovery are also highlighted for investment opportunities [5]. - Carbon monitoring firms like Xuedilong and JuGuang Technology are suggested for attention due to their relevance in the evolving carbon market [5].

- The report does not contain any quantitative models or factors related to financial engineering or ESG analysis[1][2][3][4] - The content primarily focuses on ESG market trends, policy updates, and industry developments without discussing specific quantitative models or factor construction methodologies[9][10][11] - No formulas, construction processes, or performance metrics for models or factors are provided in the report[12][13][14]