4月22日，由华泰证券资管担任基金管理人和资产支持证券管理人，华泰苏州恒泰租赁住房REIT即将正式 发售。根据公告，剔除无效报价后网下投资者管理的配售对象拟认购份额数量总和为网下初始发售份额数 量的222.64倍，创下历史新高。 今年以来，在资产荒背景下，以高分红、稳健著称的公募REITs备受追捧。上周，中证REITs全收益指数创近 两年以来的新高。分析观点认为，鉴于一季度经济数据受到社零增长加速、财政前置发力、外贸抢出口支撑， REITs一季报中部分项目业绩有望得到支撑，超预期项目或有交易机会。 新发REITs遭抢购 根据公告，华泰苏州恒泰租赁住房REIT本次发售，在剔除1个配售对象的无效报价后，107家网下投资者管理 的435个配售对象全部符合网下投资者条件，报价区间为2.723元-2.774元/份，拟认购数量总和为233.77亿份， 为初始网下发售份额数量的222.64倍，折合有效认购确认比例约0.45%。 这一超额认购倍数创下了历史纪录。在此之前，3月17日发售的汇添富上海地产租赁住房REIT是前任 纪 录保 持者，剔除无效报价后网下询价阶段超额认购180.74倍，最终配售比例约0.57%。 可以作为 ...

另一方面，有观点认为，前期"资产荒"逻辑也将出现边际变化，一是超长期特别国债以及专项债供给在 二季度大概率落地，二是负债端面临防空转的扰动。特别国债发行之前降准概率较大，这是比较好的止 盈时点。二季度债市出现调整的概率提升，不过中期看多逻辑未变。 每经记者 任飞 每经编辑 赵云 公募基金一季报持续披露，不少FOF基金也已公布业绩。一些产品的业绩领先，季内仍出现规模减少和 净赎回的情况。 当然，这与目前的资产配置端有关，许多领域都面临着配置资产不足的情况，债券、股票等大类在市场 中存在分歧，不少资金的风险偏好持续收紧。 部分绩优FOF一季度出现净赎回 以同泰优选配置3个月（混合型FOF）为例，该基金今年一季度中，A份额业绩录得5.55%，C份额录得 5.44%。Wind统计显示，其A份额业绩在所有同类型基金当中排名第五，规模却在季内出现下降。 一季报显示，A份额遭净赎回23.78万份，C份额遭净赎回506.70万份。基金经理刘坚在季报中提到，复 杂的内外部环境依然存在，期待宏观政策在逆周期调节方面发挥积极作用。 平安盈诚积极配置6个月也是如此。一季报显示，该基金A类份额实现季内净值增长率6.41%，C类份额 净 ...

文丨张涛（中国建设银行金融市场部，文章仅代表作者观点） 自美元成为主导全球贸易和金融市场的核心货币，即国际货币的美元体系确立以来，"我们的货币，你们的问题"就成为 了国际金融市场的金科铁律——市场一旦面临巨大不确定和动荡时，跨境资金就倾向将风险资产转换为安全性更高的美 国国债，美债价格会随之上涨（收益率下行），而当市场对流动性也开始担忧时，还会进一步将非美货币转为美元，相 应美元指数也多会上涨。换言之，在以往多次市场动荡和危机时，非美经济体多出现股债汇三杀——股指下跌、本币国 债收益率上行、本币对美元的汇率贬值。 但这一次却不一样！ 自4月2日特朗普宣布对其所有贸易伙伴征收"对等关税"以来，美国出现了股债汇三杀，标普500指数最低跌至4948点， 较4月1日收盘价下跌12%，10年期美国国债收益率最高上行至4.59%，较4月1日上行46BPs，美元指数更是跌破了100， 较4月1日的收盘价下跌了5%。 | 美国标准管尔500指数历史数据 MASK | | | | | 美国十年期国债收益事历史数据 | | | | | 美元指数历史数据 HARR | | | | | | --- | --- | --- | --- ...

Investment Rating - The investment rating for the insurance industry is "Positive" (maintained) [1] Core Views - The insurance sector is currently facing challenges due to declining long-term interest rates and an "asset shortage," which necessitates a shift towards equity investments to enhance returns [13][22] - Regulatory changes are encouraging insurance companies to increase their equity allocations, particularly in high-dividend and long-term stock investments [68] - The report highlights the potential for excess returns in the life insurance sector, with specific recommendations for companies such as China Life, China Pacific Insurance, and Ping An Insurance [3] Summary by Sections 1. Current Status of Insurance Assets - The insurance industry is experiencing a mismatch in asset and liability durations, with average liability duration exceeding 12 years while asset duration is around 6 years, leading to significant annual mismatches [14] - The proportion of bonds in insurance investments has increased significantly, with bonds now accounting for 50.3% of total assets, while equity investments make up 20.3% [28][33] 2. Future Directions - The report suggests a strategy of extending bond durations and engaging in trading to enhance returns, while focusing on high-dividend and long-term stock investments for equity assets [42][68] - Insurance companies are advised to optimize their liability costs and durations to better align with low-interest rate environments [22] 3. Quantitative Analysis - The report estimates that the insurance industry will allocate approximately 7.7 trillion yuan in 2025, with a focus on high-dividend assets expected to reach 1.16 trillion yuan [5][50] - It is projected that annual new equity investment funds from insurance companies could range from 300 billion to 800 billion yuan [5][26] 4. Investment Recommendations - The report recommends increasing allocations to high-dividend assets and long-term stock investments, as well as diversifying into ETFs and precious metals to enhance investment returns [4][68]

| | | 投资咨询业务资格:证监许可【2012】 | C E H F . | | --- | --- | --- | --- | | | F | 唐策略示 | | | | | 发布日期:2025/04 | 研究院:李泽矩 | | | | | 从业资格号:F0251925 | | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | 行业板块 | | | | IF与IH的4月合约贴水大幅升高,加上国家队护盘方向主要在此,可考虑 | | | 股指 | 震荡 | 进行短多,交易反弹。 | | | 国债 | 震荡 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨空间。 | 宏观金融 | | 黄金 | 震荡 | 短期调整后料进入震荡,长期仍有上涨空间。 | | | 日 银 | | 关税政策超预期,银价相对承压,短期或偏弱震荡。 | | | 铜 | 農汤 | 全球贸易摩擦升级,市场避险情绪升温,观望为主。 | | | 铝 氧化铝 | ○震荡 震荡 | 全球贸易摩擦升级,市场避险情绪升温,观望为主。由阳气 国内氧化铝产能持续释放,供应过剩格局延续,价格承压。 | | | | | 特朗普对等关税大超预期叠加基本面 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Despite the recent market fluctuations caused by quarter - end liquidity, the medium - to long - term allocation value of credit bonds remains intact. High - grade, long - duration credit bonds show strong resilience, and the narrowing decline in wealth management scale indicates stabilizing market sentiment. The supply - demand pattern of the credit bond market is relatively stable, and the yield - mining potential of credit bonds is prominent. The core logic of credit spread compression still holds, and investors are advised to focus on medium - to high - grade urban investment bonds and industrial bonds in stable industries [2][15] Summary by Directory 1. Credit Bond Configuration Value Unchanged by Quarter - End Disturbance - High - grade, long - term credit bond varieties have significant gains. From March 24th to 28th, the total full - price index of national bonds rose 0.25%, outperforming credit bonds (0.11%) and financial bonds (0.09%). Among them, the full - price index of national bonds over 10 years rose 0.72%, and the index of AAA credit bonds over 10 years rose 1.02% [16] - The scale of wealth management products decreased seasonally, but the decline was narrower year - on - year. In the 13th week of 2025, the scale change was - 0.49 trillion yuan, smaller than - 1.41 trillion yuan in 2024 and - 1.10 trillion yuan in 2023 [19] 2. Market Trading Structure and Selling Pressure - At the end of the month, the selling pressure was relieved. The proportion of GVN in interest - rate bonds dropped from 61.35% on March 17th to 32.96% on March 26th, and then rebounded to 48.54% on March 27th. The proportion of GVN in credit bonds was relatively stable, falling from 39.90% on March 17th to 19.20% on March 20th and rising to 31.48% on March 28th [24] 3. Coupon Advantage of Bonds - Brokerage bonds and insurance bonds have relative coupon advantages. This week, short - end bond yields generally declined. For example, the yields of 1 - month urban investment bonds and medium - short - term notes decreased by 3 bp and 1 bp to 1.97% and 2.01% respectively, and the yield of secondary capital bonds decreased significantly by 9 bp to 1.92% [27] 4. Credit Spread Compression Logic - The core logic supporting credit spread compression still holds. Against the backdrop of the "asset shortage", credit bonds are an important choice for capital allocation. The debt resolution work has reduced the credit risk of urban investment platforms. In the second quarter, the supply pressure of credit bonds eases, and the allocation demand is expected to pick up. 3 - year AA+ urban investment bonds are more cost - effective, and for industrial bonds, defensive industries such as public utilities and transportation are recommended [45] 5. Institutional Behavior and Allocation Strategies - Funds and money market funds have continuously increased their holdings in the past two weeks, and insurance companies have allocated long - end local government bonds. Funds have net - bought 305.42 billion yuan in 1 - year credit bonds, 210.95 billion yuan in 3 - year credit bonds, and 143.82 billion yuan in 5 - year credit bonds. Insurance companies have net - bought 275.69 billion yuan in 20 - 30 - year local government bonds and 22.79 billion yuan in 7 - 10 - year credit bonds. Money market funds have net - bought 2470.26 billion yuan in inter - bank certificates of deposit [39] - It is recommended that investors deploy along three main lines: seize the interest - rate elasticity of 3 - year AA+ urban investment bonds, explore mis - valued opportunities in non - bank varieties such as brokerage subordinated bonds and insurance capital bonds, and pay attention to the net - value restoration opportunities of wealth management subsidiaries' products with a low break - even rate. It is necessary to be vigilant about the economic recovery expectation, and the duration strategy should be moderately flexible [9]

| | | 唐第郎示 1 | | | --- | --- | --- | --- | | 研究院:李泽矩 | | 发布日期:2025/04. | | | 投资咨询号:Z0000116 从业资格号:F0251925 | | | | | 行业板块 | 品种 | 趋势研判 | 逻辑观点精粹及策略参考 | | | | | 多头 H与IF品种较为稳健:IM注意波动加大的风险,综合结合期权进行风 | | | 股指 | 震荡 | 险对冲。 | | 宏观金融 | 国债 | 震荡 | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨空间。 | | | 黄金 | 震荡 | 短期料高位宽幅震荡调整,长期仍有上涨空间。 | | | 白银 | 農 汤 | 短期料高位宽幅震荡。 | | | 铜 | 震荡 | 关税阴霾笼罩,叠加高铜价抑制下游需求,铜价存在回调风险。 | | | 铝 | い震荡 | 国内电解铝现货进一步下滑,但短期价格缺乏驱动,价格震荡运行。 | | | 氧化铝 | 震荡 | 国内氧化铝产能持续释放,供应过剩格局延续,价格承压。但盘面跌破成 | | | | | 本线,短期预计跌势放缓。 | | | | | 加工费上 ...

Core Viewpoint - The report provides a comprehensive overview of the Ping An Money Market Fund's performance, management, and financial metrics for the year 2024, highlighting its focus on risk control and liquidity management while striving for stable returns. Group 1: Fund Overview - Fund Name: Ping An Money Market Fund [1] - Fund Manager: Ping An Fund Management Co., Ltd. [1] - Fund Custodian: Ping An Bank Co., Ltd. [1] - Fund Operation Type: Contractual open-end [1] - Fund Contract Effective Date: December 7, 2016 [1] - Total Fund Shares at Year-End: 14,833,343,541.23 shares [1] Group 2: Financial Performance - Total Net Asset Value at Year-End: 7,371.89 million RMB [2] - Fund Share Net Value at Year-End: 1.0000 [2] - Annualized Yield for Ping An Money Market A: 1.8625% [12] - Annualized Yield for Ping An Money Market C: 1.6591% [3] - Annualized Yield for Ping An Money Market D: 0.4369% [12] Group 3: Investment Strategy - Investment Objective: To achieve stable returns exceeding the performance benchmark while strictly controlling investment risks and maintaining high liquidity [1] - Investment Strategy: Adjusting the fund's investment portfolio based on predictions of short-term interest rate changes, with a focus on qualitative and quantitative analysis of various investment types [1] Group 4: Management and Compliance - Management Company Established: January 7, 2011, with a registered capital of 1.3 billion RMB [4] - Total Public Fund Management: 215 funds with total assets under management of approximately 637.1 billion RMB as of December 31, 2024 [4] - Compliance with Regulations: The fund management strictly adheres to relevant laws and regulations, ensuring the protection of fund holders' interests [14][16] Group 5: Audit and Custody - Auditor: Ernst & Young Hua Ming [17] - Audit Opinion: Standard unqualified opinion on the financial statements [17] - Custodian's Compliance: The custodian, Ping An Bank, has fulfilled its duties without harming the interests of fund holders [16]

Market Overview - The A-share market opened weakly with over 4500 stocks in the red, as of 9:43 AM, the Shanghai Composite Index fell by 0.41%, the Shenzhen Component Index dropped by 0.67%, and the ChiNext Index decreased by 0.86% [1] - The market was impacted by news of tariffs, with President Trump signing an executive order imposing a 25% tariff on all imported cars, leading to a significant drop in the Nasdaq by over 2% [1] Sector Performance Chemical Sector - The chemical sector remained active, with Huatai hitting the daily limit, and Hengguang shares rising over 10%. Other companies like Dir Chemical, Jiangtian Chemical, and others also saw gains [2] - Sulfuric acid prices increased to 596.96 RMB/ton, up 66% from 359.01 RMB/ton on February 7, and up 290% year-on-year. Analysts predict a potential inventory replenishment cycle in the chemical sector due to expected fiscal policy boosts in 2025 [2] Dairy Sector - The dairy sector showed strength, with Huangshi Group hitting the daily limit and other companies like Sunshine Dairy and Knight Dairy also rising [3] - A recent announcement from the State Administration for Market Regulation encourages the use of raw cow or sheep milk in infant formula production, which is expected to benefit the dairy sector as demand is anticipated to rise due to supportive policies [3] Institutional Insights Dongwu Securities - Dongwu Securities suggests focusing on sectors with strong first-quarter performance, including upstream non-ferrous metals, organic silicon, and certain chemicals, as well as the photovoltaic industry and consumer sectors [4] Huaan Securities - Huaan Securities indicates that market rotation remains the main theme, with a focus on undervalued sectors such as banks, insurance, and policy-driven industries like pharmaceuticals and automobiles [5] Dongfang Securities - Dongfang Securities notes that while stock indices may experience limited downward and upward movement, the medium-term outlook remains positive despite current challenges in the banking sector due to falling interest rates [6]

Core Viewpoint - The REITs market is experiencing a "dividend wave" in the first quarter, with a significant increase in the number of REITs distributing dividends, driven by new products launched in 2024 [2][3]. Group 1: Dividend Distribution - In the first quarter of this year, 12 REITs have completed dividend distributions, with several exceeding 100 million yuan, including招商高速公路REIT (210 million yuan), 工银银河北高速REIT (190 million yuan), and 中金安徽交控REIT (180 million yuan) [3]. - The dividend ratios for some REITs are notably high, with招商高速公路REIT at 5.9%, 嘉实中国电建清洁能源REIT at 3.5%, and 嘉实物美消费REIT at 3.4% [3]. - The increase in dividend distributions is attributed to a batch of new products entering their first dividend period, contrasting with only 4 REITs distributing dividends in the same period last year [5]. Group 2: Market Dynamics - The rapid expansion of the public REITs market and concentrated dividend distributions are driven by the need to activate a large number of quality existing assets and the appeal of stable returns amid an "asset shortage" [2][6]. - The year 2024 is projected to be a significant year for REITs issuance, with 29 new REITs launched, contributing to a total of 63 listed REITs by March 24, 2025 [5]. Group 3: Investment Appeal - REITs are gaining traction among institutional investors due to their high dividend yield, low volatility, and low correlation with other asset classes, making them an attractive option for optimizing asset allocation [2][4][9]. - The 中证REITs total return index has increased by 9.32% as of March 24, outperforming the沪深300 index, which indicates strong market performance [8]. - Institutional investment in REITs has surpassed 100 million yuan, with over 40 public products incorporating REITs into their portfolios, highlighting their growing importance in asset allocation strategies [8][9].