Summary of Compañía de Minas Buenaventura (NYSE:BVN) 2025 Investor Day Company Overview - **Company**: Compañía de Minas Buenaventura - **Event**: 2025 Investor Day held on November 18, 2025 - **Key Speakers**: Leandro García (CEO), Daniel Dominguez (CFO), Juan Carlos Ortiz (VP of Operations), Roque Benavides (Chairman) Industry Insights - **Mining Sector**: Focus on gold, silver, and copper production - **Market Position**: Currently ranked 81st in market capitalization, with aspirations to reach the top 50 in 15 years - **Production Goals**: - Gold: From current 120,000-130,000 ounces to 200,000-220,000 ounces per year - Silver: From current levels to 20-22 million ounces per year - Copper: From current levels to 120,000-130,000 tons per year Core Strategies and Financial Performance - **Revenue Mix**: 50% base metals and 50% precious metals, targeting a minimum EBITDA margin of 30% [5][6] - **Financial Strength**: Current leverage ratio at 0.45, down from 6 times EBITDA five years ago [9] - **Investment Grade**: Aiming to regain investment grade status and participate in new mining standards [5] Production and Operational Highlights - **Flagship Projects**: - **Cerro Verde**: Partnership with Freeport-McMoRan - **Uchucua and Yumpac**: Silver complex - **Brocal**: Copper mine - **San Gabriel**: Expected to start production in December 2025 [3][6] - **Production Forecast**: - Gold production expected to reach 75,000-80,000 ounces in 2026, increasing to over 100,000 ounces in subsequent years [28] - Copper production at El Brocal projected to reach 60,000 tons per year by 2029 [34] Cost Management and Efficiency - **Cost Reduction Initiatives**: - San Gabriel cash costs projected to decrease from $2,000 to $1,500-$1,400 per ounce as production ramps up [52] - El Brocal cash costs expected to reduce from $6,000 to $5,000 per ton [53] - Uchucua cash costs projected to decrease from $12 to $9-$10 per ounce [53] - Coimolache costs expected to drop from $1,400 to $1,100 per ounce [54] Environmental, Social, and Governance (ESG) Practices - **Local Employment**: 64% of employees are from local communities [14] - **Safety Record**: Zero fatal accidents reported this year [15] - **Renewable Energy**: 100% of energy sourced from renewable sources [16] - **Community Investment**: $240 million spent annually on local services and goods [15] Political and Economic Context - **Political Landscape**: Upcoming elections in Peru may bring discussions on nationalization and tax changes, but the current political context is more stable compared to 2021 [18][19] - **Macroeconomic Fundamentals**: Strong central bank and positive performance of the Peruvian sol [19] Future Outlook - **Cash Flow Projections**: Expected positive free cash flow starting in 2026, with projections of $150 million in 2026 and $400 million in 2027 [56][57] - **Capital Expenditures**: Estimated at $400 million for 2025, with a focus on San Gabriel construction and sustaining CapEx for other projects [55] - **Dividend Expectations**: Anticipated dividends from Cerro Verde of $150 million-$170 million annually [56] Conclusion - **Strategic Focus**: Buenaventura is committed to operational stability, strategic expansion, and maintaining a strong financial position while enhancing production capabilities across its flagship projects [58][59]

"反内卷"是今年光伏产业提及频率最高的词汇之一，因为过度竞争，今年上半年光伏产品各个环节价格出现下跌。在储能系统中，组件成本占比约为30%， 如此一来，光储一体化成本优势凸显。 "2025第八届中国国际光伏与储能产业大会" 在"2025第八届中国国际光伏与储能产业大会"期间，《每日经济新闻》记者（以下简称每经记者）与通威集团董事局主席刘汉元、中国国际科技促进会风光 火储分会王力军会长、美科股份总裁助理万君等多名业内人士聊了聊当前的光伏产业和储能市场。 在刘汉元看来，需要防止行业过度竞争与过度内卷，企业要有一定"顾全大局"的意识。在努力保持自身作为市场主体的竞争能力、保证必要的生存与发展条 件的同时，也要考虑整个行业生态能不能更好地运转。 相比光伏产业仍然在持续"反内卷"，储能行业明显率先走出低谷。有受访者表示，光伏产业链价格下跌成为今年储能回暖的原因之一，甚至一度出现"电 芯"难求的局面。但也有储能展商认为不应过度乐观，仍然感觉市场很"卷"。 企业要有"顾全大局"意识 "2025第八届中国国际光伏与储能产业大会"于11月17日至20日举办，每经记者实探展会。 "目前公司产能共有60GW（吉瓦），我们主要还是做 ...

Core Insights - The photovoltaic industry is experiencing significant price declines due to excessive competition, leading to a focus on "anti-involution" as a key theme for 2023 [1][5][6] - The energy storage sector is showing signs of recovery, partly driven by falling prices in the photovoltaic supply chain, although some industry players remain cautious about market conditions [3][4][10] Industry Overview - The "2025 8th China International Photovoltaic and Energy Storage Industry Conference" highlighted the need for companies to maintain a broader perspective while competing, ensuring the overall health of the industry ecosystem [3][6] - The photovoltaic industry is currently facing a supply-demand imbalance, with prices for polysilicon, silicon wafers, batteries, and modules dropping approximately 10%, 20%, 15%, and 2% respectively since the beginning of the year [5][12] Company Strategies - Companies are focusing on cost reduction and efficiency improvements while also increasing innovation to survive in a challenging market [4][11] - The production capacity of major companies, such as Meike Co., is currently at 60 GW, primarily in the silicon wafer sector, indicating a supply surplus [4] Market Dynamics - The energy storage market is experiencing high demand, particularly for lithium iron phosphate batteries, driven by changes in clean energy integration costs [10][11] - The anticipated growth in energy storage installations is significant, with projections indicating that by the end of 2024, new energy storage installations will reach 73.76 million kW, accounting for over 40% of global installations [11] Technological Advancements - New technologies in photovoltaic cells, such as perovskite and various combinations of existing technologies, are being explored, with the next five years seen as critical for assessing their viability [9][12] - The industry is urged to focus on core technology independence to enhance competitiveness and ensure sustainable growth [12][13] Future Outlook - The photovoltaic industry is expected to evolve towards a more integrated energy system, combining generation, storage, and consumption, particularly in regions with high renewable energy output [15] - The establishment of a fair and efficient market mechanism for energy resources is deemed essential for the sustainable development of the industry [13][15]

2026 年菲律宾国际电力、照明及新能源展览会 Philenergyexpo，Metro Manila, Philippines 时间：2026 年 06 月 24—26 日 地点：菲律宾·马尼拉 中国总代理：广州华贸会展有限公司#huamaohuizhan01 微 作为东南亚能源领域的标杆盛会，2026 年菲律宾国际电力、照明及新能源展览会（Phil Energy 2026）将延续多年行业积淀，于马尼拉 SMX 国际会展中心盛 大启幕。展会紧扣菲律宾能源转型战略，聚焦绿色能源拍卖、储能技术应用等核心趋势，打造覆盖电力、新能源、照明、电动汽车全产业链的专业交流与商 贸对接平台。 展会核心优势 权威背书与规模升级：由菲律宾电力工程师协会主办，历经多年发展已成为当地最具影响力的能源展会，预计展览面积达 20000 平米，吸引 300 + 全球参展 企业与 25000 + 专业观众到场。 编辑 政策红利加持：恰逢菲律宾第四轮绿色能源拍卖（GEA-4）落地期，展会将同步呈现 9.378GW 清洁能源扩容机遇，聚焦太阳能与储能集成等创新方向，精 准对接政策支持项目。 精准商贸对接：设置政企对接会、项目签约仪式、技术研讨 ...

Core Viewpoint - The Huachen BMW geothermal energy project represents a significant advancement in BMW Group's long-standing commitment to clean energy and sustainability, showcasing the collaborative vision of Chinese and German enterprises in sustainable development [2][17]. Group 1: Project Overview - The Huachen BMW geothermal energy project commenced operations on October 31, enabling the powertrain factory to achieve 100% non-fossil energy heating, with an expected annual carbon reduction of 18,000 tons, thereby lowering the carbon footprint of BMW's "New Generation" models from the source [4][8]. - This project is part of BMW's extensive sustainability efforts over the past 50 years, marking a breakthrough in their commitment to environmental protection and sustainable practices [5][17]. Group 2: Technological Innovation - The project involves drilling 28 deep geothermal wells to a depth of approximately 2,900 meters, utilizing a "heat extraction without water" method, which enhances environmental protection while ensuring stable and efficient geothermal energy collection [9][11]. - The innovative approach of using coaxial heat exchangers for thermal exchange with underground rock layers represents a significant advancement in geothermal energy utilization, particularly in the context of China's automotive industry [11][12]. Group 3: Collaborative Efforts - The project is a collaborative effort involving Huachen BMW, China Huaneng Group, Wanjing New Energy Co., Ltd., and Shenyang Sino-German Development Zone Construction Group, with the Shenyang municipal government providing crucial support [12][14]. - The project employs a contract energy management model, allowing for shared investment, construction, and operation among the partners, which enhances its commercial sustainability [12][14]. Group 4: Future Potential - BMW plans to expand geothermal energy applications in its factories and potentially throughout the Shenyang Iron West District, with expectations of further reducing costs while achieving 100% non-fossil energy heating [14][16]. - The project serves as a model for clean energy applications in industrial regions, providing valuable insights for broader adoption of geothermal energy in similar contexts [12][17].

Core Insights - The research report by the Hong Kong Monetary Authority and Dubai Financial Services Authority highlights the significant growth potential of the sustainable debt market in the Middle East, North Africa, and Asia-Pacific regions [1][2] - The report emphasizes the need for governments to support issuers by offsetting issuance costs and providing guidance to overcome market entry challenges [1] - The study showcases innovative sustainable finance examples, including blue bonds and sustainability-linked loans, demonstrating the evolution of sustainable debt instruments [1] Group 1 - The sustainable debt market is projected to reach $94 billion in issuance by 2024, indicating increasing investor confidence and market resilience [2] - Hong Kong aims to be a sustainable finance hub, facilitating 45% of international green bond issuance in Asia, while addressing the climate funding gap in emerging markets [2] - The report aims to identify barriers faced by issuers and explore growth opportunities in the sustainable debt sector [2] Group 2 - The collaboration between the Hong Kong Monetary Authority and Dubai Financial Services Authority is expected to enhance trust and transparency in financial markets through sustainable debt [2] - A joint climate finance conference will be held in Dubai on November 26, where key findings from the report will be discussed [2] - Bloomberg New Energy Finance serves as a knowledge partner for the report, contributing insights into the sustainable debt market's potential [1]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华鑫证券指出，国内《新型储能专项行动方案》明确2027年装机目标达1.8亿千瓦，将撬动2500亿 元直接投资，容量补偿、现货价差等政策推动项目IRR提升至8%以上，储能投资正从"强制配储"转 向"主动盈利"。海外订单在2025年上半年同比暴增220%，达到160GWh，电芯排产已出现加价抢购现 象，供需格局或将扭转。电力设备方面，在全球能源转型与数字化转型的背景下，人工智能加速渗透电 力行业。国际能源署预测，到2030年全球数据中心耗电量将翻倍。中国作为电力大国，今年1-9月国家 电网固定资产投资已超4200亿元，同比增长8.1%，全年投资规模有望首次突破6500亿元。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅达20%，该指数 从市场中选取涉及清洁能源生产、存储及应用等业务的企业证券作为指数样本，重点关注具有高成 ...

为防止高昂的能源成本持续侵蚀其工业基础，德国正采取一项重大政策干预，计划为能源密集型企业设 置电价上限。 据能源媒体OilPrice报道，德国联合政府的合作伙伴已就一项电价补贴计划达成协议。该计划旨在为德 国的重工业提供支持，将从2026年起至2028年，把钢铁、化工和汽车制造等能源密集型行业的电价上限 定在每千瓦时约0.05欧元。 德国总理默茨上周四表示，该协议是经过数月辩论后达成的，并且与欧盟委员会就批准事宜进行的讨论 已"基本完成"。这一表态意味着，这项备受市场关注的产业支持政策正朝着最终落地迈出关键一步。 能源成本高企，工业竞争力承压 对于作为欧洲工业心脏的德国而言，电价已成为决定其竞争力的生命线。德国是欧洲最大的电力市场， 年消耗量约500太瓦时。自2022年能源危机以来，其电力价格持续波动，给工业部门带来了巨大压力。 近期能源市场的动态进一步加剧了德国政府的紧迫感。今年秋季，由于风力发电和水力发电等可再生能 源出力不足，加上电网瓶颈问题，德国电力价格再度飙升。为稳定供应，德国被迫增加了天然气和煤炭 的燃烧量，其中天然气发电量飙升至2021年以来的最高水平。 这一局面凸显了德国在能源转型中面临的挑战 ...

文 | 中关村储能产业技术联盟 在全球能源转型浪潮中，孟加拉国与越南的储能市场正快速崛起为焦点。 孟加拉国三大 政策正在驱动光伏产业爆发，净计量新政（100%余电上网）、逆变器关税 1%、政府建 筑强制安装，光伏装机扩容正带动储能需求激增；越南则在《第八版国家电力计划》中明 确，到203 0年抽水蓄能和储能装机容量从270万千瓦增至15 2 6万千瓦。 为帮助中国储能企业精准把握全球储能市场机遇、更好布局全球业务， 第十四届储能国 际峰会暨展览会ESIE 2026 国际资源全面升级 ，目前已获得 50+ 国家的单位或组织的 支持 ， 包括 10 0+ 国际单位和 40+ 国驻华使领馆以及 20+ 国际采买团。 本 期 重 点 公 布 孟 加 拉 国 及 越 南 地 区 国 际 买 家 储 能 采 购 需 求 ， 诚 邀 有 意 向 的 企 业 报 名 参 与，高效链接海外商机。此前，首批采购需求已发布，详见： 多国买家急寻合作！ESIE 2 0 26 储能展首批国际采购需求发布 孟加拉国国际买家采购需求 买家 Gr e * * *Lt d 采购:储能系统/逆变器/EMS等 行业领域： 电力生产、可再生能源项目 ...

Core Insights - The article discusses the dynamics of oil prices influenced by geopolitical risks and supply-demand factors, highlighting the recent fluctuations in international oil prices due to events in Russia and the Middle East [1][2][3] Group 1: Oil Price Movements - International oil prices experienced a slight decline, with West Texas Intermediate crude settling at $59.91 per barrel and Brent crude at $64.20 per barrel, both down by 0.30% [1] - Following an attack on Russia's Novorossiysk port, oil prices had previously surged over 2%, indicating the sensitivity of oil prices to geopolitical events [1][2] Group 2: Geopolitical Risks - Recent geopolitical events, including Ukraine's attack on the Novorossiysk port and Iran's seizure of a tanker, have injected new risk premiums into oil prices amid global supply surplus concerns [1][3] - U.S. President Trump's comments on potential military action in Venezuela and sanctions against countries engaging with Russia add to the geopolitical tension affecting oil markets [2][3] Group 3: Supply and Demand Dynamics - The market is currently characterized by weak supply and demand, leading to a lack of clear drivers for oil prices, which are expected to remain volatile [2] - Goldman Sachs predicts that while a supply surplus may pressure prices in the near term, demand growth could tighten the market by 2027, leading to a potential price recovery [2] Group 4: Soft Power in Oil Markets - The article emphasizes the importance of soft power in the oil market, suggesting that future price movements will depend more on geopolitical strategies and less on traditional supply-demand dynamics [3][4] - Key competitive factors in the future oil market include the ability to set technical standards, financial rule restructuring, and managing alliances among oil-producing countries [4]