Highlights: (1) on March 18, the CSRC announced that it was working with relevant ministries and commissions to further promote the pilot of infrastructure REITs, improve the system and mechanism, broaden the scope of the pilot, give better play to the functional role of public offering REITs, further promote the virtuous cycle of investment and financing and help the development of the real economy. On the one hand, we are studying and formulating the raising rules of infrastructure REITs. On the other hand, pay close attention to promoting the implementation of the public offering REITs pilot project of indemnificatory rental housing. Among them, Document No. 958 includes affordable housing into the pilot scope of REITs, and promoting the construction of affordable rental housing will be the starting point of the policy. Since the end of 2020, the government has issued a series of policy documents to expand the supply of affordable rental housing, focusing on the development of affordable rental housing policies. (2) It is suggested to pay attention to the strategic placement and offline subscription opportunities issued by Huaxia China Communications Construction Company Limited(601800) REIT. On March 16, "Huaxia China Communications Construction Company Limited(601800) Expressway closed infrastructure securities investment fund" was approved by Shanghai Stock Exchange. The offline subscription income of the second batch of public REITs contributes 0.76% (held so far), and the core income is the allocated amount.
REITs market continued to adjust this week, led by Shenzhen Yan Tian Port Holdings Co.Ltd(000088) warehousing and logistics REIT (- 7.75%). This week (2022.3.142022.3.18), the REITs index fell, of which the REITs index fell (- 4.74%) to close at 127.8 points, the management rights REITs index fell (- 2.71%) to close at 126.22 points, and the property rights REITs index fell (- 6.43%) to close at 129.12 points. This week the average increase is -3.52%, of which the red earth innovation Shenzhen Yan Tian Port Holdings Co.Ltd(000088) storage logistics REIT (-7.75%) led the fall. Relative to the issue price, the average increase was 27.8%. Among them, Wells Fargo's first water REIT (58.7%), CCB Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park REIT (47.19%) and Boshi China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) Industrial Park REIT (35.58%) ranked among the top three in terms of price increase.
REITs transaction activity increased this week. The average turnover rate of 11 public offering REITs this week was 2.45%, with an average turnover of 281 million yuan and a turnover of 59 million copies; Last week, the average turnover rate was 2.15%, with an average turnover of 263 million yuan and a turnover of 51 million copies. The weekly turnover of 11 public offering REITs was 1.405 billion yuan and the trading volume was 293 million copies, with month on month changes (7.03%) and (14.36%) compared with the previous week, and the corresponding historical quantile levels since listing were 27.03% and 21.62% respectively; The weekly turnover rate was 1.54%, corresponding to the historical quantile level since listing of 59.46%.
This week, the REITs of the park's infrastructure was actively traded. The largest turnover of REITs in the park infrastructure this week was 540 million yuan, down (- 3.44%) from the previous week. The turnover of REITs in ecological and environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics this week were 221 million yuan, 540 million yuan, 301 million yuan and 344 million yuan respectively, 4.49%, - 3.44%, 5.18% and 34.25% respectively from the previous week. The average daily turnover rates in the range were 3.36%, 2.56%, 1.9% and 2.53% respectively. Since its issuance, the cumulative transaction amount of public offering REITs of park infrastructure, ecological environmental protection, transportation infrastructure and warehousing and logistics reached RMB 129.9, 6292, 9916 and 9482 million respectively, and the cumulative transaction volume was 3.536, 836, 893 and 2.345 billion respectively.
This week, the REITs valuation of ecological environmental protection and park infrastructure is high, while the valuation of Zhejiang merchants, Shanghai, Hangzhou and Ningbo and Guangzhou Guanghe is relatively low. Compared with the ABS valuation of CSI, as of March 19, 2022, Zheshang Securities Co.Ltd(601878) Shanghai Hangzhou Ningbo Expressway REIT (REITs valuation 9.69 / ABS valuation 9.49) and Ping An Guangzhou Jiaotou Guanghe Expressway REIT (REITs valuation 13.09 / ABS valuation 14.48) were 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.
