PPP concept into investment circle hot words fund follow caution-poper

The concept of PPP into investment funds follow the circle hot words need to be cautious of sina fund exposure: the letter Phi lag of false propaganda, long-term performance is lower than similar products, to buy the fund by the pit how to do? Click on [I want to complain], Sina help you expose them! Original title: PPP fund follow Shenxing – newspaper intern reporter Wu Juanjuan "PPP" is now investing in the circle of "hot words", "environmental protection related stock PPP+" and "PPP+ asset securitization" concept has become the weakness of A stock market star by institutional investors including public offerings, private equity funds including holding. However, the industry reminds us not to blindly pursue the hot, but should be prepared for subsequent possible opportunities. Star chasing "PPP+ environmental protection" need to be cautious, wind data show that 64 listed companies involved in the PPP project, more than 70% of the report shows profit growth. From August to September 14th, the shares of environmental listed companies involved in PPP projects rose by more than 16%. The Shanghai Composite Index fell 1.6% over the same period, the Shenzhen index rose 2.64%. Analysts pointed out that the PPP+ environmental protection recent performance behind a lot of motivation. First of all, the first half of 2016 private investment growth slowed down, as an important way of PPP to absorb social capital into infrastructure construction, steady growth, received strong support from the government; secondly, high return investment opportunities to leverage the background is hard to find, PPP show the prospect of induced concept; finally, the G20 summit released "loose monetary policy should not overdo sth." signal, the government’s fiscal stimulus will become the main driving force of economic growth. The above domestic and foreign factors inject hope into the concept of PPP. Under these conditions, "PPP+ environmental protection" plate performance is logical. However, in the long run, the trend of the concept stocks depends on the profit of the project. Insiders remind investors to pay attention to the following risks of "PPP+ environmental protection" project. First, PPP project cycle is long, short-term income is not obvious. Most PPP projects exceed 10 years, or even 25 to 30 years, and the payback period is very long. Guotai Junan pointed out that even if the listed companies have considerable PPP orders, the short-term income is not obvious, the possibility of short-term big pie is low. Two is a hot plate, investors need to pay special attention to the relevant company qualification. A well-known private equity fund investment director reminded investors: in the premise of the "green PPP+" hot plate, the poor performance of individual Water Service Company have the opportunity to attempt to deceive investors’ signs of speculation. The three is the risk of project income. CITIC construction pointed out that some public environmental projects can not be profitable, the local government to pay related costs. Such projects are often undertaken by the unit to advance the cost of the project. For such projects, the undertaking party faces huge debt burden in the process; after the completion of the project, it is faced with the risk of timely recovery of the funds ahead of time. "PPP+ asset securitization" hidden opportunities, a number of fund industry insiders said, PPP project can be combined with asset securitization, subsequent financing. Securities companies and fund companies can make preparations for asset securitization of PPP projects in advance. On

PPP概念成投资圈热词 基金跟风需谨慎 新浪基金曝光台:信披滞后虚假宣传,业绩长期低于同类产品,买基金被坑怎么办?点击【我要投诉】,新浪帮你曝光他们!   原标题:基金跟风PPP需慎行   □本报实习记者 吴娟娟   “PPP”是眼下投资圈里的“热词”,“PPP+环保”和“PPP+资产证券化”等概念的相关股票俨然成为疲软A股市场的耀眼明星,受到包括公募、私募基金等在内的机构投资者热捧。不过,业内人士提醒勿盲目追逐热门,而应该为后续可能的机遇提前做准备。   追星“PPP+环保”需谨慎   wind数据显示,64家涉及PPP项目的上市公司,超过七成中报显示利润增长。8月至9月14日,个别涉及PPP项目的环保类上市公司股价上涨超过16%。同期上证综指跌1.6%,深圳成指涨2.64%。   分析人士指出,PPP+环保近期优异表现背后诸多动因。首先,2016年上半年民间投资增速减慢,PPP作为吸收社会资本进入基础设施建设、稳增长的重要办法,获得了政府的有力支持;其次,去杠杆的背景下高收益投资机会难寻,PPP概念展现的前景诱人;最后,G20峰会释放“宽松的货币政策要适可而止”信号,政府的财政刺激将成为经济增长的主要动力。以上国内国外因素为PPP概念注入希望。   上述条件下,“PPP+环保”板块的优异表现顺理成章。然而从长期来看,概念股走势取决于项目盈利。业内人士提醒投资者留意“PPP+环保”项目的下列风险。一是PPP项目周期长,短期收益不明显。多数PPP项目周期超过10年,甚至达25到30年,投资回收周期非常长。国泰君安指出,上市公司即便有可观的PPP订单,其带来的短期收入并不明显,短期大馅饼的可能性低。   二是某板块大热时,投资者需格外留意相关公司资质。某知名私募基金投资总监提醒投资者:在整个“PPP+环保”板块大热的前提下,个别业绩不佳的水务公司有趁机炒作企图蒙骗投资者的迹象。   三是项目收入存风险。中信建投指出,某些公益类环保项目无法盈利,由地方政府支付相关费用。此类项目往往由承接单位先垫付项目费用。对于此类项目,承接方在进行过程中面临巨大债务负担;项目完工后,则面临能否及时收回垫付资金的风险。   “PPP+资产证券化”隐藏机遇   多位基金业人士表示,PPP项目可以与资产证券化结合,进行后续融资。券商、基金公司可先行就PPP项目的资产证券化开展准备工作。   从财政部PPP中心的数据来看,截至7月底,PPP项目库中共有项目10170个。其中市政工程3580个,交通运输1248个。一般来说,市政工程和交通运输类项目投资额度大,回收周期长,不少项目可产生稳定的现金流。这类项目的收益权适宜做成资产证券化产品。   中航证券首席经济学家许维鸿日前表示,“PPP+资产证券化”可以调动私企的积极性。“公用事业一般回收期长,引入的私人企业无法在短期内收回投资,导致其参与积极性不高。资产证券化可以使私人企业在项目中后期参与进来。”他表示。   德恒律师事务所的张文京律师认为,资产证券化可作为“社会资本”参与PPP项目的退出机制。而有了完善的退出机制,社会资本没有后顾之忧,可放心参与PPP项目。   由于多数项目的融资规模大,期限长,流动性难以保障,PPP资产证券化实际操作尚存在一定困难。比如说,目前尚缺乏统一的基础资产估值标准。但随着越来越多的项目落地、推进,后期的融资需求将陆续出现。   元亨祥经济研究院秘书长唐川表示,目前保障房项目是PPP框架下可以以资产证券化模式进行融资的在建项目类型,未来必将有更多领域的在建项目向资产证券化释放。   唐川认为,PPP资产证券化有诸多细节需要考虑,譬如资产的未来收益变化如何计算。相关券商基金公司可提前进行相关研究。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: