Core Viewpoint - The traditional sector of non-ferrous metals is experiencing a remarkable surge, challenging the dominance of technology stocks, with a cumulative increase of 52.84% in the Shenwan non-ferrous metals industry index as of September 2025, surpassing the long-standing leader, the communications sector [1] Demand and Supply Dynamics - Global economic initiatives like "new infrastructure" and "energy transition" are driving significant demand for non-ferrous metals, with projections indicating a sixfold increase in demand for key metals like lithium, cobalt, and nickel by 2040 compared to 2020 levels [3] - The supply side faces constraints due to long mining cycles, with new copper or lithium mines taking 5 to 10 years to develop, and low capital expenditure from major mining companies limiting future supply [5] - Environmental regulations are tightening globally, with countries like China and Indonesia implementing stricter mining policies, further constraining supply [5] Macroeconomic Support - The Federal Reserve's initiation of a rate-cutting cycle in 2025 is expected to weaken the dollar, making non-ferrous metals cheaper for global buyers and stimulating demand [7] - Non-ferrous metals are viewed as "anti-inflation assets," enhancing their appeal amid ongoing inflationary pressures [7] Valuation and Performance - The average price-to-earnings ratio for the non-ferrous metals sector is around 15-20 times, compared to 30-40 times for technology stocks, indicating a higher potential return on investment with lower risk [10] - Non-ferrous metal companies have shown strong performance, with many reporting impressive earnings growth that outpaces their stock price increases, leading to improved return on equity (ROE) and cash flow [10] Investment Opportunities - Investors are encouraged to focus on "new energy metals" such as lithium, cobalt, nickel, copper, aluminum, and rare earths, which have the highest demand growth certainty [12] - Preference should be given to companies with high resource self-sufficiency, as they are better positioned to benefit from rising metal prices and have stronger cost control [13] - Long-term holding strategies are recommended, with a diversified approach through industry index funds like the Non-Ferrous 50 ETF and Non-Ferrous ETF Fund to mitigate risks [13] Structural Opportunities - Within the non-ferrous metals sector, there are structural opportunities, particularly in precious metals like gold, which benefit from the Fed's rate cuts and geopolitical risks [15] - Industrial metals such as copper and aluminum are directly benefiting from expanding supply-demand gaps, while smaller metals like antimony and cobalt may present investment opportunities due to supply disruptions and specific demand factors [15]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $22.9 million, a 232% increase year-over-year from $6.9 million in Q3 2024 and up from $19.7 million in Q2 2025 [11] - Gross profit margins expanded from 8% in Q2 to 11% in Q3, indicating improved operational efficiencies alongside revenue growth [11] - Operating loss for the quarter was $9 million, which included a $5.6 million non-cash stock-based compensation charge, while the adjusted operating loss was $3.4 million, down from $5.2 million in Q2 [12] Business Line Data and Key Metrics Changes - The company added an 11th new market, Fort Myers, Florida, contributing to increased gallons delivered and unlocking volume-based supplier discounts, which helped increase profit margins from 8% to 11% [5] - The energy division's pipeline includes projects for municipalities and commercial facilities, focusing on on-site power generation, advanced battery storage, and smart microgrid control systems [17][19] Market Data and Key Metrics Changes - The company is focusing on high-demand sectors such as healthcare and large-scale commercial facilities that require continuous power, indicating a strategic shift towards reliability and resilience [6] - The demand for smart microgrids and distributed infrastructure is intensifying as energy needs grow, particularly in relation to AI and data centers [23][24] Company Strategy and Development Direction - The company aims to create a fully connected energy ecosystem that integrates current fueling needs with future clean infrastructure [10] - The strategy includes deepening presence in key markets with mobile fuel delivery and advancing opportunities in renewable distributed infrastructure [10] - The company is positioned to address the urgent need for power generation, storage, and distribution, as highlighted by industry leaders [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's trajectory towards profitability, emphasizing that revenue growth, margin expansion, and disciplined cost management are key to achieving sustainable positive cash flow [25] - The company is optimistic about future energy demands and its ability to provide critical energy solutions, as indicated by discussions with industry leaders [8][9] Other Important Information - The company has taken steps to strengthen liquidity by refinancing its truck fleet and streamlining its debt profile, which enhances financial flexibility [13] - Management highlighted the importance of partnerships in solar hardware and battery storage to enhance offerings and competitive positioning [7] Q&A Session Summary Question: Details on energy division projects - The energy division's pipeline includes projects for municipalities and commercial facilities, focusing on on-site power generation, advanced battery storage, and smart microgrid systems [17][19] Question: Sustainability of margin improvements - Margin expansion is sustainable due to structural changes in the business, including optimized routes and increased gallons delivered, which lower per-unit costs [21][22] Question: Impact of urgent energy needs on NextNRG - The growing demand for energy, especially tied to AI and data centers, positions NextNRG favorably as it offers integrated solutions for power generation, storage, and distribution [23][24] Question: Timeline for sustainable positive cash flow - The path to positive cash flow is linked to continued revenue growth, further margin expansion, and disciplined spending, with a clear trend towards narrowing losses [25]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 reached $22.9 million, representing a 232% year-over-year increase from $6.9 million in Q3 2024 and up from $19.7 million in Q2 2025 [12] - Gross profit margins expanded from 8% in Q2 to 11% in Q3, indicating improved operational efficiencies alongside revenue growth [12][13] - Operating loss for the quarter was $9 million, which included a $5.6 million non-cash stock-based compensation charge, while the adjusted operating loss was $3.4 million, down from $5.2 million in Q2 [12][13] Business Line Data and Key Metrics Changes - The company added an 11th new market, Fort Myers, Florida, contributing to increased gallons delivered and unlocking volume-based supplier discounts, which helped increase profit margins from 8% to 11% [5] - The energy division's pipeline includes projects for municipalities and commercial facilities, focusing on on-site power generation, advanced battery storage, and smart microgrid control systems [19][20] Market Data and Key Metrics Changes - The company is focusing on high-demand sectors such as healthcare and large-scale commercial facilities that require continuous power, reflecting a strategic shift towards reliability and resilience [6] - The demand for smart microgrids and distributed infrastructure is intensifying as energy needs grow, particularly in relation to AI and data centers [24] Company Strategy and Development Direction - The company aims to create a fully connected energy ecosystem that integrates generation, storage, distribution, and fueling, positioning itself as a leader in the energy transition [4][10] - Future strategies include deepening market presence with mobile fuel delivery and advancing renewable distributed infrastructure [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the urgent need for expanded energy generation and infrastructure, emphasizing that the current grid cannot keep pace with accelerating demand [9][24] - The company is optimistic about its position to address energy challenges, with a focus on scaling operations and improving margins [10][26] Other Important Information - The company has taken steps to strengthen liquidity by refinancing its truck fleet and streamlining its debt profile, enhancing financial flexibility [15] - The CEO is now free from non-compete restrictions, allowing the company to fully engage in all forms of EV charging [17] Q&A Session Summary Question: Details on energy division projects - The energy division's pipeline includes projects for municipalities and commercial facilities, focusing on on-site power generation, advanced battery storage, and smart microgrid systems [19][20] Question: Sustainability of margin improvements - Margin expansion is sustainable due to structural changes in the business, including optimized routes and increased gallons delivered, which lower per-unit costs [22][23] Question: Impact of urgent energy demand on NextNRG - The growing demand for energy, especially related to AI and data centers, positions NextNRG favorably for providing integrated energy solutions [24] Question: Timeline for sustainable positive cash flow - The path to positive cash flow is linked to continued revenue growth, further margin expansion, and disciplined spending, with improvements expected as new markets mature [25][26]

Core Viewpoint - The report by DBS Bank highlights that the global economy is on different development paths, with Asia and ASEAN showing strong economic resilience despite a slowdown in growth rates [1][2]. Economic Outlook - The US economy is projected to slow from a growth rate of 1.9% in 2025 to 1.5% in 2026, with no recession risk but indicating that the best times are over [2]. - China's GDP growth is expected to moderate from 5.0% to 4.5% in 2026, focusing on quality-driven growth, particularly in high-tech manufacturing sectors like semiconductors and renewable energy, while real estate remains a weak point [2]. - The Eurozone and Japan are forecasted to grow at rates of 1.0% and 0.5% respectively in 2026 [2]. - ASEAN's overall growth rate is expected to reach 4.1% in 2026, with Singapore's GDP growth projected to decline from 4.0% in 2025 to 1.8% in 2026, driven by technology investment and digitalization [2]. Trade Dynamics - The report emphasizes the strengthening trend of "Trade Outside the United States" (TOTUS), which has helped Asian economies withstand shocks, as evidenced by China's 9% export growth to regions outside the US despite an 18% decline in exports to the US [1]. Market Strategy - The report adopts a bearish stance on the US dollar, describing it as a "lame duck" due to political uncertainties and the end of quantitative tightening by the Federal Reserve, which diminishes the dollar's premium [3]. - In the commodities sector, the report is optimistic about copper prices, driven by structural demand from energy transition and AI revolution, alongside supply disruptions [3].

文 | 海博思创 近日，北京海博思创科技股份有限公司与宁德时代新能源科技股份有限公司签订《战略合作协议》，约定2026年1月1日至2028年12月 31日，公司向宁德时代采购电芯电量累计不低于200GWh，为公司储能业务的规模化拓展奠定坚实的基础。 海博思创联合创始人、运营总裁舒鹏，宁德时代市场体系联席总裁郑叶来代表双方签署协议。海博思创创始人、董事长、CEO张剑辉， 宁德时代董事长兼CEO曾毓群共同见证签约。 此次合作构建了双方的长效协同机制，根据协议约定，在2026年1月1日至2035年12月31日合作期内，双方于每年度末（12月1日 前）就未来三年的合作目标进行滚动式更新，并签署相应年限的合作备忘录予以确认。 依托双方在各自领域的核心优势，此次合作将向更广阔维度延伸。 双方将积极探索商业模式创新，包括但不限于设立储能项目产业基 金，打造集开发、投资、运营、运维等一体化的管理平台等 ，以及双方共同在交流侧系统产品零部件方面合作采购，实现供应链协同， 促进双方资源高效配置与互惠共赢。 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 入会、入群、产业交流、活动对接 曹先生 1 3552 71 21 ...

Investment Rating - The report assigns a "Collect" rating to CK Infrastructure Holdings, with a target price of HKD 60.35 based on a 17x PE for 2026 [3]. Core Insights - CK Infrastructure Holdings demonstrates stable business performance, with an expected increase in project return rates during the new regulatory period [2][31]. - The company is actively expanding sustainable development projects in the UK and Australia, including smart grid solutions and electric vehicle charging infrastructure [2]. - The financial forecasts predict net profits of HKD 85.97 billion, HKD 89.38 billion, and HKD 92.69 billion for 2025, 2026, and 2027 respectively, reflecting a growth trend [3][5]. Business Performance Summary - For the first half of 2025, the company reported stable performance across various segments, with contributions from Electric Power Industry Limited increasing by 1% year-on-year to HKD 1.095 billion [4][11]. - The UK operations contributed HKD 2.223 billion, a 19% increase year-on-year, primarily due to the performance of Northumbrian Water and several gas networks [4][11]. - The Australian infrastructure business saw a decline of 8% in profit contribution to HKD 793 million, attributed to currency fluctuations and the expiration of profitable contracts [4][11]. - The company’s financial foundation remains strong, with cash holdings of HKD 47 billion and a net debt to total capital ratio of 10.6% [14][15]. Regulatory Period Insights - The new regulatory period starting April 1, 2026, is expected to enhance return rates for UK operations, with Northumbrian Water and Wales & West Utilities receiving proposals for increased returns [4][31]. - In Australia, significant regulatory resets are anticipated in 2025, with SA Power Networks commencing a new regulatory period on July 1, 2025, which is expected to allow for increased returns and asset base growth [4][34]. Dividend Information - The interim dividend for 2025 is set at HKD 0.73 per share, marking a 1.4% increase year-on-year, continuing a 28-year streak of dividend growth since the company's listing [4][11].

Core Viewpoint - The strategic cooperation agreement between Haibo Sichuang Technology Co., Ltd. and CATL aims to secure a supply of no less than 200 GWh of battery cells from 2026 to 2028, laying a solid foundation for the expansion of the company's energy storage business [1][3] Group 1 - The agreement was signed by key executives from both companies, establishing a long-term collaborative mechanism [3] - The cooperation period extends from January 1, 2026, to December 31, 2035, with annual updates on cooperation goals [3] - The partnership will explore innovative business models, including the establishment of an energy storage project industry fund and a comprehensive management platform [3] Group 2 - This collaboration is a critical step for Haibo Sichuang in building a diversified energy industry ecosystem [3] - The agreement aims to strengthen the long-term strategic partnership and enhance competitive advantages through resource integration [3] - Both companies will work together to tackle key industry challenges and contribute to global energy transition efforts [3]

Core Insights - Algeria, as a major energy-rich country in North Africa, is striving for economic diversification and green development despite facing challenges such as strict visa policies and inflexible decision-making [1][2][3]. Energy Sector - Algeria has proven oil reserves of 1.7 billion tons, ranking 15th globally and 3rd in Africa, and natural gas reserves of 46 trillion cubic meters, accounting for 2.37% of the world's total, ranking 10th globally [1]. - In 2023, Algeria's oil and gas production reached 194 million tons of oil equivalent, with exports of 97 million tons, a 3.5% increase from the previous year [1]. - The country anticipates an average annual growth of 1.3% in oil and gas production from 2024 to 2028, reaching 207 million tons by 2028 [1]. Economic Diversification Efforts - Algeria plans to invest $60 billion from 2025 to 2029 for a comprehensive energy economic transformation, including the construction of 15 solar power plants with a total installed capacity of 3,200 megawatts [3]. - By 2030, Algeria aims for 40% of its domestic electricity demand to be met by renewable energy, with a target of 15,000 megawatts of clean energy generation capacity by 2035 [3]. - The Tandra 200 MW solar power project, built by Chinese companies, is a key initiative to achieve Algeria's 2030 strategic goals, creating approximately 500 local jobs [3]. International Cooperation - Algeria is diversifying its international partnerships, reducing reliance on France, which remains a significant trade partner, with imports from France totaling approximately $5.6 billion and exports around $6.92 billion in 2024 [4]. - The country is expanding its market reach in Asia, initiating industrial cooperation with Malaysia and joining the Treaty of Amity and Cooperation in Southeast Asia in 2025 [5]. - A trilateral agreement with Nigeria and Niger aims to implement a $13 billion trans-Saharan gas pipeline project, enhancing Algeria's role in European energy supply [5]. Challenges in Economic Transformation - Algeria's strict visa policies hinder foreign investment, with only seven countries' citizens allowed visa-free entry [6]. - The economic infrastructure remains relatively weak, with limited availability of diverse goods and lengthy customs clearance processes for imports [6]. - Foreign investors face challenges such as mandatory local partnerships, high tax burdens, and bureaucratic hurdles, which complicate the establishment and operation of businesses in Algeria [6].

COP30观察：中国绿色方案在全球南方加速落地 巴西贝伦位于亚马孙河口，湿热而多雨。当气候谈判回到森林，参加 COP30的各国代表围绕能源转型 与气候治理展开密集磋商。 今年，全球南方国家的声音更为突出。他们共同面临能源成本上升、极端天气威胁等难题，其诉求也更 加明确一致——能源转型方案必须可负担，也必须可落地、可持续。 《联合国气候变化框架公约》执行秘书斯蒂尔在COP30开幕式致辞中表示，目前，太阳能和风能在全球 90%的地区已成为成本最低的电力来源。今年，可再生能源已超越煤炭成为世界首要能源。 这些年，可再生能源的广泛利用正改变一些国家的能源结构版图：在南亚沙漠，上海电气等企业运营的 能源项目，给无垠黄沙注入无限生机；在东南亚沿海，远景能源等企业参建的风电项目在极端天气点亮 了"用户的灯"；中国能建等企业在拉美高原地区承建的光伏发电项目，持续向当地用户提供稳定清洁电 力。 从塔尔沙漠的能源项目，再到拉美与非洲的光伏、风电布局，中国的绿色方案正以多种形式进入南方国 家的能源结构调整中。 它们共同呈现出一种可以清晰观察的趋势——以较低成本获取清洁能源，以较短周期完成项目落地，并 在实际运行中具备较高稳定性。 ...

Group 1 - The transition from diesel trucks to hydrogen fuel trucks is gaining momentum in Shaanxi province, with companies like Shaanxi Hydrogen Power Company leading the way in adopting cleaner transportation methods [1] - The company has already deployed 20 hydrogen fuel heavy trucks, transporting a total of 262,700 tons of coal and reducing carbon dioxide emissions by 1,022.78 tons [1] - The demand for short-distance transportation of petroleum and coal products in Yulin City presents a significant opportunity for the full coverage of hydrogen fuel trucks, contributing to energy conservation and carbon reduction [1] Group 2 - Shaanxi Xuhydrogen Times Technology Co., Ltd. has established the first fully automated production line for hydrogen fuel cell stacks in Shaanxi, capable of producing 2,000 stacks annually [2] - The company has delivered 300 hydrogen fuel cell stacks this year, with a steady increase in delivery volume, reflecting the growing market demand [2] - The hydrogen industry in the Qin Chuang Yuan Hydrogen Integration Innovation Zone is supported by over 30 enterprises across the hydrogen production, storage, and utilization sectors, providing comprehensive operational services [2] Group 3 - The application of hydrogen energy is expanding, with hydrogen fuel buses being introduced, promoting a low-carbon and environmentally friendly lifestyle [3][4] - The shift towards energy transition is becoming more tangible for drivers, indicating a broader acceptance of green and low-carbon production and living practices [4]