1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The China Securities REITs Total Return Index closed at 1014.8 points this week (December 22 - 26, 2025), up 1.56% weekly, returning above 1000 points after consecutive days of decline. The total market capitalization of 78 listed REITs in China reached 219.9 billion yuan as of December 19, a 2.71% increase from the previous period, with a circulating market capitalization of 121 billion yuan [1][12]. - In the secondary market, most asset types rose, and trading activity increased marginally. Except for municipal environmental protection (-1.48%) and energy facilities (+0.03%)经营权 REITs, 67 REITs closed higher, and only 11 closed lower. The top - performing sectors were rental housing (+3.59%), warehousing and logistics (+2.57%), and industrial parks (+2.16%) [1][22]. - In the primary market, on December 26, 2025, the China Asset Management Xiamen Torch High - tech Industrial Park REIT was officially submitted to the Shenzhen Stock Exchange [7][60]. 3. Summary by Relevant Catalogs Secondary Market - **General Performance** - Most REITs rose, with only municipal environmental protection and energy facilities showing weak performance. Trading activity increased, with daily average trading volume, turnover, and turnover rate rising by 35.69%, 38.96%, and 0.12 percentage points respectively compared to the previous week [1][22][54]. - **Sector - by - Sector Performance** - **Rental Housing**: Rose 3.59%, with all 8 individual bonds rising. The sector has good liquidity and normal project fundamentals, and is sensitive to discount rate adjustments. The current distribution rate of 3.17% is still attractive compared to 2.79% on July 1. Projects like China Merchants Fund Shekou Rental Housing, Huatai - PineBridge Suzhou Hengtai can be focused on. China Resources Youchao's first rights offering by allotment to original holders increased the distribution rate by 21bp, and its current distribution rate of about 3.16% is still relatively high [2][24][27]. - **Warehousing and Logistics**: Rose 2.57%, with only Hua'an Waigaoqiao falling (-2.48%). Different sub - markets in this field vary greatly. Hua'an Waigaoqiao has excellent fundamentals and location, and the recent decline may be due to a large number of restricted shares being released. China International Capital Corporation (CICC) ProLogis has a diversified asset portfolio, strong management ability, and a high distribution rate, suitable for allocation - oriented accounts [3][30][31]. - **Municipal Environmental Protection**: Fell 1.48%, mainly dragged down by Jinan Energy Heating and Shaoxing Raw Water. Jinan Energy Heating has a strong asset monopoly, stable heating - season revenues, and controllable external heat source costs, and its distribution rate has significantly increased [4][34][35]. - **Transportation Facilities**: Rose 1.66%, recovering after the recent disturbance of principal - interest separation. Focus on road assets with stable operations and good traffic - attracting effects from surrounding road networks. Guojin China Railway Construction REIT plans to raise funds for project expansion and renovation, and the expected internal rate of return after the project expansion may be higher than before [6][37][38]. - **Industrial Parks**: Rose 2.16%, with all individual bonds rising. CICC Chongqing Liangjiang and Bosera Tianjin Binhai New Area Industrial Park, which have a distribution - adjustment mechanism and good fundamentals, can be considered for their rebound opportunities after previous restricted - share releases and market adjustments [47]. Primary Market - On December 26, 2025, the CICC Xiamen Torch Industrial Park REIT was officially submitted to the Shenzhen Stock Exchange. The original equity holders are Xiamen High - tech Entrepreneurship Center Co., Ltd. and Xiamen Torch High - tech Zone Investment Promotion Service Center Co., Ltd., both subsidiaries of Xiamen Torch Group. As of December 26, 2025, there is 1 project issued but not yet listed, 8 projects with exchange feedback, 5 projects accepted by the exchange, and 1 project submitted to the exchange [7][60][63].

Market Review - A-shares led global indices with major broad-based indices generally rising, particularly the CSI 500 and ChiNext, while the Shanghai Composite Index recorded an eight-day winning streak approaching 4000 points [1] - The market liquidity is abundant, with A-share trading volume continuing to expand, reaching over 2 trillion yuan on Friday, and the financing balance exceeding 2.5 trillion yuan, setting a historical high [1] - In terms of style, small-cap and growth styles outperformed, with sectors such as non-ferrous metals, defense, and electric equipment leading gains, while beauty care, social services, and banking sectors declined [1] Market Outlook - Multiple funds are rushing to capitalize on the "spring rally," with a focus on buying on dips. The uncertainty in overseas monetary policy is dissipating, and the upcoming Chinese New Year and "Two Sessions" are expected to support risk appetite [2] - The "spring rally" conditions are accumulating, with key factors including reasonable valuation levels, a loose liquidity environment, and catalysts to boost risk appetite such as domestic policies and external risk mitigation [2] - The latest risk premium for the CSI 300 is at the median level of the past decade, indicating reasonable A-share valuations, while the central bank emphasizes continued implementation of a moderately loose monetary policy [2] Fund Flows - The net subscription of A500 ETFs has become one of the important sources of incremental funds for A-shares at year-end, with a cumulative net subscription of 90.8 billion yuan in December, the highest since April [3] - The top six A500 ETF products saw a net inflow of 97.2 billion yuan since December, reflecting accelerated inflow of institutional funds [3] Financing and Currency Trends - The financing balance of A-shares reached a historical high of 2.53 trillion yuan as of December 25, with a net buy of 72 billion yuan in financing funds since December, indicating a recovery in market sentiment [4] - The strong performance of the RMB is favorable for foreign capital inflow, with the offshore RMB briefly surpassing the 7.0 mark against the USD, reflecting market confidence in the Chinese economy [4] Industry Allocation Recommendations - Focus on growth themes benefiting from industrial policy support, such as domestic substitution, robotics, commercial aerospace, nuclear fusion, innovative drugs, and energy storage [5] - Pay attention to sectors benefiting from "anti-involution" price increases, such as chemicals, energy metals, and new energy [5] - Look for potential catalytic opportunities in the consumer sector due to the deepening of consumption policies [5]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The flexible solar wing technology is crucial for large-scale satellite constellation construction, significantly reducing weight by 20%-40% and storage volume by over 60%, while expanding the deployment area by up to 1.5 times [2][12][24] - The space computing industry chain is experiencing rapid growth, with a projected compound annual growth rate of approximately 9% from 2024 to 2029, potentially exceeding $780 billion by 2029 [3][40] - The Chinese satellite internet constellation, with a planned deployment of approximately 13,000 satellites, aims to provide low-latency communication and high-resolution Earth observation services [2][21] Summary by Sections Flexible Solar Wings Supporting Large-Scale Constellation Construction - The successful launch of 17 low-orbit satellites by the Long March 8 rocket marks a significant milestone for China's satellite internet initiative, achieving a 100% success rate at the Hainan launch site [2][20] - The GW constellation, designed to operate in both high and low orbits, aims to enhance coverage efficiency and mitigate orbital competition, with a focus on low-latency communication [12][21] - China's advancements in flexible solar wings, including the world's first fully flexible solar wing satellite, demonstrate the country's leadership in this technology [2][14][31] Growth of the Space Computing Industry Chain - The space computing industry encompasses upstream satellite manufacturing, midstream operations, and downstream data services, creating a comprehensive ecosystem [3][15] - SpaceX's Starlink V3 satellites represent a significant leap in performance, enhancing global service capabilities and reducing costs through reusable technology [3][41][42] - The GW constellation is a national strategic initiative, with plans to deploy approximately 13,000 low-orbit satellites by 2035, enhancing China's competitive edge in the global space internet landscape [21][51] Investment Recommendations - Beneficiary companies in the rocket sector include Aerospace Power, Superjet, Western Materials, and others [4][19] - Companies involved in space computing include Shunhao Co., Junda Co., and others [7][19] - Satellite-related companies include Xicet Testing, Tianyin Electromechanical, and others [7][19]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - Short-term lithium prices are expected to remain bullish, supported by ongoing inventory depletion and supply-side disruptions [8][27] - Nickel prices may find support due to potential reductions in Indonesia's nickel ore quotas and additional taxes on associated resources [1][27] - Cobalt prices are anticipated to rise further due to a persistent supply shortage, with structural tightness expected to last for the next two years [5][17] - The antimony market is expected to see prices converge towards higher international levels due to export restrictions and tight supply [6][19] - The rare earth industry remains dominated by China, despite overseas efforts to develop supply chains, with significant supply tightening expected [9][20] - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and the Democratic Republic of Congo [11][21] - Tungsten prices are expected to remain supported due to ongoing supply tightness and regulatory controls on mining quotas [13][22] - Uranium prices are likely to be supported by ongoing supply constraints and geopolitical factors affecting global energy security [14][22] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's 2026 nickel ore production target is set to be reduced to 250 million tons, down 34% from 379 million tons in 2025, to prevent further price declines [1][27] - The Indonesian government plans to classify cobalt and iron as independent commodities and impose a royalty tax of 1.5%-2%, potentially generating an additional $600 million annually [1][27] Antimony Industry Update - Domestic antimony prices are expected to rise towards international levels due to export controls and tight supply conditions [6][19] Lithium Industry Update - The average price of battery-grade lithium carbonate is reported at 97,700 CNY/ton, with a 3.27% increase [8][27] - Supply stability is expected from lithium salt plants, while demand from the electric vehicle and energy storage markets remains strong [8][27] Rare Earth Industry Update - China continues to dominate global rare earth supply, with new export restrictions from Vietnam further tightening the market [9][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and the Democratic Republic of Congo [11][21] Tungsten Industry Update - Supply tightness in the tungsten market is expected to persist due to regulatory controls and reduced mining quotas [13][22] Uranium Industry Update - Ongoing supply constraints and geopolitical factors are expected to support uranium prices in the near term [14][22]

Global Market Overview - The global market experienced fluctuations, with the US stock market showing low volatility due to the Christmas holiday, leading to a temporary reduction in trading volume [1][16] - The TAMAMA Technology Index's P/E ratio rose to 37.61, while the Philadelphia Semiconductor Index reached 44.37, indicating high valuations in the US tech sector [1][16] - The S&P 500 Shiller P/E ratio remains above 40 for over a month, suggesting potential pressure on US equities, particularly in financial, communication services, consumer, and industrial sectors [1][16] US Market Performance - The S&P 500, Nasdaq, and Dow Jones indices increased by 1.4%, 1.22%, and 1.2% respectively during the week [2][11] - The S&P 500 materials sector saw the largest gain of 2.38%, while the consumer staples sector experienced a slight decline of 0.1% [11][15] - Notable stocks in the S&P 500 included Freeport-McMoRan, Micron Technology, and AvalonBay Communities, with gains of 7.91%, 7.1%, and 6.76% respectively [15][18] Hong Kong Market Performance - The Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rose by 0.5%, 0.16%, and 0.44% respectively [24][28] - The Hang Seng Technology Index increased by 0.37%, with the materials sector leading gains at 4.3%, while healthcare saw a decline of 1.76% [26][28] - Top performers in the Hang Seng Index included CSPC Pharmaceutical Group, HSBC Holdings, and Cheung Kong Infrastructure, with increases of 6.95%, 3.77%, and 3.26% respectively [28][29] Economic Data - In Q3 2025, the US core PCE price index increased by 2.9%, up from 2.6% previously, indicating inflationary pressures [2][36] - The US GDP growth rate for Q3 2025 was reported at 4.3%, an increase from 3.8% [36][37] - Japan's unemployment rate remained stable at 2.6%, while industrial production decreased by 2.13% year-on-year [38][42]

证券研究报告|固收点评报告 [Table_Date] 2025 年 12 月 27 日 [Table_Title] 北京新房成交大幅反弹 [Table_Title2] able_Summary] 地产周速达 1）政策跟踪 12 月 24 日，北京四部门联合发文，调降非京籍及多孩家庭购房门槛，标志着一线城市核心区限购政策进 一步边际松动。内容主要聚焦两方面：一是放宽非京籍准入，将五环内购房社保/个税年限由"3 年"降至"2 年"，五环外由"2 年"降至"1 年"；二是支持多孩家庭，明确二孩及以上家庭可在五环内多购一套住房（京 籍上限增至 3 套，非京籍增至 2 套）。此次调整旨在通过降低刚需入市门槛及打开改善性需求空间，切实落实 中央经济工作会议关于稳定房地产市场的精神。 政策定向扩容需求，成交放量系年末翘尾与情绪共振。本次政策精准锚定非京籍刚需及多孩改善群体，预 计将有效扩大潜在购房需求基数。从高频数据看，本周北京新房成交环比激增 79%，需理性看待的是，由于 新政于 24 日才正式生效（仅覆盖统计周期 19-25 日的尾部），本周成交放量更多归因于房企年末冲量的季节性 因素，政策短期内主要体现为预期的改善与 ...

Liquidity Overview - The average daily net lending by banks reached a historical high of 5.45 trillion yuan from December 22-26, up from 4.90 trillion yuan the previous week[2] - The overnight interest rate R001 remained stable around 1.35%, while DR001 fell to 1.26%[1] - The 7-day funding rate DR007 increased to 1.52%, reflecting a rise of 14 basis points compared to previous years[1] Market Trends - The significant increase in bank lending at year-end is attributed to seasonal patterns, with lending typically exceeding 5 trillion yuan before the year-end[2] - The net financing from government bonds for December 29-31 is expected to be 138 billion yuan, significantly lower than the previous week's 3,667 billion yuan[6] - The issuance of 1-month bills dropped to a near-zero interest rate of 0.01%, while 3-month and 6-month rates rose to 0.65% and 1.05%, respectively[5] Future Outlook - The liquidity cost during the year-end period is expected to remain manageable, with potential peaks around 1.90% for 7-day funds[3] - The upcoming week (December 29-31) will see a net withdrawal of 1,526 billion yuan from reverse repos, indicating low pressure on liquidity[4] - The total maturity of interbank certificates of deposit is projected to decrease to 2,791 billion yuan, down from 8,686 billion yuan the previous week[7]

Group 1: Market Trends - In 2025, the land auction market saw a reversal with a national premium rate of 5.5%, up from an average below 4% from 2022 to 2024[1] - The land transfer fees in major cities like Hangzhou, Shanghai, Beijing, and Chengdu increased by 11% year-on-year, while the overall national transfer fees dropped by 8%[1] - The transaction volume of second-hand homes increased by 6% year-on-year in 15 cities, while new home transaction volume fell by 13% in 38 cities[1] Group 2: Price Dynamics - New home prices remained more resilient compared to second-hand homes, particularly in first-tier cities where second-hand home prices have been declining since May 2025[1] - In November 2025, second-hand home prices in Beijing, Shanghai, and Shenzhen fell by 1.3%, 0.8%, and 1.0% month-on-month, respectively, with year-on-year declines of 6.8%, 4.6%, and 4.8%[1] - The average price of luxury homes in cities like Shanghai and Beijing has increased significantly, with Shanghai's highest land price reaching 20.1 million yuan per square meter[1] Group 3: Future Outlook - In 2026, land transfer fees are expected to decline further, influenced by low willingness from city investment companies to acquire land and potential confidence issues among market-oriented developers[2] - The new home market is anticipated to focus on luxury and improved residential properties, driven by the cancellation of price limits and the introduction of high-quality land supply[2] - The second-hand home market may experience further differentiation, with quality properties maintaining prices while older neighborhoods face continued price declines[2]

Group 1 - The core view of the report indicates that the equity market is showing signs of upward momentum, with the total A-share index rising by 0.60% and trading volume increasing by 467 billion yuan compared to the previous day [1][2] - The report highlights that the market is attempting to establish new narratives, which historically accompany successful breakthroughs of previous highs at year-end [1][2] - The report suggests that the index is approaching previous highs, with the total A-share index breaking through 6400 points, nearing the highs of October and November [2] Group 2 - The report identifies strong performance in specific sectors, particularly defense, military, and communication industries, which have successfully broken through previous high points, indicating a positive market sentiment towards these sectors [2] - The commercial aerospace sector has led the market with a cumulative increase of 31.12% since November 24, and its trading volume has reached a historical high of 6.05% of total A-share trading volume [3] - The bond market is experiencing a mixed performance, with short-term bonds showing a downward trend while long-term bonds are under pressure due to rising yields influenced by equity market movements [4][5] Group 3 - The report notes that the commodity market has shifted from a broad rally to a more differentiated performance, with precious metals experiencing a decline while industrial metals remain resilient [6] - The report emphasizes that the long-term bullish logic for precious metals remains intact, but short-term volatility may arise due to profit-taking after significant price increases [7] - The report discusses the dynamics in the polysilicon industry, where price increases are being driven by supply-side adjustments, despite ongoing supply-demand imbalances [7]

Economic Outlook - The global economy is expected to experience a soft landing in 2026, benefiting from the Federal Reserve's interest rate cuts and a release of inventory demand, leading to a mild recovery in global manufacturing[1] - The U.S. economy is projected to be in a soft landing mode, supported by both monetary and fiscal easing, with low overheating risks[1] Monetary Policy - The Federal Reserve is anticipated to cut interest rates by approximately 50-60 basis points, with potential for a total reduction of up to 100 basis points due to pressures from the government to lower debt financing costs and risks in the labor market[2] - The expected policy rate by the end of 2026 is around 3%, aligning with the neutral rate, which could eliminate restrictive monetary conditions[2][25] Fiscal Policy - The U.S. fiscal deficit is expected to remain around 6% in 2026, while Germany's deficit is projected to increase by approximately 0.9 percentage points to 4%[3] - The increase in the fiscal deficit in Europe may lead to a depreciation of the dollar against the euro[3] Asset Outlook - In the first half of 2026, the continuation of "devaluation" trades is expected, with global asset classes likely to see broad gains, particularly in gold and U.S. Treasuries benefiting from rate cuts[5] - In the second half of 2026, as the Fed approaches the end of its rate-cutting cycle, markets may begin to price in rate hike expectations, potentially leading to adjustments in gold and U.S. equities[5] Risks - Key risks include unexpected changes in the fundamentals of major developed economies, significant adjustments in fiscal and monetary policies, and abnormal volatility in overseas markets[6]