投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-08-28 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250731 | 2025/07 | 制造业 PMI | % | 49.30 | 49.70 | 49.40 | | 20250731 | 2025/07 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.50 | 50.20 | | 20250814 | 2025/07 | 社会融资规模增量:当 | 亿元 | | 11320.00 42251.00 | 7707.00 | | | | 月值 | | | | | | 20250813 | 2025/07 | M0(流通中的现金):同 比 | % | 11.80 | 12.00 | 12.00 | | 2025081 ...

中信建投表示，REITs市场拐点已至，看好后市企稳反弹，年内有望创新高。市场在历经2个月的回调 后，近期企稳，近5个交易日涨幅达到1.75%。下半年市场为"V"字型行情；目前看REITs市场的短期3大 利空因素（交易型资金流出、集中解禁、机构年中止盈）接近出尽；而3大长期利好（2—3年内供不应 求的格局、资产荒下的红利资产属性、优质资产的抗周期性）不变。市场在历经本轮调整后，产权类 REITs动态分派已提升至近4%，有望迎来配置型资金的加速入场（年内多踏空）；四季度有望在交易型 资金重新入场后新高。 国金证券：中国创新药全面收获，迈向全球舞台 国金证券表示，中国创新药全面收获，ADC、双/多抗技术领先，管线数量全球第一。2023年License out首超License in，金额屡破纪录，海外MNC重金抢购。全球专利悬崖、技术迭代、头对头优效数据共 振，肿瘤、自身免疫、减重等赛道国产新药加速出海。集采出清，政策审评、医保、商保全链条支持， 业绩边际改善。 本文转载自"智通财经"，智通财经编辑：刘家殷。 市场昨日震荡调整，三大指数涨跌不一。沪深两市全天成交额2.68万亿，较上个交易日缩量4621亿。板 块方面 ...

财富的真相：50万存款，你离"有钱人"还有多远？ 在日新月异的当代社会，50万元的存款似乎难以激起太多波澜，甚至有人认为"不算多"。然而，当我们将目光投向冰冷而真实的数字，或许会发出由衷的惊 叹。根据中国人民银行发布的权威数据显示，全国范围内，拥有50万元以上存款的储蓄者，其占比竟然不足0.37%。 粗略估算，以中国约14亿的总人口为基数，这意味着约有518万户家庭，他们的银行账户里储藏着超过50万元的财富。虽然这个数字在庞大的人口基数下显 得微不足道，但它却清晰地勾勒出一个事实：你，若拥有50万元的存款，就已经悄然超越了绝大多数的同胞。 招商银行的内部数据更是为这种"少数派"的优越感增添了注脚。在其庞大的客户群体中，仅有0.07%被划分为"私人银行客户"，而这批金字塔尖的精英，人 均资产高达惊人的2812万元。紧随其后的是"金葵花"客户，占比2.18%，人均资产也达到了151.57万元。与之形成鲜明对比的是，占据了客户总数97.75%的 普通客户，其人均资产仅为区区1.25万元。 更具参考价值的是，根据2025年的最新统计，中国50至60岁年龄段人群的平均存款数额大致落在40万至80万元区间（此数据不包含房 ...

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The investment approach focuses on high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]. - The strategy aims to create a balanced portfolio that captures both growth and income, ultimately achieving total returns on par with the S&P 500 index [1].

固定收益领域，内地地方政府专项债 (00899.HK/7T2YV) 与离岸人民币国债 (00899.HK/K4M9X) 收益率 维持 4.2%-5.8% 区间。在美联储降息周期延后的背景下，持有 (00899.HK/N6J3D)、(00899.HK/B8Z4C) 等短期票据，可有效对冲权益资产波动。 黄金作为避险工具出现新变化。上海金交所推出的数字黄金凭证 (00899.HK/3F7Q9)，通过区块链技术 实现 T+0 交割，其挂钩标的 (00899.HK/R5W2E) 年内日均交易量突破 80 吨。对于普通投资者，配置 (00899.HK/X1H6P)、(00899.HK/9V3L8) 等黄金 ETF 份额，既能规避实物存储成本，又可享受价格波动 收益。 在资产组合构建时，建议遵循「40% 权益 + 35% 固收 + 25% 另类」的配置比例。重点关注 (00899.HK/S4K7M)、(00899.HK/D2N5F) 等港股通标的，同时配置 (00899.HK/Q8J4G)、 (00899.HK/L3P9Z) 等跨境债券品种。通过 (00899.HK/6T1R9)、(00899.HK/Y5B8C) 等黄金 ...

Core Viewpoint - The article promotes an investment training camp aimed at beginners, addressing common issues faced by novice investors and offering structured learning opportunities to improve their investment skills [2][10]. Group 1: Event Details - The training camp, titled "Investment Newbie Growth Training Camp," is scheduled from August 18 to August 21, guided by the Shenzhen Securities Association and organized by China Fund News [2]. - The camp features a gold medal instructor team from China Fund News, providing online courses and interactive sessions over three days [2][10]. Group 2: Course Schedule - The schedule includes: - August 18: Entry into the learning group and initial course on overlooked investment aspects [9]. - August 19: Opening ceremony and a session on public fund classification led by a senior director from Bosera Fund [9]. - August 20: Course on understanding purchased funds and an introduction to ETFs, along with interactive Q&A [9]. - August 21: Course on efficient financial management and a session on the investment value of REITs, led by a fund manager from Penghua Fund [9]. Group 3: Target Audience - The training camp is designed for: - Beginners who only consider fund names and rankings [13]. - Investors confused about different fund types such as bond funds, stock funds, and QDII [13]. - New investors unfamiliar with ETFs and REITs [13]. - Working individuals looking to invest spare cash but often miss the right timing [13]. Group 4: Course Features - The camp offers: - Comprehensive graphic courses filled with practical content [12]. - Real-time Q&A in an interactive community [12]. - Opportunities to connect with like-minded investors [12]. Group 5: Participant Benefits - Participants can earn rewards through a points leaderboard and engage in prize-winning interactions during live sessions [13]. - There are chances to participate in official online and offline events [14].

Core Viewpoint - The current REIT market adjustment is primarily driven by pressure from the bond market, with the spread between REITs and government bonds remaining at relatively low levels without significant increases [1][3]. Group 1: REIT Market Performance - In the past week (August 8-15, 2025), three REITs updated their issuance status, including projects from Huaxia Kaide, CITIC Construction Investment, and Guotai Junan [2]. - As of August 15, 2025, there are 73 listed REITs in the domestic market, with a total market capitalization of 217.8 billion and a circulating market value of 102.3 billion [2]. - The overall REIT index declined, with the China REIT Total Return Index dropping by 1.49% to 1080.91 [2]. - The performance of underlying assets showed a general decline, with consumption and energy REITs experiencing smaller drops compared to others [2]. Group 2: Market Dynamics and Valuation - The revaluation of major asset classes remains the main theme in the current REIT market, with increasing divergence in market reactions to short-term positive and negative factors [3]. - The equity market has remained strong, with the Shanghai Composite Index briefly surpassing 3700 points, while the bond market continues to face pressure, with the 10-year government bond yield approaching 1.75% [3]. - The REIT market, particularly the housing sector, has shown significant weakness, with the gains from recent expansions being largely erased [3]. - Despite the downward volatility in the REIT market since the second half of 2025, the spread with government bonds remains low, indicating limited attractiveness for new capital allocation in the short term [3].

Core Insights - The article emphasizes the importance of a hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds to enhance investment income while achieving total returns comparable to traditional index funds [1]. Investment Strategy - The investment approach focuses on high-quality dividend stocks and assets that provide long-term growth potential, which can significantly contribute to income generation [1]. - The strategy aims to create a balanced portfolio that captures total returns on par with the S&P index, indicating a blend of growth and income [1].

Group 1 - The core theme of the 2025 Boao Real Estate Forum is "the power of integration," focusing on breaking boundaries and finding new cooperation opportunities across various industries [1][2] - The forum gathered experts and elite companies from multiple sectors, including residential development, financial technology, and urban renewal, to discuss new trends and models for industry development [1][2] - Discussions highlighted the need for a new real estate development model, emphasizing balanced development and risk distribution across the industry chain [3][4] Group 2 - Economic experts pointed out that the main issue facing the Chinese economy is insufficient demand, with a shift needed towards service consumption, particularly in healthcare and entertainment [2][3] - The real estate sector is transitioning from a phase of rapid growth to one of transformation, with opportunities in residential product updates and urban renewal [3][4] - The importance of digitalization and AI tools in responding to market demands and improving service quality in property management was emphasized [5][6] Group 3 - The role of REITs in revitalizing industrial parks and logistics real estate was discussed, highlighting their potential to provide liquidity and new momentum to the market [6][7] - The forum also explored the growing value of slow-money sectors like cultural tourism and healthcare, as the economic growth drivers shift from real estate to consumer goods and manufacturing [6][7] - The cyclical nature of investments in the healthcare sector was analyzed, with emphasis on understanding various economic cycles [7]

Core Insights - The global economic recovery is uneven, with financial markets experiencing volatility due to inflation, interest rate policy adjustments, and geopolitical factors [1] - The common goal for asset management institutions and clients is to seek stability while pursuing progress [1] - There is a growing focus on capturing growth opportunities through diversified asset allocation while managing risks [1] Industry Trends - China's capital market reforms and opening up present new opportunities for the asset management industry [1] - There is an increasing demand for allocation in equity assets, bonds, alternative investments such as REITs, private equity, commodities, and cross-border assets [1] - Private banks and wealth management institutions are accelerating their transformation to meet the diverse needs of high-net-worth clients through digital tools and customized services [1]