这是伯恩斯坦欧洲房地产行业季度指南的第十版，围绕即将到来的财报季，梳理各子板块与重点公司看点。报告指出，债券收益率上升令行业复苏降温，市场关注点转向资产价值、业绩指引与增长可持续性，部分公司面临盈利下调，但优质资产的经营动能仍具支撑。26只覆盖股票中，最受关注的是德国住宅房东（盈利目标承压、将首次给出2027年指引、组合估值逆风加大）、英国多元化龙头（半年报或显示经营向好，但伦敦写字楼估值压力抵消零售强势），以及受监管不确定性拖累数据中心逻辑的Merlin Properties；Covivio或有上调全年指引空间。Aedifica、Carmila、NEPI Rockcastle将举办资本市场日。
This is the tenth edition of Bernstein's Real Estate quarterly guide, looking ahead to the upcoming earnings season and focusing on the sector themes and company developments we believe will matter most to investors across our 26-stock European coverage universe. Rising bond yields have tempered the recovery and focus is shifting towards tougher questions around asset values, guidance and the sustainability of growth. We see earnings downgrades on the horizon in a few instances but for operational momentum to support prime assets. The most closely watched updates will come from the German residential landlords, the UK diversified majors, Merlin Properties on Data Centres, and Covivio, which could raise FY26 guidance. Capital Markets Days are upcoming for Aedifica, Carmila and NEPI Rockcastle. We favour businesses with visible income growth, credible capital allocation and balance sheet capacity;