证券研究报告 晨会 hyzqdatemark 2026 年 01 月 13 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年01月13日 华源晨会精粹 20260113 固定收益 REITs 市场承压调整，把握政策红利——REITs 系列报告：近期上市的 REITs 项目上市首日表现均不理想，其中华夏安博仓储 REIT 上市首日大幅破发， REITs 打新从"无风险套利"转向风险博弈。主要原因或在于以下几点：其一，25 年下半年 A 股市场整体走势偏强，资金倾向于从偏债性的 REITs 转向权益资产；利 率调整也在一定程度上削弱了 REITs 的相对配置价值。其二，2025 年 6 月监管放宽 REITs 询价上限至 25%（调整之前询价上限为 10%），询价区间放宽使得项目定价 的市场化程度提升，投资者为避免无效申购，往往倾向于接近区间上限报价，导致 REITs 项目一二级估值价差收窄，这也压缩了 REITs 打新的盈利空间。其三，25Q4 仍为 REITs 战配份额的解禁高峰。2025/11/16-12/15 REITs 表现整体承压，数据中 心、水利类逆势上涨。C-REITs 在经历持续调 ...

Core Insights - The analyst has over a decade of experience researching various industries, including commodities like oil, natural gas, gold, and copper, as well as technology companies such as Google and Nokia, and emerging market stocks [1] Group 1: Company Focus - The analyst has a particular interest in covering metals and mining stocks, while also being comfortable with other sectors such as consumer discretionary, consumer staples, REITs, and utilities [1] Group 2: Research Methodology - The transition from a personal blog to a value investing-focused YouTube channel has allowed the analyst to research hundreds of different companies, enhancing the quality of content provided to readers [1]

证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 13 日 REITs 市场承压调整，把握政策红利 ——REITs 系列报告 投资要点： 近期上市的 REITs 项目上市首日表现均不理想，其中华夏安博仓储 REIT 上市首日 大幅破发，REITs 打新从"无风险套利"转向风险博弈。主要原因或在于以下几点： 联系人 其一，25 年下半年 A 股市场整体走势偏强，资金倾向于从偏债性的 REITs 转向权益 资产；10 年期国债收益率从 6 月份低位的 1.64%附近回升至 12 月中旬的 1.82%左 右（以 10Y 国债活跃券为例），利率调整也在一定程度上削弱了 REITs 的相对配置 价值。从近期表现来看，2025/11/16-12/15 仓储物流类 REITs 平均跌幅为 3.5%， 产业园、仓储物流等周期性板块受经济周期影响显著，疲软的二级市场表现也对新 发项目形成拖累。 其二，2025 年 6 月监管放宽 REITs 询价上限至 25%（调整之前询价上限为 10%）， 询价区间放宽使得项目定价的市场化程度提升，投资者为避免无效申购，往往倾向 于接近区间上限报价，导致 REIT ...

I've been researching companies in-depth for over a decade, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube channel, where I researched hundreds of different companies so far. I would say my favorite type of company to cover are metals and mining stocks, but I am comfortabl ...

趋势不改，精做结构 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 优质项目可逢低配置，经营风险较高的项目可待经营数据披露后择机参与。 投资要点： 债券研究 /[Table_Date] 2026.01.11 | | | 021-38038263 | | --- | --- | --- | | | liuyu6@gtht.com | | | 登记编号 | S0880523050002 | | | | 汤志宇(分析师) | | | | 021-38031036 | | | | tangzhiyu@gtht.com | | | 登记编号 | | S0880525070031 | [Table_Report] 相关报告 债 券 研 究 市 场 策 强动量持续占优，补涨效应显现 2026.01.10 赎回新规落地，3-5 年修复窗口打开 2026.01.04 供需共振，REITs 市场迈入新阶段 2026.01.04 年末"期-现"波动的新特征和应对 2026.01.04 曲径分岔：政策分化中把握中久期良机 2026.01.03 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 房地产开发 C-REITs 周报——政策利好提振情绪，二级市场修复 REITs 指数表现 本周中证 REITs 全收益指数上涨 1.89%。截至 1.9，本周（1.2-1.9，下 同）中证 REITs(收盘)指数上涨 1.86%，收于 793 点；中证 REITs 全收益 指数上涨 1.89%，收于 1028.9 点。本周沪深 300/恒生/中债十年期国债/ 房地产(申万)/恒生地产建筑业/高速公路(申万)指数分别上涨 2.79%/下跌 0.41%/下跌 0.16%/上涨 5.07%/上涨 3.04%/下跌 0.98%。其中房地产 (申万)本周涨幅最高，REITs 全收益指数排行第 4。 本年中证 REITs 全收益指数涨幅为 1.89%。截至 1.9，本年中证 REITs(收 盘)指数涨幅为 1.86%，中证 REITs 全收益指数涨幅为 1.89%。本年沪深 300/恒生/中债十年期国债/房地产(申万)/恒生地产建筑业/高速公路(申 万)指数分别上涨 2.79%/上涨 2.35%/下跌 0.09%/上涨 5.07%/上 ...

曹璇 A0230125070001 caoxuan@swsresearch.com 2026 年 01 月 10 日 市场开门红，三单项目集中获问询 ——公募 REITs 周度跟踪（2026.01.05-2026.01.09） 相关研究 《商业不动产 REITs 正式落地，哪 些变化？——公募 REITs 周度跟踪 （2025.12.29-2025.12.31）》 2026/01/04 《超跌反弹，申报加速——公募 REITs 周度跟踪（2025.12.22- 2025.12.26）》 2025/12/27 《中核水电 REIT 认购倍数续创新高 ——公募 REITs 周度跟踪 （2025.12.15-2025.12.19）》 2025/12/20 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细 ...

Core Insights - The article discusses the author's long-term investment approach, focusing on REITs, preferred stocks, and high-yield bonds, which began in high school in 2011 [1] - The author has recently combined long stock positions with covered calls and cash secured puts, indicating a strategic evolution in investment tactics [1] - The primary focus of the author's analysis on Seeking Alpha is on REITs and financials, with occasional insights into ETFs and other stocks influenced by macroeconomic trends [1] Investment Strategy - The investment strategy is fundamentally driven, emphasizing a long-term perspective rather than short-term gains [1] - The author has developed a fascination with markets and the economy over the years, suggesting a deep understanding of market dynamics [1] Coverage Focus - The author primarily covers REITs and financial sectors, indicating a specialization that may provide in-depth insights into these areas [1] - The occasional articles on ETFs and other stocks suggest a broader interest in market trends and investment opportunities beyond the primary focus [1]

Core Viewpoint - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with other asset classes like 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 diversified investment approach that includes high-quality dividend stocks, which can provide significant long-term growth and income potential [1]. - By integrating various asset types, the company aims to create a balanced portfolio that maximizes income while maintaining a total return aligned with the S&P 500 index [1].

Core Viewpoint - RLJ Lodging Trust (RLJ) is currently trading at historically low levels and is positioned to benefit from upcoming catalysts such as the 2026 World Cup and the 250th anniversary of American Independence [1] Company Analysis - RLJ is highlighted as a compelling investment opportunity due to its low trading levels [1] - The company is expected to experience significant benefits from near-term events that could drive demand and revenue [1] Industry Context - The analysis reflects a broader interest in various sectors, including REITs, which RLJ is a part of, indicating a diverse investment strategy [1]