Market Overview - Asian stocks ended mostly higher, driven by post-election optimism in Japan and a strong rebound in the sector [1] - The U.S. dollar index eased following reports of Chinese regulators limiting U.S. Treasury bond holdings [1] - Oil prices were subdued after a previous rise of over 1 percent due to a U.S. advisory warning of potential supply disruptions [1] Regional Indices - China's Shanghai Composite index increased by 0.13 percent to 4,128.37, fueled by stimulus expectations and investor enthusiasm for artificial intelligence [2] - Hong Kong's Hang Seng index rose by 0.58 percent to 27,183.15, led by gains in pharma and tech stocks [2] - The Nikkei average surged by 2.28 percent to 57,650.54, reaching a new record high amid rising equities and a recovering yen [3] - The broader Topix index settled 1.90 percent higher at 3,855.28, with expectations of increased government spending and tax cuts [3] Company Performance - SoftBank Group's stock soared by 10.7 percent ahead of its earnings results due on Thursday [4] - Furukawa Electric's shares jumped nearly 23 percent on robust earnings [4] - Seoul's Kospi average finished marginally higher at 5,301.69, with anticipation of U.S. retail sales, jobs, and inflation data that may influence Federal Reserve policy [4] Other Markets - Australian markets ended little changed after a relief rally, with software and data center stocks attracting fresh demand while healthcare stocks underperformed [5] - New Zealand's S&P/NZX-50 index rose by half a percent to 13,513.68 [5] - U.S. stocks ended on a firm note, with tech stocks rebounding from previous concerns regarding AI spending [5] U.S. Market Highlights - The Dow inched up marginally to reach a new record ahead of key earnings and economic data [6] - The tech-heavy Nasdaq Composite climbed by 0.9 percent, while the S&P 500 advanced by half a percent [6]

The Nikkei 225 Index ended Tuesday's session up 2.3% to 57,650.54 ‌while the ‌broader Topix, which also closed at a record high, advanced 1.9% to ‌3,855.28. Earnings season is underway in the world's fourth-largest economy, and markets are buoyed by expectations that Takaichi's overwhelming victory on Sunday would enable her to push through big spending and tax relief."Following ​the ruling coalition's landslide victory in ​the general election, expectations for proactive fiscal policy are rising, and ‌hop ...

Core Insights - Nexans has signed a €600 million framework agreement with Enedis for the supply of medium-voltage cables to modernize and expand the network in France [2][3] - The contract spans seven years (2026-2032) with deliveries starting in Q1 2026, featuring an average annual volume that is double that of the previous contract [3][4] - The proposal from Nexans was distinguished by its economic competitiveness, security of supply, and CSR performance, aligning with Enedis' priorities [4][10] Contract Details - The contract includes all HTA cables for the 20 kV underground network, focusing on increased production of 400 mm² sections and reinforced direct burial cables [5][6] - Major industrial investments of €15 million have been made at the Bourg-en-Bresse site to enhance production capabilities for larger aluminum cross-sections and sheath thicknesses [6] Environmental Commitment - Nexans emphasizes low greenhouse gas emissions of its cables and is enhancing its circularity approach by integrating recycled materials [7][8] - The company aims to incorporate 10% recycled content in its low-voltage aluminum cables produced in France by 2025, reflecting its commitment to sustainability [8] Partnership and Future Outlook - This contract continues a long-standing partnership with Enedis, following a previous major contract for low-voltage underground cables signed in October 2024 [9] - The Managing Director of PWR Grid Central Europe at Nexans highlighted the importance of this contract for the electrification of uses in France and the company's ability to meet economic and environmental requirements [11]

Summary of Ningbo Orient Wires & Cables (603606.SS) Conference Call Company Overview - **Company**: Ningbo Orient Wires & Cables (NBO) - **Industry**: Subsea and high-voltage cable manufacturing Key Points Order Backlog and Delivery Expectations - NBO expects to deliver most of its order backlog, totaling over Rmb20 billion, by the end of 2025 during 2026-27E, including high-voltage subsea cable orders likely in 2026E [1][2] - As of October 2025, NBO had Rmb19.5 billion in orders on hand and secured Rmb3.1 billion in new orders in December 2025, with Rmb13.8 billion from subsea and high-voltage land cable orders [2] Offshore Wind Installation Projections - Management anticipates China’s offshore wind installations to reach 10-12 GW in 2026E, an increase from approximately 6 GW in 2025 [3][7] - The wind industry aims for average offshore wind additions of no less than 15 GW per annum from 2026-30E [7] Financial Performance and Margins - NBO's gross profit margin from subsea cable sales is sustained at 30-40%, exceeding 40% for 500kV products [1][2] - Projected financials include: - 2023A Net Profit: Rmb1,000 million - 2026E Net Profit: Rmb1,883 million, with a diluted EPS of Rmb2.738 [3] International Orders and Market Opportunities - NBO obtained over Rmb2.0 billion in overseas orders in 2025, with significant potential demand from Europe due to numerous offshore wind projects in the pipeline [1][8] - The UK’s CfD Allocation Round 7 awarded 8.4 GW of offshore wind projects, with NBO being a qualified supplier for major developers [8] Production Capacity and Utilization - NBO's annual production value for subsea cables exceeds Rmb10 billion, with full utilization of subsea cable capacity since 2025 [9] - The completion of the Shandong production base by the end of 2027E is expected to increase total production value by Rmb3.0 billion [9] Risk Management - NBO has hedged 100% of its copper price exposure for project-based orders, with medium and low-voltage land cables hedged over 80% [10] - Key risks include lower-than-expected market demand for submarine cables, margin pressure from competition, and potential international trade restrictions [15] Valuation and Investment Recommendation - Target price for NBO shares is set at Rmb81.0, representing a potential upside of 38.3% from the current price of Rmb58.57 [5][14] - The expected total return is 39.4%, with a market cap of Rmb40,279 million [5] Additional Insights - NBO's strategic focus on inter-island power connection projects in Asia and Europe is seen as a new demand driver for subsea cables [8] - The company’s financial metrics indicate an attractive valuation with a 21.4x 2026E PE compared to a historical average of 29.3x [1]

Core Viewpoint - Mr. José Francisco Pérez Mackenna has resigned from his position as Director of Nexans, effective February 1, 2026, to join the Government of Chile as Minister of Foreign Affairs [1][2]. Company Overview - Nexans is a global leader in sustainable electrification, focusing on systems that support the transition to a connected, resilient, and low-carbon future [3]. - The company operates in three core business areas: PWR Transmission, PWR Grid, and PWR Connect, leveraging over 140 years of industry expertise and innovation [4]. - Nexans generated €7.1 billion in standard sales in 2024 and is committed to achieving Net-Zero emissions by 2050, in line with the Science Based Targets initiative (SBTi) [5]. Committees and Contributions - Mr. Pérez Mackenna's resignation includes his departure from several key committees: Accounts, Audit and Risk Committee, Appointments and Corporate Governance Committee, Compensation Committee, and Strategy and Sustainable Development Committee [1][2]. - The Board of Directors expressed gratitude for his contributions since his appointment in 2011 [2].

Core Viewpoint - The company has made significant advancements in the research and industrialization of high-speed copper cable products, achieving mass production capabilities for its 224G physical foaming products [1] Group 1: Product Development - The company has established a complete product matrix for high-performance requirements, including the 224G foaming specialized equipment production line, which is now operational [1] - The company has successfully received orders from domestic and North American clients for its 112G and 224G high-speed copper cable products, entering the stage of large-scale production [1] Group 2: Certification and Market Demand - Recently, the company's high-speed copper cable products have passed certification from a major North American client [1] - The performance and quality of the company's products meet the requirements of global technology companies such as NVIDIA, Amazon, Google, and Huawei for high-speed interconnect solutions in AI computing clusters and large-scale data centers [1]

Group 1 - The conference emphasized the importance of integrating technological innovation with industrial development, urging technology workers to contribute significantly to the modernization of Jiangsu province [1][2] - The provincial science and technology association aims to enhance innovation platforms, improve talent services, and promote scientific literacy among the public [2][3] - The "14th Five-Year Plan" period is seen as crucial for achieving modernization, with a focus on technology self-reliance and innovation [3] Group 2 - The conference recognized 60 young technology workers, encouraging them to tackle cutting-edge scientific issues and contribute to industrial upgrades [4] - Young researchers are encouraged to align their personal aspirations with national development goals, particularly in the marine cable technology sector [4][5] - The integration of scientific research with industry needs is highlighted as essential for advancing agricultural technology and promoting sustainable practices [5] Group 3 - The conference underscored the significance of scientific education and the cultivation of talent in driving innovation and modernization [6] - The spirit of scientists, characterized by patriotism, innovation, and collaboration, is deemed vital for inspiring future generations to engage in scientific endeavors [6] - The need for high-quality development in popular science is emphasized to enhance public scientific literacy and support for technological initiatives [6]

Core Insights - Nexans is executing the Great Sea Interconnector (GSI) project in accordance with its contractual obligations and established milestones since 2023 [1] - A rescheduling of activities is ongoing with the customer, which will affect the project delivery date but not Nexans' 2028 financial guidance due to a large backlog and proactive measures [2] - Nexans remains committed to the GSI project and is confident in the long-term growth prospects of its PWR-Transmission business, supported by structural trends and a robust order backlog [3] Company Overview - Nexans is a global leader in sustainable electrification, providing advanced cable solutions and services for the transition to a low-carbon future [5] - The company has over 140 years of history and operates through three core businesses: PWR Transmission, PWR Grid, and PWR Connect, focusing on innovation and energy transition [6] - Nexans operates in 41 countries with a workforce of 28,500 and generated €7.1 billion in standard sales in 2024, with a commitment to Net-Zero emissions by 2050 [7]

Group 1 - Nexans has a liquidity contract with NATIXIS ODDO BHF, with assets reported as of December 31, 2025 [1] - The liquidity contract is in accordance with AMF decision no. 2018-01 and decision no. 2021-01 [1] - The company reported 27,951 shares and EUR 6,018,379.66 in cash as part of its liquidity account [4] Group 2 - Nexans generated €7.1 billion in standard sales in 2024 [2] - The company employs approximately 28,500 people across 41 countries [2] - Nexans is committed to achieving Net-Zero emissions by 2050, aligning with the Science Based Targets initiative (SBTi) [2]

Core Insights - Eni S.p.A.'s chemical unit, Versalis, and Prysmian S.p.A. are collaborating to create a circular economy for plastic cable scrap, focusing on reducing and recycling plastic waste [1][4] Group 1: Collaboration and Objectives - The partnership aims to gather plastic waste from Prysmian's manufacturing processes and decommissioned cables, converting it into new plastic polymers through a chemical recycling process [1][9] - The initiative underscores both companies' commitment to sustainability and reducing environmental impact, with a pilot project expected to commence in the second half of 2026 in Italy [4][9] Group 2: Recycling Technology - Prysmian will send collected plastic scrap to Versalis' Mantua plant, where it will be processed using the proprietary Hoop® technology, converting plastic into pyrolysis oil for new polymers [2][9] - The Hoop® technology allows for approximately 60% of cross-linked polyethylene (XLPE) to be recycled without loss of quality, enabling the production of new industrial cables [3][9] Group 3: Industry Impact - This innovative approach represents a significant advancement in recycling capabilities for industrial cables, promoting sustainability within the industrial sector and enhancing the circular economy [4][3]