Key investment points:
REITs market continued to rebound this week, led by AVIC Shougang biomass REIT (4.49%). This week (2022.3.282022.4.1), the REITs index rose, among which the REITs index rose (1.6%) to close at 133.49 points, the management rights REITs index rose (1.36%) to close at 131.25 points, and the property rights REITs index rose (1.8%) to close at 135.36 points. The average increase this week was 1.15%, led by AVIC Shougang biomass REIT (4.49%). Relative to the issue price, the average increase is 33.49%, of which, the first water REIT (68.87%), the red earth innovation Shenzhen Yan Tian Port Holdings Co.Ltd(000088) storage logistics REIT (49.83%) and the Jianxin Beijing Centergate Technologies (Holding) Co.Ltd(000931) Industrial Park REIT (47.97%) are the top three of the price increase.
The transaction activity of REITs decreased this week. The average turnover rate of 11 public offering REITs this week was 1.25%, the average transaction value was 153 million yuan, and the trading volume was 30 million copies; Last week, the average turnover rate was 2.14%, with an average turnover of 255 million yuan and a turnover of 51 million copies. The weekly turnover of 11 public offering REITs was 765 million yuan and the trading volume was 149 million copies, with month on month changes (- 39.95%) and (- 41.42%) compared with the previous week, and the corresponding historical quantile levels since listing were 64.10% and 64.10% respectively; The weekly turnover rate was 1.65%, corresponding to the historical quantile level since listing of 53.85%.
The infrastructure of the park is active this week. The largest turnover of REITs in the park infrastructure this week was 272 million yuan, down (- 47.82%) from the previous week. The turnover of REITs in ecological and environmental protection, park infrastructure, transportation infrastructure and warehousing and logistics this week were 154 million yuan, 272 million yuan, 161 million yuan and 178 million yuan respectively, up from – 31.44%, – 47.82%, – 37.49% and – 34.20% respectively from the previous week. The average daily turnover in the range was 2.18%, 1.24%, 0.85% and 1.3% 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 13.783 billion yuan, 6.669 billion yuan, 10.335 billion yuan and 9.93 billion yuan respectively, and the cumulative transaction volume was 3.736 billion, 885 million, 932 million and 2.462 billion copies respectively.
This week, the REITs valuation of ecological environmental protection and warehousing logistics is high, while the valuation of Shekou Industrial Park and Guangzhou Guanghe is relatively low.
Compared with the ABS valuation of CSI, as of April 2, 2022, the REIT of Boshi China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) Industrial Park (REITs valuation 3.25 / ABS valuation 3.03) and Ping An Guangzhou Jiaotou Guanghe Expressway (REITs valuation 13.02 / ABS valuation 14.55) 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.
