Group 1 - The article discusses the concept that money is a man-made creation, contrasting it with naturally regenerating resources like leaves on a tree [1] Group 2 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers [2] - The iREIT® Tracker provides data on over 250 tickers, including quality scores, buy targets, and trim targets [2] - A new Ratings Tracker called iREIT Buy Zone has been introduced to help members screen for value [2]

Core Viewpoint - Industrial Logistics Properties Trust (ILPT) has experienced a significant decline in value, losing over 80% over the past 5 years due to high leverage, low dividend yield, and various headwinds [1] Company Summary - ILPT is categorized as an industrial Real Estate Investment Trust (REIT) [1] - The company has managed to retain and grow its operations despite the challenges faced [1] Investment Perspective - The REIT sector is viewed as presenting abundant opportunities for investors, particularly in identifying undervalued companies [1] - A fundamental investment philosophy is emphasized, focusing on financial health, competitive positioning, and management quality [1]

Core Viewpoint - The recent listing of the Huatai Suzhou Hengtai Rental Housing REIT has sparked significant interest in the public REITs market, with a notable opening day increase of 29.99%, reflecting a broader trend of rising valuations in the sector [1][2]. Market Performance - The average increase in public REITs for the year has reached 17.76%, with the CSI REITs Total Return Index showing a 12.94% rise [2]. - Seven newly listed public REITs this year have all seen first-day increases exceeding 10%, with an average first-day increase of 25.29% [2]. Specific Fund Details - The Huatai Suzhou Hengtai Rental Housing REIT, managed by Huatai Securities Asset Management, is the first rental housing REIT in Jiangsu Province, with underlying assets located in the largest "talent rental housing" community in Suzhou Industrial Park [2]. - The fund's offline subscription saw demand reach 222.64 times the initial offering amount, setting a historical record [2]. Investor Sentiment and Risks - Investors are advised to make rational decisions and avoid being swayed by market emotions, particularly regarding premium risks associated with high valuations [1][4][7]. - The fund manager highlighted three main risks: price volatility risk, high premium risk, and operational risk of the underlying infrastructure [4][5]. Valuation and Investment Considerations - The investment value of REITs should be determined by the operational status of the underlying assets, with a focus on cash distribution rates and market conditions [6][7]. - The current REITs market in China is still in its early stages, with significant growth potential, but also a tendency for premiums due to high investor demand [7][8]. - The income approach is the primary valuation method for REITs in China, reflecting the stable income sources and predictable cash flows of infrastructure projects [8].

Group 1 - The article expresses a bullish outlook on the future prospects of office Real Estate Investment Trusts (REITs) due to changing supply-and-demand dynamics in the market [1] - The author emphasizes the importance of identifying high-yield REITs that provide stable passive income and potential mean reversion, particularly in the context of the economic shifts observed since COVID-19 [1] - The focus is on applying fundamental economic insights to assess market trends, prioritizing REITs that align with value and income-focused strategies [1]

本报记者 李凯旋 北京报道 今年5月份，中共中央办公厅、国务院办公厅发布了《关于持续推进城市更新行动的意见》，对城市更 新推动过程中存在的多个难点、堵点给出了一系列解决措施。5月20日，多部门在国新办新闻发布会上 对上述文件提到的重点作出解读。 中央预算内投资给予强力支持 "近年来，城市更新在推进过程中仍然存在诸多的难点、堵点，需要顶层设计推动各地创新政策机 制。"吴建钦对《华夏时报》记者说。而在这其中，资金问题就是执行主体面临的难关之一。 财政部经济建设司方面表示，中央财政将从"三个聚焦"来支持城市更新活动，即聚焦探索新模式，支持 实施城市更新行动；聚焦城市更新重点任务，强化财政政策和资金保障；聚焦财政金融政策协同，推动 健全多元化投融资机制。 具体来看，财政部将扩大地方政府专项债投放领域和用作项目资本金范围，加大对城市更新相关项目的 支持。同时，发挥政策性金融的撬动作用，鼓励政策性银行在风险可控、财务可持续的前提下，对符合 条件的城市更新项目提供支持。 国家发展改革委固定资产投资司负责人表示，2025年，中央预算内投资专门设立城市更新专项，支持城 市更新相关公益性基础设施和公共服务设施建设，在已支持城镇老 ...

消费赛道迎来重磅利好政策。 5月21日晚，据上海市人民政府官网，上海市人民政府办公厅印发《上海市提振消费专项行动方案》，从七个 方面提出了32条具体举措提振消费。其中提到，加力扩围实施消费品以旧换新；推动人工智能、虚拟现实、大 数据等技术在消费领域深化应用。 券商机构分析称，提振消费成为更鲜明的政策主线，提振消费成为经济工作的重中之重。短期措施主要集中 在"以旧换新"加码发力，化债持续展开，房地产市场"止跌回稳"，资本市场强政策预期等方向。 与此同时，小微企业也迎来利好政策。据国家金融监督管理总局网站消息，金融监管总局、中国人民银行、中 国证监会、国家发展改革委、工业和信息化部、财政部、税务总局、市场监管总局于近日联合印发了《支持小 微企业融资的若干措施》，从增加融资供给、降低综合融资成本、提高融资效率、提高支持精准性、落实监管 政策、强化风险管理、完善政策保障等八个方面，提出23项具体工作措施，进一步改善小微企业、个体工商户 融资状况。 上海重磅发布 5月21日晚间，据上海市人民政府官网，上海市人民政府办公厅印发《上海市提振消费专项行动方案》（以下 简称《行动方案》），其中提到，加力扩围实施消费品以旧换新。 ...

Zscaler (NASDAQ: ZS ) continues to gain momentum as one of the leading cloud native cybersecurity providers in the world. They currently leverage a Zero Trust architecture that helps enterprises secure users, apps, and systems across increasingly complex IT environments. The company'sHello and welcome to my Seeking Alpha page. My name is Jack Elias, and I am a dedicated business student with a fervent passion for the world of investing. With a solid foundation in both theoretical knowledge and practical exp ...

证券研究报告 万国数据-SW (9698 HK) EBITDA 增长提速，上架率提升 | 华泰研究 | | 季报点评 | | --- | --- | --- | | 2025 年 5 月 | 21 日│中国香港 | 通信服务 | 万国数据 1Q25 实现营业收入 27.23 亿元，同比增长 12.0%，实现调整后 EBITDA 13.24 亿元，同比增长 16.1%，高于彭博一致预期的 12.87 亿元， 主要受益于积压订单的交付和新订单的快速推进。本季度公司完成首单 ABS 项目交割，并确认资产处置收益 10.57 亿元，在此影响下，本季度实 现净利润 4.11 亿元。我们认为，随着国内 AI 应用步入蓬勃发展期，AI 推理 需求的增长有望带动公司国内数据中心空置率下降，从而为公司带来估值提 升及业绩改善机遇，维持"买入"评级。 上架率及 EBITDA 利润率提升，海外业务签约规模达 537MW 国内业务方面，截至 1Q25 末，公司在运营面积达到 610,685 平方米（同比 增长 14.6%），在运营 IT 规模约 1313MW，公司在运营/储备规模分别达到 369MW/900MW。机柜利用率达 75. ...

Core Viewpoint - The Shanghai Municipal Government is implementing a special action plan to boost consumption by enhancing government investment in various sectors, including education, healthcare, and cultural tourism, while also supporting the issuance of REITs in eligible projects [1] Group 1: Government Support - The Shanghai government is increasing investment in projects related to education, healthcare, skills training, elderly care, and cultural tourism [1] - There is a specific focus on supporting the issuance of Real Estate Investment Trusts (REITs) for projects in the consumption, cultural tourism, and elderly care sectors [1]

5月21日，由华泰证券资管作为基金管理人和资产支持证券管理人、华泰联合证券有限责任公司作为财 务顾问的华泰紫金苏州恒泰租赁住房封闭式基础设施证券投资基金（简称"华泰苏州恒泰租赁住房 REIT"，代码：508085）在上交所挂牌上市。 华泰苏州恒泰租赁住房REIT基金经理表示，随着交易价格的大幅上涨，公募REITs产品可能存在三大风 险，呼吁投资者理性看待，合理决策。 其一是价格波动风险。REITs在二级市场的交易价格可能因短期资金炒作、市场情绪等因素大幅偏离其 资产净值，形成溢价或折价。此外，作为新兴的投资品种，REITs产品在市场中的流动性较其他成熟品 种尚且偏弱，风格趋同的机构投资者占比较高，大额买卖可能引发短期供需失衡，加剧价格震荡。 其二是高额溢价风险。REITs二级价格上涨将导致投资者买入成本上升，进而降低实际净现金流分派 率，侵蚀投资收益。以华泰苏州恒泰租赁住房REIT为例，基于本基础设施资产发售规模13.67亿元，根 据招募说明书测算，本基础设施项目2025年度和2026年度净现金流分派率分别为4%和4.07%。二级价格 在基金份额认购价格2.734元/份基础上每上涨1%，根据招募说明书测算的净 ...