金吾财讯 | 华泰证券表示，1月底以来，广东省多个城市公示了2025年第一批土地储备领域申报地方政府专项债的项目情况。该行不完全梳理了9个城市（区）共63个地块的收储信息，总收储价格183亿元，总结第一批的特点在于：优先收储地方国资项目；多数项目为折价收购，仅考虑折价地块，总体折价率为19%；被收储地块并不局限于住宅用地，拿地时间多在2020年之后。该行认为土地收储的推进有利于修复市场供需格局、减轻房企流动性压力，但落地节奏仍有待进一步观察；此外，收储对价是否为全额现金支付，是否会夹带调规或“地票”补偿，亦有待观察。该行去年以来持续强调土地收储落地对地方国资的利好，此次广州案例符合该行预期。该行继续优先看好重点城市的地方国资和在核心城市拥有更多资源且运营稳健的房企；同时业绩与现金流稳健的高股息物管公司亦有望受益于市场止跌回稳。
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