The REITs market continues to rise sharply this week, and the volatility increases. As mentioned in the article “real gold – 2022 annual outlook for public REITs” on 21.12.14, resident funds, public funds, insurance and bank trust funds will become an important source of incremental funds, and their slope will be much higher than that of other types of financial assets. At the same time, the wait-and-see psychology will be significantly revised during the rise of market heat, and the second-order derivative of micro liquidity will greatly exceed expectations. However, it should be noted that REITs has entered the third stage.
The REITs index of property rights broke through 150 points for the first time, with an average increase of 49.93% relative to the issue price, led by the REIT of CCB Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park. This week (2022.2.7-2022.2.11), the REITs index rose sharply. Among them, the REITs index rose 11.75% to close at 149.93 points, the management rights REITs index rose 6.80% to close at 144.40 points, and the property rights REITs index rose 15.88% to close at 154.54 points. The average increase this week was 8.22%, led by REIT of CCB Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park (16.11%). Relative to the issue price, the average increase is 49.93%, of which, the first water REIT (99.85%), the red earth innovation Shenzhen Yan Tian Port Holdings Co.Ltd(000088) storage logistics REIT (75.35%) and the Jianxin Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park REIT (69.78%) are the top three of the price increase.
REITs transaction activity increased this week. The average turnover rate of 11 public offering REITs this week was 3.32%, with an average turnover of 448 million yuan and a turnover of 79 million copies; Last week, the average turnover rate was 2.37%, with an average turnover of 315 million yuan and a turnover of 56 million copies. The weekly turnover of 11 public offering REITs was 2.24 billion yuan and the trading volume was 396 million, up 42.13% and 40.43% month on month compared with the previous week, corresponding to the historical quantile levels since listing of 6.25% and 6.25% respectively; The weekly turnover rate was 3.62%, corresponding to the historical quantile level of 3.13% since listing.
This week, the public offering REITs of infrastructure in the park were actively traded. The largest turnover of REITs in the park infrastructure this week was 935 million yuan, up 75.58% month on month compared with the previous week. The turnover of REITs in ecological and environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics this week were 369 million yuan, 935 million yuan, 505 million yuan and 431 million yuan respectively, down from – 6.64%, 75.58%, 33.26% and 60.71% month on month compared with the previous week. The average daily turnover rates in the range were 4.56%, 3.82% and 2.9% and 2.62%. Since its issuance, the cumulative transaction amount of public offering REITs of ecological environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics has reached 3.152, 6.371, 5.643 and 5.436 billion yuan respectively, and the cumulative transaction volume is 416, 16.77, 503 and 1.265 billion copies respectively.
This week, the REITs valuation of ecological environmental protection and warehousing logistics is high, while the valuations of Zhejiang merchants, Shanghai, Hangzhou and Ningbo and Guangzhou Guanghe are relatively low. Compared with the ABS valuation of CSI, as of February 11, 2022, Zheshang Securities Co.Ltd(601878) Shanghai Hangzhou Ningbo Expressway REIT (REITs valuation 10.61 / ABS valuation 9.47) and Ping An Guangzhou Jiaotou Guanghe Expressway REIT (REITs valuation 14.04 / ABS valuation 14.45) are relatively low.
Risk warning: the future operation of REITs basic assets project is uncertain; The future cash flow calculated in the prospectus may not accurately reflect the actual situation; The progress of raising and issuing was less than expected.
