Financial Data and Key Metrics Changes - The company reported third-quarter revenues of $251 million, a slight decrease of 2% compared to $257 million in the same quarter of fiscal 2025, primarily due to project completions [7][18] - Gross profit for the third quarter was approximately $46.9 million, with a gross margin of 18.7%, up from 17.2% in the prior year [8][19] - Net income for the third quarter was $30.7 million, or $2.17 per diluted share, compared to $28 million, or $2 per diluted share, for the same quarter last year [21] - Year-to-date revenues increased by 6% to $682.6 million compared to $641.7 million for the prior year period [22] Business Line Data and Key Metrics Changes - Power Industry Services segment revenues decreased by 8% to $196 million, representing 78% of total revenues [10] - Industrial Construction Services segment revenues increased by 19% to $49 million, contributing 20% of consolidated revenues [11] - Telecommunications Infrastructure Services segment revenues grew by 76% to $6.3 million, contributing 2% of total revenues [11] Market Data and Key Metrics Changes - The company has a record backlog of approximately $3 billion, which includes significant projects in both thermal and renewable energy sectors [4][14] - The backlog is comprised of approximately 79% natural gas projects and 16% renewable projects, indicating a strong demand for new natural gas facilities [13] Company Strategy and Development Direction - The company aims to leverage its core competencies to capitalize on existing and emerging market opportunities while maintaining disciplined risk management [28] - There is a focus on expanding capabilities in the construction of energy infrastructure, particularly large combined cycle natural gas plants [27][29] - The company is committed to returning capital to shareholders, having raised its quarterly dividend to $0.50, marking the third consecutive increase [9][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, driven by the electrification of everything and the aging of existing power plants [5][12] - The company anticipates adding a handful of projects over the next 12 to 24 months, although the timing of new projects is uncertain [43] - Management highlighted the competitive landscape, noting that only a few companies can execute large, complex combined cycle projects [46][47] Other Important Information - The company has no debt and reported $727 million in cash and investments, with net liquidity of $377 million [9][24] - The company has returned approximately $109.6 million to shareholders since initiating its share buyback program in November 2021 [26] Q&A Session Summary Question: Insights on margins moving forward - Management has not disclosed specific pricing on gas projects but maintains a flexible pricing model based on market conditions [34] Question: Sustainable gross margin targets - Management remains conservative with guidance but has exceeded previous benchmarks, currently at 18.8% [35][36] Question: Labor challenges with multiple projects - Management acknowledged labor challenges and emphasized the importance of skilled labor across projects [37] Question: Pipeline cadence and future project additions - Management expects to add a handful of jobs over the next 12 to 24 months but cannot predict exact timing [42][43] Question: Changes in the competitive environment - Management noted that competition for large complex projects has decreased, with only a few companies capable of executing such projects [46][47] Question: Project selection criteria - Management emphasized the importance of contract terms and the flexibility to work with various customers [55][56] Question: Size of future projects - Management indicated that future projects are likely to be large, with current U.S. jobs averaging over 1 GW each [60][61]

Core Insights - Côte d'Ivoire's energy structure heavily relies on fossil fuels, with thermal, hydro, and solar power accounting for 69%, 30%, and 1% of total generation in 2023 respectively [1] - The government has launched a national energy strategy aiming to increase the share of renewable energy to 45% by 2030 [1] - Biomass energy is identified as a key solution for energy transition, utilizing organic materials for energy production [1] Group 1 - The largest biomass power plant, Biovea, is set to be operated by Biovea Energie, a joint venture among SIFCA, Meridiam, and EDF, with ownership stakes of 24%, 36%, and 40% respectively [1] - Upon commissioning, Biovea will generate 46 megawatts of electricity, sufficient to meet the needs of 1.7 million people and create 1,000 jobs [1] - The plant will utilize 520,000 tons of palm waste annually, increasing the income of 12,000 local palm growers by 20% [1] Group 2 - According to the National Renewable Energy Plan, the installed capacity of biomass power plants is expected to reach 750 megawatts by 2030, with a total of 15 biomass power plants anticipated to be operational [1]

Core Insights - The article highlights the significant achievement of TBEA Co., Ltd. in exporting high-end power equipment, specifically the successful testing of 26 ±500 kV flexible DC transformers for the Saudi Central South project, which is a key part of Saudi Arabia's Vision 2030 energy transition strategy [1][2] Group 1: Project Details - The Saudi Central South project is the highest voltage level and largest capacity hybrid bridge topology flexible DC project globally, with a total transmission capacity of 7 million kW, capable of meeting the electricity needs of approximately 13 million people [1] - The transformers developed by TBEA feature a single-column capacity of 366.7 MVA, which has no prior engineering application precedent in the industry [2] - The project team achieved several original breakthroughs, including the design of the largest core diameter structure and plug-in installation technology for valve-side bushings, ensuring precise assembly [2] Group 2: Market Trends - Global demand for transformers is surging due to the rapid expansion of AI computing power and renewable energy stations, providing opportunities for Chinese power equipment companies to expand internationally [3] - China's transformer exports have shown rapid growth, with a total export value of 46.48 billion yuan from January to September 2025, marking a year-on-year increase of 39.9% [3] - TBEA's international product contracts in the power transmission and transformation sector exceeded 1.2 billion USD in the first three quarters of 2025, reflecting a year-on-year growth of over 80% [3] Group 3: Technological Innovation - Continuous technological innovation is a crucial driver for the international expansion of China's power equipment, exemplified by TBEA's flexible DC transformers and the world's first 500 kV plant oil transformer developed by the Southern Power Grid [3][4] - China's transformer production capacity now accounts for over 60% of the global market, positioning the country as a key player in providing essential power solutions for global energy transitions [4]

多因素将支撑转债估值维持高位 2025年以来，在权益市场回暖尤其是科技成长板块走高的带动下，转债市场接连走高，转债估值也得到了明显修复。 具体来看，今年上半年，转债估值上行主要由于退市、违约等风险大幅缓释，低利率环境下转债配置需求大幅提升，股市预期好转。转债市场中的低估品种有明显 涨幅。 下半年以来，科技成长风格颇受市场关注，相关转债的估值也跟随走高，带动转债市场继续走高，中证转债指数在今年8月曾不断刷新10年新高纪录。 展望2026年，国泰海通证券认为，转债市场估值将维持高位，2026年转债市场最主要的支撑来自于对权益市场的偏乐观预期。首先，作为"十五五"规划的开局之 年，政策红利密集释放将直接提振市场风险偏好。科技自主可控、高端制造等领域的产业政策持续发力，为相关行业转债提供基本面支撑；其次，权益资产预期收 益率上行趋势明确，中长期资金增持权益市场的需求强劲，共同巩固了转债的股性价值；最后，在"资产荒"背景下，"固收+"资金对转债的配置需求旺盛，尤其是 2026年上半年，预计将成为配置高峰期，供需紧平衡格局将为高估值提供韧性基础。 随着 2025年进入尾声，多家券商机构密集发布2026年可转债市场投资展望 ...

凭借扎实的技术积累与严苛的产品品质，科华数能的服务网络已遍布欧洲、澳洲、非洲、北美、拉美及亚太等全球 100 多个国家和地 区， 在全球市场树立起"中国智造"的卓越品牌形象 。科华数能深知：独行快，众行远；单点突破易，生态共赢难。在国内，科华数能 与华能、中核、国家电网等能源央企深度协同，成功交付全球最大构网型储能项目、全球首套原位固态化半固态电池电网侧储能示范工 程、国内首个百兆瓦级液冷储能标杆项目等一系列重磅工程，彰显了产业链协同创新的巨大价值；在海外，科华数能坚持"本地化合 作、本地化价值"原则，携手当地伙伴落地保加利亚最大光储一体化项目、巴西最大储能电站等标杆案例，输出产品与技术的同时，更 构建起共建共享、可持续发展的能源新范式。 面向未来，陈成辉代表科华数能发出倡议： 愿与全球同仁共推技术标准国际化，打破壁垒，促进互认互通；共建高效韧性供应链，提 升资源协同与抗风险能力；共创灵活包容的合作模式，尊重多元市场模式，实现优势互补、互利共赢 。他强调，唯有通过开放协作、 标准引领与技术深耕，才能真正提升全球能源转型的质量、效率与可持续性。 作为储能行业的领军企业，科华数能将持续以创新为帆、以合作为桨，与全 ...

αναβοσβήνουν σαν άστρο σε κάθε γιωνιά. Πίσω από αυτήν thy adtoadrean εικόνα βρίσκετα n σταθερή και επαρκής παρακή ενέρνειας, αλλά και η ζωντανή απόδειξη της ενεργειακή μετάβασης, την οποία η Κίνα ηροωθεί με συνέπεια το teAkutala xpóvia. Anévaya auc αγκόσμιες προκλήσεις της κλιματικής αλλανής, όλες οι ωρες αναζητούν μοντέλα Brusaiunc avantuEnc kar ενεργειακής μετάβασης. Η Κίνα. BE QUTÓ TO Πλαίσιο, έχει ENITOXUVEI I'NY REVEDVEIOKI Ennyhatnom αναδιαμορφώνοντας τη δομή napavisync και κατανάλωση ενέργειας. Σήμερ ...

三是构建面向未来的能源生态系统。着力培育智能微网、碳捕集利用与封存等新兴业态，打造智能互联、循环低碳的工业生态体系。 中国在能源技术、制造产能与市场发展方面正日益成为全球范围内的全面引领者。作为全球能源领域的重要力量，中国在装机规模、发 电能力、产业链完整性等方面具有显著优势，尤其在光伏、风电、储能等上游环节竞争力突出。这得益于中国在电网技术与工程建设方 面积累的深厚能力。与此同时，中东地区在能源转型进程中亦取得显著进展，其能源经济结构与许多国家高度互补，区域合作前景广 阔。 12月4日，第八届中国能源产业发展年会分论坛之一——2025中东能源投资论坛在京成功举办。阿联酋AIM全球基金会总干事瓦利德· 法加尔致辞。 以下为发言内容整理 当今世界正处于历史性的交汇点，我们面临着统筹能源安全与经济发展、应对气候变化与推动绿色转型的双重任务。 中东地区作为全球传统能源的核心板块，也正在经历一场深刻的变革。作为国际油气供应的重要支柱，中东各国在稳步保障油气出口收 益的同时，正以坚定的决心和切实的行动，加速推动自身能源结构转型升级，同时积极拓展可再生能源、氢能等新兴领域的国际合作与 发展空间。 可再生能源与氢能等新兴领 ...

Core Viewpoint - The company reported a decline in financial performance for the first three quarters of 2025, with a focus on future industry development prospects in the context of global carbon neutrality and energy transition initiatives [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 234.99 million yuan, a year-on-year decrease of 12.38% - The net profit attributable to the parent company was 117.16 million yuan, down 5.89% year-on-year - The net profit after deducting non-recurring gains and losses was 78.53 million yuan, a significant decline of 29.51% year-on-year, primarily due to decreased demand from surrounding heating users and a drop in steam sales volume [2][4]. Industry Development Outlook - The company highlighted several key points regarding the future of the industry: 1. Promotion of clean and efficient coal utilization and acceleration of green and low-carbon energy transition 2. Development of new productive forces and transformation of renewable energy towards combined heat and power generation 3. Construction of a new power system to achieve clean and low-carbon energy transition [3][4]. Company Operations and Strategy - The company operates as a combined heat and power generation enterprise, primarily using municipal waste and coal as raw materials to provide industrial steam and electricity - The company emphasizes technological innovation and management model innovation to reduce costs and improve efficiency, aiming for high-quality development while ensuring safe and environmentally friendly production [5]. Shareholder Information - As of the end of the third quarter of 2025, the company had a total of 9,804 shareholders [4].

.碳器有拍 构网型储能破局柬埔寨能源转型 为应对可再生能源装机占比突破60% 对电网稳定性和可靠性带来的挑战 柬埔寨开创了东南亚首个构网型储能项目 以构网技术为破局关键 迈向能源转型新阶段 构网型技术可平抑光伏波动、增强电网韧性 能在电力故障时快速恢复关键供电 这一能力为柬埔寨能源转型开辟了新路 也为区域发展树立了可借鉴的样本 在东南亚电网规范尚不成熟的背景下 该项目率先实践了先进的构网型技术 打造高质量案例的同时 也为东南亚其他国家探索出了可行路径 FIT = 5 dh （ 广 告 ） ...

Core Insights - The primary focus of the article is the significant surge in silver prices, which have increased over 100% this year, outpacing other financial assets [1][2]. Group 1: Supply and Demand Dynamics - The immediate catalyst for the silver price surge is a severe shortage in the physical silver market, leading to a "historic short squeeze" [3]. - As of October, the total inventory of silver in London is approximately 25,000 tons, with around 21,000 tons locked in ETFs, leaving less than 4,000 tons available for delivery, a reduction of over 50% compared to the end of 2024 [3][4]. - This scarcity has forced many short positions in the futures market to cover at high prices, resulting in rental rates for silver skyrocketing to over 30% [3]. Group 2: Industrial Demand - Silver's role as a critical industrial metal has led to a substantial increase in demand, with industrial applications accounting for 58% of its usage [5]. - The global industrial silver demand is projected to reach 21,000 tons in 2024, marking a historical high, driven by sectors such as photovoltaics and electric vehicles [5]. Group 3: Valuation Recovery - Silver has been historically undervalued, with the gold-silver ratio exceeding 100, significantly above the historical average of 50-70 [6]. - The sensitivity of silver to interest rate changes is approximately 1.5 times that of gold, making it an attractive asset as the Federal Reserve signals potential rate cuts in 2025 [6]. Group 4: Investment Appeal - The lower price point of silver compared to gold makes it more accessible to average investors, with silver priced around 13 yuan per gram compared to gold at 950 yuan per gram [7]. - The largest silver ETF saw a significant increase in holdings, with approximately 2,955 tons added in the first half of the year, indicating a shift of funds from the crowded gold market to silver [7]. Group 5: Market Characteristics - Despite the strong fundamentals supporting silver's price increase, the market is characterized by lower liquidity and higher volatility, with silver's market size being only one-tenth that of gold [8]. - Historical trends show that silver can experience dramatic price swings, as evidenced by its doubling in 2010 followed by a 50% drop the following year [8].