Core Viewpoint - The energy sector offers attractive income opportunities, with MPLX being a standout option for income investors due to its high yield and strong financial foundation [1][10]. Financial Performance - MPLX currently yields over 7%, significantly higher than the average energy stock yield of around 3% and the S&P 500's yield of 1.3% [1][10]. - The company generated nearly $1.5 billion in distributable cash flow in the first quarter, covering its distribution by 1.5 times [4]. - MPLX produced about $500 million in excess free cash flow during the same period, allowing it to cover organic capital spending comfortably [5]. Growth Potential - MPLX's adjusted EBITDA rose by 7% in the first quarter, while distributable cash flow increased by 8.5% [6]. - The company has achieved a nearly 7% compound annual growth rate in earnings and cash flow since 2021 [6]. - MPLX has increased its distribution at a 10.7% compound annual rate since 2021, including a 12.5% increase last year [7]. Future Investments - MPLX has several new investments planned, including the Traverse Pipeline, which is expected to enter commercial service in 2027, and multiple other projects with in-service dates through 2029 [8]. - The company anticipates mid-teen returns on these projects, supporting mid-single digit adjusted EBITDA growth [9]. - MPLX is actively using its strong balance sheet for acquisitions, including a $715 million purchase of the remaining 55% of the BANGL pipeline [9].

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] 刘义 侯兆熔 SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% ——房地产行业周度观点更新 报告要点 research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 止跌回稳的政策目标明显更为积极，市场预期有所改善，但 4 月以来边际下 ...

丨证券研究报告丨 行业研究丨行业周报丨房地产 [Table_Title] 重视稳定现金流和潜在高股息 ——房地产行业周度观点更新 报告要点 [Tablary] 顺周期业绩承压、新赛道估值不低等市场背景下，具备稳定现金流和潜在高股息的资产一直备 受市场青睐，但传统高股息标的涨幅已经较大，资金需要寻找新的投资领域，部分低估值周期 类资产因内含优质现金流，其配置价值正逐步凸显。广义不动产领域，至少三个领域具备稳定 现金流和潜在高股息：1）综合型不动产商，典型如华润置地等，也包括开发业务风险出清后的 部分民营不动产商；2）商业地产公司，典型如部分港资商企；3）轻资产公司，典型如龙头经 纪和央国企物管。 分析师及联系人 [Table_Author] SAC：S0490520040001 SAC：S0490525060001 SFC：BUV416 刘义 侯兆熔 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 重视稳定现金流和潜在高股息 2] ——房地产行业周度观点更新 核心观点 政策：财政部、住建部公示 2025 年城市更新行动评审结果；江苏发布 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [16]. Core Insights - The current phase shows a gradual decline in the development sector's industry prosperity, with weak expectations for policy easing. The promotion of existing housing sales policies is not fully realized, and overall transaction value remains unclear. Sectors with stable cash flow and potential high dividends are more defensive and have long-term allocation value. The sectors are ranked by cash flow certainty as follows: 1) undervalued central state-owned enterprise property leaders with excess cash and stable profit and cash flow growth, 2) comprehensive real estate companies with quality self-holding assets, such as China Resources Land, and 3) strong real estate companies in core areas [3][13]. Market Performance - The Yangtze River Real Estate Index decreased by 1.33% this week, with an excess return of -1.15% relative to the CSI 300, ranking 23rd out of 32 industries. Year-to-date, the index is down 6.79%, with an excess return of -5.45%, ranking 30th out of 32 [10][19]. Policy Updates - The State Council introduced measures to promote urban renewal, while Shanghai released a special plan to boost consumption. The central government aims to support urban renewal projects and innovate financing models. Locally, Shanghai is accelerating the development of a new real estate model and increasing the supply of affordable rental housing [11][21]. Sales Data - In sample cities, new and second-hand housing transactions are fluctuating at low levels. The new housing transaction area in 37 cities increased by 3.1% year-on-year, while second-hand housing transactions rose by 10.5% year-on-year. Year-to-date, new housing transactions are up 1.5%, and second-hand transactions are up 25.3% [12][23]. Focus Areas for Investment - The report highlights three areas with stable cash flow: 1) central state-owned enterprise property leaders maintaining slight growth in net profit and cash flow, 2) comprehensive real estate companies with quality self-holding assets, and 3) strong real estate companies in core regions that can still generate stable profits despite industry downturns [9][13].

Group 1 - The conference on high-quality development of funds was held in Shenzhen, gathering top experts and leaders from academia, private equity, and brokerage firms to discuss new paths for the fund industry [1] - Anxin Fund's General Manager Liu Ruling emphasized the focus on active management despite the rapid growth of ETFs and passive index products, indicating that the core energy will remain on enhancing active investment capabilities [3] - Liu Ruling stated that the core mission of public funds is to serve the high-quality development of the national economy, highlighting the importance of reasonable pricing for securities to optimize resource allocation in the capital market [3] Group 2 - Liu Ruling analyzed that active management can significantly increase the probability of positive returns for investors and shorten the time needed to achieve profitability, especially in a volatile market [3] - He expressed cautious optimism about the overall market trend, noting that many stocks are undervalued and that reduced spending by listed companies could lead to increased cash flow and higher returns for shareholders [3][4] - Liu Ruling highlighted that the public fund industry has historically shown positive returns, with the ability to regain excess returns likely in the future [4]