Tornator Grew to a New Level: Group Revenue EUR 232 Million and Balance Sheet EUR 4 Billion – Forest Assets Exceeded 800,000 Hectares Financial Statements release - 3 February 2026 at 3 pm SUMMARY FOR THE PERIOD 1 January – 31 December 2025 ·Turnover increased to EUR 232.2 million (+9.0%). Strong demand raised timber sales prices early in the year, and well-planned timber sales batches met customer needs throughout the year. ·Adjusted operating profit rose again to a new record of EUR 168.4 million (154.1 ...

Investment Rating - The report does not explicitly provide an investment rating for the carbon market and climate finance in Gabon's forest sector Core Insights - Gabon is positioned to deepen its engagement in international carbon market mechanisms, particularly following the finalization of the Article 6 rulebook of the Paris Agreement at COP29, linking this opportunity to its broader development agenda of transitioning from a hydrocarbon-dependent economy to a diversified, sustainable model [26][27] - The Strategic Roadmap for Climate Finance and Carbon Markets aims to operationalize access to carbon markets and climate finance mechanisms, focusing on the forestry sector where Gabon has a comparative advantage as a High Forest, Low Deforestation (HFLD) country [27][30] - Gabon's forests contain over 8.1 billion tons of carbon, representing almost 86 percent of annual global CO₂ emissions from the energy sector, yet the country currently realizes only a minor share of this value domestically [29][12] - The roadmap outlines immediate priorities for the forest sector to enhance Gabon's involvement in carbon markets and climate finance, emphasizing the need for legal clarity, institutional frameworks, and stakeholder capacity [30][44] Summary by Sections Executive Summary and Recommendations - Gabon is at a critical juncture to engage in international carbon markets, with carbon markets serving as a strategic lever to mobilize climate finance [26] - The roadmap emphasizes the need for readiness in technical systems, institutional frameworks, and legal clarity to operationalize access to carbon markets [27] Background and Objective - The report provides a detailed framework for advancing carbon finance initiatives within Gabon's forest sector, complementing the Gabon Forest Ecosystem Accounts [11] Key Decisions and Requirements for Carbon Markets Participation - The roadmap identifies strategic and regulatory foundations necessary for carbon market participation, including governance, integrity, and reporting [6][7] HFLD Specificities, Forest Offsets Standards and Climate Finance - Gabon aims to mobilize climate finance through results-based payments and participation in international carbon markets under Article 6, particularly through Internationally Transferred Mitigation Outcomes (ITMOs) [34][35] Priority Recommendations and Action Areas - The roadmap outlines six key policy pillars and priority action areas to strengthen participation in results-based payments and leverage climate finance [58][65] - Key actions include establishing a national carbon registry, defining carbon rights, and integrating carbon markets into the Nationally Determined Contributions (NDC) [59][60] Conclusion and Next Steps - The report concludes with a call for immediate actions to address gaps in Gabon's legal and institutional frameworks, emphasizing the importance of stakeholder engagement and capacity building [45][50]

Core Viewpoint - During the "14th Five-Year Plan" period, Guangdong is set to plant approximately 800 million seedlings, which could encircle the Earth about 20 times, significantly enhancing the province's afforestation and ecological construction efforts [1][9]. Group 1: Seedling Production and Quality - Guangdong's seedling supply capacity has notably improved, with a total of around 800 million seedlings planted, supporting the optimization of 11.05 million acres of forest [2][3][8]. - The quality of afforestation seedlings has reached a compliance rate of 95%, ensuring high standards in seedling production [4][18]. - The province has established a "contract seedling production and targeted supply" mechanism, with over 60 million seedlings supported annually through financial subsidies [5][7]. Group 2: Seedling Base and Resource Management - Guangdong has built 9 national key forest seed bases, 3 provincial key bases, and 117 provincial nurseries, with a total production capacity exceeding 16.01 million seedlings [12][13]. - The province has created 8 quality seedling reserve bases, procuring approximately 1.4035 million quality seedlings to address structural shortages in rural greening [14][15]. Group 3: Genetic Resource Management and Improvement - The province has identified 79 provincial-level forest varieties and is actively engaged in the selection and breeding of over 30 tree species to enhance seedling quality [19][25]. - Guangdong has collected and preserved 27,617 samples of 201 tree species, contributing to the management of forest genetic resources [22][20]. Group 4: Future Plans and Development - Moving forward, Guangdong will continue to enhance the collection, evaluation, and breeding of local broadleaf, specialty economic, and precious timber species to strengthen seedling development [36][38].

Group 1 - The core viewpoint of the articles highlights the robust growth and stability of Guangxi's forestry seedling production, with a total output expected to reach 1.177 billion seedlings by 2025, maintaining above 1.1 billion for five consecutive years [1][2] - Guangxi has established a comprehensive seedling production system, with 61 various tree seed production bases covering an area of 46,300 acres, and 2,273 nurseries with a total seedling area of 156,300 acres, supporting high-quality forestry development [1] - The seedling supply and demand in Guangxi show three significant characteristics, including a solid production supply foundation and an increasing usage rate of improved varieties, with improved seed varieties accounting for 28.11% of total seed production in 2025, up 2 percentage points from the previous year [1] Group 2 - In addition to traditional tree species, Guangxi is actively promoting structural adjustments in afforestation tree species, with traditional species like eucalyptus, oil tea, and fir accounting for 70% of total seedling output in 2025 [2] - The production of local precious tree species such as Fokienia hodginsii and Acacia mangium has seen explosive growth, with Fokienia hodginsii seedlings reaching 9.4214 million, a year-on-year increase of nearly 2.64 times, and Acacia mangium seedlings doubling to 9.5132 million [2] - The demand for afforestation seedlings in Guangxi is projected to be approximately 660 million in 2026, slightly increasing from the actual usage in 2025, driven by ongoing national reserve forest construction and the development of the oil tea industry [2]

Core Insights - The article highlights the innovative financial solutions being implemented in Shaoguan, Guangdong, to transform forestry resources into tangible economic assets, addressing challenges such as financing difficulties and asset monetization [1][2]. Group 1: Financial Innovation and Support - The issuance of the "Forestry Operating Income Rights Certificate" has enabled farmers to access credit, exemplified by a farmer obtaining a loan of 1 million yuan to expand operations [1][2]. - By March 2025, Shaoguan was the first in the province to issue five such certificates, facilitating the quantification and collateralization of forestry income rights through a digital financing system [2]. - The local bank has introduced innovative loan products like "Quick Agricultural Loans" and "Green Forest Loans," with total credit reaching 12.5 million yuan by November 2025, allowing farmers to meet urgent financial needs [2][3]. Group 2: Tailored Financial Solutions - Shaoguan's approach includes customized financial solutions for different scales of forestry operations, such as a 15 million yuan credit facility for a large eucalyptus plantation company [3]. - The introduction of a third-party assessment model and carbon credit accounting has allowed for the scientific quantification of future ecological values, leading to new financial products like forestry carbon credit pledge loans [3]. - A local wood processing company received a 7 million yuan loan within seven working days to address temporary cash flow issues, showcasing the efficiency of digital financial services [3]. Group 3: Long-term Development and Risk Management - The integration of pension finance concepts aims to direct funds towards forest health and eco-tourism, with a 220 million yuan loan supporting a high-quality wellness project [4]. - A tripartite risk-sharing model involving government, banks, and guarantees has been established to enhance financial support for the forestry sector, with 3.16 million yuan in risk compensation loans already provided [4]. - The comprehensive financial support system is guided by a clear policy framework, which integrates the core principles of financial empowerment into the entire forestry development chain [4]. Group 4: Economic Impact - The systematic reforms in Shaoguan's forestry sector have led to significant economic outcomes, with forestry output value expected to exceed 30 billion yuan in 2024 and reach 33 billion yuan in 2025 [5]. - The innovative financial strategies are accelerating the transformation of ecological resources into economic benefits, contributing to the region's sustainable development [5].

Group 1 - Guangdong Province has introduced new regulations to address historical issues related to rural real estate registration, aiming to protect farmers' residential property rights and land use rights [3][4][5] - The regulations emphasize resolving disputes over property ownership and implementing targeted measures to handle historical registration issues [6] Group 2 - During the period from December 29, 2025, to January 4, 2026, various regions in Guangdong will focus on rural revitalization and the "Hundred-Thousand-Ten Thousand Project" with precise strategies [9][10] - The Guangzhou municipal secretary has called for steady progress in urban renewal and village renovation, enhancing the quality of rural living environments and governance [11][12][13] Group 3 - Guangdong has reported a continuous increase in forest area and volume during the "14th Five-Year Plan" period, with forest coverage reaching 53.39% and total forest volume at 657 million cubic meters [17][18][19] - The province aims to enhance forest quality through coordinated efforts in expanding, promoting, and protecting green spaces, marking a significant transition from quantity to quality in forest resources [20][21][22] Group 4 - A total of 36 agricultural products from Guangdong have been included in the 2025 third batch of national special and superior new agricultural products, covering various categories such as grains, fruits, vegetables, and seafood [24][26][27] - To date, Guangdong has achieved a total of 70 entries across three batches of national special agricultural products [28] Group 5 - The city of Qingyuan has made significant strides in healthcare reform, achieving efficient resource integration and improved service delivery, ensuring that major illnesses can be treated within the county [30][31][32] - The local community has expressed satisfaction with the accessibility of quality medical services, reflecting the success of the healthcare initiatives [36][38] Group 6 - A promotional event for high-quality livestock products from Jilin Province will take place in Shenzhen on January 9-10, 2026, showcasing various specialty products [40][41][42] - The event is organized by multiple governmental bodies and aims to strengthen cooperation between Jilin and Guangdong [43][44] Group 7 - Guangdong's regional cooperation consumer assistance product trading center has launched an online activity to promote high-quality agricultural products from assistance areas, aiming to enhance rural revitalization efforts [45][48][50] - The initiative combines charitable efforts with consumer benefits, inviting the public to participate in supporting rural development [51] Group 8 - The third Nanhai Quality Products Fair and New Year Festival has been launched, with local officials actively participating to boost consumer enthusiasm [55][56][57]

Core Viewpoint - Yangxi County has made significant progress in urban-rural coordinated development over the past three years, achieving notable results in various sectors, including industrial growth, green energy, and public services [11][12][101]. Industrial Development - Yangxi County's industrial output value has increased by an average of 9.8% annually over the past three years, with offshore wind power installed capacity ranking first among county-level regions in China, rising from 2.3 million kW in 2022 to 5.3 million kW [14][25]. - The county has established a comprehensive industrial chain, focusing on marine wind power, marine ranching, and health food industries, contributing to the local economy [21][22]. - The Yangxi industrial park has attracted over 30 billion yuan in investment, with 145 projects introduced, including major global companies, and has achieved an average annual growth of 23.3% in industrial output [39][41]. Green Energy - Yangxi County is developing a large-scale offshore energy base, with the installed capacity of offshore wind power significantly increasing, showcasing its commitment to green energy [26][28]. - The "Mingyu No. 1" deep-sea aquaculture platform has successfully integrated deep-sea fishing and aquaculture, demonstrating innovative practices in marine resource utilization [30][32]. Public Services and Quality of Life - The county has invested 203 billion yuan in urbanization projects, enhancing infrastructure and public services, including education and healthcare [48][49]. - Over the past three years, Yangxi has built or expanded 17 schools and kindergartens, increasing public school enrollment by 17,000 [50][51]. - The healthcare system has been restructured to improve service delivery, with a focus on integrating county hospitals with local clinics, resulting in increased access to medical care for residents [56][66]. Tourism and Rural Development - Yangxi County has successfully promoted rural tourism, with visitor numbers and tourism revenue increasing by 125% and 205% respectively during the recent holiday season [93][94]. - The county has implemented a village collective economic development incentive mechanism, aiming for a 1.8 times increase in collective income by 2024 [96].

Core Viewpoint - iShares Global Materials ETF (MXI) has reached a 52-week high and has increased by 37.2% from its 52-week low price of $71.01 per share, indicating strong momentum in the fund [1]. Group 1: ETF Overview - MXI provides exposure to companies involved in the production of raw materials, including metals, chemicals, and forestry products [2]. - The fund charges an annual fee of 39 basis points (bps) [2]. Group 2: Factors Driving Performance - The rise in MXI's value is attributed to robust demand for industrial products and a bullish sentiment across cyclical sectors, particularly benefiting from higher commodity prices and increased infrastructure spending [3]. - The ETF's exposure to major global miners and chemical companies has contributed to its performance, along with support from gold miners like Newmont due to rising gold prices [3]. Group 3: Future Outlook - MXI is expected to continue its strong performance in the near term, supported by a positive weighted alpha of 25.64, suggesting potential for further gains [4].

Core Insights - FLINT Corp. has secured new contract awards and renewals estimated to generate approximately $451 million in backlog work, in addition to the previously announced $320 million [1][2] - About 30% of the new work is expected to be executed in 2026, with the remainder scheduled for 2027-2031 [1] Group 1: Financial Performance - The total backlog now reflects a significant increase, reinforcing customer confidence in FLINT's capabilities [2] - The new contracts span across core service lines and extend through 2031, indicating a strong long-term outlook for the company [2] Group 2: Operational Commitment - The company emphasizes its commitment to disciplined execution, safety, and operational excellence while collaborating with customers and stakeholders [3] - FLINT aims to deliver innovative solutions and expand its impact across the energy and industrial sectors [7] Group 3: Company Overview - FLINT Corp. has over 100 years of experience providing solutions for various markets, including Oil & Gas, Petrochemical, Mining, and more [4] - The company offers a range of services such as construction, maintenance, and environmental services, strategically located across Canada [4]

Core Viewpoint - Jiangxi Province is actively exploring the realization of ecological product value, particularly in financial empowerment for the "Two Mountains" transformation, establishing replicable experiences and models for broader application [1] Group 1: Natural Resource Asset Financing - Jiangxi is investigating a new model for financing through the pledge of natural resource asset combinations, creating a database to assess the overall situation of state-owned natural resources [2] - The province aims to enhance market competitiveness by packaging high-quality natural resource assets, achieving a synergistic effect of "1+1>2" [2] - A pricing standard for natural resource assets has been established, with third-party evaluations determining asset values, ensuring that the "net asset" transfer conditions are met [2] Group 2: Ecological Product Value Loans - Jiangxi is developing a green loan model for specific regional ecological product values (VEP), addressing measurement difficulties through standardized accounting and evaluation policies [3] - The province has created a digital management platform for ecological product total value (GEP) and established a VEP accounting indicator system reflecting local characteristics [3] - VEP revenue rights are being issued as collateral for financing, with guidelines for VEP revenue right pledge loans to facilitate acceptance by financial institutions [3] Group 3: Forestry Revenue Rights Financing - Jiangxi is promoting policies to convert forestry operating revenue rights into capital, encouraging local governments to develop financial support plans for forestry revenue right pledge loans [4] - A value assessment parameter table for forestry revenue rights has been created to clarify evaluation factors such as product types and expected returns [4] - The province is enhancing risk-sharing mechanisms through government incentives and innovative insurance products, reducing guarantee rates to 0.44% [4]