金吾财讯 | 中信建投研报指，商业不动产REITs正式启动为奥特莱斯等优质零售资产打通融资渠道，已有两单奥特莱斯商业不动产项目获受理。作为“重奢平替”与“高性价比”的代表性零售业态，奥特莱斯在经济周期波动中展现出显著的经营韧性，行业已形成头部集中、区域分化的竞争格局，招商能力与货品掌握度构筑企业核心护城河。经营模式层面，联营模式实现利益共享和风险共担，叠加低物业成本和房产税优势，使其成为商业不动产REITs扩容背景下经营韧性较强的优质底层资产。估值方面，首批奥特莱斯项目折现率较为合理，2026年预测分派率达4.6%-5.5%，运营成熟、资产优质，具备较高投资价值。研报指出，新政推动奥莱REITs常态化发行，抗周期资产经营韧性凸显，首批奥莱商业不动产REITs运营成熟、资产优质，具备较高投资价值。当前宏观供需环境支撑规模扩张，中观格局呈现头部集聚、区域分化，微观壁垒关注招商及货品。
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