邱勇从三方面介绍了上交所深化资本市场投融资综合改革，培育中国特色金融文化的实践。 3月28日，在2026北外滩财富与文化论坛上，上交所党委书记、理事长邱勇表示，站在"十五五"开局的新起 点，上交所将始终坚持市场化、法治化、国际化的发展方向，以资本市场投融资综合改革为牵引，推动制度更 加包容、适配，上市公司更加高效、绩优，市场运行更加稳健、更具韧性，金融与文化更加深度融合。 邱勇从三方面介绍了上交所深化资本市场投融资综合改革，培育中国特色金融文化的实践。一是大力发挥股债 融资优势，聚力服务新质生产力发展。近年来，上交所深化科创板改革，加强债券与REITs市场建设，更加精 准有效服务新质生产力发展，为实体经济注入强大动力。科创板改革效应不断放大，更好服务高水平科技自立 自强。"科创板八条"、科创板"1+6"改革举措先后落地，不拘一格支持硬科技企业发展。截至2025年底，科创 板公司600家，累计股票融资超1.1万亿元，股票总市值超10万亿元，累计支持60家未盈利企业、9家特殊架构 企业、7家红筹企业以及22家第五套标准企业上市，科创板研发强度中位数连续三年保持在10%以上，持续领 先A股各板块。 邱勇说，并购重组 ...

邱勇从三方面介绍了上交所深化资本市场投融资综合改革，培育中国特色金融文化的 实践。 3月28日，在2026北外滩财富与文化论坛上，上交所党委书记、理事长邱勇表示，站在"十五 五"开局的新起点，上交所将始终坚持市场化、法治化、国际化的发展方向，以资本市场投融资 综合改革为牵引，推动制度更加包容、适配，上市公司更加高效、绩优，市场运行更加稳健、更 具韧性，金融与文化更加深度融合。 邱勇从三方面介绍了上交所深化资本市场投融资综合改革，培育中国特色金融文化的实践。一是 大力发挥股债融资优势，聚力服务新质生产力发展。近年来，上交所深化科创板改革，加强债券 与REITs市场建设，更加精准有效服务新质生产力发展，为实体经济注入强大动力。科创板改革 效应不断放大，更好服务高水平科技自立自强。"科创板八条"、科创板"1+6"改革举措先后落地， 不拘一格支持硬科技企业发展。 截至2025年底，科创板公司600家，累计股票融资超1.1万亿元， 股票总市值超10万亿元，累计支持60家未盈利企业、9家特殊架构企业、7家红筹企业以及22家第 五套标准企业上市，科创板研发强度中位数连续三年保持在10%以上，持续领先A股各板块。 邱勇说，并 ...

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1][3] - iREIT®+HOYA Capital is highlighted as a premier income-focused investing service that offers sustainable portfolio income, diversification, and inflation hedging [2][3] - The investment research provided includes strategies for trading options with a focus on cash-secured puts, aimed at helping investors achieve dependable monthly income [3]

Financial Data and Key Metrics Changes - The company's ROE for 2025 is reported at 10.58%, showing a significant increase from previous periods [1][2] - Total revenue for 2025 is projected to be 2.49 billion, reflecting a growth of 28% compared to the previous year [1] - The company achieved a net profit margin of 37.7% in 2025, indicating a strong performance [1] Business Line Data and Key Metrics Changes - The IPO segment generated 1.318 billion in revenue, with a notable increase of 90% year-over-year [1] - The ETF business line showed a growth rate of 35.73% in 2025, indicating robust demand in this area [2] - The FICC (Fixed Income, Currencies, and Commodities) segment also demonstrated strong performance, contributing significantly to overall revenue [2] Market Data and Key Metrics Changes - The company reported a 4.8% increase in market share within the ESG (Environmental, Social, and Governance) investment sector [1] - The total assets under management (AUM) reached 151.7 billion, up from 190.6 billion in the previous year [1] - The REITs (Real Estate Investment Trusts) market segment is projected to grow by 18% in 2025 [2] Company Strategy and Development Direction - The company is focusing on expanding its presence in the ESG investment space, aligning with global trends towards sustainable investing [1] - There is a strategic emphasis on enhancing the ETF offerings to capture a larger market share [2] - The management highlighted plans to leverage technology and AI to improve operational efficiency and client service [1] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall market conditions, citing strong demand across various segments [1] - The company anticipates continued growth in the IPO and ETF markets, driven by favorable economic conditions [2] - There is a cautious outlook regarding potential regulatory changes that could impact the investment landscape [1] Other Important Information - The company is committed to maintaining a strong focus on risk management practices to navigate market volatility [1] - There is an ongoing investment in technology to enhance trading platforms and client engagement [2] Q&A Session Summary Question: What are the expectations for the IPO market in 2025? - Management indicated that they expect a robust IPO market, driven by increased investor interest and favorable economic conditions [1] Question: How does the company plan to address potential regulatory changes? - The management stated that they are actively monitoring regulatory developments and are prepared to adapt strategies accordingly [2] Question: What initiatives are being taken to enhance ESG offerings? - The company is investing in research and development to create innovative ESG products that meet growing investor demand [1]

Market Overview - Global equity markets have experienced significant volatility recently, primarily driven by fluctuations in energy prices [1] - Ongoing geopolitical tensions, particularly the war in Iran, contribute to high uncertainty in the markets [1] - A potential ceasefire in the region could lead to an outperformance in certain sectors [1] Investment Strategies - The investment approach focuses on fundamental long-term perspectives, with a particular interest in REITs, preferred stocks, and high-yield bonds [1] - Recent strategies include combining long stock positions with covered calls and cash secured puts [1] - The analysis primarily covers REITs and financials, with occasional insights on ETFs and macro-driven stock ideas [1]

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1][3] - The iREIT®+HOYA Capital service is designed for income-focused investing, providing opportunities for sustainable portfolio income, diversification, and inflation hedging [2][3] - The investment research covers various asset classes including REITs, ETFs, closed-end funds, preferreds, and dividend champions, aimed at helping investors achieve dependable monthly income [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The core variable in the current market lies in the Middle East. Until the geopolitical uncertainty decreases or the commodity price volatility declines, the market will continue to be affected by event narratives and liquidity, and may even fall into a game of long - term expectations. A - shares will maintain a volatile market, with more structural opportunities than overall opportunities [3][13]. - In the equity market, it is recommended to focus on energy sectors related to the Middle East situation, "three - low" sectors with low valuation, low volatility, and low consensus, and sectors that can maintain high - growth independently regardless of geopolitics and oil prices [3][13]. - In the bond market, short - term yields are down while long - term yields are up, and the yield curve is moving towards a bearish steepening. In the short term, it is recommended to maintain a neutral or slightly lower duration, and credit bonds may offer better value [4][14]. Summary by Directory 1. Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the A - share market showed a volatile downward trend, with significant fluctuations in market sentiment. The average daily trading volume of the entire A - share market was 2209.1 billion yuan, a decrease compared to the previous week [12]. - Due to the ongoing blockage of shipping in the Strait of Hormuz and the unresolved Middle East situation, global risk assets accelerated their decline. Funds shifted from cyclical sectors sensitive to macro - fluctuations to technology and manufacturing sectors with independent industrial logic and long - term growth potential [12]. - AI hardware industry chains such as memory chips, CPO, PCB, and computing power leasing attracted market attention, driven by multiple industry benefits. In contrast, resource - related cyclical sectors such as non - ferrous metals and chemicals faced pressure and declined [12]. 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market showed a significant differentiation between short - and long - term yields. The 1 - year Treasury yield decreased by 2.00BP to 1.26%, the 10 - year Treasury yield increased by 1.56BP to 1.83%, and the 30 - year Treasury yield increased by 2.16BP to 2.39% [4][14]. - The bond market is currently in a volatile pattern. Short - term yields have been declining due to extreme risk - aversion, while long - term yields are rising due to concerns about intensifying geopolitical conflicts and increased imported inflation expectations. The yield curve is moving towards a bearish steepening [4][14]. - The US Treasury yields increased across the board last week. The 1 - year US Treasury yield increased by 14BP to 3.80%, the 2 - year US Treasury yield increased by 15BP to 3.88%, and the 10 - year US Treasury yield increased by 11BP to 4.39% [15]. - The performance of REITs was differentiated. The CSI REITs Total Return Index fell 0.13% to 1021.78 points. Affordable housing and expressways had the highest gains, while warehousing and logistics, environmental protection, etc. had the highest losses [15]. 2. Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Equity Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style distribution according to the CSI Equity - Oriented Fund Index [19]. 2.2 Investment Style - Based Index - **Value Equity Fund Selection**: The index selects 10 funds with deep - value, quality - value, and balanced - value styles, with the CSI 800 Value Index as the benchmark [19]. - **Balanced Equity Fund Selection**: The index selects 10 relatively balanced and value - growth style funds, with the CSI 800 as the benchmark [22]. - **Growth Equity Fund Selection**: The index selects 10 funds with active - growth, quality - growth, and balanced - growth styles, with the 800 Growth Index as the benchmark [26]. 2.3 Industry Theme - Based Index - **Pharmaceutical Equity Fund Selection**: The index selects 15 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CSI All - Index Pharmaceutical and Healthcare Index as the benchmark [28]. - **Consumer Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the consumer - theme fund index as the benchmark [32]. - **Technology Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the technology - theme fund index as the benchmark [35]. - **High - End Manufacturing Equity Fund Selection**: The index selects 10 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the high - end manufacturing - theme fund index as the benchmark [38]. - **Cyclical Equity Fund Selection**: The index selects 5 funds based on the intersection market value ratio of fund equity holdings and the representative index, with the CS Cyclical Index as the benchmark [40]. 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, targeting a curve that outperforms money - market funds. It mainly invests in money - market funds and inter - bank certificate of deposit index funds, with the CSI Money - Market Fund Index as the benchmark [45]. 2.5 Pure - Bond Index - **Short - Term Bond Fund Selection**: The index aims for liquidity management, selecting 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, with a benchmark of 50% Short - Term Pure - Bond Fund Index + 50% Ordinary Money - Market Fund Index [47]. - **Medium - and Long - Term Bond Fund Selection**: The index invests in medium - and long - term pure - bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band - trading operations, and adjusting the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [50]. 2.6 Fixed - Income Plus Index - **Low - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 10%, selects 10 funds with an equity central position within 15% in the past three years and recently, with a benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [53]. - **Medium - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently, with a benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [55]. - **High - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, with a benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [56]. 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: The index selects 5 funds from a sample space of bond - type funds with a convertible - bond investment ratio meeting certain criteria, based on multiple evaluation indicators [60]. - **QDII Bond Fund Selection**: The index selects 6 funds with stable returns and good risk control based on credit and duration conditions, with underlying assets being overseas bonds [64]. - **REITs Fund Selection**: The index selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [65].

Equity Market Review and Outlook - The core variable affecting the market remains the Middle East, with both short-term trading logic and long-term "stagflation risk" expectations dependent on whether the geopolitical conflict can be resolved quickly [1][5] - Until uncertainties in the geopolitical situation decrease or commodity price volatility declines, the market will continue to be impacted by event narratives and liquidity shocks, leading to a focus on long-term expectations [5][6] - A-shares are expected to maintain a volatile trend, with structural opportunities being more prominent than overall opportunities; recommended sectors include energy-related stocks (oil, green energy, coal, coal chemical), low valuation and low volatility stocks (state-owned banks, utilities), and sectors that can maintain high prosperity independent of geopolitical and oil price influences (energy storage, domestic AIDC) [1][5][6] Fixed Income Market Review and Outlook - The bond market showed significant differentiation between short and long ends, with the 1-year government bond yield decreasing by 2.00 basis points to 1.26%, while the 10-year and 30-year yields increased by 1.56 basis points to 1.83% and 2.16 basis points to 2.39%, respectively [2][7] - The current bond market is in a volatile state, with extreme risk aversion driving down short-end yields, while long-end yields are rising due to escalating geopolitical conflicts and heightened inflation expectations [7][8] - The market sentiment is cautious, with a focus on short-end credit products showing strong allocation value; however, long-end yields have limited downward momentum, and liquidity may face certain shocks as the quarter-end approaches [2][7] Market Performance - The A-share market experienced a volatile decline, with average daily trading volume at 22,091 billion, a decrease from the previous week; the ongoing disruption in the Strait of Hormuz has led to a significant drop in global risk assets [4][5] - Funds are shifting from macro-sensitive cyclical sectors to technology manufacturing sectors with independent growth logic, driven by multiple industry benefits such as the overseas GTC conference and price increases in cloud computing and storage products [4][5] - Resource cyclical sectors like non-ferrous metals and chemicals are under pressure, primarily due to external macroeconomic impacts, including rising oil prices and concerns over the Federal Reserve's hawkish stance [4][5]

Group 1 - The report indicates that the REITs market is experiencing increased volatility, with a focus on supply and demand dynamics to identify investment opportunities during market fluctuations [1][3][5] - The overall performance of the REITs index declined by 0.13% to 1021.78 during the week of March 13 to March 20, 2026, with notable performances from the affordable housing and transportation sectors [5][6] - As of March 20, 2026, there are 79 listed REITs in the domestic market, with a total market capitalization of 223.9 billion and a circulating market value of 123.8 billion [5][6] Group 2 - The report highlights that the warehouse logistics REITs sector is under pressure due to declining renewal rental expectations, particularly affecting the pricing of projects like JD's Langfang project [6][3] - Market sentiment has been negatively impacted, leading to a significant drop in the warehouse sector, with a 1.93% decline noted during the reporting period [5][6] - The report emphasizes the need to monitor supply and demand trends closely, as trading activity remains subdued with an average daily trading volume of 370 million, the lowest since October 2025 [6][3] Group 3 - The report notes that the affordable housing sector has shown resilience, with a 0.98% increase, contrasting with the overall market trend [5][6] - The report suggests that despite the pressure on the warehouse logistics sector, there are still opportunities for investment as the market stabilizes [1][6] - The report also mentions that the upcoming disclosures of operational data for the highway sector and annual reports for REITs should be closely monitored for further insights [6][3]

Market Overview - The secondary market for publicly listed REITs in China continued to show a downward trend, with the CSI REITs closing at 785.01 and the CSI REITs Total Return Index at 1021.78, reflecting weekly returns of -0.15% and -0.13% respectively [4] - There was a divergence in price movements between property-type REITs and concession-type REITs, with property-type REITs showing a return of -0.35% while concession-type REITs had a return of 0.42% [4] - Among underlying asset types, affordable housing REITs had the highest increase, with the top three performing asset types being affordable housing, transportation infrastructure, and ecological environment [4] Individual REIT Performance - A total of 39 REITs saw an increase in their prices, 3 remained flat, and 37 experienced a decline. The top three REITs by increase were Zhongjin Chongqing Liangjiang REIT, Huaxia Beijing Affordable Housing REIT, and Zhongjin Xiamen Anju REIT [4] - The trading volume for public REITs was 1.85 billion yuan, with new infrastructure REITs leading in average daily turnover rate. The average turnover rate for all listed REITs was 0.35% [4] Trading Activity - The top three REITs by trading volume were AVIC Yishang Warehousing Logistics REIT, Jiashu JD Warehousing Infrastructure REIT, and Huaxia Fund China Resources REIT. In terms of trading amount, the top three were Huatai Jiangsu Transportation Control REIT, Southern Runze Technology Data Center REIT, and Zhongjin Anhui Transportation Control REIT [5] - The total net inflow for the week was 26.25 million yuan, indicating a slight increase in market trading enthusiasm compared to the previous week. The top three asset types for net inflow were transportation infrastructure, energy infrastructure, and affordable rental housing [5] Bulk Trading - The total amount of bulk trading for the week was 211 million yuan, which was lower than the previous week. There were four trading days with bulk transactions, with the highest single-day transaction occurring on March 18, 2026, amounting to 68.72 million yuan. The top three REITs by bulk trading amount were Dongwu Suyuan Industrial REIT, E Fund Shen High-Speed REIT, and China Merchants Science and Technology Innovation REIT [5] Primary Market - No new REIT products were listed during the week. However, the project status of seven REIT products was updated [6]