【光大研究每日速递】20260106

Group 1: REITs Market Overview - The secondary market prices of publicly listed REITs in China continued to decline, with the CSI REITs closing at 778.6 and the CSI REITs total return index at 1009.84, reflecting monthly returns of -3.77% and -2.93% respectively [5] - Compared to other major asset classes, the return rates ranked from high to low are: A-shares > convertible bonds > gold > pure bonds > US stocks > REITs > crude oil [5] Group 2: Real Estate Sector Insights - The article from "Qiushi" emphasizes stabilizing expectations for the real estate market in 2026, with anticipation for stronger policy support. High-energy cities are expected to benefit from urban renewal, leading to structural optimization and gradual stabilization of prices [5] - In December 2025, the top 10 real estate companies reported total sales of 189.5 billion yuan, with year-on-year declines of 12.0% and a month-on-month increase of 49.3% [6] Group 3: Steel and Metal Industry Updates - The price of tungsten concentrate has seen its first decline since October 2025, with the central economic work conference reiterating the need to address "involution" competition and promote energy-saving transformations in key industries [7] - The National Development and Reform Commission emphasized management and optimization of copper smelting capacity, with cable manufacturing companies reporting the lowest operating rates in nearly six years [8] Group 4: Construction and Building Materials - Beijing's recent policy adjustments aim to optimize real estate regulations, including easing home purchase conditions for non-local families and enhancing support for multi-child households [8]