本次挂牌的机构间REITs项目由青岛水务集团有限公司（以下简称青岛水务集团）发起，中信证券股份 有限公司担任计划管理人，以青岛水务集团所属青岛市李村河污水处理厂提标改造及四期扩建项目和总 氮提标改造项目作为底层资产，发行规模达到4.77亿元，在机构间市场广泛吸引社会资本参与，全场认 购倍数达到26倍，在已发行机构间REITs项目中创造新高，充分体现了资本市场对青岛优质国有资产的 高度认可。 12月29日，伴随着上海证券交易所清脆响亮的锣声，山东省首单机构间REITs项目"青岛水务集团有限公 司持有型不动产ABS项目"（证券代码：267036.SH）成功挂牌。 项目发行过程中，水务集团在青岛市委金融办、市发改委、市财政局、市水务局、市国资委、青岛证监 局的大力支持和指导下，通过标准化、证券化方式，将具有持续稳定收益的污水处理基础设施转化为可 公开交易、流动性强的金融产品，实现从"重持有"向"重运营"转型。募集资金投入新的基建项目，有助 于改善资产周转效率与净资产收益率，增强资金运作能力和市场竞争力。 （半岛全媒体首席记者 孙桂东） 下一步，青岛水务集团将高效运营管理底层资产，确保项目持续稳健运营，以良好的业绩回 ...

Core Viewpoint - The rise of covered call ETFs has prompted a search for qualities that make a strong long-term investment, with a focus on the ProShares Russell 2000 High Income ETF as a potential candidate for generating income and total return comparable to traditional index funds [1]. Group 1: Investment Strategy - The company emphasizes the importance of a solid base of classic dividend growth stocks, complemented by Business Development Companies, REITs, and Closed End Funds to enhance investment income [1]. - A hybrid investment system combining growth and income strategies is proposed, aiming to achieve total returns on par with the S&P 500 [1].

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset classes like Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The company advocates for a diversified approach to investing, suggesting that a solid base of dividend growth stocks can be complemented by other investment vehicles to create a balanced portfolio [1]. - The strategy aims to boost investment income while maintaining a total return that aligns with the performance of the S&P 500 index [1].

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

新华财经北京12月25日电 25日，2025多层次REITs投资人大会在北京举办。本次大会由瑞思不动产金融 研究院主办，汇集了来自保险、券商、基金、国资平台及产业资本等领域的近300位机构代表与行业专 家，通过闭门研讨、案例发布、圆桌对话等形式，深入探讨REITs市场的发展现状与未来趋势，为多层 次市场生态的共建与升级提供了重要交流平台。 （文章来源：新华财经） 共建平台、凝聚共识推动市场行稳致远 会上，瑞思不动产金融研究院院长朱元伟宣布启动"投研共享平台"及"年度优秀案例汇编"项目，旨在通 过系统化的知识沉淀与资源共享，为市场参与方提供持续智力支持，助力行业形成健康、理性、长期的 发展生态。这一举措得到了与会者的积极响应，机构认为在市场规模持续扩大、资产类型日益丰富的背 景下，行业基础设施的完善尤为关键。 与会专家指出，本次大会不仅是一次行业交流的盛会，更是REITs市场迈向高质量发展阶段的一次重要 集结。"多层次REITs市场的协同发展，为各类资产提供了差异化的资本路径，也为投资者构建了更为丰 富的配置工具。" 未来，相关行业仍须在强化资产运营能力、完善信息披露、培育长期投资者等方面持续努力，推动 REI ...

Core Viewpoint - China Jinmao has sold the Ritz-Carlton Hotel in Sanya for 2.265 billion yuan, aiming for asset securitization and optimizing its balance sheet while maintaining operational ties to the hotel [1][2][3] Group 1: Sale Details - The sale was announced on December 23, with Shanghai Jinmao transferring 100% of Sanya Tourism to Sanya Luanmao for 2.265 billion yuan, which is slightly above the assessed net asset value of 2.135 billion yuan as of March [1] - Sanya Tourism, established in March 2004 with a registered capital of 500 million yuan, solely owns the Ritz-Carlton Hotel in Sanya, which has been operational since 2008 [1] Group 2: Financial Performance - In the first half of the year, China Jinmao's hotel operating revenue decreased by 12% to 776 million yuan, with its share of total revenue dropping to 3% [2] - The net profit before tax and non-recurring items for Sanya Tourism was approximately 110 million yuan for 2023, declining to 70.46 million yuan in 2024, although it improved to 40.74 million yuan in Q1 [2] - The average room rate at the Ritz-Carlton fell to 2,054 yuan per day, but the hotel achieved an 80.5% occupancy rate, up 11.2 percentage points year-on-year, with revenue per room increasing by 3.24% to 1,654 yuan [2] Group 3: Strategic Implications - The acquisition by Sanya Luanmao, established in August, is part of a special asset-backed securities plan under CITIC Securities, allowing China Jinmao to optimize its financial statements while retaining operational benefits from the hotel [2][3] - The recent inclusion of four-star and above hotels in the REITs framework indicates a strategic move by China Jinmao to adapt to new industry regulations and enhance asset liquidity [3] - The company aims to revitalize its assets and improve its balance sheet, aligning with its goal of achieving a three-year transformation through optimizing both new and existing assets [3] Group 4: Overall Company Performance - For the first half of the year, China Jinmao reported revenues of 25.846 billion yuan, a 14% increase year-on-year, with gross profit rising by 14% to 4.059 billion yuan and net profit attributable to shareholders increasing by 8% to 1.09 billion yuan [4] - As of November, the company recorded a contracted sales amount of 100.679 billion yuan, with a cumulative sales area of 4.3717 million square meters [4]

Core Viewpoint - The discount to net asset value (NAV) for FS KKR Capital (FSK) is seen as justified due to elevated nonaccruals at fair value and weaker dividend coverage, despite the BDC growing NAV [1] Group 1: Company Analysis - FS KKR Capital's discount to NAV is attributed to its high nonaccruals and declining dividend coverage [1] - The company has managed to grow its NAV, indicating some resilience despite the challenges [1] Group 2: Market Perspective - The equity market serves as a mechanism for wealth creation or destruction over the long term, influenced by daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Summary of REITs Market Insights and Impacts Industry Overview - The discussion revolves around the REITs (Real Estate Investment Trusts) market, particularly focusing on the operational rights segment and its recent fluctuations due to the OCI (Other Comprehensive Income) event related to accounting standards set to be updated in February 2024 [1][2]. Core Insights and Arguments - The recent decline in the operational rights REITs, which fell nearly 4%, is attributed not to fundamental factors but to institutional risk-averse behavior triggered by the OCI event [1][2]. - The OCI policy allows institutions to choose between TPL (Total Profit and Loss) or OCI for accounting treatment, which aims to reduce the impact of stock price volatility on internal assessments [1][3]. - The overall market valuation rebounded approximately 10% following the announcement of the OCI policy, but the lack of clear regulations on dividend or principal differentiation has led to some high cash distribution projects being favored despite their lower actual yields [4][5]. - The energy sector also experienced significant declines, with operational rights projects facing internal pressures due to high valuations and short durations [5][9]. Long-term Perspectives - Despite short-term volatility, the REITs sector is expected to remain attractive due to the stable cash flow from underlying projects, which do not involve debt issues [5][9]. - Investors are encouraged to focus on the long-term yield value of REIT assets, particularly the IR (Internal Rate of Return) expectations for operational rights projects [6][9]. - The discussion highlights the importance of liquidity risk, especially as the year-end approaches, which is currently a major concern [8][10]. Market Dynamics and Future Opportunities - The market is anticipated to provide entry opportunities as the current environment allows for adjustments in the holding structure of various securities, with expectations of more diverse funding types entering the market [10]. - Recommended areas for investment include stable utility sectors and hydropower, as well as short-term catalytic projects in highways, particularly in regions like Jiangsu [12][13]. - The consumer and policy-driven affordable housing sectors are projected to perform well in the coming year, contingent on the extent of policy stimulus [11][12]. Additional Considerations - There are ongoing discussions regarding the OCI split methods, including I2 calculations for investment returns, principal amortization, and base theory, with no unified approach currently established [7]. - The environmental sector is viewed as having weaker fundamental elasticity, suggesting a preference for more stable energy sources like hydropower and wind energy [14][15]. This summary encapsulates the key points from the discussions on the REITs market, highlighting both immediate concerns and long-term investment opportunities.

Core Viewpoint - The sale of Sanya Tourism by China Jinmao for 2.2646 billion RMB signifies a strategic shift towards a "light asset" model, reflecting the evolving landscape of China's commercial real estate market under new REITs regulations by 2025 [1][3][12]. Group 1: Transaction Details - China Jinmao's subsidiary, Shanghai Jinmao, sold 100% of Sanya Tourism, which owns the Ritz-Carlton Hotel in Sanya, for 2.2646 billion RMB [1][3]. - The Ritz-Carlton Hotel features 446 guest rooms and 33 private villas, generating approximately 236 million RMB in revenue and a net profit of about 37.78 million RMB over eight months ending August 31, 2025 [3][4]. Group 2: Strategic Implications - The transaction is part of China Jinmao's broader strategy to optimize asset structure and enhance capital efficiency, moving away from a heavy asset model to focus on higher-return investments in core urban residential developments [7][14]. - The sale is seen as a precursor to potential asset securitization, with the buyer likely preparing for a future REITs offering by improving the asset's financial performance [14][16]. Group 3: Market Context - The timing of the sale coincides with the National Development and Reform Commission's new REITs policy, which includes four-star and above hotels as eligible assets, marking a significant shift in the investment landscape for hotel properties [9][10][12]. - The transaction highlights a trend where top-tier luxury hotels are becoming more liquid assets, with a shift in valuation methods from replacement cost to income-based approaches [16][17]. Group 4: Future Outlook - The industry is expected to see more major players like China Jinmao listing mature properties for sale or pushing them towards the REITs market, indicating a transition to a more financially driven operational model [17][18].

为破解光热发电发展瓶颈，意见坚持问题和目标导向，提出一揽子政策措施，为产业规模化发展保驾领 航。在强化规划引导方面，意见提出开展资源普查、做好光热发电发展布局和产业协同发展布局的顶层 设计安排。 同时，加强应用市场培育。意见提出在大型能源基地合理配置光热发电规模，建设一批以光热发电为主 的支撑调节型电站，探索以光热电站为基础电源的源网荷储一体化系统等光热应用市场培育。 意见称，光热发电兼具调峰电源和长时储能的双重功能，能够实现用新能源调节支撑新能源，能够为电 力系统提供长周期调峰能力和转动惯量，具备在部分区域作为调峰和基础性电源的潜力，是实现新能源 安全可靠替代传统能源的有效手段，是加快构建新型电力系统的有效支撑。同时，光热发电产业链长， 规模化开发利用将成为我国新能源产业新的增长点。 ● 本报记者 欧阳剑环 国家发展改革委12月23日消息，为更好适应新能源高质量发展需求，助力加快构建新型电力系统，国家 发展改革委、国家能源局日前印发《关于促进光热发电规模化发展的若干意见》提出，支持符合条件的 光热发电项目通过发行基础设施领域不动产投资信托基金（REITs）、资产支持证券等方式，盘活存量 资产、促进投融资良性 ...