Today, the first batch of public offering REITs stands on the right side of "Deep V". After nearly 2 months of "trough", the trading activity and price of the first batch of public REITs picked up somewhat, and ushered in a large rise from September to October. Analysts believe that the rise in prices has something to do with the small size of circulation. "supply is less than demand" determines that it is easy to make a market. At present, the average daily turnover of the top public offering REITs products is about 100 million yuan, which also means that only a small amount of money can pry a "good increase". Public investor awareness needs to be improved. In retrospect, the overall transaction activity and transaction volume of the first public offering REITs are not high, with an average daily turnover rate of no more than 3%. In fact, the first batch of public REITs holders are mainly institutions, and strategic investors account for more than half of the subscription share. After combing the information disclosed by each product, a reporter from the Securities Times learned that, in addition to strategic investors, there were 268 private equity funds, 156 institutional proprietary accounts, and 55 insurance fund investment accounts. occupy the main force of offline subscription. Corresponding to institutional investors, the proportion of public investors in the first batch of public REITs is significantly lower, and the highest proportion is only 13.4%, while the proportion of public investors in the Zhejiang-Shanghai-Hangzhou-Ningbo REIT project is only 3.86%, while the proportion of strategic investors in the fund is as high as 74.3%, with 75 allotment targets. Due to the relatively high share of strategic investors with lock-up requirements, such a holder structure obviously suppresses the trading attribute of REITs, highlighting that its long-term configuration attribute is stronger than trading attribute, which also leads to the transaction activity of REITs is often maintained at a low level. A financial management subsidiary investment manager also recognized this, she said, "at present, from the hot degree of public REITs subscription, it is indeed a scarce target for institutional investors, for public investors, everyone's understanding may not be deep, so they are not very familiar with it." Therefore, the enthusiasm of public investors to subscribe for public REITs is not as high as that of institutional investors. " In addition, the changes in the price of public REITs are also closely related to the macro environment. Since the central bank cut the reserve requirements across the board in mid-July and the gem fell sharply in late August, due to the increase in risk aversion demand, the attention of funds to the public REITs has increased significantly, thus driving it up. Recently, stimulated by the formal approval of the second batch of public offering REITs, the market trading enthusiasm of the first batch of public offering REITs has been further enhanced. High-speed environmental protection category has the advantage of dividend recently, the first batch of 9 single public offering REITs successively disclosed the first quarterly report after listing on the exchange, which revealed the latest fundamentals of the underlying assets for the market, and continued to consolidate investor confidence with sound financial indicators-stable current income, net profit and cash flow all show the high-quality attributes of underlying assets such as highways and warehousing. Quarterly report shows that in the third quarter, in addition to Huaan Zhangjiang Everbright REIT loss of 5.708 million yuan, the other eight projects are profitable. From the perspective of dividend, the available distribution amount of the public offering REITs in the third quarter of the operating performance is in line with the expected value, and the cash distribution rate of the franchise category is significantly higher than that of the property rights category. Recently, the plan disclosed by the public offering REITs of the first batch of dividends can also directly confirm the differences in dividends between the two types of projects. On November 11, CNAC Fund disclosed the announcement of CNAC Shougang Green Energy REIT dividend plan of 0.51541 yuan per share; on the same day, CICC Fund issued the announcement of the first dividend of CICC GLP REIT, with a dividend plan of 0.0522 yuan per share. As one of the core revenue sources of REITs, the available distribution amount of the first public offering REITs highlights the reliability of its income. Compared with the three quarterly reports and the prospectus, six of the nine REITs funds had their third-quarter operating performance in line with the expectations set in the prospectus. According to the third-quarter indicators, the annualized rate of return on the amount available for distribution of most REITs is higher than that predicted by fund managers in 2021. The data show that among the 9 public REITs, the largest amount available for allocation is the transportation infrastructure category. By the end of September, the REITs distributable amount of the two expressways was 369 million yuan and 169 million yuan respectively, while the allocable amount of ecological and environmental protection projects ranked second. The reason is that the income and net profit of franchise projects such as expressway and ecological environmental protection obviously exceed those of warehousing and logistics and parks, that is, projects with property rights. However, due to the differences in project nature, operating period and underlying assets, the income and net profit scale of expressway, warehousing and park projects are not suitable for direct analogy. Generally speaking, high-quality expressways have the advantages of stable income and high distribution rate. In terms of income and net profit scale, Guangzhou Guanghe REIT and Shanghai-Hangzhou-Ningbo REIT expressway projects ranked the top two respectively, with net profits of 55.06 million yuan and 42.49 million yuan respectively in the third quarter, while the income and net profit of two eco-environmental protection projects, both franchise projects, ranked third and fourth respectively. While environmental protection is a rigid demand in urban services, the determination of business model can also ensure the stability of income and profitability and avoid being affected by economic cycle fluctuations. The amount of dividends for warehousing, logistics and park facilities projects is relatively small, and operating income is more affected by economic fluctuations. For example, Hua Zhang Guangri, a park infrastructure class with a low valuation, earned 22. 5% of its profits in the third quarter. Ten thousand, a loss of 508 yuan, its supply quota is only 210000, low and high public and state insurance., Ten thousand yuan, with a net loss of 5.708 million yuan, and the amount available for distribution is only 22.18 million yuan, which is much lower than that of expressways and eco-friendly types.