Core Insights - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and Dividend Champions, targeting premium dividend yields up to 10% [1][3] - The iREIT®+HOYA Capital service is designed for income-focused investing, providing research and exclusive portfolios aimed at sustainable income, diversification, and inflation hedging [2][3] Group 1 - The investment strategy emphasizes dependable monthly income and portfolio diversification through various asset classes [3] - The service offers a free two-week trial for potential investors to explore top ideas and income-focused portfolios [2] - The group aims to assist investors in preparing for retirement by sharing strategies related to CEFs, ETFs, BDCs, and REITs [3] Group 2 - The investment research includes a focus on closed-end funds, preferreds, and dividend champions, enhancing the potential for income generation [3] - The service is positioned as a premier income-focused investing platform on Seeking Alpha, catering to investors seeking sustainable portfolio income [2]

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 company advocates for a diversified approach to investing, suggesting that a solid base of dividend growth stocks can be effectively supplemented with other asset types to maximize income potential [1]. - The strategy aims to achieve a total return that aligns with the performance of the S&P index, indicating a balanced focus on both growth and income [1].

Core Insights - Huaxia Fund achieved a total revenue of 9.626 billion yuan in 2025, representing a year-on-year growth of 19.86%, and a net profit of 2.396 billion yuan, up 11.03% year-on-year [3][24] - The company demonstrated accelerated growth in the second half of 2025, with revenue reaching 5.368 billion yuan and net profit at 1.273 billion yuan, indicating enhanced profitability compared to the first half [3][24] - By the end of 2025, total assets amounted to 22.246 billion yuan, a 9.94% increase from the end of 2024, while shareholders' equity grew by 8.35% to 15.095 billion yuan [3][24] Financial Performance - In the first half of 2025, revenue was 4.258 billion yuan and net profit was 1.123 billion yuan, with year-on-year growth rates of 16.05% and 5.74% respectively [3][24] - The quarterly asset scale showed a consistent expansion, starting from 19.2 trillion yuan in Q1, surpassing 20 trillion yuan in Q2, reaching 22.5 trillion yuan in Q3, and ending at 22.8 trillion yuan in Q4 [3][24] Product Issuance - New asset net value for 2024 reached 23.661 billion yuan with 55 new products, while in 2025, it increased to 43.64 billion yuan with 60 new products [5][26] - As of early 2025, three new funds were issued with a net asset value of 3.032 billion yuan [5][26] Product Structure - ETFs became the core driver of scale growth, with the ETF size reaching 957 billion yuan by the end of 2025, an increase of nearly 300 billion yuan within a year, and 25 new products launched [7][28] - However, there was a net outflow of funds from broad-based ETFs at the beginning of 2026, with the ETF size dropping to approximately 748.894 billion yuan by February 11, 2026 [7][28] Fund Manager Changes - The number of fund managers increased from 131 in the first half of 2025 to 138 by year-end, with 23 new hires and 11 departures, including several long-serving senior managers [14][37] - Notably, the average tenure of fund managers at Huaxia Fund is 4.93 years, with the longest-serving manager having 19.52 years of experience [37][38] Management and Ownership Changes - 2025 marked the 27th anniversary of Huaxia Fund and a significant year for ownership and management changes, including a transfer of 10% equity to Qatar Holding [12][33] - Following the ownership change, there was a management reshuffle, with a new chairman and vice-chairman appointed in September 2025 [13][34]

Core Insights - Mr. Arunangshu Das is developing Tranzoro Investments to bridge the gap between US and Indian investors, focusing on understanding each other's markets [1] Group 1: Company Overview - Tranzoro Investments aims to assist US investors in navigating Indian markets by covering liquid and well-known India-focused ETFs and ADRs [1] - The company will also focus on helping Indian investors understand US markets, including a wide range of US equities, ETFs, and REITs [1] Group 2: Investment Focus - Mr. Das is characterized as an income and growth-focused investor, indicating a dual strategy in investment approach [1]

Group 1: REITs Market Overview - The regulatory standards for REITs have been raised, with all asset types experiencing an increase in January 2026 [3] - The total market value of public REITs reached 228.709 billion yuan, an increase of 10.246 billion yuan from the previous month, indicating heightened market activity [4] - The water conservancy facilities sector saw the highest increase in REITs, with a monthly growth rate of 9.70% [4] Group 2: Chemical Industry Insights - The global chemical industry is entering a new demand cycle driven by anti-involution and AI, with a focus on the upcoming chemical peak season and price increases [6] - The National Chemical Industry Prosperity Index rose to 94.19, reflecting a slight increase of 0.15 from the previous week [6] - Key investment opportunities in the chemical sector include companies in coal chemical, oil refining, polyurethane, and fertilizers, among others [7] Group 3: Traditional Chinese Medicine (TCM) Sector - The TCM sector is expected to benefit from a new development plan aimed at enhancing the resilience and stability of the TCM industrial chain [32] - The plan emphasizes quality improvement and stable supply of raw materials, which is crucial for the efficacy of TCM products [33] - Companies like China Traditional Chinese Medicine, Yunnan Baiyao, and others are highlighted as potential beneficiaries of this policy shift [33] Group 4: Company-Specific Developments - Zhaowei Electric has entered the hearing stage for its Hong Kong listing, with a focus on its "1+1+1" strategy integrating micro-drives, precision drives, and control systems [38] - The company has successfully launched multiple series of dexterous hands, showcasing its technological advancements in micro-drive systems [39] - Revenue projections for Zhaowei Electric are optimistic, with expected revenues of 1.867 billion yuan in 2025, growing to 2.810 billion yuan by 2027 [41]

Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoints - The contradiction between short-term profits and long-term value is intensifying in overseas markets, with a focus on strategic safety and innovation driven by AI [2] - External shocks have limited impact on the fundamentals of the Chinese market, suggesting a continuation of the spring market rally post-Spring Festival [4] - A new upward cycle is anticipated in the A-share market, driven by favorable timing and conditions [5] Group 1: Market Trends and Conditions - Recent adjustments in the A-share market are primarily driven by internal factors, with external disturbances not significantly impacting the fundamentals [4] - The upcoming period is expected to see a strong seasonal effect, particularly around the Spring Festival, with historical data indicating high probabilities of market gains [5] - The market is currently experiencing a "Risk-off" mode, with a shift towards simpler investment themes as the AI industry cycle matures [6] Group 2: Investment Strategies - Recommendations include maintaining a focus on "resources + traditional manufacturing" while increasing allocations to consumer and real estate sectors [3] - Key sectors to watch include AI computing, chemicals, and power equipment, with a focus on high-growth technology and cyclical recovery [4][7] - Emphasis on high-dividend stocks is expected to gain traction as the market transitions from high-volatility trading to more stable, predictable investments [9] Group 3: Sector-Specific Insights - The technology sector, particularly AI hardware and semiconductor industries, is expected to recover following recent adjustments [7][8] - High-quality real estate developers and related industries are recommended for investment, given the anticipated recovery in property sales during the Spring Festival [11] - The focus on cyclical recovery in sectors such as chemicals and construction materials is advised, alongside monitoring for potential rebounds in consumer spending [12]

供给扰动，行情承压 [Table_Authors] 刘玉(分析师) REIT 策略周报 本报告导读： 建议把握市场震荡过程中的配置机会，静待下一轮行情催化。 投资要点： | | 021-38038263 | | --- | --- | | | liuyu6@gtht.com | | 登记编号 | S0880523050002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | 债 券 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 市 场 [Table_Report] 相关报告 高位震荡，低估值因子占优 2026.02.07 2 月抓住资金层面的确定性 2026.02.03 纯债 ETF 持续净赎回，债基策略趋防御 2026.02.02 首批商业不动产 REITs 集中申报 2026.02.01 信用债修复下半场：票息主导，攻守兼备 2026.02.01 策 略 周 市场策略周报 1. REITs 市场行情总结 1.1. 二级行情回顾 报 债券研究 /[Table_Date] 2026.02.08 登记编号 S088052 ...

证券研究报告 | 行业周报 gszqdatemark 2026 02 07 年 月 日 房地产开发 投资建议 我们认为当下投资策略主要有三条主线：1）建议关注政策主题下的弹性 及优质低估值项目的配置时机：关注高能级城市消费在扩内需主题下的增 长弹性叠加专业运营创造的管理溢价；关注高速及 IDC 类资产在二级回调 后的价值重构；办公及仓储类租赁需求相对疲软，或仍需等待经济复苏的 明确信号激活。2）保障房等弱周期资产其红利配置属性已被市场认可，但 当下价格已反映市场预期，建议结合资产韧性、二级市场价格与 P/NAV 择 时布局。3）我国 REITs 扩募已与新发并行，关注扩募资产储备充足、项 目优质的原始权益人其后续龙头效益。 C-REITs 周报——双轨并行，商业不动产 REITs 密集上报 REITs 指数表现 本周中证 REITs 全收益指数下跌 0.91%。截至 2.6，本周（1.30-2.6， 下同）中证 REITs(收盘)指数下跌 0.91%，收于 802.2 点；中证 REITs 全 收益指数下跌 0.91%，收于 1042.8 点。本周沪深 300/恒生/中债十年期 国债/房地产(申万)/恒生地产 ...

阅读须知：本文内容所有信息和数据，均为作者查阅官方信息和网络已知数据整合解析，旨 在让读者更清晰了解相应信息，如有数据错误或观点有误，请文明评论，作者积极改正！ （创作不易，一篇文章需要作者查阅多方资料，整合分析、总结，望大家理解） 2026年谁在"闷声发大财"？答案真不是谁喊得响、谁敢All in，而是谁能真正看清大盘该赌谁、什么时 候赌、怎么赌。 过去十年，真正赚钱的人，大多都做了一件事，看起来像在蛰伏，其实是在理解时代。 时代最贵的，是趋势。而"趋势"这东西，从来不靠运气，它是个绕不过宏观数据、政策红利、资产结构 甚至社会情绪的系统工程。 美国家庭疯狂收割华尔街，那么普通人如何在短视频红利退潮、中美家庭投资策略分化、以及全球资产 波动的大背景下，找到自己的"闷声发财"路径？ 先说最热的词，大A三年"肉眼可见的挣扎"，不少散户开始转向海外配置。 QDII从2007年开闸到今天，已经有了不少的规模，几百只基金产品，就是为海外投资而生的"合法通 道"。关键在于，有人已经悄悄靠它"跑赢大盘"。 但大家注意，这只是财富路线的一段。真正重要的是，我们正在告别一个单一市场逻辑，进入一个"多 元分叉的全球博弈时代"。 ...