市场整体表现 - 美股主要指数开盘上涨，科技股为主的纳斯达克综合指数上涨约0.5%，道琼斯指数上涨约100点，标普500指数上涨约0.4% [6] - 市场情绪乐观，交易员暂时忽略政府停摆风险，关注点在于若政府停摆可能导致周五非农就业报告延迟发布 [4][5] - 历史数据显示政府停摆对股市长期影响有限，过去30年因资金问题停摆仅5次，标普500在最长34天停摆期间最初下跌2.1%后恢复 [10] 个股及板块动态 - 电子游戏开发商Electronic Arts股价上涨5%，公司将以创纪录的550亿美元交易私有化，结束其36年的上市公司生涯 [7] - 大麻股大幅上涨，Tillray涨幅超过28%，Canopy Growth上涨13%，此前特朗普总统在Truth Social上发布视频宣传CBD对老年人的益处并呼吁大麻重新分类 [8] - 若EA私有化交易完成，Take-Two Interactive将成为唯一上市的视频游戏发行商 [9] 宏观经济与政策 - 若政府于10月1日停摆，高盛预计约40%的联邦雇员（约90万人）将被迫休假，关键9月就业报告将延迟发布 [11] - 8月就业报告显示雇主仅增加2.2万个岗位，远低于预期，失业率升至4.3%，为2021年10月以来最高 [39] - 第二季度GDP增长3.8%，主要由消费支出增长2.5%推动，但劳动力市场数据疲软 [38] 贵金属市场 - 金价因政府停摆风险和美联储宽松政策创下新高，今年已创下38次历史新高 [22][24] - 高盛预计金价到2026年中将达4000美元，央行购买是推动因素之一，央行黄金持有量自1996年以来首次超过美国国债 [23][25] - 白银今年表现强劲，但分析师建议不要在当前高位追涨黄金，应等待更好的入场点 [26] 行业与公司特定分析 - 戴尔公司被摩根大通分析师称为“需要证明的故事”，尽管其对AI基础设施需求强劲并可能提高长期财务目标，但市场已有所预期，分析师希望看到更多利润率方面的进展 [37] - 特朗普政府经济顾问表示，已通过的一项法案将支撑经济增长，并看到资本支出和投资支出因该法案出现大幅回升 [43]

药品关税政策 - 美国总统宣布对药品进口征收100%关税，若相关公司未在美国本土建立运营，该关税将于10月1日生效[1] - 该关税政策针对品牌药，非专利药（仿制药）将不受影响[6] - 欧洲委员会已为受影响的欧洲公司设定美国药品关税上限为15%，作为一项保险政策[8] 制药行业市场反应 - 美国制药股反应不一，礼来公司因在美国拥有大量生产设施而股价上涨，默克、吉利德股价小幅上行[1] - 全球大型制药公司股价受到的打击相对美国同业公司更为显著[2] - 瑞士作为大型制药生产国，被征收了约38%的高额关税，这可能促使其进行谈判[9] - 爱尔兰、德国、瑞士是需要重点关注的国家，印度因主要生产仿制药受影响较小，中国正开始进入制药领域[10] 其他行业关税 - 对在美国以外生产的重型大卡车征收25%新关税[3] - 对所有厨柜、浴室柜及相关产品征收50%关税[3] - 对软垫家具征收30%关税[3] - 所有上述关税均于10月1日生效，理由为国家安全和美国就业创造[3] 政府停摆潜在影响 - 若政府停摆持续至周五，将不会发布就业数据，小企业和农民的贷款可能延迟，机场排队时间将更长[14] - 数百万政府工作人员和承包商将无法获得薪酬[14] - 穆迪估计政府每停摆一周，当季GDP增长将减少约0.1%[15] - 美国国家公园和纪念碑关闭，预计旅游业、航空和铁路每周损失约10亿美元[15] - 联邦工作人员的薪酬中断将在10月10日的工资单中体现[16]

联邦政府停摆 - 联邦政府停摆截止日期临近 [1] 就业报告 - 9月就业报告可能延迟发布 [1] 特斯拉公司动态 - 特斯拉将报告电动汽车交付量 [1]

欧洲股市整体表现 - 欧洲股市周一普遍上涨 投资者关注潜在美国政府关门影响[1] - 泛欧斯托克600指数在伦敦时间上午9:25上涨约0.3% 多数板块处于上涨区间[1] - 富时100指数上涨0.4% 德国DAX指数和法国CAC 40指数均上涨约0.1%[1] 汉莎航空战略与财务目标 - 汉莎航空在其六年来首个资本市场日设定未来两年盈利目标为8%-10%[2] - 公司预计其自由现金流每年将产生超过25亿欧元（合29.3亿美元）[2] - 公司计划到2030年通过数字化和自动化削减4000个职位 主要为德国的行政岗位[2] - 公司将投资6亿欧元（合7.04亿美元）在法兰克福机场建设货运枢纽[2] 生物科技与制药行业动态 - 丹麦生物科技公司Genmab股价下跌2.7% 因其宣布计划以80亿美元收购位于乌得勒支的癌症药物制造商Merus[3] - 阿斯利康股价上涨1.2% 因其宣布将在纽约上市股票 同时保持在伦敦市场的上市地位[3] 宏观经济数据与事件 - 西班牙9月通胀率加速至3% 高于8月的2.7%[3] - 欧盟经济景气指标也将在周一发布[3] - 美国总统特朗普将于当日晚些时候与国会两党代表会面 旨在就政府资金达成协议以避免关门[4] - 英国执政党工党的年度会议本周在利物浦开始[4] 亚洲市场早盘表现 - 亚洲市场早盘普遍高开[4] - 索尼金融集团在从母公司索尼集团分拆后股价飙升36%[4]

TikTok交易 - 交易价格为1400万美元 被认为是极佳的价格[3] - 交易结构复杂 由国会立法监督 并获最高法院9比0支持[3] - 副总统办公室负责投资者部分 财政部长负责外国投资部分 团队实力强劲[1][2] - 甲骨文公司已确定参与投资 并负责从其在德克萨斯州巴黎市和西弗吉尼亚州的服务器提供安全监督[5] - 暗示默多克和戴尔可能参与投资 但尚未最终确认[5] - 交易包含一项8000亿美元的巨额罚款条款 该条款效力将超越特朗普政府任期 由两党支持的国会立法规定[6] 交易影响与机遇 - 交易可能使TikTok用户基数增长30% 因甲骨文提供安全背书后 更多用户将愿意使用[7][8] - 交易可能改变社交媒体竞争格局 对Facebook、Instagram和X等平台构成挑战[8] - TikTok拥有700万家企业用户 因其客户获取成本最低且广告支出回报率最佳[10] - 存在让TikTok平台上的企业用户购买少量股权 使其成为“人民的平台”的构想 以帮助过渡期并增强用户粘性[10][11] - 交易为TikTok重新进入印度等因间谍软件担忧而关闭的市场提供了机会 可通过甲骨文服务器提供安全保证[12] 政府预算与停摆风险 - 白宫行政管理和预算局要求联邦机构制定永久性大规模裁员计划 为可能发生的政府停摆做准备[13] - 政府停摆风险源于民主党阻挠立法者 距离截止日期仅剩5天[13] - 少数党领袖称特朗普政府全年进行的大规模解雇是非法的 并誓言抵制任何削弱联邦公务员保护的努力[14] - 从投资者角度看 政府停摆风险被视为老套的例行公事 通常会在最后一刻前24小时得到解决[15] - 批评政府停摆过程中政府雇员可获得带薪休假和补发工资 而美国人民却承受痛苦[17]

政府停摆风险 - 美国政府资金将于9月30日耗尽 若国会未通过新支出法案将导致停摆 此为2018-19年冬季以来首次潜在停摆 [1] - 共和党在参议院仅拥有53席 需60票才能避免阻挠议事 而民主党要求延长医疗补贴 双方陷入僵局 [1] - 总统特朗普取消与国会民主党领袖的会议 加剧了市场对资金耗尽和政府停摆的担忧 [1] 市场反应与历史背景 - 市场通常对停摆威胁处之泰然 因停摆往往在最后一刻得以避免 [1] - 德意志银行策略师指出 尽管美联储官员讲话是主要新闻 但政府停摆是重要的发展中事件 [1] 其他政治动态 - 特朗普在联合国发表对抗性演讲 批评该组织只提供"空谈"并指责他国气候和移民政策 [1] - 特朗普对乌克兰表示最明确支持 暗示其有能力收复全部领土 这是一个重点的变化 [1]

美联储利率决议与市场预期 - 市场普遍预期美联储将降息25个基点 概率达96% 少数预期降息50个基点 概率为4% [3] - 股市已基本定价25个基点降息 若未出现超预期宽松信号或10月再次降息暗示 股价可能存在高估风险 [3] - 投资者更需关注鲍威尔前瞻指引而非单纯降息幅度 [3] 政府停摆风险与市场反应 - 政府停摆概率达55% 但恐慌指数VIX低于15 显示市场担忧有限 [4] - 停摆可能加剧就业流失与通胀压力 形成潜在危机事件 [4] IPO市场动态与个股表现 - 上周Klarna和Gemini Space Station等IPO表现强劲 虽未守住周内高点 但显示市场对新资产需求旺盛 [5] - Gemini股价盘前涨近5% Klarna涨约1% 需警惕估值过度扩张风险 [5] - 特斯拉因马斯克斥资10亿美元购入250万股 股价盘前涨近8% 被视为对公司信心的体现 [8] 芯片行业贸易风险 - 英伟达因中国反垄断调查指控 盘前股价跌超1% 可能加剧贸易谈判不确定性 [6] 大宗商品与货币市场 - 黄金年内上涨30% 美元持续走弱 或预示经济放缓与通胀风险 [9] - 黄金强势上涨未见回调 引发对经济衰退及通胀恶化的担忧 [9] - 美元走弱若叠加通胀恶化 可能形成负面循环 [9] 衍生品市场波动风险 - 本周五迎来三重魔力日（期权、期货、期货期权同时到期） 可能引发市场波动率上升 [10] - 9月VIX期货较10月合约低2.5个点 预示未来波动性可能加剧 [10]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>COPT Defense Properties (NYSE:CDP) 2025 Conference September 11, 2025 11:05 AM ET Speaker0 Started. Thank you all for joining us for the final roundtable of the Bank of America's 2025 Global Real Estate Conference. I'm Yana Gallen, and I cover the office REITs at B of A. We're very pleased to have with us COPT Defense Properties CEO and President, Steve Budorick, here today. Steve will introduce his team and provide some opening remarks, and then we'll open it up for questions.</doc> <doc id='2'>Speaker2 Let's wake you. With me is our Chief Operating Officer, Britt Snider, and our Chief Financial Officer, Anthony Mifsud, and we're pleased to be here. Thank you. COPT Defense Properties is a specialized REIT, deeply concentrated in mission-critical assets that support the national defense activity of the U.S. government. The vast majority of our 204 properties are located adjacent to, or sometimes occupied by, priority defense missions, generally involving knowledge-based defense activities. Missions that we support include intelligence, surveillance, reconnaissance, cybersecurity and network activity, naval, sea, and air technology development, missile attack and defense systems, drone aviation technology development, cloud computing, and others. Our property locations are not typical for an office company because they are proximate to important U.S. defense installations in Virginia, Maryland, Washington, D.C., Alabama, and Texas. Our properties are unique in that they are approved for top-secret mission work.</doc> <doc id='3'>80% of our defense portfolio contains high-security operations, and that 80% includes eight U.S. government- secured campuses representing over 4 million square feet that are built to anti-terrorism, force protection, and SCIF standards. SCIF is an acronym for Sensitive Compartmented Information Facility. We have another 1 million square feet of U.S. government leases that are SCIF and access-controlled outside campuses. We have over 6 million square feet of defense contractor leases that contain SCIF in them, and we have 15 cloud computing campuses representing over 6 million square feet that's fenced in and has limited access. An additional nuance of our business is our defense tenants have to work from their office, and they did so throughout the pandemic environment because if they take their work home, it's espionage and they go to jail. It's a big differentiator.</doc> <doc id='4'>Today, over 90% of our annualized rental revenue is derived from our defense IT properties. Our pre-lease developments that are available in our supplement will increase that figure in coming years. Our defense IT segment was 96.8% leased at quarter-end, well above our peer average. The U.S. government is our largest tenant by revenue. We have over 100 separate leases in 70 different properties. That totals 5.6 million square feet and produces 36% of our annualized rental revenue. Defense contractor tenants lease 15 million square feet from us. This includes 3 million square feet of cyber defense contractor tenants, and defense contractors contribute 51% of our annualized rental revenue. 15 of our 20 top tenants are defense tenants. Our non-defense locations provide just 10% of annualized rental revenue, and they consist of five properties, three in downtown Baltimore on the waterfront, one in downtown D.C., and one in Tyson's Corner.</doc> <doc id='5'>Our tenants in these assets also have excellent credit, but we do plan to recycle these assets as market opportunities support reasonable sale values. Our strategy is straightforward and pretty simple. We allocate capital to durable demand locations adjacent to priority defense missions, and we do that primarily through low- risk, highly pre-leased development. Occasionally, we get an opportunity to redevelop an asset or reposition, but development is our major strategy. Of course, we maintain a strong investment grade-rated balance sheet. Our competitive advantage really falls into four pillars. We have an operating platform of experienced and credentialed workforce. We've been serving the U.S. government as a landlord for over 30 years, and over that 30-year period, we've reached the point where over 40% of our employees are cleared to design, build, and operate the highest security level assets in the U.S. DoD.</doc> <doc id='6'>Over those years, we've also accumulated immense development experience that includes SCIFs, anti-terrorism force protection, data center, and other specialized mission critical facilities for the U.S. government. As I mentioned, we have a 30-year track record of not only designing, building, but the important distinction is we actually operate the properties. Our teams are embedded with their secure customers as part of the delivery vehicle for the mission. This is all built upon advantage land positions that we identified years ago, made investments in land, and we continue to develop on land we primarily own. To wrap it up, we are a specialized REIT. We're not correlated with the broader economy because we're deeply correlated with the defense industry.</doc> <doc id='7'>Our assets have strategic features and locations. There's little risk of work-from-home across our portfolio, and we've enjoyed strong demand for new development and vacancy leasing for years.</doc> <doc id='8'>There's four main points I'd like you to leave with today. First, we have strong underlying tailwinds from the growth in the defense budget, the funding for the Golden Dome, Defense Shield for the United States, and the recently announced relocation of U.S. Space Command headquarters from Colorado Springs to Huntsville. I might add, it will go on the land that we control, and we will develop the properties. The second point is growth. In 2025, we're forecasting nearly 4% FFO per share growth at the midpoint of our guidance, and that would mark our seventh consecutive year of FFO growth. We've increased the dividend nearly 11% over the last three years, and we are the only office REIT to raise the dividend in both 2023 and 2024, and we did it again in 2025. The third key point is leasing.</doc> <doc id='9'>We're very confident we'll meet or exceed our leasing targets. We set an initial goal of 400,000 square feet of vacancy leasing. We achieved over 350,000 in the first half. We elevated our guidance modestly, and we're very confident we'll deliver that. Fourth, we set a guidance of committing $225 million to new developments over the year. At mid-year, we're at $50 million. We are in advanced negotiations with six different tenants for build- suit solutions, three of which we think we'll secure during the remaining part of the year, and that will achieve 我们的目标。Finally, I'd like to point out we're still at a great value at $30.44, trading at a mere 11.4 times FFO and only two turns above our 10-year low. We have a 4% dividend yield, and we trade at a 9% discount to our NAV. It's a good time to buy our share.</doc> <doc id='10'>Mithal, back to you, Yana.</doc> <doc id='11'>Speaker0 Thank you, Steve. Following up on the correlation with the defense industry, if you could help us with your defense budget outlook and what are the key takeaways from the One Big Beautiful Bill and then the president's budget request for fiscal 2026? Speaker2 The One Big Beautiful Bill was really unusual in that the Congress pre-appropriated $150 billion for the next five years. Within that pre-appropriated amount, $113 billion will occur in fiscal year 2026, which starts on October 1. That adds $150 billion to the current base defense budget of, call it, $833 billion. It represents a 13% increase, the largest nominal increase in defense spending in a single year over the last 25 years, and the second biggest percentage increase. It sets a strong backdrop for our ability to generate business out of that funding. We guide investors to expect incremental leasing and development opportunities from defense budget increases trailing 12 to 18 months as that money has to get matriculated its way through the government program of procuring new contracts, issuing those contracts to contractors, finalizing awards, and then we lease space. It's a pretty exciting time.</doc> <doc id='12'>Speaker0 The president's budget? Speaker2 The president's initial budget is right on top of last year's budget, so it's $831 billion. That's what's been submitted to Congress. It's not unusual, it's almost common that by the time it makes its way through the House and Senate, it actually grows. Base case is flat base budget from last year. It wouldn't surprise me at all if it increases by a couple of %.</doc> <doc id='13'>Speaker0 This morning we had a policy panel, and they kind of talked to the potential risks of a government shutdown. Does that in any way potentially impact or delay rent payments? Speaker2</doc> <doc id='14'>No, but it usually represents a good time to time our stock because people think it's going to hurt us, and it doesn't. If we lose a little bit on our price, you should time your buy to that. Our leases are covered. I forget the act, but the U.S. government is required to pay our leases. The missions we support are all essential missions, and they will work through any shutdown that does occur. The last time we had a shutdown at one of our locations, the only impact that occurred is the line of cars waiting to get on base got longer because they deemed the security access point as non-essential and reduced it by half. Government shutdowns are not a factor for our company.</doc> <doc id='15'>Speaker0 Thank you. There was some big, exciting news last week with the relocation of U.S. Space Command headquarters to Huntsville. You mentioned this could be a great opportunity if maybe you can give us some more color and details around this.</doc> <doc id='16'>Speaker2 Yeah, so to give you some history, Space Command, Space Force was initiated by President Trump. By the end of his term, there was competition that occurred to identify the best place for the unified combatant command for space called Space Command. It was determined that Huntsville was the best location on the Redstone Arsenal. When President Biden came into office, it was contested several times by locations that didn't win the contest. In each case, it was readjudicated for Huntsville and Redstone Arsenal. Through a presidential order, it was maintained in Colorado Springs, but it was never funded properly to create the facilities they need. That decision was reversed last Tuesday. Appropriations have been set aside to build a new command for Space Command.</doc> <doc id='17'>It's been publicly announced that it will be on the enhanced use lease that COPT Defense Properties has on Redstone Arsenal land, and we will be the developer. It looks like that development will represent three buildings, 450,000 square feet to 480,000 square feet, to move the entirety of the command to the arsenal in two years or less. We're the only solution that can get them to facilities they so badly need that have been politicized for five years and get the mission in its proper form. Beyond the command, the command has led us to expect that the contractor support tail that they currently expect to follow them could be twice as big as the area required for the command.</doc> <doc id='18'>It would apply another 1 million square feet of development opportunity over the coming years as the new facility is constructed, the SCIFs are completed and certified, the command's relocated, and the contractor's following.</doc> <doc id='19'>Speaker0 Can you let us know maybe the timeline around that initial three buildings? Speaker2 We're ready to start. We've been planning these buildings for a long time. We had developed this plan over five years ago. We've prepared the land with utilities, and we're ready to commence. We'll start one building very shortly. We wouldn't start that building without a signed lease. As we get a lease document formulated, we'd sequentially develop the next two right behind it.</doc> <doc id='20'>Speaker0 Great. Thank you. Any questions in the room? Speaker1 When you enforce a lease with a company, what kind of knowledge do they take? Are they allowed to take this? Speaker2 Our company? We kill them. You got to have a little fun. It's the end. It's the last comment here. No, you know, we've got an amazing history of long-term service to the company through retirement. It's staggering. Over a</doc> <doc id='21'>third of our employees have been with us for like 20 years or more. Those that tend to retire, they stay pretty involved with us. We maintain very good relationships with them, and rarely do we see anybody leave to go to a competitive company. Not that there is one that's strictly competitive.</doc> <doc id='22'>Speaker1 The one million square feet of contractor, I guess the wireless, for lack of a better word, what's your thought about how much of that you will? Speaker2 It's a little less clear, Jordan. First of all, how much will we see? To the extent it comes, it's a guidance from the government for our expectations. We started our Redstone development with our first building in 2011, and we've grown that to 24 buildings and 2.5 million square feet, not quite half the capacity that we can develop. We have rarely lost a new tenant to another location in Huntsville because of the advantages of being on our development. My expectation is we would get the lion's share, and by that, if it wasn't over 90%, I'd be surprised. When it comes, these are contractors supporting the mission. Until the mission's ready to move, I don't think they're going to relocate. Certainly, if they're going to require SCIF, they're going to have to build in a lot of time to have that SCIF created and provisioned.</doc> <doc id='23'>It's a very time-consuming, very technical process. My guess is we'd start to see firm commitments to relocate lease space and start the SCIF process in roughly a year.</doc> <doc id='24'>Speaker1 Will there be a number of pieces as you develop? Speaker2 It's too early for me to know that. I don't think it'll, we expect our delivery from building one through three to be a matter of a month or so, not longer periods of time. What their actual strategy is to populate, I can't speak to that. We've routinely developed our defense contractor buildings over the last three years at 8.5% cash on cash. Often, by the time we punch out the project, it accretes up. No, it's just cash on cash. Initial, not average, not capped cash.</doc> <doc id='25'>Speaker1 I need to walk off. I don't see a clear gate economics given the fact every month it's so long without suicide and panic off. The ROC is also pretty high.</doc> <doc id='26'>Speaker2 We are always looking to do better than I say we do. I don't like to make statements I can't back up.</doc> <doc id='27'>Speaker0 Great. Maybe turning over to the Golden Dome, the opportunity, and just overview what exactly that entails.</doc> <doc id='28'>Speaker2 The Golden Dome's a fascinating initiative, maybe one of the biggest our DoD has committed to in 30 years. It represents creating an anti-missile defense shield for the United States of America, the entire country. Currently, we're protected by what's called GMD, Ground Missile Defense, and Ground-Based Missile Defense. That program is run out of the Redstone Arsenal and the contractors in our buildings at Redstone Gateway. This is elevating that from just a defense against intercontinental ballistic missiles to any missile of any form. Initially, we're advised that it will be an enumeration of disparate technologies from a wide variety of contractors combined and integrated into a cohesive defense structure distributed across the country. Eventually, new technology will have to be advanced and created to both improve identification of threats and potentially target them from space.</doc> <doc id='29'>The initial budget is estimated to be $175 billion, and they would like it to be operational by 2029 or 2030. The One Big Beautiful Bill appropriated $25 billion for a down payment on the system, and that is in the fiscal year 2026 spend. That implies $150 billion of incremental investment over, call it, the next four years to integrate current technology, advance, improve, or new solutions, and deploy. It's pretty exciting. The Missile Defense Agency is at Redstone Arsenal, and it will be the primary vehicle for coordinating all this activity. Beyond Space Command, this development of a new system will be parallel to it. We expect that'll