March 22, 2026 09:05 PM GMT Investor Presentation | Asia Pacific M Foundation Geopolitical Tensions and Implications Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 For important disclosures, refer to the Disclosure Section, located at the end of this report. Downloaded by Neil.Wang@troweprice.com Not for redistribution without written consent of Morgan Stanley Foundation M Mapping the ...

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In the latest troubling sign for Sweden’s green transition, green steelmaker Stegra says it needs more than $2 billion to complete its flagship project. https://t.co/KUfpPEvB6W ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **15th Five-Year Plan (FYP)** of China, focusing on a **tech-led, supply-centric growth strategy** for the period of **2026-2030**. The plan emphasizes innovation and green transition while maintaining a qualitative approach to consumption growth [3][4]. Core Insights and Arguments - **Technology as a Central Focus**: The FYP positions technology-driven productivity as the centerpiece of China's economic strategy, aiming for **high-level technological self-reliance** and development in fields such as **AI, 6G, biotech, quantum computing**, and more. The plan sets a target to increase **R&D spending by over 7% annually** and to raise the digital economy's share to **~12.5% of GDP by 2030** from **10.5%** currently [4][8]. - **Quantifiable Targets**: The FYP includes explicit targets for **R&D intensity, digital economy share, and labor productivity**, contrasting with the qualitative guidance provided for consumption [3][4]. - **Economic Growth Forecast**: The GDP growth forecast for 2026 is maintained at **4.8% real** and **4.1-4.2% nominal**, indicating a slow reflationary environment amid a tech-focused policy framework [8][13]. Important but Overlooked Content - **Calibrated Economic Rebalancing**: Despite the emphasis on boosting consumption, the FYP does not provide numerical targets for consumption's share of GDP, reflecting a cautious approach to macro-structural reforms [10][11]. - **Sector-Specific Blueprints**: Upcoming sector-specific blueprints are expected within the next **6-12 months**, which will translate the FYP's broad goals into actionable targets, particularly in areas like decarbonization and tech self-sufficiency [11][12]. - **Challenges in Implementation**: The plan's success may be hindered by entrenched local interests and the lack of significant reforms in tax and evaluation systems, which could affect household consumption and environmental quality [11][12]. - **Social Welfare Reforms**: There is an anticipation of clearer policy guidance on social welfare, including pension spending and support for migrant workers, which may be crucial for addressing demographic challenges [12]. - **AI Job Disruption Mitigation**: The government plans to address the impact of AI on employment, focusing on job reskilling and fostering new high-tech jobs, which is essential for managing potential job losses due to automation [12]. Conclusion The 15th FYP outlines a strategic shift towards technology and innovation while maintaining a cautious stance on consumption growth. The emphasis on clear, quantifiable targets for R&D and productivity indicates a commitment to fostering a tech-driven economy, although challenges in implementation and structural reforms remain significant hurdles. The economic outlook suggests a slow reflationary environment, with a focus on infrastructure and exports to offset weaknesses in housing and consumption [8][13].

Group 1: Iran's Leadership Crisis and Military Stance - The Islamic Republic of Iran is experiencing a significant leadership crisis as the Assembly of Experts prepares to select a new Supreme Leader following the reported death of Ayatollah Ali Khamenei [2][9] - Analysts predict that the selection process will favor hardline candidates to ensure regime continuity amid ongoing regional conflicts [2] - Iran's Foreign Ministry has stated that military operations will continue until either aggression ceases or the UN Security Council identifies the aggressors, despite calls for de-escalation from neighboring states [3][9] Group 2: Stegra's Financial Challenges - Swedish green steelmaker Stegra is facing a critical cash crunch and is seeking approximately €1 billion in fresh equity to complete its flagship plant in Boden, Sweden, which is currently 60% complete [4][5] - The funding shortfall highlights broader challenges in the green transition within heavy industry, as Stegra must convince investors to bridge a significant capital gap [5] - The outcome of this funding round is viewed as a bellwether for the viability of hydrogen-based steelmaking in Europe, especially as competitors have scaled back similar projects [5] Group 3: Market Reactions and Energy Prices - Financial markets are exhibiting "flight-to-safety" behavior, with US Oil prices rising 0.85% to $90.25, and analysts warning of a potential increase towards $100 per barrel if the Strait of Hormuz remains affected [6][9] - Gold and Silver prices have also increased, up 0.39% and 0.29% respectively, as investors seek traditional hedges against geopolitical risks [6] - Equity markets are largely flat or slightly lower, with the DAX up 0.04% and minor declines in the DOW and NASDAQ, influenced by regional war fears and a weak U.S. labor market report [7]

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The European Union is set to discuss short-term options to lower energy prices in the coming years, while the green transition takes effect https://t.co/qJzppRdix4 ...

Core Insights - Fingrid's financial performance in 2025 showed a decrease in turnover but an increase in net profit, indicating a strong operational position despite market challenges [2][8][13] Financial Performance - Turnover for 2025 was €1,118.5 million, down 11.9% from €1,269.3 million in 2024 due to lower imbalance power prices [2][8] - Operating result increased by 3.2% to €246.6 million from €238.9 million [2] - Net profit rose by 20.0% to €179.0 million compared to €149.2 million in the previous year [2][8] - Net cash flow from operations significantly increased to €451.1 million from €190.9 million, reflecting improved operational efficiency [2] - Gross capital expenditure was €485.1 million, down 6.9% from €520.9 million in 2024 [2][8] Operational Highlights - The electricity consumption in Finland grew by 1.9% to 84.6 TWh, indicating a stable demand for electricity [2][8] - The transmission reliability rate reached a record level of 99.99995%, showcasing Fingrid's operational excellence [3][8] - The company connected 1,509 MW of renewable electricity production to the grid, although this was a decrease from 1,600 MW in 2024 [2][8] Strategic Developments - Fingrid's investment program progressed ahead of schedule, notably the Aurora Line cross-border transmission connection, which was completed 1.5 months early [3][7] - The company announced a 10-year development plan estimating total investments of €5.2 billion by 2035 to enhance electricity transmission capacity [9][16] - Fingrid's projects, including Aurora Line 2, EstLink 3, and Fenno-Skan 3, were recognized by the European Union as essential for achieving energy policy goals [10] Market and Regulatory Environment - Fingrid faced challenges in connecting new industrial-scale electricity consumption in Southern Finland due to rapid demand growth and reduced generation capacity [5][6] - The transition to a 15-minute market time period for balancing power markets was successfully implemented, enhancing market responsiveness [11][16] - Legal proceedings regarding regulatory methods and collateral models have been ongoing, impacting Fingrid's operational framework [14][15][17] Future Outlook - The company expects a clear increase in operating profit for 2026, driven by the expanding electricity system and growing transmission needs [19] - Fingrid's financial position is anticipated to remain stable despite uncertainties in operating costs [19]

Core Viewpoint - State Bank of India (SBI) aims to enhance its green advances portfolio to 7.5% to 10% by 2030, with 25% of these advances funded through Green Lines of Credit [1][2]. Group 1: Green Financing Strategy - SBI's Managing Director, Rama Mohan Rao Amara, emphasized that sustainability is central to the bank's mission, aligning with India's goal of carbon neutrality by 2030 and Net Zero by 2055 [2]. - The bank has launched CHAKRA, a Centre of Excellence, to support financing in emerging sectors such as renewable energy, electric mobility, and green hydrogen, thereby facilitating India's green transition [2].

Core Insights - The clean economy is now primarily driven by market fundamentals, achieving record revenues and significantly outperforming fossil fuel benchmarks [1] Group 1: Clean Energy Rankings - The 2026 Carbon Clean 200 list tracks the top 200 public companies generating revenue from clean energy, electrification, and efficiency, focusing on actual financial performance rather than climate pledges [2] - The list serves as an educational tool to highlight top-performing publicly traded firms benefiting from the green transition [3] Group 2: Fashion Industry Performance - Only eight fashion and fashion-adjacent companies made the 2026 Clean 200 list, indicating a limited presence in a sector that heavily influences consumer culture [3] - Inditex, the parent company of Zara, ranked No. 13 with a sustainable revenue ratio of 53.8% and approximately $33.44 billion in sustainable revenue, slightly above the Clean 200 average of 53.7% [4] - Kering ranked No. 64 with a 39.9% sustainable revenue ratio and about $11.05 billion in sustainable revenue, while H&M ranked No. 116 with a 23.3% ratio and $6.23 billion in sustainable revenue [5] Group 3: Sportswear Comparison - Nike ranked No. 57 with sustainable revenue of $12.16 billion and a ratio of 26.3%, while Adidas ranked No. 58 with $12.11 billion in sustainable revenue and a ratio of 31.8% [6] - Puma ranked No. 180 with a sustainable revenue ratio of 25.1% and approximately $3.56 billion in sustainable revenue [6]