Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - In 2026, supported by the dual - loose expectations of monetary and fiscal policies in the US, the economy is expected to recover moderately, and the US dollar is likely to fluctuate at a high level, reducing the suppression of risk assets. China will enter the first year of the "15th Five - Year Plan", with the economy growing steadily, and fiscal and monetary policies remaining moderately loose. The resonance of domestic and foreign policies is expected to improve the marginal demand for commodities [4][107]. - In terms of supply, the global zinc concentrate increment in 2026 will be about 500,000 metal tons, narrowing compared to 2025, and the raw material supply - demand will turn to a tight balance. The long - term processing fee is expected to rise, but the recovery of overseas refined zinc supply is limited. In China, the smelting capacity continues to expand, but the growth rate of refined zinc production will slow down to 5%, and the actual capacity release of the Huoshaoyun project is the core variable of the domestic supply pattern [4][107]. - The demand shows the characteristics of "slowing growth and sector differentiation". The infrastructure investment growth rate is expected to recover to 4% - 5%, and the projects will be launched in advance. The policy of replacing old with new supports durable - goods consumption, but the growth of automobile production and sales slows down, the policy effect of home appliances weakens, and exports are under pressure. The real estate is still at the bottom - grinding stage, and its drag on zinc consumption is weakening. In the new energy field, the new photovoltaic installations turn negative due to the high base, while the wind power maintains positive growth. The export resilience of primary products will provide consumption increments [4][107]. - Overall, the global zinc mining and smelting are still in the expansion cycle, the supply growth of zinc elements exceeds the demand growth, and the oversupply situation expands slightly. The core logic of zinc price pressure remains unchanged. However, the macro - drive is positive, and the positive expectations of copper and aluminum are expected to partially offset the short - board of zinc fundamentals. In 2026, the zinc price is difficult to show a unilateral market, and it is expected to fluctuate widely in the range of 21,000 - 24,500 yuan/ton. There will be phased unilateral opportunities during the macro - micro resonance stage, and the structural opportunities are anchored on the main line of price ratio repair [4][108]. Summary According to the Directory I. Zinc Market Review - In 2025, the zinc market was weak overall, with prominent internal - external structural contradictions. The price fluctuated downward under the influence of macro - policies and fundamental factors. In the first half of the year, factors such as Trump's possible tariff policy and the Fed's suspension of interest - rate cuts suppressed the zinc price. In the second half, the market was in a pattern of "repeated policy expectations and stalemate fundamentals", and the Shanghai zinc main contract fluctuated in the range of 21,600 - 23,200 yuan/ton. The LME zinc showed a trend of first falling and then rising, and the price rebounded due to the decline in LME inventory [9][10]. II. Macroeconomic Analysis 2.1 US - In 2025, the US economy achieved a soft landing. The GDP growth rate was 2%, lower than 2.8% in 2024. The ISM manufacturing PMI was in the contraction range, the employment market declined, and inflation rebounded moderately. The Fed started preventive interest - rate cuts in September. In 2026, the GDP growth rate is expected to be 2.1%. The impact of tariffs will weaken, and inflation may decline slightly. The fiscal and monetary policies are expected to remain loose, but the change of the Fed chairman may affect the interest - rate cut path. The US dollar is expected to fluctuate, which will relieve the suppression of commodities [13][14]. 2.2 Eurozone - In 2025, the Eurozone economy recovered slightly in the first three quarters, with a GDP growth rate of 1.2%. Inflation dropped to 2.1%, and the ECB kept the key interest rate unchanged since July. In 2026, the GDP growth rate is expected to be 1.1%, and the internal differentiation will continue. Germany's economy may recover, while France's growth may slow down. Inflation is expected to stabilize around 2%, and the ECB's monetary policy is expected to remain stable. The fiscal policy may expand structurally [15][16]. 2.3 China - In 2025, China's economic growth showed a "high - in - the - front and low - in - the - back" feature, with an annual growth rate of about 5%. Exports were strong, but domestic consumption and private investment were weak. In 2026, as the first year of the "15th Five - Year Plan", the economy is expected to grow steadily, with a GDP growth target of about 5%. The quarterly growth rate may be "low - in - the - front and high - in - the - back". Exports are expected to benefit from the relaxation of Sino - US trade frictions and the fiscal loosening in Europe and the US. The fiscal policy will be more active, and the monetary policy will remain moderately loose [17][18]. III. Zinc Fundamental Analysis 3.1 Zinc Ore Supply - In 2025, the global zinc concentrate new capacity was 700,000 tons, with an increment of 700,000 metal tons to 12.7 million tons. In 2026, the new capacity will narrow to 500,000 tons to 13.2 million tons. The domestic market will contribute the main increment. The supply - demand pattern is expected to turn from loose to tight balance [29][30]. - The internal and external processing fees first rose and then fell in 2025. The domestic zinc concentrate processing fee dropped to 2,000 yuan/metal ton at the end of the year. The import processing fee also declined in November. The CZSPT proposed a 2026Q1 import processing fee guidance of 105 - 120 US dollars/dry ton. In 2025, the zinc ore import increased significantly, and it is expected to remain above 5 million tons in 2026 [36][37][38]. 3.2 Refined Zinc Supply - In 2025, the global refined zinc production increased by 4.12% year - on - year. Overseas production decreased by 5.48% in the first nine months, while China's increased by 7.03%. In 2026, overseas refined zinc production is expected to increase slightly by 50,000 - 100,000 tons, but the recovery is limited due to factors such as cost and raw material supply [44][48]. - In 2025, China's refined zinc production increased by 10.7% year - on - year. In 2026, the production is expected to increase by 350,000 tons to 7.2 million tons, with a growth rate slowing down to 5.1%. The actual production of the Xinjiang Kunlun Zinc Industry project is an important variable. In 2025, the net import of refined zinc was about 250,000 - 260,000 tons, and in 2026, the import and export volume may offset each other [53][54][57]. 3.3 Refined Zinc Demand - Globally, in 2025, the refined zinc consumption increased by 3.9% year - on - year. In 2026, India's zinc demand is expected to continue to expand, the US zinc consumption is expected to grow steadily, and Europe's traditional consumption may improve marginally while the green industry will support consumption [67][68]. - In China, in 2025, the apparent consumption increased by more than 8%, but the actual consumption was weak. The primary product exports were strong, and the galvanized sheet export is expected to continue to grow in 2026. Traditional consumption such as infrastructure and real estate was weak in 2025, and infrastructure investment is expected to recover in 2026. The real estate is still at the bottom - grinding stage, and its drag on zinc consumption will weaken. The growth of automobile and home appliance sales will slow down in 2026. In the new energy field, the new photovoltaic installations may turn negative, while the wind power will maintain positive growth [71][73][77]. 3.4 Global Visible Inventory - In 2025, the global visible inventory had prominent structural contradictions. The LME inventory decreased, and the low inventory supported the LME zinc price. The domestic inventory increased, suppressing the Shanghai zinc price. In 2026, the LME inventory is expected to have limited recovery, and the domestic high - inventory pressure may be difficult to relieve, especially in Q1 [105][106]. IV. Summary and Outlook for the Future - The macro - environment in 2026 is expected to be favorable for the zinc market. The supply - demand pattern will change, with the supply growth narrowing and the demand showing sector differentiation. The zinc price is expected to fluctuate widely, and there will be phased and structural opportunities [107][108].

Summary of Standard Bank Group Limited Update / Briefing Company Overview - **Company**: Standard Bank Group Limited (OTCPK:SGBL.Y) - **Date of Call**: December 01, 2025 - **Participants**: CFO Arno Daehnke, Business Unit CFOs, and other executives Key Industry Insights - **Macroeconomic Environment**: - Global economic activity remains resilient despite geopolitical uncertainties - IMF revised global growth projections for 2025 to **3.2%** from **3.0%** in July 2025 [3][4] - Inflation has declined, allowing for monetary policy easing in many countries [3] - Interest rates have decreased in most sub-Saharan African countries, with notable cuts in Ghana (900 basis points to **18%**), Mozambique (325 basis points to **9.5%**), and Kenya (200 basis points to **9.25%**) [4] - **South Africa's Economic Outlook**: - Improved environment with declining inflation and interest rates; repo rate reduced to **ZAR 6.75%** [5] - Expected real GDP growth of **1.0%** for 2025 and **1.3%** for 2026 [7] - S&P Global Ratings upgraded South Africa's local currency credit rating to **BB+** with a positive outlook [6] Financial Performance Highlights - **Banking Revenue**: Grew by mid to high single digits year-on-year [8] - **Net Interest Income (NII)**: Growth driven by strong origination in investment banking, particularly in energy and infrastructure [9] - **Deposit Growth**: Strong in both South Africa and Africa regions, with **8%** year-on-year growth in South Africa as of September 2025 [9] - **Credit Loss Ratio**: Approximately **70-100 basis points** for the 10 months to October 2025, with provisions in Malawi and Mozambique due to sovereign stress [10] Operational Trends - **Insurance and Asset Management**: Robust performance with higher earnings driven by improved retail life insurance and claims ratio [11] - **Investment Banking**: Strong performance in precious metals and energy sectors, contributing positively to Group earnings [12] - **Cost Management**: Cost growth contained despite increased activity-related costs, with revenue growth slightly ahead of cost growth [10] Guidance and Future Outlook - **2025 Guidance**: - Banking revenue growth of mid to high single digits - NII growth at low to mid single digits - Non-interest revenue growth at high single digits [13] - **Long-term Targets (2026-2028)**: - Compound average headline earnings growth per share of **8%-12%** - Return on equity of **18%-22%** [13] Additional Insights - **M&A Considerations**: Exploring opportunities in Kenya, focusing on maintaining diversification and not exceeding **5-6%** of group earnings from any single country [45] - **Retail Asset Quality**: Improvement in non-performing loans (NPLs) with a steady recovery expected [33] - **Black Friday Performance**: Positive year-on-year growth observed, indicating improved consumer activity [32] Conclusion - Standard Bank Group continues to perform well, supported by a diversified portfolio and positive macroeconomic trends. The outlook for 2026 remains optimistic with expected growth in various sectors, particularly in investment banking and retail lending. The Group is committed to maintaining strong financial health and delivering on its strategic targets.

Core Insights - Money market funds continue to attract significant inflows, with $20 billion added last week, bringing total assets to approximately $7.4 trillion, while interest in money market ETFs is also growing [1] - Major financial institutions like JPMorgan, Vanguard, and Schwab are launching their own money market ETFs despite a low interest-rate environment, indicating a strong market interest [1] - The appeal of money market funds is attributed to relatively high yields of around 4% with perceived low risk, making them an attractive option for investors [2] Investment Characteristics - Money market funds are considered a safe investment due to their conservative holdings, which must have an average maturity not exceeding 60 days, as per SEC Rule 2a-7 [3] - However, most money market ETFs do not comply with Rule 2a-7, with only five such ETFs adhering to these regulations, highlighting a gap in the market [3] - The total assets in money market ETFs are over $5 billion, which is relatively small compared to traditional money market funds [3] Market Dynamics - Institutional investors hold $4.4 trillion, while retail investors have $3 trillion invested in money market funds, indicating broad market participation [4] - Government money market funds account for $6 trillion of the total investments, while prime money market funds represent approximately $1 trillion [4] - Predictions suggest that interest in money market funds may eventually decline as interest rates continue to fall, particularly with an anticipated 25 basis-point cut in December [3]

Core Insights - Helen of Troy Limited (HELE) is expected to report a decline in both revenue and earnings for the second quarter of fiscal 2026, with projected revenues of $418.8 million, reflecting an 11.7% decrease year-over-year, and earnings estimated at $0.54 per share, indicating a 55.4% decline from the previous year [1][9]. Revenue and Earnings Estimates - The Zacks Consensus Estimate for HELE's quarterly revenues is $418.8 million, which is a decrease of 11.7% from the prior-year quarter [1][9]. - The earnings estimate for HELE stands at 54 cents per share, representing a 55.4% decline compared to the same quarter last year [2][9]. Challenges Facing the Company - HELE is experiencing pressure from tariff-related disruptions and global trade uncertainties, leading to order cancellations and reduced imports from China as retailers adapt to higher costs [3]. - The company is facing a challenging macroeconomic environment characterized by weaker consumer and retailer demand, with a projected 17.3% drop in organic volumes for the fiscal second quarter [4]. - Rising Selling, General and Administrative (SG&A) expenses are a concern, with an expected 310-basis point increase in adjusted SG&A as a percentage of sales to 38.9% in the fiscal second quarter [5]. Strategic Initiatives - Despite the challenges, HELE's Leadership Brands remain a strong point, with a focus on operational excellence and portfolio optimization helping to stabilize performance [6]. - The company is diversifying its sourcing outside of China to mitigate tariff exposure and has initiated Project Pegasus, which is delivering cost savings [3][6]. Earnings Prediction Model - The current model does not predict an earnings beat for HELE, as it holds a Zacks Rank of 3 and an Earnings ESP of 0.00% [7].

Macro Environment Overview - The macro environment in the dental industry has remained relatively stable, with patient traffic data indicating consistent levels throughout the year [1] - Patient traffic is considered a key indicator for merchandise sales and inventory turnover [1] Impact of Interest Rate Changes - The recent cuts in U.S. interest rates are viewed as a significant macroeconomic factor that may provide short-term opportunities for increased equipment sales [2] - Larger dollar equipment sales are often financed through leasing or other financing methods, suggesting potential for growth in this area due to lower interest rates [2]

Group 1 - Microsoft will increase the recommended retail price of several Xbox consoles in the U.S. starting in October due to "changes in the macroeconomic environment" [1] - The price increase does not apply to accessories such as controllers and headsets, and prices in other countries will remain unchanged [1] - This marks the second price increase for Microsoft's consoles in the U.S. this year, following similar actions by competitors Sony and Nintendo [3] Group 2 - The Xbox Series S will now start at $399, up from $379, while the 1TB version will cost $449 [3] - The Xbox Series X Digital console will now be priced at $599, reflecting a $50 increase, and the Xbox Series X with a disc drive will also see a $50 increase to $649 [3] - The most expensive version of the Xbox Series X, with 2TB of storage, will now cost $799, up from $729 [3]

Pricing Strategy - Microsoft 将于 10 月 3 日提高 Xbox Series S 和 Series X 视频游戏机的价格 [1] - 提价的原因是宏观经济环境的变化 [1]

Group 1: Trading Performance - C&C reported that trading for the six months ending in August is in line with expectations, with net revenues 4% below last year due to lower distribution revenues and planned exit from lower margin business [1] - Core brands Tennent's and Bulmers showed solid performance with revenue growth during the same period [2] Group 2: Brand Strategy - Following the transfer of control of Magners UK back to C&C in January, the company initiated a multi-year program to reinvigorate the brand, starting with a new marketing campaign and initial distribution gains [3] - The premium portfolio continues to build distribution in both on and off trade channels [3] Group 3: Future Outlook - C&C plans to continue investing in the business despite a challenging macroeconomic environment, aiming to achieve operating profit in line with market expectations [4] Group 4: Leadership Changes - Andrew Andrea, Chief Financial and Transformation Officer, will step down to become CFO at Domino's Pizza Group, with a search for a new CFO starting immediately [5] - The leadership change at Domino's comes amid challenges for UK firms facing inflation and changing consumer behavior [6][7]

Core Insights - Endava plc (NYSE:DAVA) is a British tech consultancy that specializes in modernizing IT systems for large corporations, but it has faced significant challenges in the stock market, with shares dropping over 30% and stock value plummeting by more than 80% since early 2024 due to guidance that did not meet investor expectations [1][6] Financial Performance - On September 4, 2025, DAVA reported earnings per share of $0.329, surpassing the estimated $0.32, and achieved revenue of approximately $256.3 million, significantly exceeding the estimated $184 million [2] - Despite the positive earnings surprise, the company's revenue decreased by 4% year over year, and its workforce was reduced by 5%, indicating challenges in maintaining consistent growth [2][6] - The company set its full-year fiscal 2026 revenue and earnings targets below expectations, despite the positive earnings report [3][6] Valuation Metrics - DAVA has a price-to-earnings (P/E) ratio of approximately 24.05, indicating the price investors are willing to pay for each dollar of earnings [4] - The price-to-sales ratio stands at about 0.56, suggesting that the market values the company's sales at just over half of its current market price [4] - The enterprise value to sales ratio is approximately 0.71, reflecting the company's total valuation relative to its sales [4] Financial Stability - DAVA maintains a relatively low level of debt compared to its equity, with a debt-to-equity ratio of about 0.29, indicating financial stability [5][6] - The current ratio is approximately 2.18, suggesting good short-term financial health [5][6]

Core Viewpoint - The U.S. economy is exhibiting remarkable resilience, with strong consumer behavior and stable unemployment rates, despite concerns over tariffs and economic volatility [1]. Economic Environment - The consumer sector remains robust, with purchases potentially being accelerated due to tariff concerns [1]. - Unemployment rates have shown minor fluctuations but remain stable, indicating a healthy labor market [1]. - Initial fears regarding the impact of tariffs have not materialized as significantly as anticipated [1]. Investment Opportunities - There is a significant amount of investment capital ready to be allocated to specific industries, particularly in technology and biomedical sectors [1].