金吾财讯 | 华泰证券表示，25年末REITs政策开闸，“基础设施+商业不动产”全品类发展框架的建成，标志着C-REIT进入高质量发展阶段。在此背景下，商业不动产REITs推进迅速。截至26年2月7日，已有10单项目顺利申报。该机构认为，这不仅填补了酒店等业态的市场空白，更推动行业估值逻辑从“抗周期”属性转向“精细化资管”与“资产提升”双轮驱动，为投资者提供多业态的配置选择。该机构认为，这对于商业不动产相关企业而言，有望进一步打通融投管退闭环，提升资产流动性，进而有望进一步推动相关资产以及企业的价值重估，深度布局商业地产以及商管服务的企业或将充分受益。商业不动产REITs即将进入规模化发展，该机构预计市场化程度亦将持续提升：1.定价机制更趋合理，优质资产溢价效应将更加明显；2.扩募机制逐步成熟，头部项目有望通过收购实现规模扩张，夯实相对优势。对于商业地产相关企业而言，有望打破资产高沉淀的约束，管理溢价的方差随REITs发展逐步显化，进而有望推动优质资产价值重估。该机构推荐在商业地产深耕多年的商业地产运营商以及在商管领域有管理溢价和布局优势的物管企业。
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