【光大研究每日速递】20251208

Group 1 - The macroeconomic fundamentals are under pressure but still resilient, with central bank policies supporting a low interest rate environment, which is expected to remain stable towards the end of the year. This enhances the attractiveness of fixed income assets, providing a high cost-performance ratio for bond ETFs [5] - The only bond ETF tracking the 10-year government bond index, the Guotai Shanghai Stock Exchange 10-Year Government Bond ETF (code: 511260.SH), has a large fund size and good liquidity, making it a recommended investment opportunity [5] - The market is currently in a bull phase, but may enter a wide fluctuation stage in the short term. There is significant room for index growth compared to previous bull markets, but the focus may shift to the duration of the bull market rather than the magnitude of gains [5] Group 2 - The public REITs market in China has seen a downward trend in secondary market prices, with a total of 77 public REITs listed and a total issuance scale of 199.301 billion yuan as of November 30, 2025 [7] - The weighted REITs index closed at 180.47 with a weekly return of -0.86%, indicating a continued decline in secondary market prices [8] - The insurance sector is expected to benefit from a recent adjustment in risk factors for investments in certain stock indices, which will help alleviate solvency pressures and expand equity investment space [8] Group 3 - The chemical industry is anticipated to experience a recovery in profitability due to an improving supply-demand balance driven by macroeconomic recovery and supply-side policy advancements, with strong growth momentum in new materials driven by AI, OLED, and robotics [9]