Investment Rating - The report recommends an overweight (OW) position in emerging market (EM) foreign exchange (FX), an underweight (UW) in EM sovereign credit, and a market weight (MW) in EM local rates and corporates [5][14][25]. Core Insights - The US policy uncertainty continues to drive the EM outlook in the second half of 2025, with EM currencies expected to perform well in a slower growth, no-recession scenario [5][14]. - The projected global GDP drag from higher tariffs has been reduced following US-China détente, but remains significant, with global growth expected to slow to 1.3% annualized in H2 from 2.4% in H1 [29][30]. - EM monetary easing is ongoing despite a hold by the Federal Reserve, supported by domestic conditions and looser financial stability constraints [5][38]. Summary by Sections Executive Summary - The impact of US trade policy is expected to be more detrimental to the US than to EM, allowing EM local markets to continue performing well [14]. - The report suggests a neutral stance on EM fixed income assets, adjusting previous expectations of increased volatility and risk premia [14][22]. EM Local Markets Strategy - EM FX is positioned as OW, with a preference for currencies from EM Asia and Central and Eastern Europe (CEE) [5][25]. - Local bonds are rated MW, with a focus on short-end receivers in specific countries like Israel and South Korea [5][25]. EM Sovereign Credit Strategy - The report maintains an UW stance on the EMBIGD index due to asymmetric spread outcomes, favoring specific countries like Cote D'Ivoire and Romania while remaining cautious on Brazil and Serbia [5][25]. EM Corporate Strategy - The report holds a MW rating for EM corporates, noting steady fundamentals and technicals, but highlights historically low CEMBI spreads at 230 basis points [5][25].

Financial Data and Key Metrics Changes - The company reported a revenue increase of 39% year-over-year, reaching $130 million, and adjusted EBITDA rose by 84% to $132 million [6][24][28] - Net income surged to $102 million, a 316% increase compared to $24 million in the previous year, driven by the Sunlight transaction and new projects [27][28] Business Line Data and Key Metrics Changes - Revenue from electricity sales grew by 21% to $110 million, with new operational projects contributing $30 million [24][25] - The Sunlight transaction added $42 million to adjusted EBITDA and $97 million to pretax profit [6][27] Market Data and Key Metrics Changes - Revenue distribution: 34% in Israeli shekels, 30% in Europe, and 27% in U.S. dollars [26] - The company secured financing of $1.5 billion for three major projects, demonstrating strong capital access despite market uncertainties [8][28] Company Strategy and Development Direction - The company aims to triple growth every three years, focusing on a diversified and resilient supply chain [12][13] - Expansion plans include significant projects in the U.S., Europe, and Israel, with a focus on energy storage and data centers [11][12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to navigate tariff impacts and maintain project economics [20][22] - The company anticipates strong demand for energy storage in Europe and is well-positioned to capitalize on growth opportunities in Israel [56][58] Other Important Information - The company has raised a total of $1.8 billion in financing to support expansion plans, with a revolving credit facility of $350 million available [28][29] - The company reiterated its 2025 guidance, expecting revenues between $490 million and $510 million and adjusted EBITDA between $360 million and $380 million [29] Q&A Session Summary Question: Potential changes to revenue expectations due to PPA adjustments - Management is optimistic about project results and does not foresee changes in the 2025 guidance despite tariff impacts being minor [32][35] Question: Update on CapEx negotiations and tariff adjustments - Contracts have automatic adjustments in some cases, and ongoing negotiations may yield better results [37][39] Question: Update on IRA credits and safe harbor qualifications - Projects under construction are fully covered by safe harbor provisions, with efforts ongoing for future projects [40][44] Question: Current financing environment and expectations - The company has successfully closed financing for major projects, indicating resilience in the current financing environment [47][48] Question: Tariff impact on storage sourced from non-Tesla suppliers - The company is protected through existing contracts and relationships, minimizing risks from tariffs [49][50] Question: Growth signs in Europe due to infrastructure spending - Strong demand for energy storage projects is noted in Europe, with a significant pipeline in development [56][57]

21世纪经济报道记者费心懿 上海报道 4月30日24时，国内汽柴油零售限价调整将达成年内第二次搁浅。 此次搁浅过后，国内成品油调价呈现"三涨四跌二搁浅"的格局，国内汽、柴油价格每吨较年初相比分别 下调425元、410元。 金联创成品油分析师毕明欣表示，本轮计价周期内，国际原油价格走势震荡下行。具体来看，期初欧佩 克部分产油国将实施补偿性减产的消息对油价起到支撑，但近期欧佩克成员国之间因遵守生产配额问题 而关系紧张，几个成员国将提议在6月增加原油产量，以及哈萨克斯坦一季度原油出口同比激增7%，供 应预期增加令油价再度承压。此外，美国所谓"对等关税"政策的不确定性令全球经济增长与燃料需求前 景蒙阴，叠加美国原油库存连续第五周攀升，利空因素居于主导，令原油价格走势承压。受原油走势影 响，变化率正向区间接连收窄。 卓创资讯成品油分析师高青翠认为，未来美联储大概率维持高利率，且美国贸易政策依然带有不确定 性，沙特增产等多因素叠加，国际油价或承压运行，短期原油仍延续弱势震荡走势。新周期伊始，国内 测算的原油变化率将以负值开局。由于下一轮调价周期横跨"五一"小长假，调价周期较长，国际原油市 场的波动性较大，后市油价走势仍有 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights uncertainty stemming from fluctuations in US trade policy, which has negatively impacted consumer and business sentiment in the US, while global sentiment remains relatively stable but low [1] - Despite the challenges, global retail sales and trade volumes have shown resilience, potentially due to preemptive purchasing ahead of tariff implementations [1] - Labor markets globally remain tight, and global Purchasing Managers' Index (PMI) readings indicate expansionary conditions in the first quarter [1] Summary by Sections Global Economic Indicators - US consumer and business sentiment has significantly declined due to rising tariff rates and trade policy uncertainty [1] - Global PMIs have generally remained above the expansion threshold of 50, indicating ongoing growth in manufacturing and services sectors [4][8][9] Retail Sales and Trade Volumes - Global retail sales value and volume have held up well, with year-over-year growth rates of 3.0% for value and 2.7% for volume [26][30] - Trade volumes have also shown positive growth, with a year-over-year increase of 5.7% for global trade [37] Labor Market Conditions - Labor markets are described as tight, with global unemployment rates projected to remain low [42] - Business confidence has seen fluctuations, but overall sentiment remains cautious [42][45] Inflation and Price Indices - Headline Consumer Price Index (CPI) inflation is reported at 1.5% globally, with core CPI at 3.5% [54][55] - Input prices have shown an upward trend, indicating potential inflationary pressures in the near future [21][22] GDP and Economic Growth - Real GDP growth is projected at 4.6% for the global economy, with developed markets (DM) at 2.9% and emerging markets (EM) at 2.0% [26][30] - The report forecasts continued economic expansion, albeit at a moderated pace due to external uncertainties [41][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Investors should prepare for continued market volatility and hold their convictions loosely while maintaining tight stop-losses [1] - The narrative around the global outlook has shifted, with expectations for the EUR to strengthen against the USD, targeting 1.20 [4][61] - Tariffs are raising prices and harming consumer confidence, which may lead to adverse economic impacts before any easing from the Federal Reserve takes effect [10][62] - The supply of global fixed income safe havens is at multi-decade lows, while demand for them is at local highs [10][32] - A gradual reduction in foreign investor exposure to US equities is observed, while fixed income exposure remains stable [46][71] Summary by Sections Global Macro Strategy - The US administration's trade policy is causing uncertainty, and the perceived 'master plan' may not effectively mitigate economic pain from tariffs [11][12] - Consumer and CEO confidence have declined, indicating potential economic slowdown [13][22] US Rates Strategy - Concerns about liquidity in funding markets are rising, with pressures expected to persist due to tax collections [6][62] - The report suggests staying short on certain securities as market conditions remain fragile [59] Euro Area Rates Strategy - A shift to a received 5y5y real yield position is recommended, as Europe is viewed as a safer haven asset [5][60] G10 FX Strategy - A new tracker for US outflows from foreign investors has been introduced, indicating a trend of reduced exposure to US equities [7][44] - The DXY is expected to decline as foreign investors continue to reduce their US asset exposure, particularly benefiting the EUR [44][71] Safe Haven Analysis - The report highlights a significant drop in AAA/Aaa rated bonds globally, exacerbated by the recent downgrade of US long-term debt [32][33] - Investors have fewer safe-haven options outside US Treasuries, which may become more pronounced if the macro environment deteriorates [38][39]