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: Daily Economic Information
Benefitting from short-term activity in the sector, the net worth of many property-themed funds rebounded strongly during the month. As of the close on Nov. 15, real estate ETF funds (515060) and real estate ETFs (512200) are both up over 11% over the past 5 days and over 16% over the past 10 days. Institutional sources said that with housing policy expectations improving and sector fundamentals data bottoming, capital markets should take the lead in repairing valuations.
The introduction of certain policies has to some extent catalysed recent developments in the real estate sector. These include: The Dealers Association continues to promote and expand bond financing support tools for private businesses and supports private businesses, including real estate companies, in issuing bonds for financing; , The China Banking and Insurance Regulatory Commission has issued 16 measures to support the stable and healthy development of the real estate market.
Soochow titlesHe said that the follow-up housing policy will remain loose in the existing policy framework until the market returns to stability. Kaiyuan Securities said the gradual recovery of private enterprise financing will effectively enhance industrial market confidence. It is expected that with the active introduction of policy combinations and the optimization of related policies, the industry valuations will gradually recover, and the industry still has good investment opportunities. As of now, the Shenwan Real Estate Index is up more than 11% in the past 5 days and more than 17% within the month.
In the third quarter of this year, some public funds also increased their holdings of real estate stocks.daGF titlesThe data shows that the industries that increased the position of public funds in the third quarter were the defense industry, transportation, real estate and so on. In addition, several products managed by Zhonggeng Fund Qiu Dongrong increased their holdings in China Overseas Land and Yuexiu Properties.
He Qi, the preferred fund manager of Western Lide Strategy, said in the third quarterly report that the logic of reversing the dilemma of the real estate sector and related industrial chains may reappear in the second half of the year. “We have significantly increased the allocation of domestic high-quality real estate stocks and, at the same time, increased the allocation of A-share real estate sector chains. Although the market has more pessimistic expectations for the real estate sector in the third quarter, resulting in fluctuations in the fund’s net worth, we believe that in rescuing the country With continued policy efforts, is expected to achieve the return to stable and healthy development of the industry.” As of the end of the third quarter, among the top ten maximum 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 wide market attention, and the main reason is that the sector has benefited from intense catalytic factors. As policy expectations improve, sector fundamentals bottom out and are expected to rebound next year, and capital markets are expected to restore valuations first.
Northern 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 repairs in the future. The recent improvement in policy expectations stems mainly from the financing of private real estate companies, which is not only expected to improve credit quality for downstream building materials, light industry, household appliances and other enterprises, but also accelerate delivery. market demand in the corresponding downstream segments should increase marginally.
Massive information, accurate interpretation, all in the Sina Finance APP
Responsible editor: Wang Meng
