Group 1 - The report highlights a slight adjustment in the A-share market post-National Day, with the ChiNext index dropping by 3.86% [2] - The central bank's net withdrawal of funds amounted to 426.3 billion yuan after the holiday, indicating a return to liquidity in the market [2] - The report anticipates a more proactive fiscal policy and moderately loose monetary policy in the fourth quarter to address potential geopolitical risks and economic targets [2] Group 2 - The convertible bond market is experiencing a TACO trading phenomenon again, with a significant decrease in the scale of convertible bonds held by insurance institutions [4][32] - The report suggests maintaining a neutral to low position in convertible bonds in the short term while focusing on low-priced bonds with favorable terms [4][32] - The domestic micro-enterprise performance recovery is gaining consensus, with a focus on sectors like AI, semiconductors, and military electronics for potential growth [4][32] Group 3 - The public REITs market in China has undergone several phases, with the current stage focusing on normalizing issuance and addressing structural differentiation [6][34] - The cash flow discounting method is the primary valuation method for public REITs, with differences in valuation based on the type of underlying assets [6][36] - The report emphasizes the importance of macroeconomic conditions, regulatory changes, and liquidity in influencing the performance of public REITs [6][36] Group 4 - The report on Wuling Motors indicates a steady revenue growth of 2.0% year-on-year, with a significant increase in net profit by 306.2% [19][37] - The company has improved its gross margin to 12.0%, reflecting enhanced product value and cost control [19][39] - Wuling Motors is strategically focusing on new energy and intelligent vehicle layouts, with its joint venture brand showing a 9% increase in sales [19][40]

Core Points - The company held the sixth meeting of the second board of independent directors on August 4, 2025, in Beijing, which was legally valid and attended by three independent directors [1] - The meeting approved the proposal to issue public REITs based on the Dalian Zhuanghe III offshore wind power project as the underlying asset, which is expected to help the company activate existing assets and optimize its capital structure [1] - The pricing of the fund subscription will be determined based on the final market inquiry results, ensuring a fair and reasonable pricing method [1] - The independent directors unanimously agreed that the related transactions do not harm the legitimate rights and interests of the company and all shareholders, especially minority shareholders, and consented to submit the matter to the company's 41st board meeting for further review [1] - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [1]

2025 年 08 月 02 日 市值破 2100 亿，消费类领涨 ——公募 REITs 周度跟踪（2025.07.28-2025.08.01） 相关研究 《二季报出炉，业绩承压，分化加剧 ——公募 REITs 周度跟踪 （2025.07.21-2025.07.25）》 2025/07/26 《板块走势分化，交投延续回落— —公募 REITs 周度跟踪 （2025.07.14-2025.07.18）》 2025/07/19 《整体有所回调，能源类相对抗跌— —公募 REITs 周度跟踪 （2025.07.07-2025.07.11）》 2025/07/12 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 联系人 杨雪芳 (8621)23297818× yangxf@swsresearch.com ⚫ 本周行情整体修复，消费类领涨，C-REITs 市值规模首破 2100 亿元。近期 REITs 迎来密集上市，上周五上市创金合信首农 REIT，本周新上市两单，一单仓储类（中 银中外 ...