Group 1 - The core viewpoint emphasizes the importance of developing direct financing through equity and bonds to optimize financing structure and reduce costs, thereby stimulating market vitality and enabling high-quality economic development [1][2] - Experts suggest that during the "14th Five-Year Plan" period, efforts should be made to increase the proportion of direct financing in social financing, promoting a dual-driven approach of equity and bonds to provide more flexible and diverse financing channels for enterprises [1][2] - The Chinese equity financing market is experiencing a new phase with the development of multi-tiered capital markets like the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, which offer inclusive and efficient financing platforms for various types of enterprises [1][2] Group 2 - There is a call for enhancing the inclusiveness of the capital market by deepening reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, focusing on supporting innovative and specialized enterprises through capital market financing [2][3] - The construction of a favorable ecosystem is essential, with an emphasis on improving the professional service capabilities of intermediary institutions and establishing differentiated listing standards and valuation systems for technology enterprises [2][3] - The development of private equity and venture capital funds is encouraged to broaden the sources of patient capital and enhance capital circulation efficiency, particularly focusing on hard technology sectors [2][3] Group 3 - The bond market is recognized as a crucial component of direct financing, with suggestions to improve the multi-tiered bond market system and promote the development of technology and green bonds to better serve the real economy [3][4] - There is a focus on developing a multi-layered bond market framework to enhance market efficiency and safety, as well as to diversify bond products to meet various financing needs [3][4] - The promotion of green bonds is highlighted, with recommendations to establish standards for identifying and certifying green technologies to guide bond funds towards supporting low-carbon technology innovations [4][5] Group 4 - The synergy between equity and bond markets is seen as a way to optimize risk-sharing and financing structures, enabling high-risk startups to secure funding while helping mature companies reduce financing costs [4][5] - The exploration of more technology-themed bonds is anticipated, with efforts to facilitate financing for eligible enterprises through technology bonds to lower the cost of capital for technology innovation [4][5] - The development of real estate investment trusts (REITs) is encouraged, particularly in new infrastructure and technology innovation sectors, to promote asset revitalization and support the digital transformation of traditional infrastructure [5]

1. Market Performance - The CSI REITs Total Return Index closed at 1045.73 points this week (October 27 - 31, 2025), up 0.06% weekly, continuing last week's stabilization trend. The market fluctuated during the week, with a 0.44% drop on Monday, a cumulative 1.1% increase on Tuesday and Wednesday driven by the central bank's restart of treasury bond trading information, and a cumulative 0.59% retracement on Thursday and Friday after the concentrated disclosure of the third - quarter reports. From a monthly perspective, the total return index has declined for four consecutive months, and the market remains weak [1][9]. - This week, 49 REITs closed higher and 27 closed lower, and the trading activity of REITs increased. As of Friday, the total market value of 76 listed REITs in China reached 220.6 billion yuan, with a circulating market value of 110.4 billion yuan [2][9]. - In terms of major asset classes, although the overall performance of REITs was average this week, four types of REITs, including consumer facilities, rental housing, municipal environmental protection, and new - type facilities, showed obvious recovery and outperformed the Shanghai - Shenzhen 300, CSI 500, and CSI 1000. The Hang Seng Tech and SHFE Gold declined by more than 2.5% [12]. 2. Sector - by - Sector Analysis 2.1 Municipal Environmental Protection - The sector exceeded expectations, with better recovery in charging prices or processing volumes. As the heating season approaches, heating - related projects are worth attention. For example, the available distribution amount of the Fuguo Shouchuang Water Service REIT in the third quarter increased by 30.12% year - on - year, mainly due to better accounts receivable collection in the Shenzhen project than in the same period last year, an increase in sewage treatment volume by 1.23% year - on - year, and an increase in the average sewage treatment unit price by 7.05% year - on - year [16][20]. - The available distribution amount of the China Aviation Capital Shougang Green Energy REIT in the third quarter increased by 97.4% year - on - year, mainly due to the collection of garbage treatment fees by the Beijing Urban Management Commission, an increase in national subsidy payments compared with the same period last year, and an increase in the amount of domestic garbage treatment [21]. 2.2 Data Centers - The sector is strong under the AIDC intelligent computing power boom, and the computing power demand is expected to remain strong in the future. There are currently only 2 REITs in this sector. Although the projects have a single tenant and a long - term lease, the tenants are China's three major telecommunications operators, with high reliability. At current prices, the distribution rates of the two REITs are below 4%, and Runze Technology is slightly higher than Wan Guo [3][24]. 2.3 Consumer Facilities - The sector enters the performance sprint period at the end of the year. The performance in the third quarter was generally stable, and the annualized distribution rate in the third quarter ranged from 3.59% (Huaxia Huarun Commercial) to 5.53% (E Fund Huawai Market). It is recommended to focus on projects with high distribution rates, stable rental performance, and good consumption scenarios, such as E Fund Huawai Market, Huaan Bailian Consumption, Jashi Wumei Consumption, and Huaxia Shouchuang Outlets [26]. 2.4 Rental Housing - The sector's performance is stable, with a high occupancy rate. Multiple projects are in the process of expansion. The annualized distribution rate in the third quarter ranged from 2.69% (Red Clay Innovation Shenzhen Affordable Housing) to 4.02% (Huitianfu Shanghai Real Estate Rental Housing). After the bond market stabilizes, it can be the first choice for investment [32]. 2.5 Industrial Parks - The sector continued to face pressure in the third quarter, with the distribution rate ranging from 1.90% (Jianxin Zhongguancun) to 5.73% (Huaxia Hefei High - tech). The projects are significantly differentiated, and it is recommended to focus on park bonds with an occupancy rate starting with "9" [36]. 2.6 Warehousing and Logistics - The sector is still affected by the impact of new supply. Projects with a large proportion of related - party leases can resist certain demand competition. It is recommended to focus on Red Clay Innovation Yantian Port, Jashi JD Warehouse Infrastructure, and Southern SF Logistics, which have a relatively high proportion of related - party leases [47]. 2.7 Transportation Facilities - The sector is significantly affected by surrounding competing projects. The passenger and freight traffic of road assets in the eastern region has recovered better overall. It is recommended to focus on road assets in the eastern region [16][50]. 2.8 Energy - The sector's performance is generally under pressure due to factors such as wind, light, and water resources, as well as market - based trading and other pressures. Some projects have carried out factoring to ensure current dividends [16]. 3. Other Important News - This week, the REITs with relatively large increases were Cinda Principal Agricultural ( + 4.22%), Southern Wan Guo Data Center ( + 4.09%), and CICC Yinli Consumption ( + 3.85%); the REITs with relatively large decreases were Huaxia Hefei High - tech ( - 7.78%), China Merchants Science and Technology Innovation ( - 4.74%), and E Fund Guangzhou Development Industrial Park ( - 4.19%) [59]. - The trading activity of REITs increased this week, with the average daily trading volume of 618 million yuan, the average daily trading volume of 149 million shares, and the average daily turnover rate of 0.61%, with a month - on - month change of + 13.68%, + 18.74%, and + 0.09 percentage points respectively [63]. - There are 5 projects to be unlocked in November 2025, including CICC Liandong Science and Technology Innovation (2025/11/5, 39.09%), Yin Hua Shaoxing Raw Water and Water Conservancy (2025/11/8, 18.06%), Huatai Jiangsu Expressway Control (2025/11/15, 55%), China Merchants Expressway (2025/11/21, 55.78%), and CICC Anhui Expressway Control (2025/11/22, 37.29%). Attention should be paid to the potential trading pressure brought by the recent unlocking projects [2][65]. - As of October 31, 2025, there are about 4 - 5 potential REIT issuance projects remaining this year, including 1 project that has been issued but not yet listed, 1 project that is currently being issued, 7 projects that have received feedback from the exchange, 1 project that has been accepted by the exchange, and 1 project that has been declared to the exchange [70].

芒格先生曾指出，避免愚蠢，长期来看就能让我们更出色。 否定什么，往往比投资什么更重要；避免愚蠢可以产生的复利效果，往往大于试图"持续做出短期高回 报的聪明决定"。 基于在投资实践中的探索和对国内外头部同业观察、对标和质化研究，我们团队形成了一种投资模型， 以试图回答一个问题：如何穿越周期实现确定性复利回报，最终成为全周期投资胜率与收益率的领先 者？ 自2016年末开始开展投资业务，我们首先面临的问题是，究竟对标样本是谁？国际头部机构还是国内 的，居住类资产还是商办园区类资产，权益性投资还是固收类？ 在前期十多年房地产开发和金融投资从业经验基础上，经过近半年的投资探索和对标研究，笔者带领团 队基本确立了精选层不动产金融另类投资的业务模式。 我们累计接触合作需求近万亿元，实质性判断合作需求数千亿元，立项项目近百个，对其中优质项目实 施尽调投决，累计实现投资达同期同业机构的领先规模，实现了项目收益、风险和流动性的良好平衡。 我们对上市房企主体信用做出了准确预测，成功规避其股票及信用债投资风险。 特别是2019年即开始投资净回收；在2020至2021年大部分金融机构仍在加大投资的时候，公司核心领导 果断决策，我们实现 ...

申万宏源固收研究 【申万固收|信用】见微知著，把握REITs产品脉络 原创 阅读全文 ...

新华财经上海10月13日电进入四季度后，基金发行明显升温。 据公募排排网统计数据显示，按认购起始日计算，本周（2025年10月13日至10月19日）全市场共有52只 新基金启动认购，较此前一周的24只实现116.67%的环比增长，同时创出年内次新高。与此同时，新发 产品的平均认购周期为12.73天，虽较此前一周基本持平，但整体已较前期出现明显缩短。 排排网集团旗下融智投资FOF基金经理李春瑜指出，近期公募基金发行市场回暖、募集周期缩短，主要 得益于市场表现、公募业绩与投资者情绪的多重共振。具体来看，A股市场持续走强，上证指数突破 3900点，创近十年新高，结构性机会频现，有效提振了权益资产配置热情。另一方面，公募基金赚钱效 应显著，三季度主动权益类产品平均收益率达25.93%，进一步强化了投资者的参与信心。此外，政策 支持与基金公司"控量提质"的发行策略，也共同推动了认购意愿的提升。 | 本周开启认购公募基金分类型统计 | | | | | --- | --- | --- | --- | | 投资类型(一级) | 投资类型(二级) | 产品数量 | 占比 | | 股票型基金 | 被动指数型基金 | 23 | 4 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - From September 22 to September 26, 2025, the secondary - market prices of China's listed public REITs declined slightly compared to the previous week. Among mainstream asset classes, REITs had a relatively lower return rate. Only energy - type REITs showed an increase in price, while other types generally declined. The trading volume, turnover rate, and net inflow of institutional funds also showed different trends among different underlying asset types and individual REITs. There were no new REIT products listed in the primary market this week, but the status of 3 REIT projects was updated [1][11]. 3. Summary According to the Table of Contents 3.1 Secondary Market 3.1.1 Price Trends - **At the large - scale asset level**: China's listed public REITs had a negative return rate of - 0.77% this week. Compared with other mainstream asset classes, the return rate ranking from high to low was: gold > crude oil > A - shares > convertible bonds > pure bonds > US stocks > REITs [11]. - **At the underlying asset level**: Both equity - type and franchise - type REITs' secondary - market prices declined. The weighted index of equity - type REITs was 157.26 with a return rate of - 0.89%, and that of franchise - type REITs was 118.06 with a return rate of - 0.59%. Among different underlying asset types, only energy - type REITs rose, with a return rate of 0.03%. The top three underlying asset types in terms of return rate were energy, ecological and environmental protection, and warehousing and logistics, with weighted indices of 153.78, 124.00, and 124.86 respectively, and return rates of 0.03%, - 0.08%, and - 0.46% [17][19]. - **At the single - REIT level**: Among the 74 REITs, 10 rose, 1 remained unchanged, and 63 declined. The top three in terms of increase were Bosera Jinkai Industrial Park REIT, CSC Guodian New Energy REIT, and CICC Liandong Science and Technology Innovation REIT, with increases of 1.64%, 0.98%, and 0.71% respectively. The top three in terms of decline were CICC Chongqing Liangjiang REIT, Huaxia Joy City Commercial REIT, and Jiashi Wumei Consumption REIT, with declines of 3.95%, 2.99%, and 2.7% respectively [24]. 3.1.2 Transaction Volume and Turnover Rate - **At the underlying asset level**: The total trading volume of public REITs this week was 1.86 billion yuan, and the average daily turnover rate of new infrastructure - type REITs was the highest. The top three in terms of trading volume were transportation infrastructure, energy infrastructure, and park infrastructure, with trading volumes of 488 million, 299 million, and 274 million yuan respectively. The top three in terms of average daily turnover rate were new infrastructure, ecological and environmental protection, and energy infrastructure, with rates of 1.08%, 0.79%, and 0.52% respectively [25]. - **At the single - REIT level**: The trading volume and turnover rate of single REITs continued to show differentiation. The top three in terms of trading volume were Southern Runze Technology Data Center REIT, Guojin China Railway Construction REIT, and CICC Xiamen Anju REIT, with trading volumes of 160 million, 150 million, and 140 million shares respectively. The top three in terms of trading amount were Guojin China Railway Construction REIT, Southern Runze Technology Data Center REIT, and CICC Anhui Expressway REIT, with trading amounts of 124 million, 94 million, and 81 million yuan respectively. The top three in terms of turnover rate were Huatai Jiangsu Expressway REIT, Huaxia Huadian Clean Energy REIT, and ICBC Mengneng Clean Energy REIT, with rates of 6.84%, 6.46%, and 6.34% respectively [28]. 3.1.3 Main Force Net Inflow and Block Trading - **Main force net inflow situation**: The total net inflow of the main force this week was 26.88 million yuan, indicating a decline in market trading enthusiasm. At the underlying asset level, the top three in terms of net inflow were park infrastructure, new infrastructure, and consumption infrastructure, with net inflows of 15.51 million, 10.59 million, and 7.95 million yuan respectively. At the single - REIT level, the top three were Chuangjin Hexin Shounong REIT, Southern Runze Technology Data Center REIT, and Huaxia Huarun Commercial REIT, with net inflows of 14.67 million, 10.93 million, and 8.37 million yuan respectively [32]. - **Block trading situation**: The total block trading amount this week was 42.11 million yuan, a decrease compared to the previous week. There were block trading transactions on 4 trading days this week, and the highest single - day block trading amount was on September 25, 2025, reaching 14.34 million yuan. The top three in terms of block trading amount were Southern Runze Technology Data Center REIT, China Merchants Expressway REIT, and CSC Mingyang Smart New Energy REIT, with trading amounts of 17.99 million, 7.81 million, and 7.01 million yuan respectively [33]. 3.2 Primary Market 3.2.1 Listed Projects - As of September 26, 2025, there were 74 public REIT products in China, with a total issuance scale of 19.4332 billion yuan. Among them, transportation infrastructure - type REITs had the largest issuance scale of 6.8771 billion yuan, followed by park infrastructure - type REITs with an issuance scale of 3.1835 billion yuan. There were no new REIT products listed this week [37][38]. 3.2.2 Projects to be Listed - According to the project announcements of the Shanghai and Shenzhen Stock Exchanges, there were 17 REITs in the to - be - listed state, including 12 initial - offering REITs and 5 to - be - expanded REITs. This week, the project status of Huaxia Zhonghai Commercial Asset Closed - end Infrastructure Securities Investment Fund, CSC Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund, and Huaxia Anbo Warehousing and Logistics Closed - end Infrastructure Securities Investment Fund was updated to "approved" [41][42].

Core Viewpoint - The public fund industry in China is entering a critical stage of deepening reform and improving quality and efficiency, focusing on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Understanding the Importance of High-Quality Development - Reform is necessary for the public fund industry, which has grown to manage over 30 trillion yuan and serve over 800 million investors, but still faces challenges in operational philosophy and governance [4]. - The industry must address issues arising from rapid growth, which hinder its development and service quality, necessitating reforms that focus on core business and diverse financial products [4][5]. - The action plan emphasizes a problem-oriented approach, aiming to align the industry's development with the interests of investors and enhance service quality [5]. Group 2: Creating a New Fund Ecosystem - The Beijing Securities Regulatory Bureau is guiding the industry to innovate and optimize its business structure to align with high-quality development requirements [6][7]. - Business innovation is being promoted, including the introduction of floating fee rate products and an increase in equity fund offerings, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [7]. - The industry is shifting towards an investor-centric service model, enhancing personal pension product offerings and improving investor engagement through digital transformation [8]. Group 3: Enhancing Service to the Real Economy - The public fund industry in Beijing is actively supporting national strategies, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [10]. - The industry is also promoting green development through ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [10]. - The development of REITs is being encouraged, with 3 new products launched in the first half of 2025, raising 3.803 billion yuan [10]. Group 4: Strengthening Investor Protection - The industry is prioritizing investor rights, with ongoing fee reforms leading to a savings of 7.2 billion yuan for investors in 2024 [12]. - Innovative investor education initiatives are being implemented to ensure that product risks align with investor risk tolerance [12]. - A robust complaint handling mechanism is being established to ensure efficient resolution of investor disputes [12]. Group 5: Risk Prevention and Control - The industry is enhancing its risk management capabilities through a comprehensive regulatory framework and proactive monitoring of operational risks [12]. - A zero-tolerance policy is in place for illegal activities, ensuring strict penalties for violations [12]. - Key risks such as governance, liquidity, and credit risks are being closely monitored to prevent systemic risks [12].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Reform and Development - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry aimed at high-quality development [2]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. - The action plan aims to address issues arising from rapid growth, encouraging institutions to focus on their core business and optimize supply to create diverse financial products and services [3][4]. Group 2: Innovation and Service Optimization - The Beijing Securities Regulatory Bureau is guiding local fund institutions to innovate and optimize their business structures, promoting the development of floating fee rate products and increasing the number of equity funds [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [5][6]. - The industry is shifting towards an "investor-centered" service model, enhancing personal pension product offerings and improving investor support systems [6][7]. Group 3: Enhancing Research and Investment Capabilities - The industry is focusing on building a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7]. - There is an emphasis on optimizing investment decision-making processes and strengthening talent development to cultivate skilled investment management professionals [7]. Group 4: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023, and enhancing investor education [10]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the stability of the financial system [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality, focusing on improving investment capabilities, optimizing customer experience, and increasing investor trust [1][3][4]. Group 1: Industry Development - The public fund industry has grown to manage over 30 trillion yuan, with more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3]. - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry [1][2]. - Beijing aims to create a "Beijing model" for high-quality public fund development, leveraging its financial resource advantages [2]. Group 2: Reform and Innovation - The action plan emphasizes the need for reforms to address issues such as the focus on scale over returns and to enhance investor satisfaction [4]. - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products [6][7]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds managing a total of 1.66 trillion yuan [6]. Group 3: Service Enhancement - The public fund industry is shifting towards an "investor-centered" service model, enhancing the supply of personal pension products and improving investor engagement [7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for retirement investment [7]. - The industry is also focusing on digital transformation to improve service efficiency and investor experience [7]. Group 4: Contribution to the Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8]. - As of the first half of 2025, there are 37 ESG-themed funds with a total scale of 24.809 billion yuan [8]. - The industry is also involved in the development of REITs, with 37 products issued, totaling 103.395 billion yuan [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive complaint handling mechanism has been established to ensure efficient resolution of investor disputes [10]. - The regulatory framework is being strengthened to enhance risk prevention and control, focusing on governance, liquidity, and credit risks [11].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Development and Reform - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry, emphasizing high-quality development [2]. - Beijing, as a national financial management center, is expected to leverage its financial resource advantages to create a "Beijing model" for high-quality public fund development [2][4]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. Group 2: Key Initiatives and Innovations - The action plan aims to address issues such as the focus on scale over returns and to enhance investor satisfaction through various policy measures [4]. - The Beijing Securities Regulatory Bureau is guiding local fund management institutions to innovate and optimize their business structures, including the introduction of floating fee rate products and the development of equity products [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, with a total scale of 41.5 billion yuan [6]. Group 3: Enhancing Investor Services - The industry is shifting towards an "investor-centered" service model, with an increase in personal pension product offerings and a focus on long-term investment education [6][7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for investors [6]. - The industry is also advancing digital transformation to improve service efficiency and enhance investor experience [7]. Group 4: Supporting National Strategies - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation board funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also promoting the development of ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [8]. - The issuance of REITs products has reached a cumulative scale of 103.395 billion yuan, supporting infrastructure development [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive regulatory framework is being established to enhance risk management, focusing on early identification and resolution of operational risks [10]. - The industry is committed to a "zero tolerance" policy for illegal activities, ensuring strict enforcement against violations [10].