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 can be complemented with other asset types to create a balanced portfolio [1]. - The hybrid system developed allows for capturing total returns that align with the performance of the S&P index [1]. Group 2: Investment Focus - The focus is on high-quality dividend stocks and assets that provide potential for long-term growth and significant income generation [1].

Core Insights - 中金普洛斯REIT reported total revenue of approximately 102 million yuan for Q3 2025, with EBITDA around 63.5 million yuan and distributable amount of about 84.04 million yuan [1] Financial Performance - The total revenue for the reporting period was approximately 102 million yuan [1] - Fund's EBITDA was approximately 63.5 million yuan [1] - The distributable amount reached approximately 84.04 million yuan [1] Portfolio and Occupancy - As of the end of the reporting period, 中金普洛斯REIT held 10 logistics parks across 7 logistics hubs in 5 major economic circles, serving around 75 tenants in new economy sectors such as express delivery, third-party logistics, retail e-commerce, and high-end manufacturing [1] - The overall occupancy rate was nearly 90%, an increase of 3.89 percentage points year-on-year, with 6 logistics parks having occupancy rates exceeding 95% [1] Dividend Distribution - 中金普洛斯REIT announced a dividend plan for Q3 2025, with a distribution of 0.4318 yuan per 10 fund shares, amounting to a total of approximately 83.69 million yuan, representing a distribution ratio of about 95% [1] - After this dividend distribution, the total amount distributed in 2025 will reach approximately 258 million yuan, with a total of 13 distributions since listing, amounting to around 1.3 billion yuan, and a historical annual distribution ratio close to 100% [1]

Core Insights - The article emphasizes the importance of in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] Group 1 - The article took a considerable amount of time to prepare due to the complexity and numerous thoughts surrounding the topic [1] - The author has a beneficial long position in the shares of AR and AM, indicating a personal investment interest [1]

Core Viewpoint - The company plans to issue a new asset-backed special plan (similar to REITs) by using the power generation assets held by seven renewable energy project companies, with a total issuance scale not exceeding 2.7 billion yuan [1] Group 1 - The company is applying to the Shenzhen Stock Exchange for the registration and issuance of the asset-backed special plan [1] - The underlying assets for this issuance will be the power generation assets from Fuxin Tianfu Solar Power Co., Ltd. and six other renewable energy project companies [1]

Core Insights - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] Group 1: Investment Focus - Pacifica Yield aims to create long-term wealth by focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed signs of recovery in Q3 with a slight increase in net profit despite a decrease in revenue [1][2]. Financial Performance - For Q1-Q3 2025, the company achieved operating revenue of 8.7 billion yuan, a year-on-year decrease of 4.1%, and a net profit attributable to shareholders of 4.01 billion yuan, down 3.6% year-on-year [1]. - In Q3 2025, the company recorded operating revenue of 3.04 billion yuan, a year-on-year decline of 1.7%, but net profit attributable to shareholders increased by 3.9% to 1.51 billion yuan [1]. - The company's gross profit margin in Q3 2025 was 34.6%, a decrease of 5.5 percentage points year-on-year [2]. Cost and Expense Management - The company’s expense ratio in Q3 2025 was 18.9%, down 1.48 percentage points year-on-year, with a decrease in financial expenses contributing positively to profit [2]. - Financial expenses decreased by 0.8 billion yuan in Q3 2025 due to a reduction in interest-bearing liabilities and lower borrowing rates [2]. Investment and Strategic Developments - The company continues to develop its core highway investment operations, including the completion of a capital increase in the Zhejiang Zhijiang project, adding 135.3 kilometers of managed road [2]. - The company plans to reduce its stake in Wantong Expressway by up to 51.258 million shares, which may enhance its profits [3]. Profit Forecast and Valuation - The profit forecast for the company has been revised downwards for 2025-2027, with expected net profits of 5.43 billion yuan, 5.78 billion yuan, and 6.34 billion yuan respectively [4].

Market Overview - Markets are trading near all-time highs, prompting investors to seek hedging strategies against market uncertainty [1] - The ongoing US government shutdown and inflation concerns are contributing to this uncertainty [1] Investment Strategy - The company emphasizes the importance of a diversified investment approach, combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds [1] - This hybrid investment strategy aims to enhance income while achieving total returns comparable to traditional index funds like the S&P [1]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - From October 20 to October 24, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating upward trend, but the market trading enthusiasm declined compared to the previous week. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Among mainstream asset classes, the return rate ranking from high to low was: crude oil > A - shares > convertible bonds > US stocks > REITs > pure bonds > gold [1][11]. - The price trends of equity - type and franchise - type REITs in the secondary market diverged this week. Equity - type REITs declined, while franchise - type REITs rose. Among different underlying asset types, water conservancy facilities REITs had the largest increase [16]. - This week, there was no new listing of REITs products, and no update on the project status of REITs products [4][37]. 3. Summary of Each Section According to the Directory 3.1 Secondary Market 3.1.1 Price Trend - **At the large - asset level**: The secondary - market prices of listed public REITs showed a fluctuating upward trend. The China Securities REITs (closing) and China Securities REITs total return index closed at 816.04 and 1045.13 respectively, with a weekly return rate of 0.16%. The weighted REITs index closed at 181.5, with a weekly return rate of 0.11%. Compared with other mainstream asset classes, the return rate of REITs was lower than that of crude oil, A - shares, convertible bonds, and US stocks, but higher than that of pure bonds and gold [11]. - **At the underlying - asset level**: The price trends of equity - type and franchise - type REITs diverged. The weighted index of equity - type REITs closed at 153.43, with a return rate of - 0.36%, while the weighted index of franchise - type REITs closed at 117.04, with a return rate of 0.72%. Among different underlying asset types, water conservancy facilities REITs had the largest increase, followed by municipal facilities and new infrastructure REITs [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 46 rising, 1 remaining unchanged, and 28 falling. The top three in terms of increase were Industrial Bank Inner Mongolia Energy Clean Energy REIT, AVIC Yishang Warehouse Logistics REIT, and Zheshang Shanghai - Hangzhou - Ningbo REIT, with increases of 4.06%, 3.58%, and 3.23% respectively. The top three in terms of decrease were China Merchants Fund Shekou Rental Housing REIT, Huatai - PineBridge Jiuzhoutong Pharmaceutical REIT, and Huaxia Joy City Commercial REIT, with decreases of 4.11%, 2.44%, and 2.42% respectively [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying - asset level**: The trading volume of public REITs this week was 2.72 billion yuan, and the water conservancy facilities REITs led in the average daily turnover rate during the period. The total trading volume of 75 listed REITs was 2.72 billion yuan, and the average daily turnover rate during the period was 0.62%. In terms of trading volume, the top three underlying asset types were transportation infrastructure, consumer infrastructure, and park infrastructure, with trading volumes of 515 million, 461 million, and 454 million yuan respectively. In terms of turnover rate, the top three were water conservancy facilities, new infrastructure, and affordable rental housing, with average daily turnover rates of 1.05%, 0.94%, and 0.85% respectively [25]. - **At the single - REIT level**: This week, the trading volume and turnover rate of single REITs continued to show differentiation. In terms of trading volume, the top three were Soochow Suyuan Industrial Park REIT, CICC Logistic REIT, and Bosera Shekou Industrial Park REIT. In terms of trading amount, the top three were CITIC Construction Investment State Power Investment New Energy REIT, Huaxia China Resources Commercial REIT, and CICC Anhui Expressway REIT. In terms of turnover rate, the top three were Huatai Baowan Logistics REIT, Huatai Jiangsu Expressway REIT, and China Merchants Fund Shekou Rental Housing REIT [26]. 3.1.3 Main - Force Net Inflow and Block Trading - **Main - force net inflow**: This week, the total main - force net inflow was - 11.83 million yuan, indicating a decline in market trading enthusiasm compared to the previous week. Among different underlying asset REITs, the top three in terms of main - force net inflow during the week were consumer infrastructure, water conservancy facilities, and affordable housing. Among single REITs, the top three in terms of main - force net inflow were CICC Inlitchi Consumer REIT, China Merchants Fund Shekou Rental Housing REIT, and Yin Hua Shaoxing Raw Water Water Conservancy REIT [30]. - **Block trading**: This week, the total block trading volume reached 400.67 million yuan, an increase compared to the previous week. There were block trading transactions on 5 trading days, with the highest single - day block trading volume on Wednesday (October 22, 2025), reaching 98.48 million yuan. Among single REITs, the top three in terms of block trading volume were CICC Chongqing Liangjiang REIT, Southern SF Logistics REIT, and Huaxia China Communications Construction REIT [33]. 3.2 Primary Market 3.2.1 Listed Projects As of October 24, 2025, there were 75 public REITs products in China, with a total issuance scale of 196.619 billion yuan. Among them, transportation infrastructure had the largest issuance scale, reaching 68.771 billion yuan, followed by park infrastructure REITs, with an issuance scale of 31.835 billion yuan. This week, there was no new listing of REITs products [37]. 3.2.2 Pending - Listing Projects According to the project dynamics disclosed by the Shanghai and Shenzhen Stock Exchanges, there were 19 REITs in the pending - listing state, including 12 first - issuance REITs and 7 REITs pending expansion [40].

Group 1: Industry Dynamics - Huaxia Anbo Warehousing REIT will initiate offline inquiry on October 30, with a price range of 5.103 to 6.235 yuan per share, and a total issuance of 400 million shares approved by the China Securities Regulatory Commission [1][7]. - The initial strategic placement will account for 280 million shares, representing 70% of the total issuance, while 84 million shares will be offered in the initial offline issuance (21%) and 36 million shares to public investors (9%) [1][7]. Group 2: Primary Market - As of October 24, 2025, the total issuance scale of listed REITs reached 196.6 billion yuan, with 75 REITs issued [8][9]. Group 3: Market Performance - During the week of October 20 to October 24, 2025, the CSI REITs total return index increased by 0.16%, while the total REITs index rose by 0.35% [2][17]. - The total REITs index underperformed the CSI 300 index by 2.89 percentage points but outperformed the CSI All Bond Index by 0.33 percentage points [2][17]. - The top-performing REITs included ICBC Mengneng Clean Energy REIT (+4.06%), AVIC Easy Business Warehousing Logistics REIT (+3.58%), and Shanghai-Hangzhou-Ningbo Hanghui REIT (+3.23%) [2][17]. Group 4: Liquidity - The total trading volume of REITs for the week was 544 million yuan, a 31.3% increase from the previous week [3][38]. - The trading volumes for property and operating rights REITs were 350 million yuan and 194 million yuan, respectively, with both showing similar increases of around 31% [3][38]. - The largest trading volume among REIT types was in transportation infrastructure, accounting for 18.9% of the total [3][38]. Group 5: Valuation - The report does not provide specific valuation metrics or insights related to the valuation of REITs [44].

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 company advocates for a balanced approach to investing, focusing on high-quality dividend stocks that provide long-term growth potential and reliable income [1]. - The strategy aims to create a portfolio that not only generates income but also captures total returns that align with the performance of the S&P 500 index [1].