Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Revising Up RMB, but Deflation Keeps Us Below Consensus (8 January 2026) Year Start: Public Capex Strong, Private Consumption Soft (7 January 2026) Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 January 11, 2026 08:29 PM GMT Investor Presentation | Asia Pacific M Foundation Can The Strong Opening Be Sustained? For important disclosures, refer to the Disclosure Section, located ...

Exhibit 1: Private employment growth remains tepid at 29k (3mma), but the unemployment rate fell to 4.4% in December and November was revised lower to 4.5%. Total private employment 3m avg chg Change in nonfarm payrolls (thous) Jan 25 Mar 25 May 25 Jul 25 Sep 25 Nov 25 250 200 150 100 50 0 -50 January 9, 2026 06:18 PM GMT US Economics Weekly | North America Faster growth and a lower unemployment rate mean Fed cuts come later We now think additional rate cuts from the Fed will come only when it becomes clear ...

龙烟铁路市域化改造工程，于2024年9月全面开工建设，计划2027年9月建成。届时，将串联起烟台站、 烟台西站、蓬莱机场站等交通枢纽，打通烟台市东西向快速公共交通主动脉，高效服务沿线通勤、机 场、轮渡及旅游等多元化客流，为市民群众带来全新出行体验：烟台站至机场站一站直达列车运行时长 预计可压缩至25分钟左右；经停全部10座车站的列车，单方向全程运行时长预计45分钟左右。这不仅为 烟台市区构建起高效便捷的通行体系，更能有效破解恶劣天气条件下市区东西向通行难题，对完善区域 综合交通网络、赋能烟台经济社会高质量发展具有重要而深远的意义。 为确保隧道顺利贯通，中铁四局秉持"安全为先、质量为本"原则，重点围绕开挖、支护、衬砌三大环 节，建立循环作业标准化流程，确保隧道工程按计划高质量完成。目前，隧道工程四个作业面正24小时 不间断全力掘进。其中，新东龙夼隧道全长1322米，已完成开挖397米；新东吴家隧道全长3275.5米， 小里程段已开挖222米、大里程段180米、出口段208米，累计进尺突破1000米。当前，各项施工指标均 符合设计要求，安全质量平稳可控。 通讯员 刘陈永 蒲枭 齐鲁晚报·齐鲁壹点 于洋 从中铁四局 ...

DOTHAN, Ala., Jan. 8, 2026 /PRNewswire/ -- Construction Partners, Inc. (NASDAQ: ROAD) ("CPI" or the "Company"), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways in local markets throughout the Sunbelt, today announced that it will release its fiscal 2026 first quarter results on February 5, 2026, before the market opens.  In addition, the Company has scheduled a conference call to discuss its results at 10:00 a.m. Eastern Time (9:00 a.m. Cent ...

TORONTO, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) announced today that it intends to release its fourth quarter and year-end 2025 financial results on Thursday, March 5, 2026 after market close, and has scheduled a live webcast and conference call for 9 a.m. (Eastern Time) on Friday, March 6, 2026. A live webcast of the conference call can be accessed using this link and will be available at www.aecon.com/InvestorCalendar. Participants can also dial-in to the conference call and pre-reg ...

TORONTO, Jan. 08, 2026 (GLOBE NEWSWIRE) -- Aecon Group Inc. (TSX: ARE) announced today that it intends to release its fourth quarter and year-end 2025 financial results on Thursday, March 5, 2026 after market close, and has scheduled a live webcast and conference call for 9 a.m. (Eastern Time) on Friday, March 6, 2026. A live webcast of the conference call can be accessed using this link and will be available at www.aecon.com/InvestorCalendar. Participants can also dial-in to the conference call and pre-reg ...

Year Start: Public Capex Strong, Private Consumption Soft Early-2026 growth will likely be public capex-led. Consumers and property remain the weak links, and the Q1 pull toward 5% growth is unlikely to be sustainable. What's new at the year start: 4Q25 GDP still tracks <4.5% despite a possible year-end rebound: December production and capex growth likely rebounded from the recent slowdown, supported by (1) accelerated pass-through of Rmb1tn fiscal expansion in the fall, (2) still resilient external demand, ...

Key Takeaways Alphabet Replaces Apple as Second-Biggest Company by Market CapJOLTS Data Somewhat Disappointed for NovemberJobs Week Continues Thursday Morning with Jobless ClaimsWednesday, January 7th, 2026Market indexes were mixed today, with the blue-chip Dow retreating to sub-49K one day after setting a new closing high above it. The Dow shed -466 points today, -0.94%. The S&P 500 was down a less-drastic -0.34%, while the Nasdaq actually gained +0.16% for the session. The small-cap Russell 2000 slid -7 p ...

Summary of Primoris Services Conference Call Company Overview - **Company**: Primoris Services (NYSE: PRIM) - **Industry**: Energy Services, specifically focusing on critical infrastructure including power generation, solar, gas, transmission, distribution, and oil and gas pipelines [1][4][10] Core Points and Arguments Strategic Focus - Primoris emphasizes its role in critical energy infrastructure, with a focus on power generation, particularly in solar and gas sectors [4][10] - The company aims to be the best capital allocator in its space, supporting organic growth while considering divestitures where necessary [5] Business Evolution - Primoris has undergone a strategic plan over the past three years to focus on high-growth, high-margin businesses, particularly in solar and gas-powered generation [10] - The company has transitioned from a diversified portfolio to a more concentrated focus on areas with better cash generation potential [10] Solar Business Growth - Primoris has grown its solar business from zero in 2017 to a $3 billion business today, although growth is expected to moderate in the near term [17][19] - The company anticipates a flat to slightly declining growth in solar for 2026 due to work being pulled forward from 2025 [19] Gas Generation Focus - The gas generation segment is currently around $400 million, with a focus on simple cycle projects, which are less risky and fit within the company’s operational capabilities [17][24] - Primoris has been able to attract talent and resources to support growth in this area, which was not initially factored into their strategic plan [20][21] Power Delivery Business - The power delivery segment constitutes about 45% of Primoris's utility segment, generating approximately $1.2 billion annually, primarily from distribution work [39] - There is a noted growth opportunity in transmission and substation work, although labor availability remains a constraint [40][41] Labor Availability Challenges - Labor availability, particularly for specialized roles like linemen, is a significant constraint on growth, prompting investments in training and recruitment [48][49] - Both companies are focusing on creating career paths and training programs to develop talent internally [53] Competitive Positioning - Primoris has maintained long-standing relationships with turbine suppliers, which has facilitated new project opportunities [44] - The company is positioned to benefit from a rising demand for electricity and the need for new power plants, particularly as older infrastructure approaches replacement cycles [33] Financial Outlook and Capital Allocation - Primoris is focused on organic growth as its primary capital allocation strategy, with a secondary focus on acquisitions in high-growth areas [63] - The company has a low leverage ratio and is well-positioned for potential acquisitions, although it prioritizes organic growth first [63] Other Important Insights - The telecom segment, while small, is seen as having growth potential, particularly with new leadership and opportunities in data centers and government contracts [35][36] - The midstream business, which had declined significantly during COVID-19, is showing signs of recovery, with expectations to reach $500-600 million by the end of the year [45] This summary encapsulates the key points discussed during the conference call, highlighting Primoris Services' strategic focus, business evolution, growth areas, challenges, and financial outlook.

Caterpillar (NYSE: CAT) 2026 Conference Summary Industry Overview - Caterpillar is redefining heavy industry in the context of data, autonomy, and AI, showcasing innovation in sectors like energy, construction, mining, and infrastructure [1][2] - The company has over 110,000 employees and operates in 63 countries, with a focus on transforming equipment manufacturing and worksite management [3] Core Points and Arguments - Caterpillar is integrating AI and machine learning into its operations, enhancing efficiency and sustainability on a global scale [2] - The company emphasizes the importance of the physical infrastructure that supports the digital economy, highlighting its role in providing the necessary equipment for modern technology [6][18] - Caterpillar's strategy focuses on solving customers' toughest challenges, which drives investment decisions and partnerships [18][19] - The introduction of the Cat AI Assistant aims to support customers by providing real-time insights and recommendations, enhancing operational efficiency [30][32] Technological Innovations - Caterpillar's Helios platform connects approximately 1.5 million assets, processing vast amounts of data to improve operational intelligence [28] - The company has been a pioneer in autonomy for over 30 years, with its autonomous mining fleet moving over 11 billion tons of material without reported injuries [43] - New autonomous machines are being developed for construction, which will improve safety and efficiency on job sites [48][50] Partnerships and Collaborations - Caterpillar collaborates with NVIDIA to enhance AI capabilities, focusing on real-time data processing and machine learning applications in heavy industry [20][24] - The partnership aims to bridge the gap between digital and physical operations, making Caterpillar's equipment smarter and more efficient [21][56] Workforce Development - Caterpillar is committing $25 million to strengthen the workforce, focusing on training and education to prepare employees for new roles created by technological advancements [55] - The company recognizes the need for skilled labor in the evolving landscape of heavy industry and aims to support the transition of workers into new positions [54][56] Additional Important Content - The conference highlighted the historical context of Caterpillar's innovation, tracing back to its centennial celebration in 2025 and emphasizing a culture of forward-thinking [2][12] - The Cat AI Assistant is designed to be a proactive partner for operators, providing guidance and support to improve safety and productivity on job sites [33][34] - Caterpillar's commitment to sustainability and efficiency is evident in its focus on reducing downtime and improving operational performance through advanced technology [19][54]