证券研究报告·行业深度报告·金融产品 金融产品行业深度报告 低利率时代 REITs 的配置价值：制度、市场 与展望 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ REITs 发展回顾：政策筑基下的市场扩容与结构演进 ◼ REITs 未来展望：低利率时代，在政策支持与结构优化中寻找配置价值 2025 年 07 月 09 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 行业走势 -8% 0% 8% 16% 24% 32% 40% 48% 56% 64% 2024/7/9 2024/11/7 2025/3/8 2025/7/7 非银金融 沪深300 相关研究 《广发恒生港股通科技主题 ETF （159262.SZ）：估值修复潜力可观， 政策助力科技腾飞》 2025-07-06 《继续看好保险股估值修复；期待非 银中报较好表现》 2025-07-06 东吴证券研究所 1 / 30 请务必阅读正文之后的免责声明部分 ◼ REITs 基础概 ...

低空经济腾飞正当时，金融协力奏响新篇章。7月8日下午，深交所上市大厅迎来了一场在低空经济领域 具有特别意义的敲钟仪式：全国首单低空经济资产支持专项计划（ABS）正式上市，总发行规模5.84亿 元。这份来自广州开发区、黄埔区科学城集团的金融创新项目，将通过资产证券化手段，深度融入广州 开发区、黄埔区推动低空经济与航空航天高质量发展大局，为产业的持续发展注入强劲动能。 深交所敲钟仪式。 超20架直升机及相关设备为底层资产 形成区域低空经济发展强支撑 随着深交所上市大厅十声钟响，金元-国君-科学城租赁大湾区智造融合（第二期）资产支持专项计划 （低空经济）正式挂牌上市。证券简称分别为科租14A1、A2、A3,证券代码分别为146523、146524、 146525。这也是全国首单低空经济ABS成功挂牌上市。 广州开发区国有资产监督管理局副局长梅少成、深圳证券交易所副总经理李鸣钟，首都机场集团有限公 司总会计师沈兰成，科学城（广州）投资集团有限公司党委书记、董事长向奔，科学城集团副总经理牛 安达，金元证券股份有限公司党委书记、董事长陆涛等领导嘉宾出席仪式，项目其他重要参与方——金 元证券、国泰海通证券、中金公司、平安证 ...

中国经济网北京7月9日讯重庆证监局4日发布关于对熊娇燕采取出具警示函措施的决定。经查，熊娇燕 在证券经营机构工作期间，作为证券从业人员，存在未经投资者的委托，擅自为投资者卖出股票以及伪 造投资者股票交易对账单的问题。上述行为违反了《证券经纪业务管理办法》(证监会令〔第204号〕) 第二十条第四项、第六项的规定。 根据《证券经纪业务管理办法》(证监会令〔第204号〕)第四十四条的规定，现对熊娇燕采取出具警示 函的行政监管措施，并记入证券期货市场诚信档案。 同花顺（300033）资料显示，熊娇燕为中国银河（601881）证券股份有限公司(简称"中国银河"， 601881.SH)投资顾问。 中国经济网记者致电中国银河了解详情，对方称受限于内控规定未作答复。 《证券经纪业务管理办法》(证监会令〔第204号〕)第二十条规定：证券公司应当按照投资者委托指令 载明的证券名称、买卖数量、买卖价格和接收投资者委托指令的时间顺序向证券交易场所申报。证券公 司及其从业人员不得有下列行为： (一)违背投资者的委托为其买卖证券； (二)私下接受投资者委托买卖证券； (五)诱导投资者进行不必要的证券买卖； (六)隐匿、伪造、篡改或者毁损 ...

Core Viewpoint - The introduction of the new market value management regulations has led to significant developments in investor relations management, with 644 listed companies implementing value management systems or valuation enhancement plans since November 2022 [1] Group 1: Current State of Central State-Owned Enterprises (SOEs) - As of 2024, 492 central SOEs account for 9.14% of A-share listed companies but contribute 36.32% of total market value, 43.74% of revenue, and 59.03% of net profit, highlighting their critical role in the national economy [1] - There is a notable disparity within central SOEs, with companies valued over 50 billion yuan contributing nearly 80% of market value and over 90% of net profit, while smaller companies (under 10 billion yuan) represent 36.79% of the total but only 2.82% of market value [2] Group 2: Challenges and Recommendations for Small and Medium-Sized SOEs - Small and medium-sized central SOEs face dual pressures on profitability and valuation, with challenges including outdated capital tools and insufficient innovation [2] - Recommendations for regulatory bodies include differentiated assessments focusing on R&D conversion rates for tech companies and flexible regulations for companies in economically challenged regions [2][3] Group 3: Strategies for Transformation - For tech companies, strategies include binding core technologies to teams, establishing innovation incubation mechanisms, and creating suitable incentive systems [3] - Traditional industries are encouraged to upgrade production capacity, integrate supply chains, and pursue asset securitization [3] - Public service companies should focus on value reconstruction, achieving ESG premiums, and transitioning to smart services [3] Group 4: Implementation of Capital Tools - Companies can create a collaborative matrix of capital tools such as buybacks, ESG disclosures, and supply chain integration to enhance market value management [4] - Successful case studies include improvements in R&D efficiency and valuation recovery through innovative practices [4] Group 5: Long-term Goals - Short-term goals include restoring the valuation of 30 underperforming companies to a price-to-book ratio of 1.0 and reducing the overall discount rate of central SOEs by 15% by 2026 [5] - Mid-term objectives aim for a 15% increase in buyback amounts and a 25% rise in institutional holdings in small and medium-sized SOEs by 2027 [5] - Long-term aspirations include achieving a 6% R&D intensity and surpassing 500 billion yuan in overall R&D investment by 2030, with a total market value of central SOEs exceeding 100 trillion yuan [5]

中国证券业协会近期对《证券行业执业声誉信息管理办法》进行修订，目前正在征求行业意见。这是该 办法自2022年发布实施以来的首次调整。修订内容主要围绕两个核心方面展开：将干扰监管执法的行贿 行为纳入违法失信范畴，同时为券商通过先行赔付机制减轻投资者损害提供豁免通道。 先行赔付机制获得政策支持 修订稿明确规定，发行人因欺诈发行、虚假陈述给投资者造成损失时，相关证券公司主动与受损投资者 达成先行赔付协议的，可向中证协申请免于将相关行政处罚信息记入执业声誉信息库。这一条款为券商 主动承担责任、化解风险提供了明确的制度安排。 该机制的设立体现了监管层对券商主动赔付行为的鼓励态度。通过将赔付主动性与声誉评价挂钩，倒逼 券商在项目尽调、材料核查及持续督导阶段更加审慎履职。券商需要从源头降低欺诈风险，因为审慎履 职不仅是义务要求，更直接关系到机构的市场声誉和长远发展。 将行贿干扰监管纳入执业声誉管理后，涉事机构及个人将面临全行业联合惩戒。这项措施通过声誉资本 定价机制让"围猎者"付出市场信用代价，是监管部门净化市场生态、维护执法权威的重要举措。内控薄 弱的机构容易因员工个人行为引发机构声誉风险，需要加大合规投入力度。 修订稿 ...

NEW YORK, July 08, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in 3D Systems Corporation ("3D Systems Corporation" or the "Company") (NYSE: DDD) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of 3D Systems Corporation investors who were adversely affected by alleged securities fraud between August 13, 2024 and May 12, 2025. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/pslra ...

证券时报记者从相关渠道获悉，为进一步完善证券行业执业声誉信息管理机制，中国证券业协会(下 称"中证协")近期对《证券行业执业声誉信息管理办法》(下称《办法》)进行了修订，目前正在征求行业 意见。 一方面，贯彻落实了证监会关于坚持受贿行贿一起查的工作部署，进一步明确有关违法失信信息。具体 包括：以贿赂等不正当手段干扰证监会及其派出机构监管执法工作，被予以行政处罚、纪律处分，或者 因情节较轻、未受到处罚处理，但被纪律检查或行政监察机构认定的信息。 另一方面，根据证监会关于依法推进先行赔付工作要求，明确对通过先行赔付机制主动减轻或消除对投 资者违法损害的，相关处罚信息可免于记入执业声誉信息库。相关新增条款为：发行人因欺诈发行、虚 假陈述给投资者造成损失，相关证券公司主动与受到损失的投资者达成协议予以先行赔付，积极减轻或 消除投资者特别是中小投资者遭受的违法损害的，由其向中证协申请，对相关行政处罚信息不予记入执 业声誉信息库。 另外，本次修订还完善了诚信信息来源。根据执业声誉信息库上线运行以来的实践，将来源于证监会诚 信档案数据库的信息调整为会员(即证券机构)自行报送，将过渡期有关安排转化为正式要求。 正面负面信息均 ...

代币化股票能否颠覆传统股票交易？就在最近，Robinhood在欧洲试水的股权代币产品踩到监管红线， 投资者需要谨慎对待。 近期，美国在线券商Robinhood在欧洲推出的代币化股票交易业务引发了广泛关注——不仅因为它首次 面向欧洲散户用户开放，也因其大胆地纳入了如OpenAI和SpaceX等未上市公司的"股权代币"。 然而，这场创新也迅速遭遇监管阻力与企业质疑，掀起一场关于"证券代币化"的争议风暴。据报道，立 陶宛央行已就Robinhood的股票代币产品展开调查，要求该公司提供相关解释。 与此同时，OpenAI公开警告投资者，称Robinhood提供的代币并非公司股权，且该公司未批准任何股权 转让。 Robinhood的代币化股票，是什么东西？ Robinhood的新产品允许其欧洲用户通过区块链交易与美国股票挂钩的代币，该公司在欧盟的30个国家 拥有超过15万用户。 这些代币并非加密货币本身，而是锚定于真实股权的数字资产，理论上赋予持有人与股票相关的部分权 益，如股息和拆股等"经济利益"，但通常不包括投票权等治理权力。 Robinhood并非个例。Kraken、Galaxy Digital等机构也在开发代币化 ...

NEW YORK, July 8, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Red Cat Holdings, Inc. ("Red Cat Holdings, Inc." or the "Company") (NASDAQ: RCAT) of a class action securities lawsuit.CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Red Cat Holdings, Inc. investors who were adversely affected by alleged securities fraud between March 18, 2022 and January 15, 2025. Follow the link below to get more information and be contacted by a member of our team:https://zlk.com/pslra- ...

Core Viewpoint - The Chinese capital market continues to experience significant activity in the first half of 2025, with a focus on the implications of regulatory enforcement and personnel changes within securities firms [2]. Regulatory Environment - The regulatory tone remains strict, with over 200 fines issued to more than 60 securities firms in the first half of 2025, highlighting issues such as violations in investment banking, internal controls, and disclosure failures [2][3]. - Notable firms like Northeast Securities and Shenwan Hongyuan received the highest number of fines, with each facing four penalties [3][4]. Internal Control Issues - Northeast Securities has faced multiple warnings for internal control failures, including inadequate emergency plans and insufficient risk disclosures to investors [5][6]. - Shenwan Hongyuan was also cited for internal control issues, including conflicts of interest and inadequate management of client trading behaviors [6][7]. Penalty Trends - The trend of "double penalties" where both firms and individual employees are penalized has become common, emphasizing the accountability of both the organization and its staff [9]. - The regulatory framework has been adjusted to enhance the effectiveness of self-regulatory measures and administrative penalties, aiming to protect small investors and ensure compliance [10]. Market Activity - The IPO market is showing signs of recovery, with a continuous increase in the number of applications being processed, reflecting a revitalized market environment [2].