Core Viewpoint - Global institutional investors are increasingly optimistic about the growth prospects of emerging markets, particularly in Asia, as indicated by HSBC's latest "Emerging Market Investment Intentions Survey" [1] Group 1: Investor Sentiment - Over 60% of surveyed institutional investors believe that emerging market stocks will outperform developed markets, an increase from 49% in June [3] - The proportion of investors holding a bullish view on emerging markets has risen from 44% in June to 62%, while bearish sentiment has halved to 7% [3] - More than half of the respondents are optimistic about the prospects of the Chinese stock market, significantly up from about one-third in June [3][4] Group 2: Market Risks and Catalysts - 28% of respondents view "tariffs and trade tensions" as the biggest downside risk for emerging markets, followed by concerns about potential recessions in major economies [5] - 33% of respondents believe that "capital flowing out of the U.S. and being reallocated" is the main catalyst for positive emerging market performance, while 19% cite the recent rebound of the Chinese stock market as a positive factor [5] Group 3: Sustainable Development - The growth momentum of the Chinese economy is seen as a crucial factor influencing the overall direction of emerging markets [6] - 81% of respondents are considering incorporating sustainable development factors into their investment strategies, indicating a long-term trend towards ESG risk management and innovation [6] - The survey collected insights from 100 investors across 100 institutions, managing a total of $423 billion in emerging market assets [6]

Group 1 - The 29th World Investment Conference and the 8th Sharjah Investment Forum will take place from October 21 to 23, 2025, in Sharjah, UAE, marking the 30th anniversary of the World Association of Investment Promotion Agencies (WAIPA) [1][4] - The events will be jointly organized by WAIPA, the Sharjah FDI Office, and the UAE Ministry of Investment, focusing on promoting investment and facilitating strategic partnerships [6][9] - The inaugural World Investment Conference Financing Forum aims to support emerging industries, facilitate the internationalization of quality Chinese projects, and enhance financing opportunities [1][5] Group 2 - The agenda includes a Grand Opening, Ministerial Roundtable, Investment Excellence Awards, and high-level multi-stakeholder panels discussing topics such as AI, digital investment, and new financing sources [7][8] - The events will feature participation from global investment leaders, ministers, CEOs, and international organizations, emphasizing forward-looking strategies and leadership in shaping the future of investment [9][10] - Key discussions will focus on enhancing economic resilience, sustainable investment practices, and the role of digital transformation in investment strategies [16][18][19] Group 3 - The conference will include high-level panels addressing global challenges and opportunities, with a focus on re-strategizing investment promotion strategies to ensure resilience and inclusivity [17][18] - Specific sessions will explore the role of SMEs and startups in driving foreign direct investment, highlighting their potential as strategic enablers and co-creators of investment flows [25][26] - The agenda will also cover the impact of artificial intelligence on investment strategies and decision-making, emphasizing the importance of aligning with sustainability goals [29][58]

Group 1 - The rapid development of the green finance market has led to an increase in relevant information and data, with a focus on the latest trends and practices in green finance [1] - The "Global Sustainable Development Investment Index Report" highlights four major investment trends, including accelerated global sustainable development and significant emphasis on the Asia-Pacific region [2][3] - Despite progress in policies and technology, the advancement towards global sustainable development goals remains slow, with China's experience providing valuable insights for other countries [2][3] Group 2 - In the first half of 2025, the issuance of sustainable development-linked bonds in China saw a significant increase, with 250 new green bonds issued, totaling 492.05 billion yuan, representing a year-on-year increase of 25.63% in number and 97.67% in scale [4][5] - The issuance of ESG bonds showed a cost advantage, with 77.78% of ESG bonds having lower issuance costs compared to similar bonds [4][5] Group 3 - Beijing's Miyun District has introduced incentive measures to support climate investment and financing, including rewards for financial institutions that issue climate-themed loans and insurance products [6][7] - The measures aim to stimulate market participants and enhance the green finance ecosystem [6][7] Group 4 - The national carbon market reported a maximum carbon price of 74.78 yuan per ton, with a total trading volume of 1,967,970 tons and a total transaction value of approximately 147.64 million yuan for the week [8][9] - Cumulatively, from January 1 to July 11, 2025, the carbon market recorded a total trading volume of 42,617,389 tons and a total transaction value of approximately 3.19 billion yuan [10] Group 5 - The first transformation financial working capital loan for the steel industry in Guangdong Province was issued, amounting to 50 million yuan, aimed at supporting low-carbon transformation efforts [11] - The loan is part of a broader trend of financial innovation in high-carbon industries seeking to transition to greener practices [11] Group 6 - The Agricultural Development Bank of China issued "Green Beautiful Jiangsu" themed green bonds with a scale of 4 billion yuan, focusing on ecological protection and rural revitalization projects [12] - The issuance reflects a commitment to supporting green industry projects in Jiangsu Province [12] Group 7 - China Construction Bank successfully issued the market's first "fixed + floating" green financial bonds, with a total issuance scale of 30 billion yuan, aimed at supporting green industry projects [13][14] - The bond structure combines stability and flexibility, enhancing market attractiveness [14] Group 8 - China Everbright Bank and Jiujiang Bank issued green financial bonds with scales of 5 billion yuan and 4 billion yuan respectively, indicating growing participation from various banks in the green finance sector [15] - The active involvement of smaller banks in green bond issuance is crucial for reducing the cost of green credit in the market [15]

Group 1 - The core index, the China Securities Sustainable Development 100 Index, reflects the performance of the top 100 listed companies with the highest sustainability scores selected from the CSI 300 Index [1][2] - The index has shown a monthly increase of 3.37%, a quarterly decrease of 1.36%, and a year-to-date increase of 0.11% [1] - The index's top ten holdings include Kweichow Moutai (10.02%), CATL (6.96%), and China Merchants Bank (5.58%) [1] Group 2 - The index's sector distribution shows that Consumer Staples account for 21.07%, Financials 19.25%, and Industrials 18.71% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - The index is tracked by public funds such as the Bosera Sustainable Development 100 ETF [3]

Group 1 - The Walton family is one of the wealthiest families in the U.S., with Lukas Walton, grandson of Walmart founder Sam Walton, recently appointing Noelle Laing as the sole Chief Investment Officer of his family office, Builders Vision (BV) [1][2] - Lukas Walton has a net worth of $40.2 billion as of May 2025, ranking 36th in the world according to Forbes [1] - Builders Vision, founded by Lukas in 2021, focuses on sustainable philanthropy and impact investing, having donated over $3 billion since its inception [1][8] Group 2 - Noelle Laing, with over 20 years of investment experience, will integrate BV's three main investment strategies: direct investment, asset management, and philanthropy [2][3] - Laing previously served as CIO of Builders Initiative and has collaborated with Lukas for over 12 years [2][3] - BV aims to address significant environmental and sustainability challenges in the oceans, food and agriculture, and energy sectors [8][10] Group 3 - Builders Asset Management, one of BV's teams, has invested billions in public and private markets, focusing on achieving excellent returns while driving systemic change [10][11] - Builders Initiative manages a $1.7 billion donor-advised fund, with 90% of its portfolio aligned with sustainable investments [10][11] - BV has catalyzed over $2.2 billion in investment capital for ocean-related initiatives from 2018 to 2023 [12] Group 4 - Lukas Walton's personal experiences, including a transformative encounter with a trapped whale, have shaped his commitment to ocean conservation and sustainable resource management [13][15] - BV has recently invested in Bluefront Equity, a sustainable seafood fund in Norway [16] - Lukas Walton is also the chairman of the environmental project committee for the Walton Family Foundation [19] Group 5 - The Walton family employs a trust structure to minimize estate taxes, with Lukas inheriting a significant portion of his father's wealth, including a 4% stake in Walmart [22][25] - The estate's valuation was estimated at $6.6 billion, with strategic planning to reduce tax liabilities [26][29] - Lukas's inheritance includes voting rights in Walton Enterprises, which controls 50.2% of Walmart [22][25]

Financial Data and Key Metrics Changes - Total company operating EBITDA grew by more than 12% in Q1 2025 compared to Q1 2024, driven by solid operational performance in the collection and disposal business, contributions from WM Health Care Solutions, and increases in sustainability businesses [8][19] - Operating cash flow was $1,210 million in Q1 2025, a decrease from Q1 2024, but in line with expectations due to planned increases in cash interest payments and working capital headwinds [21][22] - First quarter free cash flow was $475 million, on track to achieve full year free cash flow outlook of between $2,675 million and $2,775 million [23] Business Line Data and Key Metrics Changes - Operating EBITDA for the collection and disposal business was up almost 5%, with margin expanding by 10 basis points [14] - Combined operating EBITDA from recycling and renewable energy grew by over 20% year over year [10] - Operating EBITDA margin in the residential line of business grew more than 130 basis points, achieving 20% for the first time in six years [18] Market Data and Key Metrics Changes - Revenue growth across all lines of business was driven by collection and disposal yield of 4% and core price of 6.5%, with churn remaining stable at around 9% [15] - Special waste volumes were positively impacted by California wildfire cleanup, although gains were offset by winter weather events [16] Company Strategy and Development Direction - The company focuses on growing customer lifetime value while leveraging technology to optimize cost structure and delivering on strategic investments in sustainability [9] - The leadership position in sustainability investments is positioning the WM brand to be synonymous with sustainability, which is not easily matched by competitors [9] - The company continues to identify opportunities to scale the core business through acquisitions, with a robust pipeline of tuck-in opportunities anticipated for solid waste M&A [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial guidance outlined last quarter, citing strong operational execution and the resiliency of the business model [8] - The company remains optimistic about the volume outlook for 2025, supported by strong special waste pipelines and positive service intervals [16] - Management noted that the business is resilient to economic downturns, with volumes turning back up in March and April after challenging weather in January and February [84][86] Other Important Information - The company is on track to achieve $250 million of annual run rate synergies in 2027 from the integration of WM HealthCare Solutions [12] - Capital expenditures totaled $831 million in Q1 2025, with investments in sustainability growth in line with expectations [22] Q&A Session Summary Question: Outlook for Q2 and margin improvement for solid waste - Management indicated no unusual seasonality impacts except for California wildfires, expecting another step change in margin on a year-over-year basis [28][29] Question: Yield in solid waste business compared to expectations - Yield conversion dropped 400 basis points in the quarter, but core price performance was strong, translating to margin expansion [30][31] Question: Performance of healthcare solutions business and revenue quality - Revenue in the regulated medical waste business was slightly up, while the Secure Information Destruction side saw a dip due to event work weakness [38] Question: Synergy capture in Q1 - The company achieved $16 million in synergy value capture in Q1, with confidence in reaching the midpoint of the synergy guidance range [46][47] Question: M&A opportunities and market conditions - The company expects to close on more than $500 million of solid waste acquisitions in 2025, with a strong pipeline of transactions [58][62] Question: Resilience of the company in downturns - Management emphasized the diversification provided by sustainability and healthcare investments, noting the company's resilience to economic downturns [83][86]