极速生肖

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公募REITs开辟万亿级新赛道 券商蓄势“抢跑”

作者:  |   来源: 第一创业   |  日期: 2020-09-30
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极速生肖jinnian8yue,zhengjianhuifabushishi《gongkaimujijichusheshizhengquantouzijijinzhiyin(shixing)》,woguojingneijichusheshilingyugongmureitsshidiankaishijiasu。erjinqi,hushenjiaoyisuoyijijijinyexiehuixiangguanguizeyexiangjigongkaizhengqiuyijian,gongmureitsjianxingjianjin。

zuoweiqianzaishichangguimoyouwangdadaowanyidexinsaidao,gongmureitsweiquanshangdengjigoudefazhandailailexindejiyu。zhengquanshibaojizhelejiedao,muqianbushaojigouyijingfalibujugongmureits,rencai、xiangmudengdouchengweizhengduodezhongdian。

极速生肖“gongmureitsduiyuzhengquangongsieryan,bujinyiweizheguangkuodexinyewulanhaidaifajue,erqieshikaipiguzhaidengchuantongtouxingheziguanyewuwaidechayihuajingzhengsaidao。”diyichuangyezhengquandongshizongjingli、jiegouhuachanpinbufuzerendengguoshanrushishuo。

zaisuxinsaidao

极速生肖woguojichusheshigongmureitsdefazhankongjianchongzu。jutongji,jin2003~2017nian,guoneileijidejichusheshitouziguimojiugaoda108wanyiyuan。kaolvyidingdezhejiulvhou,jishian1%dezhengquanhuabilijisuan,zhuanhuaweireitsdeguimoyeyouwangdadaowanyijibie。

zhongguoreitsluntan2020nianhuizhuxi、guowuyuancanshixuxianpingbiaoshi,woguobiaozhundegongmureitschanpinqianzaiguimoyingzai5wanyiyuanzhi14wanyiyuanzhijian,keyiqiaodong3bei(yue15wanyiyuanzhi42wanyiyuan)detouzi。

极速生肖wanyiguimodechanpin,xianranhuijishichangdailaijudagaibian。debangzhengquanxiangguanfuzerenxiangzhengquanshibaojizhejieshao,zaiguowaichengshushichang,reitsjubeishouruwending、gaofenhong、gaoliudongxingdengtezheng,beitouzizheshiweichugupiao、zhaiquanjixianjinzhiwaidedisileizhongyaotouzipinzhong,zaizibenshichangzhongzhanyouzhongyaodiwei。tongguogongmureitsyindaoshehuizijintouziyujuyouwendingshouyidejichusheshixiangmu,keyimanzubufenshehuizibenduiyuwendingxianjinfenhongshouyiyijijiaodifengxianbodongdezichanpeizhixuqiu。

极速生肖erzaijuminzichanpeizhidengfangmian,gongmureitsyeyouwangdailaiqiansuoweiyoudegaibian。dengguoshanrenwei,woguoyijinrudaziguanshidai,danxingyedepuhuixinghetoumingdushangxujinyibugaishan,qixiancuopei、fengxianshouyibupipei、gongxujiegoubupipei、chanpintongzhihuaquefahanjinliangdengzhongdianwentirengrancunzai。

极速生肖tabiaoshi,yifangmian,shebaojijin、yanglaojin、qiyenianjin/zhiyenianjindeng,yijidaliangyiyanglaoweimudedebaoxianzijin、licaizijin,jidaiduoyuanhua、fensanhua、zhangqiwendingdekepeizhizichan,yimanzuqianquanxingyuhuibaolvyaoqiu。jichusheshireitsxiangmuquyuhexingyefenbuguangfan,tongguoduijichusheshixiangmudechixuyunyingguanlihuoqudexianjinliuxiangduiwending,keyuqikechixu,tigonglekuadiyu、kuaxingye、kuachanyedejuyouwendinghuibaohezengzhiyuqidezhongzhangqipeizhizichan。

此外,我国居民财富持续累积,已产生了对资产配置的刚性需求。但市场仍缺乏稳健的大类资产配置渠道和机会。公募REITs可以有效填补金融产品空白,向市场提供风险收益较为对称、流动性较好、透明度较高的投资产品,为公众投资者参与基础设施及不动产市场投资提供了便利直通渠道。公募REITs通过完善储蓄转化投资机制,将基础设施资产端的巨量股本融资需求和居民财富端的巨量投资配置需求巧妙匹配,使全民共享经济发展成果。
“随着国内公募REITs试点工作的正式展开,公募REITs市场存量的不断增大,产品种类也将不断丰富,未来将有越来越多的财富管理机构和个人投资者参与到公募REITs产品的发行与投资中来,从而进一步丰富我国资本市场资产配置的多样性,同时也分散居民理财与财富管理的投资风险。”前述德邦证券相关负责人表示。
发力抢先机

“gongmureitsdezhongyaoxingwuxuduoyan,duiyuyigexinpinzhongeryan,sheipaodekuai,paodewen,sheijiugengyoujihuituoyingerchu。”shanghaiyijiadaxingquanshangdexiangguanrenshiduizhengquanshibaojizhebiaoshi,qisuozaijigouzaoyijingjinxinggongmureitsderencaichubei,xiangmuchubeiyezaichixutuijin。

极速生肖zhengquanshibaojizhelejiedao,jinqi,quanshangzhengxiangzhaopingongmureitsxiangmudechenglanhechengzuodenggangwei,yijiaquanshangdeabsyewurenyuanbiaoshi,jinqiyijingshoudaoduoweilietouguwendeyaoqing。

qianshudaxingquanshangtouxingrenshitanyan,zaigongmureitsdebujuzhong,zhongxiaoquanshanggengyoudonglixianxingyibu。congyewutiliangshanglaikan,daxingquanshangzaitouxingdengyewulingyushichangfenewending,qiecunzaizhubutigaodeqingkuang,zhongxiaoquanshangyewujingzhengyaliquanmiantisheng,xinyewuduiyuzhuiqiuchayihuajingzhengdezhongxiaoquanshangeryan,yiyigengjiazhongda。

shishishang,bushaozhongxiaoquanshangyebuyanshiduiyugongmureitsyewudeyexin。dengguoshanjiutanyan,“gongsiduigongmureitsyewuzhongcangbuju”。

极速生肖tajieshao,diyichuangyezhengquanyijingchenglilereitslingdaoxiediaoxiaozu,zaiabs、gongmujijin、touxing、ziguandengtiaoxianfenbiedajianlexiangguanlingyudezishenyewutuandui。

极速生肖erciqianzaiabsyewushangchenggongtuweidedebangzhengquan,zaigongmureitsdebujushangyeshifenlizhengxian。debangzhengquanjiqiqixiadedebangjijin,zhengzaijijikaizhangongmureitsdezigezhunbei,weigenghaodituijingongmureitsyewu,liangjiagongsimuqianyichengligongmureitslianhetuijinxiaozu。

极速生肖zaixiangmudezhengduochubeishang,gejiajigouyeshibuyiyuli,yixieqianzaiyouzhixiangmudaduodoujinrulequanshangdemubiaomingdan。

极速生肖dengguoshanjieshao,diyichuangyezhengquanyijingjijiyingxiaobujujingjinji、yuegangaodawanqu、zhangjiangjingjidaidengguojiazhanlvequyuneidekehuhegongshui、wushuichuli、gufeiweifeiyifeichuli、chanyeyuanqudengxingyexiangmu,xingchenglejiaohaodexiangmuchubei,bufenxiangmuzhengzaimijichoubeizhixing,lizhengchongcishoupi,mubiaochengweishoupishidianjigou。

对于潜在的公募REITs项目,德邦证券也做了系统的梳理。德邦证券公募REITs项目组结合过往类REITs与ABS业务经验,全面梳理了各资产类型的龙头企业储备名单,重点涵盖物流仓储、收费公路、污水与固废处理等多个行业,并积极接洽相关龙头企业,协助梳理潜在项目情况,准备相关公募REITs项目的试点申报材料。
待解挑战多

zuoweiyigexindesaidao,gongmureitsdefazhanxianranhaimianlinzhezhuduobuquedingxing,neiwaibudetiaozhandouhuirangxianxingzheganshoudaoyali。

极速生肖“shoupishidianmianlinkaoyan,moshiyanbianyingxianggeju。”dengguoshanzheiyangzongjiequanshangbujugongmureitsdekunnandian。

dengguoshanbiaoshi,gongmureitszuoweiquanxinyewulingyu,duixiangguanbumenhejianguanjigou、qiyefaqiren、touzizhehegejinrongzhongjiefuwujigoueryandoushixindetansuo,shoupishidianxiangmujiangjieshoushichangquanfangweikaoyan;tongshi

极速生肖gongmureitsweilaifazhanmoshi、lujinghejigoujiaoseyebushiyichengbubian,zhengjianhui、fagaiweilianhefabude《guanyutuijinjichusheshilingyubudongchantouzixintuojijin(reits)shidianxiangguangongzuodetongzhi》zhongjiutidao,“zhichitansuokaizhanjichusheshireitsshidiandeqitakexingmoshi”。

“yinci,congxingyezhengtikan,zhengquangongsizuoweizhongyaojinrongjigouhehexinzibenzhongjie,nengfouzhuazhujiyu,zhaozhundingwei,baochizhanlvedingli,shengrenjichuxingjiaose,qiangzhanweilaireitsshichanggaodirengranyoudaiguancha。”dengguoshanshuo。

jiuquanshangneibueryan,dengguoshanrenwei,gongmureitsduizhengquangongsizaikehujingzhunfajuehezhanlvepeiyu、xitongziyuanduijiehetuanduiyouhuazhenghe、chuangxintansuohetouziyanjiu、pingtaijichengxiaolvheguanli、yewusiweizhuanbian、fengxianshibiefangkongdengfangmiandoutichulezhongyaotiaozhan。

前述德邦证券相关负责人则认为,券商参与公募REITs的内部挑战,主要来自券商内部跨部门联动协同合作机制的建立与良好运作。由于公募REITs本身的业务属性与产品特点,在券商端会涉及资管、投行、财富管理及机构销售等业务条线。如何在券商内部建立起多部门的协同联动机制,实现跨部门的良好沟通、多业务条线紧密合作、贷后管理的有效监督与激励等,是目前券商参与公募REITs面临的主要内部挑战。
文章转载自《证券时报》