中泰证券：【中泰研究丨晨会聚焦】地产由子沛：公募REITs可用于央行互换便利质押-20241023

Core Insights - The report highlights that public REITs can be used for central bank swap convenience pledges, indicating a new avenue for liquidity management in the real estate sector [2][3] - The overall performance of REITs during the week of October 14-20 showed a slight decline of 0.55%, contrasting with the positive performance of major stock indices like the CSI 300, which rose by 0.98% [2] Industry Overview - Key Policy: On October 18, the People's Bank of China established a swap convenience for securities, funds, and insurance companies, allowing them to engage in swap transactions with designated primary dealers. The swap has a one-year term and can be extended based on circumstances. Eligible collateral includes bonds, stock ETFs, and public REITs, with discount rates set according to the risk characteristics of the collateral [2] - Notable Events: 1. The listing of the China Merchants Fund Shekou Rental Housing REIT on October 23, with a total of 500 million shares and an opening reference price of 2.727 yuan per share [2] 2. The strategic placement shares of CICC Shandong Expressway REIT were unlocked on October 16, now accounting for 47.07% of the total fund shares [2] 3. Four REITs, including the Harvest China Power Construction Clean Energy REIT, announced mid-term report briefings [2] 4. The E Fund Shen Expressway REIT reported a 0.7% year-on-year change in average daily traffic for September, while toll revenue saw a decline of 3.7% year-on-year [2] 5. The Silver Hua Shaoxing Raw Water REIT was priced at 2.828 yuan per share, with a total of 600 million shares and a subscription rate of 106 times [2] 6. The Huaxia Nanjing Transportation Expressway REIT had a public offering of 37.8 million shares, with a 19.16% allocation to public investors [2] 7. The CICC Linkage REIT had a public offering of 40.365 million shares, with a 95.46% allocation to public investors [2] 8. The China Merchants Expressway REIT had a public offering of 24.543 million shares, with a final allocation rate of 27.91% [2] Investment Recommendations - The report suggests that strong policy support and economic stimulus plans are likely to stabilize the stock market, creating a positive environment for REITs. Investors are encouraged to pay attention to macroeconomic conditions, policy environments, and improvements in the operational fundamentals of infrastructure assets [2]