REITs 行 业 研 究 全国首单产业园持有型 ABS 落地，发行市场保持活 2025 年 08 月 17 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2024-08 2024-12 2025-04 沪深300 中证REITs全收益 相关研究报告 《中航京能光伏 REIT 扩募获批，仓 储物流REIT单周表现优异—行业周 报》-2025.8.10 《首单央企天然气发电公募 REITs 上市，消费 REIT 单周表现优异—行 业周报》-2025.8.3 《创金合信首农 REIT 上交所上市， 发行市场保持活跃—行业周报》 -2025.7.27 | | | 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 全国首单产业园持有型 ABS 落地，发行市场保持活跃 2025 年第 33 周，中证 REITs（收盘）指数为 853.96，同比上涨 6.24%，环比下 跌 1.62%；中证 REITs 全收益指数 1 ...

2025.08.15 今年以来，南向资金持续加码港股，2025年累计净流入已突破9389亿元，仅用8个月便超越2024年全年 总量，呈现爆发式增长。从配置策略看，内地资金采取"哑铃型"布局，一手抢筹高股息金融股，一手增 持科技成长与医疗板块。数据显示，8月以来，金融、信息技术及医疗保健成为南向资金重点扫货方 向，净买入额领跑各行业。 南向资金净买入额创纪录 南向资金买入港股的节奏突然加快。wind数据显示，8月1日至8月14日，南向资金合计净流入额仅为 330.55亿港元。但8月15日，仅1天时间内，南向资金全天净买入金额就达到358.76亿港元，创历史最高 单日净买入纪录。其中盈富基金、恒生中国企业、南方恒生科技净买入额位列前三，分别获净买入 127.88亿港元、53.56亿港元、21.77亿港元。 从更长的时间维度来观察，2020年至2024年，资本市场南向资金成交净买入额分别为6721.25亿港元、 4543.96亿港元、3862.81亿港元、3188.42亿港元和8078.69亿港元。2025年春节后南向资金流入开始加 速，呈现出规模大、速度快的现象。wind数据显示，截至8月15日收盘，今年南向资金 ...

2025.08. 15 本文字数：2266，阅读时长大约4分钟 作者 | 第一财经 王方然 港股回调之际，南向资金却在加速涌入。 8月15日，港股三大股指集体收跌，恒指跌0.98%，恒生科技指数跌0.59%，恒生中国企业指数跌 0.98%。然而，市场调整并未阻挡南向资金的汹涌流入。截至收盘，南向资金全天净买入358.76亿 港元， 创历史最高单日净买入纪录，单日规模甚至超过8月前两周总和 。 华南一位基金行业人士对记者表示，最主要的原因是港股此前经历了较长的回调期，即便近一年来有 所上涨，但仍处于估值洼地。此外，港股市场有许多国内稀缺的资产，如腾讯、美团、阿里这样大的 平台公司。因此受到很多内地资金的关注。 今年以来，南向资金持续加码港股， 2025年累计净流入已突破9389亿元 ，仅用8个月便超越2024 年全年总量，呈现爆发式增长。从配置策略看，内地资金采取 "哑铃型"布局 ，一手抢筹高股息金融 股，一手增持科技成长与医疗板块。数据显示，8月以来，金融、信息技术及医疗保健成为南向资金 重点扫货方向，净买入额领跑各行业。 南向资金净买入额创纪录 南向资金买入港股的节奏突然加快。wind数据显示，8月1日至8 ...

Group 1 - The core viewpoint of the article highlights the accelerating trend of southbound capital inflow into the Hong Kong stock market, even amidst market corrections [2][3] - On August 15, southbound capital recorded a net purchase of 35.876 billion HKD, setting a historical single-day net buying record, surpassing the total of the previous two weeks [2][3] - Year-to-date, southbound capital has cumulatively net inflowed over 938.9 billion HKD, exceeding the total for the entire year of 2024 within just eight months [3][5] Group 2 - The investment strategy of mainland funds is characterized by a "barbell" approach, focusing on high-dividend financial stocks while also increasing holdings in technology and healthcare sectors [2][3] - Notably, from August 1 to August 14, southbound capital net purchases in financial, information technology, and healthcare sectors amounted to 48.22 billion HKD, 31.748 billion HKD, and 23.854 billion HKD respectively, while there was a net sell of 22.005 billion HKD in consumer discretionary [4][5] - The preference for high-dividend assets and growth sectors reflects a shift in investment focus, contributing to the performance of specific stocks such as pharmaceutical and brokerage firms [4][5] Group 3 - The influx of southbound capital is attributed to factors such as valuation disparities and an "asset shortage" in the market, with many domestic investors seeking opportunities in undervalued Hong Kong stocks [5][6] - As of 2024, southbound capital accounted for approximately 34.64% of the total trading volume in the Hong Kong stock market, a significant increase from previous years [6][7] - Despite the growing influence of southbound capital, external investors still dominate the market, holding a substantial portion of shares, which limits the absolute pricing power of southbound funds [7][8] Group 4 - Southbound capital's holdings in stocks with over 30% ownership are primarily in small-cap and high-dividend stocks, indicating a preference for stable returns [8] - The rapid inflow of southbound capital has historically correlated with a decline in the AH premium, as evidenced by the drop in the Hang Seng Shanghai-Shenzhen-Hong Kong Stock Connect AH premium index [8]

北京荟聚商场入口。董红艳/摄 本报记者 董红艳 北京报道 8月13日，《华夏时报》记者到访北京荟聚商城，发现虽为工作日，该商城的人气依然不减。在商场外 围广场，不少带有小孩的家庭，在喷泉区域戏耍；商场内，宜家卖场不间断顾客进出，POP MART等入 驻门店人气火爆。 北京荟聚商场人气常年居高不下，被称作"掏空南城人钱包的商场"。记者在大众点评搜索"商场"一词发 现，北京荟聚商城综合智能排名仅在北京朝阳合生汇之下，在整个北京排名第二位，人气值超越北京 SKP、北京超级合生汇等热门商场。在大众点评上，北京荟聚的评论量超过25400条（截至8月14 日），"选择多""交通便利""宠物友好"等好评如潮。 不过，值得关注的是，如今的北京荟聚已经是在"负重前行"，休息日"人挤人"的局面，也让不少消费者 产生了不佳的消费体验。在大众点评的评论区，多位消费者给出了类似"人太多，热一身汗，空调该换 一换"以及"卫生管理不到位"等方面的负面评价。 对于商城将被出售的相关问题，北京荟聚商城现场客服人员向记者表示，目前没有接到此类通知。北京 荟聚微信小程序客服人员也向记者表示："我们暂未收到相关信息。目前门店正常经营。"入驻北京荟聚 ...

Market Overview - On August 13, 2025, the Shanghai Composite Index closed at 3683.46 points, surpassing the previous high of 3674.40 points from October 8, 2024, marking a new high since the "924" rally last year[3] - The Wind All A Index broke its previous high on July 21, 2025, indicating that A-shares have already surpassed prior peaks[4] Investment Environment - The current investment landscape shows poor returns in other asset classes such as bonds, cash, gold, and real estate, leading to an "asset shortage" phenomenon among investors[5] - As of August 12, 2025, the average price-to-earnings (P/E) ratio of major A-share sectors is within the historical 40-65% percentile over the past 15 years, suggesting that valuations are still reasonable[5] Asset Allocation Trends - In 2022, non-financial assets (mainly real estate) accounted for 50.83% of household assets in China, while deposits made up 23.12%, and stock and equity investments accounted for 15.36%[6] - Comparatively, in the U.S. as of 2024, stocks and investment funds represented 37.60% of household assets, while real estate accounted for 27.23%[7] Future Projections - Total household assets in China are projected to reach 666.82 trillion yuan by 2025, with stock and fund assets potentially increasing to 133.36 trillion yuan, assuming a rise to 20% of total assets[8] - The current total market capitalization of the Shanghai and Shenzhen stock exchanges is 94.91 trillion yuan, indicating room for growth[8] Sector Recommendations - Favorable sectors include artificial intelligence (up 27% in 2025), innovative pharmaceuticals in Hong Kong, and the rare earth industry (up 76.38%)[9][10] - Consider undervalued cyclical sectors such as steel, coal, construction materials, and photovoltaics for potential recovery due to government reforms[10] Risk Factors - Uncertainties in U.S.-China trade negotiations may impact market stability[11] - Economic growth may slow down unexpectedly in the second half of the year, affecting market performance[11]

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]

Group 1 - The A-share market has seen a significant increase in trading volume, with total turnover exceeding 2 trillion yuan for two consecutive days, reaching a new high of 2.31 trillion yuan on August 14, 2023, up 130 billion yuan from the previous day [1] - The decline in deposit interest rates has led to an expansion in bank wealth management and "fixed income+" fund scales, with resident funds indirectly entering the equity market through these channels, becoming a major source of incremental capital for future market trends [1] - The three major A-share indices experienced a collective pullback on August 14, with the Shanghai Composite Index reaching a peak of 3704.77 points before closing at 3666.44 points, down 0.46% [1] Group 2 - The Shanghai Composite Index has surpassed last year's high, indicating three new dimensions of outperformance: historical cost-effectiveness, consistent outperformance against economic growth, and potential outperformance against US stocks [2] - Despite external shocks and internal challenges, various industries in China have maintained steady growth, with GDP increasing by 5.3% year-on-year in the first half of the year, reflecting a resilient macroeconomic foundation [2] - Analysts suggest that while there may be increased volatility in the index due to valuation rises and new capital inflows, the current market trend since last year's "924" remains intact, supported by loose liquidity and improving corporate earnings [2]

Group 1 - The macroeconomic background during 2013-2015 showed a significant decline in economic growth and price indicators, leading to a liquidity-driven bull market despite unresolved issues [3][8][19] - The decline in PPI had a greater impact on policy and liquidity than on profitability, indicating a decoupling of stock market performance from earnings during the latter part of the bull market [3][19][23] - The influx of resident funds into the stock market was primarily through bank-securities transfers and margin financing, with a notable increase in public fund issuance in the first half of 2015 [3][41][51] Group 2 - The market performance from 2013 to 2015 was characterized by weak earnings but abundant funds, resulting in a significant bull market [3][36][41] - The stock market experienced a structural bull market in 2013, followed by a comprehensive bull market in 2014 despite worsening economic conditions [3][36][37] - The improvement in the supply-demand structure of the stock market was a fundamental driver of the bull market, aided by a decrease in IPOs and an increase in margin financing [3][55] Group 3 - The market style shifted from TMT to financial cycles and back to TMT, with small-cap stocks performing strongly in the early and late stages of the bull market [3][27][36] - The strongest performing sectors during the bull market included TMT, new consumption, and value stocks driven by themes like the Free Trade Zone and Belt and Road Initiative [3][27][36] Group 4 - The financial sector saw significant gains in the second half of 2014, attributed to a turning point in real estate policy and an influx of resident funds into undervalued cyclical stocks [3][36][39] - The opening of the Shanghai-Hong Kong Stock Connect and subsequent interest rate cuts contributed to the rapid rise of financial stocks in late 2014 [3][39][41] Group 5 - The growth of growth stocks during 2013-2015 was driven by the booming mobile internet sector, with public funds increasing their positions in sectors like electronics and media [3][5][21] - The rapid increase in new A-share accounts in 2014-2015 was facilitated by the development of internet finance and the relaxation of account opening restrictions [3][51][53]

新华财经北京8月14日电（王菁）债市周四（8月14日）延续回调，上日盘后公布的金融数据影响有限， 国债期货全线收跌，银行间现券收益率再上行1BP左右，资本市场情绪压制行情再度显效；公开市场单 日净回笼320亿元，资金利率部分回落。 机构认为，债市短期或阶段性震荡，静待突破来临。前几周反内卷预期推升商品和股市，但需要看到本 轮走势更多基于预期。对债市来说，则意味着不增加新的融资需求，资产荒整体格局就不会变，未来收 益率向下的突破行情更可能在临近或在四季度。 财政部3年、20年期国债加权中标收益率分别为1.42%、2.0596%，全场倍数分别为2.86、5.2，边际倍数 分别为1.8、60.77。 国开行3年、7年期金融债中标收益率分别为1.6098%、1.7599%，全场倍数分别为2.8、4.74，边际倍数 分别为4.84、1.22。 【行情跟踪】 国债期货收盘全线下跌，30年期主力合约跌0.36%报117.88，10年期主力合约跌0.12%报108.325，5年期 主力合约跌0.08%报105.665，2年期主力合约跌0.02%报102.348。 银行间主要利率债收益率普遍小幅上行，30年期国债"25超长特别 ...