在发挥枢纽功能，推动债券和期货市场高质量发展方面，陕西支持符合条件的科技型企业、证券基 金经营机构及其他有关机构加强债券融资工具运用，推动REITs健康发展；深化同期货交易所战略合 作，完善期货交割体系建设，强化期货业财政政策引领作用。 在加强监管协同联动，规范市场秩序方面，陕西坚持央地协同、部门联动，完善准入审核、信息共 享和执法协作机制；进一步强化行政、民事、刑事立体化追责；引导上市公司及其他经营主体加强投资 者权益保护。 在强化风险防控处置，压实各方责任方面，陕西将强化央地监管协同，压实上市公司及中介机构主 体责任，加强法规宣传、政策引导和监测监管；压实上市公司违规担保、风险处置责任，综合运用兼并 重组、司法重整等手段化解风险；健全市场化、法治化风险处置机制。 省委金融办相关负责人介绍，《若干措施》是抢抓国家资本市场改革发展政策红利、提升资本市场 助力陕西高质量发展的重要举措，将聚焦赋能科技成果转化"三项改革"、促进科技创新和产业创新深度 融合、培育发展新质生产力，为全省资本市场改革发展提供政策指引和支持。（记者 孙丹） 11月26日，陕西省委金融办会同陕西证监局、省科技厅、省工业和信息化厅、省国资委印 ...

截至2025年11月28日 13:22，中证可转债及可交换债券指数(931078)上涨0.42%。可转债ETF(511380)上涨0.49%，最新价报13.36元。拉长时间看，截至2025年 11月27日，可转债ETF近半年累计上涨11.37%。 华泰固收发布2026年REITs市场展望称，明年REITs市场趋势性机会有限，基本面分化或将更明显，投资策略应回归价值逻辑，建议精选基本面稳健、估值 合理的优质品种。低利率环境下，REITs作为多元化配置的重要工具，其在大类资产配置中的价值将进一步凸显。一级市场方面，发行规模预计将稳步增 长，扩募持续推进，投资人打新将回归理性，一级报价或应给二级市场留出缓冲空间。 展望后市，正股层面，近期在国内基本面仍弱修复、区域政治扰动、AI板块波动加大等因素影响下，短期仍需静待权益市场企稳，中长期慢牛行情仍大概 率延续。估值层面，新券发行节奏偏缓，供需矛盾仍存，上周可转债ETF份额逆势增加，止盈情绪或有所缓解，预计转债估值仍在高位震荡。 规模方面，可转债ETF最新规模达568.00亿元。（数据来源：Wind） 资金流入方面，可转债ETF最新资金净流出534.72万元。拉长时间看 ...

Economic Overview - The year 2025 has been challenging for the U.S. economy, marked by economic uncertainty and a weakening job market [1] - Inflation remains stubbornly high, prompting the Federal Reserve to resume its monetary policy normalization [1] Investment Strategies - The company has a history of investing in REITs, preferred stocks, and high-yield bonds since 2011, indicating a long-term fascination with markets and the economy [1] - Recent investment strategies include combining long stock positions with covered calls and cash secured puts, reflecting a fundamental long-term investment approach [1] Coverage Focus - The company primarily covers REITs and financials, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]

Core Viewpoints - 2026 is expected to be a "bottoming year" for the real estate market, with new residential sales likely to see further adjustments, although the decline may be less severe than in 2025. Prices are expected to show an "L-shaped" tail effect, with core areas in first-tier cities possibly seeing a month-on-month increase in the first half of 2026, while weaker third and fourth-tier cities are unlikely to stop declining throughout the year [3][4][5] Macro: Credit Bottoming and Fiscal Support - The drag of real estate on GDP is projected to decrease from 1.5-2 percentage points in 2025 to 0.5-1 percentage points, indicating a consensus expectation of "diminishing macro headwinds" [4] - The fiscal policy for 2026 includes an early allocation of 1.5 trillion yuan in special bonds, with 300 billion yuan specifically for acquiring existing residential properties for affordable housing, providing a safeguard for 250-300 million square meters of inventory [6][7] Financial: From "Leverage Dividend" to "Asset Dividend" - The financing landscape shows a peak in credit bond maturities in Q3 2025, with a gap of 25 billion yuan for private real estate companies needing to refinance. By 2026, the maturity volume is expected to decrease by 18%, and 21 distressed companies are projected to complete debt restructuring, alleviating the "default pulse" in the industry [8] - The REITs market is anticipated to expand by 150-200 billion yuan in 2026, with projects yielding cash flows above 5% expected to achieve valuations of 15-20 times, compared to traditional development businesses at 3-5 times PE [8] Residential Real Estate: Structural Race for Inventory Depletion - The estimated new residential sales area for 2026 is projected to be 85-86 million square meters, corresponding to a sales amount of 8.6 trillion yuan, reflecting a year-on-year decrease of 4-6%, but the narrowing decline suggests a potential end to the "volume-price double kill" phase [9] - In first-tier and strong second-tier cities, inventory depletion is expected to take 14-18 months, with a potential slight price increase of within 5% for desirable properties in main urban areas [10] - In weaker second-tier and third-fourth tier cities, inventory is expected to exceed 30 months, with prices continuing to decline by 3-8% [11] Commercial Real Estate: "Threefold Evolution" - The industry is undergoing a transformation from scale worship to refined operations and risk hedging, with 2026 serving as a critical testing period for this framework [12] - The ability to revitalize assets is exemplified by Wanda's management of the Beijing Blue Harbor, which improved rental income by 5% and reduced vacancy rates to 5% through operational adjustments [12] - The introduction of public REITs tax incentives and technological advancements will determine which companies can upgrade commercial real estate into urban service infrastructure [12] Corporate Strategies: From "Three Highs" to "Three Light" - The light asset model, including construction agency, asset management, and property management, is expected to maintain a growth rate of 15-20% in 2026, with net profit margins of 8-12%, significantly higher than the 3-4% profit margin of development businesses [13] - Major state-owned enterprises aim for a net debt ratio below 50% by 2026, while private distressed companies are expected to reduce their net debt ratios to 80-100% [13] - The "sales-driven investment" approach will become a hard constraint, with a land sales ratio of 0.2-0.5, compelling real estate companies to convert land reserves into sellable resources [13] Policy Outlook: From "Market Rescue" to "Reform" - The real estate policy for 2026 will feature a dual track of "short-term stability and long-term reform," with measures including marginal relaxation of purchase restrictions in core areas and a 30 basis point reduction in mortgage rates [14][15] - Structural reforms such as the national trading of land indicators and the introduction of housing pension schemes are expected to be implemented in 2026, providing a foundational framework for new real estate models during the 14th Five-Year Plan [15]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has set clear requirements and strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, providing fundamental guidelines for financial work [1] Group 1: Financial Development Strategies - The "14th Five-Year" plan emphasizes the development of technology finance, green finance, inclusive finance, pension finance, and digital finance as essential strategies for enhancing the financial sector's service capabilities to the real economy [2] - China Galaxy Securities has established a closed-loop mechanism for serving national strategies, achieving significant growth in technology finance and green finance, with increases of 637% and 323% respectively in direct financing methods by the end of September this year [2] Group 2: Service Enhancements and Innovations - The company aims to enhance its service capabilities in technology finance by integrating research, funds, investment banking, and direct investment to support enterprises in IPOs and refinancing [3] - A comprehensive green finance service system will be developed, focusing on green bonds, asset securitization, and ESG investment services to support carbon market construction and achieve dual carbon goals [3] - Inclusive finance will be promoted by strengthening financial supply to small and micro enterprises and enhancing investor protection [3] Group 3: Capital Market Development - The "14th Five-Year" plan highlights the need to improve the inclusiveness and adaptability of capital market systems, guiding securities companies in their business operations [4] - China Galaxy Securities has maintained rapid growth in key financial metrics over its 25 years, ranking among the top five in the industry, with a wealth management client base exceeding 18.8 million [4] Group 4: High-Quality Development Focus - The company is committed to high-quality development, aligning its strategies with the "14th Five-Year" plan's major strategies and key tasks, ensuring the political and organizational advantages of the party are fully reflected in its development [7] - The focus will be on high-quality party building, reform and innovation, and foundational strengthening to ensure sustainable growth and risk management [8] Group 5: International Business Expansion - China Galaxy Securities plans to leverage its Southeast Asia business layout and the "Belt and Road" initiative to enhance its international business, aiming to build a cross-border financial service platform [6]

Core Viewpoint - The REITs market is expected to have limited trend opportunities next year, with a clearer differentiation in fundamentals, suggesting a return to value-based investment strategies focusing on high-quality assets with stable fundamentals and reasonable valuations [1] Group 1: Market Trends - The low interest rate environment will enhance the value of REITs as an important tool for diversified asset allocation [1] - The spread between the distribution rate of stable assets and the 10-year government bond yield is likely to strengthen [1] Group 2: Investment Strategies - There will be a high demand for high-dividend operating REITs from OCI accounts [1] - Investors in the primary market are expected to return to rationality, with the issuance scale projected to steadily grow and ongoing expansion of fundraising [1] Group 3: Market Dynamics - The volatility of projects with weakening fundamentals may increase [1] - Primary pricing should leave room for the secondary market to adjust [1]

Core Viewpoint - The asset management industry is undergoing a profound restructuring of its return logic due to the continuous decline in global interest rates, prompting a shift from "single asset allocation" to "multi-asset allocation" strategies [2][3] Group 1: Business Strategy - The company adopts a dual-driven approach of "active management + risk control" to navigate the low interest rate environment, establishing a robust business structure with a focus on traditional investment research and development (R&D) alongside innovative financing services [2][3] - The business architecture consists of a main body focusing on fixed income, equity, quantitative, fund of funds (FOF), and derivatives, with two wings represented by asset-backed securities (ABS) and real estate investment trusts (REITs) [2][3] Group 2: Investment Strategy - The traditional bond coupon strategy is no longer sufficient to meet investor return demands, with the 10-year government bond yield stabilizing around 1.7%, necessitating a reconstruction of return logic [3] - The company has been systematically developing a multi-strategy product line since 2016, focusing on flexible private equity products to complement its multi-asset strategy [3][4] - The fixed income team is continuously iterating its capabilities and structure, expanding its focus to include innovative investments and international business [3][4] Group 3: Product Development - The company has designed a multi-strategy product system based on investor risk preferences, creating a gradient layout of low, medium, and high volatility products [4] - The fixed income multi-strategy toolbox has expanded from traditional investments to include quantitative strategies, derivatives, and cross-border assets [4] Group 4: Equity Investment - The company's public equity scale grew over 80% by the end of Q3 2025 compared to the beginning of the year, with significant institutional capital inflow [5] - The company focuses on investment themes aligned with national industrial upgrades, achieving top performance in technology, consumer, and healthcare sectors [5] Group 5: Transition to Asset Management - The company is transitioning from traditional investment banking services to asset management, emphasizing deep operational engagement to enhance asset value [6][7] - The company has issued approximately 180 billion in ABS, focusing on high-quality enterprises in Zhejiang province and sectors like green technology [6][8] Group 6: Competitive Advantage - The company emphasizes the importance of active management and risk control as core competitive strategies, with total assets under management exceeding 300 billion by Q3 2025 [8][9] - The company aims to build a sustainable investment culture, focusing on long-term trends and the necessary professional capabilities to navigate market fluctuations [9]

Core Viewpoint - The recent standardization of ETF naming by the Shanghai and Shenzhen Stock Exchanges aims to enhance product identification and reduce confusion in the market, addressing the issue of product homogeneity and low recognition [1][4][5]. Group 1: Standardization Guidelines - The revised guidelines require that ETF names include "investment target core elements + ETF" and the fund manager's abbreviation, with a deadline for existing ETFs to comply by March 31, 2026 [1][4]. - Other fund types such as LOF, FOF, and REITs also have specific naming requirements to reflect their core attributes [3][4]. - The guidelines emphasize clarity and alignment with actual investment targets to avoid misleading names [4][5]. Group 2: Industry Response - Major public fund institutions like E Fund, Huaxia, and Tianhong have begun to adjust their ETF names to align with the new standards, setting a benchmark for the industry [1][7][9]. - E Fund changed the names of 17 ETFs in January 2023, adopting the new naming structure [7]. - Other firms, including Huaxia and Jiashi, have also announced similar name changes for their ETFs throughout the year [8][9]. Group 3: Market Impact - The standardization is expected to improve product recognition and decision-making efficiency for investors, particularly benefiting novice investors by simplifying product selection [5][9][10]. - The initiative is seen as a crucial step towards the high-quality development of index investment in China's capital market [5][10].

Core Insights - The U.S. dollar is currently overvalued according to an analysis by ABN AMRO, particularly against the Japanese yen, which is estimated to be undervalued by about 40% based on purchasing power parity [1] Group 1 - The analysis indicates that the USD/JPY currency pair is a significant focus, highlighting the disparity in valuation between the two currencies [1] - The author has a background in investing since 2011, with a focus on REITs, preferred stocks, and high-yield bonds, indicating a long-term fundamental investment approach [1]

Core Insights - David A. Johnson is the founder and principal of Endurance Capital Management, specializing in various investment vehicles including stocks, bonds, options, ETFs, REITs, real estate, closed-end funds, hedge funds, and private credit [1] Group 1 - David A. Johnson has over 30 years of experience in investing and holds a Master of Science (MS) Degree in Finance with a concentration in Investment Analysis from Boston University [1] - He also possesses a Certificate in Financial Planning and an MBA from Fordham University [1]