最具创新能力的科技机构能在不同的经济周期中脱颖而出。 在全球经济格局充满不确定性的当下，投资机构如何在波动中寻找机遇？ 这家被业界誉为"港版淡马锡"的投资机构初始管理规模达620亿港元，由香港特区行政长官李家超在首 份《施政报告》中亲自规划，旨在通过直接投资或与私募基金合作，吸引重点企业落户香港，在争取长 期投资回报的同时，推动金融科技、人工智能、生物科技、高端制造业等四大核心领域发展。 在硬科技、生物科技、新能源/绿色科技这三大投资赛道上，港投公司展现出了前瞻性布局眼光。该公 司行政总裁陈家齐在接受第一财经独家专访时分享了她的洞察："优秀的科技公司无论在什么经济周期 中都会崭露头角。历史上许多成功的公司，之所以能一路走来，是因为它们选择了正确的发展路径，并 解决了市场上的核心痛点。" 她认为，从历史来看，最具创新能力的科技机构，通常都是解决市场上核心痛点的企业，它们能在不同 的经济周期中脱颖而出。现在正是抓住这一窗口，快速寻找优秀伙伴和公司的好时机。 在风险中寻找科技投资机遇 第一财经：在全球经济不确定性加剧的背景下，港投如何在当前全球市场动荡中布局？如何在三大重点 赛道中平衡风险与机会？ 陈家齐：投资本身 ...

Financial Data and Key Metrics Changes - Sales decreased by 6% year over year, with metal cutting sales declining 4% organically and infrastructure declining 2% organically [9][25] - Adjusted EPS increased to $0.47 compared to $0.30 in the prior year quarter, driven by restructuring benefits and an advanced manufacturing tax credit [12][28] - Adjusted EBITDA and operating margins were 17.9% and 10.3% respectively, compared to 14.2% and 8.1% in the prior year quarter [27] Business Line Data and Key Metrics Changes - Metal cutting sales were down 7% year over year, with a 4% organic decline and unfavorable foreign currency exchange of 3% [29] - Infrastructure sales declined 4% year over year, with an organic decline of 2% and unfavorable foreign currency exchange of 2% [32] - Aerospace and defense sales increased by 28%, while energy declined by 3% mainly in The Americas [33] Market Data and Key Metrics Changes - EMEA remained the slowest market, down 4% on a constant currency basis, while The Americas and Asia Pacific both declined by 1% [9][30] - General engineering and transportation were largely impacted by market conditions in EMEA and The Americas [11][30] - Aerospace and defense showed slight improvement as supply chain constraints eased [49] Company Strategy and Development Direction - The company is focused on executing growth initiatives in aerospace and defense, despite overall market weakness [8][10] - A restructuring action was announced to lower structural costs by reducing employment costs and consolidating manufacturing operations [7][10] - The company aims to fully mitigate the impact of tariffs through various actions, including optimizing product flow and evaluating alternative supply options [20][21] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are short-term pressures across end markets, long-term trends for industrial production remain positive [11][12] - The company expects to achieve a $15 million annualized run rate savings from restructuring actions by June 30 [40] - Management remains committed to executing value creation initiatives to deliver a strong finish to fiscal 2025 [43] Other Important Information - The company returned $40 million to shareholders through share repurchase and dividend programs [36] - The estimated annual impact of tariffs is approximately $80 million, with ongoing mitigation actions in place [20][21] Q&A Session Summary Question: Can you discuss the outlook for the fourth quarter and demand trends? - Management indicated steady improvement in demand trends, with general engineering and transportation remaining flat, while aerospace and defense showed slight improvement [48][50] Question: Can you provide more details on tariff mitigation actions? - Management confirmed that they are confident in fully mitigating the direct impact of tariffs and have already begun implementing several actions [54][56] Question: What were the biggest surprises in the quarter relative to previous guidance? - The advanced manufacturing tax credit was a significant driver of performance, with tungsten prices expected to impact costs moving forward [66][68] Question: How is the competitive landscape affected by tariffs? - Management noted that they are performing better than peers and are well-positioned to utilize their global footprint to mitigate tariff impacts [73][74] Question: Are there any opportunities for M&A or portfolio optimization due to the changing trade situation? - Management acknowledged ongoing discussions regarding strategic priorities and potential portfolio actions in light of the tariff situation [81] Question: What is the pricing outlook for the final quarter of the year? - Management confirmed that the pricing outlook remains at approximately 2%, excluding tariff impacts [107]

Financial Data and Key Metrics Changes - Sales decreased by 6% year over year, with metal cutting sales declining 4% organically and infrastructure declining 2% organically [8][23] - Adjusted EPS increased to $0.47 compared to $0.30 in the prior year quarter, driven by restructuring benefits and an advanced manufacturing tax credit [11][26] - Adjusted EBITDA and operating margins were 17.9% and 10.3% respectively, compared to 14.2% and 8.1% in the prior year quarter [25] Business Line Data and Key Metrics Changes - Metal cutting sales were down 7% year over year, with a 4% organic decline and unfavorable foreign currency exchange of 3% [28] - Infrastructure sales declined 4% year over year, with an organic decline of 2% and unfavorable foreign currency exchange of 2% [31] - Aerospace and defense sales increased by 28%, while energy sales grew by 2% [32] Market Data and Key Metrics Changes - EMEA remained the slowest market, down 4% on a constant currency basis, while The Americas and Asia Pacific both declined by 1% [8][28] - General engineering and transportation were impacted by market conditions in EMEA and The Americas, while aerospace and defense showed slight improvement [10][29] Company Strategy and Development Direction - The company is focused on executing growth initiatives in aerospace and defense, despite overall market weakness [7][10] - A restructuring action was announced to lower structural costs by reducing employment costs and consolidating manufacturing operations [6][12] - The company aims to fully mitigate the impact of tariffs through various actions, including optimizing product flow and evaluating alternative supply options [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that most markets have been modestly declining for over thirty months, but they remain focused on controllable factors [7][10] - The company tightened its fiscal 2025 sales outlook to reflect the latest forecasts of specific market drivers and general market conditions [12][37] - Management expressed confidence in long-term mega trends for industrial production, including growth in aerospace and defense [10][40] Other Important Information - The company achieved approximately $6 million in restructuring savings during the quarter and is on pace to achieve a $15 million run rate savings [9][11] - The estimated annual impact of tariffs is approximately $80 million, with ongoing mitigation actions in place [19][96] - The company returned $40 million to shareholders through share repurchase and dividend programs [35] Q&A Session Summary Question: Can you discuss the outlook for the fourth quarter and demand trends? - Management indicated steady improvement in demand trends, with most markets remaining flat, and noted that they expect to gain market share [44][49] Question: Can you provide more details on tariff mitigation efforts? - Management confirmed that they are confident in fully mitigating the direct impact of tariffs and are already implementing several actions [52][54] Question: What were the biggest surprises in the quarter relative to previous guidance? - Management highlighted the advanced manufacturing tax credit as a significant driver of performance, with overall cost structure coming in better than expected [60][66] Question: How is the competitive landscape affected by tariffs? - Management noted that they are performing better than peers and are well-positioned to utilize their global footprint to mitigate tariff impacts [71][72] Question: Are there any opportunities for M&A or portfolio optimization due to the changing trade situation? - Management acknowledged ongoing discussions regarding strategic priorities and potential portfolio actions in light of the tariff situation [80] Question: What is the pricing outlook for the remainder of the year? - Management confirmed that the pricing outlook remains at approximately 2%, excluding tariff impacts, but could be higher with tariff surcharges [105][106]

ESR(01821.HK)精简战略重心，聚焦物流、数据中 心及基础设施，以实现可持续增长 亚太区领先的新经济不动产管理公司ESR集团在其转型战略方面取得重大进展，精简并进一步聚焦 物流房地产、数据中心和基础设施平台在内的核心业务。 集团新经济资产【1】的物业组合出租率达87%，这得益于多个市场的大型资产在过去一年企稳。 在日本和中国内地市场，近200万平方米的新增稳定资产在2024财年投入运营。随着时间的推移，这些 资产正朝着实现其目标入住率的目标迈进。 基于这一战略，集团在2024年推动落实多项关键举措，以优化其资产负债表，精简和简化业务，并 通过"一个ESR"(One ESR)为投资者和客户交付业务，这进一步加强了集团的整体业务韧性。上述积极 进展已在ESR截至2024年12月31日（"2024财政年度"）的年度最新财务报告中披露。 截至2024年底，ESR与管理费收入相关总资产管理规模达到714亿美元，其中约60%来自新经济业 务。在融资方面，ESR于2024年筹得54亿美元的资金，凸显了投资者在艰难融资环境下对ESR的信心。 ESR的核心业务贡献了超过75%的融资总额。同时，ESR还成功拓宽了投资者基 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [4]. Core Insights - The shipping sector is experiencing a significant recovery in dry bulk freight rates, with increased demand for iron ore and coal, while oil shipping is seeing a rise in geopolitical risk premiums due to ongoing sanctions [8][12][14]. - Infrastructure assets remain attractive for investment, particularly in the context of a long-term interest rate decline, with H-shares offering a dividend yield above 6% [16]. - The express delivery industry is projected to maintain double-digit growth in volume, driven by increasing online shopping frequency and the rise of live-streaming e-commerce platforms [18]. - The airline industry is in a post-pandemic recovery phase, with demand expected to grow due to economic stimulus policies, while supply remains constrained due to global supply chain issues [20]. Shipping Sector Summary - Dry bulk freight rates are on the rise, with the Baltic Dry Index (BDI) increasing by 19.2% this week, driven by higher demand for iron ore and coal [29]. - Oil shipping rates are also improving, with VLCC rates reaching $39,000 per day, up 3% this week [31]. - The container shipping market is seeing a decline in rates, with SCFI indices dropping significantly across major routes [23]. Infrastructure Sector Summary - Road passenger traffic in November 2024 was 990 million, a year-on-year increase of 1.8%, while rail passenger turnover increased by 17.6% in January 2025 [15][33]. - The report highlights the potential for improved performance in the infrastructure sector as domestic demand stabilizes [16]. Express Delivery Sector Summary - The express delivery volume for January-February 2025 reached 28.48 billion pieces, a year-on-year increase of 22.4%, with revenue growing by 11.2% [17][36]. - The concentration index (CR8) for the express delivery market is at 87.1, indicating a stable competitive landscape [17]. Airline Sector Summary - Domestic air ticket prices have decreased by 4% week-on-week, while passenger volume has increased by 3% [19][42]. - The airline industry is expected to see a recovery in profitability as supply-demand dynamics improve in 2025-2026 [20]. Logistics Sector Summary - Cross-border air freight prices have decreased by 2.1% week-on-week, while the average short-haul freight rate remains stable at approximately 60 yuan per ton [21][48]. - The logistics sector is closely monitoring the impact of U.S.-China tariff policies on the supply chain [21].

Financial Data and Key Metrics Changes - For the fourth quarter, net sales reached $1 billion, an increase of 2.1%, while operating income rose nearly 20% to $120 million, resulting in an operating margin of 11.6% [25][26] - Full year net sales decreased by 2.4% to $4.1 billion, but operating income increased by 10.9% to $525 million, with operating margins improving by 160 basis points to 12.9% [30][38] - Earnings per share for the fourth quarter was $3.84, up nearly 21%, and for the full year, it reached a record $17.19, improving nearly 15% [30][38] Business Line Data and Key Metrics Changes - Infrastructure segment sales increased by 2.1% in Q4, with operating income growing 24% to $122 million, driven by utility and telecom growth, while lighting and transportation sales declined by 2.5% [26][27] - Agriculture segment sales rose by 2.3% in Q4, with North America experiencing slight volume declines, but international sales increased nearly 10% [28][29] Market Data and Key Metrics Changes - Utility markets are strong, driven by increased CapEx spending due to energy demand, with Valmont positioned to capitalize on these trends [14][19] - North American agriculture market conditions are stable, but cash receipts for corn and soybeans are projected to decline by 4% to 6% [20][21] Company Strategy and Development Direction - The company aims to optimize capacity to meet growing demand, particularly in the utility market, and is investing in new capabilities and capacity [9][10] - Valmont is focusing on profitable growth, operational excellence, and customer-driven innovation to enhance its market position [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market challenges and achieve long-term sustainable value creation [13][39] - The outlook for 2025 includes projected net sales between $4 billion and $4.2 billion, with diluted earnings per share expected to grow by 5% at the midpoint [31][32] Other Important Information - The company plans to allocate 50% of operating cash flows towards growth investments and 50% to shareholder returns, with a new $700 million buyback authorization [35][36] - A 13% increase in the quarterly dividend was approved, reflecting the company's commitment to delivering shareholder value [38] Q&A Session Summary Question: Can you discuss the agriculture market's performance and the impact of foreign exchange? - Management noted that both North America and Brazil face challenges due to corn and soy prices, but there is strong activity in the North Africa EMEA region [42] Question: What are the expectations for operating margins in 2025? - Management indicated that there are opportunities for margin improvement through operational efficiencies and cost management, aiming for mid-teens margins in the long term [45][46] Question: How are tariffs factored into the guidance? - The company has accounted for the impact of tariffs in its guidance, focusing on pricing strategies and operational adjustments to mitigate costs [54][60] Question: Can you elaborate on the capital allocation priorities? - The company plans to increase CapEx to approximately $150 million, focusing on capacity expansion and efficiency improvements [62][64] Question: What is the outlook for the utility segment and new capabilities? - Management highlighted strong demand in the utility sector, particularly for substations, and ongoing innovation to enhance product offerings [81][96]