Core Viewpoint - The H-share market has seen several listed REITs report mid-term performance, with most experiencing a decline in revenue and net property income growth, while the hotel and tourism sectors in mainland China have shown strong performance [1][5]. Group 1: REITs Performance - Most listed REITs reported a decline in revenue and net property income, with specific examples including: - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Link REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8%, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4%, and net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Analysis - The performance of different property sectors shows challenges: - Office, retail, and logistics sectors continue to face pressure, with declining occupancy rates reported [5][7]. - Yuexiu REIT's overall occupancy rate was approximately 82.2%, down 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down about 2 percentage points from the beginning of the period [6]. - Conversely, the hotel and tourism sectors have performed well, with notable revenue increases: - Guangzhou IFC's serviced apartments achieved record revenue of 603 million RMB, and the Four Seasons Hotel in Guangzhou reported record room revenue of 190 million RMB, with an average occupancy rate of 80.1%, up 1.1 percentage points year-on-year [7]. Group 3: Market Outlook - The inclusion of REITs in the Shanghai-Hong Kong Stock Connect is seen as a significant breakthrough for capital market connectivity, potentially enhancing market activity and liquidity [1]. - The financing costs for several REITs have decreased, which may alleviate pressure on distributable income: - Yuexiu REIT reported a financing cost of 403 million RMB, down 13.5% year-on-year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Link REIT's financing cost decreased by 12.6% to 173 million HKD [8].

Core Viewpoint - The Governor of the Bank of Japan, Kazuo Ueda, is considering how to manage the central bank's holdings of Real Estate Investment Trusts (REITs) and Exchange-Traded Funds (ETFs) [1] Group 1 - The Bank of Japan is evaluating its strategy regarding its investments in REITs and ETFs [1]

最近，特朗普政府又搞出了个大新闻！ 2025年4月2日，特朗普正式签署"对等关税"行政令，要对全球贸易伙伴设立10%的"最低基准关税" ，对咱们中国等部分国家加征更高税率，像对中国 就加到了34%。 这消息一出来，全球资本市场瞬间就像炸了锅一样，从4月2日到4月4日，那叫一个天翻地覆。 今天我们就来聊聊，特朗普这步棋到底是在豪赌啥，后续又可能有啥结果，中国出招反制后，我们又该咋应对市场风险。 三是想重写地缘政治格局，通过贸易手段，在国际上重新确立美国的霸权地位。 这算盘打得挺响，但这其实是一场风险巨大的豪赌。 高关税很可能会带来通货膨胀，东西贵了，老百姓生活成本就高了；还可能引发全球报复性关税，其他国家也不是吃素的，你加我关税，我也加你的，最 后可能导致美国经济陷入滞胀，而不是衰退，全球影响力也会被削弱。 先说说特朗普搞这对等关税到底想干啥？ 说白了，他就是想通过贸易保护主义，重新塑造美国经济格局。 这背后有好几个目标呢。 一是想缓解美国的债务压力，美国欠的债那可不是一笔小数目，他想着通过提高关税，能多收点钱，缓解一下债务危机。 二是刺激制造业回流，这些年美国制造业不少都跑到国外去了，他希望高关税能让那些企业 ...