华泰证券:在增量资金有限的情形下,一级扩容仍可能压制存量REITs的估值修复速度

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【华泰证券:在增量资金有限的情形下,一级扩容仍可能压制存量REITs的估值修复速度】华泰证券研报指出,短期一级供给已进入集中释放阶段,市场承接压力不低。在增量资金有限的情形下,一级扩容仍可能压制存量REITs的估值修复速度。解禁方面,2026年四季度的解禁规模不大,但相对现有流通盘的冲击或较为明显,2027年解禁将从阶段性冲击转为全年持续供给。未来REITs市场可能呈现“短期一级扩容、年末解禁抬升且2027年持续释放”的供给路径。配置上更适合选择现金流稳定、分派率具备保护、解禁压力较低的品种;对解禁规模较大的项目,可等待筹码完成换手、成交量回落后再关注配置机会。

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