Original title: The introduction of the policy catalyzed the performance of the real estate sector, and the performance of several real estate themed funds was outstanding
Source: Economic Information Daily
Benefiting from the short-term activity of the sector, the net value of many real estate themed funds rebounded sharply during the month. As of the close on November 15, real estate ETF funds (515060) and real estate ETFs (512200) both rose by more than 11% in the past 5 days, and rose by more than 16% in the past 10 days. Institutional sources said that with the improvement of real estate policy expectations and industry fundamental data bottoming out, the capital market is expected to take the lead in repairing valuations.
The introduction of a number of policies has catalyzed the recent performance of the real estate sector to a certain extent. These include: the Dealers Association continues to promote and expand the bond financing support tools for private enterprises, and supports private enterprises including real estate companies to issue bonds for financing; , The China Banking and Insurance Regulatory Commission issued 16 measures to support the stable and healthy development of the real estate market.
Soochow SecuritiesHe said that the follow-up real estate policy will remain loose in the existing policy framework system until the market returns to stability. Kaiyuan Securities said that the gradual recovery of private enterprise financing will effectively boost the confidence of the industry market. It is expected that with the active introduction of policy combinations and the optimization of related policies, industry valuations will gradually recover, and the sector still has good investment opportunities. As of now, the Shenwan Real Estate Index has risen by more than 11% in the past 5 days, and by more than 17% within the month.
In the third quarter of this year, some public funds also increased their holdings in real estate stocks.fromGF SecuritiesThe data shows that the industries that increased the position of public funds in the third quarter were defense industry, transportation, real estate and so on. In addition, many products managed by Zhonggeng Fund Qiu Dongrong increased their holdings of China Overseas Land and Yuexiu Properties.
He Qi, the preferred fund manager of Western Lide Strategy, said in the third quarterly report that in the second half of the year, the logic of the reversal of the dilemma of real estate and its related industrial chains may reappear. “We have significantly increased the allocation of high-quality domestic real estate stocks, and at the same time increased the allocation of A-share real estate industry chains. Although the market has more pessimistic expectations for the real estate industry in the third quarter, resulting in certain fluctuations in the fund’s net value, we believe that in the country’s bailout With the continuous efforts of the policy, the industry’s return to stable and healthy development is expected to be realized.” As of the end of the third quarter, among the top ten heavyweight stocks selected by the Western Lide Strategy, the layout around the real estate chain covers 4 real estate companies and 4 home furnishing companies.
Zhao Weijie, Equity Investment Department of Morgan Stanley Huaxin Fund, said that the real estate sector has recently received widespread attention from the market, and the core reason is that the sector has benefited from intensive catalytic factors. As policy expectations improve, industry fundamental data bottoms out and is expected to rebound next year, and the capital market is expected to restore valuations first.
Nord Fund Yang Yaquan said that the real estate sector will be divided in the future, and the current valuation of some private real estate companies is low, and there is still a lot of room for repair in the future. The recent improvement in policy expectations mainly comes from the financing of private real estate companies. It is not only expected to improve the quality of accounts receivable of downstream enterprises such as building materials, light industry, and home appliances, but also speed up delivery. Market demand in corresponding downstream segments is expected to pick up marginally.
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