Core Insights - Nokia's Board of Directors has decided to apply for the delisting of its shares from Euronext Paris, which was initially listed in November 2015 [1][2] - The delisting follows a review of trading volume, costs, and administrative requirements, with the primary listing remaining on Nasdaq Helsinki and ADRs continuing on the New York Stock Exchange [2] - This decision reflects Nokia's transformation from a mobile phone leader to a business-to-business technology company, focusing on network infrastructure [3] Financial Performance - Nokia reported a 31.58% year-on-year increase in net profit for the first half of 2025 [4] - The company's extensive patent portfolio generates nearly €500 million in stable annual revenue, covering technologies from 2G to 5G [4] Strategic Partnerships - Nokia has entered a strategic partnership with NVIDIA, which includes a $1 billion equity investment aimed at accelerating innovation in AI-native mobile networks and transitioning from 5G to 6G [5]

Report Industry Investment Rating - No information provided Core View of the Report - Maintain buy on VEDLN 9.475 07/24/30 due to its all-time high first half recurring EBITDA [3][7] Summary by Relevant Sections Trading Desk Comments - Yesterday, recent USD MEITUA 31 - 35s widened 2 - 4bps with RM selling; TW lifers SHIKON/FUBON/NSINTWs widened 2 - 5bps; BBLTB sub curve was 1 - 4bps wider; JP bank FRNs held up well, JP AT1s dropped by 0.3pt; JP insurance hybrids were marked lower; Yankee AT1s were down by 0.4pt then stabilized; NWDEVL Perps lowered 0.7 - 2.0pts, NWDEVL 27 - 31s were down by 0.6 - 1.3pts; LASUDE 26 was 1.4pts lower; MTRC perps lost up to 0.2pt; VNKRLE 27 - 29 recovered 2.7 - 2.9pts; GRNCH 28 fell by up to 0.5pt; Macau gaming stocks had mixed performance; HYNMTRs/HYUELEs traded 1 - 3bps wider; NTT curve was 1 - 3bps wider; PETMK curve was 2 - 4bps wider on the long end; SMCGL Perps/GARUDA 31 were down by 0.1 - 0.2pt; VEDLN 28 - 33s were 0.3 - 1.1pts lower; onshore AAA - guaranteed LGFV papers were sought after [2] - This morning, new CDBFLC 35 widened 2bps, new QBEAU 37 tightened 3bps, new STANLN PerpNC10 was 0.2pt higher; JP insurance bonds and MTRC Perps were down by 0.1 - 0.3pt; NUFAU 30 rose 0.9pt, SOFTBK 61/65s and NWDEVL 30 were 0.6 - 0.7pt lower; TW lifers widened 2 - 4bps [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (price 60.3, change 2.9), VNKRLE 3 1/2 11/12/29 (price 52.0, change 2.7), etc. - Top underperformers include NWDEVL 6 1/4 PERP (price 42.3, change - 2.0), NWDEVL 5 1/4 PERP (price 44.0, change - 1.9), etc. [4] Macro News Recap - On Tuesday, S&P (-1.17%), Dow (-0.53%) and Nasdaq (-2.04%) were lower; UST yield was lower, with 2/5/10/30 year yield at 3.58%/3.69%/4.10%/4.67% [6] Desk Analyst Comments on VEDLN - VEDLN's 2QFY26 recurring EBITDA reached INR116.1bn, up 12% yoy; 1HFY26 EBITDA rose to INR223.6bn, 42% of full - year target of USD6bn; prefer VEDLN 9.475 07/24/30 with YTW of 9.0% and 106bps yield pickup over NICAU 9 09/30/30 [7] - VEDLN's average borrowing cost declined to c9.0% in 1HFY26 from c9.7% in 1QFY26, expected to fall below 8% near - term; PAT dropped 26% yoy to INR79.4bn due to one - off losses [10] - 1HFY26 operating cash flow decreased 12% yoy to INR162.3bn; spent INR102.6bn in capex, 61 - 68% of FY26 target; estimated 1HFY26 FCF was INR59.7bn [11] - As of Sep'25, cash and equivalents increased to INR218.6bn; total debt/LTM EBITDA and net debt/LTM EBITDA rose slightly to 1.9x and 1.4x; aims to bring net leverage down to 1.0x near - term [12] - Deleveraging may face headwinds from JPA acquisition; demerger hearing postponed to 12 Nov'25, seen as moderately credit positive [13] Offshore Asia New Issues - Priced issues include Alinma Sukuk Limited (USD500mn, 10NC5, 5.792%, T + 210), China Development Bank Financial Leasing (USD500mn, 10NC5, 4.6%, T + 93), etc. - Pipeline issues include Gaoxin International Investment (unrated, 3yr, 5.0%), Korea Electric Power Corporation (Aa2/AA/-, 3yr/SOFR + 95, 5yr/T + 80), etc. [17][18] News and Market Color - 99 credit bonds issued yesterday onshore with RMB106bn; MTD, 206 credit bonds issued with RMB190bn, 19.2% yoy increase [20] - Adani Enterprises 1HFY26 EBITDA fell 11% yoy to INR76.9bn, plans to raise INR250bn via rights issue [20] - Adani Ports 1HFY26 EBITDA rose 20% yoy to INR110.5bn, Fitch changed outlook to stable and affirmed BBB - rating [20] - China to boost subsidies for Alibaba, Tencent to cut data center energy bills [20] - Moody's upgraded Bharti Airtel to Baa2 from Baa3, outlook to stable [20] - GLP China repurchased USD205mn of GLPCHI 2.95 03/29/26, USD495mn outstanding [20] - Nickel Industries to hold non - deal roadshow on 19 Nov'25 [20] - Petron 9M25 revenue fell 10% yoy to PHP594.9bn [20] - Pertamina Geothermal targets 6.1% revenue increase for FY26 [20] - SK Telecom plans full - scale AI infrastructure expansion [20]

Core Insights - A-shares experienced a decline influenced by external market sentiment, with the TMT computing sector facing significant losses, particularly the 5G communication theme index which fell by 2.22% as of 10:06 on November 5 [1] - The 5G communication ETF has shown strong performance over the past three months, with a cumulative increase of 52.62%, ranking first among comparable funds [1] - Foreign investment in A-shares has been increasing, with notable interest from major institutions like Goldman Sachs and UBS, focusing on high-growth sectors such as AI, industrial automation, and semiconductors [4] Fund Performance - As of November 4, the 5G communication ETF has seen a net value increase of 156.43% over the past three years, ranking 6th out of 1906 index stock funds [4] - The ETF has recorded a maximum monthly return of 37.75% since its inception, with an average monthly return of 8.26% during up months [4] - The ETF has attracted significant capital inflow recently, with a total of 3.79 billion yuan in net inflows over the last three days [1] Market Trends - The top ten weighted stocks in the 5G communication theme index account for 65.69% of the index, indicating a concentrated investment in key players [5] - The total market value held by foreign institutions in A-shares has reached 150.4 billion yuan, reflecting a year-on-year increase of over 33 billion yuan, or 28.4% [4]

Group 1: Market Overview - The market experienced a volume contraction with the ChiNext index dropping nearly 2% and total trading volume in Shanghai and Shenzhen stock exchanges falling below 2 trillion yuan, a decrease of 191.4 billion yuan from the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index decreased by 1.71%, and the ChiNext Index declined by 1.96% [1] Group 2: Communication Industry Insights - CITIC Securities reported that institutional holdings in the communication sector reached a record high in Q3 2025, with public funds and northbound capital's holdings accounting for 6.87% and 2.82% of the market value, respectively [2] - The report highlighted a strong performance in the AI computing power sector and recommended continued investment in both North American and domestic computing power supply chains, as well as AI application sectors [2] Group 3: AI Investment Trends - Huatai Securities indicated that the high growth trend in AI-related investments may continue, and discussions about whether this trend is a bubble may be premature [3] - The firm noted that while AI investments are growing rapidly and valuations are high, it is still too early to determine if a bubble exists, as the current macroeconomic conditions do not trigger significant market adjustments [3] Group 4: Copper Market Outlook - CITIC Securities projected that the supply-demand gap for copper is expected to widen, with global copper mine production declining nearly 5% year-on-year in Q3 2025, and a continued contraction anticipated in Q4 [4] - The report suggested that raw material shortages and potential "de-involution" will contribute to a reduction in domestic refined copper supply, with a forecast that LME copper prices could exceed $10,000 per ton, indicating upward potential [4]

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Core Insights - 8x8, Inc. has introduced native support for Mitel SIP desk phones, allowing users to access the 8x8 platform while preserving their existing hardware investments and enhancing voice resiliency without disruptions [1][2][3] Company Developments - The integration of Mitel SIP support expands 8x8's enterprise voice capabilities, enabling businesses to modernize their communication systems without the need for device replacements [2][4] - 8x8's platform combines various communication tools, including business phone, contact center, chat, video, APIs, and AI, ensuring a comprehensive solution with a guaranteed 99.999% uptime SLA and global PSTN coverage in over 55 countries [4][7] Industry Context - The partnership with Mitel emphasizes the importance of physical handsets in enterprise communication, as they are trusted for their reliability and performance in various environments [5][3] - Mitel's recent relocation of IP phone production to Germany aims to enhance supply chain stability and reduce lead times for European customers, which is particularly beneficial for clients in regulated industries [9]

Core Insights - The 6G technology transformation is rapidly approaching, with a development conference scheduled for November 13-14, 2025, in Beijing, focusing on creating a 6G innovation ecosystem and discussing standards and innovations for the "intelligent interconnection of all things" era by 2030 [1] Policy, Technology, and Ecosystem Layout - Beijing has established a mature development framework for 6G, characterized by "policy guidance + technological breakthroughs + ecosystem collaboration" [2] - The city has initiated a top-level design for 6G, forming a collaborative system that includes a general group, a laboratory, and multiple research and industrial bases [2] - Beijing's government has been proactive in policy support, being the first in the nation to release a 6G innovation and industry cultivation action plan for 2024-2030, and offering financial incentives for contributions to 6G standards [2] Technological Breakthroughs and Support - Beijing has achieved significant breakthroughs in 6G technology, with the establishment of the "6G SPACES" community to support testing and innovation [3] - The city provides substantial financial support for operational platforms and opens up research resources to facilitate industry collaboration [3] Upcoming Conference Highlights - The 6G development conference will serve as a key platform for global consensus in the 6G field, featuring discussions on the integration of 6G and AI, and various sub-forums on related topics [4] - Key reports on 6G technology scenarios will be released, providing guidance for standardization and industrialization [4] Global Context and Challenges - The standardization of 6G is at a critical stage, with new technical challenges arising from complex functionalities that require ongoing collaboration across the global industry [5] Future Directions for Beijing - Beijing aims to become a core technology source, a hub for high-value enterprises, and a provider of industry solutions in the global 6G landscape [6] - The city plans to explore key application scenarios and focus on core technologies related to 6G, while fostering collaboration among leading enterprises [7]

Core Insights - The planned facility in Munich is expected to enhance AI computing power in Germany by approximately 50%, which is significant for the European Union's efforts to compete with the U.S. in the AI sector [1] Industry Impact - The increase in AI computing power is a strategic move for the European Union, aiming to bolster its position in the global AI landscape and reduce reliance on U.S. technology [1]

Core Insights - The article emphasizes the role of elite lawyers in the billion-dollar mergers and acquisitions (M&A) sector, highlighting their importance as trusted advisors who guide complex transactions that can transform industries [1][2][3] Group 1: M&A Environment - The M&A market is currently experiencing renewed momentum and cautious optimism, with a notable increase in global deal value by 20% compared to the first five months of 2024 [6] - North American deal volume year-to-date is reported at $1.2 trillion, indicating a significant recovery in the M&A landscape [6] - Despite a slow start to 2025, the deal environment has improved, with firms actively seeking to close transactions before year-end [6][7] Group 2: Lawyer Expertise and Relationships - Top M&A lawyers are characterized by their commitment to excellence, creativity, and the ability to navigate complex legal and business landscapes [2][3] - Building long-term relationships with clients is crucial in M&A, as it helps lawyers understand client motivations and concerns [4][5] - The best lawyers possess a deep understanding of both the law and their clients' businesses, allowing them to anticipate regulatory and shareholder reactions [3][4] Group 3: Notable Transactions - Significant transactions in 2025 include Hess Corporation's $60 billion sale to Chevron Corp. and Paramount Global's $28 billion merger with Skydance Media, LLC [8] - Other major deals include AT&T's pending $23 billion acquisition of wireless spectrum licenses from EchoStar and Volkswagen's $5.7 billion joint venture with Rivian [9][12] - The article highlights the complexity and scale of these transactions, showcasing the lawyers' roles in facilitating them [10][11] Group 4: Future Outlook and Diversity - The U.S. remains a prime location for M&A activity, with opportunities for growth and innovation across various sectors [12] - The M&A field is noted for its lack of diversity, with ongoing efforts to create opportunities for underrepresented groups [15][16] - The article expresses hope for increased diversity in the M&A sector, emphasizing the importance of mentorship and opportunity creation [16]

Core Insights - Nvidia has signed a €1 billion ($1.15 billion) partnership with Deutsche Telekom to establish an "AI factory" in Munich, aiming to enhance Germany's AI computing power by 50% [1][2] Group 1: Project Overview - The project, named "Industrial AI Cloud," will utilize over 1,000 Nvidia DGX B200 systems and RTX Pro Servers equipped with up to 10,000 Blackwell GPUs to deliver AI inferencing and services to German companies while adhering to local data sovereignty laws [2] - Deutsche Telekom will provide the physical infrastructure, while SAP will contribute its Business Technology platform and applications [4] Group 2: Partnerships and Use Cases - Early partners of the project include Agile Robots, which will assist in installing server racks, and Perplexity, which will leverage the data center for "in-country" AI inferencing for German users [3] - The project will also explore use cases such as digital twins and physics-based simulation for industrial companies [3] Group 3: Industry Context - The partnership aligns with a broader call from the European tech industry for reduced reliance on foreign infrastructure and the promotion of local alternatives, amidst criticism of the EU's regulatory approach to AI [5] - The EU has committed €200 billion to establish "AI gigafactories" focusing on industrial applications, although funding for AI initiatives in Europe remains significantly lower than in the U.S. [6] Group 4: Future Outlook - The project is expected to commence operations in early 2026 and is distinct from the EU's AI gigafactory initiative [7] - Deutsche Telekom's CEO emphasized the importance of AI in enhancing products and reinforcing European strengths in mechanical engineering and industry [7]