• 盈利稳：银行、公用事业、电信运营商这类龙头，就算经济波动也能赚钱； • 分红稳：国央企市值管理新政鼓励分红，分红手续费还降了，政策托底明显。 上海的陈先生去年买了某电信央企股票，除了每年 5.3% 的分红，股价还涨了 12%，算下来年化收益 17%。他说："比存款赚得多，风险比炒股小，适合不 想操心的普通人。" 公募 REITs 也是好选择。保障房类 REITs 股息率普遍 3%-4%，底层是收租金的实物资产，相当于 "买了个能收租的门面"，比存款灵活，收益还更高。 10 年期国债收益率跌到 1.6%，国有大行 3 年定存利率破 2%，货币基金收益连创新低。 数据很扎心：居民存款单月新增 1.8 万亿元，大家都在把钱往银行搬。但另一面，北向资金单周净流入 230 亿元，社保基金悄悄加仓两类资产 —— 高股息 股票和长久期成长标的。 不是存钱错了，是只存钱会亏。低利率时代，钱躺在银行里，每年实际购买力都在缩水。聪明钱早就看懂：与其赚 1.5% 的利息，不如布局能穿越周期的核 心资产。 1. 高股息资产：5%+ 收益的 "类存款" 替代品 利率越低，稳定分红越香。中证红利指数现在股息率 5.16%，比 3 年 ...

Core Insights - The public REITs sector has reported its second-quarter performance, revealing mixed results in revenue and distributable amounts across various products [1][2][3]. Revenue Performance - A total of 66 public REITs have disclosed operational data, with 62 having comparable data. Among these, 13 products achieved revenue exceeding 100 million yuan in the second quarter, with only 28 showing a quarter-on-quarter increase [1][2]. - The top revenue-generating product was Ping An Ningbo Transportation REIT, with 535 million yuan, followed by Penghua Shenzhen Energy REIT at 386 million yuan, and CITIC Construction Investment National Power Investment New Energy REIT at 243 million yuan [2]. - Overall, the public REITs sector experienced a quarter-on-quarter revenue decline of 2.6% and 5.8% year-on-year [1][3]. Net Profit Analysis - Most of the 62 products with comparable data reported profitability, with 24 products achieving net profits exceeding 10 million yuan. The highest net profit was recorded by Ping An Ningbo Transportation REIT at 113 million yuan [3][4]. Distributable Amounts - In terms of distributable amounts, 36 products saw an increase quarter-on-quarter, with five products exceeding 100 million yuan in distributable amounts [1][4]. - However, 26 products experienced a decline in distributable amounts, with six products showing a decrease of over 50% [4][5]. Sector Performance Insights - The most stable performances were noted in the affordable housing and consumer sectors, while the energy sector faced significant seasonal fluctuations. The logistics sector showed a mixed performance, and the industrial park sector experienced notable declines [6].

Market Performance - On July 1, the Shanghai Composite Index rose by 0.39%, the Shenzhen Component increased by 0.11%, while the ChiNext Index fell by 0.24%[3] - The total trading volume in the Shanghai and Shenzhen markets approached 1.5 trillion yuan, slightly down from the previous trading day[1] - Over 2,600 stocks rose in the two markets, indicating a structural rotation of market hotspots[1] Sector Highlights - The pharmaceutical sector, particularly innovative drugs, immunotherapy, weight loss drugs, and vitamins, showed strong performance[1] - The semiconductor equipment industry within the technology sector also attracted significant market attention[2] Fund Flows - On July 1, net inflows into the Shanghai Stock Exchange were 5.69 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 290 million yuan[4] - The top three sectors for capital inflow were chemical pharmaceuticals, chemical products, and electricity[4] Policy Developments - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, enhancing information sharing among healthcare, insurance, and pharmaceuticals[5] - The measures aim to expedite the entry of innovative drugs into designated medical institutions and ensure timely adjustments to drug supplies[5] Economic Indicators - The Caixin China Manufacturing PMI for June rose to 50.4, indicating a return to the expansion zone, up by 2.1 percentage points from May[6] - The State-owned Assets Supervision and Administration Commission emphasized the development of the new energy vehicle industry and enhancing talent capabilities[7] Industry Trends - The GenAI IaaS market in China is projected to reach 8.74 billion yuan in the second half of 2024, marking a year-on-year increase of 165%[8] - The film box office for the first half of 2025 reached 29.231 billion yuan, with a year-on-year growth of 22.91%[9] - Heavy truck wholesale sales in June increased by approximately 29% year-on-year, with total sales around 92,000 units[11] Fund Management - Public REITs have surpassed a total market value of 200 billion yuan since their inception in 2020, following the implementation of new guidelines for registration and settlement[12] - Twelve public funds with over 100 billion yuan in management collectively manage 3.59 trillion yuan, accounting for 80% of the total ETF market[13]

Market Performance - On June 9, the Shanghai Composite Index rose by 0.43%, the Shenzhen Component Index increased by 0.65%, and the ChiNext Index gained 1.07%[3] - Market turnover reached 1.31 trillion, an increase of approximately 130 billion compared to the previous trading day[1] Sector Analysis - All sectors except food and beverage saw gains, with pharmaceuticals, military industry, agriculture, and textiles leading the increases[1] - The military and innovative pharmaceuticals sectors have shown significant strength, driven by recent geopolitical events and advancements in clinical research[1] Economic Indicators - In May, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 0.4% month-on-month, with a year-on-year decline of 3.3%[5] - For the first five months of the year, China's total goods trade value reached 17.94 trillion, reflecting a year-on-year growth of 2.5%[6] Investment Trends - In the first week of June, new fund issuance exceeded 31 billion, with equity funds showing a "high volume, low amount" characteristic, totaling only 5.82 billion[11] - Public REITs' total market value surpassed 200 billion for the first time, with the Shanghai Stock Exchange accounting for nearly 70% of this total[12][13]

每经记者｜李蕾 每经编辑｜彭水萍 上周，我国已上市公募REITs的二级市场价格整体呈现震荡上行的趋势。截至5月9日，中证REITs（收盘）指数收于848.41点，环比上涨0.28%；中证REITs全 收益指数收于1062.05点，环比上涨0.39%。各大类资产收益表现由高到低排序依次为：可转债>美股>A 股>黄金>REITs>纯债>原油。 在这其中，保障房、消费基础设施板块REITs表现较优，其中保障房板块交易活跃度最高。 | | | | | --- | --- | --- | | 基金筒称 | 基金成立日 | 上市 | | 华安百联消费REIT | 2024-07-11 | 2024- | | 工银蒙能清洁能源REIT | 2024-11-28 | 2024- | | 国泰君安临港创新产业园REIT | 2022-09-22 2022- | | | 中金厦门安居保障性租赁住房REIT 2022-08-22 | | 2022- | | 华夏基金华润有巢REIT | 2022-11-18 | 2022- | | 华夏深国际REIT | 2024-06-25 | 2024- | | 华夏北京保障房REIT | 2 ...