2025年第四季度，项目公司实现营业收入2559.09万元，全年累计实现营业收入9085.74万元。中金重庆 两江REIT在2025年第四季度实现可供分配金额约1393.95万元，全年累计实现可供分配金额5478.90万 元，与招募说明书披露的2025年模拟预测可供分配金额5464.56万元，达成率为100.26%。按2025年12月 31日收盘价2.827元/份计算的年化现金流分派率为4.85%，按基金发行价2.550元/份计算的年化现金流分 派率为5.37%。 截至2025年12月31日，本基金累计分红3次，分红金额4506.00万元，分配2024年12月3日(基金成立日)至 2025年9月30日对应期间产生的可供分配金额。2025年前三季度实际分配金额约占前三季度可供分配金 额的99.96%。基金成立以来，基金管理人始终致力于将可供分配收益及时返还投资者，通过积极的分 红，为投资人提供长期稳定的收益回报。 本基金通过专项计划100%持有的重要不动产资产合计由4个产业园区组成，为位于重庆市两江新区两江 数字经济产业园照母山研创核心区内的双鱼座项目、双子座项目、凤凰座项目及拓D一期D2项目，合计 建筑面积约 ...

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The company advocates for a balanced approach to investing, suggesting that a solid base of dividend growth stocks can be effectively supplemented with other asset types to maximize income potential [1]. - The strategy aims to achieve a total return that aligns with the performance of the S&P index, indicating a focus on both growth and income [1].

Core Insights - Despite market indices nearing all-time highs, debt-focused income funds are facing challenges due to elevated interest rates impacting overall sentiment in the debt markets [1] Group 1: Market Conditions - Market indices are hovering near all-time highs, indicating a strong equity market performance [1] - Elevated interest rates are a significant factor affecting the sentiment in debt markets, leading to struggles for debt-focused income funds [1] Group 2: Investment Strategy - The company emphasizes a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income [1] - This hybrid approach aims to achieve total returns comparable to traditional index funds, specifically the S&P [1]

Core Viewpoint - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, with Pacifica Yield focusing on undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1] Group 1 - Pacifica Yield aims to pursue long-term wealth creation [1] - The strategy includes a focus on undervalued yet high-growth companies [1] - High-dividend tickers, REITs, and green energy firms are also key areas of interest [1]

Core Insights - Traditional heavy-asset energy companies face challenges such as large investment scales, long recovery periods, and cash flow volatility. Beijing Energy Group has addressed these issues through asset securitization, specifically by issuing the China Aviation Beijing Energy Photovoltaic Closed-End Infrastructure Securities Investment Fund and the CICC-Beijing Energy International Energy Infrastructure Asset-Backed Special Plan, achieving goals of revitalizing existing assets, broadening financing channels, and optimizing cash flow structures [1][2]. Group 1: Asset Securitization and Innovation - The expansion of the China Aviation Beijing Energy Photovoltaic REIT, which includes hydropower projects, marks a significant innovation in asset securitization, creating a new avenue for capital market engagement in the context of China's dual carbon strategy [2][3]. - The "photovoltaic + hydropower" mixed issuance model provides a four-dimensional value proposition, including complementary power generation, risk diversification, enhanced returns, and upgraded financing [3][4]. - The issuance of public REITs allows companies to convert heavy assets into standardized, market-acceptable underlying assets, facilitating better cash flow management [4]. Group 2: Collaborative Efforts and Government Support - The successful expansion of the China Aviation Beijing Energy Photovoltaic REIT is attributed to strong support from local government, which plays a crucial role in optimizing capital structures and enhancing asset resilience [5][6]. - REITs enable a shift from reliance on incremental investments to activating existing assets, addressing the issue of dormant local assets and creating a sustainable capital loop [6][7]. - The focus on enhancing asset governance and compliance is essential for future asset revitalization, ensuring that all operational phases are well-managed [9]. Group 3: Future Outlook and Strategic Goals - The company aims to continue promoting REIT expansions, targeting a diversified platform that includes wind, solar, hydropower, and energy storage businesses, thereby contributing to the green transformation of the energy sector [8][10]. - The strategy emphasizes the importance of utilizing financial tools like REITs and ABS to activate quality cash-generating assets, facilitating effective investment and sustainable growth [10].

Core Insights - The equity market serves as a significant mechanism for wealth creation or destruction over the long term through daily price fluctuations [1] Group 1: Investment Focus - Pacifica Yield aims to create long-term wealth by focusing on undervalued yet high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

中经记者 夏治斌 石英婧 上海报道 成本优化，正成为驱动上海甲级办公楼市场活动的核心逻辑。2025年第四季度，该市场成本驱动型的搬 迁和升级需求继续释放。日前，仲量联行上海商业地产部总监兼华东区零售地产部负责人黄臻向《中国 经营报》等媒体记者表示："整体市场继续利好租户方，企业利用当前市场条件积极争取有利的租约条 款和升级机会，部分行业在2025年年末录得大面积成交。" 记者注意到，这一以成本优化为导向的市场逻辑，也延伸至上海商业地产的其他细分业态。上海零售物 业租赁需求保持稳定，数码电子及智能家电、运动服饰、潮玩杂货、宠物消费及平价餐饮等业态相对活 跃，带动全市净吸纳量进一步增长。物流地产方面，租金持续下行，为租户降本增效、优化物流空间提 供了更多机会。上海投资市场热度持续回归核心区域；投资性需求有所提升。得益于国际客流的显著回 升, 上海酒店市场持续呈现积极复苏态势。 商业地产租赁市场呈现温和复苏 2025年第四季度，上海商业地产租赁市场整体呈现温和复苏与理性调整并存的态势，且市场主导权持续 向租户倾斜，为企业提供了战略搬迁、空间升级和成本优化的窗口期。 在商业地产各细分赛道的表现中，各业态的分化特征进一 ...

Group 1 - The article discusses the effective use of high yield ETFs within a diversified portfolio, specifically highlighting the Roundhill HOOD WeeklyPay ETF (HOOW) [1] - The author emphasizes the importance of combining classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1] - A hybrid investment strategy that balances growth and income is presented as a method to achieve total returns on par with the S&P 500 [1]

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset classes like Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds. Group 1: Investment Strategy - The company focuses on uncovering high-quality dividend stocks and assets that provide long-term growth potential and significant income generation [1] - A hybrid system is created that balances growth and income, allowing for total returns that align with the S&P index [1] Group 2: Investment Income - The strategy aims to boost investment income efficiently while maintaining a total return that is competitive with traditional index funds [1]

Core Insights - Market indices are trading near all-time highs, making it challenging to find discounted investment opportunities [1] - Income-focused funds are trading at discounted valuations, presenting potential opportunities for long-term investors [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]