美国银行策略师Michael Hartnett在新年首份Flow Show报告中表示，尽管美银的"牛熊指标"已触及9.0的"卖出信号"高位，且市场通常应在此刻获利 了结，但本次情况有所不同。特朗普政府为了赢得中期选举，正全力以赴压低通胀并降低资金成本，这迫使投资者采取"做多经济繁荣（Long Boom）、做空资产泡沫（Short Bubble）"的策略。 Hartnett认为，2026年一季度的正确策略是"轮动而非撤退"。尽管科技股出现资金流出，但全球股市的广度非常强劲（98%的国家指数高于200日均 线），且美银全球基金经理调查（FMS）的现金头寸处于创纪录低位的3.3%。在此背景下，投资者应减少对2025年过热的AI概念（尤其是AI衍生 品和高资本开支相关的债券）的敞口，转而增持价值周期股。简而言之，这是一场"没有债券崩盘的繁荣"，市场广度的表现将优于集中度。 对于2026年的核心配置，Hartnett提出了"Long BIG, Trading MID"的框架：即长期做多债券（Bonds）、国际股市（International）和黄金 （Gold）；交易策略上做多中盘股（Mid-caps），同时做空投资级 ...

智通财经APP讯，置富产业信托(00778)发布公告，于2026年1月9日，管理人收到按每基金单位4.89港元 (即香港市价)发行的合计451.83万个基本费用基金单位(于香港发行)及现金552.36万港元，作为支付2025 年10月1日至2025年12月31日期间(包括首尾两日)管理人基本费用2761.79万港元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [12]. Core Insights - The financial attributes of the real estate sector are emphasized, highlighting its importance in the national economy and household wealth, with a focus on expectation management as a key factor in stabilizing the housing market [3][9]. - The report suggests that improving and stabilizing market expectations is strategically significant, with a gradual increase in the probability of relaxed industrial policies [5]. - The current phase of rapid decline in industry volume and price may have passed, with structural highlights in core areas and quality properties [5]. - The report indicates that the current stock position is not significantly premium from the bottom, providing room for a rebound in market valuations [5]. Market Performance - The Yangtze River Real Estate Index decreased by 0.08% this week, with an excess return of +0.50% relative to the CSI 300, ranking 13th out of 32 sectors [6][15]. - The performance of the sector was generally average this week, with only a few development and property management stocks rising, while rental properties showed mixed results [6]. Policy Updates - The personal housing sales value-added tax rate has been reduced from 5% to 3% for properties sold within two years [7]. - The Ministry of Housing and Urban-Rural Development has issued opinions to enhance housing quality, aiming for significant progress by 2030 in standards, design, materials, construction, and operation levels [7]. - Local policies in Shenzhen emphasize promoting high-quality real estate development, focusing on affordable housing and improved commodity housing [7][16]. Sales Data - The rolling year-on-year decline in new and second-hand housing transactions in sample cities has narrowed, with new housing transaction area down by 39.2% year-on-year and second-hand housing down by 26.6% [8]. - Cumulatively, new housing transaction area in 37 cities is down 65.5% year-to-date, while second-hand housing is down 83.6% [8]. Key Issues - The report identifies that the key to improving market expectations lies in continuous industrial upgrades and the enhancement of distribution and security systems, indicating a need for a long-term systemic approach rather than just focusing on total demand [3][9]. - The report highlights that the direct boost to housing price expectations from policy measures is relatively short-term, with structural fiscal or monetary tools being crucial for sustained improvement [3][9].

该股现价相当于2026年预测股息率5.7%，与历史平均水平相符。同时，2026年预测股息收益率与美国 10年期国债的息差仅为1.7%，已回到2019年前水平。因此，该行认为市场已计入中环办公室现货租金 见底，以及近期租赁活动回升的预期。该行预计，冠君产业信托2025年物业收益净额(NPI)同比下降 10%，与2025年上半年情况大致相若。然而，2025年下半年因香港银行同业拆息较低而带来的利息成本 节省，应可部分抵销影响。 瑞银发布研报称，预计冠君产业信托(02778)2025年每基金单位分派将同比下降9%，主要受花园道三号 续租租金持续下调所拖累，以及朗豪坊办公楼和零售商场的影响，维持中性评级，目标价由1.74港元升 至2.3港元。 ...

瑞银发表报告，预计冠君产业信托2025年每基金单位分派将按年下降9%，主要受花园道三号续租租金 持续下调所拖累，以及朗豪坊办公楼和零售商场的影响。该行预计，冠君产业信托2025年物业收益净额 (NPI)按年下降10%，与2025年上半年情况大致相若。然而，2025年下半年因香港银行同业拆息较低而 带来的利息成本节省，应可部分抵销影响。该股现价相当于2026年预测股息率5.7%，与历史平均水平 相符。同时，2026年预测股息收益率与美国10年期国债的息差仅为1.7%，已回到2019年前水平。因 此，该行认为市场已计入中环办公室现货租金见底，以及近期租赁活动回升的预期。该行维持对其"中 性"评级，目标价由1.74港元上调至2.3港元。 ...

数据细分显示，商品支出增长1.7%，其中服装、鞋类、家具和电子产品消费显著上升；服务支出亦增长0.8，大型音乐会和文化节等活动带动了主要城市 的餐饮、酒店和住宿需求。 这一强劲数据立即引发了金融市场对利率路径的重新定价。作为对经济热度敏感的反应，三年期政府债券收益率应声上涨3个基点，至4.035%，创下自1 月以来的新高。市场交易员迅速将对澳大利亚储备银行首次加息的预期时间提前，目前约有50%的概率押注央行将在明年5月采取行动。 此次消费狂潮发生在复杂的经济背景下。此前一天公布的官方数据显示，澳大利亚9月份季度经济增速创下两年来最快的年度增速。与此同时，通胀压力 持续高于预期：10月份总体通胀率已连续第四个月加速，达到3.8%，而核心通胀率也升至3.3%，超出了央行2-3%的目标区间。 （来源：领盛Optivest） 基本面总结： 1．澳大利亚家庭消费意外飙升，市场押注央行明年或转向加息。 12月4日公布的数据显示，澳大利亚家庭在10月份出现了近两年来最大规模的消费增长，这一意外强劲的数据加剧了市场对国内经济过热的担忧，并可能 促使澳大利亚央行考虑下一步采取加息而非降息行动。 根据澳大利亚统计局周四公布的数据 ...

（文章来源：新华财经） 新华财经新加坡11月20日电（记者刘春涛）新加坡海峡时报指数20日涨0.15%，收于4511.87点。 成份股方面，星狮物流商产信托（Frasers Logistic & Commercial Trust）和吉宝数据中心房地产信托 （Keppel DC Reit )涨幅居前，分别上涨1.60%和1.29%。 跌幅居前的新翔集团有限公司 (SATS)和泰国酿酒（ThaiBev )分别下跌1.17%和1.06%。 股市成交量达13.7亿股，总交易额达14亿新元。其中，349只股票上涨，229只股票下跌。 ...

Summary of Key Points - On November 11, ESR Asset Management (Prosperity) Limited reduced its stake in Prosperity REIT (00808) by selling 178,000 shares at an average price of HKD 1.4065 per share, totaling approximately HKD 250,400 [1] - Following the reduction, ESR Asset Management's remaining shareholding is approximately 111 million shares, representing a holding percentage of 7.03% [1]

Core Viewpoint - ESR Asset Management (Prosperity) Limited has reduced its stake in Prosperity Industrial Trust (00808) by selling 197,000 shares at a price of HKD 1.402 per share, totaling approximately HKD 276,200 [1] Summary by Category Shareholding Changes - After the reduction, ESR Asset Management's latest shareholding stands at approximately 113 million shares, representing a holding percentage of 7.15% [1]

Core Points - The Straits Times Index in Singapore increased by 1.54%, closing at 4484.99 points on November 6 [1] - The total trading volume reached 1.45 billion shares, with a total turnover of 28.5 billion Singapore dollars [1] - Among the constituent stocks, Singtel and Yangzijiang Shipbuilding had the highest gains, rising by 5.39% and 3.9% respectively [1] - The stocks with the largest declines were UOB and Keppel Data Centres REIT, which fell by 2.78% and 0.83% respectively [1]