The first batch of public offer REITs lifted the ban. How can investors choose at high returns and high premiums?

Economic Observation Network reporter Li Qin officially lifted the ban on the first batch of public offer REITs products, and the public offer REITs once again aroused market attention.

The performance of the 9 REITs products after the ban is relatively stable in the secondary market. Most products have not fluctuated in terms of net value performance and turnover. However, many interviewees reminded that lifting the ban in the secondary market may be under pressure. For investors, it may be a good time for layout, but it is necessary to look at it rationally. Remember to chase and kill.

Looking back at the performance of the first batch of public offer REITs in the past year, most of the products have received higher yields since the establishment, and after listing, it is in a high premium state. In addition, the fluctuation of the first batch of REITS products is also worthy of attention, and its average shares with a maximum retracement of less than 85%and 96%of the stock.

After the ban, the public offering REITs

According to data from the CSRC and the Shanghai and Shenzhen Exchange, the first batch of public offer REITs funding shares of nearly 2.2 billion yuan, the total fund size exceeded 11 billion yuan, accounting for more than 30%of the total market value of nine public offerings REITs.

On the day of the lifting of the ban on June 21, of the nine public offering REITs, the Red Earth Yantian Port REIT, the Soochow Su Garden Industry REIT, the Shougang Green Energy REIT, and the Guanghe REIT4 of Ping'an Guangzhou have risen. %, The other three rose 0.44%, 0.11%, 0.09%, respectively.

From the point of view of the decline, the first pioneering water REIT of the rich country closed down 1.37%, Zhejiang businessmen Shanghai -Hangzhou -Ningbo REIT, China Gold Provel Reit, Boshimukou Park REIT, Hua'an Zhangjiang Guang Da REIT fell 0.50%, 0.45%, 0.24%, 0.14, respectively. %.

Compared with the performance on the 21st, on June 22, 6 products all rose slightly. Most, 0.30%. In addition, the increase in Hua'an Zhangjiang Guangda REIT, Ping An Guangzhou Guanghe REIT, and AVIC Shougang Green Energy REIT were 0.03%, 0.02%, and 0.02%, respectively.

Hongtu Yantian Port REIT, Zhejiang Shang Shanghai -Hangzhou -Ningbo REIT, and the rich country pioneered the first water service REIT fell, of which the first water -pioneering water REIT declined by 1.82%.

Judging from the turnover on the day of lifting the ban, the turnover of Hua'an Zhangjiang Guangda REIT, the first pioneering of the rich country, and the Shanghai -Hangzhou -Hangzhou -Ningbo REIT, and the CICC Ros Reit have increased from the previous trading day. Ping An Guangzhou Guanghe REIT, Boshimo Shekou Park REIT, Hongtu Yantian Port REIT, AVIC Suggang Green Energy REIT, and Soochow Su Garden Industrial REIT have decreased.

Generally speaking, among the nine public offerings REITs, which were lifted, Hua'an Zhangjiang Guangda REIT was the highest, soaring from 38.15 million yuan on the 20th to 37.4713 million yuan. Yuan. AVIC's Shougang Energy REIT has the least turnover, 7.583 million yuan.

On June 22, although the turnover of Hua'an Zhangjiang Guang REIT decreased compared with the previous day, it still created the highest turnover of 31.124 million yuan; Yuan. The turnover of AVIC Green Energy REIT was almost cut, which was 3.4668 million yuan.

Impact

What impact does the first batch of public offering REITs have on the market after lifting the ban?

In this regard, the respondents interpreted from the two aspects of the market and investors. It is a better layout opportunity.

In an interview, Fuguo Fund believes that from the perspective of the strategic investor of the lifting shares, it is mainly financial institutions and some industrial capital. At present, most REITS market prices have a certain premium compared to the issuance price. The income of the income may cause a certain pressure on the secondary market, but on the other hand, the strategic matching investors are mainly professional institutional investors. Normally, there are relatively rational transaction methods and trading strategies. At the same time, the sharp decline in the short -term secondary market price will also increase REITs's distribution rates and IRR income indicators. For rational investors, it may bring an opportunity for asset allocation.

Ping An Fund Manager Marseille said that overall, the proportion of the market value and the scale of issuance of the ban is relatively high. The shares of the release of the ban will promote the transaction activity and market liquidity of REITs in the secondary market to a certain extent. At the same time, the increase in circulation share may affect market emotions, which in turn causes short -term fluctuations in the secondary market price. Individual investors need to pay attention to the risk of volatility of the secondary market price brought by the ban.

There have been different performance since the listing

Since the first batch of public offerings of REITs products, different types of products have shown large differences. Generally speaking, these nine products are divided into different types of products, of which the first Water Reit and AVIC Green Energy REIT belong to the environmental protection REITs; the CICC and the red earth Yantian Port Boshiko Shekou Product Park REIT and Soochow Su Garden Industrial REIT belong to the industrial park REITs; while Ping An Guangzhou Guanghe REIT and Zhejiang Shanghuhanghu REIT belong to the toll road REITs. From the perspective of product performance, according to the Shanghai Securities Report, environmental protection REITs performed the best, with an average cumulative yield of 44.46%; followed by warehousing logistics REITs, with an average yield of 34.97%; the average return rate of the industrial park REITs was 26.72%; The two toll road REITs performed well, with an average yield of 7.00%.

From the perspective of the premium rate of the product, REITS is in a high premium transaction after listing. According to Shanghai Securities and Wind data, as of June 17, the premium rate of AVIC Shougang Green Energy REIT was 43.1%; the premium rate of the first Water REIT REIT and Red Earth Yantian Port also exceeded 30%; The premium rate with Ping An Guangzhou Guanghe REIT was low, with 7.8%and -4.6%, respectively.

From the perspective of dividends, the first batch of the first batch of more dividends were carried out, and 5 REITS dividends were twice. First of all, Shanghai Securities Data was first. As of June 17, after the first batch of REITs to the first quarter of this year, the accumulated amount of distribution has been divided into about 75%to investors, and the smallest dividend ratio is higher than 65%. The cash flow distribution rate calculated according to REITS issuance price, the average of 9.44%of the REITs of the franchise right, is significantly higher than the average level of 2.58%of the property right REITs, and also reflects the inherent differences of these two REITs types.

It is worth noting that the fluctuations of the first batch of public offer REITs. From the perspective of Shanghai Securities, in terms of volatility, the volatility of two toll road REITs is about 10%, and more than 99%of stock funds and stocks. Fargo's first water affairs, Boshimura Park, and Hongtianyantian Port have the largest volatility, from about 30%, roughly less than 20%of stock funds, but less than 95%of stocks. From the perspective of the maximum retracement, there are certain differences in different REITs. The largest red soil Yantian Port and the rich country pioneered the first water service of 30%, while the two warehouse logistics REITs retracement is smaller. Stock funds less than 85%and 96%of stocks.

When reviewing the performance of the first batch of products, Marseille said that from the data disclosed, the first batch of nine public offer REITS products can be distributed in 2021, which exceeded the recruitment and forecasts. It has a certain impact, but the operation is generally good. Since the first batch of public offerings REITs, some secondary market prices have fluctuated, and higher premiums have occurred in the short term. The source of the public offer REITs is mainly the stable cash flow generated by its underlying asset operation. The projects of property rights also include possible asset value -added returns. In the long run, REITs's secondary market price will fluctuate around the valuation of underlying assets.

CICC believes that during the pilot process of the past year, China's REITS market rules have gradually improved, and it is forming a path basis for sustainable development. The steady advancement of market construction and the high enthusiasm of multiple subjects are also significant for the public sector. The importance of Chinese REITs in the current macro policy framework is gradually increasing. In terms of transaction in the secondary market, the secondary market has performed steadily since the listing of China REITs (the total return rate is more than 20%so far, and the CSI 300 Index is the same period). Different types of asset income have differentiated. The degree is not high. In addition, the fund manager of the Chinese public offering REITs is responsible for the main responsibility of fund operation management, and its role value is expected to continue to increase.

The organization calls for rational viewing REITs investment value

According to the CICC report, investors of public REITs are mainly institutional investors, and the proportion of individual investors has risen marginally.

According to its estimates, the average share of institutional investors holds 88.0%, of which 86.1%of the operating rights category and 89.5%in property rights. In addition, (the amount of the list of listings as the weight) Nine projects as of the end of 2021, the average increase of individual investors' shareholding shares increased by 0.7%on average, but the growth is mainly concentrated on the target of relatively small market value: for example, Waterfront Water and Shougang Energy Energy The proportion of individual investors with 9.4%and 14.1%of the projects increased, respectively, and recruited 6.7%and 1.1%of the snake industrial park and Hongtian Yantian Port, and returned to Zhongjin Plos, Guangzhou Guanghe and Suzhou. These industrial parks have a relatively large market value, and the proportion of individual investors has declined. Roughly speaking, the proportion of individual investors with a market value of about 2 billion yuan and below has increased.

In this case, a number of institutions and fund managers remind investors to look at the investment value of REITs rationally, and it is not recommended to chase high in the short term.

Marseille said that the secondary market price of the public offer REITs will fluctuate due to factors such as market emotions.The shares released by this ban will promote the transaction activity and market liquidity of REITs in the secondary market to a certain extent.At the same time, the increase in circulation share may affect market emotions, which in turn causes short -term fluctuations in the secondary market price.Investors are advised to pay more attention to the inherent value of public offer REITs, that is, considering the project operation of the underlying assets of the public REITs, the management experience of the manager, the assessment of the operating qualifications of external operating institutions, and so on.Based on the long -term investment value of public REITs, it rationally evaluates its own risk -income preferences to conduct related investment decisions.Fargo Fund said that since the issue of REITs, investors have always called on investors to objectively understand the basic concepts and characteristics of REITs, and rationally treat the investment value of REITs.REITs is the essence of the equity investment of specific underlying assets. This type of asset is characterized by stable operations and stable dividends. It is suitable for long -term asset allocation. For short -term pursuit and fall, it may face greater investment and transaction risks.

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