金十数据4月28日讯，据两位知情人士透露，预计德国保守党将提名凯瑟琳娜•赖希（Katherina Reiche） 为德国下一任经济部长。德国政府将于周一公布一系列任命。赖希自2020年初以来一直担任区域能源基 础设施公司Westenergie公司的首席执行官，Westenergie是欧洲最大的电网运营商意昂集团的子公司。现 年51岁的赖希在1998年至2015年期间曾担任德国议会议员，并在环境部和交通部担任议会秘书。 消息人士：德国保守党将提名能源企业高管赖希为经济部长 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week, the public REITs market showed a downward trend, with an increase in trading volume. Among equity - type public REITs, only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Most public REITs products fell this week [1][9]. - As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. Since 2025, 7 public REITs have been issued, and 1 new public REIT was issued in April 2025, with a scale of 1.4 billion yuan. Additionally, 23 public REITs funds are waiting to be listed [2][29]. - There were significant policy and market developments this week, including the listing of Shenzhen's first private warehousing and logistics REIT, the approval of the country's first collective - economy - type REITs, the establishment of a public REITs special investment fund by First Journey Holdings and other institutions, and Guangdong's support for more eligible private capital projects to issue infrastructure REITs [3][34]. - Currently, in the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, with high cost - performance and allocation opportunities. The market is expected to continue to expand, and its activity is expected to further increase [4][39]. 3. Summary by Relevant Catalogs 3.1 Secondary Market: This Week, the Public REITs Market Declined - Index Performance: As of April 25, 2025, the China Securities REITs Index fell 1.83% from last week to 847.02, and the China Securities REITs Total Return Index was 1058.94, down 1.43% from last week. The equity - type and franchise - type public REITs indices fell 1.62% and 1.30% respectively from last week [9]. - Trading Volume and Turnover: This week, the total trading volume of the REITs market was 677 million shares, up 5.78% from last week, and the trading amount was 2.947 billion yuan, up 3.40% week - on - week. The market's interval turnover rate was 3.61%, compared with 3.49% last week [11]. - Performance by Asset Type: Among equity - type public REITs, park infrastructure, affordable rental housing, ecological and environmental protection, and consumer infrastructure REITs fell 4.69%, 2.38%, 0.95%, and 0.40% respectively, while warehousing and logistics REITs rose 0.54%. Among franchise - type public REITs, energy infrastructure, water conservancy facilities, transportation infrastructure, and municipal facilities REITs fell 3.13%, 0.66%, 0.38%, and 0.28% respectively [12][16]. - Trading Volume and Turnover by Type: Most types of public REITs saw a decline in trading volume. Warehousing and logistics, energy infrastructure, and transportation infrastructure REITs had a week - on - week increase in trading volume of 190.98%, 2.18%, and 1.48% respectively, while others declined. In terms of turnover, most types also decreased, except for warehousing and logistics REITs, which had an increase [19][21]. - Single - Target Performance: Among the 65 public REITs, 16 rose and 49 fell. The top gainers were CICC Chongqing Liangjiang Industrial Park REIT, E Fund Huawai Farmers' Market REIT, and Hua'an Waigaoqiao Warehousing and Logistics REIT, with weekly gains of 6.4%, 4.3%, and 2.5% respectively. The top losers were Soochow Suzhou Industrial Park Industrial Park REIT, Huaxia Hefei High - tech Industrial Park REIT, and AVIC Jingneng Photovoltaic REIT, with weekly losses of 11.1%, 7.1%, and 6.7% respectively [23]. 3.2 Primary Market: 23 Public REITs Funds are Waiting to be Listed - Issuance Situation: As of April 25, 2025, a total of 66 public REITs had been issued, with a total issuance scale of 174.5 billion yuan. In 2024, 29 REITs were issued, with a scale of 64.6 billion yuan. Since 2025, 7 public REITs have been issued, and 1 was issued in April 2025, with a scale of 1.4 billion yuan [29]. - Pending Listings: As of April 25, 2025, 23 public REITs funds are waiting to be listed, including 13 for initial offerings and 10 for secondary offerings. In terms of project status, 7 have passed, 11 have been feedbacked, 4 have been questioned, and 1 has been accepted. By type, there are 7 park - type, 1 consumer infrastructure - type, 4 warehousing and logistics - type, and 4 affordable rental housing - type in the industrial REITs category, and 3 energy - type and 1 ecological and environmental protection - type in the franchise - type [30]. 3.3 Public REITs Policies and Market Dynamics - Listing of Shenzhen's First Private Warehousing and Logistics REIT: On April 21, Southern SF Logistics REIT was successfully listed on the Shenzhen Stock Exchange, with a total raised capital of 3.29 billion yuan [34][35]. - Approval of the Country's First Collective - Economy - Type REITs: On April 23, "Huajin - Yuanlian - Loufeng Street Lianchuang Industrial Park Asset - Backed Special Plan" (ABS) was officially approved by the Shanghai Stock Exchange, becoming the country's first approved collective - economy - type REITs project [36]. - Establishment of a Public REITs Special Investment Fund: On April 24, First Journey Holdings announced the joint establishment of Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund with China Life Insurance, Caixin Life Insurance and other institutions. The target scale of the fund is 10 billion yuan, and the first - closing scale is 5.237 billion yuan [37]. - Guangdong's Support for Private Capital Projects: On April 25, the General Office of the People's Government of Guangdong Province issued a notice, supporting private capital to participate in major project construction and increasing the cultivation and application of infrastructure REITs projects [38]. 3.4 Investment Suggestions - Market Trends: This week, the REITs index showed a downward trend, but the trading amount increased. Only warehousing and logistics REITs rose, while park infrastructure REITs had the highest decline. Southern SF Logistics REIT was listed on the Shenzhen Stock Exchange this week [39]. - Market Outlook: Since the beginning of this year, 7 public REITs have been established, with a total scale of over 10 billion yuan. Additionally, 23 REITs funds are waiting to be listed, and the market is expected to continue to expand, with increased activity. In the context of an asset shortage, public REITs have high cost - performance and allocation opportunities [4][39].

加拿大能源基础设施公司South Bow裁减原油交易团队。 ...

智通财经4月12日电，加拿大能源基础设施公司South Bow裁减原油交易团队。 ...

Financial Data and Key Metrics Changes - Total revenue for 2024 was $27.8 million, an increase of 19.6% from $23.2 million in 2023, driven by higher average selling prices and increased fuel volumes in the mobile fueling segment [9][11] - Cost of sales rose to $25.5 million from $21.9 million, resulting in a gross profit of $2.3 million and an improved gross margin of 8%, up 200 basis points from 6% [9][10] - Operating loss narrowed to $7.3 million from $8.5 million in 2023, while net loss increased to $16.2 million or $4.66 per share compared to $10.5 million or $6.98 per share in 2023, largely due to one-time non-operational expenses [10][11] Business Line Data and Key Metrics Changes - Gallons delivered grew to 7.2 million from 5.6 million, representing a growth of 24% [10] - Operating expenses slightly decreased to $9.6 million from $9.9 million in 2023, with G&A expenses at $8.5 million and depreciation and amortization at $1.1 million [10] Market Data and Key Metrics Changes - As of February 2025, the company delivered over 2.8 million gallons compared to 1.1 million gallons in the same period in 2024, translating to revenue growth of $10.1 million compared to $4.2 million [12] Company Strategy and Development Direction - The company is transitioning from a last-mile fuel company to a comprehensive energy technology company, focusing on AI, clean energy, and mobile fueling [5][13] - Key strategic initiatives for 2025 include executing utility-scale smart microgrid deployments, launching wireless EV charging pilots, expanding the mobile fueling network, and generating recurring revenue through licensing and SaaS agreements [13] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will be a breakout year, with expectations of consistent growth driven by an expanded client base and strategic acquisitions [11][17] - The company is actively evaluating financing options and strategic partnerships to support its growth plan for 2025 [12] Other Important Information - The company made significant progress on its smart microgrid platform with approximately $750 million in planned deployments [6] - The company is advancing its wireless EV charging systems, which include bidirectional, static, and dynamic charging capabilities [6][7] Q&A Session Summary Question: What drove the 20% year-over-year revenue increase? - The increase was driven by an expanded client base, cultivation of new relationships, and acquisitions including Shell Oil's fleet and Yoshi's mobile fueling business [16][17] Question: When do you expect to recognize revenue from smart microgrid projects? - Revenue is expected to be recognized in 2025 as projects break ground, with a revenue stream defined for approximately 35 years [19][20] Question: What is the current stage of wireless EV charging technology and expected commercial adoption? - The company plans to deploy its first wireless charging road in Southern Florida this year, with pilot phases expected to begin soon [22][23] Question: Will M&A be part of the strategy moving forward? - Yes, M&A will be a significant part of the growth strategy, with recent acquisitions already made in the mobile fueling sector [25]

LandBridge Company LLC (NYSE:LB) Q4 2024 Earnings Conference Call March 6, 2025 9:00 AM ET Company Participants Jason Long - Chief Executive Officer & Director Scott McNeely - Chief Financial Officer Conference Call Participants Charles Meade - Johnson Rice Alexander Goldfarb - Piper Sandler Kevin MacCurdy - Pickering Energy Partners Roger Read - Wells Fargo Securities Sean Milligan - Janney Montgomery Scott Operator Thank you for standing by and welcome to the LandBridge Fourth Quarter 2024 Results Confere ...

Financial Data and Key Metrics Changes - In 2024, the company achieved adjusted EBITDA of $2.64 billion, down from $2.8 billion in 2023, primarily due to extreme weather events in South America and asset sales [32][34] - Adjusted EPS for 2024 was $2.14, an increase from $1.76 in 2023, driven by tax benefits from new renewable projects and a lower adjusted tax rate [33][34] - Parent free cash flow was $1.1 billion, at the midpoint of guidance, reflecting a more than 10% increase from the prior year [37] Business Line Data and Key Metrics Changes - The Renewables SBU experienced lower adjusted EBITDA due to historic weather volatility in South America, with significant contributions from new projects in the U.S. partially offsetting losses [34][36] - The Utilities SBU saw higher adjusted PTC driven by rate-based investments and improved weather, but was partially offset by higher interest expenses [36] - The Energy Infrastructure SBU's lower adjusted EBITDA was attributed to outages and lower margins, while the New Energy Technologies SBU showed improved results [36] Market Data and Key Metrics Changes - The U.S. added 49 gigawatts of new renewable capacity in 2024, with renewables and battery storage representing 92% of those additions [15] - In 2025, the U.S. is expected to add 63 gigawatts, with 93% being solar, storage, and wind [16] - The company noted that renewables have the shortest time to power and greater price certainty, which is critical for meeting the growing demand for electricity [17] Company Strategy and Development Direction - The company is focusing on reducing investments in renewables to prioritize high-risk adjusted return projects and improve organizational efficiency [6][10] - The 2025 financial outlook indicates a significant growth in renewables EBITDA, with expectations of over 60% year-over-year growth [12][41] - The company is committed to maintaining its investment-grade credit rating and dividend while streamlining operations and reducing costs [26][50] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with stock price performance but emphasized the resilience of the business model against regulatory changes [5][6] - The company is confident in achieving long-term growth targets of 5% to 7% adjusted EBITDA growth through 2027, supported by a strong backlog of projects [26][57] - Management highlighted the importance of renewables in meeting the increasing demand for electricity, particularly from technology customers [6][17] Other Important Information - The company signed 4.4 gigawatts of new power purchase agreements (PPAs) in 2024, aiming for 14 to 17 gigawatts by 2025 [7] - The sale of Brazilian assets was noted as a significant de-risking move, reducing exposure to various market risks [14] - The company plans to maintain a focus on larger, more profitable projects while reducing overall capital expenditures [27][63] Q&A Session Summary Question: On cost savings and their sources - The company confirmed that the $150 million in cost savings ramping to $300 million is ongoing and not one-time, with confidence in achieving these reductions [60][61] Question: On renewable CapEx and growth strategy - Management clarified that while CapEx is being cut, the focus remains on executing a strong pipeline, with a shift towards fewer but larger projects [71][73] Question: On asset sales and coal contributions - The company indicated that asset sales will include some coal exits and technology monetization, but the reliance on these sales has decreased [76][77] Question: On cost reduction specifics - The cost reduction program includes resizing the development team, cutting early-stage project costs, and a 10% workforce reduction [81][82] Question: On credit metrics and future outlook - Management discussed expectations for improving credit metrics, with a focus on increasing cash flow and EBITDA through operational efficiencies [86][95]