我国基础设施REITs产品自2021年陆续发行上市以来,受到了市场参与者的广泛关注,其估值定价方法也成为各方探讨的热点话题。本报告以我国2021年发行的11只基础设施REITs产品为样本,梳理底层资产估值、一级市场定价和二级市场交易价格表现等数据,对主要参数取值进行统计分析。目前,REITs二级市场的高溢价率较为瞩目,但长期来看仍需要关注基础资产内在价值,建议结合我国基础设施REITs发展阶段,优化估值定价模型和参数选取,深化收益风险认知,建立可供投资者决策参考的市场指数等。
<<The infrastructure REITs products have attracted wide attention from market participants in China since their IPO(initial public offering)in 2021. Furthermore their valuation and pricing methods have also become a big talking topic. Taking 11 infrastructure REITs products issued in 2021 as samples,this report collects the data of underlying asset valuation,primary market pricing and secondary market price performance,statistically analyzes the values of main parameters. At present,the high premium rate in the secondary market of REITs is attractive,but in the long run,it’s still necessary to focus on the intrinsic value of the underlying assets. This report suggests to optimize the valuation and pricing model and parameter selection,deepen the understanding of risk,and establish the market index for investors’ decision-making with the development of infrastructure REITs in China.
<<