MARKETB E AT 2025 2024 17.16% 1,368.0 ¥227.22 / / 5.2% GDP 5.1% 0.1% CPI -10.6% 5.1% 0.1% -4.5% 5.1% 2024 2025 2028 198.3 2025 5 1 20 & 0 5 10 15 20 0 100 200 300 400 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 / 2020 2021 2022 2023 2024 2025Q1 © 2025 © 2025 1,368 7.2% 227.2 8.7% 264.4 15.4 11.5 1.1 17.2% 2.3 10.8% 90% 45.9% TMT 38.7% 41.2% 10.1% TMT 500 3 VAT 1 = 7.248109 = 0.92195437 2025 3 14 2025 | 2,096 | | --- | | 1,955 | | 33,000 | 2025 | | ...

随着人们消费习惯及需求的改变,新型商业体带来的创新消费场景对老旧商业项目 的运营带来了较大的挑战。北京零售市场存量项目的升级改造进程持续推进，并呈 现出由中心城区向外围扩散的趋势。这些老旧项目多由品牌运营商接手进行改造更 新后逐渐被盘活，比如，望京华彩商业中心已由华彩集团联合华润升级改造为"望 京万象汇"正式运营;已闭店改造的望京方恒购物中心也由新辰商业接手更名为 "方恒·新辰汇"。本季度，北京世纪金源购物中心也启动了大规模改造，原王府 井集团下的几个主力店从中撤出,未来将以"万种生活博物馆"为定位进行改造; 此外，以蓝岛大厦为代表的朝外大街城市更新二期工程也将启动。 品牌方面,首店经济持续在北京焕发消费新活力。据北京商务局消息,2024年北 京引入首店960家，2025年预计将引入800家首店。本季度高端餐饮及文化娱乐 类品牌表现活跃，如全国首家阿玛尼咖啡落户北京国贸商城;POOPOSUPER亚 洲首店落地北京超极合生汇；MADverse（摩境数字艺术空间）全国首店在北京昆 泰大厦落户；名创优品北京壹号店在The Box朝外开业。此外，老城区胡同里的独 立店铺也逐渐受到品牌喜爱,本季度JM Cafe·Bak ...

2025年 两会政府工作报告 解读 2025 年两会政府工作报告解读 1 2025 年两会政府工作报告解读 戴德梁行 2025 年两会政府工作报告解读 戴德梁行 2025 年是中国十四五规划收官之年，面对当前复杂的国内外环境，中国在 2025 年的经济发展目标和政策导向 格外引人关注，本届两会由李强总理发布的《政府工作报告》涉及未来一年中国经济社会发展的目标和工作重点， 这些内容延续了 2024 年底中央政治局经济工作会议制定的经济发展总体方向，并将对商业地产不同板块未来 的发展产生影响。 2025 年经济发展目标： | GDP 增速 5% 左右 | | --- | | 城镇调查失业率 5.5% 左右，城镇新增就业 1,200 万人以上 | | 居民消费价格涨幅 2% 左右 | | 居民收入增长和经济增长同步（2024 年居民人均可支配收入同比增长 5.1%） | | 单位国内生产总值能耗降低 3% 左右 | | 更加积极的财政政策，赤字率 4% 左右，赤字规模 5.66 万亿元。新增政府债务 11.86 万亿元 | | 实施适度宽松的货币政策，保持流动性充裕 | 表一：过去三年政府主要经济发展指标对比 | ...

中国城市 高质量发展 白皮书 新征程上，城市的战略地位和作用 更加凸显。当前，我国城市发展已 经进入城市更新的重要时期，由大 规模增量建设转为存量提质改造和 增量结构调整并重，从"有没有" 转向"好不好"，同时也面临着不 少矛盾和挑战。因此，戴德梁行将 推出系列白皮书，将深入讨论城市 高质量发展的方向和发展机遇。 2 戴德梁行 | 城市高质量发展的战略背景 | 05 | | --- | --- | | 城市高质量发展的必要性 | 05 | | 城市高质量发展的主要方向 | 06 | | 未来城市发展的挑战与机遇 | 07 | | 政策背景解读 | 09 | | --- | --- | | 城市更新模式及案例经验 | 11 | | 城中村改造 | 15 | | 未来发展展望 | 17 | | 低空经济 | 19 | | --- | --- | | 储能产业 | 26 | | 城市运营发展背景解读 | 33 | | --- | --- | | 城市运营相关参与主体 | 36 | | 城市运营相关案例研究 | 39 | | 未来发展展望 | 47 | 中国城市高质量发展白皮书 发展背景 01 4 中国城市高质量发展 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The macroeconomic overview of Xi'an shows a GDP of 868.6 billion yuan, with a retail sales total of 363.8 billion yuan, indicating a significant economic activity in the region [2][3][5] - The population of Xi'an at the end of 2023 is reported to be 13.1 million, which supports the consumer market potential [6][7] - The tertiary industry growth rate in Xi'an is 3.3%, which is lower compared to other cities like Qingdao (4.5%) and Tianjin (5.4%) [9] - Real estate development investment growth in Xi'an is at 9.3%, contrasting sharply with negative growth rates in other cities such as Qingdao (-12.2%) and Dalian (-20.6%) [13] Economic Indicators - Xi'an's per capita disposable income for urban residents is 40,967 yuan, which is lower than that of Qingdao (51,337 yuan) and Tianjin (46,078 yuan) [11] - The retail market in Xi'an is characterized by a total stock of 7,634,683 square meters, with an average rent of 237.01 yuan per square meter per month and a vacancy rate of 15.9% [39] - The office market in Xi'an has a total stock of 1,924,453 square meters, with a net absorption of 41,360 square meters and a vacancy rate of 21.27% [23] Market Trends - The report indicates a trend of increasing supply in the retail market, with 313,000 square meters added in the current year, while the net absorption remains positive at 294,100 square meters [39] - The office market is experiencing a stable rental environment, with average rents showing slight fluctuations but maintaining a relatively high occupancy rate [23][39] - The overall economic indicators suggest a mixed outlook for the Xi'an market, with growth in certain sectors like real estate, while facing challenges in others like retail and office space absorption [12][13][39]

Investment Rating - The report indicates a positive outlook for the redevelopment of old buildings in Hong Kong, highlighting significant opportunities for developers in this sector [1]. Core Insights - The aging building issue in Hong Kong is severe, with over 10,000 buildings aged over 50 years, necessitating urgent urban renewal efforts [1]. - The Urban Renewal Authority has successfully assisted in the redevelopment of 1,300 buildings over the past 18 years, which is still a small fraction compared to the current stock of old buildings [1]. - The "Yau Ma Tei and Mong Kok" area, covering 212 hectares and involving 3,345 buildings, has over 80% of its buildings aged 30 years or more, indicating a substantial redevelopment opportunity [1]. - The report emphasizes that while redevelopment may not significantly increase land supply, it can improve living conditions in old communities [1]. Summary by Sections Challenges in Old Building Redevelopment - The threshold for applying for compulsory sale has been lowered to 80% ownership for buildings aged over 30 years, encouraging developers to acquire old buildings [6]. - Developers can potentially acquire properties at a lower cost compared to purchasing land directly, presenting a profitable opportunity [6]. Comprehensive Thinking in Urban Renewal - By 2046, it is estimated that there will be 326,000 private residential units aged 70 years or more in Hong Kong, with a significant concentration in the Yau Ma Tei and Mong Kok areas [8]. - The remaining plot ratio in these areas is only 10%, limiting development potential unless height restrictions are relaxed [11]. Involvement of Chinese Developers - Since the amendment of the compulsory sale ordinance in 2010, there has been an increase in private market participation, with major Chinese developers like Vanke and Country Garden actively acquiring old buildings [13]. - The scarcity of land in urban areas has led developers to focus on acquiring old buildings as a means to increase land reserves [13]. Old Building Acquisition Trends - In 2018, there were 39 cases of compulsory sale applications, a 1.6 times increase from 2017, indicating a growing trend in old building redevelopment [15]. - The report notes that smaller developers are finding opportunities in acquiring old buildings, especially as larger land parcels become less accessible [15]. Future Outlook - The report anticipates continued interest from mainland property groups in acquiring old buildings due to lower investment costs compared to government land tenders [22]. - The demand for professional services related to valuation and expert reports for compulsory sales is expected to remain strong as developers seek to navigate the complexities of the process [22].

MARKETBEAT 北京 市场 2024 年 市场展² 截至2024年三季度,北京零售市场年内共迎来8个零售项目的入市,为市场带来 75.6万平方米的优质零售空间，四季度仍将有至少三个来自非核心区域的优质项 目计划开业，且均为10万平米以上的大体量项目，若均能如期入市，全年新增供 应将超过120万平方米，为近十年来最高。未来在北京建设国际消费中心城市的 推动下,零售市场各项支持政策也将得到有效落实,各商圈及项目升级改造进程 也将进一步加快。 租金 / 空量率 ¥2,700 14% 12% ¥2,500 10% ¥2,300 8% ¥2,100 6% ¥1.900 4% ¥1,700 2% ¥1.500 00/ 2020 2021 2022 2023 2Q 2024 ■平均租金（人民币/平方米/月） ·空置率 历年新增供应及未来供应 200 150 100 50 2020 2021 2022 2023 2024F 2025F 2026F 2027F ■ 崇文门 ■其他 ■ 中央商务区 ■ 公主坟 ■ 燕莎 ■ 东二环-朝外 ■亚奥 三星屯 ■ 十里堡-青年路 Better never settles *平均租 ...

MARKETBEAT 北京 市场关键指标 巨比 型化 ta => 18.16% 空蓄率 1 35.0 存量(万平方米) 大266.11 相金（人民市/半方米/月 数据来源:戴德梁行研究部 北京经济数据 2024年 2024年 二季度 一季度 ta fir 5.4% 6.0% GDP增速 5.8% 5.4% 第三产业增速 0.1% 0.2% CPI增速 -1.7% 2.0% 房地产开发投资增速 数据来源:北京统计局、穆迪分析、戴德梁行研究部 三季度北京写字楼市场租金仍下行，市场空置则表现平稳 2024年三季度，在"降本增效"和"以价换量"的共识下,业主继续为企业租 户提供更为积极的租赁策略,包括提供更具吸引力的租金,更长的免租期和装修 期。至此,北京写字楼市场租金继续下探。全市租金环比下降4.7%，同比下降 13.5%至每月每平方米人民币266.1元，五大核心商圈环比下降5.1%，同比下降 12.4%至每月每平方米人民币312.8元。在市场租金普降的大背景下，一些企业租 户开始借机寻求性价比更高的楼宇，实现其对办公空间环境和品质的升级。企业 租户的换租策略致使本季度北京写字楼市场全市净吸纳量为2.4万平方米，五 ...

CUSHMAN & WAKEFIELD 梁 行 載 德 青岛 写字楼与零售市场概况 2024年第四季度 Better never settles 青岛宏观经济概况 地区生产总值 (亿元) 青岛 12,399 天津 12,674 西安 8,686 沈阳 6,074 大连 6.643 社会消费品零售总额 (亿元) 青岛 4,532 天津 3,946 西安 3,638 沈阳 3,246 大连 1,484 2023年末人口 (百万) 青岛 10.4 天津 13.6 西安 13.1 沈阳 9.2 大连 7.5 第三产业增长率 青岛 4.5% 天津 5.4% 西安 3.3% 沈阳 4.2% 大连 5.1% 城镇居民人均可支配收入 (元) 青岛 51,337 天津 46,078 西安 40,967 沈阳 41,769 大连 42,269 戴德梁行 - 2 主要地块成交情况 | 区域 | 竞得方 | 成交时间 | 土地用途 | 土地面积 （平方米） | 总价 （万元） | 容积率 | 楼面价 （元/平方米） | 地块编号 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

⚥㕂⟱⚌ 加快饥ⴀ姿⠄ 走上世界经济舞台 大中华区租户研究 2018 年 2 月 2 中国企业加快"走出去"步伐 湡䔶 14/ 摘要 17/ 报告介绍 现在，许多中国企业经过长期 发展，已经步入了世界级大企 业的行列（图 1 和表 1）。 同时，中国企业也奉行"走出 去"的战略，向全球市场扩张。 $ISJT#SPXOF 董事总经理 亚太及大中华区环球企业服务部 "现在，许多中国企业拥有大量可 供其支配的资源，这使它们能够走 向世界，并保证它们的对外投资能 够成功。" 㕃 财富 500 强企业（据国家地区划分） 资料来源：财富杂志，戴德梁行研究部 繠㕂, 26% ⚥㕂, 23% 傈劥 , 10% Ⱖ➭㕂㹻㖑⼓, 6% 岁㕂 , 6% 䗞㕂 , 6% 薉㕂, 5% 榰㡦, 3% 㕂, 3% 蚚Ⱎ , 2% ⸈䭭㣐 , 2% 銯棴暅, 2% ⽪䏞, 1% 䊼銯, 1% 䠑㣐ⵄ, 1% 慌㣐ⵄ❇, 1% ⤜縄倛, 1% 倝⸈㗗 , 1% 榰Ⱙ, 1% 餒㺢 䔂 邍 中国年收入最高的企业排名（根据 2016 年企业收入） 资料来源：财富杂志，戴德梁行研究部 18/ 主要参与者 – 中国企业 – 它们是谁？ 112/ 对 ...