Core Insights - The report highlights the Chinese government's support for private investment projects to issue Real Estate Investment Trusts (REITs), aiming to enhance financing for infrastructure projects [1][6]. - The REITs market has shown positive performance recently, with the CICC Lian Dong Science and Technology REIT leading the gains at +6.24% during the week of November 10 to November 14, 2025 [1][14]. - The overall REITs index outperformed the CSI 300 index by 1.92 percentage points, indicating strong relative performance in the market [1][14]. Industry Dynamics - On November 10, 2025, the State Council issued measures to further promote private investment, emphasizing the establishment of a "green channel" for technology companies to access financing through listings and mergers [6]. - As of November 14, 2025, the total issuance scale of listed REITs reached 199.3 billion yuan, with 77 REITs issued [6][7]. Market Performance - For the week of November 10 to November 14, 2025, the CSI REITs total return index increased by 0.86%, while the overall REITs index rose by 0.84% [1][14]. - Individual REITs such as CICC Lian Dong Science and Technology REIT, CICC Shandong Expressway REIT, and China Merchants Shekou Rental Housing REIT saw significant gains, with increases of 6.24%, 5.18%, and 4.10% respectively [1][14]. - Conversely, some REITs like Huatai Nanjing Jianye REIT and CICC Chongqing Liangjiang REIT experienced declines of -6.58% and -5.21% [1][14]. Liquidity - The total trading volume of REITs for the week was 569 million yuan, reflecting a 1.2% decrease from the previous week [2][36]. - The largest segment by trading volume was park infrastructure REITs, accounting for 21.9% of the total trading volume [2][36]. Valuation - The report does not provide specific valuation metrics or insights, focusing instead on market performance and liquidity trends [41].

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Report Period - The report covers the period from November 10th to November 14th, 2025 [2] Performance of Secondary Market Price and Volume REITs Performance - In the secondary market, REITs showed certain price and volume changes during the reporting period. For example, some REITs had different returns, turnovers, and trading volumes. The returns of different REITs varied widely, with some achieving positive returns and others negative. For instance, the weekly returns of some REITs ranged from -1.79% to 5.18% [10] Industry Comparison - Different industries of REITs also had different performance. For example, in the highway industry, the returns of various REITs were different, such as the weekly return of China Merchants Highway REIT was -1.79%, while that of CICC Shandong High - speed REIT was 5.18%. In the ecological and environmental protection industry, the weekly return of Fubon First - created Water Service REIT was -0.03%, and that of AVIC Shougang Green Energy REIT was 0.25% [10] Secondary Market Valuation Valuation Indicators - The report provides valuation indicators such as P/FFO, P/NAV, IRR, PV multiplier, and cash distribution rate for different REITs. For example, the P/FFO of Red Earth Innovation Yantian Port REIT was 19.21, and its P/NAV was 1.06 with a current quantile of 48.50%. The cash distribution rate was 4.25% [20] Industry Comparison - Different industries and individual REITs within the same industry also had different valuation levels. For example, in the warehousing and logistics industry, the P/FFO of CICC Puluosi REIT was 14.11, while that of Harvest JD Warehouse Infrastructure REIT was 25.44 [20] Market Correlation Statistics Correlation with Other Assets - The report shows the correlation coefficients between REITs and various assets such as stocks, convertible bonds, pure bonds, and commodities. The correlation coefficients between REITs and the Shanghai Composite Index, CSI 300, ChiNext Index, and small - and medium - cap stocks were 0.20, 0.18, 0.11, and 0.16 respectively. The correlation coefficients between different types of REITs (such as property - right REITs, franchise - right REITs) and these assets also varied [26] Industry Comparison - Different industries of REITs had different correlations with other assets. For example, the energy - type REITs had a relatively low correlation with stock assets, with a correlation coefficient of about 0.04 with the Shanghai Composite Index and CSI 300, while the correlation coefficient between the affordable housing - type REITs and the Shanghai Composite Index was 0.00 [26] Primary Market Tracking Under - Review Projects - There were several REIT projects in different stages of the primary market. For example, China Asset Management Anbo Warehouse Logistics REIT had passed the review, with a project valuation of 22.49 billion yuan. Jianxin Jinfeng New Energy REIT was in the feedback stage, with a project valuation of 8.81 billion yuan [28]

Core Insights - The commercial real estate sector in major Chinese cities is experiencing a resurgence in investment interest, particularly from state-owned and insurance capital buyers, as they actively acquire core properties in Shanghai [1] - The high inventory levels in the commercial real estate market are identified as a root cause of the industry's "involution," but a turning point is anticipated during the 14th Five-Year Plan period [2] - Urban renewal is becoming a central focus for future urban development, shifting from quantity expansion to quality enhancement in commercial real estate [3] Investment Trends - Investment in commercial real estate is being driven by the stability and cash flow characteristics of long-term assets, with a notable increase in demand for core properties in first-tier cities [1] - The supply of new office space is expected to decline significantly, with new construction in 2024 projected to be only one-fourth of the peak levels seen in 2019 [2] - The high-standard warehouse market is showing resilience, with net absorption in the first three quarters of 2025 increasing by 62% year-on-year, reaching a historical high of 7.2 million square meters [2] Urban Renewal and Policy Changes - The upcoming five years are critical for urban renewal, with a projected increase in the office space aged 30 years or more in first-tier cities from 1.14 million square meters to over 10 million square meters by 2030 [3] - Policies are evolving to support the renewal of existing properties, including innovative mechanisms for extending land use rights and addressing the renewal of commercial and industrial land [4] - The expansion of public REITs is facilitating exit channels for existing assets, with expectations that office buildings and hotels will be included in the REITs framework during the 14th Five-Year Plan [4][5]

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with 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 investment approach focuses on high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]. - A balanced portfolio that includes a mix of growth and income-generating assets can lead to efficient investment income and total returns that align with the S&P 500 [1].

Investment Rating - The report maintains a "Neutral" rating for both the real estate and building materials sectors [2][4]. Core Views - The real estate sector is currently in a "bottoming" phase, with new home and second-hand home transaction areas still showing negative year-on-year growth, although the decline is narrowing compared to 2024. New construction starts and development investments continue to decline, and funding is tight, indicating an ongoing deleveraging cycle. The overall loss level of the industry has further expanded compared to the second quarter, suggesting that the fundamentals remain weak. Future policy support and stabilization of the industry are expected to drive market trends [4][28]. - The building materials sector, particularly cement, is benefiting from a dual advantage of cost and policy due to the elimination of high-energy, low-efficiency capacities. The sector is expected to see stable support from urban village renovations and the acceleration of affordable housing construction. Current valuations are at historical lows, making certain stocks attractive for defensive and long-term investment [4][50]. Summary by Sections Real Estate Sector - As of November 13, 2025, the Shenwan Real Estate Index has increased by 2.07% over the past two weeks, outperforming the CSI 300 Index by 1.32 percentage points, ranking 20th among 31 sectors. Year-to-date, the index has risen by 11.37% [13][17]. - The report highlights that the industry is transitioning from a high-leverage, high-turnover model to one focused on quality, service, and sustainability, with urban renewal expected to unlock potential in existing stock [4][28]. Building Materials Sector - The Shenwan Building Materials Index has risen by 2.63% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 17th among 31 sectors. Year-to-date, the index has increased by 23.38% [29][32]. - The cement industry is expected to see a significant increase in profitability due to the implementation of carbon trading regulations and the elimination of inefficient capacities. The sector is supported by ongoing construction projects and a favorable valuation environment [4][50]. Recommendations - The report recommends focusing on leading companies with strong fundamentals and high dividend yields, such as Poly Developments (600048), China Merchants Shekou (001979), and Binhai Group (002244) in the real estate sector, and Conch Cement (600585) and Huaxin Cement (600801) in the building materials sector [4][53].

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Group 1: Investment Strategy - A solid base of classic dividend growth stocks is essential for long-term growth and income generation [1]. - Incorporating a mix of different asset types can lead to a highly efficient investment income strategy [1]. - The total return achieved through this hybrid system is on par with the S&P index, indicating its effectiveness [1].

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with 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 investment approach focuses on high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]. - A balanced portfolio that includes a mix of growth and income-generating assets can lead to efficient investment income and total returns that align with the S&P 500 [1].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of Shanghai copper may be in a stage where supply slightly decreases and demand gradually increases, with inventory reduction in the industry and positive expectations. The option market sentiment is bullish, and the implied volatility slightly increases. It is recommended to conduct short - term long trades at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract is 86,840.00 yuan/ton, up 210.00 yuan; the price of LME 3 - month copper is 10,834.00 dollars/ton, up 7.00 dollars. The main contract's inter - month spread is 0.00 yuan/ton, up 90.00 yuan. The main contract's open interest of Shanghai copper is 200,769.00 lots, down 1,602.00 lots. The futures top 20 open interest of Shanghai copper is - 20,440.00 lots, down 229.00 lots. The LME copper inventory is 136,250.00 tons, down 25.00 tons. The SHFE inventory of cathode copper is 115,035.00 tons, down 1,105.00 tons. The SHFE warrant of cathode copper is 44,088.00 tons, down 2,856.00 tons [2] Spot Market - The SMM 1 copper spot price is 86,795.00 yuan/ton, up 30.00 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 86,910.00 yuan/ton, up 65.00 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 45.00 dollars/ton, unchanged. The average premium of Yangshan copper is 33.50 dollars/ton, unchanged. The CU main contract basis is - 45.00 yuan/ton, down 180.00 yuan. The LME copper cash - 3 spread is - 21.28 dollars/ton, down 6.43 dollars [2] Upstream Situation - The import volume of copper ore and concentrates is 258.69 million tons, down 17.20 million tons. The copper smelter's roughing charge (TC) is - 42.04 dollars/thousand tons, up 0.11 dollars. The copper concentrate price in Jiangxi is 77,150.00 yuan/metal ton, up 340.00 yuan; in Yunnan, it is 77,850.00 yuan/metal ton, up 340.00 yuan. The southern processing fee of blister copper is 1,200.00 yuan/ton, up 100.00 yuan; the northern processing fee is 900.00 yuan/ton, unchanged [2] Industry Situation - The output of refined copper is 126.60 million tons, down 3.50 million tons. The import volume of unwrought copper and copper products is 438,000.00 tons, down 52,000.00 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 59,040.00 yuan/ton, up 450.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 790.00 yuan/ton, up 60.00 yuan. The price of 2 copper (94 - 96%) in Shanghai is 72,550.00 yuan/ton, up 350.00 yuan [2] Downstream and Application - The output of copper products is 223.20 million tons, up 1.00 million tons. The cumulative completed investment in power grid infrastructure is 4,378.07 billion yuan, up 582.31 billion yuan. The cumulative completed investment in real estate development is 67,705.71 billion yuan, up 7,396.52 billion yuan. The monthly output of integrated circuits is 4,371,236.10 thousand pieces, up 120,949.00 thousand pieces [2] Option Situation - The 20 - day historical volatility of Shanghai copper is 16.41%, down 0.92%; the 40 - day historical volatility is 19.33%, down 0.01%. The implied volatility of the current - month at - the - money IV is 13.78%, up 0.0017%. The at - the - money option call - put ratio is up 0.0127 [2] Industry News - From the four - week period ending October 25, the US private sector on average lost 11,250 jobs per week, and Goldman Sachs estimated that the US non - farm payrolls in October decreased by about 50,000, the largest decline since 2020. The central bank will implement a moderately loose monetary policy, keep social financing conditions relatively loose, and improve the monetary policy framework. The NDRC has recommended 105 REITs projects to the CSRC, 83 of which have been issued and listed, covering 10 industries and 18 asset types, expected to drive new project investment of over 1 trillion yuan. In October, the sales of new energy vehicles in China accounted for over 50% of the total new vehicle sales for the first time, reaching 51.6%. The NDRC held a private enterprise symposium, and enterprises suggested improving policy support systems such as social security and taxation in the "15th Five - Year Plan" [2]

Group 1 - The report highlights the positive sentiment around the Chinese economy, driven by policy support and a focus on high-quality development, as evidenced by President Xi Jinping's visit to Guangdong to promote reform and stability [3][29] - In the equity market, major indices showed slight increases, with the Shanghai Composite Index rising over 1% and the CSI 300 gaining 0.82% [3] - The bond market experienced a net withdrawal of funds amounting to 15,722 billion yuan, but liquidity is expected to improve in the coming months [3][27] Group 2 - The report on the monetary fund sector indicates a trend of extending durations and reducing holdings in certificates of deposit, with a shift towards financial bonds [5][30] - The monetary fund's net asset value reached approximately 14.63 trillion yuan, reflecting a seasonal growth trend [30] - The report anticipates continued expansion in the monetary fund sector, supported by the maturity of high-interest fixed deposits and regulatory adjustments favoring liquidity [30][31] Group 3 - The REITs market in China showed a cooling trend, with the CSI REITs Index declining by 3.8% and a significant drop in trading volume [6][8] - Despite the downturn, there are opportunities in the REITs market, particularly in defensive assets like rental housing and municipal infrastructure [8] - The report suggests a dual strategy of focusing on stable cash flow assets while exploring rebound opportunities in undervalued sectors [8] Group 4 - The coal-to-gas industry is experiencing a revival due to improved market pricing mechanisms and technological advancements, with 12 projects planned to produce a total of 440 billion cubic meters per year [9][10] - The report estimates that a coal-to-gas project with an annual output of 2 billion cubic meters could achieve a net profit of nearly 1.6 billion yuan under current pricing conditions [9] - The existing pipeline capacity for transporting gas from the west to the east is sufficient to accommodate the new coal-to-gas projects, facilitating regional price arbitrage [9] Group 5 - The report on Huamao Technology indicates a strong growth trajectory, with a projected increase in net profit from 300 million yuan in 2025 to 510 million yuan by 2027, driven by strategic acquisitions and market demand for AI-related products [11][17] - The company is expected to benefit from high growth in its optical module business, with significant revenue contributions anticipated from 800G and 400G products [17] - The acquisition of Fuchuang Youyue is expected to enhance Huamao's profitability and market position in the AI sector [11][17] Group 6 - The report on XGIMI Technology highlights a positive trend in domestic sales, with a revenue increase of 2.0% year-on-year, while overseas sales are expected to improve significantly due to strategic adjustments [18][34] - The company is focusing on expanding its commercial product line and leveraging its technological advantages to capture market share in the competitive landscape [34] - Profitability is projected to improve as the company reduces losses in its automotive segment and launches new commercial products [34] Group 7 - The report on Xinbao Co. indicates a decline in overseas sales due to macroeconomic pressures, while domestic sales have shown growth [19][36] - The company has managed to maintain profitability through effective cost control and operational efficiency, with a net profit increase of 7.1% year-on-year [19][37] - Future growth is anticipated as the company continues to optimize its operations and respond to market demands [19][38] Group 8 - The report on Guangfeng Technology indicates a challenging environment with a significant decline in revenue and profits, attributed to economic slowdown and increased competition [39] - The company is undergoing a critical transformation phase, focusing on core technologies and emerging business areas to establish new growth avenues [39]

One activist investor is avoiding the big Apple's office space market amid Zeron Mumdani's win. John Lit is the Landon Buildings founder and chief investment officer. He joins us here on set.Jonathan, great to have you with us. Um, it's not just New York City. It sounds like you don't have any position at all in office space.Why is that. >> Well, if you recall back in 20 we came on after the pandemic and said work from home is going to be a problem, >> right. >> And we said stay alive till 25.Now we're in 2 ...