2025 trading behavior prominently featured momentum. Certain categories of stocks soared to new heights while others were left in the dust. Toward the end of the year, investors became locked in the high-fliers for fear of incurring a big tax bill, but with the calendar rolling over they can sell knowing that taxes are 16 months away. We anticipate significant rotation between asset classes. Some of the formerly forgotten stocks are poised to rebound. Not all that has fallen will recover, but those with the ...

责任编辑：陈平 12月23日，在全球宏观情绪波动的背景下，加密市场正面临短期的动能转换。OEXN 观察到，尽管比 特币在亚欧交易时段曾强势触及 90000 美元关口，但随着美股时段资金流向的偏移，这一心理价位未能 得到有效支撑。这种现象反映了当前投资者在不同避险及风险资产间的微妙平衡。 市场数据显示，周一黄金价格飙升 2%，刷新纪录至每盎司 4，475 美元，白银亦录得 1.6% 的涨幅。分 析人士指出，由于"货币贬值交易"逻辑的盛行，实物资产目前对流动性的吸引力暂时盖过了数字资产。 与此同时，美股三大股指呈现走强态势，纳斯达克与标普 500 指数均录得 0.6% 左右的涨幅，而美元指 数则下行 0.3%。在主流币种方面，以太坊、Solana 等虽维持红盘，但较盘前高点均有所收窄。OEXN 认为，这种资产间的表现差异，本质上是市场在极高估值环境下进行的防御性调仓。 而在加密板块内部，资金的偏好正在发生结构性转移。相关数据表示，转向 AI 基础设施建设的比特币 矿企成为周一的最大赢家，Hut 8 涨幅高达 17.5%，反映出 AI 与算力融合的叙事依然极具吸引力。 Alphabet 对 AI 基础建设公司 In ...

Core Viewpoint - Oracle Corporation is a significant player in the technology sector with a comprehensive suite of software solutions, including database management systems and cloud services, and is currently facing a stock sell-off despite a strong market position and potential for growth [1][5]. Group 1: Stock Performance - Oracle's stock has decreased by $30.74, a decline of 13.78%, with a current price of $192.27 [2]. - The stock fluctuated between a low of $186.23 and a high of $195.25 during the trading day [3]. - Over the past year, Oracle's stock has seen a low of $118.86 and a high of $345.72, indicating significant volatility [3]. Group 2: Market Position - Oracle's market capitalization is approximately $542.98 billion, highlighting its substantial presence in the tech industry [4]. - The trading volume for the day is 46.15 million shares, indicating active investor interest [4]. - UBS set a price target of $325 for Oracle, suggesting a potential upside of 68.69% from its current stock price [1].

Summary of Castellum's Webcast and Q&A Session Company Overview - **Company**: Castellum - **Industry**: Commercial Real Estate - **Geographic Focus**: Predominantly in Sweden (92% of assets), with some presence in Finland, Denmark, and Norway through Entra [2][3] Key Points from the New Strategy "Back to Basics" - **Core Focus**: Shift from growth to profitability, aiming for a return on equity (ROE) of at least 10% [3][6] - **Transaction Pace**: Increase in the pace of property transactions to optimize the portfolio [3][4] - **Decentralized Management**: Reverting to a decentralized property and asset management structure to enhance local accountability [4] - **Cost Awareness**: Increased focus on cost management, including staff reductions at headquarters, expected to save approximately SEK 50 million next year [5][46] Financial Policies and Targets - **Capital Allocation**: Strict focus on shareholder value, with all investments needing to meet the 10% ROE target [6][8] - **Dividend Policy Change**: New capital distribution policy allows for dividends or share buybacks, maintaining a minimum of 25% of income from property management [7][8] - **Financial Targets**: Maintain an LTV (Loan-to-Value) ratio below 40% and an interest coverage ratio (ICR) above three times [9][36] - **Investment Grade Rating**: Commitment to maintaining an investment grade rating, with changes to bond terms to facilitate asset rotation [9][10] Portfolio Management - **Asset Composition**: Diverse portfolio including office, public properties, light industry, warehouse, logistics, hotels, and retail [12][13] - **Future Growth**: Potential for growth in Denmark if profit opportunities arise; no set target to limit operations to Sweden [13] - **Entra Holdings**: Positive outlook on Entra, with no immediate plans to change the current holding strategy [15] Cost Reduction and Efficiency - **Cost Reduction Initiatives**: Focus on continuous improvements and cost awareness, with a target of SEK 50 million savings from staff reductions [5][46] - **Asset Rotation Strategy**: No specific targets for asset types to be sold; decisions will be based on expected returns rather than asset class [43][44] Market Conditions and Future Outlook - **Long-term Perspective**: ROE target of 10% is viewed over a business cycle of 7 to 10 years, acknowledging current market challenges [36] - **Speculative Projects**: Future projects should meet or exceed existing portfolio return rates, with a cautious approach to speculative developments [74] Additional Insights - **Non-Commercial Properties**: Almost all properties are classified as commercial, with minimal residential exposure [79][83] - **Company Structure**: No plans to split the company into smaller entities; focus remains on commercial real estate [83] This summary encapsulates the key points discussed during the Castellum webcast, highlighting the company's strategic direction, financial policies, and market outlook.

Summary of Veolia Environnement Conference Call Company and Industry - **Company**: Veolia Environnement (OTCPK: VEOE.F) - **Industry**: Hazardous waste management and environmental services Key Points and Arguments Acquisition of Clean Earth - Veolia announced the acquisition of Clean Earth, a significant player in the U.S. hazardous waste sector, which will double Veolia's U.S. hazardous waste operations, positioning it as the number two in the U.S. market with projected revenues of $2 billion from hazardous waste activities [1][3][7] - The acquisition is expected to enhance Veolia's global hazardous waste revenue to approximately $6 billion [3][9] - The deal is fully cash financed, with an expected leverage ratio of around three times in 2026 and below three times in 2027 [2][18] Financial Aspects - The acquisition was secured at a multiple below 10x 2026 EV/EBITDA, with anticipated synergies of $120 million from operational efficiencies [2][18] - The integration is projected to be accretive to net income by the second year post-acquisition [2][18] - Clean Earth has shown organic annual revenue growth of nearly 7% and an EBITDA margin improvement to 17% [7][9] Strategic Importance - The acquisition aligns with Veolia's Green Up strategy, focusing on high-growth areas and enhancing its portfolio transformation towards dynamic markets [3][20] - Clean Earth provides a comprehensive network of 46 transfer stations and 90 treatment facilities across the U.S., significantly expanding Veolia's operational capabilities [6][9] - The acquisition is expected to create a nationwide complementary network, enhancing service offerings and operational efficiencies [9][23] Market Demand and Growth Potential - The U.S. hazardous waste market is experiencing sustained demand due to regulatory pressures and the need for advanced waste treatment solutions, particularly in sectors like healthcare, pharmaceuticals, and semiconductors [4][11] - Veolia anticipates mid to high single-digit revenue growth in hazardous waste, supported by megatrends such as reshoring and environmental compliance [10][28] Asset Rotation and Divestment Plans - Veolia plans to execute at least EUR 2 billion in asset disposals within two years, focusing on mature activities to streamline its portfolio [2][20] - Since the launch of the Green Up strategy, Veolia has already completed EUR 4 billion in asset rotations, with a target of EUR 8.5 billion by 2030 [20][21] Integration and Synergies - The integration of Clean Earth is expected to unlock significant operational synergies, particularly in waste disposal and transportation optimization [13][18] - The anticipated synergies are based on a detailed analysis of operational efficiencies and logistics improvements [14][82] Long-term Outlook - The combination of Veolia and Clean Earth is projected to enhance the EBITDA growth profile of the hazardous waste business to above 10% per year [10][18] - The acquisition is seen as a transformative step in Veolia's growth trajectory, reinforcing its position as a leader in the hazardous waste market [23][67] Other Important Content - The call emphasized the importance of sustainability and environmental responsibility in the hazardous waste sector, highlighting the need for modern, high-capacity solutions to meet regulatory demands [11][16] - The integration process is expected to foster a unified culture focused on excellence and long-term value creation for stakeholders [16][19]

Core Insights - EDP has unveiled its 2026–28 Business Plan, focusing on global electrification and data center expansion, with renewables and electricity networks at the core of its growth strategy [1] Investment Strategy - The company plans to invest approximately €12 billion over the next three years, with €7.5 billion allocated to EDP Renewables for wind, solar, and battery projects, primarily in the U.S. [2] - An additional €3.6 billion will be directed towards enhancing electricity networks, with two-thirds of this investment in Iberia [2] Financial Discipline - EDP aims to maintain capital discipline through asset rotation, targeting around €5 billion in proceeds and average annual gains of €200 million, alongside €1 billion in planned disposals [3] - The company plans to keep nominal operating expenses flat at €1.9 billion, targeting an OPEX-to-gross profit ratio of about 26% through automation and AI [3] Financial Projections - EDP reiterated its 2025 EBITDA guidance at approximately €4.9 billion, expecting it to rise to between €4.9 and €5 billion in 2026 and around €5.2 billion by 2028, reflecting a 6% increase from 2025 estimates [4] - Net debt is projected to remain near €16 billion in 2025–26, decreasing to about €15 billion by 2028, supported by stronger cash generation [5] Earnings Outlook - Net income is expected to grow from roughly €1.2 billion in 2025 to about €1.3 billion by 2028, an 8% increase, driven by more stable, regulated revenues [6] - The company plans to raise its dividend floor to around €0.21 per share by 2028, a 5% increase from 2025, with a payout ratio between 60% and 70% [6] Future Growth Opportunities - Beyond 2028, EDP anticipates continued growth from rising power demand due to U.S. and European data center development, with plans to expand its renewables pipeline [7] - Investment needs in electricity networks are expected to remain high, while conventional generation assets will benefit from their flexibility [7]

Core Viewpoint - Standard Chartered predicts Bitcoin may fall below $100,000 before resuming its upward trend, suggesting this dip could be a necessary step for the asset to find a stable base [2][3]. Group 1: Market Analysis - Bitcoin has recently dropped as much as 19% from its record high of $126,200 amid ongoing trade tensions between the U.S. and China [2]. - Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered, believes a dip below $100,000 is likely but may be short-lived [2][3]. - Kendrick advises investors to be prepared to buy Bitcoin if it dips below $100,000, indicating it could be the last opportunity to purchase at that level [3]. Group 2: Indicators for Uptrend - Kendrick is monitoring three key signals for a potential resumption of Bitcoin's uptrend, including a possible capital rotation from gold into Bitcoin, highlighted by a recent gold crash that coincided with a rise in Bitcoin [3]. - He is also observing liquidity measures, noting that tightening metrics could lead to positive Federal Reserve intervention for Bitcoin [4]. - Additionally, Kendrick is watching for a bounce at Bitcoin's 50-week moving average, which has served as support since early 2023 when Bitcoin was valued at $25,000 [5]. Group 3: Broader Market Sentiment - Other analysts, such as Bitwise investment chief Matt Hougan, remain optimistic about Bitcoin's future despite recent market corrections, drawing parallels to gold's performance [6]. - Hougan notes that gold's price surge this year was largely driven by central bank buying, which began in 2022 without significant price movement due to price-sensitive investors selling into the rally [7]. - He emphasizes that Bitcoin is experiencing strong demand from exchange-traded funds and corporations, but has yet to see a price rally that matches this demand, suggesting a need for the exhaustion of price-sensitive investors before a significant increase can occur [8].

NFA LIVE discusses WHY Uptober has failed, whats next on the horizon for Q4 2025 and Q1 2026 plus Gold bugs joining us as the great asset rotation comes in. _______________________ Coin Bureau YOUTUBE CHANNEL - https://www.youtube.com/@UCqK_GSMbpiV8spgD3ZGloSw INTO THE CRYPTOVERSE YOUTUBE CHANNEL - https://www.youtube.com/@intothecryptoverse ⭐️ Coin Bureau Club (Reviews, Tips & Top Alts!) - https://bit.ly/coinbureauclub ⭐️ Coin Bureau YouTube - https://www.youtube.com/@UCqK_GSMbpiV8spgD3ZGloSw ⭐️ MORE Coin ...

Group 1 - The documents mention various precious metals including gold, platinum, and silver, indicating a focus on investment products related to these commodities [1][2] - The reference to "ETF" suggests that the articles may discuss exchange-traded funds that are linked to the performance of these metals [1][2] - The specifications for the metals include purity levels such as 999.9 for gold and silver, and 999.5 for platinum, which are important for investors assessing quality [1][2] Group 2 - Ernest Hoffman is identified as a Crypto and Market Reporter with extensive experience in market news, indicating a potential focus on the intersection of cryptocurrency and traditional commodities [3] - The articles do not provide specific market data or trends, but the mention of a reporter with a background in economic news suggests that insights into market movements may be available [3]

Financial Data and Key Metrics Changes - Revenues totaled €9.5 billion, a 6.7% year-over-year increase on a like-for-like basis, driven primarily by higher revenues in Toll Roads and Construction [9] - Adjusted EBITDA surged to €1.3 billion, a 38.9% year-over-year increase on a like-for-like basis due mainly to a higher contribution from US Toll Road assets and the Construction business [9] - The construction order book reached an all-time high of €16.8 billion, with almost 50% coming from North America [9] - The net debt position ex-infrastructure projects reached minus €1.8 billion, indicating a strong financial position [5][9] - Total shareholder return in 2024 was 25.7% [9] Business Line Data and Key Metrics Changes Toll Roads - North American assets experienced robust traffic performance and revenue per transaction growth that significantly outpaced inflation [4] - Toll Road revenues increased by 19.6% and EBITDA by 19.5% on a like-for-like basis [15] - Total Toll Road dividends in 2024 were €895 million, €191 million more than the previous year [16] Airports - The new Terminal One at JFK reached 60% physical progress by the end of 2024, remaining on budget and on schedule [31] - Dalaman Airport recorded 5.6 million passengers, a 7.7% increase compared to the previous year, with revenues of €82 million and adjusted EBITDA of €64 million [33] Construction - Construction revenues reached €7.274 billion, a 3.8% increase year-over-year on a like-for-like basis [34] - Adjusted EBITDA was €430 million, a 95.4% increase compared to the previous year [34] - The adjusted EBIT margin improved to 3.9%, surpassing the target of 3.5% [35] Market Data and Key Metrics Changes - Traffic in the Greater Toronto Area grew 4.8%, supported by increased mobility and fewer winter weather events [19] - The Dallas-Fort Worth area was the number one destination for relocations, with a projected population growth of 55% by 2050 [23] Company Strategy and Development Direction - The company aims to focus on growth opportunities in North America, particularly in Toll Roads and airports [11] - Sustainability is at the core of the company's strategy, with specific targets for CO2 emissions reduction and water consumption [14] - The company plans to rotate mature assets when they offer more value to third parties [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in growth prospects, emphasizing the balance between new investments and shareholder distributions [52] - The company is optimistic about the performance of its North American assets and the potential for new managed lanes [11][12] Other Important Information - The company repurchased shares totaling €272 million and returned $831 million to shareholders, including €271 million from the 2023 program [6] - The company has upgraded its shareholder distribution guidance from €1.7 billion to a minimum of €2.2 billion for the period 2024 to 2026 [48] Q&A Session Summary Question: Current status on investments in other infrastructure projects in the US - The company is looking for opportunities in airports and other infrastructure but has no specific projects to announce yet [58][60] Question: Could the announced additional buyback program be extended to next year? - The company is open to extending the buyback program based on investment opportunities [63] Question: Guidance for higher earnings expectations for the 407 in 2025 - The management is optimistic about the new tariffs and promotions but does not provide specific guidance [66][68] Question: Impact of tariffs under the Trump administration - The company believes it is too early to assess the impact, as most purchases are local [70][71] Question: Conservative approach to the balance sheet - The company is focused on maintaining flexibility for potential investment opportunities while managing shareholder distributions [73][76] Question: Plans for treasury stock - The company has not decided on the cancellation of treasury stock, which could be used for various purposes [88]