REITs市场“七连阴”，部分经营权项目上周以来跌幅近10%

Core Viewpoint - The REITs market has accelerated its decline recently, particularly in operating rights projects, with a drop of nearly 10% since last week, primarily due to concerns over the accounting treatment of REITs dividends and principal, rather than the fundamental performance of the assets [1][5]. Market Performance - The China Securities REITs Total Return Index experienced fluctuations, with an intraday drop exceeding 1%, ultimately closing down 0.83% at 983.81 points, marking a new low since January 9 of this year [1]. - The index has recorded a continuous decline for seven trading days, with a total drop of 4.35% since last week [1]. REITs Project Performance - The REITs projects that have seen the largest declines since December 15 include: - Huaxia Yuexiu Expressway REIT: -9.59% (Toll Road) - Harvest China Power Construction Clean Energy REIT: -9.54% (New Energy) - Huatai Jiangsu Traffic Control REIT: -9.35% (Toll Road) [2]. Accounting Treatment Concerns - The recent decline is attributed to heightened market concerns regarding the OCI account's treatment of REITs dividends and principal, leading to emotional and risk-averse selling, particularly in operating rights REITs [1][5]. - The China Securities Regulatory Commission is set to release guidelines clarifying the equity nature of infrastructure REITs, which will affect how investments in REITs are reported [3]. Long-term Outlook - Analysts believe that the current discussions around the accounting treatment of REITs dividends and principal are primarily influenced by year-end investment assessments, suggesting limited long-term impact on the market [4][5]. - After the recent downturn, the market valuation has gained more safety margins, and the public REITs market in China remains in a policy dividend period, indicating potential opportunities for low-cost allocations in fundamentally stable projects [5].