2026年REITs与房地产服务股票相对价值“分层” Federal(FRT.US)依托资本循环获小摩青睐_老虎社区_美港股上老虎

2026年REITs与房地产服务股票相对价值“分层” Federal(FRT.US)依托资本循环获小摩青睐

智通财经2025-12-19

智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的为下调评级，对另外两个则为上调评级。来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道：“下调数量较多，主要反映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望...

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Federal (FRT.US) relies on capital circulation to win the favor of JPMorgan","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FRT":1.5,"CFA":1.5,"09979":1.5},"content_text":"智通财经APP获悉，华尔街金融巨头摩根大通周四在该机构对2026年REITs(不动产投资信托基金)与房地产服务类型公司的投资前景展望中对于九个热门投资标的进行评级重大调整，其中对于七个投资标的为下调评级，对另外两个则为上调评级。来自摩根大通的资深分析师安东尼·保隆(Anthony Paolone)在研究报告中写道：“下调数量较多，主要反映出随着美国经济实现软着陆概率越来越大以及美联储降息周期有望延续，我们覆盖范围内的评级分布更趋分层，尤其是由于这些评级是相对彼此而言。”在摩根大通2026年展望报告中，摩根认为REITs(不动产投资信托基金)与房地产服务行业整体进入增速偏温和、同店增长有限的环境，后续个股表现更可能由估值相对性与资产负债表弹性驱动，而不是靠“全行业基本面普涨”。因此他们把更多REITs与房地产服务投资标的从“增持/中性”下调，原因多为相对机会减少(增长更慢、估值已反映几乎所有利好、或近期经历强劲涨幅后比较基数更难实现增长)，并强调降级数量多也反映其覆盖范围内评级分布更“分层”，且评级是相对的。因此，小摩这一轮最新的针对REITs/房地产服务类股票的集中评级更改，本质上是一次“相对评级 + 相对风险回报”的相对价值再分层。遭遇下调评级的REITs(不动产投资信托基金)/房地产服务公司：摩根大通表示，对于Realty Income(O.US)的投资评级从“中性”下调至“减持”，主要因为“其规模庞大，使得在未来几年相较其净租赁REIT同业更难指向高于平均水平的盈利增长。”对于$Public Storage(PSA-N)$(PSA.US)评级从“增持”下调至“中性”，主要因为该机构对于PSA核心增长率的预期改善“很可能会被拉得时间线很长，并非一条直线”。对于Welltower(WELL.US)评级从“增持”下调至“中性”，“纯粹是一个更短期的股价判断，而并非由公司内部或外部增长前景出现任何程度恶化所驱动。”摩根大通表示。对于Regency Centers(REG.US)评级也从“增持”下调至“中性”，尽管这“同样只是一个‘暂时的股价趋势判断’，因为我们仍认为REG在整体REIT领域拥有最好的平台之一与乐观的长期增长前景”。对于Kennedy Wilson(KW.US)评级从“中性”下调至“减持”，摩根大通认为，来自首席执行官威廉·麦克莫罗(William McMorrow)与费尔法克斯金融控股(Fairfax Financial)提出的待定私有化收购要约所带来的上行刺激空间非常有限。对UDR(UDR.US)从“中性”下调至“减持”，对于SmartStop(SMA.US)评级从“增持”调整至“中性”。获得摩根大通上调评级的投资标的：摩根大通对于Federal Realty Investment Trust(FRT.US)的评级从“中性”越级上调至“增持”，对于Camden Property Trust(CPT.US)评级则从“减持”上调至“中性”。对于Federal Realty Investment Trust，摩根认为其通过资本循环把资金从成熟资产回收、再投入到更高质量的零售资产(尤其在更高收入/增长的次级市场、具主导地位的购物中心资产)上“越来越有成效”，从而令2026年的增长可见度改善;并且该路径符合其偏好——更加倾向于“可见的外生增长”(收并购/再开发管线等)。摩根大通对于Camden Property Trust评级上调至“中性”的逻辑在于，关键比较对象是UDR——摩根大通为Camden更强劲的资产负债表赋予其在2026年更大规模的回购与开发/再开发灵活性，因此相对风险回报显著改善，至少不再需要维持“减持”立场。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}