Heavy!How to do the REITS market in the second half of the year?Please pay attention to the four major points!

Author:Securities daily Time:2022.07.11

Recently, our reporter Wu Xiaolu has recently accelerated the launch of infrastructure REITs. On July 8th, the 13th REITS -Guojin China Railway Construction REIT was listed; the 14th was approved by REITs, Penghua Shenzhen Energy Reit, and the listing was approaching. Data show that as of July 9, 14 infrastructure REITs issued a total of 54.1 billion yuan in fundraising, and the total market value of 13 REITs on the market was 57.779 billion yuan. "At present, the public offer REITs is still in the initial pilot stage. Whether it is the market's familiarity with it or the system, there is a process. After the public offering REITs realizes the normalized distribution, the issuance speed will accelerate, and the market size will also grow rapidly." The Chief Economist Lu Political Commissar of the Industrial Bank said in an interview with the Securities Daily reporter. The reporter learned from the regulators that in the next step, the regulatory authorities will improve the project cultivation, recommendation, and review working mechanism, promote more high -quality projects to be released and listed, expand the scope of REITs pilot; Rental housing REITS pilot projects, etc.; Promote the clarification of REITs tax collection and management rules, improve REITs regulations and systems. The overall operation of the market is stable and long -term investment value highlights that the reporter learned that since the listing of the first batch of pilot projects, the overall operation of the infrastructure REITs is stable, the underlying asset operation performance has reached or exceeded expectations, and the market recognition is high. Wind information data shows that after excluding Guojin China Railway Construction REIT on July 8th (the turnover rate and turnover on the first day of listing are too high), as of July 8, the average increase in the number of REITs listed on the market increased 18.72%, the average daily turnover rate was 1.89%, and the average daily turnover was 230.77 million yuan. "Objectively speaking, the public offer REITs has been enthusiastically held after the market is listed. After the secondary market price is rising, it has recovered, but the relative issuance price is still considerable and attractive." From the perspective of foreign conditions, public offerings, public offerings REITS returns are generally slightly better than solid -income products. The secondary market fluctuations will be affected by factors such as macro policies, economic environment, operation management, and market emotions. Generally speaking, the comprehensive performance of REITs during interest rate cuts will be relatively good. On June 21, the first batch of nine REITs was the first anniversary of listing, and strategic investors held a shares of the ban. On the first day of lifting the ban, nine products rose between -1.37%and 1.00%during the day. The transaction price fluctuated small, and strategic investors sold a total of 44 million copies, of which 35 million copies were sold through large transactions. Only product strategic investors are not sold. Strategic investors achieved orderly exit, and market transactions were stable as a whole. Yang Yewei, chief analyst of Guosheng Securities's fixed income, said that before and after the first batch of REITs, there were three main reasons for "universal decline, differentiation when lifting the ban, and generalization of the ban." The second is that strategic investors still pay attention to the long -term configuration value of REITs. Some institutions do not choose to sell them during lifting the ban. Third, the institutions that reduce their holdings will give priority to choosing a large transaction. CITIC Securities Chief Economist claims that the public offer REITs market is becoming increasingly mature. Since the first batch of products listed, the market has experienced the observation period, active period, and return rational period. At present, the REITs market has just experienced some of the first batch of REITs restrictions on the ban, and the market's transaction share has increased. From a structural point of view, the REITs market will be more dominated by institutional investors, and the long -term investment value of REITs will be even more prominent. 4 Single REITS projects in the trial "expansion and increase category" steadily promoted on May 25, the General Office of the State Council issued the "Opinions on Further Valid Investment of Assets for Further activation", which clearly revitalized the existing assets of infrastructure through the issuance of REITs and other methods. Investment work requirements. From the perspective of the REITS project on the market, it covers a variety of asset types such as toll roads, industrial parks, sewage treatment, warehousing and logistics, etc., and the raised funds are used for scientific and technological innovation, green development, and people's livelihood. The total investment of the project exceeded 270 billion yuan, which produced a good demonstration effect. The political commissar said that public offer REITs is a better way to revitalize assets. From the perspective of raising objects, public offer REITs raised funds for the society. At present, there are abundant social funds, and residents' wealth preservation and appreciation also requires diversified financial instruments to meet. Public fund REITs also have the characteristics of stock debt. From an angle, since 2008, my country has conducted a large amount of infrastructure investment, forming a number of high -quality assets, and has a good cash flow after proper financial reorganization, which can be used to activate. "Infrastructure development is an important starting point for my country's economic stable growth. Under the current domestic and foreign situations, my country's economic downturn pressure has increased, and the urgency and necessity of steady growth policies have risen to a new height. Infrastructure investment can make good use of steady growth. The role of stabilizing investment. Promote the normalized distribution of infrastructure REITs, further expand the scope of the pilot, and help enhance the vitality of the market. "Chen Li, chief economist of Chuancai Securities, said in an interview with the Securities Daily. Since July 9, a total of 3 REITS products have been approved. Among them, Penghua Shenzhen Energy Reit is the first single clean energy REITs project.

At present, there are still 4 single REITs projects on the Shanghai and Shenzhen Exchange, including 2 single -guarantee housing projects, 1 single highway project, and 1 single industrial park project. Obviously, at present, the process of "expansion and increase" of public offering REITs is steadily promoting. The bottom -level assets involved in projects in 4 include highways, industrial parks and affordable rental housing; From the perspective of public channel data, many provinces and cities have related projects are bidding, and the reserve projects are sufficient. On July 1, the National Development and Reform Commission issued the "Notice on Doing a Good Investment Related Work Relevant Investment Related Work", which stated that it will determine that no less than 30 projects are determined from the recommended and representative activation asset projects that are recommended and representative. Pilot demonstration. Follow -up, infrastructure REITs is expected to accelerate. In the four aspects, the enhancement of the REITS market construction summary pilot experience promotes legislation with the steady progress of REITs, all parties of the market actively promote the construction of the REITS market. The Ministry of Finance, the State Administration of Taxation, the State -owned Assets Supervision and Administration Commission, and the CBRC have issued support measures in terms of tax policy support, state -owned asset transfer and investor access. In addition, 10 local governments such as Beijing have also introduced special support policies for REITS. The reporter learned from the regulators that in the next step, the CSRC will strengthen the REITS market construction from four aspects: First, maintain normalized distribution and form a scale effect as soon as possible. Improve the working mechanism of project cultivation, recommendation, and review, promote the release and listing of more high -quality projects, and form a demonstration effect. Further expand the scope of REITs, and cover the infrastructure fields such as energy, water conservancy, and new infrastructure as soon as possible. Promote the implementation of the expansion of the project as soon as possible, promote the high -quality operating entities listed on the market to acquire assets by increasing shares, carry out mergers and acquisitions and reorganization activities, and promote a virtuous circle of investment and financing. The second is to start the pilot of the REITs of affordable leased housing to explore the new development model of real estate. At present, Shenzhen Talent Anju REIT and Xiamen Anju REIT have been accepted. During the review process, the CSRC will promote the implementation of the first batch of affordable rental housing REITs pilot project as soon as possible. The third is to further condense and improve the collaborative linkage mechanism. Continue to strengthen communication with the Ministry of Finance and the State Administration of Taxation, and promote the clarification of REITs tax collection and management rules. Promote long -term institutional investors from social security funds, pensions, and corporate annuities to participate in investment and cultivate professional REITS investors. The fourth is to improve REITs regulations and consolidate the foundation of market development. The system builds a system arrangement, information disclosure, and duration management system arrangements that meet the characteristics of REITs, improve the legal system of the REITs legal system, and consolidate the legal basis for the high -quality development of the REITs market. Talking about what areas of REITs in the later period, the Lu Political Commissar said that if infrastructure assets are going to be listed, it must be a closed -loop cash flow project. Therefore, it is necessary to set up a closed -loop mechanism, but also the reform of the supporting price mechanism to cover cash flow. As long as the projects that solve these two aspects can be promoted to the market. "In the future, as the market has continued to understand REITs, the issuer will prepare in advance in the early stage of the project, and the review process will be accelerated. In the future, the regulatory authorities need to promote legislation on the basis of summing up the pilot experience. The entire process of launching and listing is standardized. "The Political Commissar of the Lu was further stated. Obviously, it is necessary to promote the development of public offering REITs. The next step needs to be promoted from three aspects. One is to increase policy support. On the one hand, a series of legal rules and rules, including REITs taxation management, promote the development of the REITS market from the level of the regulatory system; on the other hand, my country's infrastructure category is rich, and policies encourage different types of infrastructure to issue public offer REITs will help. The market expansion and development; the second is the project itself. The current disturbance of the epidemic situation in the local area is still there. As the underlying assets of the public offer REITs, how to operate each project properly to complete the expected distribution income, which will help enhance investors' confidence in the public offering REITs project and enhance it. Configuration willingness; third, investor behavior. With the diversification of investor structures, long -term allocation funds such as insurance capital and industrial capital, and the proportion of other institutional investors' circulation share increased, investors in the REITs market are expected to further mature. Picture | Site Cool Hero Bao Map.com