【华泰证券：存量商业地产迎制度性重估窗口】华泰证券研报表示，2026年以来，广州、上海相继出台工商业用地续期新政，标志着非居住用地续期正从原则性法律条款走向系统化、可执行的常态化制度安排。华泰证券认为，此轮政策的核心价值在于把此前长期悬而未决的“续期期权”显性化、可计价化，其对存量商业不动产估值修复，尤其是对公募REITs资产端的边际影响，是本轮政策最值得关注的看点。投资逻辑：多地土地续期新政的密集落地，使得商业地产年限不确定性转化为可计划、可定价的制度变量，有望为公募及机构间REITs等证券化资产打通基金存续期限和土地剩余年限错配的堵点，解决存在年限问题的优质资产进入REITs申报流程的难题，推动REITs扩容。目前尚在试点环节，续期的具体操作和定价仍是地方政府因城施策，具体推进节奏尚待观察。建议重点关注持有大量剩余年限临近REITs门槛、但资产经营状况良好的持有型平台，以及在续期申报与REITs发行流程管理上具备精细化资管能力的商业地产运营商与商管服务企业。
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