复苏的周期性催化剂 在防御性收入方面，全球房地产投资信托基金通过长期租约持续提供稳定现金流，成为应对通胀及 股市波动的理想避险选择。在估值吸引支持均值回归方面，与股票相比，全球房地产投资信托基金的估 值正处于历史低位。随着各国央行逐步推进宽松周期，预期两者的估值差距将逐渐缩小。历史数据显 示，此趋势往往能驱动REITs实现显著的超额回报。我们认为，投资者可通过投资于全球房地产投资信 托基金，把握强劲长期趋势及独特区域优势所带来的机遇。 此外，并购活动也提供了催化剂，估值吸引加上基本面持续改善，或刺激市场对私募股权的兴趣不 断上升，并推动上市公司间的整合活动，尤其是在欧洲与亚太地区。 回顾2025年，全球房地产投资信托基金（REITs）复苏势头增强。目前，随着通胀逐步缓和及美联 储预计将继续降息，市场回暖可为收益型资产带来稳定回报与增长潜力，前景令人期待。多项因素显 示，2026年的市场环境将利好上市全球房地产投资信托基金。 全球各区域的投资机遇分化 首先是宏观经济环境有利。10年期美国国债收益率趋于稳定，让此资产类别的走向更加明朗，并降 低资本成本。流动性改善、信用利差收窄，以及市场普遍预期全球经济将实现"软 ...

本次规则主要针对新增的商业不动产业态，在从严管理基础上作适应性调整优化，提高制度的包容性和适应性，也体现对不同领域REITs"分 类管理、分类施策"的针对性安排。 商业不动产REITs起步，证监会将分阶段推进试点工作。 12月31日，证监会发布《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通知》（简称《通知》），完善基础制度，优 化监管安排，健全市场功能，增强多层次资本市场服务实体经济质效。同时，沪深交易所、中国结算、证券业协会、基金业协会等单位的配 套业务规则同步发布。 记者了解到，自制度规则发布实施，市场主体可直接向证监会、交易所申报相关材料，证监会将坚持市场化法治化方向，聚焦重点区域和优 质项目，分阶段推进试点工作，在试点初期，严把发行上市质量关、合规关和风险关，压实中介机构把关责任，做好REITs准入监管、日常 监管与风险监测处置。目前看，项目储备较为充裕，质量总体不错。 "1+3+N"政策框架明确 根据商业不动产REITs制度体系安排，证监会初步明确"1+3+N"框架安排，即1项《中国证监会关于推出商业不动产投资信托基金试点的公 告》、1项《通知》、2项工作规程，N即沪深交易所、 ...

中证报中证网讯(记者黄一灵)12月24日，中金普洛斯REIT发布分红公告称，将以2025年9月30日为收益 分配基准日进行2025年度第四次分红。根据公告，本次中金普洛斯REIT按照基金合同约定的分红比例 计算的应分配金额为8402.39万元，约占截至本次收益分配基准日可供分配金额的94.99%。本次分红的 权益登记日为2025年12月29日，采用现金分红的方式，分红方案为0.4335元/10份基金份额，并免收分 红手续费。统计显示，自2021年6月上市以来，中金普洛斯REIT已公告了14次分红，待本次分红完成， 累计分配金额约13.72亿元。 ...

本报讯 （记者昌校宇）12月24日，中金普洛斯REIT发布分红公告宣布，将以2025年9月30日为收益分配基准日进行本年度 第四次分红。待本次分红完成后，中金普洛斯REIT年内公告的累计分配金额将约3.42亿元，持续高比例向投资人分配可供分配 金额。 根据公告，此次实际分配金额预计达8402.39万元，占分红基准日可供分配金额的95%。本次分红的权益登记日为2025年12 月29日，采用现金分红的方式，分红方案为0.4335元/10份基金份额，并免收分红手续费。 自2021年6月份上市以来，中金普洛斯REIT始终积极以现金分红方式回报投资者，目前已公告分红14次。待本次分红完 成，累计分配金额将约13.72亿元。 （编辑 郭之宸） ...

Group 1 - The company, Springhill Industrial Trust (01426), announced the repurchase of 200,000 fund units at an issuance price of HKD 1.631 per unit, scheduled for December 19, 2025 [1]

Group 1 - The core viewpoint is that if the Federal Reserve adopts a cautious economic outlook in the upcoming meeting, it could threaten the year-end stock market rally [1] - The S&P 500 index is nearing historical highs, with investors optimistic about a scenario of Fed rate cuts, declining inflation, and resilient economic growth [1] - Michael Hartnett from Bank of America warns that a dovish signal from the Fed could challenge this optimism, suggesting a potential economic slowdown beyond expectations [1] Group 2 - The stock market tends to decline when rate cuts are accompanied by a deteriorating economic outlook [2] - Investor bets on further Fed rate cuts to support a weak labor market have led to a rise in the stock market, with a 90% probability of a 25 basis point cut in the December 10 meeting [3] - The S&P 500 index is currently only about 0.5% away from its October peak, and seasonal trends typically favor a year-end rally [3] Group 3 - The potential for government intervention to curb high inflation and prevent unemployment from rising to 5% is noted, with recommendations to invest in "cheaply valued" mid-cap stocks by 2026 [3] - Sectors linked to the economic cycle, such as homebuilders, retailers, REITs, and transportation stocks, are expected to achieve the best relative gains [3] - Bank of America strategists reaffirm their preference for international equities in 2025, noting that the S&P 500's 17% annual increase lags behind the 27% gain of the MSCI All-Country World ex-US index [3]

Group 1 - The core viewpoint is that the year-end stock market rally is at risk due to the Federal Reserve's cautious outlook on the economy [1] - The S&P 500 index is nearing historical highs, with investors optimistic about a scenario where the Fed lowers interest rates while inflation continues to decline and economic growth remains resilient [1] - Strategist Michael Hartnett warns that a dovish signal from the Fed in the upcoming meeting could challenge this optimism, as it may indicate a more significant economic slowdown than expected [1] Group 2 - The market is currently pricing in a 90% probability of a 25 basis point rate cut at the December 10 meeting, up from 60% a month ago, with expectations of three rate cuts before September 2026 fully priced in [1] - The S&P 500 index is only about 0.5% away from its October peak, and seasonal trends typically favor year-end rallies, but two risk events are looming: delayed key employment and inflation reports due to government shutdown [1] - Hartnett and his team suggest that the U.S. government may intervene to curb high inflation and prevent unemployment from rising to 5%, recommending investors consider "cheaply valued" mid-cap stocks for 2026 [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted a consultation document for the pilot launch of commercial real estate investment trusts (REITs), aiming to enhance the role of REITs in supporting a new model for real estate development and improving the quality and efficiency of multi-level capital market services for the real economy [1][3][10] Summary by Sections Introduction of Commercial Real Estate REITs - The pilot program for commercial real estate REITs is officially initiated, with the CSRC seeking public opinions on the draft announcement [1] - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that invest in commercial real estate assets to obtain ownership or operational rights, generating stable cash flows through rent and fees [4] Regulatory Framework and Requirements - The draft outlines eight key points, including the definition of commercial real estate REITs and the requirements for fund registration and operational management [5] - Fund managers and custodians must meet specific qualifications and adhere to regulations set forth in the Securities Investment Fund Law and related management measures [5][6] Responsibilities and Compliance - Fund managers are required to conduct thorough due diligence on the commercial real estate they intend to hold and must engage qualified professional institutions for evaluation, legal, and audit services [6] - The operational management responsibilities of fund managers must comply with legal and regulatory requirements, ensuring the health of the commercial real estate REITs market [6][7] Regulatory Oversight - The CSRC and its local agencies will be responsible for the regulation and risk monitoring of commercial real estate REITs, while self-regulatory organizations will manage compliance [7] - The China Securities Investment Fund Association will revise relevant supporting rules and launch necessary technical systems [8] Market Context and Future Outlook - The REITs market in China has seen steady development over the past five years, with 77 listed REITs raising a total of 207 billion yuan and a total market value of 220.1 billion yuan as of November 27, 2025 [10] - The CSI REITs total return index has increased by 22.46% since 2024, indicating that REITs are becoming an important asset class for investment [10]

Core Viewpoint - Link REIT celebrates its 20th anniversary of listing, marking significant growth and commitment to creating value for stakeholders in the real estate investment sector [3][4][10] Group 1: Company Growth and Development - Since its listing in 2005, Link REIT has evolved from a single market and asset type to a leading real estate investor and manager in the Asia-Pacific region, managing 154 properties across five regions, including Hong Kong, mainland China, Australia, Singapore, and the UK [4] - The property portfolio value has reached HKD 222.9 billion, growing nearly sixfold over the past 20 years [4] - Link REIT has launched a fund management business, marking a strategic transformation to manage a more comprehensive real estate investment platform [4] Group 2: Commitment to Sustainability - Link REIT is the largest private operator of public electric vehicle charging networks in Hong Kong, providing over 3,000 charging facilities [7] - The company is also one of the largest private solar power operators in Hong Kong, with 58 solar power facilities generating approximately 4.2 million kilowatt-hours annually [7] - Link REIT has signed over 4,600 green leases with tenants to encourage reductions in energy, water, and waste consumption, achieving a 46.1% reduction in electricity usage since 2010 [7] Group 3: Community Investment and Social Responsibility - Through the "Love. Gather Plan," Link REIT has invested over HKD 174 million since 2013 to support over 200 community projects, benefiting more than 20 million people [8] - The company has awarded over 2,000 scholarships to outstanding local university students from first-generation families, promoting social mobility [8] - Link REIT has launched the "Link REIT 20th Anniversary Outstanding Student Scholarship" to recognize 100 high school students for their academic and social service achievements [8] Group 4: Future Outlook - As Link REIT celebrates its 20th anniversary, it remains committed to creating long-term commercial and social benefits, enhancing community connections and improving quality of life [10]

Core Viewpoint - Bank of America Securities reports that Link REIT (00823) has underperformed expectations for the interim results ending September 2026, leading to a downward revision of its Distribution Per Unit (DPU) forecast for fiscal years 2026 to 2028 by 2% to 3%, with the target price reduced from HKD 45 to HKD 43. However, the current valuation remains attractive, and a "Buy" rating is reiterated [1] Group 1 - The main negative factor for Link REIT is the sharp decline in retail rental income from mainland China [1] - The 6% decrease in renewal rental rates in Hong Kong was anticipated, but the widening year-on-year decline in tenant sales for the second fiscal quarter disappointed the market [1] - The company is expected to stabilize its DPU through reductions in labor costs, and it should be able to adjust its business portfolio to better compete with e-commerce [1]