This week, Huaxia TBEA New Energy REIT, as the first private enterprise new energy REIT in China, was officially approved and is in the stage of being issued. The original owner of this REIT is TBEA Xinjiang New Energy Co., Ltd. The underlying asset is the photovoltaic power generation project located in Shankou PV Power Generation Park in the southeast of Hami. The expected cash distribution rates in 2024 and 2025 are 8.02% and 9.93% respectively. In the secondary market, the weighted price index of REITs fell by -0.69%, and the activity of market trading and investment weakened slightly. Specifically, at the industry level, only the consumption and guaranteed rent housing REITs achieved an average positive return in the week, with corresponding increases of 0.69% and 0.57%, respectively. The warehousing and high-speed REITs fell by more than - 1% on average.
According to the weekly rise and fall of the REITs weighted price index of financial products and other major categories of assets, the REITs weighted index fell 0.69% to close at 91.43 this week (2024/05/13~2024/05/17); The CSI 300 rose 0.32%, the GEM index fell 0.70%, the SME market fell 0.54%, the CSI convertible bonds fell 0.02%, the China Bond composite (net price) rose 0.13%, London Gold now rose 2.30%, and the crude oil index fell 0.92%.
In terms of the nature of the underlying asset projects held by REITs, the property index fell 0.44% to 95.07 this week, and the franchise index fell 0.94% to 84.08. In terms of the types of industries holding projects, this week, industrial parks fell 0.10% to 86.42, warehousing and logistics fell 1.80% to 97.28, ecological and environmental protection fell 0.79% to 96.21, highways fell 1.04% to 73.68, energy fell 0.75% to 103.54, guaranteed rent housing rose 0.57% to 83.78, and consumer rose 0.69% to 101.60; The weekly income performance from high to low is in the following order: consumption>rental housing>industrial parks>energy>ecological and environmental protection>highways>warehousing and logistics.
From the performance of the secondary market, the top three REITs in terms of growth this week were Harvest Power China Clean Energy REIT (3.05%), Guotai Jun'an Urban Investment Kuanting Baofang REIT (2.16%), and Red Earth Shenzhen Anju REIT (1.35%); In terms of turnover, the turnover of Soochow Suyuan Industrial REIT, Huaxia China Communications Construction REIT, and lateritic innovation Yantian Port REIT ranked top this week, with 38 million, 23 million, and 23 million respectively; In terms of turnover rate, CICC Yinli's REIT consumption, Guojun Lingang Innovation Industrial Park's REIT consumption and Harvest Wumart's REIT consumption have a high turnover rate this week, respectively 14.18%, 11.76% and 11.16%.
In terms of P/FFO indicators, as of this week, Red Earth Innovation Yantian Port REIT, Huaxia Hefei High tech REIT, Guojun Lingang Innovation Industrial Park REIT, Guojun Dongjiu New Economy REIT, Huaxia Heda High tech REIT, Red Earth Shenzhen Anju REIT, CICC Xiamen Anju REIT, as of this Friday, the top three products in terms of internal rate of return (IRR) were Huaxia China Communications Construction REIT The IRRs of Ping An Guangzhou Guanghe REIT and CICC Anhui Traffic Control REIT are 12.87%, 11.16% and 9.89% respectively.
From the perspective of valuation, as of this Friday, the top three products in terms of internal rate of return (IRR) were Huaxia China Communications Construction REIT, Ping An Guangzhou Guanghe REIT and CICC Anhui Traffic Control REIT, with corresponding IRRs of 12.87%, 11.16% and 9.89% respectively. In terms of P/FFO indicators, this week's Red Earth Innovation Yantian Port REIT, Huaxia Hefei High tech REIT, Guojun Lingang Innovation Industrial Park REIT, Guojun Dongjiu New Economy REIT, Huaxia Heda High tech REIT, Red Earth Shenzhen Anju REIT, Zhongjin Xiamen Anju REIT, Huaxia Beijing Security House REIT, Huaxia Jinmao Commercial REIT, Huaxia Huarun Commercial REIT, Zhongjin Yinli Consumer REIT, Huaxia Yuexiu REIT The dynamic P/FFO of Huaxia China Communications Construction REIT, Huatai Jiangsu Traffic Control REIT, Zhongjin Shandong Expressway REIT, AVIC Shougang Green Energy REIT and Penghua Shenzhen Energy REIT is higher than the average of the same industry type.
Risk warning:
1. Policy adjustment risk;
2. The pilot project operation is not as expected;
3. Insufficient liquidity in the secondary market;
4. The valuation fluctuation exceeds the expectation;
5. Fund governance risk, etc.
