证券研究报告|投资策略周报 [Table_Date] 2026 年 2 月 9 日 [Table_Title] 美团宣布收购叮咚买菜，携程春节旅游预订单中亲子游占比过半 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 美团宣布收购叮咚买菜 2 月 5 日，美团在中国香港联交所发布公告，以约 7.17 亿美元 （约合 49.8 亿元人民币）收购叮咚买菜中国业务 100% 股权，其 海外业务将在交割前剥离，过渡期内叮咚买菜按原有模式经营， 而当日盘前叮咚买菜市值为 6.94 亿美元（约合 48.17 亿元人民 币）。叮咚买菜 2017 年创立，主打生鲜 29 分钟达，疫情期快速 扩张前置仓，2023 年起关停低效站点、改善现金流并布局下沉市 场，2024 年明确"长三角区域深耕、梯度渗透小城"路径，2025 年加速下沉，江浙区域已进入 25 个县级城市，且 2025 年三季 度营收、GMV 创单季历史新高，连续 7 个季度实现 GAAP 盈利， 同期推出的"4G 战略"成效显著，截至 2025 年 9 月月购买用户 超 700 万，供应链与产地直采模式带来高用户粘性和复购率 ...

Group 1 - Cushman & Wakefield (NYSE:CWK) is recognized as one of the top 10 real estate services stocks favored by hedge funds [1] - Morgan Stanley analyst Ronald Kamdem raised the price target for Cushman & Wakefield from $16.50 to $19, indicating a potential upside of nearly 26% [1] - Barclays analyst Brendan Lynch also increased his price target for the stock from $18 to $19 while maintaining an Equal Weight rating [2] Group 2 - The overall REIT market is projected to return 15%, with specific strengths noted in apartments, billboards, and data centers [2] - Barclays maintains a neutral outlook on the industrial, cold storage, and triple-net sectors while identifying potential in apartments, storage, and family rentals for the upcoming year [3] - Cushman & Wakefield provides a range of commercial real estate services, including leasing, capital markets, occupancy services, and valuations, focusing on facilities management and consulting [4]

Group 1 - Enbridge Inc. Cumulative Redeemable Preferred Shares, Series L (EBBNF) relies on the same underlying cash flow as Enbridge Inc. (ENB) common stock, with preferred dividends being paid before common dividends [1] - The investment strategy mentioned focuses on building a resilient, income-generating portfolio with a long-term growth mindset, primarily through long-only investments [1] - The approach blends dividend-paying equities, REITs, and other income strategies with selective growth opportunities, emphasizing disciplined, fundamentals-driven investing [1]

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .Before we get to the main part, I have to briefly discuss the many direct messages and comments I have gotten in recent weeks and days. As some of you may have noticed, I have missed a few days every now andLeo Nelissen is a long-term investor and macro-focused strategist with a ...

开年以来，全国核心城市的城市更新工作加速推进。 2月5日，深圳市举行城市更新工作现场推进会（下文简称"推进会"）。推进会指出，城市更新是推动城 市高质量发展的综合性、系统性战略行动，有利于满足市民群众高品质生活需要、释放投资消费潜能、 增加城市发展"集约度"、提升城市综合"承载力"。 据21世纪经济报道记者从与会企业方面了解到，推进会更注重"加力提速推进城市更新重点项目攻坚"， 在实操层面上，主管部门与参与机构一同协作，解决城市更新推进过程中的核心问题。 罗宇分析称，解决当前城市更新的堵点卡点，核心在于引导没有开发实力的房企有序退出或配合变更引 进项目新主体，同时也应该引导业主在房价下行后调降预期、调降拆赔，并引进有能力的增量资金方采 取"项目换股东或换主体+后进先出"等模式参与投资。 与此同时，罗宇认为，应推动协调金融机构债权人主动参与项目盘活实施工作，例如采取债转股、提供 增量资金盘活存量项目化解债权债务纠纷等方式。 而在政策层面，接受21世纪经济报道记者采访的企业及机构则认为，当前深圳负责城市更新的主管部门 对合理的需求均有回应，这对市场参与主体也是一种鼓舞。 不仅深圳，今年以来全国各地召开的两会，均对 ...

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 - 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].

不止于开发，从平衡到引领 新城发展(1030) 本报告导读： 公司开发业务拖累逐步减轻，商业运营 α 价值凸显，未来业务增长空间和方向清晰 明确。看好 REITs 政策打开背景下，企业价值持续重估。 投资要点： | 风险提示。1）行业规模具有缩量风险；2）市场修复不及预期。 | | --- | 海 | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 119,464 | 89,227 | 67287 | 51901 | 40927 | | (+/-)% | 2.5% | -25.3% | -24.6% | -22.9% | -21.1% | | 毛利润 | 15,939 | 16,168 | 13,981 | 13,709 | 14,100 | | 净利润 | 879 | 491 | 524 | 623 | 805 | | (+/-)% | 213.3% | -44.1% | 6.6% | 19.1% | 29.1% | | PE | 9.74 | 23.9 ...

不止于开发，从平衡到引领 新城发展(1030) 本报告导读： 公司开发业务拖累逐步减轻，商业运营 α 价值凸显，未来业务增长空间和方向清晰 明确。看好 REITs 政策打开背景下，企业价值持续重估。 投资要点： | 风险提示。1）行业规模具有缩量风险；2）市场修复不及预期。 | | --- | | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 119,464 | 89,227 | 67287 | 51901 | 40927 | | (+/-)% | 2.5% | -25.3% | -24.6% | -22.9% | -21.1% | | 毛利润 | 15,939 | 16,168 | 13,981 | 13,709 | 14,100 | | 净利润 | 879 | 491 | 524 | 623 | 805 | | (+/-)% | 213.3% | -44.1% | 6.6% | 19.1% | 29.1% | | PE | 9.74 | 23.92 ...

Group 1 - The article discusses the performance of various high-yield option ETFs and how different portfolio strategies can impact returns significantly [1] - It highlights the effectiveness 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 returns on par with the S&P 500 [1]