Core Insights - The individual has extensive experience in the oil and gas sector, particularly in the Middle East, which informs their investment strategy [1] - The investment approach has evolved from growth investing to a blend of value and growth, focusing on business fundamentals and competitive advantages [1] - There is a shift towards income-generating assets as retirement approaches, emphasizing dividend-paying equities and REITs [1] Investment Philosophy - The investment strategy prioritizes understanding the underlying economics of businesses and their ability to generate consistent free cash flow [1] - A moderately conservative orientation is adopted, aiming to minimize downside risk while seeking upside potential [1] - Investing is viewed as a means to achieve peace of mind, not just high returns, with a focus on ecologically sensitive businesses [1]

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Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Insights - The REITs market is experiencing significant growth, with the market trading volume reaching 806 million shares, a year-on-year increase of 46.81%, and the trading value reaching 3.614 billion yuan, a year-on-year increase of 68.64% [3][26][28] - The Central Enterprise Natural Gas Power Public REIT has successfully listed, marking a significant step in revitalizing quality clean energy assets and innovating financing models [4][12] - The REITs sector is expected to continue to offer good investment opportunities due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds into the market [3][5] Summary by Sections Market Review - The CSI REITs closing index for the 31st week of 2025 is 870.82, up 6.76% year-on-year and up 1.25% month-on-month [5][14] - The CSI REITs total return index is 1100.9, up 16.53% year-on-year and up 1.25% month-on-month [19] Weekly Performance - Weekly performance for various REITs sectors shows: affordable housing +3.87%, environmental +0.65%, highway +0.14%, industrial park -0.02%, warehousing and logistics +1.45%, energy +1.62%, and consumption +3.98% [36] Primary Tracking - There are currently 13 REITs funds awaiting listing, indicating a vibrant issuance market [6][31]

Investment Rating - The report maintains an "Increase" rating for the C-REITs sector [6] Core Insights - The C-REITs market is expected to continue to thrive in a low interest rate environment and with ongoing macroeconomic recovery, making timing crucial for secondary market investments [5] - The C-REITs total market capitalization is approximately 212.84 billion, with an average market cap of about 3 billion per REIT [3][13] - The C-REITs full return index has increased by 13.74% year-to-date, ranking third among major indices [2][11] Summary by Sections REITs Index Performance - The C-REITs full return index rose by 1.25% this week, closing at 1100.9 points, while the C-REITs closing index also increased by 1.25%, closing at 870.8 points [1][11] - Year-to-date, the C-REITs closing index has increased by 10.29% [2][11] REITs Secondary Market Performance - The secondary market for C-REITs showed an upward trend, with 57 REITs rising and 12 falling this week, resulting in an average weekly increase of 2% [3][13] - The best-performing sectors this week included consumer infrastructure and municipal water conservancy REITs, with respective increases of 4% and 3.84% [3][13] REITs Valuation Performance - The internal rate of return (IRR) for listed REITs shows significant differentiation, with the top three being 华夏中国交建 REIT at 11.3%, 平安广州广河 REIT at 11.1%, and 中金安徽交控 REIT at 8.5% [5] - The price-to-net asset value (P/NAV) ratio for listed REITs ranges from 0.7 to 1.9, with the highest being 中金厦门安居 REIT at 1.9 [5] Trading Activity - The average daily trading volume for listed REITs was 2.968 million shares, with an average turnover rate of 1.5% [4][16] - The most actively traded REITs included 华夏华电清洁能源 REIT and 中银中外运仓储物流 REIT, with turnover rates of 29.4% and 15.7% respectively [4][16]

2025 年 08 月 02 日 市值破 2100 亿，消费类领涨 ——公募 REITs 周度跟踪（2025.07.28-2025.08.01） 相关研究 《二季报出炉，业绩承压，分化加剧 ——公募 REITs 周度跟踪 （2025.07.21-2025.07.25）》 2025/07/26 《板块走势分化，交投延续回落— —公募 REITs 周度跟踪 （2025.07.14-2025.07.18）》 2025/07/19 《整体有所回调，能源类相对抗跌— —公募 REITs 周度跟踪 （2025.07.07-2025.07.11）》 2025/07/12 证券分析师 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 联系人 杨雪芳 (8621)23297818× yangxf@swsresearch.com ⚫ 本周行情整体修复，消费类领涨，C-REITs 市值规模首破 2100 亿元。近期 REITs 迎来密集上市，上周五上市创金合信首农 REIT，本周新上市两单，一单仓储类（中 银中外 ...

Core Insights - The article emphasizes the reputation and expertise of Brad Thomas in the REIT sector, highlighting his status as a top-ranked finance analyst on Seeking Alpha [1] Group 1 - Brad Thomas is recognized as a leading authority in real estate investments, with a strong following and credibility among readers [1] - The content produced by Brad Thomas is described as well-written, factual, and engaging, indicating a high level of quality in his analysis [1] - His insights and ideas have been beneficial for investors, prompting them to conduct their own due diligence based on his recommendations [1]

Core Insights - The aviation industry showed a significant reduction in losses in Q2 2025, with domestic supply maintaining low growth and demand recovering steadily [5][31][32] - The REIT sector experienced a market correction, influenced by a shift in investor risk appetite and macroeconomic asset rotation, with fundamental pricing power being less impactful [3][4] Aviation Industry Summary - Q2 2025 saw the introduction of 107 new aircraft, with a net increase of only 52, leading to an estimated ASK growth of 6.7% year-on-year [31] - Domestic demand remained stable, with a 3.9% increase in passenger flow and a 4% decrease in domestic oil-inclusive ticket prices [31][32] - The industry achieved a record high passenger load factor, increasing by 1.9 percentage points year-on-year, with Q2 2025 expected to show a significant reduction in losses for major airlines [31][32] - The summer travel season faced unexpected weakness in business travel demand, while leisure travel remained strong, indicating a potential recovery in business travel in the future [32][33] REIT Sector Summary - The REIT sector's performance in Q2 2025 continued to align with expected trends, although the overall market experienced a downturn following the release of quarterly reports [3][4] - The differentiation among REIT sectors was less pronounced in Q2 compared to Q1, with stable sectors like affordable housing and municipal projects leading the decline [3] - The current REIT market correction coincides with a shift in investor risk preferences, with the fundamental performance of underlying assets having a diminished impact on pricing [3][4] Industry Trends and Recommendations - The aviation sector is expected to benefit from a long-term recovery in demand, with a recommendation to adopt a contrarian investment approach in the sector [33] - The REIT market is anticipated to remain influenced by its debt-like characteristics, with a focus on macroeconomic asset rotation and the impact of new policies on investor sentiment [4]

Company Overview - STAG Industrial (NYSE: STAG) is a Real Estate Investment Trust (REIT) that focuses on owning and operating industrial properties across the United States [1] Stock Performance - The stock has experienced a decline over the past year due to the prevailing market environment [1] Analyst Background - The analyst has over 10 years of experience researching companies, having analyzed more than 1000 companies across various sectors including commodities and technology [1]

【固收】大势未改，微澜有别——2025年REITs二季度季报点评 整体来看，二季度REIT经营表现基本延续预期趋势。 保障房、消费、市政环保板块方面，绝大多数项目经营表现维持稳健，部分消费项目披露租金边际下降 可能与商场营业额季节性回落下租金抽成减少有关；仓储板块整体出租率边际上升，但租金仍承压；产业园基本延续前期经营走势，工业厂房类项目出租率和 租金相对稳定，研发办公类项目多数面临"以价换量"和"量价齐跌"的情况；高速与能源板块内部分化，前者波动主要源于网路改扩建、假期与天气，后者波 动主要源于区域风光水资源变化与电价波动。 与一季度报披露后的行情类似，REIT二季度报披露后整体行情走低，但从板块结构上来看区别较大。 一季度报披露后REIT行情整体回调，板块间分化大，主 要由产业园板块领跌，经营稳健板块跌幅较小，消费板块不降反升；二季度报披露后REIT行情虽也整体回调，但板块间分化相对较小，且主要由经营更稳健 的保障房、市政板块领跌，产业园板块跌幅较小。 每周 一景：新疆 喀拉峻 点击右上角菜单，收听朗读版 本轮REIT行情回调正值投资者风险偏好转换，大类资产行情轮动期，基本面定价权重较小。 REIT本质作 ...

Group 1 - The investment group High Yield Landlord, led by Jussi Askola, provides real-time insights into a REIT portfolio and transactions, featuring three distinct portfolios: core, retirement, and international [2] - Jussi Askola is the President of Leonberg Capital, a value-oriented investment boutique that advises hedge funds, family offices, and private equity firms on REIT investments, and has authored award-winning academic papers on the subject [2] - The group offers buy/sell alerts and a chat room for direct interaction with Jussi and his team of analysts, enhancing member engagement and investment decision-making [2] Group 2 - The company invests significant resources, over $100,000 annually, into researching profitable investment opportunities, particularly in real estate strategies [1] - The approach has garnered over 500 five-star reviews from satisfied members, indicating a strong level of member satisfaction and perceived value [1]