Group 1 - REITs (VNQ) have underperformed significantly over the past 5 years, particularly in high-duration sectors such as industrials, retail, office, and multifamily [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on shaping financial strategies for top-tier corporates and executing large-scale financings [2] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - His work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2]

Core Insights - The Macerich Company (MAC) is a shopping center/mall REIT primarily located in California, Arizona, and New York, and has shifted its portfolio strategy from a broad view to a more focused approach over the last couple of years [1] Company Strategy - The company has significantly changed its portfolio strategy, indicating a shift towards a more concentrated investment approach [1]

Group 1 - U.S. small cap stocks are experiencing a strong start in 2026 after a challenging 2025, benefiting from lower valuations compared to larger peers [1] - Expectations for strong U.S. GDP growth are contributing to the positive outlook for small cap stocks [1] Group 2 - The article reflects a long-term fundamental investment approach, focusing on various asset classes including REITs, preferred stocks, and high-yield bonds [1]

Market Overview - The secondary market prices of publicly listed REITs in China showed a fluctuating upward trend in January 2026, with the CSI REITs closing at 809.56 and the CSI REITs total return index at 1052.42, yielding returns of 3.98% and 4.22% respectively [1] - Compared to other major asset classes, the return rates ranked as follows: Gold > Crude Oil > Convertible Bonds > A-shares > REITs > US Stocks > Pure Bonds [1] Industry Research - SpaceX plans to deploy one million computing satellites, expanding the commercial space demand [2] - The ability to manufacture and launch reusable rockets is fundamental for large-scale constellation construction [2] - Laser communication networks are key for achieving large-scale inter-satellite communication [2] - Recommended companies in the rocket sector include Superjet, Highhua Technology, and Zhongheng Design; in the satellite sector, focus on Shaanxi Huada, Shanghai Port, Shanghai Huanxun, Zhenlei Technology, Changguang Huaxin, Aerospace Electronics, Jiayuan Technology, and Shanghai Huguang [2] Company Research - Baihehua (603823.SH) plans to invest in a 1000-ton PEEK project, enhancing its position in the new materials sector [3] - The forecast for Baihehua's net profit for 2025-2027 is adjusted to 173 million (down 22%), 223 million (down 22%), and 270 million yuan, with corresponding EPS of 0.42, 0.54, and 0.65 yuan [3] - Zhongxin Fluorine Materials (002915.SZ) expects to achieve a net profit of 16-20 million yuan in 2025, benefiting from the recovery in pesticide demand and reduced losses from Fujian Gaobao [4] - The projected net profits for Zhongxin Fluorine Materials for 2025-2027 are 18 million, 75 million, and 110 million yuan [4] - Jiu Ri New Materials (688199.SH) anticipates a net profit of 21-31.5 million yuan in 2025, driven by the price recovery of photoinitiators [6] - The projected net profits for Jiu Ri New Materials for 2025-2027 are 31 million, 78 million, and 136 million yuan [6] - Great Wall Motors (601633.SH, 2333.HK) reported a profit forecast for 2025, with net profits adjusted to 9.9 billion, 12.4 billion, and 15.7 billion yuan for 2025-2027 [7] - Apple (AAPL.O) reported record revenue growth in FY1Q26, driven by strong demand for the iPhone 17 series and the continued penetration of AI features [8] - The company maintained a high gross margin despite rising storage costs, showcasing its pricing power and supply chain management capabilities [8] - Aoyou (1717.HK) expects a revenue growth of 1.1% in 2025, with net profits adjusted to 236 million, 262 million, and 280 million yuan for 2025-2027 [9]

Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - 13 sectors saw gains, while 10 sectors experienced losses, with telecommunications leading at +9.0%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, down from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media & entertainment (+$39.5 million)[2] - Significant outflows occurred in software & services (-$106.0 million) and healthcare equipment & services (-$57.7 million)[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - 21 sectors had upward revisions, with technology hardware & equipment seeing the largest increase at +5.6%[3] - Energy sector saw a downward revision of -2.7%[3] Risks - Economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies present uncertainties[3]

Core Viewpoint - Global Net Lease (GNL) has shown significant recovery over the past year, yet the stock still presents value, indicating that the market may be undervaluing it despite recent improvements [1] Company Analysis - GNL's stock performance suggests that it is currently undervalued, with the market discounting its potential despite solid recovery metrics [1] - The analyst has extensive experience in researching various sectors, including commodities and technology, which informs the analysis of GNL [1] Investment Strategy - The analyst is considering initiating a long position in GNL through stock purchases or options within the next 72 hours, indicating a potential bullish outlook [2]

证券研究报告 | 行业周报 gszqdatemark 2026 02 01 年 月 日 房地产开发 C-REITs 周报——二级渐暖，首批商业不动产 REITs 已申报受理 REITs 指数表现 本周中证 REITs 全收益指数上涨 0.47%。截至 1.30，本周（1.23-1.30， 下同）中证 REITs（收盘）指数上涨 0.35%，收于 809.6 点；中证 REITs 全收益指数上涨 0.47%，收于 1052.4 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（（指数分别上涨 申万） 0.08%/上涨 2.38%/上涨 0.19%/下跌 2.21%/上涨 5.71%/上涨 0.10%。 本年中证 REITs 全收益指数涨幅为 4.22%。截至 1.30，本年中证 REITs （收盘）指数涨幅为 3.98%，中证 REITs 全收益指数涨幅为 4.22%。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 1.65%/上涨 6.85%/上涨 0.66%/上涨 4.30%/ 上涨 14.75%/下跌 1. ...

Investment Rating - The report maintains a rating of "Add" for the C-REITs sector [6] Core Insights - The C-REITs secondary market is showing signs of gradual recovery, with the first batch of commercial real estate REITs having been submitted for approval [3][14] - The overall market capitalization of listed REITs is approximately 228.71 billion, with an average market cap of about 2.9 billion per REIT [3][13] - The report highlights three main investment strategies: focusing on policy themes and quality undervalued projects, recognizing the market's acknowledgment of the benefits of affordable housing, and paying attention to the expansion of REITs alongside new issuances [4] REITs Index Performance - The CSI REITs total return index increased by 0.47% this week, closing at 1052.4 points, while the CSI REITs index rose by 0.35%, closing at 809.6 points [11][12] - Year-to-date, the CSI REITs total return index has risen by 4.22% [2][11] C-REITs Secondary Market Performance - The C-REITs secondary market experienced a volatile upward trend, with 41 REITs rising and 36 falling this week, resulting in an average weekly increase of 0.4% [3][13] - The energy and transportation sectors performed well, while data centers and logistics sectors saw a pullback [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being Guangzhou Guanghe REIT (10.9%), China Communications Construction REIT (9.5%), and E Fund Guangkai Industrial Park REIT (9.2%) [4] - The price-to-net asset value (P/NAV) ratio ranges from 0.7 to 1.9, with the highest being 1.9 for Huaxia Anbo Warehousing REIT [4] Investment Recommendations - The report suggests focusing on high-energy city consumption growth, value reconstruction of high-speed and IDC assets, and timing investments in affordable housing based on market resilience and pricing [4]

Core Viewpoint - Duff & Phelps Investment Management Co. has increased its position in First Industrial Realty Trust, indicating confidence in the industrial REIT despite current market challenges [2][6]. Company Overview - First Industrial Realty Trust, Inc. is a leading U.S. industrial REIT, focusing on developing and acquiring logistics properties, with at least 70.4 million square feet of industrial space owned or under development as of September 30, 2025 [5]. - The company reported a total revenue of $714 million and a net income of $236.90 million for the trailing twelve months (TTM), with a dividend yield of 3.07% [4]. Recent Transactions - In the fourth quarter, Duff & Phelps acquired an additional 735,333 shares of First Industrial Realty Trust, valued at approximately $41.04 million, bringing their total holdings to 2,184,408 shares worth $125.10 million [2][9]. - First Industrial Realty Trust now constitutes 1.42% of Duff & Phelps' 13F U.S. equity holdings [9]. Market Context - The real estate industry is facing limited supply, slower construction, and lower demand for property purchases, yet First Industrial continues to grow its revenue despite experiencing negative year-over-year net income growth in Q3 2025 [7]. - The share prices of First Industrial Realty Trust increased by approximately 14% in 2025, although growth has slowed recently [8]. Financial Flexibility - The company refinanced a $425 million loan and a $300 million loan, allowing for interest-only payments and extended maturity dates, which provides First Industrial with more financial flexibility for potential investments [8].

2026 年 01 月 31 日 首批 8 单商业不动产 REITs 正式申 报！ ——公募 REITs 周度跟踪（2026.01.26-2026.01.30） 相关研究 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 《运营整体向好，板块内部分化— —公募 REITs 周度跟踪 （2026.01.12-2026.01.16）》 2026/01/17 《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）》 2026/01/10 债 券 研 究 证 券 研 究 报 告 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 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 ...