全球铜市场长期机遇与能量饮料品类复苏的催化剂评估

Aales thru YE. Raising peak to $9.5B. H2E pipeline reads further osure information, and information regarding the status of non-US analysts on pages 3 -7 of this report. eleration ~prem valn warranted. Us InsightsEquityResearchJuly 12, 20252 JefferiesCompany Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https:/javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300Analyst Certification:and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research reporiAs is the case with all Jefferies employees, the analyst(s) responsibleforthe coverage of thefinancial instruments discussed in this reportreceives compensationoasedinpartontheoverallpertormanceofthefirm,includinginvestmentbankinas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of SanDisk.Jefferies Financial Group Inc., its affliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from VoyagerTechnologies, Inc. within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from investment banking services from VoyagerTechnologies, IncJefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for VoyagerTechnologies, Inc. or one of its affiliatesWithin the past twelve months, Voyager Technologies, Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment bankingservices are being or have been provided.Jefferies Financial Group Inc., its affliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for VoyagerTechnologies, Inc. or one of its affiliates within the past twelve months.For Important Disclosure information on companies recommended in this report, please visit our website at https:/javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month periodUnderperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below 10 is 20% or more within a 12monthperiod as these companies aretypically more volatile thanthe overall stockmarket.ForHoldrated securities withanaverage securityprice consistentlbelow s10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaveragesecurityprice consistentlybelowS10,the expectedtotalreturn(priceappreciationplusyield)is minus20%orless withina12-monthperiodNR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendationsMonitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Please see important disclosure information on pages 3 - 7 of this report me.Weseektoupdaterresearchas appropriate, but various regulationsJuly 12, 2025 18:56 P.M.July 12, 2025 18:56 P.M.3 JefferiesValuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return over thenext 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analyses of market risk, growth rate, revenuestream, discounted cash flow (DCF), EBITDA, EPS, cash flow (CF). free cash flow (FCF), EV/EBITDA, P/E, PE/growth, P/CF, P/FCF, premium (discount)/averagegroup EV/EBITDA, premium (discount)/average group P/E, sum of the parts, net asset