Core Viewpoint - The recent listing of the first two data center REITs on August 8 has demonstrated a significant market demand, with both achieving a 30% limit-up on their debut, reflecting a strong investor interest in public REITs [1][2][3] Group 1: Market Performance - As of August 8, 73 public REITs have been listed, with 67 showing an increase on their first trading day, representing over 90% of the total [3] - Among these, 15 REITs achieved a 30% limit-up on their debut, accounting for 20.55% of the total [3] - The average return for the 73 public REITs since listing is nearly 35%, with 17 products yielding over 50% returns, and the highest return nearing 100% [1][6] Group 2: Demand and Supply Dynamics - The current public REITs market, with a total size just above 2 trillion yuan, is struggling to meet the high demand for quality assets, leading to a mismatch between investor demand and the supply of quality assets [1][8] - The strong performance of public REITs indicates a significant investor appetite, but there is an urgent need to increase the supply of quality REIT assets to address this demand [8][9] Group 3: Investor Behavior and Market Trends - The recent surge in public REITs has been characterized by a concentration of investor preferences, leading to increased investment concentration and potential liquidity risks [8] - The market has seen a clear differentiation in performance, with certain asset types, such as consumption infrastructure and energy infrastructure, performing better than others [7][8] Group 4: Future Outlook - There is a call for regulatory adjustments to allow more diverse participation in the REITs market, which could enhance the supply of quality assets and improve market dynamics [9]

特朗普和普京，即将会晤！ 美国总统特朗普将于15日与俄罗斯总统普京在美国阿拉斯加州会晤，讨论乌克兰危机。对此，英国、法国、德 国、意大利、波兰、芬兰等欧洲多国领导人发表联合声明，呼吁任何有关乌克兰危机的外交解决方案都必须保 护欧洲和乌克兰的重大安全利益。 此外，有美媒爆料称，白宫正在考虑邀请乌克兰总统泽连斯基前往阿拉斯加，但尚未作出最后决定。特朗普此 前曾对媒体表示，普京在和他会晤之前不必先会晤泽连斯基。 值得关注的是，俄乌双方仍在进行大规模互袭。俄罗斯国防部9日称，在过去24小时，俄军防空部队击落了乌 军1架苏-27战机和457架固定翼无人机。另外，俄罗斯萨拉托夫州州长布萨尔金通报称，当地一家工业企业10 日凌晨遭到无人机袭击。 来看详细报道！ 欧洲领导人发表联合声明 据央视新闻报道，当地时间9日晚，英法德等6个欧洲国家领导人和欧盟委员会主席冯德莱恩发表联合声明，呼 吁任何有关乌克兰危机的外交解决方案都必须保护欧洲和乌克兰的重大安全利益。 声明中，英国首相斯塔默、法国总统马克龙、德国总理默茨、意大利总理梅洛尼、波兰总理图斯克、芬兰总统 斯图布以及冯德莱恩对美国总统特朗普为解决乌克兰危机所作努力表示欢迎。一天 ...

巴林、埃及、印度尼西亚、约旦等23个阿拉伯和伊斯兰国家以及阿拉伯国家联盟和伊斯兰合作组织9日发 表联合声明，共同谴责和反对以色列企图对加沙地带实施全面军事控制。 联合声明指出，以色列的计划是危险且不可接受的，"公然违反国际法，并企图以武力巩固非法占领、制 造既成事实"。 声明还说，以色列的行动路线延续了"严重的违法行为"，包括杀戮和饥饿政策、强迫巴勒斯坦人流离失所 和吞并巴勒斯坦土地等。以方这些做法"抹杀了一切和平机会，破坏地区和国际社会缓和局势及和平解决 冲突的努力，加剧了对巴勒斯坦人的大规模侵害"。 声明要求以色列无条件允许人道援助进入加沙，保障救援机构的行动自由。 声明还表示支持埃及、卡塔尔和美国为推动释放被扣押人员所作的努力，呼吁尽快落实加沙重建计划，并 敦促各方积极参与即将在埃及首都开罗举行的加沙重建会议。 声明重申"坚决反对任何将巴勒斯坦人迁出其土地的企图"，强调"只有通过实施'两国方案'，才能实现公 正、持久的和平"。 责编：刘珺宇 校对： 王锦程 百万用户都在看 来源：新华社 重大调整！外围，突传重磅！ 突发！超10万人爆仓，发生了什么？ 以色列总理办公室8日说，以安全内阁已批准总理内塔尼亚胡 ...

在创新药、AI和机器人等市场热点轮番冲击下，上半年火热的黄金板块近期显得相对沉寂。 不过，央行数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司，官方黄金储备连续第9个月增加。 "我们是战略性看好黄金，短期波动是我们布局的好机会。"上海一家券商自营人士王杰（化名）对证券时报· 券商中国记者表示，央行也在持续购金，说明长期逻辑没变，金价后市还将有更多催化事件，看好金价长期上 涨。 王杰表示，随着市场对金价长期上涨的共识更加一致，黄金股的投资逻辑也将发生改变，市场将从关注公司短 期产量增长变成更关注公司储量，拥有更多储量的黄金公司价值会更加凸显。 央行持续购金 央行最新数据显示，7月末黄金储备为7396万盎司，环比增加6万盎司。 "2025年7月末官方黄金储备连续第9个月增加，但增量连续第5个月处于低位，符合市场预期。"东方金诚首席 宏观分析师王青对证券时报·券商中国记者表示。 王青认为，7月央行继续增持黄金，主要原因是美国新政府上台后，全球政治、经济形势出现新变化，国际金 价有可能在相当长一段时间内易涨难跌。这意味着从控制成本角度出发暂停增持黄金的必要性下降，而从优化 国际储备结构角度增持黄金的需求上升 ...

记者从中国人民抗日战争暨世界反法西斯战争胜利80周年纪念活动新闻中心获悉，8月9日夜间至8月10日凌 晨，北京天安门地区举行了纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会第一次综合演练，约 2.2万人参加演练及现场保障工作。 看券商中国 知天下财经 F 据介绍，第一次综合演练包括纪念大会仪式等内容，重点磨合了纪念大会全流程各要素的内部衔接，全面检验 了各方组织保障和指挥运行工作，演练组织有序，达到预期目标。北京市有关方面表示，本次演练活动顺利完 成，衷心感谢广大市民群众的理解支持。 来源：新华社 责编： 刘珺宇 校对： 刘榕枝 百万用户都在看 重大调整！外围，突传重磅！ 突发！超10万人爆仓，发生了什么？ A股重磅！时隔十年，两融再破2万亿！ 多重利好，刷屏！刚刚，见证历史！ 深夜！全线大涨！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 ...

继江西裕民银行、安徽新安银行之后，第三家民营银行即将迎来国资股东。 近日，国家金融监督管理总局披露，已同意无锡市国联发展（集团）有限公司（下称"国联集团"）受让红豆集 团有限公司（下称"红豆集团"）持有的锡商银行5亿股股份。 受让后，国联集团合计持有锡商银行5亿股股份，持股比例达到25％，将替代红豆集团成为锡商银行第一大股 东。 国资入股前兆：提前空降高层 公开信息显示，李军曾为国联集团董事长，在2023年2月，江苏金融监管局曾核准了李军国联财务董事长任职 资格。 从股东结构看，红豆集团一直是该行的第一大股东，持股比例维持在25%。在该行成立之时，由红豆集团实际 控制人周海江，出任锡商银行首任董事长。 就在上述股权变更披露的同天，锡商银行发布公告，江苏金融监管局已核准李军该行董事、董事长任职资格。 锡商银行由红豆集团等8家民营企业共同发起设立，于2020年4月正式开业，是全国第19家、江苏省第2家民营 银行。 值得关注的是，根据"无锡联合担保"公众号披露，今年6月20日，李军就以锡商银行党委书记的身份接待无锡 联合担保一行的到访。 也就说，在锡商银行正式股份变更之前，国联集团已派驻高层进入锡商银行。 在此之前 ...

Core Viewpoint - The article emphasizes the importance of focusing on risk rather than chasing potential high returns in investment, highlighting that missing out on emerging trends is not a mistake if it exceeds one's capability circle [2][4]. Group 1: Investment Principles - The principle of "better to miss than to make a mistake" is crucial in investment, as chasing hot concepts can lead to significant misjudgments [1][2]. - Successful investors, like Warren Buffett, have historically focused on traditional industries and have achieved substantial returns despite missing out on trends like the internet and electric vehicles [2][6]. - The article suggests that the best investment opportunities are those with long-term viability and clear profit models, which are often found in established companies rather than in rapidly changing sectors [4][5]. Group 2: Challenges in Emerging Industries - Emerging industries present three main challenges: uncertainty in identifying future winners, the rapid pace of technological advancement, and the difficulty in assessing the strength of competitive advantages [6][7]. - Investors often struggle to predict which companies will dominate in new sectors, as many successful companies today were not easily identifiable as winners in their early stages [6][7]. - The article warns that many new companies may experience growth without profitability, emphasizing the need for caution in investing in sectors with intense competition and low margins [5][6]. Group 3: Long-term Viability and Competitive Advantage - Companies that can sustain their operations for 30 years are rare, and only about 5% possess the characteristics needed for long-term compounding returns, such as strong pricing power and a robust competitive moat [4][6]. - The article highlights that many investors underestimate the impact of competition and disruption, which can erode profits and threaten the existence of companies lacking a solid competitive edge [5][6]. - It is noted that without a proven track record, it is challenging to ascertain the durability of a company's competitive advantages, making it essential for investors to focus on firms that have weathered multiple economic cycles [7][8].

近期，公募市场的限购现象持续蔓延。 8月9日，中欧基金公告，旗下中欧科创主题和中欧医疗创新两只基金将于8月11日起进行限购。今年7月以来， 已有几十只主动权益基金发布限购公告，其中不乏业绩排名靠前的明星产品。 业内人士表示，在市场情绪高涨、资金持续流入的阶段，主动限购有助于控制规模、稳定策略执行，并降低流 动性风险。这不仅是对既有持有人利益的保护，也是基金公司坚持投资纪律、聚焦长期回报的体现。 近期公募基金"限购潮"升温 在市场情绪较为活跃时，部分基金公司选择通过限购来主动调节规模，以期更好地保护持有人利益。Wind数 据统计显示，7月以来，已有约50只主动权益基金相继发布限购公告，涵盖多只近一年业绩表现突出的产品。 8月6日，中欧基金的基金经理冯炉丹管理的中欧数字经济混合宣布暂停100万元以上的大额申购。 8月2日，永赢基金公告，对旗下由知名基金经理高楠管理的产品永赢睿信进行限购。自8月4日起，该基金单日 单账户申购上限为人民币100万元。 7月，由马芳管理的国金量化多因子公告将单日申购限额从1000万元降至1万元。无独有偶，由王平管理的招商 成长量化选股将限额从1000万元调降至20万元。 业内人士指出， ...

Group 1 - The potential candidates for the next Federal Reserve Chair include James Bullard and Mark Sullivan, expanding the list to about 10 candidates [1][2][4] - Morgan Stanley economists predict that the Federal Reserve will cut interest rates by 25 basis points in September, followed by three additional cuts, bringing the benchmark rate to between 3.25% and 3.5% [5][6] - The appointment of Stephen Milan as a Federal Reserve Board member is expected to influence the Fed's future monetary policy, with a more dovish stance anticipated [5][6] Group 2 - The current Federal Reserve Chair, Jerome Powell, is under pressure from President Trump to lower interest rates, with several candidates expressing support for rate cuts [3][5] - The upcoming employment data in August will be crucial in determining the extent of potential rate cuts, with a 4.4% unemployment rate possibly leading to larger cuts [5] - The yield curve for U.S. Treasury bonds may steepen if Trump's key appointments succeed, reflecting market reactions to the Fed's policy direction [6]

Group 1 - The core viewpoint of the article highlights significant adjustments in the overseas holdings of domestic private equity firms, particularly focusing on the changes in the portfolio of Jinglin Asset Management [1][2][3] Group 2 - Jinglin Asset's top holdings in US stocks as of the end of Q2 2025 include Meta, which accounts for 25.46% of its portfolio, with a market value exceeding $730 million [2] - The total value of Jinglin Asset's US stock holdings reached $2.873 billion, approximately 20.6 billion RMB, indicating a substantial shift towards internet companies [2] - The firm has sold off several major tech stocks, including Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [2] - The new focus on internet stocks is evident, with significant positions in companies like NetEase, Manbang Group, Pinduoduo, Futu Holdings, and 360 DigiTech [2] Group 3 - Jinglin Asset expressed optimism about China's future development, noting a shift in the competitive strength of Chinese companies from being undervalued to attracting global investment [3] - The new generation of Chinese entrepreneurs is seen as having advantages over the previous generation, leveraging a strong supply chain and engineering talent to create aesthetically pleasing products [3] - Dongfang Harbor's overseas fund has also accelerated its portfolio adjustments, reducing holdings in Nvidia, Amazon, and Apple, while increasing positions in Alphabet, Montreal Bank, and initiating purchases of Tesla, Netflix, and Coinbase [3]