滞销房源的持续堆积成为另一个值得关注的现象。报告显示，截至4月，有44%的挂牌房产已经在市场 上停留了60天以上仍未售出，Redfin将其称为"滞销库存"。这类房源的总价值达到3,310亿美元，占所有 挂牌房屋总值的近一半，较去年增长20.5%。这不仅意味着市场活跃度下降，也暗示着未来房价面临更 大调整压力。 值得一提的是，尽管中位房价同比上涨了1.4%，挂牌房屋总值却暴增20.3%，说明推动总价值上升的主 要因素并非房价本身，而是市场上挂牌房屋数量的大幅增加。Redfin的数据显示，目前全美大约有50万 套房屋"找不到买家"，这是房地产市场"失衡"的一个直观体现。相比2022年初的新冠疫情时期，当时全 美房贷利率仅为3.1%，房屋供应极为紧张，挂牌总值曾一度跌至3,090亿美元，市场上的房子平均24天 就能售出。而现在，挂牌周期延长、买家变少、库存积压，房市热度已大不如前。 智通财经APP获悉，根据房地产经纪公司Redfin发布的最新报告，截至2025年4月，美国市场上在售房 屋的总挂牌价值达到6,980亿美元，较去年同期增长20.3%，创下自2012年有记录以来的最高水平。这一 数据反映出当前美国房地产市 ...

Key Takeaways EIA reported a 101 Bcf storage build, exceeding forecasts and marking a fifth straight triple-digit increase. Natural gas futures rose to $3.447 per Mcf, even as power demand and consumption showed signs of weakening. EXE, GPOR and AR are highlighted as well-positioned gas stocks amid oversupply and seasonal demand shifts.Natural gas prices ended last week on a modestly positive note, even as supply-side pressures continued to weigh on sentiment. The latest EIA report showed an above-average ...

Core Insights - Martin Marietta Materials Inc (MLM) stock has experienced a decline of 11% since November 2024, despite reporting an operating margin exceeding 42% in 2024 [1] - The company trades at a premium valuation of 32 times earnings, resulting in a low earnings yield of 3%, compared to Meta's lower multiple of 23 times and higher revenue growth [1] - Historical performance shows vulnerability during economic downturns, with significant stock price drops during the 2008 financial crisis, the COVID-19 pandemic, and inflationary pressures in 2022 [1] Financial Performance - As of Q1 2025, Martin Marietta reported revenues of $1.35 billion, an 8% year-over-year increase, with projected FY26 revenues between $6.83 billion and $7.23 billion, indicating a growth of 5 to 10% [4] - The company has seen a notable increase in debt levels, rising from $3.95 billion at the end of 2024 to $5.41 billion as of March 31, 2025, with a debt to EBITDA ratio of 4.06, exceeding the industry median [3] Market Position and Demand - Martin Marietta benefits from stable demand driven by infrastructure expenditures, particularly from government initiatives like the U.S. Infrastructure Investment and Jobs Act (IIJA), which allocates $1.2 trillion for infrastructure projects over five years [2][6] - The company is one of the largest providers of construction aggregates in the U.S., which provides it with pricing power and economies of scale [2] Pricing and Revenue Growth - In Q1 2025, the average selling price of aggregates increased by 6.8% to $23.77 per ton, supported by organic price improvements and margin-accretive acquisitions, suggesting continued pricing momentum [7] Risks and Challenges - Weather-related risks pose a threat to operations, with historical disruptions from hurricanes and storms impacting production and revenue [5]

Core Viewpoint - Ellomay Capital Ltd. reported its indirect share in Dorad Energy Ltd.'s financial results for the three months ended March 31, 2025, highlighting its 9.4% ownership through Ellomay Luzon Energy [1][3]. Financial Performance - Dorad's revenues for the three months ended March 31, 2025, were approximately NIS 610.6 million, with an operating profit of approximately NIS 76.9 million [7][15]. - The financial results indicate that Dorad's electricity demand is seasonal, with higher consumption during winter and summer months, affecting revenue and operational performance [4]. Financial Statements Overview - The financial statements of Dorad were prepared in accordance with International Financial Reporting Standards and will be included in Ellomay's financial results for the period [3]. - Dorad's total assets as of March 31, 2025, were approximately NIS 4.67 billion, with total liabilities of approximately NIS 2.31 billion and total equity of approximately NIS 1.67 billion [12][14]. Cash Flow Analysis - For the three months ended March 31, 2025, Dorad reported net cash from operating activities of approximately NIS 190.1 million, with a net increase in cash and cash equivalents to approximately NIS 1.03 billion [19][20]. Company Background - Ellomay Capital Ltd. focuses on renewable energy and power sectors in Europe, the USA, and Israel, with significant investments in solar power and other renewable projects [6][8].

Deutsche Bank Research Asia China Economics China tracker Domestic demand in focus Given the 90-day tariff truce between the US and China, market attention is expected to turn towards domestic factors, though export performance remains closely monitored. Therefore, we have incorporated a new collection of high- frequency indicators to track property market trends and government expenditure. Three key takeaways: Date 26 May 2025 Deutsche Bank AG/Hong Kong IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICAT ...

28 May 2025 | 8:20AM EDT Power Tracker: Solid US Power Demand: Bottom Up and Top Down Hongcen Wei +1(212)934-4691 | hongcen.wei@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Goldman Sachs & Co. LLC Carly Davenport +1(212)357-1914 | carly.davenport@gs.com Goldman Sachs & Co. LLC Neil Mehta +1(212)357-4042 | neil.mehta@gs.com Goldman Sachs & Co. LLC -1% 0% 1% 2% 3% 4% 5% US Power Demand YoY Growth Rates in 1Q2025 All weather adjusted. Historical top-down demand growth is ...

We assume OPEC8+ will keep required production flat after this last July production hike as a large inflow of new ex-shale projects enters the market later this year, economic growth decelerates noticeably in Q3 under tariff pressure, and the pace of builds in oil stocks picks up. However, we see the risks to our OPEC8+ supply path as skewed to the upside, especially if compliance doesn't improve or if hard demand data surprise further to the upside. Geopolitical news over the last week had an offsetting ef ...

Flash | 26 May 2025 21:00:23 ET │ 13 pages Global Power Grid Equipment Positive Feedback on Global Tap Changer and Transformer Demand from Expert Call CITI'S TAKE We hosted an expert call with Wilfried Breuer, Managing Director at Maschinenfabrik Reinhausen ("MR"), world leading manufacturer of high voltage tap changers. Please see takeaways as below. Q1. US tariff impact to global transformer demand? Have you seen any deceleration on transformers demand growth? Ans. US tariff has significant impact on US t ...

Japan Equity Research May 26, 2025 Auto/Auto Parts/Tire Sector Head of Japan Equity Research Japan: Auto / Auto Parts / Tires Akira Kishimoto AC 813-6736-8646 akira.x.kishimoto@jpmorgan.com JPMorgan Securities Japan Co., Ltd. See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a co ...

Summary of ONEOK (OKE) Fireside Chat - May 28, 2025 Company Overview - **Company**: ONEOK (OKE) - **Industry**: Energy and Natural Gas Key Points and Arguments Commodity Price Impact - ONEOK is less affected by commodity price fluctuations compared to other companies, which can see cash flow changes of up to 40% with a $1 change in gas or a $10 change in oil prices [4][6] - Recent oil price declines have not led to a decrease in volume for ONEOK, indicating stability in their operations [4][6] Natural Gas Outlook - Natural gas production in the U.S. has increased from approximately 20 trillion cubic feet (Tcf) in 2000-2007 to around 42 Tcf in 2024, driven by coal-to-gas conversions and LNG exports [8][9] - Current LNG export facilities are projected to increase capacity to 10 billion cubic feet (Bcf) per day, with potential future expansions [10] - The demand for natural gas is expected to grow due to factors such as artificial intelligence data centers and ongoing coal plant conversions [11] Natural Gas Liquids (NGLs) and Petrochemicals - NGLs are primarily byproducts of crude oil and natural gas production, and their value is dependent on transportation to markets where they can be sold at higher prices [12][13] - The U.S. is expected to remain a significant supplier of ethane to petrochemical companies, with a notable portion being exported to China [18][20] Regulatory Environment - The current administration is actively seeking specific feedback from the industry to improve regulatory processes, which is seen as a positive change [22] - Tariff policies are viewed as volatile, but there is a growing understanding that they may not be permanent [23][24] Strategic Focus and Growth - ONEOK's strategy emphasizes brownfield expansions to reduce capital costs and enhance integration within their existing systems [26][27] - The company has divested non-integrated assets to focus on core business areas, which has allowed for better capital allocation [28] Financial Strategy - ONEOK aims for a balanced capital allocation strategy, prioritizing organic growth projects while maintaining a strong dividend policy [75][76] - The company targets a debt-to-EBITDA ratio of around 3.5 times, with plans for stock buybacks if excess cash is generated [78][79] Storage and Volatility Management - Storage capacity is seen as a critical component for managing the volatility of natural gas pricing, especially with increasing LNG exports [37][44] - ONEOK is expanding its storage capabilities, which are expected to provide opportunities in a volatile market [47][59] Customer Diversification - The company is shifting from a supply-push model to a demand-pull model, diversifying its customer base and reducing reliance on specific markets [51][52] Long-term Outlook - The Bakken region is expected to sustain production levels for decades, supported by advancements in drilling technology [54] - ONEOK anticipates continued growth in its core business, driven by synergies from recent acquisitions and ongoing demand for natural gas and NGLs [83][84] Additional Important Insights - The integration of various assets is a key focus for ONEOK, as it allows for better control over revenue streams and operational efficiencies [91][94] - The company is positioned well in the LNG market, with the U.S. being a significant player in global exports, particularly to Asia [71][72] This summary captures the essential insights from the ONEOK Fireside Chat, highlighting the company's strategic focus, market outlook, and financial strategies.