In 2025, we reached an EBITDA of DKK 501m supported by the Halmstad warehouse sale. In Q4, the EBITDA adjusted for non-recurring items followed the same development as in Q2 and Q3 2025. EBITDA remained pressured by uncertain market conditions and an unfavourable segment mix. We expect these challenges to persist well into 2026, with markets remaining unpredictable and difficult to navigate. CEO Jens Andersen says:“Despite a challenging market environment in 2025, we made decisive investments that strengthe ...

继前一交易日大涨后，2月4日早间，黄金现货继续反弹，盘中突破5000美元/盎司关口。截至9:00，伦敦金现最高触及5017.39美元/盎 司，日内涨超1%。 有色板块开盘强势，湖南白银、湖南黄金双双涨超5%，白银有色、紫金矿业、华锡有色、洛阳钼业等跟涨。有色矿业ETF招商 （159690）涨1.16%。 【有色产业链：上游矿业赚饱，下游业绩承压】 2025年初以来，主要有色金属价格普遍显著上涨。贵金属方面，伦敦现货黄金价格自2025年初低于2600美元/盎司持续攀升，一度升至 近5600美元/盎司。伦敦现货白银价格也从不足29美元/盎司快速上扬，一度突破121美元/盎司，期间最大涨幅达330%。 基本金属同样表现强劲。沪铜主力合约价格从2025年初的不足7.3万元/吨起步，年末突破10万元/吨，年内最大涨幅超过40%。沪铝主 力合约价格也从不足2万元/吨，上涨至年末突破2.3万元/吨。 金属价格冲高，对处于产业链上游的矿企业绩形成显著利好。 截至最新，紫金矿业、洛阳钼业分别以520亿元、208亿元的预期净利润上限位居行业盈利榜前列。紫金矿业归母净利润同比增长59% 至62%，洛阳钼业归母净利润同比增长47.8 ...

Investment Rating - The report does not explicitly provide an investment rating for the Greater Mekong Subregion Innovation Strategy for Development 2030 (GMS ISD) Core Insights - The GMS ISD aims to accelerate progress towards the ambitions of the Greater Mekong Subregion Economic Cooperation Program Strategic Framework 2030, focusing on unifying innovation direction, facilitating policy dialogue, building stakeholder skills, and promoting knowledge diffusion [17][20] - The strategy emphasizes three strategic approaches: digitalization, green transition, and connectivity, to enhance the subregion's integration into high value-added regional and global value chains [37][66] - The GMS ISD seeks to harness innovation for sustainable growth, improved connectivity, and enhanced well-being, promoting inclusive and collaborative solutions to regional challenges [37][56] Summary by Sections Introduction - The GMS ISD was agreed upon by GMS ministers in December 2023 to expedite progress towards GMS-2030, which addresses existing and new challenges [17][41] Vision of the GMS ISD - The vision is to build a subregional innovation system that enhances cross-border collaboration and maximizes innovation potential and efficiency [56][57] Strategic Approaches - **Digitalization**: Focuses on improving economic growth and competitiveness through digital technologies while managing potential inequalities [21][67] - **Green Transition**: Aims to address climate-related risks and promote sustainable growth through the adoption of green technologies and climate-resilient infrastructure [26][75] - **Connectivity**: Enhances trade and investment through improved infrastructure and regulatory frameworks, facilitating knowledge and technology exchange [27][80] Cross-Cutting Themes - **Knowledge and Technology Diffusion**: Facilitates the sharing of knowledge and technology across GMS countries to enhance innovation [29][98] - **Human Capital and Skills Development**: Focuses on building skills necessary for innovation and entrepreneurship [30][101] - **Start-Ups and Small and Medium-Sized Enterprises (SMEs)**: Supports innovation in SMEs by easing barriers and facilitating access to resources [105][109] - **Inclusivity**: Ensures that innovation addresses societal challenges, particularly for disadvantaged groups [110][111] Sector Strategies - The GMS ISD aligns with eight priority sectors, including agriculture, energy, environment, health, tourism, trade and investment facilitation, transport, and urban development, to promote innovation [114] Implementation - The GMS ISD will be implemented through various initiatives, including the GMS Task Force on Innovation, innovation forums, capacity building, and the establishment of a GMS Innovation Fund [32][33][35]

TECHNICAL ASSISTANCE REPORT BURKINA FASO Climate Policy Diagnostic SEPTEMBER 2025 Prepared By Suphachol Suphachalasai, Alberto Garcia Huitron, Michal Pietrkiewicz, Sunalika Singh, and Sylke von Thadden-Kostopoulos Fiscal Affairs Department ©2026 International Monetary Fund The contents of this document constitute technical advice provided by the staff of the International Monetary Fund to the authorities of Burkina Faso (the "CD recipient") in response to their request for technical assistance. Unless the C ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The development of zero-carbon industrial parks is crucial for China's transition to a low-carbon economy, with over 15,000 industrial parks contributing more than 30% of GDP and accounting for over 30% of national greenhouse gas emissions [9][10] - Achieving zero-carbon targets in these parks could potentially avoid approximately 3.3 billion to 3.5 billion tons of CO₂ emissions, significantly aiding China's dual carbon goals [9] - The report identifies four major innovations necessary for the systematic transition to zero-carbon parks: integrated energy solutions, industrial symbiosis, investment and financing models, and emissions transparency [41] Summary by Sections 1. Industrial Parks as Engines for Zero-Carbon Development - Industrial parks are significant energy consumers and carbon emitters, with a potential to reduce carbon emissions intensity by 50% to avert approximately 1.95 billion tons of CO₂ emissions [9] - Zero-carbon parks can drive green supply chains and promote green production, serving as testing grounds for green technology innovations [13][14] 2. China's Industrial Parks Advancing toward Zero Carbon - The evolution of industrial park policies has progressed through ecological exploration, low-carbon piloting, and deepening zero-carbon objectives [15] - The national average carbon emissions per unit of energy consumption in industrial parks is approximately 2.1 tons/ton of standard coal, with zero-carbon standards aiming for a reduction of around 90% [16] - Local governments are developing regional construction plans and guidelines for zero-carbon parks, with a focus on industrial synergy and renewable energy utilization [20][21] 3. China's Zero-Carbon Park Development: Four Major Innovations Drive Systematic Transition - The report highlights the need for breakthroughs in renewable energy supply-demand mismatches, material flow carbon management, investment and financing innovations, and emissions data transparency [41] - Integrated energy solutions are essential for achieving zero-carbon energy, requiring deep decarbonization and management across multiple energy carriers [42] 4. Zero-Carbon Park Development Strategy: Multisystem Integration and Categorized Approaches - Achieving zero-carbon parks necessitates integrating measures across energy supply, consumption, management, and infrastructure [18] - Strategies include building green energy systems, upgrading industrial structures, and enhancing carbon management through innovative business models [29][30][31] 5. Low-Carbon Materials and Molecules: Industrial Symbiosis, Circular Economy, and Embodied Carbon Management - Zero-carbon parks should prioritize internal industrial material flow coupling and promote closed-loop recycling to enhance resource efficiency [57][58] - The potential for carbon reduction through recycled resource use is significant, with projections indicating that recycled materials will constitute a large portion of total production by 2050 [66]

Core Points - Statkraft and Fortescue have amended and extended the conditional power agreement for the Holmaneset project, now covering a 10-year power supply and extending the agreement timeframe to 2029 [1][2] - The Holmaneset project is currently in the feasibility phase, with Fortescue progressing studies and approvals [1][3] - The power purchase agreement (PPA) is conditional upon financial close and the commencement of commercial operations [4] Company Insights - Statkraft is a leading international hydropower company and Europe's largest generator of renewable energy, with operations in hydropower, wind power, solar power, and gas-fired power [5] - Statkraft employs around 7,000 people across more than 20 countries, emphasizing its global presence in energy market operations [5]

Core Insights - Kalmar has launched a new range of DC charging solutions in partnership with Kempower and SINEXCEL to enhance the green transition in material handling and logistics [1][2] Group 1: Partnership and Collaboration - The collaboration aims to leverage the expertise of Kempower and SINEXCEL in DC chargers to provide an optimal user experience for customers utilizing Kalmar's electric solutions [2] - Kalmar is co-developing advanced charging solutions with each partner to ensure compatibility between charging stations and electric machines [2] Group 2: Product Offerings - The new DC charging solutions will include movable chargers, integrated station chargers, and distributed charging systems, featuring a megawatt charging system to be implemented at DP World London Gateway for Kalmar's electric straddle carriers [3][4] - The charging solutions will be tailored to meet the unique needs of customers, ranging from movable chargers for smaller fleets to distributed satellite charging solutions for larger fleets [4] Group 3: Strategic Goals and Vision - The partnership reflects a commitment to supporting global climate goals and creating a sustainable future for supply chains, with a focus on the electrification of logistics and supply chains [5] - Kalmar aims to offer a comprehensive package of electric material handling solutions, including machines, chargers, and services, with the lowest total cost of ownership [5]

Core Viewpoint - China is entering a new phase of green development as part of its transition to a sustainable economy, with a focus on achieving carbon peak targets by 2030 [2][3]. Group 1: Future Work Plan - The future work plan will concentrate on four main areas: advancing carbon emission control, accelerating energy transformation, fostering industrial upgrades, and promoting sustainable production and consumption practices [4]. - The green transformation aims to move away from outdated production and consumption models characterized by mass production, high emissions, and excessive consumption [4]. Group 2: Progress in Green Transformation - China has made significant progress in its green and low-carbon transformation over the past five years, with non-fossil energy generation capacity more than doubling during the 14th Five-Year Plan period (2021-25) [6]. - Wind and solar power generation has reached 1.73 billion kilowatts, which is three times the amount generated in 2020 [6]. Group 3: Energy Technology Breakthroughs - The country is experiencing breakthroughs in energy technology, including the operation of the world's first commercial high-temperature gas-cooled reactor and new energy storage capacity exceeding 100 million kW [8]. - Innovations such as green electricity direct linking and smart micro-grids are providing new options for businesses and consumers [8]. Group 4: Nationally Determined Contributions (NDC) - China has updated its Nationally Determined Contributions, aiming to reduce economy-wide net greenhouse gas emissions by 7% to 10% from peak levels by 2035 [9]. - This commitment reflects China's determination to contribute to global climate change efforts, although comparisons with other countries' emission reduction starting points may not be fair [10].

Core Insights - China aims to enhance its leadership in clean energy through multilateral cooperation and support for its new energy vehicle, battery, and photovoltaic sectors to boost global presence and accelerate low-carbon transition in manufacturing [1][2] Group 1: Government Initiatives - The Chinese government is committed to a green transition in manufacturing, emphasizing the development of new quality productive forces and high-quality growth despite global climate governance challenges [2] - Competitive Chinese enterprises in photovoltaics, wind power, lithium batteries, and new energy vehicles will be encouraged to invest in green energy projects globally, particularly in Belt and Road Initiative regions [3] Group 2: Market Impact - China's clean technology manufacturing base controls over 70% of global capacity in major clean-tech segments, significantly influencing the global energy transition and making renewable energy solutions more affordable, especially for emerging economies [4] - Solar panel prices have reached record lows over the past decade, primarily due to the efficiency of Chinese manufacturing, facilitating faster adoption of renewable energy in developing nations across Asia, Africa, and Latin America [5] Group 3: Export Growth - In the first seven months of 2025, China's exports of electric vehicles, solar panels, and batteries exceeded $120 billion, reflecting a rise in export volume despite declining unit prices, contributing to a global shift towards renewable energy [6] Group 4: Geopolitical Challenges - The aggressive expansion of Chinese clean energy exports faces protectionist measures in Western markets, with the EU and U.S. expressing concerns over state subsidies that enable Chinese companies to undercut local manufacturers [7]

Core Viewpoint - VinFast is considering a shift from its all-electric strategy to include range-extended electric vehicles (REEVs) to improve sales and reduce losses, while still adhering to its commitment to zero-emission vehicles by 2035 in leading markets and globally by 2040 [2][5][7]. Company Developments - VinFast has posted job openings for REEV specialists, indicating active exploration of this technology [1][7]. - The company produced around 104,000 electric vehicle units in Vietnam in the first nine months of the year, accounting for nearly 95% of its global sales, but its premium VF9 SUV only represents about 1% of domestic volumes [3][7]. Market Context - The Vietnamese government plans to restrict petrol-powered vehicles, including a ban on petrol motorbikes in central Hanoi from mid-2026, which aligns with VinFast's strategic shift [4][5][7]. - Competitors such as Chinese EV makers Li Auto and Leapmotor already offer REEVs, and legacy manufacturers are exploring petrol-assisted EV options [4][7]. Technological Position - VinFast's technological capabilities are noted to lag behind major rivals, holding fewer than 80 patents compared to Tesla's 347 patent families [3][7].