Group 1: Agentic Commerce Development - Agentic commerce involves consumers utilizing AI models to shop on their behalf, with technology companies like OpenAI investing heavily in this area [1][4] - OpenAI has introduced a feature allowing ChatGPT users to purchase products directly from specific merchants, with partnerships including Etsy, Walmart, and Shopify merchants [4] - Amazon has been developing its own agentic commerce features, such as the "Buy For Me" function, while also exploring partnerships with third-party providers [5][6][7] Group 2: Supply Chain and Customs Enforcement - Exiger has secured a multi-million-dollar contract with U.S. Customs and Border Protection (CBP) to combat illegal transshipment practices that bypass U.S. trade laws [2][3] - Exiger's AI models will assist CBP in enforcing tariff orders, improving data for decision-making, and tracking transshipments, thereby enhancing the efficiency of customs operations [2] - The technology aims to provide CBP agents with additional resources for scanning shipments, addressing the significant volume of goods entering the U.S. annually [2] Group 3: Warehouse Management Innovations - Blue Yonder has enhanced its Warehouse Management System (WMS) by integrating new AI capabilities, including a Warehouse Ops Agent that provides real-time updates [8][9] - The new tools, such as Resource Orchestration and Resource Forecasting, help warehouse operators allocate resources effectively based on task priorities and conditions [10][11] - These advancements aim to improve operational efficiency and effectiveness in warehouses, addressing challenges posed by disconnected systems and reactive processes [12][13]

Core Viewpoint - Park-Ohio Holdings Corp. has declared a quarterly cash dividend of $0.125 per share, to be paid on November 28, 2025, to shareholders of record as of November 14, 2025 [1]. Company Overview - Park-Ohio is a diversified international company that provides supply chain management outsourcing services, capital equipment for production lines, and manufactured components for product assembly. The company is headquartered in Cleveland, Ohio, and operates approximately 130 manufacturing sites and supply chain logistics facilities globally, organized into three reportable segments: Supply Technologies, Assembly Components, and Engineered Products [2]. Recent Developments - Andrew C. Clarke has been appointed to Park-Ohio's Board of Directors as an independent director effective September 30, 2025. Clarke is the former Chief Financial Officer of C.H. Robinson Worldwide, Inc. [6]. - Park-Ohio will participate in the Sidoti & Company Small-Cap Virtual Conference on September 17-18, 2025, where company executives will present and hold one-on-one meetings with investors [7].

Core Viewpoint - Texxon Holding Limited successfully completed its initial public offering, raising a total of $10,925,000, including the exercise of an over-allotment option for 285,000 shares at $5.00 each, with shares trading on Nasdaq under the ticker symbol "NPT" since October 22, 2025 [1]. Company Overview - Texxon Holding Limited is a prominent provider of supply chain management services in the plastics and chemical industries in East China, aiming to create the largest one-stop platform for raw material supply chain management in China [4]. - The company offers a comprehensive range of services to small and medium-sized enterprises (SMEs) in China, including procurement, shipping and logistics, payments, and fulfillment services [4]. - Texxon utilizes a technology-enabled platform and has developed a scalable software architecture to enhance customer experience and streamline the procurement process [4]. - With over a decade of experience, the company has accumulated significant transaction data, which aids in analyzing price trends and market demands [4]. Offering Details - The registration statement for the offering was filed with the SEC and declared effective on September 30, 2025, with the offering conducted on a firm commitment basis [2]. - The final prospectus related to the offering can be obtained from D. Boral Capital LLC or via the SEC's website [2].

Core Viewpoint - Texxon Holding Limited successfully closed its initial public offering, raising US$9.5 million by offering 1,900,000 ordinary shares at US$5.00 each, with trading commencing on the Nasdaq Capital Market under the ticker symbol "NPT" [1] Group 1: Offering Details - The offering included an over-allotment option for underwriters to purchase an additional 285,000 ordinary shares at the public offering price [1] - The offering was conducted on a firm commitment basis, with D. Boral Capital LLC serving as the sole book-running manager [3] Group 2: Use of Proceeds - Net proceeds from the offering will be allocated to the construction of a polystyrene manufacturing factory in Henan Province, China, including production lines and storage facilities [2] - Funds will also be used to update the supply chain management platform and for working capital [2] Group 3: Company Overview - Texxon Holding Limited is a leading provider of supply chain management services in the plastics and chemical industries in East China, aiming to create the largest one-stop supply chain management platform for raw materials [6] - The company utilizes a technology-enabled platform to offer a full range of services to small and medium-sized enterprises (SMEs) in China, enhancing convenience and efficiency in the procurement process [6] - With over a decade of experience, Texxon has accumulated substantial transaction data to analyze market trends and make informed decisions [6]

Core Insights - TMX Transform has partnered with Marks & Spencer (M&S) for a significant supply chain transformation project, developing one of the UK's largest automated National Distribution Centres (NDC) [1][2] - The project involves a £340 million investment, positioning the facility as M&S's primary food distribution hub, directly supplying over 200 stores and two regional distribution centres [2][4] - The facility is designed to handle thousands of live SKUs across frozen, ambient, and chilled food products, utilizing fully automated case and tray picking solutions [2][3] Company Overview - TMX Transform is an end-to-end supply chain consultancy focused on optimizing supply chains for various industries, including retail and food and beverage [5] - The consultancy has extensive global experience in complex supply chain transformations, providing tailored solutions to enhance operational efficiency and safety [4][5] Project Highlights - The NDC spans 1.3 million square feet and represents the largest investment in M&S's supply chain to date, aimed at supporting the company's growth ambitions [1][2] - The facility will operate 24/7, reflecting a shift from traditional mechanized operations to full automation, thereby improving efficiency and service delivery [3][4] - Achievements include BREEAM "Excellent" status, emphasizing sustainability through features like solar energy, electric fleet readiness, and hydrogen fuel capability [6]

Company Overview - Fastenal Company operates approximately 1,600 branch locations across 25 countries, providing a wide range of fasteners, safety products, metal cutting products, and other industrial supplies to various sectors including manufacturing, construction, and government [2][3]. - The company employs a "high-touch, high-tech" approach, focusing on local expertise, customer-facing technology, and efficient supply chain management to help customers reduce costs and risks [2]. Recent Developments - Fastenal has announced a conference call scheduled for October 13, 2025, at 9:00 a.m. central time to review its third quarter earnings and current operations [1]. - The company has launched a new high-tech distribution center in Magna, Utah, covering 298,000 square feet, aimed at enhancing operational efficiency and customer service in the region [4].

Core Insights - Inspectorio has launched a new offering that integrates business data with advanced technologies, including generative AI capabilities, to automate intelligence and streamline operations [1] - The new system, Paramo, serves as an integrated intelligence layer across the supply chain platform, focusing on quality control, risk management, product management, traceability, and lab testing [2] - Despite significant investments in enterprise GenAI, many organizations struggle to see returns due to poor integration and limited adaptability, which Paramo aims to address by enhancing flexibility and transparency in supply chains [3] Group 1: Paramo's Features - Paramo combines data from retailers and suppliers into a single reliable source, creating a powerful data hub that enhances AI-driven operations [4] - The system utilizes AI models to assist in retail decision-making through risk prediction, document processing, and an AI chat assistant, improving sourcing, compliance, and quality control [4] - Paramo employs agentic AI to automate tasks related to sourcing, compliance, quality, and traceability, actively addressing risks as they arise [5] Group 2: Industry Impact - The CEO of Inspectorio emphasized the importance of high-quality data and production chain visibility for trustworthy decision-making in a complex supplier landscape [5] - Organizations are encouraged to evolve operations by increasing agility and automation, with Paramo positioned as a solution to transform disruption into stability and growth [6] - Inspectorio's cloud-based solutions aim to digitize and interconnect supply chain processes, providing real-time visibility and intelligence for informed decision-making [6]

Core Insights - project44 has expanded its service offerings with the launch of a new Tariff Simulator, shifting from a focus on visibility to a more comprehensive suite of shipment execution solutions under the Movement Platform [1] Group 1: Tariff Simulator Launch - The Tariff Simulator was launched in response to the expiration of numerous Section 301 exclusions, which increased tariff burdens on imports from China, particularly affecting sectors like electronics, industrial machinery, and solar equipment [2] - The simulator allows businesses to quickly calculate U.S. import duties and tariffs using HTS codes, providing real-time calculations essential for understanding cost exposures and strategizing procurement [2] Group 2: Market Need and Design - Ellie Crist, Senior Director of Project Management at project44, highlighted that existing market solutions were fragmented and not user-friendly for buyers and planners, necessitating a tool that provides quick and reliable duty estimates [3] - The Tariff Simulator was designed to cater broadly across the supply chain, enabling teams to make informed sourcing and transportation decisions without relying solely on compliance specialists [3] Group 3: Strategic Integration - The Tariff Simulator is part of project44's strategic transition towards integrating comprehensive decision-making tools into their Movement Platform, serving as an entry point to broader decisioning workflows [4] - The tool is envisioned as both a standalone function and part of an AI-powered decision-making experience that encompasses sourcing, procurement, and inventory decisions [4] Group 4: Applications and Benefits - The Tariff Simulator supports various applications, including strategic sourcing, budget planning, and scenario modeling, allowing companies to manage supplier comparisons and landed cost calculations effectively [6] - By facilitating crucial pre-booking and pre-shipment validations, project44 positions the simulator as an essential asset for optimizing supply chain operations [6]

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - Asian IGs tightened by 1 - 3bps this morning, indicating a positive trend in the Asian investment - grade bond market [3] - Li & Fung's tender offer and new issue are beneficial to perp holders, and the company plans to reduce debt and adjust its balance sheet [7][8][9] - Zhongsheng's early redemption of ZHOSHK 3 01/13/26 reflects sufficient liquidity, and ZHOSHK 5.98 01/30/28 remains a good shorter - dated carry play [14] Summary by Related Catalogs Trading Desk Comments - In KR, LGENSO 26 - 35s tightened by 2 - 5bps; in Chinese IGs, BABA 31/MEITUA 30 tightened 1bp, ZHOSHK 26 - 28s were unchanged to 1bp tighter [1] - In financials, CSILTD priced a 3yr floating - rated bond at SOFR + 60; SUMIBK/STANLN Float 28 - 31s tightened 1 - 3bps [1] - In insurance, SHIKON 35 tightened 1bp, NSINTW 34 widened 1bp; ASAMLI Perps/MYLIFE 55s were up 0.1pt [1] - In AT1s, HSBC 6.95/LLOYDS 8/BACR 7.625 Perps were 0.2 - 0.4pt higher; in HK, BNKEA/DAHSIN/NANYAN 31 - 34s tightened 1 - 3bps [1] - In Chinese properties, DALWAN 26 was down 0.7pt; RAODKG 28 - 30s/Perps were 0.2pt lower to 0.3pt higher [1] - Outside properties, EHICAR 26 - 27s were 1.2 - 1.4pts higher; in SE Asia, GLPSP 28/Perps were 0.8 - 1.6pts higher [1] - VEDLN 28 - 33s were up 0.1 - 0.3pt; VLLPM 29 lowered 1.2pts; PTTEPT/PTTTB 42s were 0.6pt lower [1] - In CNH space, CCAMCL priced 3.5yr and 5yr CNH bonds at 2.35% and 2.43% respectively; onshore AAA guaranteed CNH LGFVs tightened 20 - 50bps [2] - BADNHI 6.9 28s/ZBZCHD 6.9 28s were 0.5 - 2.7pts higher; in SOE perps, CHPWCN Perp was up 0.1pt [4] Last Trading Day's Top Movers - Top performers included KAFEDI 6 1/2 06/04/28 with a price of 96.3 and a change of 2.7, GLPSP 4 1/2 PERP with a price of 55.3 and a change of 1.6 [5] - Top underperformers included TSIVMG 1.55 12/17/29 with a price of 70.4 and a change of - 1.2, VLLPM 9 3/8 07/29/29 with a price of 64.5 and a change of - 1.2 [5] Marco News Recap - On Monday, S&P was up 0.02%, Dow was down 0.14%, and Nasdaq was up 0.33%; long - term UST yield was higher, with 2/5/10/30 yield at 3.91%/3.96%/4.42%/4.96% [6] Desk Analyst Comments - Li & Fung launched a tender offer for LIFUNG 5.25 Perp at USD55, with a maximum acceptance amount of USD50mn, funded by a new 3.5NC2 USD bond [7] - The FV of the new LIFUNG 29 is expected to be mid - 8% vs IPT at 9% [7] - The tender offer is seen as a de facto voluntary partial exchange beneficial to perp holders [8] - With new issuance proceeds and cash on hand, Li & Fung plans to redeem bonds, repay loans, and adjust its balance sheet [9] - Zhongsheng announced to make - whole ZHOSHK 3 01/13/26 on 27 Aug'25, reflecting sufficient liquidity [14] - ZHOSHK 5.98 01/30/28 is considered a good shorter - dated carry play, and a buy recommendation is maintained [14] Offshore Asia New Issues - No offshore Asia new issues were priced today; in the pipeline, Chengdu Xisheng Investment Group plans a 3yr issue, China CITIC Bank London Branch plans a 3yr issue of up to USD300mn, and Li & Fung plans a 3.5NC2 issue [18] News and Market Color - 84 credit bonds were issued yesterday onshore with an amount of RMB92bn; month - to - date, 1,881 credit bonds were issued with a total amount of RMB2,024bn, a 15.2% yoy increase [21] - Adani Green Energy 1Q26 total revenue rose 36% yoy to INR38bn (cUSD439.2mn) [21] - Diamond Power won an INR13.5bn (cUSD155.6mn) order from Adani Energy Solutions [21] - China Cinda AMC issued 3.5y CNH3bn bonds at 2.35% and 5yr CNH2.3bn bonds at 2.43% [21] - Lippo Cikarang's 1H25 presales reached 48% of FY25 target [21] - SJM Holdings agreed to buy a property in Zhuhai for RMB724.2mn (cUSD101.1mn) [21]

Core Insights - The global Supply Chain Management (SCM) Market is projected to grow from USD 38.51 billion in 2025 to USD 58.42 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period [1] Market Dynamics - Rising automation in production and distribution is driving demand for SCM solutions that align planning with real-time execution, enhancing efficiency and reducing errors [3] - The need for actionable insights from operational data is pushing companies towards intelligent SCM platforms that improve forecasting and streamline costs [3] - Mobile-first SCM tools are optimizing business performance by providing real-time access to information and enhancing agility in supply chain execution [4][5] Regional Insights - The US is the largest market for supply chain management, driven by operational resilience, digital transformation, and end-to-end visibility [6] - High demand from sectors such as manufacturing, retail, healthcare, and e-commerce is fueling investments in logistics optimization and warehouse automation [6] Deployment Trends - Cloud-based deployments in SCM are expected to witness the highest growth rate, offering scalable and remotely accessible platforms that enhance agility and reduce IT maintenance [7] - These cloud solutions support core modules such as planning, sourcing, production, logistics, and fulfillment, making them the preferred model across industries [7] Technological Opportunities - Digital twins and scenario simulation are transforming supply chain planning by allowing organizations to model and trial the effects of different decisions in real-time [8] - These technologies help businesses anticipate responses to disruptions and streamline resource deployment, enhancing strategic planning [8]