Core Insights - Recent surge in cross-border ETFs has led to noticeable premiums in the secondary market, attracting market attention [1][3] - The rapid expansion of cross-border ETF scale reflects increasing investor demand for overseas asset allocation and the continuous inflow of incremental funds [2][5] Group 1: Market Dynamics - Cross-border ETFs are experiencing a phase of premium due to a mismatch between price and net value, influenced by structural capital flows and market sentiment [2][4] - Multiple cross-border ETFs have issued premium announcements recently, with significant premiums observed in products like E Fund MSCI US 50 ETF and E Fund Nikkei 225 ETF, indicating high trading activity in cross-border assets [3][4] Group 2: Structural Premiums - The structural premium in cross-border ETFs arises from the asynchronous nature of net value updates and overseas market trading, leading to short-term price mismatches [4] - External factors such as overseas market volatility, exchange rate changes, and liquidity of constituent stocks also impact the speed of premium convergence [4] Group 3: Growth of Cross-Border ETFs - The scale of cross-border ETFs has doubled this year, reaching 923.78 billion, up from 424.02 billion at the beginning of the year, indicating a rapid growth in this segment of public funds [5] - Notable products like the FTSE China Hong Kong Internet ETF and Huaxia Hang Seng Technology ETF have surpassed 40 billion in scale, contributing to the overall growth of cross-border ETFs [5]

针对ETF市场爆发式增长的行业现象，谭晓冈表示，公募与券商可围绕ETF构建全链条合作模式。产品 开发端，共创策略化、智能化ETF工具库，推出Smartβ、主动管理等特色ETF，实现从贝塔收益到阿尔 法收益的延伸；生态运营端，共建高韧性、低摩擦生态系统，强化流动性做市服务，合规推进数据共享 与ETF衍生品开发，降低交易成本并完善风险对冲工具；资产配置端，共推ETF解决方案，基金公司创 设多风险等级产品，券商依托客群优势构建ETF资产配置组合，将产品优势转化为客户长期价值。 谭晓冈最后表示，公募基金与证券公司的深度协同是行业发展的必然选择，通过三大转型与核心抓手落 地，将推动构建更健康韧性的财富管理生态，助力客户财富保值增值与国家战略落地实施。 据介绍，大成基金近年来在中泰证券等券商支持下，推出科创板、碳中和等创新产品，近三年旗下公募 基金投向信息科技领域的资产规模和占比持续提升，投向绿色金融领域的资金规模更接近翻倍。 在谈及财富管理高质量发展的关键抓手时，谭晓冈强调，投顾业务、人工智能技术与多层次产品体系是 核心发力点。投顾业务方面，双方应共建"投顾驱动模式"，基金公司输出投资陪伴内容，券商投研结合 客户需求落 ...

Core Viewpoint - Recent observations indicate that several cross-border ETFs have experienced temporary premiums in the secondary market, attracting market attention [1] Group 1: Market Dynamics - The cross-border ETF market has seen a rapid expansion this year, with significant growth in multiple thematic products, driven by continuous inflow of incremental funds and the introduction of new products [2][5] - The trading activity of cross-border ETFs has increased significantly due to domestic investors' growing demand for overseas asset allocation, leading to noticeable premiums in the secondary market [3] Group 2: Premium Mechanism - The cross-border ETFs exhibit a "price leading, net value lagging" phenomenon due to their cross-time valuation mechanism and structural capital flows, making short-term mismatches more likely [2][4] - The premium observed in cross-border ETFs is primarily a temporary deviation between price and net value, rather than an indication of inherent excess value in the products [4] Group 3: Fund Size and Growth - The latest scale of cross-border ETFs has reached 9237.82 billion, doubling from 4240.17 billion at the beginning of the year, reflecting a diversification in investor allocation needs [5][6] - Several cross-border ETFs, such as those tracking Hong Kong stocks, have shown particularly notable growth, with some products exceeding 200 billion in incremental scale this year [6]

11月14日，国内头部信托机构中信信托将姚振华旗下宝能城有限公司一笔14.08亿元的不良债权公开挂 牌处置，引发业内广泛关注。 此次处置的债权包含借款本金10亿元、剩余利息2.265亿元及其他费用1.816亿元，抵押物为深圳市南山 区留仙大道北侧宝能城花园(东区)三期工程中的160套房产，房产产权属性为"商住混合用地/商业"。 宝能旗下160套房被拍卖，位于深圳核心区域，小区挂牌均价10.58万元/平方米 每经记者｜陈荣浩 《每日经济新闻》记者(以下简称"每经记者")注意到，上述位于深圳核心区域的房产已存在二押、三 押、四押及司法查封等多重权利限制。 据披露，中信信托已就该笔债权向深圳市中级人民法院提起诉讼，诉求包括判令债务人支付回购价款、 特定资产收益款及违约金等相关费用，并主张对抵押物拍卖变卖价款享有优先受偿权，同时要求宝能地 产和宝能控股承担连带清偿责任。目前，该案已进入一审程序，预计2025年四季度开庭审理。 值得一提的是，作为债权处置方，中信信托此次采用了"不预设转让底价但设置保留底价"的网络竞价规 则。而作为被拍卖的宝能方，每经记者梳理发现，今年以来宝能系已有多笔股权、资产被处置。 160套房"不 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 2025年11月10日-2025年11月14日（以下简称"本周"），我国已上市公募REITs二级市场价格整体呈现波动 上涨的态势：加权REITs指数收于184.03，本周回报率为0.95%。与其他主流大类资产相比，回报率由高至 低排序分别为：黄金>REITs>可转债>纯债>美股>A股>原油。 从项目属性来看，本周产权类和特许经营权类REITs的二级市场价格均有所上涨。 从底层资产类型来看，本周保障房类REITs涨幅最大。本周回报率排名前三的底层资产类型分别为保障房 类、交通基础设施类和消费类。 从单只REIT层面来看，本周公募REITs涨跌互现，有56只REITs上涨，有1只REIT与上周持平，有20只 REITs下跌。涨跌幅方面，涨幅 ...

Group 1 - The central bank reported that the cumulative increase in social financing for the first ten months reached 30.9 trillion yuan, which is an increase of 3.83 trillion yuan compared to the same period last year [2] - The M2 money supply increased by 8.2% year-on-year, while the social financing stock grew by 8.5% year-on-year, indicating a slight decrease in growth rates [2] - The Ministry of Industry and Information Technology announced the completion of the first phase of 6G technology testing, resulting in over 300 key technology reserves [2] Group 2 - The Ministry of Industry and Information Technology plans to develop the "14th Five-Year" plan for intelligent connected new energy vehicles and new battery industries, focusing on expanding the application of power batteries and supporting innovative battery swapping models [3] - The number of newly issued funds this year reached 1,371, the highest in nearly three years, with an average fundraising scale of 782 million yuan, indicating a shift in the public fund issuance market towards a more diversified approach [3] - The China Securities Investment Fund Association is soliciting opinions on guidelines to manage the investment style of theme investment funds, aiming to prevent style drift and ensure stability in investment direction [4][5] Group 3 - Federal Reserve official Bostic expressed a preference for maintaining the federal funds rate stability until clear evidence of inflation moving towards the 2% target is observed [7] - U.S. White House officials are discussing administrative orders to limit the influence of proxy advisers and index fund giants, indicating potential regulatory changes in the investment advisory space [7] Group 4 - Recent global stock market performance has shown divergence, with the Shanghai Composite Index down 0.18% and the Hang Seng Index up 1.26%, reflecting mixed investor sentiment [8][9] - In the bond market, the yield on 10-year Chinese government bonds rose by 1.56 basis points to 1.81%, while the yield on 10-year U.S. government bonds increased by 3.0 basis points to 4.14% [12][13] Group 5 - In the commodity market, precious metals rebounded with COMEX gold rising by 1.86% and silver by 4.69%, while international oil prices also saw an increase [15][16] - The recent week saw a significant dominance of fixed income and pure debt products in bank financing channels, contributing nearly 70% of the total number of funds and over 90% of the financing scale [19][17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the Hang Seng Index rose, the equity market declined overall, the ChiNext Index fell significantly, and the large - cap value style was dominant. In terms of industries, consumer services and textile and apparel led the gains, while communications, electronics, and computers lagged [1][2][6]. - The average return of the full - market active equity funds was - 0.80%. Funds with better performance were mostly heavy in industries such as pharmaceuticals, electronics, and basic chemicals. Among industry - themed funds, pharmaceutical sector funds had the leading average return, while TMT sector funds had relatively lower average returns [1][2]. - The bond market rose overall this week. The average return of short - term bond funds was 0.04%, and that of medium - and long - term bond funds was 0.07%. Bond funds with equity exposure had an average positive return, and the convertible bond market also rose, with convertible bond funds having an average positive return [1][2]. - As of November 12, 2025, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.32%, 0.58%, and 0.59% respectively [2]. - During the statistical period, the average increases of equity - oriented, index - type, alternative, and bond - type QDII funds were 1.16%, 1.74%, 2.04%, and 0.26% respectively. REITs rose by an average of 0.84% this week [2]. 3. Summary by Relevant Catalogs 3.1 Market Review - The equity market declined overall, with the CSI 300 Index closing at 4628, down 1.08%; the Shanghai Composite Index at 3990, down 0.18%; the Shenzhen Component Index at 13216, down 1.4%; and the ChiNext Index at 3112, down 3.01%. In the Hong Kong stock market, the Hang Seng Index rose 1.26%, and the Hang Seng Tech Index fell 0.42% [6]. - In terms of industries, consumer services and textile and apparel led the gains, with increases of over 4%, while communications, electronics, and computers lagged [8]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the full - market funds in the sample was - 0.80%. Funds with better performance were heavy in industries such as pharmaceuticals, electronics, and basic chemicals. Among industry - themed funds, pharmaceutical sector funds had the leading average return, while TMT sector funds had relatively lower average returns [13][14]. - **Position Calculation**: The positions of common stock - type and partial - stock hybrid funds both increased this week. Compared with the previous week, the position of common stock - type funds increased by 0.56 percentage points, and that of partial - stock hybrid funds increased by 1.10 percentage points. Actively managed partial - stock funds increased their allocations to growth, consumption, and stability sectors and reduced their allocations to finance and cyclical sectors. In terms of sub - industries, the allocations to electronics, beauty care, and food and beverage increased, while those to automobiles, non - ferrous metals, and basic chemicals decreased [19]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market rose overall this week. The ChinaBond Total Wealth Index closed at 246.41, up 0.07% from last week; the ChinaBond Treasury Bond Index at 246.76, up 0.05%; and the ChinaBond Credit Bond Index at 224.99, up 0.03%. The CSI Non - Pure Bond Fund Index rose 0.21% compared with last Thursday. The CSI Convertible Bond Index closed at 491.71, with a weekly increase of 0.52%, and the trading volume was 349.4 billion yuan, a change of 6.722 billion yuan from last week [23][25]. - **Fund Performance Overview**: The average return of short - term bond funds was 0.04%, and the median was 0.04%; the average return of medium - and long - term bond funds was 0.07%, and the median was 0.06%. The average return of first - tier bond funds was 0.09%, and the median was 0.07%; the average return of second - tier bond funds was 0.04%, and the median was 0.05%. The average return of partial - bond hybrid funds was 0.03%, and the median was 0.05%; the average return of low - position flexible allocation funds was - 0.06%, and the median was - 0.01%. The average return of convertible bond funds was 0.17%, and the median was 0.17% [27][29][32]. 3.2.3 FOF Funds - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.32%, 0.58%, and 0.59% respectively [34]. 3.2.4 QDII Funds - During the statistical period, the average increases of equity - oriented, index - type, alternative, and bond - type QDII funds were 1.16%, 1.74%, 2.04%, and 0.26% respectively [35][36]. 3.2.5 REITs Funds - REITs rose by an average of 0.84% this week. Among them, CICC Liandong Science and Technology Innovation Industrial Park REIT led the gains, rising 6.24% in the past week. Huaxia Hefei High - tech Industrial Park REIT had the strongest liquidity, with a trading volume of 116.2895 million yuan in the past week [37].

Market Outlook - The recent surge in the A-share market, with the Shanghai Composite Index surpassing 3600 points and a cumulative increase of over 18% in three months, is seen as a new starting point for a slow bull market, but caution is advised [3] - The core support for this market rally is attributed to the influx of long-term capital, including increased holdings by central financial institutions, insurance funds, bank wealth management reallocating to equity assets, and foreign capital returning to the market [3] Sector Rotation - The rapid switching of A-share hotspots this year, from financial sectors to technology and new concepts, is interpreted as a reflection of policy-driven market adjustments rather than random fluctuations [4] - The government aims to promote a healthy and stable rise in indices, avoiding excessive concentration of funds that could lead to bubbles and subsequent sharp corrections, thus maintaining market resilience through structural opportunities [4] Characteristics of Slow Bull Market - The current "slow bull" market in A-shares shares commonalities with historical trends but also exhibits significant differences, particularly in four dimensions: institutional transformation of investor structure, precision expansion of policy tools, generational leap in industrial technology, and the formation of a domestic circulation-led global context [5] - These factors are reshaping stock valuation systems, market risk mitigation mechanisms, and the pathways for external shocks, necessitating a contemporary understanding of market dynamics rather than relying solely on historical comparisons [5] Investment Strategy - The investment approach focuses on major themes such as the US-China competition, with tracking and positioning in sectors like computing power, rare earth permanent magnets, nuclear fusion, shipping, and military drones [7] - The strategy framework combines subjective analysis with quantitative support, emphasizing respect for market rules and integrating thorough research and micro insights to capture trading opportunities in strong sectors during market rotations [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The REITs market rebounded this week, with transportation and affordable housing leading the gains. The National Development and Reform Commission (NDRC) has recommended 105 REITs projects to the China Securities Regulatory Commission (CSRC), of which 83 have been successfully listed. Although the issuance scale this year has decreased compared to 2024, the market supply will still be supported next year [2]. - The subscription enthusiasm for the public offering of the Anbo Warehouse REIT has significantly declined this week, with the subscription multiple dropping to the lowest level this year and the allocation ratio significantly increasing to 5.8% [2]. - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. 3. Summary by Relevant Catalogs 3.1 Primary Market: One Newly Issued Public Offering REITs Made Progress - As of November 14, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 387.9 billion yuan, a year-on-year decrease of 20.8%. This week, the Huaxia Anbo Warehouse Logistics REIT completed its fundraising, with offline and public effective subscription multiples of 147 and 17 times respectively [2]. - Currently, there are 8 newly issued REITs in the approval process, 1 has been questioned and responded to, 1 has passed the review, and 1 has been registered and is awaiting listing. There are 5 REITs applying for expansion, 3 have been questioned and responded to, and 3 have passed the review [2]. 3.2 Secondary Market: Index Rebounded This Week 3.2.1 Market Review: CSI REITs Total Return Index Rose 0.86% - The CSI REITs Total Return Index closed at 1050.45 points this week, up 0.86%, outperforming the CSI 300 by 1.94 percentage points and the CSI Dividend by 0.60 percentage points. The index has increased by 8.53% since the beginning of the year, underperforming the CSI 300 by 9.09 percentage points but outperforming the CSI Dividend by 5.20 percentage points [2]. - By project attribute, equity REITs rose 0.81% this week, and concession - based REITs rose 1.11%. By asset type, transportation (+1.55%), affordable housing (+1.50%), consumption (+1.17%), and warehousing logistics (+0.85%) sectors performed well [2]. 3.2.2 Liquidity: Liquidity in the Environmental Protection and Water Services and Data Center Sectors Increased Significantly - The average daily turnover rates of equity and concession - based REITs this week were 0.59% and 0.47% respectively, a decrease of 1.53 basis points and an increase of 2.26 basis points compared to last week. The trading volumes were 573 million shares and 138 million shares respectively, a week - on - week decrease of 1.66% and an increase of 6.62% [2]. - The data center sector was the most active [2]. 3.2.3 Valuation: The Affordable Housing Sector Had a Higher Valuation - According to the ChinaBond valuation yield, the yields of equity and concession - based REITs were 3.85% and 3.92% respectively. The warehousing logistics (5.45%), transportation (4.74%), and park (4.64%) sectors ranked in the top three [2]. 3.3 This Week's News and Important Announcements - **News**: On November 11, the deputy director of the Investment Department of the NDRC stated that the NDRC has recommended 105 REITs projects to the CSRC, of which 83 have been successfully listed. The total issuance scale this year is 41.5 billion yuan, including 19 newly issued REITs (38.8 billion yuan) and 2 expansion offerings (2.67 billion yuan), showing a decrease compared to 2024 [2]. - **Announcements**: Multiple REITs announced dividends this week, and the strategic placement shares of the China Merchants Expressway REIT will be lifted on November 21, 2025 [30].

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the potential for continued investment opportunities, particularly in sectors like artificial intelligence, engineering machinery, chemicals, power batteries, and non-ferrous metals, despite the market's recovery being seen as a mere correction after previous declines [2][4]. Market Overview - The A-share market has reached 4000 points for the first time in ten years, with many investors achieving good returns this year [1]. - The overall market valuation remains reasonable and potentially undervalued, indicating room for further recovery as policies take effect and the economy rebounds [2]. Investment Focus Areas - The focus remains on transformative opportunities brought by AI, with ongoing tracking for more investment prospects [2]. - Other sectors of interest include engineering machinery, chemicals, power batteries, and non-ferrous metals, with traditional industries also showing potential [2]. Stock Selection Strategy - The strategy emphasizes selecting growth stocks, particularly those with stable earnings growth despite significant past declines, which may yield excess returns as performance materializes [4]. - The investment approach will prioritize sectors benefiting from economic transformation and consumer spending, as disposable income continues to rise [4]. Economic and Market Outlook - The outlook for the fourth quarter suggests that market opportunities may outweigh risks, with a focus on stock selection as the primary strategy [4]. - Factors such as potential interest rate cuts by the Federal Reserve, domestic liquidity easing, and supportive policies are expected to benefit the overall stock market [6]. Sector-Specific Insights - AI is highlighted as a key area for growth, with expectations for significant advancements in commercialization and applications in various fields [6]. - The lithium battery sector is anticipated to see increased demand, particularly from electric vehicles and energy storage, with a positive outlook for the second half of the year [6]. - Non-ferrous metals, particularly copper and gold, are expected to maintain strong demand and profitability due to favorable supply-demand dynamics [8]. Consumer Trends - The article notes a shift in consumer behavior among younger generations, leading to increased spending and the emergence of new consumption patterns, which could benefit specific sectors [17].