Group 1 - The article emphasizes the importance of dividend investing in quality blue-chip stocks, BDCs, and REITs for building a sustainable retirement income [1] - The author aims to assist lower and middle-class workers in creating investment portfolios focused on high-quality, dividend-paying companies [1] - The perspective provided is intended to help investors achieve financial independence through strategic investment choices [1] Group 2 - The author has a beneficial long position in the shares of MO, indicating a personal investment interest in the company [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2] - There is no business relationship between the author and any company whose stock is discussed, ensuring an unbiased viewpoint [2]

Issuance Market - The current issuance includes the Huatai Suzhou Hengtai Rental Housing REIT with an expected scale of 1.367 billion yuan, and there are no new approved projects this period [1][6] - In 2025, six REITs have been issued, maintaining the same number as last year, with a total issuance scale of 10 billion yuan, which is a 35% decrease compared to the same period last year [1][6] Secondary Market - The Southern SF Logistics REIT was listed on April 21, with a first-day increase of 13.53%, lower than other REITs issued this year [2][12] - The REITs market currently has 65 products, with a total scale exceeding 191.2 billion yuan, and the market overall rose by 0.22%, significantly outperforming major stock indices [2][12] - Year-to-date, the REITs market has increased by 12.18%, leading the stock indices, with property REITs performing better than operating rights REITs [2][14] Dividend Situation - This period, nine REITs distributed dividends totaling over 618 million yuan, with a total dividend of 2.249 billion yuan in 2025, yielding 1.39%, which is higher than major stock indices [3][26] - The dividend yield for property REITs is 1.02%, lower than operating rights REITs but higher than the CSI Dividend Index [3][26] Investment Value Analysis - The latest valuation for all property REITs (P/Distributable Amount) is 26.45, which is significantly higher than the CSI 300 and CSI Dividend Index, but lower than the CSI 500 [4][32] - The valuation for storage logistics REITs is relatively low, while affordable housing REITs have a higher valuation [4][32] - The internal rate of return for clean energy REITs is the highest among operating rights REITs, followed by ecological environmental REITs, with toll road REITs having the lowest [4][36]

每经记者 赵雯琪 每经实习编辑 余婷婷 |2025年4月22日 星期二| NO.1 外卖平台"二选一"？美团再次辟谣 4月21日，顺丰控股（002352.SZ，6936.HK）旗下基础设施公募REIT"南方顺丰物流REIT"（基金代码： 180305，以下简称"顺丰物流REIT"）正式在深圳证券交易所挂牌上市。该基金份额10亿份，发售价格 3.290元/份，募集资金总额32.90亿元。顺丰方面表示，将以顺丰物流REIT为起点，推进扩募进程，聚焦 长三角、京津冀，并辐射至全国核心经济带。与香港房托共同打造双币种的资本循环平台，打通境内外 资本与资产的高效转化通道。 点评：顺丰物流REIT的上市，是物流行业与资本市场深度融合的标志性事件。从行业层面而言，近年 来国家重视仓储物流基础设施建设，相关扶持政策频出，REITs政策的完善落地，为行业发展提供了新 契机。未来，随着顺丰推进扩募、构建双币种资本循环平台，有望进一步提升资产价值，推动行业资源 优化配置。 NO.3 闲鱼启动"出口转内销"扶持计划 4月21日，闲鱼启动"出口转内销"扶持计划，面向外贸中小商家和个人卖家提供"绿色通道入驻鱼小 铺、'外贸小铺'专属认证 ...

Core Insights - The article promotes iREIT on Alpha as a platform providing in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its positive testimonials [1] Group 1 - iREIT on Alpha offers a free 2-week trial for users to explore its research services [1] - The platform has received 438 testimonials, with most rated 5 stars, indicating high user satisfaction [1]

Group 1 - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].

Group 1 - The report highlights the listing of the first "commercial reform and guarantee" REIT in China, the Huatai Fu Shanghai Real Estate Rental Housing REIT, which was approved on March 5, 2025, and completed its issuance on March 18, 2025, with a public subscription multiple of 494 times [1][7]. - The report notes that the REIT market has shown strong demand, with the offline inquiry multiple reaching 180.74 times, setting a new high for public REITs in 2023 [1][7]. - The Shanghai Real Estate Group aims to connect its quality affordable rental housing assets with the capital market through this innovative REIT model, thereby increasing the supply of affordable rental housing [1][7]. Group 2 - The report indicates that the REIT market has experienced an upward trend, with the CSI REITs total return index rising by 0.63% and the total REITs index increasing by 0.84% during the week of March 31 to April 3, 2025 [2][13]. - The report mentions that the total issuance scale of listed REITs reached 169.7 billion yuan, with a total of 64 REITs issued as of April 3, 2025 [8]. - The report identifies the leading performers in the REIT market, including the Bosera Tian Kai Industrial Park REIT, which increased by 3.93%, followed by the Hongtu Shenzhen Anju REIT and Guotai Junan Dongjiu New Economy REIT, with increases of 3.80% and 3.65%, respectively [2][13]. Group 3 - The report states that the overall trading activity in the REIT market has increased, with a total trading volume of 612 million yuan, reflecting a week-on-week increase of 4.7% [3][34]. - It details the trading volume for different categories of REITs, with the largest being transportation infrastructure, accounting for 28.0% of the total trading volume [3][34]. - The report provides insights into the trading volume changes for various REIT categories, noting significant increases in park infrastructure and energy infrastructure categories [3][34]. Group 4 - The report discusses the correlation of the CSI REITs index with other major asset classes, indicating a correlation coefficient of 0.262 with the CSI All Bond index over the past 20 days [27]. - It highlights the internal correlation among different REIT categories, with the industrial park REITs index showing a strong correlation with the affordable rental housing REITs index [28]. - The report provides a detailed analysis of the historical performance of various REIT categories, indicating trends and correlations that may influence future investment decisions [28].

证券研究报告 万科 A (2202 HK/000002 CH) 港股通 减值形成拖累，关注后续融资支持 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地/中国香港 | 房地产开发 | 公司 3 月 31 日发布年报，2024 年实现营收 3431.8 亿元，同比-26.3%；归 母净利润-494.8 亿元，同比-506.8%，归母净亏损高于业绩预告（-450 亿）。 公司仍面临较大财务压力，有待市场修复和股东支持助力，维持"持有"。 减值以及以价换量盘活资产，叠加结算收入及毛利率下降导致大额亏损 期内公司出现大额亏损，主要原因为：1）存货以及信用减值合计 336 亿； 2）竣工面积同比-24.2%，导致开发结算收入同比-30.5%至 2791 亿，结算 毛利率-5.5pct 至 9.5%；2）为积极盘活存量产生的资产交易亏损；3）非主 业财务投资形成账面亏损。受行业景气度下行影响，销售规模进一步收缩。 销售金额 2460 亿元，同比-34.6%。严控新增投资，期内权益拿地额 55.6 亿，获取的 13 个项目中，1 ...

Group 1 - The equity market serves as a mechanism for significant wealth creation or destruction over the long term through daily price fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Summary of the Conference Call for China Merchants Shekou (招商蛇口) Company Overview - **Company**: China Merchants Shekou Industrial Zone Holdings Co., Ltd. (招商蛇口) - **Year**: 2024 Key Financial Performance - **Revenue**: CNY 178.95 billion, up 2.25% year-on-year [3] - **Net Profit**: CNY 4.04 billion, down 36.09% year-on-year due to industry downturn and increased impairment provisions [3] - **Gross Margin**: 4.61% [3] - **Cash Flow**: Operating cash flow of CNY 31.96 billion, with cash reserves reaching CNY 100.35 billion, the highest in five years [3] - **Sales**: Contracted sales of CNY 219.3 billion, ranking fifth in the industry [3][5] Industry Position and Market Dynamics - **Market Ranking**: Top 30 in 12 cities, with five cities ranking first locally [5] - **Investment Strategy**: Focused on core cities, acquiring 26 land parcels totaling 2.25 million square meters at a cost of CNY 48.6 billion [5] - **Market Conditions**: Transition from supply shortage to oversupply, with a need for strategic adjustments in product quality and service capabilities [12] Product Development and Innovation - **Product Lines**: Launched new product lines "启旭", "天青", and "揽月", achieving a 25% higher sales rate than competitors [3][6] - **Awards**: Projects recognized as top luxury offerings in 2024 [6] Asset Management and REITs - **Asset Income**: Total income from held properties reached CNY 7.46 billion, up 12% [8] - **REITs Platforms**: Established three REITs platforms with a total asset management scale of CNY 13.7 billion, promoting a virtuous cycle of asset management [9] Property Services - **Revenue Growth**: Property service revenue increased by 10% to CNY 17.1 billion, with net profit up 14% [10] - **Contract Growth**: New third-party contracts signed worth CNY 3.69 billion, covering 162 cities [10] ESG Initiatives - **ESG Rating**: Maintained an A rating from MSCI, the highest in the Chinese real estate sector, reflecting strong performance in environmental, social, and governance aspects [11] Future Strategies - **2025 Goals**: Focus on stabilizing development business while enhancing asset operation capabilities and expanding light asset business [13] - **Sales Target**: Expected saleable value of CNY 325 billion in 2025, with 79% from residential properties [14] - **Digital Transformation**: Implementing AI strategies to enhance operational efficiency and customer experience [16] Financial Health and Debt Management - **Debt Levels**: Total interest-bearing debt of CNY 222.6 billion, with a cost of 2.99% [4][26] - **Cost Management**: Reduced management costs and improved project debt management to align with cash flow [26] Market Outlook - **Economic Growth**: Anticipated 5% growth in 2025, supported by proactive fiscal and monetary policies [21][22] - **Real Estate Policy**: Continued government support for stabilizing the real estate market, including measures to boost demand and improve supply [23][24] Conclusion - **Strategic Focus**: China Merchants Shekou is adapting to market changes by enhancing product quality, expanding service capabilities, and leveraging digital technologies to ensure sustainable growth in a challenging real estate environment.