Economic Data and Earnings Reports - A busy week of economic data is anticipated, starting with the NAHB Housing Market Index on Monday, followed by significant reports on Tuesday including ADP Employment, Building Permits, Housing Starts, Core Retail Sales, and the Unemployment Rate [4] - Additional economic indicators will be released throughout the week, including MBA Mortgage Applications, Business Inventories, Continuing Jobless Claims, Core CPI, and Core PCE [4][5][6][7] Earnings Highlights - Companies scheduled to report earnings next week include Accenture (ACN), Nike (NKE), FedEx (FDX), and Carnival Corp. (CCL), among others [5][6][7] - Specific earnings spotlight dates include December 15 for Abivax (ABVX) and Ocean Power (OPTT), December 16 for Lennar (LEN) and Worthington Enterprises (WOR), and December 17 for Micron (MU) and General Mills (GIS) [5][6][7] REIT Sector Insights - The REIT sector is viewed as stable and beneficial, focusing on income generation through predictable long-term dividends rather than stock price volatility [8] - Potential benefits for the REIT sector are anticipated if the Federal Reserve cuts interest rates, which could lead to a market rally [9] - M&A activity is strong within the REIT sector, with 36 REITs exploring options since March 2022, indicating ongoing consolidation [10] - Future growth is expected in Healthcare, particularly senior housing, and certain Retail segments, along with the emergence of new REIT classes like "AI REITs" and "Solar REITs" [10] Investment Strategy - Young investors are encouraged to utilize REITs and the power of compounding dividends for long-term wealth building, with a recommended investment horizon of 25 to 50 years [11]

高速板块领跌，指数至阶段新低 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 过去一周 REIT 市场先下后上，REITs 全收益指数一度下行至 1020 点位后回升。 投资要点： 债券研究 /[Table_Date] 2025.12.14 | | 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 转债估值及常规因子表现数据库（251208- 251212） 2025.12.13 超长债上行期：保险买入未放量 2025.12.09 12 月首周大行融出规模显著回升 2025.12.09 降息预期下，美债长端承压会持续多久 2025.12.09 破位还是触底？T、TL 合约分化 20251208 2025.12.08 证 券 研 究 报 告 请务必阅读正文之后的免责条款 ...

Group 1 - The preference for REITs over physical real estate is increasing among experienced investors due to the hassles associated with managing physical properties [1] - A hybrid investment strategy combining classic dividend growth stocks, Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1] - The focus is on uncovering high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]

Core Insights - The portfolio consists of approximately four dozen stocks, with the top 10 holdings representing about 44% of the total value [1][15] Group 1: Top Stock Holdings - SoFi has experienced a remarkable growth of about 400% from its cost basis, becoming the largest position in the portfolio due to its stellar growth and profitability [4] - MercadoLibre is recognized as the "Amazon of Latin America," with significant potential for growth in e-commerce and fintech sectors in its key markets [5] - General Motors is viewed as undervalued and overlooked, now ranking as the second-largest electric vehicle manufacturer in the U.S., with potential benefits from lower interest rates [6] - Realty Income is highlighted as a top dividend stock with a 5.7% yield and a strong track record of income growth, owning over 15,000 properties [6] - Pinterest is enhancing its e-commerce capabilities and utilizing AI for user experience improvements, showing impressive user growth despite facing international advertising challenges [8] - Berkshire Hathaway is noted for its diverse portfolio of over 60 subsidiaries and a stock portfolio exceeding $300 billion, maintaining strong cash reserves [9] - Dream Finders Homes is positioned to benefit from pent-up demand for entry-level homes, focusing on affordable markets and effective capital allocation [10] - Kinsale Capital Group specializes in specialty insurance products with a strong profitability track record, presenting a buying opportunity after a recent pullback [11] - Walt Disney is recognized for its profitable theme parks and valuable intellectual property, with significant profit potential in its streaming strategy [12] - Howard Hughes Holdings focuses on real estate development, creating value through master-planned communities and commercial property ownership [13] Group 2: Portfolio Composition and Strategy - The portfolio is heavily concentrated, with the top 10 stocks making up 44% of the total account value, reflecting high conviction in these investments [15] - The investor plans to diversify and build smaller stock and ETF positions using new deposits in 2026 [15] - The portfolio also includes substantial ETF holdings, particularly in Vanguard index funds, which would rank among the largest holdings if included [14]

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with 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 balanced approach to investing, suggesting that a solid base of dividend growth stocks can be effectively supplemented with other asset types to maximize income potential [1]. - The strategy aims to capture total returns that align with the performance of the S&P index, indicating a focus on both growth and income [1].

REIT Sector Performance - The REIT sector rebounded in November with a +1.02% return, narrowing the year-to-date negative total return to -2.55% for the average REIT [1] - REITs outperformed the broader market in November, exceeding the returns of the Dow Jones Industrial Average (+0.5%), S&P 500 (+0.2%), and NASDAQ (-1.4%) [1] - The Vanguard Real Estate ETF (VNQ) achieved a return of +2.42% in November, significantly outperforming the average REIT [1] - The spread between the 2026 FFO multiples of large cap REITs (16.2x) and small cap REITs (12.8x) widened, with investors paying 26.6% more for large cap REITs [1] Property Type Performance - In November, 9 out of 18 property types averaged positive returns, with a 33.18% total return spread between the best (Advertising +22.32%) and worst (Data Centers -10.86%) performing property types [5][6] - Year-to-date, Health Care (+30.53%) and Advertising (+24.67%) are the only property types with double-digit positive returns, while Office (-18.35%) and Data Centers (-13.93%) have seen significant declines [7][10] Market Capitalization Insights - Mid cap REITs averaged gains of +3.53%, while small cap REITs gained +3.38%, contrasting with large cap REITs which only gained +0.32% [3] - The average P/FFO for the REIT sector increased from 13.5x to 13.7x during November, with 50% of property types experiencing multiple expansion [7] Individual Security Highlights - OUTFRONT Media (OUT) led the sector with a +33.01% return in November after strong Q3 earnings and raised guidance [9] - Office Properties Income Trust (OPI) faced a significant decline of -54.53% in November, following its Chapter 11 bankruptcy filing, bringing its year-to-date total return to -98.25% [10] Dividend Yield Insights - High dividend yields are a key attraction for investors in the REIT sector, with many REITs trading below their NAV, resulting in attractive yields [14][15]

Group 1: REITs Market Analysis - The current REITs market has experienced a correction, leading to reasonable valuations, making it attractive for long-term investors to seize quality project opportunities during adjustments [1][6] - It is recommended to focus on two main lines based on Q3 performance: sectors with strong fundamentals such as data centers and affordable rental housing, and REITs expected to see quarter-on-quarter performance improvement in Q4, benefiting from events like the National Day holiday and "Double Eleven" promotions [1][6] - A significant unlocking of strategic placement shares is anticipated in November-December 2025, with a monthly unlocking scale exceeding 1 billion shares, creating structural entry opportunities despite short-term liquidity pressures on some quality targets [6][8] Group 2: Public Fund Investment Strategy - In 2025, the public fund scale and share both increased, but the structure changed, with fixed income and index equity experiencing net subscriptions, while fixed income and active equity faced net redemptions [2][11] - The outlook for 2026 suggests continued upward potential for equities, with a recommendation to maintain a balanced allocation between growth and reversal strategies, adapting flexibly to short-term opportunities [2][11] - A global multi-asset allocation approach is advised, with a focus on selecting products from various sub-strategies [11][12] Group 3: Wind Power Industry Outlook - The wind power industry maintains a high level of prosperity, with two main stock selection lines identified: strong performance in wind turbine bidding prices and the potential for significant growth in domestic and overseas wind power demand [3][17] - The average bidding price for onshore wind turbines has shown a continuous increase, with a year-on-year rise of 6.86% for onshore turbines and 9.78% for onshore turbines including towers [17][19] - Domestic offshore wind projects are progressing smoothly, with expectations for high growth in installation capacity from 2025 to 2026, and overseas offshore wind demand is also robust, indicating significant growth opportunities [18][19] Group 4: North Exchange Market Development - The North Exchange has achieved significant growth, with the number of listed companies reaching 280 and total market capitalization exceeding 900 billion yuan, indicating its role as a core platform for innovative small and medium enterprises [4][21] - The market is expected to enter a new cycle of high-quality expansion in 2026, shifting focus from scale expansion to quality improvement, with anticipated policy dividends and enhanced market functions [21][22] - Investors are encouraged to identify investment opportunities arising from policy releases and to focus on specialized and innovative enterprises with high technical barriers and R&D investments [22]

REITs 月月谈：政策红利仍在延续，关注年末配置窗口 20251210 摘要 证监会加速商业不动产 REITs 发行，提升规模供给，吸引更多市场化主 体参与，长期配置价值凸显，经济回升时有望带来超额收益。 商办类资产中，零售型业态最稳定，写字楼和酒店顺周期性强。类一线 城市商办物业优于产业园，但租金和出租率承压，酒店波动大，适合高 风险偏好投资者。 公募 REITs 市场 10 月、11 月连续下跌，但跌幅收窄。高速公路、消费 和保租房板块表现相对较好，市政环保、数据中心回调，能源仓储产业 园跌幅较大。 未来关注多空博弈及跨年配置节奏，政策端对资产和资金呵护预计持续， 建议关注基本面稳健的数据中心、消费、保租房及部分高速公路项目， 逢低吸筹。 当前交易逻辑仍为类固收，建议逐步吸筹基本面过关且估值合理的券种， 关注底层资产与运营管理人的组合，警惕非市场化条款带来的波动风险。 Q&A 商办类资产在当前市场中的表现如何？ 商办类资产，包括综合体验、写字楼和酒店等业态，其稳定性和韧性有所不同。 零售型业态被认为是最稳定的，而写字楼和酒店则具有更强的顺周期性。类一 新项目集中于商办领域，零售型业态相对稳定，写字楼和酒 ...

David A. Johnson is founder and principal of Endurance Capital Management, a New Jersey Limited Liability Company. As an investor entrepreneur, David invests in stocks, bonds, options, ETFs, REITs, real estate, closed end funds and alternative investment funds such as hedge funds and private credit. With over 30 years’ experience in investing, David holds a Master of Science (MS) Degree in Finance, with a concentration in Investment Analysis, from Boston University, a Certificate in Financial Planning, and ...

2025 was a year of restraint. High borrowing costs torpedoed distributions, chilling investor sentiment, leaving REIT valuations flat. Everything changed as the year closed.Rate cuts weren’t just chatter anymore, they started to feel real. Inflation softened, and the key sectors – retail, industrial, and commercial – finally found their footing in both rents and occupancy.Now, 2026 is poised for a turnaround. This recovery probably may not roar back like past cycles, but it promises to be steadier, more dis ...