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公募REITs上市次日整体回调 市场人士:理性看待产品

2021-6-23 08:09| 发布者: 18721787379| 查看: 18152| 评论: 8

摘要: 6月22日, 首批9只公募REITs的整体表现较前一日的强势有所降温。其中,7只产品收跌,1只持平,1只收涨,有5只产品盘中跌破发行价。 有业内人士认为,公募REITs二级市场的价格相对于发行价破发是一种价格回归内在价 ...

6月22日, 首批9只公募REITs的整体表现较前一日的强势有所降温。其中,7只产品收跌,1只持平,1只收涨,有5只产品盘中跌破发行价。

有业内人士认为,公募REITs二级市场的价格相对于发行价破发是一种价格回归内在价值的正常表现,投资者不宜忽视产品的内在价值而盲目杀跌。

5只产品上市次日盘中“破发”

截至22日收盘收盘,蛇口产园(180101.SZ)下跌7.02%,浙商沪杭甬REIT(508001.SH)下跌3.78%,华安张江光大REIT(508000.SH)跌幅为1.42%,首钢绿能(180801.SZ)下跌0.07%。而21日,上述四只产品涨幅居前,分别大涨14.72%、4.97%、5.89%、9.95%。此外,22日中金普洛斯REIT(508056.SH)、盐港REIT(180301.SZ)的跌幅均在1%以上,广州广河(180201.SZ)微跌0.44%,富国首创水务REIT(508006.SH)小涨0.13%,东吴苏园产业REIT(508027.SH)持平。

值得注意的是,浙商沪杭甬REIT、中金普洛斯REIT、盐港REIT、东吴苏园产业REIT、广州广河22日早盘一度破发。

9只公募REITs22日全天成交额为5.08亿元,较上市首日(21日)18.6亿元的成交额有明显回落。

博时基金基础设施投资管理部基金经理胡海滨表示,上市后不久即破发的逻辑与短期价格上涨一样,原因有两个,一是该REITs在一级询价阶段时其价格就已经高于内在价值,二级市场的价格相对于发行价破发是一种价格回归内在价值的正常表现;二是投资者不宜忽视REITs的内在价值而盲目杀跌。

“不论是哪种原因,二级价格下跌后REITs项目的IRR(内部收益率)就会上升,因此投资价值会逐步显现,价格就会止跌回升,投资者可以关注价格下跌后出现的投资机会。投资者可以对价格下跌和IRR上行之间的关系做一个分析表,理论上当IRR上行到一定水平就会有配置型的投资者进场。”胡海滨补充到。

引入做市商提高场内流动性

作为封闭式产品,公募REITs采取封闭式运作,不开通申购赎回,只能在二级市场交易,投资者结构以机构投资者为主,存在流动性不足等问题。

胡海滨称,公募REITs产品的特性是流动性远不如股票,这是因为公募REITs投资人本来就是以持有为目的,而不是以交易为目的。在这种情况之下,其实流动性弱是合理的。随着时间的推移,真正愿意长期持有这些基础资产的机构投资人基本不会再进行卖出,因此导致二级换手率较低,这属于REITs产品的产品特征。理论上来说,在市场有效的情况下,REITs流动性特征其实都已经体现在一级发行和二级交易的价格里面了。

如何提高公募REITs二级市场流动性?胡海滨认为,一方面REITs与股票相比还有做市商的机制,可以提供一定的流动性;另一方面,投资人类型也比较分散,从散户到不同类型的金融机构都是投资人,不同投资人之间的风险偏好不一样,相对来说可以一定程度活跃市场交易。

据统计,首批9只REITs均已公布了流动性服务商,平均每只REIT有4家流动性服务商。其中广州广河的做市商最多,共有7家;浙商沪杭甬REIT有6家做市商。同时,盐港REIT做市商数量最少,仅有2家;首钢绿能和华安张江光大REIT有3家做市商。

平安基金公募REITs投资中心执行总经理王名伦认为,投资者应该理性看待公募REITs的特征,它是一种基于基础设施资产稳定收入发行的产品,特性就是收益稳定,风险适中,适合长期投资。如果二级市场出现大幅波动,投资者应该理性看待。如大幅溢价,投资者要考虑其中蕴含的较大风险,不可脱离产品本身特性,盲目跟风炒作。若出现折价,投资人也应该保持理性,既然是长期持有的品种,看中的是其长期稳定分红,就应该淡化短期波动的影响,坚定持有信心。

来源:第一财经


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