2022建筑行业预测系列之三

Investment Rating - The report does not explicitly state an investment rating for the infrastructure real estate investment trusts (REITs) sector [3]. Core Insights - Infrastructure construction has become a crucial measure for economic growth and job stability globally, especially post-COVID-19, with significant investments from major economies like China and the US [4][5]. - The infrastructure sector is characterized by large investment scales, long investment cycles, and high capital requirements, with over 7,784 projects in China alone, totaling over RMB 11 trillion (approximately USD 1.7 trillion) [5]. - Infrastructure projects typically have limited investment returns due to government regulation and public service characteristics, leading to high debt financing and low equity financing [5][6]. - Infrastructure REITs can enhance reinvestment capabilities for infrastructure companies by providing early capital recovery and reducing debt ratios [7]. - The introduction of infrastructure REITs broadens funding sources for infrastructure projects, allowing various institutional and public investors to participate [7][8]. - Infrastructure REITs facilitate a complete investment cycle, improving liquidity and providing standardized exit channels for investors [8]. - The development of infrastructure REITs is seen as a viable solution to reduce reliance on government funding and improve financial structures in the sector, especially amid rising public debt and fiscal deficits [9]. Summary by Sections Infrastructure Industry Characteristics - The infrastructure sector requires significant capital and has long-term project durations, with an average project investment exceeding RMB 14 million (approximately USD 2.2 million) [5]. - The sector's public service nature limits pricing power, resulting in constrained investment returns [5]. Global Infrastructure REITs Overview - Over 40 countries have issued REITs, with significant markets in the US, Japan, Australia, and Singapore [6]. - Infrastructure REITs currently hold a small market share but are recognized for their strong risk resistance and stable returns [6]. Future Outlook for Infrastructure REITs - Infrastructure REITs are expected to grow rapidly as they provide a means to stimulate economic growth without increasing fiscal burdens [9].