Core Viewpoint - The management changes at CITIC Securities Fund signify a strategic shift during a period of deep industry adjustment, aiming to enhance collaboration between the parent company and the fund segment [1][3]. Group 1: Management Changes - Huang Ling has been appointed as the head of the Wealth Committee, stepping down as the chairman of CITIC Securities Fund, while Lin Xuan is set to take over as chairman and party secretary, indicating a focus on talent development and research optimization [1][3]. - The appointment of Lin Xuan, with an investment banking background, suggests a potential emphasis on building a talent pipeline and improving the investment research system [3]. Group 2: Current Status of Securities-Backed Public Funds - CITIC Securities Fund's management scale reached 63.652 billion yuan in 2025, with 79.6% in bond and money market funds, while equity products only accounted for 14%, highlighting a structural imbalance in the market [4]. - The fund faces survival pressures due to product homogenization, with some mixed funds nearing liquidation, reflecting the challenges faced by smaller public funds [4]. Group 3: Industry Changes and Survival Strategies - The public fund industry is undergoing unprecedented adjustments, with fee reforms resulting in over 50 billion yuan in benefits, squeezing profit margins for smaller institutions [5]. - CITIC Securities Fund aims to strengthen collaboration with its parent company while focusing on niche areas like REITs and the Sci-Tech Innovation Board, indicating a clear strategic direction [5]. Group 4: Challenges Ahead - Under Lin Xuan's leadership, CITIC Securities Fund faces multiple challenges, including the need for time to develop equity products and pressure on bond fund scales due to declining fees [6]. - The fund has unique opportunities in innovative fields such as ABS, REITs, and the Sci-Tech Innovation Board, which may allow it to leverage policy benefits and enhance competitiveness [6]. - The management changes are just the beginning, with the real test lying in the execution of the new strategy as the industry shifts from scale competition to quality competition [6].

戴德梁行中国区项目及企业服务部总裁魏超英表示，2025年末，上海写字楼市场已在供应放量与需求分 化的深度博弈中完成阶段性调整。2026年，市场将正式迈入"存量提质、需求分层、运营革新、资本聚 焦"的结构性转型期，行业竞争逻辑从过往的"规模扩张"转向"质量与效率双轮驱动"。在上海《关于推 进上海市商务楼宇更新提升的实施意见》等城市更新政策及企业办公需求迭代的双重推动下，办公空间 从单一的物理载体，升级为承载产业生态构建、城市文化传承与企业成长发展的复合型价值平台。 零售市场消费稳中向好 大宗市场筑底蓄能 多层次REITs繁荣发展 上海，2026年1月6日——享誉全球的房地产服务和咨询顾问公司戴德梁行成功举办2025年终市场回顾媒 体发布会，针对写字楼市场、零售商业市场、大宗交易市场、产业地产市场以及REITs资产证券化市场 进行全景盘点，并展望2026年行业发展新机遇。 上海写字楼市场2026年开启存量提质与生态重构下的结构性机遇 2025年，上海甲级写字楼市场迎来供应放量周期，全年共14个新项目集中入市，总供应面积约85万平方 米，新增体量主要分布于浦东前滩、徐汇滨江、普陀真如等新兴板块。四季度，长宁虹桥"晶 ...

Core Insights - The establishment of the "Yuanxin Jicheng (Xiamen) REITs Investment Fund" with a total target size of 5.5 billion yuan marks a significant step in Xiamen's efforts to deepen financial reform and activate existing assets [1][2] - This fund is the first locally government-guided REITs thematic fund in China, highlighting Xiamen's innovative practices in responding to national calls for financial supply-side structural reform [1][2] Group 1: Fund Overview - The fund has a target scale of 5.5 billion yuan and a duration of 10 years, focusing on listed REITs projects with support from strategic partners like Zhongbao Investment and CITIC Securities [2] - The fund aims to activate existing assets in key areas such as industrial parks, affordable housing, and new infrastructure, transforming them into liquid capital [2][3] Group 2: Strategic Goals - The fund seeks to enhance asset operation quality by introducing professional expertise from leading institutions, promoting a shift towards professional and market-oriented infrastructure operations [2] - It aims to create a "new ecosystem" for financial services by collaborating with various financial institutions to optimize the business environment and guide long-term capital towards infrastructure and emerging industries [2][3] Group 3: Xiamen REITs Model - The Yuanxin Jicheng REITs fund is positioned as a benchmark for Xiamen's REITs investment brand, focusing on stable cash flows and long-term operational value of infrastructure assets [3] - The fund will leverage the comprehensive capabilities of Jinyuan Group, integrating various financial licenses to establish a complete service system covering asset discovery, incubation, investment issuance, and operational management [3]

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset types like 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 diversified investment approach that includes high-quality dividend stocks, which can provide significant long-term growth and income potential [1]. - By integrating various asset classes, the company aims to create a balanced portfolio that maximizes income while maintaining a total return aligned 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 types like 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 diversified investment approach that includes high-quality dividend stocks, which can provide significant long-term growth and income potential [1]. - By integrating various asset classes, the company aims to create a balanced portfolio that maximizes income while maintaining a total return aligned with the S&P 500 [1].

本报讯 （记者昌校宇）1月5日，目标总规模55亿元的"圆信基石（厦门）基础设施不动产股权投资基 金"在厦门正式设立。这是全国首只地方政府引导设立的REITs主题基金，凸显厦门在深化投融资体制改 革、盘活存量资产领域迈出新步伐，也是金圆集团积极响应国家深化金融供给侧结构性改革号召、服务 城市能级跃升的创新实践。该基金目标总规模为55亿元，期限10年，将重点投向上市REITs项目。 圆信永丰基金作为金圆集团的核心成员单位，在REITs投研领域积淀深厚。该公司将权益投资领域的"宏 观—中观—微观"分析框架应用于REITs研究，以"三位一体"投研逻辑精准锚定资产核心价值，为旗下资 管产品提供区域、行业、宏观等方面的投研支持，筑牢REITs投研专业基础。此外，圆信永丰基金为实 现在REITs投研领域的早布局、深耕耘，已于2024年组建专门REITs投资部门，并组建专业队伍。同 时，该公司还创建了"REITs投研系统"，组织搭建REITs投研框架和体系，搜集市场和项目相关的经营、 交易、估值等方面数据，通过系统实现对底层资产经营情况的跟踪及REITs细分行业变化分析。目前， 该系统已初步搭建完成，覆盖77只上市REITs ...

2、二级市场表现 价格走势：2025年12月1日-2025年12月31日（以下简称"本月"），我国已上市公募REITs的二级市场价格 整体延续上月的波动下行趋势：中证REITs（收盘）和中证REITs全收益指数分别收于778.6和1009.84，本 月回报率分别为-3.77%和-2.93%。与其他主流大类资产相比，回报率由高至低排序分别为：A股>可转债> 黄金>纯债>美股>REITs>原油。 从项目属性来看，产权类REITs和特许经营权类REITs的二级市场价格均有所下跌，其中，特许经营权类 REITs的跌幅更大。从底层资产类型来看，本月新型基础设施类REITs涨幅最大。本月，回报率表现较好 的底层资产类别为新型基础设施类和保障房类。从单只REIT层面来看，有23只REITs上涨，有55只REITs 下跌。涨跌幅方面，涨幅排名前三的分别是华泰南京建邺REIT、中金重庆两江REIT和华夏基金华润有巢 REIT。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 ...

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset types like 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 diversified investment approach that includes high-quality dividend stocks, which can provide significant long-term growth and income potential [1]. - By integrating various asset classes, the company aims to create a balanced portfolio that maximizes income and total return, aligning with the performance of the S&P index [1].

Core Insights - The article discusses the investment landscape in the real estate sector, particularly focusing on the performance and outlook of various real estate investment trusts (REITs) and housing-related companies [2][3]. Group 1: Company Insights - Hoya Capital Research & Index Innovations is affiliated with Hoya Capital Real Estate, which provides investment advisory services and focuses on publicly traded securities in the real estate industry [2]. - The commentary emphasizes that the information provided is for educational purposes and does not constitute investment advice or recommendations for specific securities [2][3]. Group 2: Industry Insights - The real estate industry is highlighted as having unique risks associated with investments in real estate companies and housing industry companies, which may not be suitable for all investors [2]. - The article notes that past performance of market data does not guarantee future results, indicating the inherent volatility and unpredictability of the real estate market [3].

Core Viewpoint - The launch of commercial real estate REITs marks a significant step in the development of China's REITs market, allowing for a dual-track growth alongside infrastructure REITs, enhancing the service to the real economy and meeting wealth management needs of residents [1][4]. Group 1: Regulatory Framework and Implementation - The announcement consists of eight articles that clarify the core institutional arrangements for commercial real estate REITs, including product definitions, fund registration, operational management requirements, and regulatory responsibilities [2]. - The China Securities Regulatory Commission (CSRC) will implement a phased approach focusing on key regions and quality projects, emphasizing strong regulation to prevent risks and promote healthy development [2][3]. - The CSRC aims to ensure high standards in the issuance and compliance of REITs, prioritizing projects that align with national policies and demonstrate significant social benefits [3]. Group 2: Market Dynamics and Opportunities - As of December 31, 2025, there are 78 listed REITs with a total issuance scale of 203.25 billion yuan, indicating a growing market presence [4]. - The introduction of commercial real estate REITs is expected to complement existing infrastructure REITs, enhancing the overall scale and diversity of the public REITs market [5]. - The commercial real estate REITs will focus on sectors such as commercial complexes, retail, office buildings, and hotels, which are closely tied to macroeconomic cycles and consumer sentiment [4]. Group 3: Future Development and Strategic Goals - The CSRC has established a "1+3+N" framework for the commercial real estate REITs system, which includes one announcement, three notifications, and numerous supporting rules from various regulatory bodies [6]. - The notification outlines four key areas for advancing REITs, including improving mechanisms, enhancing institutional responsibilities, expanding the market, and optimizing the registration process [6]. - The revised rules aim to adapt to the new commercial real estate sector, ensuring targeted management and addressing concerns regarding fund recovery, compliance standards, and yield requirements [7].