越疆(02432)低开近15%，截至发稿，跌14.95%，报26.74港元，成交额6540.88万港元。 消息面上，12月23日，越疆上市届满一年。据公司此前发布的公告，其大股东、IPO前投资者以及独立 投资者须遵守禁售承诺最后一天为2025年12月22日。数据显示，此次越疆共计36名股东发生解禁，累计 解禁股数约1.93亿股。 值得关注的是，今年以来越疆已经进行了两次大规模的折价配售募资。该公司分别于7月、11月完成了 两次配售，所得款项净额依次为10.22亿港元、7.71亿港元，合计净筹资17.93亿港元。 ...

公募REITs 2026年市场展望 请务必阅读末页的免责条款和声明 明析价值，韧启新篇 秦楚媛 中信证券研究部 大类资产分析师 2025年11月10日 市场复盘：分母端驱动的"潮起潮落"。2025年以来，分母端广谱利率的变动成为驱动公募REITs市场行情的核心要素之 一，二级市场表现整体呈现先热后冷的状态。 基本面复盘：分子端的分化加剧。高速公路REITs各路产间的表现延续分化；公用事业REITs业绩波动主要源于量的波动， 三季度当季表现有结构性亮点；能源REITs量价两端波动显著；产业园区REITs多数资产面临量价两端的压力。横向比较 来看，厂房类资产的基本面压力明显好于研发办公类资产；仓储物流REITs多数资产的量价两端仍处波动阶段；保障房 REITs延续稳健经营，分子端保持相对低波动；运管团队充分发挥主动管理能力，大部分消费基础设施REITs维持稳定； 数据中心REITs三季度当季营收均基本符合预期。 如何看待公募REITs在大类资产配置中的定位？全周期下，REITs作为一种权益工具投资，其与债券并不存在稳定的相关 性。但二者会阶段性地呈现出一定的相关性，尤其是保障房、消费基础设施等分子端运营相对稳健的 ...

Market Overview - The US stock market experienced significant declines on the first trading day of August, with the Dow Jones falling by 1.23%, the S&P 500 by 1.6%, and the Nasdaq by 2.24% [2] - The US non-farm payrolls for July increased by only 73,000, which was significantly below the economists' forecast of 100,000 [2] - Federal Reserve Chairman Jerome Powell indicated a cautious approach to interest rate cuts, affecting market sentiment [2] - Former President Trump announced adjustments to tariffs, with new rates ranging from 10% to 41%, adding further pressure to market sentiment [2] Commodity Market - International gold prices surged, with London gold rising by 2.22% and COMEX gold increasing by 2.01% [3] Company News: China Shenhua - China Shenhua announced it received a notification from its controlling shareholder, China Energy Investment Corporation, regarding a potential major asset acquisition involving coal and related assets [4] - The transaction will involve issuing shares and cash to acquire coal, pithead coal power, and other related assets, with specific details to be confirmed in future announcements [8] - China Shenhua's latest market capitalization is approximately 722.455 billion, with a projected net profit for the first half of the year between 23.6 billion and 25.6 billion [9] Upcoming Stock Unlocking - A total of 32 stocks will face unlocking next week, with a combined market value of 91.974 billion [11] - Notable unlockings include Runze Technology with 1.076 billion shares and a market value of 51.821 billion, and Jiangbolong with 155 million shares and a market value of 13.649 billion [12][13] - The average stock price of the unlocking stocks has increased by 3.01% since July, with Xicetest seeing a significant rise of 30.19% [16][17] Institutional Research - Several companies facing unlocking have recently been subject to institutional research, including Jiangbolong and Huayuan Pharmaceutical, which focus on high-tech pharmaceutical development [17][18] - Jiangbolong reported that the semiconductor storage market is expected to recover gradually starting from the second half of 2025, driven by demand from server OEMs and mobile storage capacity increases [18]