证券研究报告 | 行业周报 gszqdatemark 2025 05 24 年 月 日 房地产 C-REITs 周报——二级延续上行，理性看待市场热度 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.20%。截至 5.23，本周（5.17- 5.23，下同）中证 REITs（（收盘）指数上涨 1.19%，收于 869.2 点；中 证 REITs 全收益指数上涨 1.20%，收于 1089.7 点。本周沪深 300/恒 生/中债十年期国债/房地产（（申万）/恒生地产建筑业/高速公路（（申万） 指数分别下跌 0.18%/上涨 1.10%/上涨 0.10%/下跌 1.47%/下跌 0.73%/上涨 0.58%。其中中证 REITs 全收益指数本周涨幅最高，REITs 全收益指数排行第 1。 本年中证 REITs 全收益指数涨幅为 12.59%。截至 5.23，本年中证 REITs（收盘）指数涨幅为 10.08%，中证 REITs 全收益指数涨幅为 12.59%。本年沪深 300/恒生/中债十年期国债/房地产（（申万）/恒生地 产建筑业/高速公路（申万）指数分别下跌 1.34%/上涨 17.65%/下 ...

全球经济格局深刻变革、地缘政治复杂多变。在此背景下，如何进行有效的资产配置，如何把握中国市场的独特机遇，成为当前投资界最为关注的焦点。 5月20日，由中国基金报主办的首届全球资产管理论坛在深圳举行。论坛圆桌讨论环节聚焦"全球资产配置与中国机遇"。中国基金报邀请顶尖的投资研究 专家、资产管理机构管理者，就资产类别选择、中国市场洞察等话题展开讨论，剖析全球资产配置的新格局，展望中国市场的投资潜力。 与会嘉宾认为，全球环境复杂多变，但也孕育机会。长期看好中国市场，当下，需要以长期的视角来渡过市场波动、摒弃"噪声"。 他们指出，关税虽然为全球投资环境带来挑战，但一些公司会应对得更加自如，比如那些国内供应链能力强的公司。消费市场中，某些拥有定价权的公 司，会化危为机。可关注区域性的物流公司，目前转运的需求已经恢复了，接下来一两个季度拥有定价权的公司，如航运公司等。 以下是各位嘉宾以及精彩观点： 安联基金总经理沈良（Leo Shen）：对于内地的投资者而言，互认基金、ETF互通、QDII基金等是分散组合的好工具。 渣打银行北亚区首席投资总监郑子丰（Raymond Cheng）：我鼓励海外客户关注中国特定的机会，比如在港上 ...

贸易全球化趋势不可阻挡，中国市场正在成为国际品牌最不可或缺的战略高地。 日前，北京大学国家发展研究院等权威机构联合发布"全球品牌中国线上500强榜单"（CBI500），这是全球首个完全以真实消费者行为为基础的品牌榜单。 榜单显示，共有156个国际品牌上榜，并在多个行业登顶榜首。其中包括3C数码行业的苹果，美妆行业的欧莱雅，运动户外与服饰行业的耐克等等。 | | | | | | | 知名度 | | | 忠诚度 | | ਸੇ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | | 品牌名 | 行业 | 综合评 分 | 品牌词 搜索量 | 成交金 额 | 成交人 数 | 客单价 | | 会员成 老客成 交金额 交金额 | 新品成 岁 交金额 | | | | | | | | | | | | 各指标评分 | | | l | 苹果 | Apple | 3C数码 | 100.00 | 19.85 | 7.75 | 12.99 | 3.62 | 12.89 | 8.71 | 10.79 | | 2 | 华为 | ...

每季度的13F报告，都是投资者观察顶级资金动向的窗口。一季度，在关税风暴来临前，华尔街 大佬们做了哪些调整？ 从巴菲特"持币不买"的策略，到索罗斯的"抛小盘买大盘"，再到桥水的黄金配置，都显示出顶级 投资者都做了同一个操作——增强组合的防御性，而嗅觉灵敏的Ackman更是赶在关税前清仓了 耐克。 对科技股态度出现分化 ，巴菲特依然坚守苹果，索罗斯加仓英伟达、清仓超微电脑，桥水则减持 了谷歌、英伟达、Meta等。 对于中概股 ，曾豪言"买入一切中国资产"的对冲基金大佬David Tepper谨慎乐观，虽减持阿里， 但仍维持其第一大持仓的地位。 来源 | 华尔街见闻 桥水则果断加码，一季度新进京东持仓，增持阿里巴巴、百度。 巴 菲 特 ： 坚 守 苹 果 ， 清 仓 花 旗 ， 持 币 不 买 "股神"依然保持着他标志性的稳健风格。 本季最大变化是彻底清仓了花旗集团，同时减持了部分金融股，这或许反映了巴菲特对传统金融 业前景的谨慎态度。 据监管文件显示，伯克希尔出售了全部1464万股花旗集团股票，减持了4866万股美国银行股票 （减持比例超过7%），以及减持了30万股第一资本金融公司股票（约4%）。 不过，巴菲特 ...

新加坡瀚亚投资：美国经济不确定性推动资金流向新兴市场 瑞讯银行：美国国债收益率受财政政策与全球资本行为主导 SMBC日兴证券：日本7月参议院选举结果或影响超长债收益率 汉堡商业银行：法国制造业温和回升德国服务业衰退拖累经济 【机构分析】 新加坡瀚亚投资公司称，美国经济不确定性将促使对新兴市场国家进行多元化投资，多元化投资有助于 分散风险并可能提供更丰富的回报。 （文章来源：新华财经） 瑞讯银行策略师指出，美国国债收益率的未来走势将主要受美国的财政选择以及全球投资者的行为影 响。地缘政治关系的恶化、对美元兴趣的减少以及对美国国债作为避险资产信心的下降等，这些都可能 削弱市场对美国国债的信心。 市场分析称，如果美国实施一项削弱美元价值的计划，可能会导致违约风险增加；这样的行动可能导致 巨大的市场波动，对全球经济造成冲击。如果美元大幅贬值，其幅度和速度可能超过1985年广场协议后 的贬值情况（当时美元在九个月内贬值了25%，三年内几乎贬值了一半）；当前美国的债务规模远超以 往，政策制定者还在计划进一步增加债务，这使得美元贬值的影响更加复杂。 SMBC日兴证券策略师指出，日本7月即将举行的参议院选举可能是影响超长期限 ...

Group 1 - The core viewpoint of the articles highlights a renewed interest in emerging market stocks as a result of the recent downgrade of the US credit rating by Moody's, with emerging markets being seen as the next bull market [1][2] - Bank of America has identified emerging markets as the most attractive investment option due to factors such as a weakening dollar, peak US Treasury yields, and a recovering Chinese economy [1][3] - JPMorgan has upgraded its rating on emerging market stocks from "neutral" to "overweight," citing easing US-China trade tensions and significant valuation advantages [1][3] Group 2 - The MSCI Emerging Markets Index has risen by 8.55% year-to-date, while the S&P 500 Index has only increased by 1% during the same period, indicating a strong performance of emerging markets compared to US equities [1] - Following the announcement of tariffs by the Trump administration, a divergence in performance between emerging markets and US markets became evident, with the S&P 500 dropping over 5% while the MSCI Emerging Markets Index rose by 7% [2] - Current allocations of US investors to emerging markets are only between 3%-5%, significantly lower than the MSCI Global Index's weight of 10.5%, suggesting room for growth in emerging market investments [3] Group 3 - Emerging markets are expected to outperform due to a combination of factors including a potential weakening dollar, historically low investor allocations, and high growth potential under discounted valuations [3][4] - India is highlighted as having the best long-term growth prospects among emerging markets, with Argentina also noted for its low valuations [3] - The current market environment is characterized by deep discount valuations and ongoing structural reforms, particularly in India, which may contribute to a more sustainable rally in emerging markets compared to previous short-lived surges [4]

年中将至，多家券商扎堆举办中期策略会。5月20日至22日，兴业证券2025年资本市场论坛暨中期策略会召开，主题为共议全球格局下的 中国机遇。事实上，5月以来，已有多家券商中期策略会相继落幕，还有部分头部券商刚官宣定档日期。整体而言，多家券商看好下半年 权益市场机会，而在4月以来"关税风暴"带来全球变局下的资本市场投资，也成为高频讨论的主题。有业内人士表示，多家券商开启中期 策略会，是券商在以专业的投研禀赋来强化投资者教育，推动资本市场高质量发展。券商中期策略会中对于行情、配置策略的共识将吸 引众多投资者关注，而绝大多数热点，往往也有望带来新的资本。 扎堆举办中期策略会 5月20日至22日，兴业证券2025年资本市场论坛暨中期策略会召开，主题为共议全球格局下的中国机遇。 事实上，在年中将至的时间点，5月以来，以"'西'研东渐 '势'不可挡"为主题的西部证券中期策略会，以"惟创新者进"为主题的开源证券中 期策略会，以"乘新而上"为主题的财通证券中期策略会，以及以"潮启新章"为主题的华创证券中期策略会已接连举办。其中，西部证券、 财通证券在2024年均未举办中期策略会，如今则重启。 值得关注的是，2025年券商中期 ...

Group 1: Family Office Overview - Family offices in Europe and the US have become a common wealth management vehicle for ultra-high-net-worth individuals, aiding families in wealth preservation and transfer [1] - The Hermansen family office, represented by Michael Zhang, utilizes global asset allocation strategies and robust risk management systems to navigate economic cycles [1] Group 2: Hermansen Family Business - The Hermansen family business has a history of over 170 years, with its largest company, DSD Group, founded in 1855, making it one of Norway's oldest private enterprises [2] - DSD Group was transformed from a regional ferry service into an international company with diverse operations under the leadership of Folke Hermansen [4] - DSD currently employs over 5,600 people, equating to one employee for every 1,000 Norwegians [4] Group 3: Investment Structure - The Hermansen family operates two main investment entities: DSD Group's strategic investment department and the family fund Herfo, both led by Yuhong Jin Hermansen [5] - The strategic investment department focuses on capturing emerging business trends and primarily invests in growth-stage companies, while also seeking acquisition opportunities [7] - Herfo, established in 2005, aims to assist the family in professional global asset allocation, leveraging the advantages of long-term investments [9] Group 4: Global Asset Allocation Strategy - Herfo allocates approximately 50% of its investments to global secondary markets, with the remainder in primary markets and real estate [10] - The family office has increased its investment in primary markets, particularly direct investments, to enhance team capabilities and experience [11][13] - The focus is on identifying quality projects based on the family's resources and advantages, with a keen interest in technology and niche traditional sectors [13] Group 5: Risk Management Strategies - The Hermansen family employs four core risk management strategies: maintaining legal and operational independence between the family business and the family fund, global diversification in asset allocation, liquidity management, and team collaboration [15][16][18][19] - The family office emphasizes the importance of team experience and diverse perspectives to avoid groupthink [19] Group 6: Advantages and Challenges of Overseas Branches - The Hermansen family office is unique in having a branch in China, allowing for long-term engagement in both Chinese and Norwegian markets [21] - The family office aims to leverage its experience in the complex Chinese market to identify and seize investment opportunities quickly [22] - The changing global economic and political landscape presents both opportunities and challenges for the family office in achieving global asset allocation [22] Group 7: Opportunities in Sino-Norwegian Cooperation - There are significant collaboration opportunities between China and Norway in the fields of renewable energy, technology co-creation, and capital co-creation [23][24] - The Hermansen family office has expanded its services to include consulting for Nordic companies entering the Chinese market and vice versa, enhancing its role as a bridge between the two markets [24]

Group 1 - Ningde Times officially listed on the Hong Kong stock market on May 20, with H-shares rising by 16.43% on the first day and A-shares increasing by over 1% [1] - The Hong Kong stock market has entered a new upward cycle since February 2024, with the Hang Seng Index and Hang Seng Technology Index showing significant year-to-date gains of 18.05% and 18.97% respectively [1] - The primary market is thriving, with companies like Bruker and Gu Ming directly listing in Hong Kong, and Ningde Times achieving dual listings, reflecting strong investor confidence [3] Group 2 - The Hong Kong stock market's vitality is attributed to regulatory efforts from both mainland and Hong Kong authorities, enhancing market capacity and improving the investment environment [3] - Various policies have been introduced in 2023 to facilitate companies listing in Hong Kong, simplifying processes and broadening financing channels [3] - Southbound capital continues to flow into the Hong Kong market, with a net inflow of 63.32 billion HKD on May 20, and a total net inflow of 618.7 billion HKD year-to-date, accounting for over 70% of the expected total for 2024 [4] Group 3 - Industry experts remain optimistic about the relative performance of the Hong Kong stock market, anticipating a revaluation of RMB assets amid recovering growth expectations in China [4] - The main investment themes are "Technology + Consumption," with a focus on hard technology and a recommendation to pay attention to the broad consumption sector [4]

Core Viewpoint - The current economic environment is characterized by rising uncertainty and declining deposit rates, which pose challenges for investors in asset allocation and balancing risk and return [1][2]. Group 1: Economic Environment and Policy - The People's Bank of China maintains low interest rates to support a robust capital market, which is essential for boosting consumer confidence and addressing economic challenges [1]. - The decline in deposit rates reflects policy intentions and has a positive impact on the steady recovery of the economy, providing strong support for the capital market [2]. Group 2: Asset Allocation Strategies - In the context of declining deposit rates, residents are diversifying their asset allocation strategies, with some opting for fund investments to achieve capital appreciation, particularly in the rising technology sector [3]. - The current asset allocation in Chinese households shows a significant reliance on real estate, with approximately 60% of assets previously allocated to housing, while only about 5% is in equities and funds [4]. - There is a growing trend towards reducing real estate allocation and increasing equity investments, particularly in high-quality stocks and funds, as the capital market becomes more attractive [5]. Group 3: Investment Opportunities - Key sectors to focus on include technology stocks, consumer stocks, and dividend-paying stocks, with technology stocks leading the market due to their role in economic transformation [6][7][8]. - The technology sector, particularly AI and robotics, is seen as a significant growth area, with potential for substantial development in the coming years [6]. - Consumer stocks, especially brand-name products, are gaining attention due to their stable profitability and attractive valuations after recent adjustments [7]. - Dividend stocks, particularly in the banking and utility sectors, are appealing in the current market environment, providing stable returns and aligning with the preferences of large investors [8]. Group 4: Age-Based Asset Allocation - Asset allocation strategies should adapt to different life stages, with younger individuals encouraged to invest a higher proportion in equities due to their risk tolerance and time horizon [9][10]. - As individuals age, it is advisable to gradually reduce equity exposure and shift towards more stable fixed-income products to ensure financial security in retirement [10][12]. - For older adults, a conservative investment approach is recommended, focusing on low-risk assets while maintaining a small allocation to equities for potential growth [12].