The Huatai Securities Research Report pointed out that short-term primary supply has entered the centralized release stage, and the pressure on the market to accept it is not low. In a situation where incremental capital is limited, first-level expansion may still suppress the speed of valuation repair of existing REITs. In terms of lifting the ban, the scale of lifting the ban in the fourth quarter of 2026 is small, but the impact on the current distribution market may be quite obvious. The lifting of the ban in 2027 will shift from a phased shock to continuous supply throughout the year. In the future, the REITs market may present a supply path of “short-term first-level expansion, lifting the ban at the end of the year, and continuous release in 2027.” In terms of allocation, it is more suitable to choose varieties with stable cash flow, protected distribution rates, and low pressure to lift the ban; for large-scale projects where the ban is lifted, you can wait for chips to be replaced and the turnover falls back before focusing on allocation opportunities.

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