What a "fracture price"! Listed real estate enterprises set off a wave of additional issuance.

Recently, the "three arrows" have made concerted efforts, and the signal of real estate financial policy change is obvious. Listed real estate enterprises set off a wave of additional issuance.

Source of data: company announcement

It is worth noting that most of the allotment plans thrown by real estate enterprises belong to discount allotment.

Source of data: company announcement

Financial support for real estate plays a "combination boxing"

Recently, financial support measures for real estate have been intensively introduced, and credit, bonds and equity have been "three arrows at once", playing a set of "combination boxing".

The CSRC 165438+ 10 announced on October 28th to adjust and optimize five equity financing measures for housing-related enterprises.

A-share equity financing related policies

Source: public information

A few days ago, when studying and implementing the spirit of the Central Economic Work Conference, the CSRC stressed that it should vigorously support the steady development of the real estate market.

Specifically, we will intensify our efforts to accelerate the implementation of various supporting policies and measures in the capital market to help the transformation of the real estate development model.

We will fully implement the plan to improve the balance sheet of high-quality housing enterprises, continue to implement special support plans and tools for private enterprise bond financing, and better promote central and local cooperation and credit enhancement to support private housing enterprises to issue bonds.

We will implement the equity financing policy for housing enterprises that has been introduced, allow qualified housing enterprises to "borrow" listed housing enterprises, and allow listed companies in closely related industries such as real estate and construction to implement housing-related restructuring.

Accelerate the construction of affordable rental housing in REITs plate.

Institution: Real estate is at the bottom of the cycle.

Many institutions believe that the real estate market will gradually bottom out and stabilize. In the future, the industry will enter the development period of quantity reduction and quality improvement, and the leading players with excellent performance will seize the opportunity to further increase their market share.

According to the research report of CITIC Securities, the real estate industry is at the bottom of the cycle and corporate balance sheets are being repaired. It is suggested to pay attention to three main lines of investment, that is, the main line of commodity value that enterprises take more active land; Under the background of the continuous development of REITs market, the main line of stock assets that can be revitalized; The main line of refinancing for enterprises to optimize their balance sheets. Optimistic about outstanding development enterprises.

CITIC Jiantou Securities pointed out that with the continuous overweight of financial policies supporting real estate, the credit risk of housing enterprises will be gradually released in 2023. Completion in 2023 will take the lead in recovery, and sales in the fourth quarter of next year are expected to usher in an inflection point. The industry will enter the era of reduction and high-quality development, and the leading players and operators will become the biggest winners.

Guo Sheng Securities believes that real estate and real estate will continue to have absolute and relative benefits, and the location of real estate will be more important than the stock itself. The main logical direction of stock selection will focus on fundamental stocks with favorable demand-side policies.