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]

I'm partially on the same page as bears on FS KKR Capital's ( FSK ) discount to net asset value ("NAV") being justified on the basis of its elevated nonaccruals at fair value and increasingly weaker dividend coverage. However, the BDC grew NAV on aThe equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, ...

关于 REITs 市场近期波动的一些看法 20151223 摘要 REITs 经营权板块近期下跌并非基本面因素导致，而是 OCI 事件引发的 机构避险行为，该事件源于 2024 年 2 月会计准则更新，允许机构灵活 选择 TPL 或 OCI 进行会计处理，旨在减少股价波动对内部考核的影响。 本轮回调中，经营权 REITs 跌幅接近 4%，高于产权 REITs 的 1.99%， 能源板块也出现下跌。高估值、短久期经营权项目面临内部压力，但长 期来看，REITs 因其底层项目现金流稳定仍具吸引力。 投资者应关注 REITs 资产的长期收益率价值，特别是经营权类项目的 IR 预期，并进行多种情景假设以确保现金流偿付能力和估值底部，同时密 切关注流动性风险。 市场对 OCI 拆分方法存在争议，包括用 I2 计算全周期投资收益率、本金 摊销和基地论等，但目前尚无统一规定，各机构需自行调整。短期内， 流动性风险是主要担忧。 长期来看，REITs 业态具有稳定现金流预期，值得关注。当前环境下， 应重点关注基本面良好的公用事业类和水电等稳定的能源业态，并关注 市场估值变化带来的配置机会。 Q&A 近期市场出现明显回调，尤其是 ...

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 ...

房地产行业 2025 年 11 月楼市、地市、政策、房企全扫 描 20251222 摘要 2025 年 11 月，新房成交面积同比显著下降，其中三四线城市降幅最大。 二手房市场虽环比增长，但同比仍下滑。一线城市表现分化，深圳降幅 尤为明显，反映市场整体下行压力。 截至 2025 年 11 月底，重点城市新房库存同比减少，但去化周期略有 缩短至 18 个月。开盘去化率基本持平，但三四线城市大幅下滑，表明 不同能级城市间存在差异。 2025 年 11 月，全国土地交易建面同比减少，但价格上涨。一线城市土 地交易量显著下滑，但价格上涨明显，各能级城市溢价率普遍不高，土 地市场表现分化。 百强房企 2025 年 11 月销售额同比大幅下滑，但降幅收窄。拿地金额 及强度显著回落，但前十一个月累计投资金额保持正向增长，主要受益 于上半年优质地块推出。 2025 年 1 月至 10 月，主要房企拿地情况差异显著，中海、华润、招商 蛇口等企业拿地金额领先，拿地强度较高，反映出不同企业投资策略的 差异。 Q&A 2025 年 11 月房地产市场的整体表现如何？ 2025 年 11 月，房地产市场整体表现较为疲弱，市场信心依然不 ...

Market Outlook - The market outlook remains bullish despite some hesitation regarding equity accumulation as indices are near all-time highs [1] - The stock market is viewed as a platform for uncovering lucrative investment opportunities [1] Investment Strategy - The company specializes in identifying high-quality dividend stocks and assets that offer long-term growth potential [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds is proposed to enhance investment income while achieving total returns comparable to traditional index funds [1] - This approach aims to create a balance between growth and income, maintaining total returns on par with the S&P [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market continued to recover last week, with yields on various tenors generally declining. The bullish sentiment in the bond market has rebounded, but the space for further capital gains may be limited. A neutral and oscillatory mindset is advisable [3]. - The yields of money market funds have been continuously declining, and multiple money market funds have imposed purchase restrictions [4][13]. 3. Summary by Relevant Catalog 3.1. Pan-fixed-income Market Review and Observation 3.1.1. Bond Market Performance - Last week (December 15 - December 19, 2025), the 1-year, 10-year, and 30-year Treasury yields decreased by 3.32BP, 0.88BP, and 2.35BP to 1.35%, 1.83%, and 2.23% respectively. The bullish sentiment in the bond market has recovered [3]. - US Treasury yields declined across the board last week. The 1-year, 2-year, and 10-year US Treasury yields decreased by 3BP, 4BP, and 3BP to 3.51%, 3.48%, and 4.16% respectively [12]. 3.1.2. REITs Market Performance - Last week, the CSI REITs Total Return Index fell 2.85% to 999.19 points. The highway and rental housing sectors led the decline. In the primary market, 4 new public REITs made progress last week [12]. 3.2. Public Fund Market Dynamics - The yields of money market funds have been continuously declining. As of December 16, the median seven-day annualized yield of money market funds was 1.24%, and over a hundred funds had a yield of less than 1%. Multiple funds have announced short-term purchase restrictions [4][13]. 3.3. Pan-fixed-income Fund Index Performance Tracking 3.3.1. Overall Performance | Index Classification | Weekly Return | Cumulative Return Since Inception | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.43% | | Short-term Bond Fund Selection | 0.04% | 4.57% | | Medium- and Long-term Bond Fund Selection | 0.08% | 6.77% | | Low-volatility Fixed-income + Fund Selection | 0.22% | 4.49% | | Medium-volatility Fixed-income + Fund Selection | 0.12% | 6.25% | | High-volatility Fixed-income + Fund Selection | 0.13% | 8.00% | | Convertible Bond Fund Selection | 0.01% | 22.42% | | QDII Bond Fund Selection | 0.05% | 10.05% | | REITs Fund Selection | -2.22% | 29.35% | [6] 3.3.2. Index Positioning - **Money Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that outperforms money market funds. It mainly invests in money market funds and interbank certificate of deposit index funds. The performance benchmark is the CSI Money Market Fund Index [15]. - **Short-term Bond Fund Selection Index**: Focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It selects 5 funds with stable long-term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short-term Pure Bond Fund Index + 50% * General Money Market Fund Index [18]. - **Medium- and Long-term Bond Fund Selection Index**: Seeks stable returns by investing in medium- and long-term pure bond funds. It aims for excess returns relative to the medium- and long-term bond fund index and a steady upward net value curve. It adjusts the duration and the ratio of credit bond funds to interest rate bond funds according to market conditions [20]. - **Low-volatility Fixed-income + Selection Index**: The equity center is set at 10%. It selects 10 fixed-income + funds with an equity position of less than 15% in the past three years and recently. The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full Price Index [22]. - **Medium-volatility Fixed-income + Selection Index**: The equity center is set at 20%. It selects 5 fixed-income + funds with an equity position between 15% - 25% in the past three years and recently. The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full Price Index [26]. - **High-volatility Fixed-income + Selection Index**: The equity center is set at 30%. It selects 5 fixed-income + funds with an equity position between 25% - 35% in the past three years and recently. The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full Price Index [27]. - **Convertible Bond Fund Selection Index**: Selects 5 bond funds with a high proportion of convertible bond investments. It constructs an evaluation system from multiple dimensions to select the best funds [31]. - **QDII Bond Fund Selection Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control [34]. - **REITs Fund Selection Index**: The underlying assets are high-quality infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity [35].

Core Insights - The article discusses the challenges faced by long-term investors in selecting the best option ETFs amidst a surge of new fund launches [1] - It emphasizes the importance of a diversified investment strategy that includes classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds to enhance income while achieving total returns comparable to traditional index funds [1] Investment Strategy - The author advocates for a hybrid investment approach that balances growth and income, aiming to achieve total returns on par with the S&P 500 [1] - The strategy focuses on high-quality dividend stocks and other assets that provide potential for long-term growth and reliable income [1]

中经记者 杜丽娟 北京报道 深圳证券交易所官网显示，2025年12月19日，华夏安博仓储物流REIT正式上市，这是全市场第11只仓 储物流REITs产品。 该产品的底层资产为安博中国旗下的三个仓储物流项目，分别为广州开发区项目、东莞石排项目和东莞 洪梅项目，三处资产均位于仓储物流需求旺盛的粤港澳大湾区，是目前市场上唯一全部资产均布局在大 湾区的仓储物流REIT。 （编辑：吴婧 审核：朱紫云 校对：燕郁霞） ...