Group 1 - Recent concerns regarding the valuation of AI stocks have led to increased investor interest in defensive sectors, particularly health care [1] - The unlevered Health Care Select Sector SPDR Fund ETF (XLV) is showing marginal outperformance compared to the SPDR [1] Group 2 - The article reflects a long-term fundamental investment approach, with a focus on sectors like REITs, preferred stocks, and high-yield bonds [1]

Investment Rating - The report indicates a positive outlook for the data center industry in China, highlighting the potential for valuation improvement despite current uncertainties in chip supply [1][2]. Core Insights - The report emphasizes that the valuation of Chinese data centers is significantly discounted due to uncertainties in chip supply, but this has already been reflected in current valuations. The rental outlook for data centers is better than other asset classes, suggesting potential for future valuation increases [1][2]. - The report notes that the EV/EBITDA multiple is commonly used for evaluating data centers due to their capital-intensive nature and high leverage, which allows for a better reflection of operational cash flow [3][4]. - It highlights the differences in market performance and development cycles between Chinese and overseas data center companies, with Chinese companies experiencing higher EBITDA growth from 2018 to 2021, but facing a supply surplus cycle from 2021 to mid-2024 [5]. - The report discusses the contrasting layouts of data centers in the US and China, with the US facing power supply challenges due to concentrated deployments, while China is preparing for AI demand through its "East Data West Computing" initiative [6]. - The development of REITs in China is seen as beneficial for the data center industry, providing liquidity and stable rental returns for investors [7][9]. Summary by Sections Data Center Valuation - Chinese data centers are undervalued compared to global peers due to chip supply uncertainties, but strong infrastructure support is expected to enhance their valuation as asset quality improves [2]. - The rental outlook for data center REITs is optimistic, with current valuations lower than other asset classes, indicating room for growth as investor awareness increases [9]. Market Dynamics - The report outlines that the rental market for data centers is expected to stabilize, with slight downward pressure in the short term but a long-term upward trend anticipated as AI demand grows [19]. - It also notes that large tech companies are likely to build their own data centers when demand is stable, but will opt for leasing in rapidly changing environments [20]. AI and Cloud Computing - Short-term monetization of AI is primarily seen in cloud computing and advertising, with significant growth in demand for cloud services driven by large models and generative AI [15]. - Long-term potential for AI commercialization is highlighted, with various sectors expected to benefit from AI integration, particularly in content generation and recruitment [16][18]. Competitive Landscape - The report indicates that the competitive landscape for data centers in China is evolving, with a stable supply-demand relationship expected post-2024, leading to a more favorable rental environment [19]. - It also discusses the ongoing efforts of Chinese tech companies to enhance GPU utilization and explore domestic solutions to mitigate chip supply uncertainties [23].

1. Report Industry Investment Rating The report does not explicitly mention the industry investment rating. 2. Core Viewpoints of the Report - The differentiated performance among different REITs assets will likely remain the main feature in the future market. Assets with more stable cash - flows at the numerator end, such as consumer and rental - housing REITs, outperformed other asset - type REITs in the past month [2][31]. - The new - listed data center REITs had good performance in the past month, and IDC projects with stable operations, long remaining operation periods, and high上架率/计费率 in 25Q3 are also worthy of attention [2][32]. - The new - issue profit space of REITs has narrowed, and investors should focus on stable assets [3][31]. 3. Summary According to Relevant Catalogs 3.1 Recent REITs Market Overview - The trading volume and turnover rate of the entire REITs market have recovered from the October lows. Since late October, the weekly trading volume has remained above 2.7 billion yuan, and the weekly turnover rate has remained above 0.5% [3][6]. - As of November 17, 2025, the CSI REITs Total Return Index (932047.CSI) rebounded significantly from the late - October low [7]. - Assets with more stable cash - flows at the numerator end, such as consumer and rental - housing REITs, performed better. Among the listed REITs as of November 15, 45 had monthly gains and 29 had losses. Different sectors showed varying performance, with园区and仓储物流underperforming [12]. 3.2 In - Review REITs Projects - As of November 18, 2025, there is 1 first - issue REIT project accepted, 3 under inquiry, and 5 with feedback in the review stage. In the past month, E Fund Guangxi Beitou Expressway REIT was successfully accepted, and Shanxi Securities Jinzhong Gongtou Ruiyang Heating REIT received feedback from the Shanghai Stock Exchange [3][15]. - As of November 18, 2025, there are 12 in - review and approved - to - be - issued REITs projects for expansion, new acquisitions, etc. Among them, 1 is under inquiry, 2 have feedback, 2 have passed the review, and 7 are registered and awaiting issuance [20]. 3.3 New - Issue Profit Space and Asset Focus - Since 2025, the subscription sentiment in the primary market of REITs has been high. Most of the 18 projects listed from January 1 to November 15, 2025, had offline subscription multiples of over 40 times [23]. - Although the average first - day listing gains of REITs projects in 2025 were significantly higher than in previous years, the high - level subscription sentiment led to a decrease in the single - time allocation ratio and a significant reduction in single - time new - issue profits [28]. - Given the current review progress, the 5 first - issue REITs projects under feedback may not be issued and listed by the end of the year, and new supply may not appear until Q1 2026 [31].

Group 1: Fixed Income Market Insights - The current bond market is heavily influenced by banks, with expectations of gradual recovery as year-end approaches, leading to increased allocation by banks due to easing pressure on indicators [16] - The 10-year government bond yield is expected to recover to a range of 1.6%-1.65% by year-end, reflecting a potential stabilization in the market [16] - Recent data indicates a significant net repayment of certificates of deposit, with a net financing of -373.2 billion yuan, suggesting a tightening liquidity environment [17][18] Group 2: Biotechnology Sector Analysis - The innovation drug sector is experiencing a resurgence driven by supportive policies and a favorable pricing mechanism, with a focus on global expansion opportunities [10][11] - The China Biotechnology Index, which includes companies involved in gene diagnostics and biopharmaceuticals, is showing strong market liquidity and institutional recognition, indicating a robust investment environment [13] - The projected revenue growth for the innovative drug company is significant, with forecasts of 5.43 billion yuan, 8.62 billion yuan, and 11.42 billion yuan for 2025-2027, respectively [23] Group 3: Coal Market Dynamics - Current coal prices are primarily driven by real demand, particularly as the heating season begins, leading to increased consumption by power plants [30][31] - The supply constraints and regulatory pressures are expected to keep coal prices on an upward trajectory, with predictions of prices exceeding market expectations by year-end [31] - The focus on high-quality coal and the impact of steel production on coal demand are critical factors influencing market sentiment [32] Group 4: Renewable Energy and AIDC - The demand for AIDC (Artificial Intelligence Data Centers) is projected to increase significantly, with electricity needs expected to grow 2-3 times by 2028, highlighting a critical gap in the current power supply [37] - SOFC (Solid Oxide Fuel Cells) is identified as a leading technology for onsite power solutions, with advantages in deployment speed and power density, making it a key player in the AIDC market [38] - The materials used in SOFC technology are crucial for its performance, with ceramic support structures currently dominating the market, indicating a strong competitive landscape [39]

Core Insights - The article highlights four Singapore stocks that may present hidden investment opportunities despite recent declines: Mapletree Industrial Trust, SATS Ltd., United Overseas Bank, and Genting Singapore [1] Mapletree Industrial Trust (SGX: ME8U) - MIT's share price has decreased approximately 10% year-to-date due to investor caution regarding industrial REIT valuations amid global manufacturing slowdowns and rising interest rates [2][3] - The trust reported a 6.2% year-on-year decline in gross revenue to S$170.2 million and a 5.6% year-on-year drop in distribution per unit (DPU) to S$0.0318 for 2QFY2025/26 [2] - Despite the downturn, MIT maintains a stable occupancy rate of 91.3% and has a diversified tenant base, with its largest tenant contributing only 6.6% of gross rental income [3] - The portfolio consists of 136 properties, with data centers making up 58.3%, which supports long-term rental stability as demand for data infrastructure grows [4] SATS Ltd. (SGX: S58) - SATS's share price has fallen around 8% over the past year, trading at approximately S$3.34 per share, influenced by global trade disruptions and increased debt from the acquisition of Worldwide Flight Services [5] - The company achieved a revenue of S$1.6 billion for 2QFY2026, an 8.4% year-on-year increase, and operating profit surged 23.7% year-on-year to S$157.4 million [6] - The acquisition of WFS has expanded SATS's cargo handling network, positioning the company to benefit from the recovery in global air travel and increasing air cargo volume [7] United Overseas Bank (SGX: U11) - UOB's shares have faced pressure due to narrowing net interest margins, increased provisions, and global trade uncertainties, reporting a 72% decline in net profit for 3Q2025 to S$443 million [9] - The bank's total income for 3Q2025 decreased 11% year-on-year to S$3.4 billion, but loan growth increased by 5% to S$351.1 billion [10] - UOB maintains a strong dividend track record with a trailing dividend yield of 6% and a payout ratio of approximately 50%, indicating robust underlying business momentum [11] Genting Singapore (SGX: G13) - Genting Singapore's share price was affected by a slower-than-expected recovery in Chinese visitor arrivals and renovation costs at Resorts World Sentosa [12] - The company reported a revenue of S$649.8 million for 3Q2025, a 16% year-on-year growth, and a net profit of S$94.6 million, up 19% year-on-year [13] - The completion of new attractions has increased non-gaming revenue, and the company is well-positioned for future tourism demand as it continues to pay consistent dividends [13][14] Common Traits Among These Hidden Gems - All four companies face near-term challenges but maintain strong core business fundamentals and cash generation capabilities [15] - They continue to reward shareholders with dividend distributions, providing attractive yields for income-focused investors [16] - These stocks offer diversification across various sectors of Singapore's economy, allowing investors to build exposure to multiple recovery stories [16] Implications for Investors - The current market weakness presents an opportunity to invest in quality companies at more attractive valuations, especially when their underlying business fundamentals remain sound [17] - Disciplined analysis of balance sheets and competitive advantages can help investors build positions ahead of market revaluation [17][18]

Report Industry Investment Rating - Not provided in the given content Report's Core View - This week (November 17 - 21, 2025), the CSI REITs Total Return Index closed at 1,041 points, down 0.89% weekly, still in a volatile range. The overall performance of REITs was poor, with all sub - assets declining. The trading sentiment weakened. In the primary market, new REITs were declared and some projects responded to exchange review opinions [1][6]. Summary According to Relevant Catalogs 1. Secondary Market 1.1. Overall Situation - REITs performed poorly this week, with 68 out of 77 REITs falling and only 9 rising. The data center and rental housing sectors led the decline. The data center (IDC) sector had the largest decline of 3%. Affected by bond market adjustments and the placement method of some individual bonds for expansion, the rental housing sector fell 1.55%. The energy facilities and warehousing logistics sectors also declined by more than 1%. The consumer facilities sector entered the fourth - quarter performance sprint period, with a decline of 0.84%. The municipal environmental protection sector had the smallest decline [1][15]. - The trading activity of REITs weakened compared with the previous week. The average daily trading volume was 472 million yuan, the average daily trading volume was 111 million shares, and the average daily turnover rate was 0.43% (excluding newly listed projects in the past two weeks), down 15.28%, 22.70%, and 0.12 percentage points respectively [18]. 1.2. Sub - sectors - **Data Center**: The data center sector led the decline this week. The two REITs in this sector, Runze Technology Data Center and Wanguo Data Center, had significant declines. Although their cash flows are highly dependent on a single customer, the customers are reliable. After this week's decline, the distribution rate of Runze Technology Data Center returned to around 4%, and there was still net inflow of main funds. It can be continuously concerned when the technology market in the equity sector picks up [24][25]. - **Rental Housing**: The rental housing sector fell across the board this week. The sector's distribution rate has increased from 2.83% at the end of June to 3.14%. The fundamentals of the projects are operating normally, and it is a good allocation window after a significant adjustment. Affected by the placement method for expansion, China Asset Management China Resources Youchao has had a large adjustment recently. Its fundamentals are stable, and its distribution rate is around 3.20%. Attention should be paid to the progress of its expansion placement and allocation opportunities. Also, pay attention to whether China International Capital Corporation Xiamen Anju will still use the placement method during its expansion [26][27]. - **Transportation Facilities**: In the transportation facilities sector, only 3 out of 13 individual bonds rose, and the other 10 declined to varying degrees. The two road assets that were lifted from the ban in November had relatively large declines. Pay attention to the impact of the lifting of the ban on China International Capital Corporation Anhui Jiaokong next week [29]. - **Industrial Parks**: The performance of the industrial park sector was significantly differentiated. Four individual bonds rose, and 16 declined. It is recommended to focus on individual bonds in parks with high occupancy rates and reasonable rent prices. China International Capital Corporation Chongqing Liangjiang REIT continued to decline this week, with a cumulative decline of about 10% in the past two weeks. It may be affected by the 31% share lifting of the ban in December, and there may be opportunities for oversold rebounds. Multiple individual bonds in the industrial park sector will face the lifting of the ban in December, and attention should be paid to the relevant trading pressure [32][33][36]. 2. Primary Market 2.1. China Aviation Industry Corporation - CNNC Group Energy REIT Declared to the Shanghai Stock Exchange - On November 18, China Aviation Industry Corporation - CNNC Group Energy REIT was officially declared to the Shanghai Stock Exchange. The original equity holder, CNNC Huineng, is an important new - energy power project investment and operation entity of the China National Nuclear Corporation, mainly engaged in wind and photovoltaic power generation business. In the first half of 2025, it achieved an operating income of 7.6 billion yuan with a gross profit margin of 44.73% [42]. 2.2. Other Important News This Week - On November 21, Huaxia CNNC Clean Energy REIT responded to the exchange review opinions. As of November 21, 2025, there were about 1 - 2 potential issuance projects remaining this year. [43] - Penghua Shenzhen Energy REIT plans to hold an investor open - day event on November 27, 2025. The holder meeting of Boshi Shekou Industrial Park REIT passed a relevant motion and will borrow a commercial property mortgage loan from China Merchants Bank to replace the original M&A loan [44].

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 of the research includes metals and mining stocks, as well as consumer discretionary/staples, REITs, and utilities [1] Group 2 - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on numerous companies has been conducted [1]

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 extensive research on numerous companies has been conducted [1] Group 2 - There is no current stock or derivative position in any mentioned companies, but a potential long position may be initiated within 72 hours [2] - The article reflects the analyst's personal 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]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report From November 17 to November 21, 2025, the secondary - market prices of China's listed public REITs showed a fluctuating downward trend. The trading volume and main - force capital inflow increased compared to the previous week, and there were 2 REITs with updated project status in the primary market [1][2][4]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: The secondary - market prices of listed public REITs in China showed a fluctuating downward trend. The weighted REITs index closed at 182.16, with a weekly return of - 1.02%. Among mainstream large - scale assets, the return ranking from high to low was: pure bonds > gold > REITs > crude oil > US stocks > A - shares > convertible bonds [11]. - **At the underlying asset level**: Both the secondary - market prices of property - right and franchise - right REITs declined. The weighted index of property - right REITs closed at 154.26, with a return of - 1.11%; the weighted index of franchise - right REITs closed at 130.06, with a return of - 1.12%. In terms of underlying asset types, water - conservancy facilities REITs had the largest increase, and the top three in terms of weekly return were water - conservancy facilities, ecological and environmental protection, and transportation infrastructure [16][18]. - **At the single - REIT level**: This week, public REITs showed mixed performance, with 9 rising and 68 falling. The top three in terms of increase were CICC Yizhuang Industrial Park REIT, Ping An Ningbo Jiaotou REIT, and Huaxia Nanjing Transportation Expressway REIT; the top three in terms of decrease were CICC Chongqing Liangjiang REIT, CITIC Construction Investment Mingyang Smart New Energy REIT, and China Merchants Expressway REIT [23]. 3.1.2 Trading Volume and Turnover Rate - **At the underlying asset level**: The trading volume of public REITs this week was 2.38 billion yuan, and the new - type infrastructure REITs led in the average daily turnover rate. The top three in terms of trading volume were transportation infrastructure, affordable rental housing, and park infrastructure; the top three in terms of average daily turnover rate were new - type infrastructure, water - conservancy facilities, and affordable rental housing [25]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Huaxia Hefei High - tech REIT, Huaxia Fund CR Land Youchao REIT, and Huatai Jiangsu Jiaokong REIT; the top three in terms of trading amount were Huaxia Fund CR Land Youchao REIT, Huatai Jiangsu Jiaokong REIT, and Southern Runze Technology Data Center REIT; the top three in terms of turnover rate were Huaxia Fund CR Land Youchao REIT, Huaxia Zhonghai Commercial REIT, and Huaxia Hefei High - tech REIT [28]. 3.1.3 Main - Force Inflow and Block - Trade Situation - **Main - force inflow situation**: The total main - force inflow this week was 17.32 million yuan, and the market trading enthusiasm increased compared to the previous week. The top three in terms of main - force inflow among different underlying asset REITs were consumer infrastructure, new - type infrastructure, and transportation infrastructure. The top three single REITs in terms of main - force inflow were Huatai Jiangsu Jiaokong REIT, China Merchants Fund Shekou Rental Housing REIT, and Southern Runze Technology Data Center REIT [31]. - **Block - trade situation**: The total block - trade volume this week reached 368.22 million yuan, a decrease compared to the previous week. There were block - trade transactions on 5 trading days, and the block - trade turnover on November 21, 2025, was the highest within the period. The top three single REITs in terms of block - trade turnover were China Merchants Expressway REIT, Huaxia Fund CR Land Youchao REIT, and BOC Sinotrans Warehouse Logistics REIT [32]. 3.2 Primary Market 3.2.1 Listed Projects As of November 21, 2025, there were 77 public REITs in China, with a total issuance scale of 199.301 billion yuan. Among them, transportation infrastructure had the largest issuance scale at 68.771 billion yuan, followed by park infrastructure REITs at 32.933 billion yuan. No new REITs were listed this week [37][39]. 3.2.2 Pending - Listing Projects There were 18 REITs in a pending - listing state, including 11 initial - offering REITs and 7 pending - expansion REITs. This week, the project status of Huaxia CNNC Clean Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "feedback received", and the project status of AVIC CNNC Group Energy Closed - end Infrastructure Securities Investment Fund (initial offering) was updated to "declared" [42].

Group 1 - The analyst has over 10 years of experience researching 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, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with consumer discretionary, staples, REITs, and utilities [1]