投资者对"旧世界"资本密集型资产的重新定价，正从数据中心蔓延至更广泛的实体经济供应链。 华尔街见闻提及，2月24日，高盛研报提出AI时代资金正在涌向"重资产、低淘汰"（HALO）实体资 产，比如电网、管道、公用事业、交通基建及关键工业产能。这些资产难以复制、物理壁垒高且不易过 时。 （2月下旬以来HALO一篮子股票持续上涨） 与此同时，美国关税政策的变动也为实体资产交易提供了额外支撑。高盛初步预测，最高法院裁决触发 的关税政策调整，将使美国实际关税税率下降约100个基点。 尽管关税政策走向仍存在不确定性，但对依赖实物进口的基础设施及工业企业而言，成本的缓释将进一 步强化市场向实体资产倾斜的短期逻辑。 高盛策略师Chris Hussey强调，投资者正在给予传统资本密集型企业更高的估值，且向供应链上下游及 更广泛的经济领域延伸。 高盛的Oppenheimer阐述称，这是互联网商业化约四分之一世纪以来，技术增长前景首次对数据中心、 能源供应等实体资产形成高度依赖。 实体资产重估，从数据中心到整条基础设施链 这一轮资本密集型企业的重估，高盛认为背后逻辑是：淘金热中，最稳定的获益者往往是铲子的制造 商。 高盛Oppen ...

Core Insights - The article highlights a convergence of three megatrends reshaping the global economy, with a specific focus on a lesser-known stock positioned to benefit from these trends [1][2]. Group 1: Megatrends Impacting the Company - **Trend 1: The AI Arms Race** The demand for artificial intelligence is surging, leading to increased energy requirements, which presents a significant opportunity for companies supplying electricity [3][4]. - **Trend 2: U.S. LNG Export Boom** The potential for a boom in U.S. LNG exports is driven by political strategies aimed at reducing the trade deficit, with the company positioned as a key player in building the necessary infrastructure [10][12]. - **Trend 3: The Great Onshoring Boom** A reversal of offshoring trends is occurring, with significant investments in U.S. manufacturing, creating demand for infrastructure services that the company can provide [14][19]. Group 2: Company Positioning and Financials - The company is described as a "toll booth" operator in the energy sector, benefiting from the increasing demand for electricity and LNG exports, regardless of which tech giants lead the AI race [7][12]. - The company is debt-free and has a substantial cash reserve, equating to nearly one-third of its market cap, positioning it well for future investments and growth [21][24]. - The company has secured a $3.2 billion contract for a major manufacturing project, indicating strong revenue potential from ongoing and future contracts [17][19]. Group 3: Stock Performance and Future Outlook - The stock, Fluor Corporation (Ticker: FLR), was trading at $35 and is projected to double in value over the next 12 to 24 months due to its strategic positioning in the market [27]. - The stock has already seen a nearly 50% increase in value over 10 months, driven by successful asset monetization and aggressive share buybacks [30][31]. - The company has committed $1.4 billion to stock buybacks in 2026, which is expected to further enhance its stock price by reducing the number of shares outstanding [33].

Core Viewpoint - BlackRock Utilities, Infrastructure, & Power Opportunities Trust is issuing transferable rights to existing shareholders to subscribe for additional shares at a discount to the market price, aimed at increasing the fund's assets for future investment opportunities [1][2]. Group 1: Offer Details - The rights will be issued to holders of common shares as of March 9, 2026, allowing them to purchase additional shares at a discount [1]. - The subscription price will be determined based on the average sales price on the NYSE on the expiration date, expected to be April 2, 2026, with a formula ensuring it is at least $0.01 below the net asset value if necessary [4][5]. - Shareholders will receive one right for each share owned, with the ability to purchase one new share for every four rights exercised [4]. Group 2: Strategic Rationale - The Board and the investment adviser believe that the offer will benefit both the fund and its shareholders by increasing assets to capitalize on investment opportunities aligned with the fund's objectives of total return and income [2]. - The fund expects to maintain its current distribution level following the offer, with new shares eligible for the distribution expected in April 2026 [3]. Group 3: Market Context - The infrastructure sector is experiencing significant investment opportunities due to trends such as the AI buildout, national security priorities, and the transition to a lower carbon economy [4]. - Utilities are facing a capital raising need due to rising power demand and the reshoring of power supply chains, leading to the largest capital expenditure cycle in decades [4]. Group 4: Rights and Privileges - Rights are transferable and will be traded on the NYSE under the symbol "BUI RT" until April 1, 2026, allowing shareholders to sell their rights if they choose not to subscribe [10]. - Record Date Shareholders who fully exercise their rights can subscribe for additional shares that remain unsubscribed by others, subject to certain limitations [10].

Best month in over a year and a half came in February. Harry Sedaris is the CEO of Duke Energy and joins us now in an exclusive interview for our new power insider energy focus. Harry, it's great to chat with you again.I want to start very quickly sort of a little bit on the political angle. The president, there's a meeting next week at the White House. Heck, maybe you'll be there.Bunch of big techs going to be there. The president wants everyone to sign this rate player payer pledge. He said to not have da ...

Reporting by Pooja Menon in Bengaluru; Editing by Shailesh Kuber Our Standards: The Thomson Reuters Trust Principles., opens new tab Purchase Licensing Rights Read Next Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv BlackRock's GIP, EQT near deal to acquire AES Corp, Bloomberg News reports February 27, 20262:26 PM UTCUpdated ago By Reuters Item 1 of 2 A view shows EQT AB's logo at the company's office in Tokyo, Japan May 13, 2025. REUTERS/ ...

Key Takeaways AES and Entergy expand renewables and grid tech to meet rising clean energy demand.AES targets coal exit, posts 18.83% ROE and 16.8% three-month share gains.Entergy plans $43B in 2026-2029 capex, advancing renewables and AI-driven grid ops.The demand for clean electricity is accelerating worldwide, supported by a combination of long-term structural trends and rapid technological advances. As this need intensifies, utility companies like AES Corporation (AES) and Entergy Corporation (ETR) are b ...

A股2月收官！沪指月线斩获3连阳，春节后市场交投持续活跃，"日成交超万亿"已成常态。从板块来看，热点聚焦度显著提升，涨价题材大放异彩，化工、 有色金属表现突出。 2月最后一个交易日（2月27日），A股三大指数涨跌不一，全市场超3200只个股上涨，沪深京三市成交额2.51万亿元，较昨日小幅缩量504亿元。 盘面上，小金属狂飙突进，稀土持续涨价，湖南黄金等9股狂掀涨停潮，有色ETF（159876）场内涨幅最高上探3.82%。磷化工风口叠加TDI行情催化，化工 ETF（516020）斩获4连阳，继续刷新2022年1月以来的阶段高点。 算力方向继续活跃！中国AI调用量首超美国，国产算力有望受益，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格拉升2.03%；云计算进入 密集涨价周期，大数据ETF（516700）场内价格劲涨2.05%；华为云码道公测，盘古生态再扩容，重仓软件开发行业的信创ETF基金（562030）场内价格上 涨1.76%，收复5日、10日均线。 全球AI发展驱动电力需求激增，叠加"HALO交易"加持，电力ETF（159146）场内再涨2.64%连创上市新高，基金经理曹旭辰指出，伴随A ...

ENERGY THAT TRANSFORMS INVESTOR PRESENTATION MARCH 2026 Disclaimer Except as expressly noted, the information in this presentation is current as of Feb. 25, 2026, and should not be relied upon as being current as of any subsequent date. Avista undertakes no duty to update this presentation, except as may be required by law. All forward-looking statements in this presentation are based on underlying assumptions (many of which are based, in turn, upon further assumptions). These statements are subject to a va ...

AES Reschedules Fourth Quarter & Full Year 2025 Financial Review Conference Call to March 3, 2026 [Accessibility Statement] Skip NavigationARLINGTON, Va., Feb. 27, 2026 /PRNewswire/ -- The AES Corporation (NYSE: AES) rescheduled its fourth quarter and full year 2025 financial review conference call, which was previously scheduled for Friday, February 27, 2026. The Company will now hold this call on Tuesday, March 3, 2026 at 10:00 a.m. Eastern Time (ET), following the filing of its Annual Report on Form 10-K ...

Financial Performance - TXNM Energy reported GAAP net earnings of $151.4 million for 2025, a decrease from $242.2 million in 2024, resulting in a GAAP diluted EPS of $1.48 compared to $2.67 in the previous year [1][9] - Ongoing net earnings for 2025 were $238.9 million, down from $247.8 million in 2024, with ongoing diluted EPS at $2.33, down from $2.74 [1][9] - The decrease in earnings was attributed to shares issued as part of forward sales agreements and other costs related to the planned transaction with Blackstone Infrastructure [11][12] Transaction with Blackstone Infrastructure - TXNM Energy announced an agreement on May 19, 2025, for Blackstone Infrastructure to acquire its outstanding common stock at $61.25 per share [3] - Shareholders approved the transaction on August 28, 2025, and regulatory approvals have been received from the Federal Energy Regulatory Commission and the Public Utility Commission of Texas [4] - The acquisition is expected to close in the second half of 2026, pending additional regulatory approvals [5] Regulatory Updates - Texas New Mexico Power (TNMP) filed a general rate proceeding with the PUCT, requesting recovery of $2.8 billion of rate base and a return on equity of 10.4% [6] - Public Service Company of New Mexico (PNM) filed applications for two economic development projects and a new transmission line, with estimated costs of $165.5 million and $247 million, respectively [7][8] Segment Reporting - In 2025, PNM's GAAP diluted EPS was $0.85, down from $2.12 in 2024, while TNMP's GAAP diluted EPS increased to $1.21 from $1.14 [11] - Corporate and Other segment reported a GAAP loss of $0.58 per share, slightly improved from a loss of $0.59 in 2024 [11] Future Outlook - TXNM Energy's CEO emphasized the importance of the proposed transaction with Blackstone Infrastructure for supporting growth and transitioning to clean energy in New Mexico [2] - PNM initiated its 2026 Integrated Resource Plan process, which will cover a 20-year planning period from 2026 to 2046 [10]