Core Points - The company UAB "Atsinaujinančios energetikos investicijos" is launching a public offering for the second tranche of EUR 2025/2027 Notes under its EUR 100 million Green Bond Programme [1][2] - The second tranche aims to issue up to EUR 30 million of nominal value Notes maturing on 13 December 2027, targeting investors in Lithuania, Latvia, and Estonia [2][8] - The interest rate for the Notes is set at 8%, with interest payments made semi-annually [8] Offering Details - The specified denominations for the Notes are EUR 100,000 and integral multiples of EUR 1,000 [8] - The issue price is EUR 103,147.54, which represents 103.14754% of the nominal value [8] - The subscription period for the Notes runs from 15 October 2025 to 31 October 2025, with the settlement and issue date on 4 November 2025 [8] Investor Presentations - The company will hold investor presentations via webcast on 21 October 2025, with sessions in both English and Lithuanian [3]

Core Insights - The article highlights a series of upcoming Bloomberg seminars and workshops aimed at enhancing users' understanding of various financial tools and market analysis techniques [3][10]. Group 1: Seminar and Workshop Details - The seminars cover a range of topics including fund screening and analysis workflows, liquidity analysis tools for fixed income products, and investment portfolio performance analysis and risk management [5][6][8]. - Specific sessions include "Fund Screening and Analysis Workflow Introduction" on October 14, "Liquidity Analysis Tools for Fixed Income Products" on October 16, and "Investment Portfolio Performance Analysis and Risk Management" on October 21 [5][6][8]. - A special focus on green bonds will be presented in the session titled "Data-Driven Trend Analysis of China's Green Bonds" on October 15 [9]. Group 2: Additional Learning Opportunities - The article also mentions introductory sessions for Bloomberg terminal users, such as "Introduction to Charting Tools" on October 23, aimed at helping new users navigate the terminal's functionalities [4][10]. - Other specialized sessions include "Using Bloomberg Economic BECO Model to Track Macroeconomics" on October 28 and "Energy Products Analysis Tools Introduction" on October 30 [12].

Market Overview - The oil prices surged significantly during the week of September 22 to September 26, 2025, while domestic equity market indices generally rose, and Hong Kong stocks experienced a pullback [4] - In terms of industry performance, the power equipment, non-ferrous metals, and electronics sectors saw the highest gains, whereas social services, comprehensive, and retail sectors faced the largest declines [4] Fund Issuance - A total of 61 new funds were established this week, with a combined issuance of 36.607 billion units. This includes 30 equity funds, 7 bond funds, 17 mixed funds, 1 international (QDII) fund, and 6 FOF funds [5] Fund Performance Tracking - Long-term thematic fund indices showed that new energy and TMT (Technology, Media, and Telecommunications) themed funds had the best net value growth, while pharmaceutical themed funds continued to decline. The weekly performance for various thematic funds as of September 26, 2025, was as follows: new energy (3.67%), TMT (2.29%), cyclical (1.90%), industry balanced (0.83%), industry rotation (0.56%), national defense and military industry (0.56%), financial real estate (-0.45%), consumption (-1.33%), and pharmaceuticals (-1.59%) [6] ETF Market Tracking - Domestic stock ETFs experienced significant net inflows, with passive funds primarily increasing their positions in TMT themes and large-cap broad-based ETFs, while reducing positions in the Sci-Tech Innovation Board and small-cap broad-based ETFs. The median return for stock ETFs was 1.00%, with a net inflow of 23.402 billion yuan. Hong Kong stock ETFs had a median return of -1.90% and a net inflow of 8.395 billion yuan [7] Fund Position Monitoring - The estimated position of actively managed equity funds decreased by 0.22 percentage points compared to the previous week. In terms of industry allocation, funds increased their positions in electronics, media, and environmental protection sectors, while reducing holdings in telecommunications, pharmaceuticals, and automotive sectors [9] ESG Financial Products Tracking - This week, 23 new green bonds were issued, with a total issuance scale of 30.974 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 4.85 trillion yuan and a total of 4,175 bonds issued as of September 26, 2025. The median net value growth for ESG funds was 1.37% for actively managed equity funds, 1.03% for passive index equity funds, and -0.14% for bond funds [10]

Core Insights - As of the end of Q2 2025, Hubei Province's green loan balance is expected to exceed 1.79 trillion yuan, accounting for 19.24% of the total loan balance, which is 3.45 percentage points higher than the national average [1] - A total of 197 green bonds have been issued in Hubei, with a financing scale exceeding 270 billion yuan, making it the leader in both issuance and financing among the six central provinces [1]

Core Points - BlackRock Fund has announced the effective contract of the BlackRock China Bond Investment Preferred Green Bond Index Securities Investment Fund [1] - The total net subscription amount during the fundraising period reached 5,999,997,152.72 yuan, with no interest generated during this period [1][2] - The total number of effective subscriptions was 261, resulting in a total subscription share of 5,999,997,152.72 shares [2] Fund Information - Fund Name: BlackRock China Bond Investment Preferred Green Bond Index Securities Investment Fund [2] - Fund Code: 025117 [2] - Fund Management Company: BlackRock Fund Management Co., Ltd. [2] - Fund Custodian: Industrial Bank Co., Ltd. [2] - Fund Operation Type: Open-ended [2] - Fund Contract Effective Date: September 24, 2025 [2] Fundraising Details - Fundraising Period: From September 1, 2025, to September 23, 2025 [2] - Approval Document Number from CSRC: 证监许可[2025]1534号 [2] - Total Net Subscription Amount: 5,999,997,152.72 yuan [2] - Interest Generated During Fundraising: 0 yuan [2] - Total Subscription Shares: 5,999,997,152.72 shares [2]

Group 1: Global Green Economy Development - The global green transition has entered a critical stage driven by innovation, with discussions on green economy innovation and global cooperation at the 2025 Service Trade Fair theme forum [2] - Future green bonds and SDGs bonds are expected to become crucial financial tools for achieving the UN's 2030 Sustainable Development Goals, with multilateral development banks playing a significant role in financing [2] - Emerging markets in Asia, Africa, and Latin America are identified as increasingly important growth engines for China's green industry development, shifting from "product export" to "industry export" [2] Group 2: Carbon Market and Business Growth - The expansion of the mandatory carbon market in China is set to create new business growth opportunities for enterprises by enhancing market mechanisms and reducing overall emission costs [3] - The improvement of the carbon market will stimulate the rapid development of new sectors such as carbon verification, monitoring, consulting, and finance [3] Group 3: Energy Sector Transformation - The green low-carbon transition in the energy sector is a multidisciplinary technical integration challenge, requiring tailored solutions for each project and strong project management capabilities [4] - Artificial intelligence is emerging as a core driver for the transformation of green energy and equipment manufacturing, enhancing efficiency and enabling cost reduction and zero-carbon goals [5] Group 4: Zero Carbon Park Development - The focus of building zero-carbon parks is on optimizing energy structure, improving energy efficiency, and enhancing production processes [6] - The creation of zero-carbon parks aims to achieve cost reduction and efficiency improvement, enhance brand image, and foster green industry development through technological innovation [7]

Core Viewpoint - The article discusses the slow adoption of the EU Green Bond Standard (EU GBS) aimed at combating "greenwashing" in the European market, highlighting that non-EU issuers prefer more flexible standards like the ICMA Green Bond Principles [4]. Group 1: EU Green Bond Standard Overview - The EU GBS is a voluntary and stricter standard designed to enhance transparency and eliminate "greenwashing" by ensuring that project funds are allocated to activities that meet EU taxonomy standards and contribute to environmental goals [5][6]. - Key pillars of the EU GBS include alignment with EU taxonomy, establishment of a comprehensive green bond framework, robust reporting requirements, and mandatory external verification by accredited reviewers [6]. Group 2: Market Adoption and Issuance - The European Investment Bank (EIB) has been a pioneer in issuing EU GBS bonds, with a recent issuance of €3 billion primarily for clean transportation, achieving a subscription rate of 13.4 times, indicating strong investor interest in quality green assets [6][8]. - A2A SPA became the first corporate issuer under the EU GBS, issuing €500 million in January, while Dutch Bank has been a frequent issuer with €750 million and €1 billion bonds issued in February and June respectively [6]. Group 3: Project Categories and Ratings - Renewable energy is the primary category for EU GBS projects, with 8 out of 12 bonds allocated to this category, followed by green buildings and clean transportation, each receiving funding from 4 bonds [8]. - Among the 12 EU GBS bonds issued, 6 are rated BBB, reflecting market concerns about credit quality, with spreads ranging from 75 to 100 basis points, while EIB's AAA-rated bonds have a spread of about 30 basis points [10][12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - With the significant increase in the return of risk assets, the vicious cycle of low returns and slow asset appreciation caused by the severe bias of residents' wealth allocation towards deposits and fixed - income in the past few years will be reversed. Residents' wealth allocation will enter a new cycle, with the proportion of equity assets rising continuously in the long term, which will become the underlying force for China's economic recovery and reshape the Chinese financial market [21]. - The PMI data in August showed some improvement but the amplitude was average. Production was resilient, but demand needed further observation. The macro - narrative presented positive changes, which still required actual data verification. The bond market was still slightly unfavorable until the end of October, with interest rates having an upper limit. It was recommended to defend and seize opportunities in fluctuations and over - adjustments, and look for counter - attack opportunities after the end of October [21]. - The adjustment space of the bond market is limited, and allocation opportunities should be observed. As the stock market valuation rises, the relative cost - effectiveness of stocks and bonds will gradually change. The current interest rate adjustment space is limited, and the upper limits of 10 - year and 30 - year treasury bonds are still around 1.75 - 1.8% and 2.05 - 2.1% respectively [22]. 3. Summary by Relevant Catalogs 3.1 Macro Data Quick View - GDP growth rate in Q2 2025 was 5.2% year - on - year, slightly lower than the previous quarter but higher than the same period last year [1]. - In August 2025, the manufacturing PMI was 49.4%, slightly higher than the previous month and the same period last year; the non - manufacturing PMI for business activities was 50.3%, slightly higher than the previous month and the same as the same period last year [1]. - In July 2025, the year - on - year growth rates of M0, M1, and M2 were 11.8%, 5.6%, and 8.8% respectively. The growth rate of M1 increased significantly compared with the previous month and the same period last year, while the growth rate of M0 decreased slightly [1]. - In July 2025, the CPI was flat year - on - year, and the PPI decreased by 3.6% year - on - year, the same as the previous month [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The Implementation Plan for the Fiscal Interest Subsidy Policy for Personal Consumption Loans was officially implemented on September 1st, and some bank executives were optimistic about its impact. Credit card installment business was not within the scope of interest subsidy [2]. - The Shanghai Cooperation Organization member states issued a statement on strengthening digital economy development, planning to strengthen cooperation in digital economy development policies and new - generation communication technology [2]. 3.2.2 Metals - COMEX gold futures reached a new high of $3557.1 per ounce. The rise was driven by factors such as the expectation of the Fed's interest rate cut, geopolitical risks, weak dollar, and central banks' gold purchases [3]. - On September 1st, international silver prices soared, with the COMEX silver price reaching $41.64 per ounce and the London spot silver price reaching $40.754 per ounce, a 14 - year high. The rise was driven by supply - demand fundamentals, Fed rate - cut expectations, and risk - aversion needs [3]. - Tianqi Lithium completed the industrialization preparation for lithium sulfide, a core raw material for next - generation solid - state batteries, and started a 50 - ton pilot project [3][4]. - In August 2025, the average price of tungsten powder in the Yangtze River reached over 575,000 yuan per ton, with a significant monthly increase [4]. 3.2.3 Coal, Coke, Steel, and Minerals - As of mid - August, the price of rebar decreased by 0.2% month - on - month to 3261 yuan per ton, while the price of coke increased by 2.96% month - on - month to 1377.7 yuan per ton, a new high since mid - February [5]. 3.2.4 Energy and Chemicals - On September 1st, Syria's oil export and the suspension of oil sales to India tightened the crude oil supply, and the weak dollar supported oil prices. US sanctions on Brazil and Ukraine's attacks on Russia's energy facilities also affected the market [6][7][8]. - HSBC maintained the Q4 2025 Brent crude oil price at $65 per barrel, with risks from OECD inventory increases or OPEC+ production increases [7]. - In August, Russia's pipeline natural gas exports to Europe decreased by 2% month - on - month [7]. 3.3 Financial News Compilation 3.3.1 Open Market - On September 1st, the central bank conducted 1827 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1057 billion yuan [11]. 3.3.2 Key News - The Shanghai Cooperation Organization summit achieved multiple results, including signing the Tianjin Declaration and approving the 2026 - 2035 development strategy [12]. - By the end of July, the bond market custody balance exceeded 190 trillion yuan, indicating the optimization of the financing structure and the enhancement of the financial system's resilience [12]. - Multiple banks in Shanghai adjusted mortgage interest rates, no longer distinguishing between first - and second - home loans [13]. 3.3.3 Bond Market Summary - In the bond market, spot bonds and futures warmed up, with most bond yields falling by about 1bp, and treasury bond futures rising [16]. - The central bank's reverse repurchase decreased and turned to net withdrawal, but the inter - bank funds were generally stable [16]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1332, down 2 points from the previous trading day, and the central parity rate was adjusted down by 42 points [20]. - The US dollar index fell 0.18%, and most non - US currencies rose [20]. 3.3.5 Research Report Highlights - Different institutions had different views on the bond market, including the long - term rise of equity asset allocation, the short - term unfavorable situation of the bond market, and limited adjustment space [21][22]. 3.4 Stock Market Key News - On Monday, the A - share market was strong, with the Shanghai Composite Index rising 0.46%, the Shenzhen Component Index rising 1.05%, and the ChiNext Index rising 2.29%. The turnover was 2.78 trillion yuan. The non - ferrous and AI hardware sectors were strong, while the satellite Internet and large - finance sectors were weak [26]. - The Hong Kong Hang Seng Index rose 2.15%, with the pharmaceutical and non - ferrous sectors rising strongly and the automobile industry chain falling. Southbound funds had a net purchase of 119.42 billion Hong Kong dollars [26]. - The Hong Kong Stock Exchange optimized the margin collateral arrangement, adjusting the interest payment and fees of cash collateral and reducing the financing cost of non - cash collateral [27].

Financial Data and Key Metrics Changes - The consolidated net profit for the first half of 2025 is over RON 420 million, which is four times higher than the same period last year [1] - EBITDA exceeded RON 1 billion for the first time, marking a significant milestone in the company's performance [1][10] - The EBITDA margin improved due to a positive variation in the energy margin, which increased by RON 380 million [12] Business Line Data and Key Metrics Changes - The distribution segment saw an increase in revenues by approximately RON 300 million, driven by a 12.5% increase in distribution tariffs and a 3% growth in distributed energy [7][8] - The supply segment also contributed to revenue growth, with an increase in volumes delivered on the retail market and higher acquisition prices of energy [8][9] - EBITDA for the distribution segment increased by RON 123 million, primarily due to the energy margin increase [17] Market Data and Key Metrics Changes - The company has a steady growth in the number of users, reaching approximately 3.995 million [16] - The energy market is becoming increasingly competitive, with the company focusing on maintaining performance amidst market liberalization [2][6] Company Strategy and Development Direction - The company is committed to investing in sustainable energy infrastructure and has a pipeline of approximately 307 MW of green production capacity [4] - The inaugural green bond issuance of EUR 500 million aims to support the energy transition and strengthen the company's position in the Romanian energy market [3] - The strategy includes prioritizing investments in renewable energy projects and digitalization [6] Management Comments on Operating Environment and Future Outlook - Management expressed a positive outlook for 2025, emphasizing the importance of operational discipline and long-term vision [6] - The company aims to maintain performance levels in a competitive and dynamic energy market [2] - Management highlighted the need for vigilance and continuous adaptation to overcome future challenges [2] Other Important Information - The company has consolidated its debt structure and received a stable outlook from Fitch Ratings [2] - The green bond issuance was oversubscribed by over 11.5 times, indicating strong interest from international investors [3] Q&A Session Summary Question: Guidance on subsidy receivables and cash collection - Management indicated that the collection of subsidies is in line with legally permitted events and future collections depend on approval from authorities [55] Question: Average price for network losses and expense increases - The average acquisition cost for the first half of the year is approximately RON 600 per megawatt, with increased financial expenses impacting the bottom line [35] Question: Corrections expected for regulated revenue in 2026 - A correction of around RON 340 million is estimated for 2026 due to adjustments from 2024 [38] Question: Cyclicality of Electrica's activity - Management acknowledged the cyclicality in energy consumption, which affects both distribution and supply segments [42][43] Question: Robustness of treasury for future loans - Management confirmed that the treasury is robust enough to contract new loans without difficulties [44] Question: Synergies from renewable energy production - The integration of production within the group is expected to create synergies between supply and distribution [45] Question: Use of proceeds from the green bond - Proceeds from the green bond will strictly be used for renewable energy projects [47][61] Question: Excess profits in H1 that need to be returned - Management stated there are no excess profits in the supply segment that need to be returned [53] Question: Dividend policy and future distributions - The dividend policy will depend on recovering subsidies and reducing debt levels [58][67]

Primary Market Issuance - In the week of August 25 to August 29, 2025, a total of 13 green bonds were issued in the interbank and exchange markets, with a total issuance scale of approximately 7.116 billion yuan, an increase of 0.326 billion yuan compared to the previous week [1] - The majority of the bonds had a maturity of 3 years, and the issuers were primarily local state-owned enterprises, central state-owned enterprises, and subsidiaries of central enterprises [1] - The issuers were located in various regions including Beijing, Anhui, Guangdong, Guangxi, Jilin, Jiangsu, Inner Mongolia, Shanghai, Tianjin, and Zhejiang [1] Secondary Market Trading - The total trading volume of green bonds in the secondary market for the week was 52.2 billion yuan, a decrease of 0.8 billion yuan from the previous week [3] - The top three types of bonds by trading volume were non-financial corporate credit bonds, financial institution bonds, and interest rate bonds, with volumes of 26.3 billion yuan, 19.6 billion yuan, and 5.2 billion yuan respectively [3] - Bonds with a maturity of 3 years or less accounted for approximately 83.88% of the trading volume, indicating sustained market interest [3] Valuation Deviations - The overall deviation in trading average prices for green bonds was minimal, with discount transactions being more prevalent than premium transactions [6] - The top three bonds with the highest discount rates were 20 Changding Green Bond 02 (-1.4922%), 24 Jiangsu Bank Green Bond 01 (-0.5561%), and 20 Yichun Chuangtou Green Bond (-0.4735%) [6] - The top four bonds with the highest premium rates were G22 Dazhu 1 (1.9770%), 25 Water Energy G1 (1.0131%), 20 Hunan Bond 108 (0.3497%), and 25 Nandian GN009 (Rural Revitalization) (0.3140%) [6]