【光大研究每日速递】20251204

Real Estate - In November, the total sales amount of the top 100 real estate companies was 244.3 billion yuan, a year-on-year decrease of 36.8% and a month-on-month decrease of 11.7% [4] - From January to November, the cumulative sales amount reached 3 trillion yuan, with a year-on-year decline of 18.8%, which is an increase of 2.1 percentage points compared to the decline from January to October [4] Public REITs - The expansion of public REITs to the commercial real estate sector has been initiated by the China Securities Regulatory Commission and the National Development and Reform Commission, providing opportunities to revitalize a trillion-yuan market [4] - This move aims to shift enterprises from "heavy development" to "heavy operation," although the short-term market may face pressure, with product valuation and operational quality being critical [4] Food and Beverage - In the snack food sector, there is a focus on operational quality and raw material price trends, while the catering supply chain is seeing improvements in operations, particularly with companies like Anjijia Foods [4] - Investment strategies include flexible trading in underperforming sectors with potential for operational reform, and a positive outlook on dairy products and snack sectors, recommending companies like Yili Group and Yanjinpuzi [4] Jerry Holdings - Jerry Holdings has secured multiple contracts for generator sales exceeding 1 billion yuan with North American data centers, indicating a potential third growth curve for its power segment [5][6] - The company’s subsidiary, Jerry Min Electric Energy Group, has signed significant contracts with major AI industry players, highlighting its expanding market presence [5][6]