Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **global energy storage** industry, with a focus on **China's electric vehicle (EV) battery market** and key players like **CATL** and **BYD** [1][2]. Key Companies and Their Performance - **CATL** holds a **43.00%** market share in China's EV battery installations for October, with a total of **36.14 GWh** installed, reflecting a **42.1%** year-on-year increase and a **10.7%** month-on-month rise [1]. - **BYD** ranks second with a **21.29%** market share, having installed **17.89 GWh** in October, up from **21.07%** in September [1]. - **Lithium iron phosphate (LFP)** batteries dominate the market, accounting for **80.3%** of total installations with **67.5 GWh** in October, marking a **43.7%** year-on-year increase [1]. Strategic Developments - CATL's co-founder plans to reduce his shareholding by **1%**, approximately **45.63 million shares**, valued at around **RMB 18.44 billion**, to invest in the energy storage sector [1]. - CATL and **GAC Group** have signed a **10-year strategic cooperation agreement** to enhance their battery swap business, launching the **Aion UT Super** compact hatchback utilizing CATL's battery swap technology [1]. - CATL has commenced mass production of its **5th-generation LFP batteries**, achieving advancements in energy density and cycle life [1]. - **Ronbay** will supply **60%** of CATL's cathode powder for sodium-ion batteries, indicating a deepening partnership [1]. Market Trends and Challenges - **Longi Green Energy** is pivoting towards energy storage by acquiring a majority stake in **PotisEdge**, a lithium-ion battery maker, amid struggles in the solar sector [2]. - Predictions suggest that **solid-state batteries** may not be commercially viable in China until after **2030**, with current technologies being more practical [2]. - The demand for energy storage is surging both domestically and internationally as power grids adapt to increased renewable energy integration [2]. Regulatory and Operational Insights - CATL is negotiating with the Spanish government to allow **2,000 Chinese workers** for its **€4.1 billion** manufacturing plant in Zaragoza, emphasizing the need for experienced technicians [4][6]. - The joint venture with **Stellantis NV** is set to produce lithium-iron phosphate batteries, with production expected to start by the end of **2026** [4]. Financial Metrics and Market Performance - The report includes various financial metrics for key companies, such as **CATL**'s market cap of **246.8 billion CNY** and a P/E ratio of **25.8x** [8]. - The performance of lithium and battery component prices is also highlighted, with **LiCO** spot prices at **$12,117/tonne** and **LiOH** at **$11,060/tonne** [7]. Conclusion - The energy storage sector is experiencing significant growth driven by advancements in battery technology and increasing demand for renewable energy solutions. Key players like CATL and BYD are leading the market, while strategic partnerships and regulatory negotiations are shaping the industry's future.

Core Viewpoint - The ministerial visit emphasizes the strategic significance of high-purity phosphate for Canada's energy transition and the development of a North American supply chain for lithium iron phosphate (LFP) batteries [4][5]. Company Overview - First Phosphate Corp. is focused on producing high-purity phosphate for the LFP battery industry, utilizing a vertically integrated approach that connects sustainable phosphate mining in Quebec with North American battery supply chains [9]. - The company's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean is noted for being one of North America's rare igneous phosphate resources, yielding high-purity phosphate with minimal impurities [9]. Ministerial Visit Highlights - The visit by Canada's Minister of Energy and Natural Resources, Timothy Hodgson, and other MPs underscores the importance of First Phosphate's project in supporting Canada's energy transition and economic prosperity [3][4]. - Parliamentary Secretary Claude Guay expressed confidence in Quebec's potential to leverage its natural resources for economic growth, highlighting the province's leadership in clean technology and sustainable mining [7]. - MP Mario Simard emphasized the constructive discussions regarding the First Phosphate project and its alignment with regional economic diversification objectives [7]. Industry Context - High-purity igneous phosphate is identified as a critical resource for the future of energy storage, mobility, data centers, robotics, and defense sectors in North America [5][4]. - The phosphate industry is seen as being on the right track, with ongoing efforts to ensure that projects like First Phosphate can benefit from federal programs supporting critical minerals [7].

Report Industry Investment Rating - The report maintains a neutral rating on the Adani complex [11] Core Viewpoints - The expectations of further tender offers from Adani Ports should support the near - term performance of ADSEZs, but the gradual resumption of funding access and potential for more tender offers are fairly priced, so a neutral stance is maintained on the Adani complex [10][11] Summary by Relevant Sections Trading Desk Comments - In KR, HYNMTR/LGENSO Float 30s were 1 - 3bps tighter; in Chinese IGs, BABA 31/MEITUA 30 widened 1bp, BABA 47 - 61s were 1.0 - 1.5pts higher [1] - In financials, MIZUHO/SUMIBK Float 30 - 31s were unchanged to 1bps tighter, HSBC/STANLN Float 30 - 31s were under small selling and closed unchanged to 1bp wider [1] - In insurance, SHIKON/NSINTW 34 - 35s were 1 - 2bps tighter on PB buying, CATLIF 34 widened 1bp on small selling [1] - In HK, DAHSIN 33/SHCMBK 33/BNKEA 34 were 5 - 11bps tighter, LASUDE 26 was 1.8pts higher; REGH 6.5/HYSAN 7.2 Perps lowered 0.6 - 0.9pt [1] - In Chinese properties, VNKRLE 27 - 29s and ROADKG 28 - 30s were 0.1 - 0.6pt lower, ROADKD Perps were 0.1 - 0.2pt higher [1] - In SE Asia, VLLPM 29 rebounded 2.1pts, closed 0.9pt higher WTD [1] Morning Updates - ZHOSHK 28 tightened another 8bps; LGENSO 27 - 35s tightened 8 - 11bps after media reported LG Energy's contract with Tesla [2] - SHIKON/NSINTW 34 - 35s widened 1 - 2bps [2] - ADSEZ: USD438mn validly tendered as of the early tender deadline, ADSEZ 27 - 41s up 0.2 - 0.6pts [2][3] - LIFUNG priced 3.5NC2 USD300mn bond at 98.89 to yield 8.75%, LIFUNG 29 was 0.5pt higher from RO at 98.89 [2] CNH Space - New CNH CCAMCL 2.35 29/CCAMCL 2.43 30 were 0.2 - 0.6pts lower from ROs at par; new CNH TEMASE 30/35/55 and CHMEDA 30/35 were under better selling and closed 0.1 - 0.6pt lower [4] - KCGZIG priced 3yr CNH1.4bn bond at par to yield 2.65% (IPT at 3.3% area); there were two - way interests on CNH names LUOYNG 7 26s/QHCTJS 7 28s and USD new issues BINHCO 4.95 28s/DAZAKI 7 28s [4] - SPICPD Perp was up 0.1pt [4] Last Trading Day's Top Movers - Top Performers: VLLPM 9 3/8 07/29/29 up 2.1pts, LASUDE 5 07/28/26 up 1.8pts, BABA 5 5/8 11/26/54 up 1.5pts [5] - Top Underperformers: REGH 6 1/2 PERP down 0.9pt, ROADKG 6 03/04/29 down 0.6pt, ROADKG 5.9 09/05/28 down 0.6pt [5] Macro News Recap - S&P (-0.30%), Dow (-0.46%) and Nasdaq (-0.38%) were lower on Tuesday; US and China will continue talks on tariff truce extension [6] - US Jul'25 CB Consumer Confidence was 97.2, higher than the market expectation of 95.9; US Jun'25 JOLTS Job Openings was 7.437mn, lower than the market expectation of 7.510mn [6] - UST yield was lower on Tuesday, 2/5/10/30 yield at 3.86%/3.90%/4.34%/4.86% [6] Desk Analyst Comments - Adani Ports announced early tender offer results as of the early deadline; ADSEZ 4 07/30/27 was oversubscribed and no more validly tendered bonds after the early deadline will be accepted [7] - The tender offers will expire on 13 Aug'25 5pm EDT [7] Offshore Asia New Issues - Priced: Chengdu Xisheng Investment Group issued 92.5mn USD 3 - yr bond at 4.95%; China CITIC Bank London Branch issued 300mn USD 3 - yr bond at SOFR + 50; Li & Fung issued 300mn USD 3.5NC2 bond at 8.75% [14] - Pipeline: No new issues pipeline today [15] News and Market Color - 93 credit bonds were issued onshore yesterday with an amount of RMB51bn; month - to - date, 1,971 credit bonds were issued with RMB2,075bn raised, a 13.8% yoy increase [16] - Adani Green's 2,200MW pumped hydro - storage power projects were scrapped at its request; Alibaba inks AI strategic partnership with Standard Chartered Bank [16] Company - Specific News - SK Hynix raises capex for high - bandwidth memory facility by 32% to KRW29tn (cUSD21bn) [19] - MIND ID 1Q25 revenue rises 74.6% yoy to IDR44.2tn (cUSD2.7bn) [19] - Lai Sun Development seeks to sell 50% stake in CCB Tower in Hong Kong [19] - LG Innotek to acquire stake in US tech firm Aeva for AI strategic collaboration [19] - Logan considers proposing a deeper haircut under offshore debt restructuring [19] - Nissan to consolidate Mexico production in one plant [19] - South Korean president blasts POSCO unit over fatal workplace accidents [19] - SK On plans to raise KRW2tn (cUSD1.4bn) through stock price return swap [19] - San Miguel Corp completed the redemption of SMCPM 5.5 Perp [19] - SoftBank - backed eyewear chain filed for up to USD923mn India IPO [19] - Tata Motors nears USD4.5bn acquisition of Iveco [19] - Vedanta may not get PCF providers' consent to prepay facility on 8 Aug'25 [19]