Market Overview - Mid cap equities showed flat to slightly positive performance in Q4, with the Russell Midcap Index returning 0.16% [2] - Market dynamics were influenced more by investor sentiment and positioning rather than macroeconomic factors, leading to uneven earnings reactions [2] - Mid cap equities lagged behind both small and large caps for the year, despite improvements in fundamentals for many mid cap businesses [3] Performance Analysis - The ClearBridge Mid Cap Strategy underperformed its benchmark due to broad market headwinds and uneven earnings reactions, despite solid execution in the portfolio [4] - Information technology and real estate sectors were significant detractors, while consumer discretionary holdings provided some positive contributions [4][5] Sector-Specific Insights - The IT sector faced challenges as investor sentiment weakened towards software businesses, impacting companies like Teledyne Technologies and Bentley Systems [5] - Real estate was pressured by Alexandria Real Estate Equities due to a slowdown in biopharma research spending, leading to a decline in leasing demand [6] - Consumer discretionary sector saw positive performance from companies like Light & Wonder and Expedia, which benefited from improved execution and market conditions [7] Portfolio Positioning - The company reallocated capital towards businesses with durable fundamentals and recurring revenue profiles, while exiting positions with unfavorable risk-reward profiles [9] - New positions were initiated in Casella Waste Systems and Tyler Technologies, focusing on companies with strong recurring revenue models [10] - Exited positions included Corpay and DraftKings due to emerging competitive uncertainties [11] Future Outlook - The environment for mid cap equities is expected to improve, with signs of easing market imbalances and potential for reaccelerated business investment [13][14] - A normalization of capital allocation could benefit mid cap companies with strong cash flows and attractive valuations [14] - The company is focusing on bottom-up stock selection and balanced portfolio construction to navigate the evolving opportunity set [15] Portfolio Highlights - The ClearBridge Mid Cap Strategy underperformed the Russell Midcap Index, with contributions primarily from consumer discretionary and health care sectors [16] - Stock selection in various sectors, including IT and real estate, detracted from performance, while consumer discretionary sector selection provided some benefits [17] - Notable individual stock performance included detractors like Alexandria Real Estate Equities and contributors like Light & Wonder and Expedia [18]

Core Viewpoint - Omega Healthcare Investors, Inc. (OHI) has shown strong results and resilience despite macroeconomic pressures, leading to a reaffirmation of a Buy rating [1]. Group 1: Company Performance - The company has improved its fundamentals while continuing to navigate challenging market conditions [1]. - The analyst has a beneficial long position in OHI shares, indicating confidence in the company's future performance [2]. Group 2: Analyst Background - The analyst has over a decade of experience researching various industries, including commodities and technology, which supports the analysis of OHI [1]. - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, showcasing a commitment to in-depth company research [1].

Core Viewpoint - The analysis of Crown Castle Inc. (CCI) indicates a Hold rating due to insufficient valuation despite progress in their turnaround and focus on tower operations [1]. Group 1: Company Analysis - Crown Castle Inc. is undergoing a turnaround with a renewed focus on tower operations, but the current valuation does not present an attractive margin for investment [1]. - The analyst has extensive experience in researching various sectors, including commodities and technology, which informs the analysis of CCI [1]. Group 2: Investment Perspective - The analyst may consider initiating a long position in CCI within the next 72 hours, indicating potential interest in the stock [2].

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoint - The launch of the "Guomin Trust. Jingneng No. 1 REITs Investment Collective Fund Trust Plan" marks Guomin Trust's first foray into public REITs and green finance investments, enhancing the supply of green energy REITs products for investors seeking stable long-term assets [1] Group 1: Product Structure - The funds raised by "Jingneng No. 1" are specifically invested in the asset-backed special plans of the Sujiakou Hydropower Station and the Songshankou Hydropower Station in Yunnan Province, indirectly enjoying the revenue rights of infrastructure projects through holding corresponding ABS shares [1] - The project primarily generates income from hydropower sales, characterized by stable cash flow and mature operating entities, aligning with the investment needs of long-term capital such as insurance and wealth management funds [1] Group 2: Governance Mechanism - The project relies on the mature system of public fund managers for information disclosure and compliance operations, strictly adhering to the new regulatory requirements for trust business classification, thereby safeguarding investors' legal rights [1] Group 3: Industry Impact - Public REITs have increasingly played a significant role in revitalizing existing infrastructure assets and broadening the channels for social capital investment in recent years [1] - Industry experts indicate that trust companies participating in green energy investments through the "Trust Plan + Public REITs" model not only expand their business scope but also provide a new practical path for capital markets to serve the real economy [1]

2月9日，南方润泽科技数据中心REIT大宗交易成交1152万股，成交额7966.08万元，占当日总成交额的83.65%，成交价6.92 元，较市场收盘价6.899元溢价0.3%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交全额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 180901 | 南方润泽科技数据中心REIT | | 6.92 | 576.00机构专用 3,983.04 | | 机构专用 | | 2026-02-09 | 180901 | 南方润泽科技数据中心REIT | | 6.92 | 576.00机构专用 3,983.04 | | 机构专用 | ...

Core Viewpoint - New investors should focus on simple, established businesses to start their investment journey, avoiding risky or unfamiliar stocks based on tips [1][2] Group 1: Recommended Stocks for Beginners - **DBS Group Holdings (SGX: D05)**: Singapore's largest bank, known for its stable profits, good dividends, and utility-like business model. It operates in loans, fees, and trading [3][4]. The bank has a P/B ratio of around 2.5, a 10-year high, which may limit its upside potential [4]. Long-term investors are likely to benefit from increasing dividend payouts [5]. - **CapitaLand Integrated Commercial Trust (SGX: C38U, CICT)**: The largest REIT in Singapore, owning notable retail and office properties. Its business model is straightforward, relying on rental income distributed to unitholders [6]. Key metrics for evaluation include distribution yield and occupancy rate [7]. Despite risks associated with debt and interest rates, REITs are considered good investments for beginners due to their cash returns [8]. - **Singapore Airlines (SGX: C6L)**: A well-known airline with a simple business model based on passenger ticket sales and cargo operations [9]. Important metrics include passenger load factor and revenue per available seat kilometre. While it is profitable, the airline sector faces challenges such as competition and oil price fluctuations [10][11]. - **Sembcorp Industries (SGX: U96)**: A utility company with a focus on renewable energy, providing stable returns through long-term contracts [12]. The company is acquiring Alinta Energy, which may increase debt levels but is expected to maintain dividend payouts [13][14]. - **ST Engineering (SGX: S63)**: A diversified company benefiting from geopolitical trends, with a revenue increase of 12% to S$11.3 billion in 2024 and a net profit rise of 20% to S$702 million [15]. The order book was valued at S$32.6 billion as of September 2025, but shares are trading at a high P/E ratio of 39, more than double the market average [17]. Group 2: Investment Strategy for Beginners - New investors should build a solid foundation by selecting simple, stable businesses that can instill confidence [18]. It is essential to focus on understanding the companies and their industries rather than obsessing over daily share prices [19].

Core Viewpoint - Investing S$10,000 in Singapore's market can effectively build a high-quality income engine through disciplined investment in sustainable cash-generating businesses [1] Group 1: ParkwayLife REIT - ParkwayLife REIT (SGX: C2PU) is a reliable choice for income-focused portfolios, with a portfolio of 74 properties valued at S$2.57 billion across Singapore, Japan, and France [2] - For FY2025, gross revenue increased by 7.6% YoY to S$156.3 million, and net property income (NPI) rose by 8.0% to S$147.5 million [2] - Distribution per unit (DPU) grew by 2.5% YoY to S$0.1529, supported by acquisitions in Japan and France, with a current yield of 3.75% at a price of S$4.08 [3][4] - A significant increase in guaranteed rent for its Singapore hospitals is expected in FY2026, rising by 24.3% from S$79.7 million to S$99.1 million [3][4] Group 2: Raffles Medical Group - Raffles Medical Group (SGX: BSL) reported a 3.5% YoY revenue increase to S$378.4 million in 1H2025, with profit attributable to owners growing by 4.8% to S$32.1 million [5] - Free cash flow surged by 139.4% YoY to S$52.0 million, supported by strong operating cash generation and a 75.6% reduction in capital expenditure [5][6] - The current share price is S$1.00, providing a dividend yield of 2.5% based on an annual payout of S$0.025 [6][7] Group 3: Keppel DC REIT - Keppel DC REIT (SGX: AJBU) reported a 42.2% YoY increase in gross revenue to S$441.4 million for FY2025, with NPI rising by 47.2% to S$383.3 million [8][9] - DPU increased by 9.8% to S$0.10381, driven by strategic acquisitions and contract renewals at higher rates [8][9] - The REIT achieved a 45% positive rental reversion on renewed contracts, with a 95.8% occupancy rate and a 6.7-year weighted average lease expiry [10] Group 4: Estimated Annual Income - A proposed allocation of S$4,000 to ParkwayLife REIT, S$4,000 to Keppel DC REIT, and S$2,000 to Raffles Medical Group estimates a total annual dividend income of S$383 [11][12] - This portfolio offers a combined yield of approximately 4% [12][13] Group 5: Compounding and Future Growth - The strategy emphasizes the importance of reinvesting dividends to enhance ownership without additional capital outlay, likening it to a snowball effect [14][15] - Investing in these companies positions investors to benefit from structural trends such as an aging population, premium healthcare recovery, and AI-driven digital growth [16][17]

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries like consumer discretionary/staples, REITs, and utilities [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1042.83 points this week, down 0.91% week - on - week. The average daily trading volume, average daily turnover, and average daily turnover rate decreased by 16.39%, 18.49%, and 0.10 pct respectively, indicating a market decline with shrinking trading volume. The listing of Huaxia Zhonghe Clean Energy REIT on February 2, 2026, with a first - day closing increase of 28.16%, is expected to boost the attention of primary issuance and subscription [1][12]. - Two new commercial real estate REITs were accepted this week. The total planned fundraising scale of the 10 commercial real estate REITs under review has reached 37.7 billion yuan. The market is worried about the supply shock of commercial real estate REITs, and the current distribution rate of listed consumer facility REITs is lower than that of commercial real estate REITs under review, which may limit the upward space of listed consumer facility REITs [2][7]. - All asset sectors in the secondary market declined this week, with the consumer facilities sector having the largest decline of 1.74% and the energy facilities sector having the smallest decline of 0.27%. 3. Summary by Relevant Catalogs 3.1 Primary Market - Two new commercial real estate REITs were accepted this week. Everbright Prudential Everbright Anshi REIT, to be listed on the Shanghai Stock Exchange, has two shopping malls as underlying assets and plans to raise 4.905 billion yuan. Huatai Zijin Huazhu Anzhu REIT, the first commercial real estate REIT on the Shenzhen Stock Exchange, has hotel projects as underlying assets and plans to raise 1.32 billion yuan [2][18]. - Among the 10 commercial real estate REITs under review, there are two hotel - type REITs. The Huazhu project has better location, occupancy, and room rates than the Jinjiang project but is restricted by the "trading price for volume" strategy. The Jinjiang project has a certain risk - diversification effect due to a large number of hotels in different regions [3][23]. - As of February 6, 2026, 10 infrastructure REITs projects are in the inquiry and feedback stage, and 1 project has been accepted [4][24]. 3.2 Secondary Market - All asset sectors declined this week, with the consumer facilities sector having the largest decline, followed by new - type facilities and rental housing, and the energy facilities sector having the smallest decline [25]. - The IDC sector continued to decline this week. Benefiting from the strong demand in the AI computing power sector, the future operating demand of the projects is sustainable, and attention can be paid to opportunities brought by subsequent asset fluctuations [5][27]. - The energy facilities sector had the smallest decline. It is recommended to focus on natural gas power generation, hydropower assets with high stability, or projects with a high guarantee of distributable amounts [6][30]. - The consumer infrastructure sector had the largest decline. After this adjustment, attention can still be paid to consumer facility REITs with high distribution rates, such as Hua'an Bailian Consumption, Jiashi Wumei Consumption, and CICC Yinli Consumption [6][33]. - The industrial park sector had few rising bonds. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The REITs trading sentiment weakened this week, with the average daily trading volume, average daily turnover, and average daily turnover rate decreasing. The consumer infrastructure sector was actively traded, while the turnover rates of other asset sectors declined [41][45].