Reporter Leng Cuihua.
As of March 6, wind information data shows that the total issuance scale of 33 public REITs (real estate investment trusts**) that have announced the issuance scale has exceeded 100 billion yuan, reaching 1074$2.6 billion. At the same time, according to the reporter, among the above 33 public REITs, the amount of insurance funds allocated is about 147900 million yuan, accounting for 13 percent of the issuance scale8%。At present, China's public REITs market is in a period of rapid expansion. On March 1, 4 new REITs were reported simultaneously, and the total number of REITs that have been declared for approval has reached 18. Industry insiders believe that the characteristics of REITs are highly compatible with insurance funds, and as the market continues to expand, the participation of insurance funds will be further improved. Intensify the layoutFor public REITs, insurance institutions have shown high enthusiasm for participation. As of March 6, among the issued REITs products, the amount of insurance funds as strategic investors and participation in offline placements accounted for nearly 14% of the total REITs fundraising. Industry insiders believe that revitalizing existing assets, grasping the opportunities of REITs business development, and increasing the product creation and allocation of high-quality infrastructure assets are important ways to enhance the long-term and stable income of insurance funds. From the perspective of specific institutions, taking Dajia Asset Management as an example, it has participated in the investment of the first batch of listed public REITs projects since 2021, and has continued to participate in the market through various methods such as strategic placement, offline IPO and secondary market investment, with a total investment of nearly 200 million yuan. We said that from the fourth quarter of 2023 to the beginning of January this year, the CSI REITs index has declined rapidly and once hit a historical low. In fact, industry insiders continue to be optimistic about the participation of insurance funds in public REITs. Jia Zhi, managing director of Hualin's ** asset management department, said to the reporter that insurance capital pays more attention to the stability of overall income in terms of investment, and tends to allocate diversified and rich assets. In the view of Yang Delong, chief economist of Qianhai Open Source, the income of public REITs is relatively stable, and the volatility is between general fixed income products and equity products, which is highly compatible with the investment attributes of insurance funds. As the REITs market continues to expand, the participation of insurers will continue to deepen. There is also corresponding policy support for insurance capital investment REITs. According to the Notice on Optimizing the Regulatory Standards for the Solvency of Insurance Companies issued by the State Administration of Financial Supervision and Administration last year, the risk factor for those that are not penetrated in the investment in publicly offered infrastructure ** (REITs) will be reduced from 06 is adjusted to 05。Generally speaking, the risk factor is the capital occupation of the insurance company's investment and operation business, and lowering the risk factor will improve the capital use efficiency of the insurance company. Test the ability of investment and researchLooking to the future, with the continuous expansion of the REITS market, insurance companies and other institutions will usher in a broader allocation space, but issues such as the test of institutional investment and research capabilities have also attracted attention from the industry. With the continuous support of national policies and the continuous improvement of related systems, the demand for medium and long-term capital allocation continues to increase, public REITs will usher in a broader space for development, and also provide a broad space for asset allocation for insurance asset management and other institutions. However, at the same time, it is also necessary to realize that the current public REITs market needs to be further cultivated, and various top-level systems are gradually being built and improved. Therefore, investing in public REITs also needs to be carefully screened. In addition, according to industry insiders, although the relevant policies are guiding the long-term assessment of insurance investment, at the company level, the corresponding assessment methods have not yet been established, and the corresponding assessment indicators are still using the previous annual assessment standards. The volatility of the REITs market is greater than that of traditional fixed-income investments, and if only the annual dividends and capital gains assessment are used, it is easy to cause short-term and convergence of investment, and cannot effectively play the role of insurance funds as a "ballast stone", and the relevant investment assessment mechanism needs to be optimized. Therefore, the investment in REITs still needs to refine the assessment mechanism from the perspective of asset allocation and balance long-term and short-term returns. Jia Zhi suggested that with the increase in the number of public REITs, indexation operations can be carried out in the future, making it more convenient for institutional customers represented by insurance funds to participate in the market investment.
* |Station cool Hailuo production |Zhou Wenrui