Core Insights - The Circular Economy Industry Innovation and Development Conference was held in Fengcheng, Jiangxi Province, focusing on the theme "Circular Empowerment, Innovative Symbiosis" and attracting over 200 representatives from various sectors to discuss the development of the circular economy [1] Group 1: Circular Economy Development - Fengcheng has transformed into a national-level green industry demonstration base, with a total output value of the circular economy industry reaching 56.85 billion yuan in 2024 [2] - The industrial cluster in Fengcheng focuses on recycled copper, recycled aluminum, and recycled plastics, with recycled waste copper accounting for about 12% and recycled waste aluminum for about 7.3% of the national total [2] Group 2: Environmental Impact - The implementation of a closed-loop system for resources in Fengcheng has led to significant industrial upgrades and a reduction of carbon emissions by 11.76 million tons in 2024 through the utilization of recycled copper and aluminum [3] Group 3: Strategic Goals - The "Blue Book on the High-Quality Development of Circular Economy in Fengcheng, Jiangxi" was released, outlining the development logic and practical experiences of Fengcheng, with the goal of establishing a "national green supply chain hub" [4][5]

Investment Rating - The report maintains a "Buy" rating for several companies in the Japan Industrial Electronics sector, including Anritsu, Panasonic HD, Hitachi, Sumitomo Electric, Fujikura, SWCC, Mitsubishi Electric, and Daihen. Furukawa Electric and Fuji Electric are rated as "Neutral" [7]. Core Insights - The Japan Industrial Electronics sector is poised for growth driven by technological advancements in AI server power and optics, with companies like Hitachi, Mitsubishi Electric, and Panasonic actively developing new business models to leverage AI's importance [1][12]. - The report anticipates that the implementation of physical AI in social infrastructure will gain momentum, with conglomerates expected to progress in their business portfolio strategies by 2026 [1]. - The sector is experiencing a shift towards higher voltage systems in data centers, which presents opportunities for electrical equipment manufacturers skilled in high voltage applications [22][24]. Earnings Estimates and Target Prices - The report revises FY3/26E-FY3/28E operating profit estimates for the sector by an average of 0%/-1%/-1%, while raising 12-month target prices by an average of 4% [3][7]. - Specific target price adjustments include Anritsu from 2,400 million JPY to 2,600 million JPY, Panasonic HD from 2,100 million JPY to 2,300 million JPY, and Hitachi from 5,900 million JPY to 6,000 million JPY [7][3]. Technological Changes in AI Server Power - Companies like Hitachi and Mitsubishi Electric are increasing their presence in AI server power solutions, focusing on high-voltage DC systems to reduce conversion losses and improve efficiency [12][13]. - The report highlights the importance of battery backup units (BBUs) and hybrid supercapacitors (HSCs) in managing power fluctuations in generative AI data centers, with Panasonic having a strong position in BBUs [16][12]. Technological Changes in AI Server Optics - The report notes a significant shift towards higher communication speeds in data centers, moving from 200-400 Gbps to 800-1.6 Tbps, and the transition to Co-packaged Optics (CPO) [28][29]. - Companies such as Mitsubishi Electric, Sumitomo Electric, and Furukawa Electric are increasing production of optical devices and connectors to meet rising demand [30][31]. Implementation of Physical AI - Hitachi, Mitsubishi Electric, and Panasonic are focusing on integrating AI into industrial applications, with expectations of increased competition as software companies also enter the physical AI space [47][49]. - The report categorizes companies in the sector based on their involvement in AI infrastructure, AI-enabled revenues, and productivity gains, with Hitachi identified as a key beneficiary across all categories [48][49].

绿色转型持续推进。1月至11月，全省汽车用锂离子动力电池保持较快增长势头，产量同比增长 46.0%。清洁能源发展势头良好，风力发电机组产量增长1.1倍，风力发电量增长7.5%，太阳能发电量增 长9.5%。 投资领域，1月至11月，全省固定资产投资同比下降9.6%，降幅比前10个月收窄2.1个百分点。其中，项 目投资下降8.5%，降幅收窄1.9个百分点，房地产开发投资下降20.7%，降幅收窄3.9个百分点。11月当 月投资同比增长17.3%，是今年5月以来当月投资首次正增长。基础设施投资支撑有力。前11个月，全 省基础设施投资同比增长19.4%，占全省投资总量的33.8%，拉动全省投资增长5.0个百分点。其中，道 路运输业增长56.3%，电信、广播电视和卫星传输服务增长34.1%，互联网和相关服务增长8.6倍，水利 管理业增长7.4%，生态保护和环境治理业增长20.1%。 此外，1月至11月，全省消费市场运行平稳，社会消费品零售总额同比增长2.4%。其中，限额以上单位 消费品零售额增长2.3%。以旧换新政策效益持续显效，全省限额以上单位家用电器和音像器材类、建 筑及装潢材料类、汽车类零售额分别增长21.8%、1 ...

Kanden Investor Day ー OPTAGE Inc. December 8, 2025 Today's Agenda 1 1. Business Overview ・・・・ P. 2 2. Initiatives in Growth Areas ・・・・ P. 10 • Overview of OPTAGE • ICT Market Structure and Our Strategic Focus Areas • Overview by Segment • Performance, KPIs, and CAPEX • IT Infrastructure Landscape in Japan • Initiatives in Growth Areas • Synergies with the Kansai Electric Power Group • Where We Are Heading Toward 2035 Overview of OPTAGE ○ We provide fiber-optic internet, mobile services, and connectivity sol ...

Core Viewpoint - The EU is prioritizing nuclear power as a key tool for achieving energy independence, reducing emissions, and stabilizing the power grid in response to the energy crisis triggered by the Ukraine war and the rising electricity demand from AI and electric vehicles [1] Group 1: Nuclear Power's Role - Nuclear power is being recognized for its zero-emission and supply stability advantages, with uranium resources available from multiple sources including Canada and Kazakhstan [1] - The International Energy Agency predicts that electricity demand in Europe will increase by 50%-80% [1] Group 2: Member States' Perspectives - While countries like Germany and Austria remain cautious, the majority of EU member states have officially included nuclear power in their green transition frameworks [1] - Joseph Sikela, the EU Commissioner for International Cooperation and Development, emphasizes that the collaborative development of nuclear power and renewable energy will be central to addressing challenges related to grid stability, decarbonization, and supply security [1]

Core Insights - The Guangdong Enterprise 500 Strong list for 2025 has been released, showcasing significant changes in rankings and performance metrics of leading companies in the region [1][2]. Group 1: Rankings and Performance - The total revenue of the Guangdong Enterprise 500 Strong reached 19.36 trillion yuan, with a growth rate of 3.36% compared to the previous year [2]. - The top 10 companies in the 2025 Guangdong Enterprise 500 Strong are: Ping An Insurance, China Resources Group, Huawei, Southern Power Grid, BYD, Tencent, Foxconn, China Merchants Bank, Midea Group, and GAC Group [2]. - Huawei moved up one position to rank third, while Southern Power Grid dropped to fourth. BYD and Tencent swapped places, with BYD at fifth and Tencent at sixth. Vanke fell out of the top 10, now ranked eleventh, while Midea Group entered the top 10 at ninth [1][2]. Group 2: Regional Distribution - Shenzhen leads with 216 companies on the list, achieving a cumulative revenue exceeding 1 trillion yuan and a net profit of 863.7 billion yuan [4]. - Guangzhou follows with 120 companies, including major firms like Southern Power Grid and GAC Group, reflecting a balanced presence of service and manufacturing sectors [4]. - Other cities like Foshan, Dongguan, and Huizhou also show stable performances with notable companies in manufacturing [5]. Group 3: Profit Trends - The total net profit of the Guangdong Enterprise 500 Strong shows a trend of recovery and stabilization, reversing a two-year decline, with a growth rate of 2.06% for 2025 [6]. Group 4: Industry Insights - The service and manufacturing sectors remain the dual engines of Guangdong's economy, with strong performances in finance, insurance, supply chain, and real estate [9]. - The manufacturing sector is concentrated in electronics, automotive, home appliances, and new energy, with companies like Huawei, BYD, and Foxconn demonstrating Guangdong's strength in high-end and smart manufacturing [9]. - There is a notable increase in companies within the new energy and electronic information sectors, indicating ongoing investment in green transformation and technological innovation [9]. Group 5: R&D Investment - The scientific research and technical services industry leads in R&D investment, accounting for 18.99% of its revenue, followed by the manufacturing sector with a 4.08% R&D investment ratio [10].

Core Insights - Hitachi has announced the establishment of a global AI Factory in collaboration with NVIDIA, aimed at accelerating the development and deployment of physical AI solutions across its core business sectors [1][6][9] - The AI Factory will leverage NVIDIA's accelerated computing and AI software stack, including NVIDIA HGX B200 systems and RTX PRO servers, to enhance AI innovation and operational efficiency [1][3][4] Group 1: Strategic Initiative - The AI Factory is designed to provide a centralized infrastructure that supports the rapid development of advanced physical AI models, which will utilize data from physical environments through cameras and sensors [2][4] - This initiative aligns with Hitachi's ambition to create AI that interacts with the real world, enhancing its HMAX family of AI-enabled solutions across various sectors [1][5] Group 2: Operational Impact - The AI Factory will facilitate seamless collaboration among Hitachi's global teams, ensuring low latency access to powerful computing resources, thereby driving efficiency and productivity across industries [4][6] - The initiative is a key component of Hitachi's Lumada 3.0 vision, which aims to solve business and societal problems through digital transformation by integrating IT, operational technology, and hardware expertise [7][8] Group 3: Market Position - Hitachi is positioned as a leader in the Industrial AI market, utilizing its extensive domain knowledge and technical expertise to redefine possibilities in AI applications [8] - The collaboration with NVIDIA is seen as a critical engine for addressing complex real-world challenges and accelerating both digital and green transformations [6][9]

Sustainability Challenges in Metropolises - Glass skyscrapers consume 40% more energy compared to non-glass buildings [1] - Metropolises face environmental challenges, including the heat island effect, where temperatures can be 5 degrees Celsius higher than in suburbs [2][3] - Traditional glass buildings exacerbate the heat island effect due to excessive AC usage and hot exhaust [3] The Three Pillars of Sustainability - Sustainable development requires a balance between environmental protection, social equity, and economic profitability [4] - Achieving a balance between these three elements is challenging [5] Case Study: Clark Key, Singapore - Clark Key was redeveloped with a holistic sustainability goal after a period of decline [6] - Transparent artificial canopies made from ETFE membrane provide shade and enable natural ventilation [7] - Rotating fans and a central fountain pump cooling water, creating a pleasant open space [8] - Clark Key's redevelopment was a success, attracting numerous tourists and locals [8] Solutions and Future Directions - New designs, technologies, and materials are emerging to promote sustainability [9] - Individuals should adjust their lifestyles and attitudes, such as slightly adjusting AC temperatures [9] - It is possible for metropolises to create economic systems that support long-term growth while emphasizing justice, social equity, and the well-being of communities [10] - Achieving the three pillars of sustainability requires intelligence, perseverance, and determination [11]

Group 1: Business Ties and Investment Opportunities - Business ties between mainland China and the Middle East are deepening, with Hong Kong serving as a crucial "superconnector" [1] - The Oman Investment Authority has invested over US$2 billion in Greater China, focusing on sectors such as healthcare, biotechnology, and technology [2] - Bilateral trade between China and Oman reached US$36.73 billion last year, with Chinese exports primarily consisting of mechanical and electrical products and hi-tech goods [3] Group 2: Trade and Economic Cooperation - Trade between China and the Gulf Cooperation Council (GCC) countries exceeded US$288 billion last year, with growing cooperation in energy and green transformation [4] - Hong Kong is positioned as a primary platform for capital and innovation, facilitating collaboration between Oman and mainland China [5][6] Group 3: Connectivity and Travel - There has been an increase in connectivity between Hong Kong and the Middle East, driven by the demand from business travelers [7]

Core Insights - The article discusses the recent developments in the Beijing Stock Exchange (BSE) and its impact on the market landscape [1] Group 1: Market Performance - The BSE has seen a significant increase in trading volume, with a rise of 25% compared to the previous month, indicating growing investor interest [1] - The number of listed companies on the BSE has reached 200, reflecting a 15% increase year-on-year, showcasing the exchange's expansion [1] Group 2: Regulatory Changes - Recent regulatory adjustments have been implemented to enhance market transparency and investor protection, which are expected to attract more institutional investors [1] - The BSE is focusing on improving its listing standards to ensure higher quality companies are represented, aiming to boost overall market confidence [1] Group 3: Investment Opportunities - Emerging sectors such as technology and green energy are highlighted as key areas for investment, with several new listings in these industries anticipated in the coming months [1] - The article emphasizes the potential for high returns in the BSE, particularly for early investors in newly listed companies [1]