National Storage Affiliates Trust ( NSA ) is now trading around the levels from the pandemic, offering a solid opportunity thanks to their PRO-Transition moves combined with potential for macro improvements thanks especially to rate cutsAs of 2025, I've got over 10 years of researching companies. In total, throughout my investing life, I estimate that I researched (in depth) well over 1000 companies, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging marke ...

Group 1 - The National Development and Reform Commission and other departments aim to strengthen the construction of data element disciplines and digital talent teams to promote the integration of education, talent, industry, and innovation in the data field [1] - The China Interbank Market Dealers Association has optimized the merger note mechanism to enhance the efficiency of fund utilization and support corporate mergers and acquisitions [2] - Fujian Province has issued measures to promote the orderly development of computing power infrastructure, encouraging the planning of urban computing networks and upgrading submarine cables [3][21] Group 2 - The brain-computer interface sector is experiencing accelerated commercialization driven by policy and technology, with current valuations aligning with emerging growth characteristics [4][22] - Leading lithium iron phosphate companies are raising prices, with one company announcing a processing fee increase of 3000 yuan per ton starting January 1, 2026 [5][23] - New regulations on credit repair have been introduced to facilitate the revival of business entities, expanding the scope of credit repair and shortening processing times [6][24] Group 3 - Shanghai is moving towards regulating the development of offshore bond business in the free trade zone, with new draft regulations under review [7][26] - Fujian Province plans to build a collaborative computing network with a target of exceeding 12 EFLOPS in public computing power by the end of 2027, leading to significant market activity in related stocks [9][27] - Institutions are optimistic about the cross-year market, with 197 stocks included in the December "golden stock" list by brokerages [10][28] Group 4 - The brain-computer interface industry is set to accelerate with multiple conferences scheduled, including a large-scale competition and investment cooperation forum [11][29] - The charging infrastructure sector is witnessing rapid development, with a total of 18.645 million charging facilities in China as of October, marking a 54% year-on-year increase [12][30] - The new national standard for electric bicycles has been implemented, prohibiting the sale of vehicles that do not meet the updated requirements, creating new growth opportunities in the industry [13][31] Group 5 - Public fund institutions have increased their research activities, focusing on hard technology and advanced manufacturing sectors, with over 4200 company visits in November [14][32] - Offshore wind power is transitioning from demonstration to large-scale development, supported by increasing policy backing [15][33] - The scope of real estate investment trusts (REITs) has expanded to include urban renewal facilities, marking a significant milestone in the infrastructure sector [16][34][35] Group 6 - Eight real estate companies reported total sales exceeding 100 billion yuan in the first eleven months, with a notable increase in new housing supply and a positive market outlook [17][36][18]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, covering hundreds of companies [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, REITs, and utilities [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the pilot program for Real Estate Investment Trusts (REITs) in the commercial real estate sector, marking a significant shift in the real estate industry towards a new development model [1] Group 1: Regulatory Framework and Implementation - The regulatory body is expediting the preparation for commercial real estate REITs, with plans to issue a series of institutional rules and submit application materials to the CSRC and stock exchanges soon [1] - A comprehensive system of rules and supporting policies will be established to enhance policy inclusiveness and adaptability, thereby improving market efficiency [1] - The issuance and expansion mechanisms for REITs will be optimized to support mergers and acquisitions, enhancing the "asset listing" platform and increasing market participation [1] Group 2: Market Dynamics and Investor Engagement - The issuance review process will focus on transparent and stable conditions, with an emphasis on factors affecting long-term asset operation and investment value [2] - Institutional investors account for 95% of the REITs investment structure, promoting a long-term investment approach and value investment focus due to mandatory dividend policies and tax incentives [2] - Enhanced information disclosure requirements will be implemented to ensure transparency regarding the underlying asset's operational status and financial indicators [2] Group 3: Sectoral Development and Strategic Alignment - The introduction of commercial real estate REITs is based on the distinct characteristics of commercial real estate compared to infrastructure, necessitating tailored regulatory frameworks [4] - The REITs market in China is still in its early stages, with significant growth potential compared to mature markets like the U.S., where the REITs market exceeds one trillion USD [4] - The parallel development of commercial and infrastructure REITs aims to meet diverse market demands while leveraging institutional advantages [5] Group 4: Economic Context and Future Outlook - The launch of commercial real estate REITs coincides with a critical turning point in China's commercial real estate sector, aligning with global practices for asset securitization [6] - Future developments will focus on market-oriented and rule-of-law approaches, ensuring policy stability and clarity in rights and obligations [6] - The initiation of commercial real estate REITs is expected to create a multi-faceted effect, enhancing asset management capabilities and transforming companies from developers to asset managers [7]

1. Report's Industry Investment Rating - Not provided in the report 2. Core Views - This week, the REITs index fell 0.1%. The average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. In terms of the weekly price changes of major indices, CSI 300 > CSI REITs > CSI Aggregate Bond > CSI Convertible Bond Index [1]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1]. - The CSRC launched the pilot of commercial real - estate REITs, which is a key step for China's public REITs market to expand from infrastructure and consumption fields to all categories [1]. 3. Summary by Relevant Catalogs 3.1 Secondary Market Trends - As of November 28, 2025, the closing price of the CSI REITs index was 809.07 points, with a weekly price change of - 0.1%. It outperformed the CSI Aggregate Bond Index (- 0.2%) and the CSI Convertible Bond Index (- 0.3%), but underperformed the CSI 300 Index (+ 1.6%). Year - to - date, the price change rankings of major indices were: CSI Convertible Bond (+ 16.2%) > CSI 300 (+ 15.0%) > CSI REITs (+ 2.5%) > CSI Aggregate Bond (+ 0.6%) [2][6]. - In the past year, the return rate of the CSI REITs index was 5.7% with a volatility of 7.5%. Its return was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index; the volatility was lower than that of the CSI 300 Index and the CSI Convertible Bond Index, but higher than that of the CSI Aggregate Bond Index [2]. - As of November 28, the total market value of REITs was 219.9 billion yuan, an increase of 100 million yuan from last week; the average daily turnover rate for the whole week was 0.50%, up 0.03 percentage points from the previous week [2][8]. 3.2 Performance by REIT Types - In terms of different project attributes, the average weekly price changes of equity - type REITs and franchise - type REITs were - 0.1% and - 0.4% respectively. Among different project types, REITs showed differentiated price changes. The top three project types with the largest average price increases were new - type (1.8%), affordable housing (0.9%), and municipal facilities (0.4%) [1][3][14]. - The top three REITs in weekly price increase were CICC Xiamen Anju REIT (+ 3.65%), Huaxia Capital First - Outlets REIT (+ 2.67%), and Huaxia Beijing Affordable Housing REIT (+ 2.52%) [3][18]. - Among different project types, affordable rental housing REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%; transportation infrastructure REITs had the highest trading volume share this week, accounting for 24.1% of the total REIT trading volume [3][19][20]. - In terms of the capital flow of different REIT products this week, the top three in terms of net inflow of main funds were Huaxia Capital China Resources Commercial REIT (20 million yuan), CICC In - City Mall REIT (8.44 million yuan), and Huatai - PINEBRIDGE Jiangsu Expressway REIT (5.22 million yuan) [3][20][21]. 3.3 Primary Market Issuance - From the beginning of the year to November 28, 2025, there were 2 REIT products in the exchange at the stage of acceptance, 2 at the stage of application, 2 at the inquiry stage, 5 at the feedback stage, 6 products that had passed the review and were waiting to be listed, and 14 first - issued products that had passed the review and were listed [22]. 3.4 Valuation Tracking - REITs have both bond and equity characteristics. As of November 28, the average annualized cash distribution rate of public REITs was 6.32%. From the perspective of equity, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs [24]. - As of November 28, 2025, the dividend yield of equity REITs was 18BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the 10 - year Treasury yield was 254BP [1][27]. 3.5 Industry News - The CSRC launched the pilot of commercial real - estate REITs on November 28, aiming to enrich capital market investment and financing tools, support the construction of a new real - estate development model, and enhance the effectiveness of the multi - level capital market in serving the real economy [29]. - The first public REIT in Shaanxi Province, "Ping An Xi'an High - tech Industrial Park Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying assets are 13 buildings in the Software New City of Xi'an High - tech Zone, with a total construction area of 325,000 square meters and an estimated net value of 1.36 billion yuan [4][35]. - The first tunnel infrastructure public REIT, "Orient Securities Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund", was officially applied for. Its underlying asset is the "Qianjiang Tunnel" connecting Hangzhou and Haining, Jiaxing [4][35].

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - From November 24 to 28, 2025, the secondary - market prices of listed public REITs in China fluctuated and declined overall. Compared with other major asset classes, the performance of REITs was average [11]. - The price trends of equity - type and franchise - based REITs in the secondary market diverged this week. Equity - type REITs rose, while franchise - based REITs fell. Among different underlying asset types, new infrastructure - type REITs had the largest increase [17]. - This week, there was no new listing of REITs products in the primary market, but the project status of 3 REITs products was updated [4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends 1) At the major asset level - The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The China Securities REITs (closing) and China Securities REITs total return indexes closed at 809.07 and 1040.34 respectively, with weekly returns of - 0.14% and - 0.08%. The weighted REITs index closed at 182.04, with a weekly return of - 0.07%. The return ranking from high to low was: US stocks > Gold > Convertible bonds > A - shares > Crude oil > REITs > Pure bonds [11]. 2) At the underlying asset level - In terms of project attributes, equity - type REITs rose (with a weighted index of 154.32 and a return of 0.04%), while franchise - based REITs fell (with a weighted index of 129.82 and a return of - 0.18%). - In terms of underlying asset types, the new infrastructure - type REITs had the largest increase this week. The top three underlying asset types in terms of weekly returns were new infrastructure, affordable housing, and municipal facilities, with weighted indexes of 110.05, 138.64, and 129.72 respectively, and returns of 1.65%, 0.87%, and 0.36% respectively [17][19]. 3) At the single - REIT level - This week, public REITs showed mixed performance, with 35 rising, 1 remaining unchanged, and 41 falling. The top three in terms of increase were CICC Xiamen Anju REIT, Huaxia Capital First - Creation Outlets REIT, and Huaxia Beijing Affordable Housing REIT, with increases of 3.65%, 2.67%, and 2.52% respectively. The top three in terms of decline were Huatai Nanjing Jianye REIT, CICC Chongqing Liangjiang REIT, and GF Chengdu Gaotou Industrial Park REIT, with declines of 5.92%, 4.55%, and 2.45% respectively. The top three in terms of annualized volatility were Hua'an Waigaoqiao REIT, CICC Yinli Consumption REIT, and Huaxia JINMAO Commercial REIT, with annualized volatilities of 34.01%, 25.49%, and 23.26% respectively [24]. 3.1.2 Trading Volume and Turnover Rate 1) At the underlying asset level - The trading volume of public REITs this week was 2.81 billion yuan. The affordable rental housing - type REITs led in the average daily turnover rate during the period. The total trading volume of 77 listed REITs this week was 2.81 billion yuan, and the average daily turnover rate during the week was 0.57%. The top three REITs asset types in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure, with trading volumes of 677 million, 555 million, and 419 million yuan respectively. The top three REITs asset types in terms of average daily turnover rate were affordable rental housing, new infrastructure, and ecological environmental protection, with rates of 0.99%, 0.75%, and 0.75% respectively [25]. 2) At the single - REIT level - This week, the trading volume and turnover rate of single - REITs continued to show differentiation. In terms of trading volume, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia Hefei High - tech REIT, and CICC Xiamen Anju REIT, with 0.56, 0.34, and 0.26 billion shares respectively. In terms of trading amount, the top three were Huaxia Fund CR Land Youchao REIT, Huaxia CR Land Commercial REIT, and Huatai Jiangsu Expressway REIT, with trading amounts of 172 million, 138 million, and 133 million yuan respectively. In terms of turnover rate, the top three were Huaxia Fund CR Land Youchao REIT, Huatai Nanjing Jianye REIT, and CITIC Construction Shenyang International Software Park REIT, with turnover rates of 17.07%, 10.13%, and 8.61% respectively [28]. 3.1.3 Main - force Net Inflow and Block Trading 1) Main - force net inflow situation - The total main - force net inflow this week was - 25.45 million yuan, and the market trading enthusiasm decreased compared with last week. At the level of different underlying asset REITs, the top three REITs in terms of weekly main - force net inflow were consumer infrastructure, water conservancy facilities, and new infrastructure, with net inflows of 23.16 million, 4.83 million, and 4.51 million yuan respectively. At the single - REIT level, the top three REITs in terms of weekly main - force net inflow were Huaxia CR Land Commercial REIT, CICC Yinli Consumption REIT, and Huatai Jiangsu Expressway REIT, with net inflows of 20 million, 8.44 million, and 5.22 million yuan respectively, and continuous inflow days of + 5, + 4, and + 3 days respectively [31]. 2) Block trading situation - The total block trading amount this week reached 538.75 million yuan, an increase compared with last week. There were block trading transactions on 5 trading days this week, with a total block trading amount of 538.75 million yuan. The block trading amount on Thursday (November 27, 2025) was the highest within the period, reaching 178.68 million yuan. At the single - REIT level, the top three REITs in terms of weekly block trading amount were CITIC Construction MingYang Smart Energy REIT, China Merchants Expressway REIT, and Hua'an Bailian Consumption REIT, with trading amounts of 152.69 million, 133.04 million, and 97.82 million yuan respectively, and corresponding average discount/premium rates of - 0.59%, - 2.88%, and - 0.43% respectively [32]. 3.2 Primary Market 3.2.1 Listed Projects - As of November 28, 2025, the number of public REITs products in China reached 77, with a total issuance scale of 19.9301 billion yuan. In terms of underlying asset types, the transportation infrastructure - type had the largest issuance scale, with a total issuance of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.2933 billion yuan. No new REITs products were listed this week [37][39]. 3.2.2 Projects to be Listed - According to the project dynamic disclosures of the Shanghai Stock Exchange and the Shenzhen Stock Exchange, there were 20 REITs in the to - be - listed state, including 13 initial offering REITs and 7 to - be - expanded - offering REITs. This week, the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "accepted", and the project status of Ping An Xi'an Gaoke Industrial Park Closed - end Infrastructure Securities Investment Fund (initial offering) and Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance Expressway Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "reported" [42].

Core Insights - The article emphasizes that starting with a small amount, such as S$500 a month, can lead to significant passive income through consistent investing and dividend reinvestment [2][8]. Investment Strategy - Regular investing fosters discipline and utilizes dollar-cost averaging, allowing investors to invest a fixed amount at regular intervals [3]. - A portfolio invested with S$500 monthly could grow to approximately S$129,000 over 15 years, reflecting a growth of over 43% from a total contribution of S$90,000 [7][8]. Broker Recommendations - Suggested low-cost brokerages for starting monthly investments include MooMoo with a trading fee of 0.03% and a minimum order size of US$5, and DBS Vickers RSP with a trading fee of 0.18% and a minimum order size of S$100 [11]. Stock Selection - Investors should focus on strong, dividend-paying companies with sustainable cash flows, such as DBS Group Holdings, CapitaLand Integrated Commercial Trust, Singapore Exchange, and Netlink NBN Trust, which offer dividend yields between 4% and 6% [15][17][18]. Diversification Strategy - A diversified portfolio is recommended to balance growth potential and stability, with a sample investment plan suggesting a rotation among different sectors over time [19][22]. - Diversification helps mitigate market volatility while benefiting from dividend income [22]. Dividend Reinvestment Benefits - Reinvesting dividends can significantly enhance portfolio value, with a hypothetical example showing a portfolio could grow to S$100,627 over 30 years with reinvestment, compared to S$43,219 without [24][25]. - The principle of dividend yield-on-cost indicates that as dividends compound, they represent a larger percentage of the initial investment, highlighting the importance of long-term growth over short-term price fluctuations [25]. Cautions in Investing - Investors are advised to avoid chasing high yields from fundamentally weak companies and to maintain diversification to ensure long-term success [26]. - Trading fees, although seemingly low, can accumulate and impact overall returns if trading frequency is high [27].

Economic Overview - The year 2025 has been challenging for the U.S. economy, marked by economic uncertainty and a weakening job market [1] - Inflation remains stubbornly high, prompting the Federal Reserve to resume its monetary policy normalization [1] Investment Strategies - The company has a history of investing in REITs, preferred stocks, and high-yield bonds since 2011, indicating a long-term fascination with markets and the economy [1] - Recent investment strategies include combining long stock positions with covered calls and cash secured puts, reflecting a fundamental long-term investment approach [1] Coverage Focus - The company primarily covers REITs and financials, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Group 1: Fund Market Overview - The report provides an update on the performance of various fund indices, highlighting a decline in the Shanghai Composite Index by 0.49% over the last 60 days, while year-to-date it has increased by 14.41% [3] - The report notes that the stock fund category has seen a year-to-date increase of 24.66%, indicating strong performance compared to other fund types [3] Group 2: REITs Investment Insights - The report identifies key REITs across different sectors, including industrial parks, logistics, transportation infrastructure, energy infrastructure, consumer infrastructure, rental housing, new infrastructure, and municipal water supply [4][5] - Specific REITs are highlighted for their strong fundamentals, such as the Guotai Haitong Dongjiu New Economy REIT (508088) and the Huatai Suzhou Hengtai Rental Housing REIT (508085), which show promising rental stability and growth potential [7][17] Group 3: Heating Infrastructure REITs Analysis - The report emphasizes the importance of project location, operational history, and heating season duration in evaluating heating infrastructure REITs, with a typical heating season lasting between 4 to 7 months in China [5][23] - The income structure of heating REITs is primarily based on area-based charges, with residential users contributing approximately 73% of the revenue [21] Group 4: Key Metrics for Heating Infrastructure REITs - The report outlines critical metrics for assessing heating infrastructure REITs, including project location, asset pool characteristics, revenue structure, and cost factors related to heat source supply [23][24] - It notes that the cost of heat source procurement can significantly impact overall expenses, with over 60% of costs attributed to external purchases [24] Group 5: Future Projections - The projected distributable amount for the heating infrastructure REITs is estimated at approximately 82.23 million for Q2-Q4 2025, with a cash flow distribution rate of around 7.3% [22] - For 2026, the expected distributable amount is about 80.04 million, with a slightly lower cash flow distribution rate of 7.1% [22]

Group 1 - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched more than 1000 companies, focusing on metals and mining stocks, as well as other industries like consumer discretionary, REITs, and utilities [1] - The analyst transitioned from writing a blog to creating a value investing-focused YouTube channel, where they have researched hundreds of companies [1] Group 2 - There is no current stock or derivative position in any mentioned companies, but a potential long position in MDV may be initiated within 72 hours [2] - The article reflects the analyst's own opinions and is not influenced by compensation from any company mentioned [2] - Seeking Alpha emphasizes that past performance does not guarantee future results and that the views expressed may not represent the platform as a whole [3]