（编辑 袁冠琳） 证券日报网讯 南山控股11月25日在互动平台回答投资者提问时表示，华泰宝湾物流REIT自上市以来运 营稳健，资产运营表现优异，对行业起到积极示范作用，2025年获评"公募REITs年度杰出项目"。宝湾 物流将坚持轻重并举，持续提升"募投建管退"的资产管理能力，未来将结合政策要求、资产本身的情 况，合理设定后续资产证券化产品的发行节奏，确保业务长期、可持续发展。若有相应计划，公司将严 格按照有关法律法规要求履行相应程序，并及时进行信息披露。 ...

Core Viewpoint - Huatai Securities Asset Management announced a change in leadership, with Cui Chun stepping down as chairman due to work changes, and General Manager Jiang Xiaoyang taking over the chairman duties [1] Group 1: Leadership Change - Cui Chun has over 20 years of experience in the financial industry and has been with Huatai Securities Asset Management since its establishment in 2015, contributing to significant growth in asset management scale and maintaining a leading industry ranking [2][3] - Jiang Xiaoyang has held various positions within Huatai Securities and joined Huatai Securities Asset Management in January 2024 [2] Group 2: Company Performance - Huatai Securities Asset Management, established in 1999, has developed a comprehensive product system covering equity investment, fixed income, multi-asset and FOF investment, asset securitization, REITs, and cross-border business [3] - As of June 30, 2025, the asset management scale reached 627.032 billion, a year-on-year increase of 23.92%, with public fund business exceeding 165.909 billion [3] - The semi-annual revenue surpassed 1.2 billion, with profits exceeding 700 million, positioning the company among the top in the brokerage asset management sector [3] Group 3: Business Development - Under Cui Chun's leadership, Huatai Securities Asset Management transformed its business model by obtaining public fund licenses and expanding its product offerings [4] - The company has been a leader in the issuance of asset-backed securities (ABS) and has completed several public REITs projects [4]

Group 1 - The secondary market for publicly listed REITs in China showed a trend of initial decline followed by an increase, with the weighted REITs index closing at 142.49 and a weekly return of -0.44% [4] - In comparison to other major asset classes, the return rates ranked from highest to lowest are: US stocks > convertible bonds > A-shares > gold > pure bonds > REITs > crude oil [4] - Among different asset types, ecological and environmental REITs had the highest increase in returns, while property and concession REITs experienced a decline, with property REITs seeing a larger drop [4] Group 2 - The trading volume and turnover rate for individual REITs showed a continued divergence, with the top three in trading volume being Southern Runze Technology Data Center REIT, Southern Wanguo Data Center REIT, and Huaxia Huadian Clean Energy REIT [5] - The total net inflow of major funds for the week was 24,281 million yuan, indicating an increase in market trading enthusiasm, with the top three net inflows by asset type being new infrastructure, energy infrastructure, and water conservancy facilities [6] - The total amount of block trades reached 33,625 million yuan, with the highest single-day block trade occurring on August 6, 2025, amounting to 12,542 million yuan [6] Group 3 - Two new REIT products were launched this week, and the status of two initial projects was updated [7]