20231209-德邦证券-周观REITs2023年12月第2周_多只仓储物流REITs获受理_25页_2mb

报告摘要

Recent events: Infrastructure REITs issuance accelerated. Key acceptances include Huaxia Shzh International REIT and Huatai Baowan Logistics REIT at Shenzhen Exchange on December 8; China Cinda Commercial REIT REIT received SEC approval and listing approval.

REITs indices: China REITs Index closed ↓-0.87%, Total REITs Index ↓-1.03%, Right-of-Use REITs Index ↓-1.65%, Right-of-Ownership REITs Index ↓-0.10%. For context, REITs outperformed Shanghai 300 by +1.36 notches but lagged iBond Index by -1.03 notches.
Weekly leaders: Zhonghang Chugang Green Energy REIT (+566%), Penghua Shenzhen Energy REIT (+236%), Huaxia Hangzhou Heda Gaokyanyuan REIT (+194%).
Weekly underperformers: Huafunds Zhangjiang Guangda Park REIT (-481%), Fuguo Chifeng Water REIT (-474%), Hongtou Shenzhen Anju REIT (-444%).

REITs indices: Over 250 days, correlations with SSE Index 0.16, iBond Index 0.00, South China Commodity Index 0.09 for China REITs. Over 20 days, strongest correlation with iBond Index at 0.386.
Sub-category internal correlations: Within 250 days, Log. and Eco-REITs correlated highly at 0.78; within 20 days, Transportation and Log. REITs correlated at 0.76.

Trading data: Total REITs average daily turnover ↓45% (MA5 volume 780 million shares), decreased in volume and trading activity; Logistics REITs saw highest turnover at 46%.

Asset-specific valuations: Log. REITs like China Cinda Logistics REIT have low PV ratios, while options like Zhonghang Chugang Green Energy REIT offer high yield returns. Variance seen in different sectors, e.g., Transportation REITs with highest valuation yield at 1327%.

Key risks include potential operational uncertainties in underlying assets, inaccurate forecasted cash flows, and possible delays in REIT issuance progress.

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