Stoxx Europe 600 has erased earlier gains and is now trading lower on the day.

Energy Institute与Ember数据显示，过去四十年中国与欧盟电力系统走出了不同路径。中国2025年发电量约1.06万太瓦时，是1985年的约26倍，煤电仍占54%，水电、风电和光伏分别占13%、11%和11%。但清洁电源正在改变电力结构：2025年中国清洁能源发电量增加561太瓦时，超过同期503太瓦时的用电需求增量，带动化石能源发电量下降56太瓦时。按原帖采用的排放数据，中国电厂二氧化碳排放从2024年峰值62.65亿吨降至2025年的61.08亿吨，下降约2.5%。 欧盟则呈现另一种路径：2025年发电量约2800太瓦时，与2005年大致相当；煤电占比从近四成降至9%，核电、风电和天然气分别占23%、17%和17%。欧盟电厂二氧化碳排放从2007年峰值12.39亿吨降至2025年的5.36亿吨，累计下降约57%。两种路径的差异在于：中国在电力供应规模持续扩张的同时推进能源结构替代，欧盟则主要依靠电源结构调整，在发电总量长期相对平稳的情况下实现减排。

Secondary-market volatility in public REITs has risen. As of Nov 12, the CSI REITs total‑return index is down 7.36% YTD and the CSI REITs price index is down 11.73% YTD. On a monthly basis only January posted a gain (+3.98%); REITs have recorded nine consecutive monthly declines. Seventeen public REITs are positive YTD — China Merchants Expressway REIT, CICC Shandong Expressway REIT and ChinaAMC China Communications Construction REIT are up >10% — while 61 are negative YTD; 21 are down >20%, 10 down >30% and 3 down >40%, with industrial‑park and warehousing/logistics names most affected. Huatai Securities fixed‑income research says October’s core tension was improved expectations for incremental funding versus limited actual buying, producing a pattern of steady‑then‑weak, slow rises and fast falls: month‑start demand expansion plus falling rates supported allocations to cash‑flow‑stable, high‑distribution assets (eg guaranteed‑rental housing), while month‑end renewed trading supply, a rate uptick and five concentrated new REIT listings amplified price moves. Huatai adds deeply discounted industrial‑park and logistics REITs may present trading opportunities, but only after unlocked shares fully turnover, volumes ease and selling pressure is absorbed.