To The Moon

【SRT】

As of 28 Nov 2025 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ was slightly up at 1.93% WTD in SGD, and rose 14.56% YTD in SGD.

SRT’s WTD gains was primarily attributable to industrial, retail and office by subsector and FLT, MLT and MINT by individual REIT. FLT rose after its target price was raised by UOB Kay Hian, with a buy rating maintained. UOB Kay Hian expects rising occupancies to support higher DPU.

In other positive news for the sector, Fitch analysts say that S-REITs are likely to speed up asset acquisitions, divestments and enhancements as borrowing costs moderate. REITs’ cap rates can potentially compress amid increasing demand, thereby lifting valuations.

S$ SRT 2025 YTD Total Return: +14.56%

【MMF】

Following mixed policy signals from Fed officials, markets now expect a December Fed rate cut, despite limited clarity on the labour market's condition.

Looking ahead, HSBC anticipates continued range trading until the FOMC meeting, with possible volatility around headlines on Fed Chair nominees. Treasury Secretary Bessent mentioned President Trump may reveal his candidate choice before Christmas.

Looking ahead, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 2025/11/28, the fund has a net yield at 3.91%. ^

$MMF Net 7-day Yield: +3.91%

^ 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

【CN】

Bond yields saw a slight increase during the week, which may be attributed to bond funds’ redemption flows. From a fundamental perspective, HSBC does not anticipate new YTD highs, due to subdued economic data and as the PBoC resumed bond purchasing activity.

Exports, new loans, industrial production, and fixed asset investment growth have all fallen short during the month. More monetary easing is needed, but timing a rate cut is difficult, especially as onshore traders are focused on protecting profits after a tough year of onshore bond trading.

Looking ahead to the coming week, investors will be paying close attention to the central bank's monthly liquidity provision table. $ICBC CSOP CGB ETF S$(CYC.SI)$ $ICBC CSOP CGB ETF US$D(CYB.SI)$ $ICBC CSOP CGB ETF US$A(CYX.SI)$

Looking at YTD performance as of 2025/11/28, CYC/CYB’s NAV gained +0.41% in CNY and gained +3.53% in USD*.

* CYC/CYB/CYX USD NAV is converted based on benchmark FX, subject to rounding error

Global Market Outlook

【SG】Singapore October Industrial Production Surges 29.1% YoY, Surpassing Forecasts

Singapore’s industrial production jumped 29.1% YoY in October, far surpassing the forecasted 6.7%, mainly due to robust electronics and pharmaceutical output despite US tariffs and global uncertainty, likely due to the delay in US tariff implementation on pharmaceutical products and resilient AI demand. The delay in US tariff implementation is said to have given companies time to negotiate for exemptions. $NASDAQ(.IXIC)$

Source: CSOP, Bloomberg, JPM, HSBC, and The Straits Times, as of 2025/11/28, except where otherwise stated.

Disclaimer

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Index Provider Disclaimer

SRT

The CSOP iEdge S-REIT Leaders Index ETF is not in any way sponsored, endorsed, sold or promoted by Singapore Exchange Limited and/or its affiliates (collectively, “SGX”) and SGX makes no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the iEdge S-REIT Leaders Index and/or the figure at which the iEdge S-REIT Leaders Index stand at any particular time on any particular day or otherwise. The iEdge S-REIT Leaders Index are administered, calculated, and published by SGX. SGX shall not be liable (whether in negligence or otherwise) to any person for any error in the CSOP iEdge S-REIT Leaders Index ETF and the iEdge S-REIT Leaders Index and shall not be under any obligation to advise any person of any error therein. “SGX” is a trademark of SGX and is used by CSOP under license. All intellectual property rights in the iEdge S-REIT Leaders Index vest in SGX.

CYC/CYB/CYX

The ICBC CSOP FTSE Chinese Government Bond Index ETF (the “ETF”) has been developed solely by CSOP Asset Management Pte. Ltd. The ETF is not in any way connected to or sponsored, endorsed, sold, or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Chinese Government Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark of the relevant LSE Group company which own the Index and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent, or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group does not accept any liability whatsoever to any person arising out of the use of the ETF or the underlying data. The LSE Group makes no claim, prediction, warranty, or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put by CSOP Asset Management Pte. Ltd.