General Motors Co. (NYSE: GM) is doubling down on battery technology leadership with a breakthrough chemistry launch planned for 2028, even as the automaker absorbs $7.2 billion in special charges from scaling back EV capacity. ...

Core Insights - The U.S. is launching a strategic critical-minerals stockpile named Project Vault with $12 billion in initial funding to reduce reliance on Chinese rare earths and other metals [1][4] - The initiative combines $1.67 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank to procure and store essential minerals for various industries [1][2] - The stockpile will focus on critical minerals like gallium and cobalt, which are vital for products such as smartphones, batteries, and jet engines [3][4] Industry Impact - U.S. rare-earths stocks experienced a surge in premarket trading following the announcement of the stockpile plan, indicating positive market sentiment [2] - The project aims to strengthen supply chains in the automotive, aerospace, and energy sectors, reducing dependency on China, the leading provider of critical minerals [4][5] - Participation from major companies, including General Motors, Boeing, and Google, highlights the broad industry support for the initiative [5][6] Financial Aspects - The Export-Import Bank's board is set to approve a record-setting 15-year loan, which is more than double the size of the previous largest deal executed by the bank [6] - The involvement of commodities trading houses to manage raw material purchases for the stockpile indicates a structured approach to sourcing critical minerals [5]

Core View - Zenergy's FY25E net profit forecast is revised up by 4% to RMB591 million due to a better product mix, with expectations for continued positive trends into FY26E [1] - GAC Toyota is anticipated to become Zenergy's largest revenue contributor, surpassing Leapmotor [1] Group 1: FY25E Outlook - Zenergy's FY25E battery sales volume forecast is increased from 18.4 GWh to 19.6 GWh, driven by strong sales of the Toyota bZ3X BEV and IM LS6 EREV [2] - The average selling price (ASP) is expected to rise to RMB0.43/Wh in 2H25E from RMB0.41/Wh in 1H25 due to improved product mix [2] - Gross margin is projected to widen by 0.2 percentage points to 18.1% in 2H25E, contributing to an operating margin increase of 2.2 percentage points to 6% [2] Group 2: FY26E Outlook - Zenergy maintains a sales volume forecast of 30 GWh for FY26E, with an 8% revenue forecast increase to RMB14.6 billion due to a better client mix and potential battery price hikes [3] - Gross margin for FY26E is expected to widen by 0.5 percentage points to 18.5% [3] - FY26E net profit forecast is raised by 4% to RMB1.36 billion, while FY27E net profit is maintained at RMB1.88 billion [3] Group 3: Valuation - The company maintains a BUY rating and a target price of HK$18.00, based on a 22x FY27E P/E ratio [4] - This valuation is considered justified given the median FY27E P/E of 15x for peers and Zenergy's higher profit growth outlook [4]

30 Jan 2026 CMB International Global Markets | Equity Research | Company Update Zenergy (3677 HK) Zenergy (3677 HK) - Higher Higher earnings visibility amid better client hike mix, possible battery price hike Maintain BUY. We revise up Zenergy's FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected. Such trend would continue in FY26E to benefit Zenergy's revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy's largest revenue contr ...

Financial Data and Key Metrics Changes - The company delivered $2.01 of FFO per unit, up 10% year-over-year, aligning with long-term growth targets [3][15] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [15] - For the full year, FFO totaled $1,334 million, reflecting a 10% increase year-on-year [15] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, a 19% increase from the prior year, driven by solid generation in Canada and Colombia [16] - The wind and solar segments generated a combined $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains from asset sales [16] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the previous year, fueled by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The company ended 2025 with $4.6 billion in available liquidity, maintaining a strong balance sheet and a BBB+ investment-grade credit rating [17][18] - The energy demand environment is shifting, with rising demand driven by electrification and industrial activity, leading to a focus on large-scale renewable energy additions [6][7] Company Strategy and Development Direction - The company is scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand, targeting a run rate of approximately 10 GW of new capacity per year by 2027 [8] - Investments in hydro and nuclear are prioritized for their reliability and scale, with significant contracts signed with major corporates [9][10] - The company is positioned to capitalize on the growing demand for energy solutions, leveraging strong partnerships and access to capital [14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, noting that energy demand is rising at unprecedented rates [5][6] - The company expects to see higher contracted power prices across its hydro portfolio as new contracts are layered in [42][43] - The outlook for battery storage is optimistic, with expectations to quadruple capacity over the next three years [12] Other Important Information - The company announced a 5% increase in annual distribution to $1.468 per unit, marking 15 consecutive years of annual distribution growth of at least 5% [25] - A fully discretionary $400 million at-the-market equity issuance program was announced to repurchase BEP L.P. units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and project cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expectations for growth to accelerate from 2026 through the decade [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing a focus on capital recycling to support growth [30][32] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting delays for onshore wind, but overall progress is being made [39][40] Question: Realized power prices for U.S. hydro segment - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [41][42] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding and earnings, with expectations for continued growth [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing M&A opportunities being evaluated [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, but will assess risk-return profiles carefully [68][70]

Core Viewpoint - Amprius Technologies (AMPX) shares experienced a significant rally of 13.4%, closing at $13.58, attributed to higher trading volume and a 51.8% gain over the past four weeks [1][2]. Company Performance - The company is focused on developing leading battery performance, which aids in customer acquisition and scaling manufacturing through a capital-efficient contract manufacturing model [2]. - Amprius is projected to report a quarterly loss of $0.04 per share, reflecting a year-over-year improvement of +60% [2]. - Expected revenues for the upcoming quarter are $23.1 million, representing a substantial increase of 117.3% compared to the same quarter last year [2]. Earnings Estimates and Stock Trends - Trends in earnings estimate revisions are closely linked to near-term stock price movements, indicating potential strength in the stock [3]. - The consensus EPS estimate for Amprius has remained unchanged over the last 30 days, suggesting that stock price movements may stabilize without changes in earnings estimates [4]. Industry Context - Amprius holds a Zacks Rank of 3 (Hold), indicating a neutral outlook within the Zacks Technology Services industry [5]. - In comparison, Zeta Global Holdings (ZETA), another company in the same industry, saw a decline of 4.1% in its last trading session and has returned -0.2% over the past month [5]. - Zeta's consensus EPS estimate has decreased by 22.2% over the past month, with a year-over-year change of +15%, also holding a Zacks Rank of 3 (Hold) [6].

证券研究报告·公司点评报告·电池 宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） ◼ 风险提示：政策不确定，需求低于预期。 证券分析师 曾朵红 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 ...

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...

Core Viewpoint - Bold Ventures Inc. is actively engaging with investors and the market to provide updates on its projects and operations during the Vancouver Resource Investment Conference (VRIC) [1][3] Group 1: Company Activities - Bruce MacLachlan, President and COO of Bold, will be interviewed at VRIC to share recent developments and future plans [1][3] - The company will have a booth at VRIC (number 512) and will also participate in the AME Round Up Conference with another booth (number 1624) [3] - Bold Ventures has an ongoing investor awareness campaign in collaboration with Investing News Network that will run through May 2026 [3] Group 2: Advertising and Media Engagement - Bold Ventures has agreements with Blue Sun Productions Inc. and Red Cloud Financial Services Inc. for advertising and investor awareness, including interviews during VRIC [4] - The company will pay $4,100 to Blue Sun and $2,000 to Red Cloud for their advertising services, concluding at the end of VRIC [5] Group 3: Project Focus - Bold Ventures is focused on exploring Battery, Critical, and Precious Metals, targeting commodities such as Copper, Nickel, Lead, Zinc, Gold, Silver, Platinum, Palladium, and Chromium [7] - The company is exploring properties in active gold and battery metals camps in Ontario, particularly in the Thunder Bay and Wawa regions, and holds significant assets in the Ring of Fire region [8]

For more on the storm's impact, let's get bring in Generrack CEO Aaron Yogfeld. When we're talking Aaron here about the impact on the power grid, those that dropping temperature, I mean, when you're seeing temperatures getting in the single digits, that's when we're getting frozen pipes and the like and where I know you're going to say a generator can make a big difference. >> Yeah, that's exactly right, Contessa.I think a big chunk of, you know, you referred back to the February 2021 polar vortex and the l ...