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摩根大通:2025 年下半年新兴市场展望与策略 —— 美国政策不确定性仍主导新兴市场,超配新兴市场外汇,低配新兴市场主权债,中配本土利率债和企业债
摩根· 2025-06-09 01:42
J P M O R G A N Global Emerging Markets Research 05 June 2025 Emerging Markets Outlook and Strategy for 2H25 US policy uncertainty still drives EM: move OW EM FX, stay UW EM sovereigns, MW local rates and corporates Key topics Macro developments Top trading themes See page 54 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that co ...
高盛:印度迈向更优的增长 - 通胀平衡
Goldman Sachs· 2025-05-22 05:50
21 May 2025 | 10:11PM IST Goldman Sachs Asia in Focus India: Towards a better growth-inflation balance Santanu Sengupta +91(22)6616-9042 | santanu.sengupta@gs.com Goldman Sachs India SPL Arjun Varma +91(22)6616-9043 | arjun.varma@gs.com Goldman Sachs India SPL Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclo ...
Enlight Renewable Energy .(ENLT) - 2025 Q1 - Earnings Call Transcript
2025-05-06 13:02
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, largely driven by the Sunlight transaction [28][29] - The company reaffirmed its full-year guidance for 2025, expecting revenues between $490 million and $510 million and adjusted EBITDA between $360 million and $380 million [30] Business Line Data and Key Metrics Changes - Revenues from electricity sales increased by 21% to $110 million, attributed to new operational projects, with significant contributions from Atrisko and the Israel solar and storage cluster [24][26] - The Sunlight transaction contributed $42 million to adjusted EBITDA and $97 million to pretax profit, reflecting the higher valuation of the entire cluster [28][29] Market Data and Key Metrics Changes - The company secured financing of $1.5 billion for three major projects, demonstrating strong access to capital despite market uncertainties [9][29] - In Europe, there is rising demand for energy storage, with the company starting construction on 1.3 GWh of energy storage projects in Italy, Spain, and Sweden [12] Company Strategy and Development Direction - The company aims to triple its growth every three years, supported by a diversified supply chain strategy that mitigates tariff impacts [14][20] - The focus remains on meeting increasing energy demand from utilities across America, with a robust project pipeline [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business model and the ability to navigate changes in trade policies, with minimal impact on project economics [20][22] - The company is optimistic about the potential for revenue adjustments due to PPA negotiations, but currently does not foresee changes in guidance for 2025 [36][37] Other Important Information - The company has entered the standalone energy storage market in Poland, with 3.2 GWh under development [12] - A significant milestone was reached with the financial close for Country Acres and Quail Ranch, further supporting expansion plans [9][29] Q&A Session Summary Question: Potential for negotiations affecting revenue expectations - Management is optimistic about project results and does not foresee significant changes in revenue expectations due to PPA adjustments [35][36] Question: Update on CapEx negotiations and tariff impacts - Management indicated that negotiations are ongoing, with some contracts having automatic adjustments to mitigate tariff impacts [38][39] Question: Update on US pipeline qualifying for IRA credits - Management confirmed that projects under construction are fully covered by safe harbor provisions, with efforts ongoing for future projects [46] Question: Current financing environment - The company has successfully closed major financing transactions, indicating a resilient financing environment despite market challenges [49][50] Question: Tariff impact on non-Tesla sourced storage - Management stated that 20% of storage sourced from Chinese suppliers is protected through existing contracts and prior deliveries [51] Question: Sensitivity to tariffs from other countries - The company has a diversified supply chain strategy to mitigate risks from tariffs imposed on various countries [56][57] Question: Growth signs in Europe - Management noted strong demand for energy storage projects in Europe and ongoing development in Israel, particularly in agrosolar and data centers [58][60]
Enlight Renewable Energy .(ENLT) - 2025 Q1 - Earnings Call Transcript
2025-05-06 12:00
Enlight Renewable Energy (ENLT) Q1 2025 Earnings Call May 06, 2025 08:00 AM ET Speaker0 Good day, and thank you for standing by. Welcome to the Enlight's First Quarter twenty twenty five Earnings Call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jono Weiss, Director, IR. Please go ahead. Speaker1 Thank you, operator. Good morning, everyone, and thank you for joining our first quarter twenty twenty five earnings conference call for Enlight Rene ...
今晚成品油不调价,消费者“五一”出行燃油成本不变
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 ...
花旗:全球经济_全球 3 月指标图表集_用图表看世界
花旗· 2025-04-27 03:56
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]