伴随港、A股牛市行情持续演绎，市场情绪高涨，但同时这也意味着越到后期市场的波动也将更为剧 烈，对于后来者而言，显然心理压力更大。 那么，在这种市场环境下，投资者普遍更青睐于追求那些既能提供安全边际，又能在牛市中展现弹性收 益的投资机会。 纵观整个市场，商业房托（REITs，房地产投资信托基金）能够满足这种市场对稳定性和增长潜力的双 重期待。 近期，正值招商局商业房托公布财报，不妨就此来探讨这背后的逻辑。 首先，是高分红构筑的安全垫。 商业房托的核心优势之一是其稳定的现金流和高分红政策。由于其主要收入来源是商业地产的租金收 入，这种收入相对稳定，受经济周期波动的影响相对较小。 以招商局商业房托来看，其持有多个甲级写字楼、创意写字楼和商业综合体。这些核心资产位于北京、 深圳核心地段，具有稳定的客流量和较高的租金收入。这种稳定的现金流使得招商房托能够持续进行高 分红，为投资者提供稳定的收益。 财报数据显示，2025年上半年，公司总收入达到2.25亿人民币，其中租金收入1.96亿人民币。另外公司 可分派收入达到5746万元。而截至目前公司的年化分派率则达到了9.1%，且自上市以来始终保持100% 派息率。显然，良好的 ...

Group 1: Inflation Trends - The June Consumer Price Index (CPI) in the U.S. rose by 2.7% year-on-year, slightly exceeding expectations of 2.6%, and up from the previous value of 2.4% [1][2] - The core CPI increased by 2.9% year-on-year, meeting expectations but higher than the previous value of 2.8% [1][2] - The overall CPI data indicates a subtle resurgence of inflationary pressures, prompting a reassessment of market expectations regarding inflation [2] Group 2: Housing Market - The housing index increased by 0.2% in June, contributing significantly to the overall index rise [3] - Housing is viewed as a necessity with stable demand, showcasing strong anti-inflation properties [3] - Real estate investments, particularly Real Estate Investment Trusts (REITs), are expected to provide considerable returns due to stable rental income and property appreciation potential [3] Group 3: Energy Sector - The energy index rose by 0.9% in June, with gasoline prices increasing by 1.0% [4] - Over the past year, the energy index has decreased by 0.8%, with gasoline prices down by 8.3% [4] - Long-term opportunities are anticipated in the clean energy sector, driven by increasing global demand for renewable energy sources [4] Group 4: Food Industry - The food index rose by 0.3% in June, with household and away-from-home food prices increasing by 0.3% and 0.4%, respectively [5] - The food sector is characterized by rigid demand, less affected by economic cycles, and is experiencing a shift towards higher quality and safety standards [5] - Companies with brand advantages and those focusing on organic and health food production are expected to thrive in the competitive landscape [5] Group 5: Non-Food and Non-Energy Sectors - The index excluding food and energy rose by 0.2% in June, with a year-on-year increase of 2.9% [6] - Sectors such as home furnishings, healthcare, and entertainment are showing upward trends, while used and new vehicle prices are declining [6] - The healthcare sector remains attractive due to stable demand, especially for innovative pharmaceutical companies and high-end medical service providers [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The REITs market is expected to continue to perform well due to the downward pressure on bond market interest rates, enhancing the attractiveness of REITs as high-dividend, medium-low risk assets. The anticipated increase in social security and pension fund investments is expected to further improve the cost-effectiveness of allocations in this sector [3][5]. Market Overview - As of the 24th week of 2025, the CSI REITs (closing) index was 893.99, up 12.93% year-on-year and 0.87% month-on-month. The CSI REITs total return index was 1124.63, up 20.46% year-on-year and 0.88% month-on-month. Year-to-date, the REITs index has increased by 18.18%, outperforming the CSI 300 index, which has risen by 12.11%, resulting in an excess return of +6.07% [3][5][15][19]. Trading Volume and Performance - The trading volume of the REITs market reached 590 million shares, a year-on-year increase of 27.43%, with a transaction value of 2.844 billion yuan, up 42.06% year-on-year. The turnover rate for the period was 3.01%, down 11.73% year-on-year [3][26][32]. - In the 25th week, the weekly performance of various REITs sectors was as follows: affordable housing REITs rose by 5.32%, environmental REITs by 1.32%, while highway REITs fell by 0.60% [40][58]. Sector Performance - The one-month performance for the sectors was: affordable housing +8.21%, environmental +2.36%, highway +2.08%, industrial park +1.16%, warehousing and logistics +2.41%, energy +4.44%, and consumer +4.05% [40][58]. Upcoming Developments - The first batch of data center REITs has been registered, and public bidding for two 5A scenic area REITs has commenced. The Southern Runze Technology Data Center REIT has received approval from the China Securities Regulatory Commission, marking it as the first data center REIT on the Shenzhen Stock Exchange [4][12][13].

Group 1 - Citigroup reports that Link REIT (00823) will create a dual-engine through fund management and listed REITs under its 3.0 strategy [1] - The bank believes that Link REIT may cultivate a developed market trust fund in asset management in the short term, but pure asset separation is unlikely to occur soon [1] - Citigroup maintains a "Buy" rating on Link REIT with a target price of HKD 47.25, citing a yield of 6.5% which is 200 basis points higher than the 10-year US Treasury yield [1] Group 2 - Link REIT's stock price has increased by 25% since April, with a yield of 6.4% that is in line with the 10-year average, but lower than the 3-year and 5-year averages of 250 basis points [2] - Citigroup expects a decline in Distribution Per Unit (DPU) by approximately 2.5% due to a 3% to 5% negative rental adjustment, making total returns appear reasonable [2] - The company is expected to outperform the overall market through leasing and cost optimization in response to macroeconomic headwinds [2]

Group 1 - The S-REITs sector in Singapore experienced a decline of 6.2% due to the imposition of tariffs in early April, with a year-to-date total return of only 0.4%, underperforming the Straits Times Index and MSCI Singapore Index by 4.3% and 11.0% respectively [1] - The overall distribution per unit (DPU) for the S-REITs sector decreased by 2.8% year-on-year, with 7 out of 10 funds meeting market expectations, 1 exceeding expectations, and 2 falling short [1] - Notable declines in DPU exceeding 10% were observed in Mapletree Pan Asia Commercial Trust, SingPost Logistics Trust, and Mapletree Logistics Trust, attributed to high borrowing costs, unfavorable exchange rates, and reduced income from asset disposals [1] Group 2 - Institutional investors have seen a net outflow of approximately 495 million SGD from the S-REITs sector this year, particularly during the tense trade situation in early April, leading them to favor more defensive sectors such as telecommunications and non-cyclical consumer goods [1] - Singapore's OCBC Investment Research recommends investors to selectively choose high-quality stocks, particularly those with potential for distribution growth and strong asset portfolios, highlighting specific S-REITs such as CLAR, CICT, KDCREIT, and PLIFE [2] - By early 2025, the S-REITs market in Singapore is projected to rank second in Asia, with a total market capitalization of approximately 82 billion SGD, accounting for about 10% of the total market capitalization of the Singapore Exchange [2]

金十数据5月8日讯，花旗发表研究报告指，领展(00823.HK)近日股价上升，预期集团5月表现强劲。该 行表示，领展是即将推出的股票挂勾计划纳入房地产投资信托基金的最大受惠者，而且五一黄金周期间 利好零售业，加上3月香港零售业销售额的跌幅收窄。另外，市场预期美国联储局可能会在6月或之后降 息。该行续指，领展将于本月底公布2025财年业绩，预计其每单位分派按年增长2%，另料2026财年股 息率达7%，具吸引力。该行重申领展买入评级，目标价47.82港元，为香港房地产投资信托基金领域的 首选股。 花旗料领展5月表现强劲 目标价47.82港元 ...