全球投资组合经理摘要：动力激增

Power Surge SIGNATURE We provide context and perspective on research acrossregions and asset classes, this week presenting our USConvertibles Outlook for 2026; examining AI capex funding forUtilities through a cross-asset lens; and setting the stage for Equity Product Management Group Terence Malone*+ 1 212 526 7578terence.malone@barclays.com Rob Bate*+44 (0)20 7773 3576rob.bate@barclays.comBarclays, UK •2026 US Convertibles Outlook:We believe that US convertibles are set up for risk-controlled,mid-single-digit returns in 2026, leveraging record liquidity, AI exposure, robust issuance,resilient credit fundamentals, and a rich opportunity set for active management andarbitrage. The asset class comes in with a current yield (~1.9%), short duration, and delta of62% – a profile that keeps meaningful upside potential while strengthening the “back line”against drawdowns. Credit risk is also normalizing rather than deteriorating. Against a sub- FICC Product Management Group Jennifer Cardilli*+1 212 526 8351jennifer.cardilli@barclays.comBCI, US Jill Nentwig*+ 1 212 526 5129jillian.nentwig@barclays.comBCI, US •AI Capex for Utilities:We examined data center capex for Utilities from a cross asset lens.Utility disclosures suggest 150-200GW of demand from data centers connecting to the US gridover the next 10 years, implying $50-60bn of investment per year. There is upside potential,however, given the total pipeline of data center requests at 750-800GW. In the equity markets,we forecast equity needs from 2026 to 2030 to be 11% of market cap vs. 8% of market capfrom 2024 to 2028. On the convertibles side, coupon savings vs. straight debt, faster executionwith lighter covenants, and a visible 2026–28 maturity wall alongside rapidly rising power Thisdocument is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for its Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider this * This individual is a member of the Product Management Group and is not a Research Analyst All research referenced herein has been previously published. You can view the full reports,including analyst certifications and other important disclosures, by clicking the hyperlinks in FOR ANALYST CERTIFICATION(S) PLEASE SEE PAGE 28.FOR IMPORTANT EQUITY RESEARCH DISCLOSURES, PLEASE SEE PAGE 28.FOR IMPORTANT FIXED INCOME RESEARCH DISCLOSURES, PLEASE SEE PAGE 29.Completed: 19-Dec-25, 22:42 GMTReleased: 21-Dec-25, 14:00 GMTRestricted - External issuance can lead to demand to buy CDS protection from convert arb accounts that use it to Energy Services in 2026:Although we once again project global upstream spending toremain essentially flat for a third consecutive year and maintain a Neutral industry view, weare decidedly more upbeat than we were a year ago. Global oil markets are oversupplied fornow, but with OPEC bringing back essentially all its spare capacity, US production looking setto peak this year and with minimal non-US/non-OPEC capacity additions expected until 2028,we believe the second half of the upstream spending cycle is poised to begin. Similar to the Events Best of Barclays U.S. Convertibles Outlook 2026 Positioning for a 1-0 Win Venu Krishna, CFA BCI, US | Jack Leung BCI, US Excerpted from U.S. Convertibles Outlook 2026: Positioning for a 1-0 Win, published on December U.S. convertibles are set up for risk-controlled, mid-single-digit returns in World Cup Year2026, leveraging record liquidity, AI exposure, robust issuance, resilient credit Building on a breakout 2025:U.S. convertibles have delivered a standout 2025, with the assetclass returning +20.2% YTD (vs. SPX +18.8%) and underlying equities up +23.9%, outpacingother risk assets. Record secondary liquidity (full-year trading above $800bn) and a recordprimary calendar (~$117bn) have broadened the opportunity set. ~70% of YTD issuance hasbeen directly or indirectly tied to the AI investment cycle, with IG participation and larger dealsizes further enhancing the market’s depth and tradability. By spreading AI participation across Balancedpayoffprofile for a controlled 1–0 win:As we head into 2026, the setup looks moremeasured than the prior three years but still constructive: we expect mid-single-digit (+6.5%)total returns, driven by carry and disciplined equity participation. The asset class comes in witha current yield (~1.9%), short duration, and delta of 62% – a profile that keeps meaningfulupside potential while strengthening the “back line” against drawdowns. Credit risk isnormalizing rather than deteriorating: distressed exposure has f