Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The construction industry accounts for approximately 40% of global energy consumption and carbon emissions, with a shift towards achieving negative carbon emissions through various methods [4][101]. - Climate Positive refers to a carbon management system that absorbs or eliminates more CO2 than it emits, surpassing net-zero emissions [4][101]. - The report emphasizes the importance of various strategies to achieve negative carbon emissions in real estate, including energy efficiency, renewable energy usage, and carbon offset projects [4][12][101]. Summary by Sections Introduction - The report explains the concept of negative carbon emissions and focuses on methods for sustainable carbon governance in real estate [6][101]. Methods for Achieving Negative Carbon Emissions - Key methods include: - Improving energy efficiency - Transitioning to renewable energy sources - Utilizing renewable materials - Reducing waste - Supporting local production to minimize transportation emissions - Investing in carbon offset projects like reforestation - Purchasing carbon credits - Optimizing building design and energy consumption models [4][12][14][101]. Carbon Assessment Frameworks - The report highlights two prominent frameworks for assessing sustainability and the potential for achieving negative carbon emissions: - TCFD (Task Force on Climate-related Financial Disclosures) focuses on identifying and disclosing climate-related risks and opportunities for businesses [5][70]. - GRESB (Global Real Estate Sustainability Benchmark) evaluates the environmental, social, and governance (ESG) performance of real estate assets [5][70]. TCFD Overview - TCFD has over 2,600 supporters globally, including financial institutions managing assets worth approximately $194 trillion, emphasizing the growing demand for climate-related financial information [71][74]. GRESB Overview - GRESB assesses the sustainability performance of real estate, encouraging reductions in greenhouse gas emissions and waste [79][80]. - In 2021, over $5.7 trillion in assets were evaluated through GRESB, indicating its widespread adoption in the real estate sector [79][87]. Case Study: Prologis Shanghai Baoshan Logistics Park - The logistics park achieved LEED v4.1 O+M Platinum certification, demonstrating leadership in sustainable development and carbon reduction practices [105][108]. - The park implemented various carbon reduction measures, resulting in a reduction of over 2,500 tons of carbon emissions in 2021 [108][112].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The manufacturing sector in China has maintained its position as the world's largest since 2010, facing challenges such as land resource scarcity and the need for high-quality development [6] - The "Industrial Upward" model is emerging as a solution to optimize land use and enhance manufacturing quality, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [6][26] - The report emphasizes the importance of government policies and urban renewal initiatives in promoting the "Industrial Upward" model, which is expected to be a mainstream industrial space supply model in the next 10-15 years [26][36] Summary by Sections Development Background and Policies - The "Industrial Upward" concept is defined as a new industrial space model that involves high-density, multi-story buildings for production, research, and office functions [16][18] - The report outlines the historical development of the "Industrial Upward" model, highlighting its origins in Hong Kong and Singapore due to land scarcity and industrial expansion pressures [24][25] - Recent policies from various cities, including Shenzhen and Dongguan, have begun to standardize and promote the "Industrial Upward" model, indicating a shift towards more structured development [36][39] Key Elements of "Industrial Upward" - The report introduces a five-element model for the "Industrial Upward" approach, focusing on environmental safety, equipment load, vertical transportation, vibration control, and process requirements [124][125] - The model serves as a guideline for determining the suitability of different industries for the "Industrial Upward" production method [132] Case Studies - The report presents several case studies, including the Daya Bay Industrial Park in Singapore and the Quanzhi Technology Innovation Park in Shenzhen, showcasing successful implementations of the "Industrial Upward" model [50][70] - These case studies illustrate the integration of production, research, and living spaces, enhancing operational efficiency and employee satisfaction [55][114] Future Trends - The report predicts that the "Industrial Upward" model will continue to evolve, with increasing adoption in regions beyond the Greater Bay Area, such as the Yangtze River Delta and Bohai Rim [30][31] - The emphasis on high-value, low-impact industries aligns with national policies aimed at upgrading the manufacturing sector and optimizing land use [32][36]

Investment Rating - The report indicates a positive investment outlook for the biotechnology sector in China, driven by various favorable factors [7][9][16]. Core Insights - The biotechnology industry in China is experiencing significant growth due to increased government and private investments, an aging population, and rising healthcare awareness [7][9][16]. - The market size of China's biopharmaceutical industry was approximately 3.57 trillion RMB in 2020, expected to exceed 4 trillion RMB in 2022, with continuous growth potential [9][25]. - The report emphasizes the importance of strategic location selection for biotechnology companies, highlighting the role of biotechnology parks in fostering industry growth [10][94]. Summary by Sections Macro Economy - The macroeconomic environment is crucial for the development of the biotechnology sector, with key factors including actual industry growth, demographic changes, public spending, and personal consumption capabilities [19][30]. Industry Growth - The global pharmaceutical and medical device markets have expanded significantly, with the COVID-19 pandemic further stimulating demand for related products [21][24]. - China's biopharmaceutical industry has reached a level of maturity comparable to many developed markets, particularly in areas like gene engineering and innovative drug development [24]. Population Structure - By 2035, China's elderly population (aged 60 and above) is projected to reach 409 million, accounting for 28.5% of the total population, which will increase demand for healthcare services [30][32]. Healthcare Spending - China's healthcare expenditure as a percentage of GDP has been steadily increasing, reaching 7.12% in 2020, driven by rising disposable incomes and a growing willingness to spend on health [32][36]. National Health Coverage - The expansion of national health insurance coverage has significantly increased access to healthcare services, with nearly 100% of the population now covered [39][40]. Macro Policies and Reforms - The report outlines key national policies such as the "Healthy China 2030" initiative, which aims to enhance public health and disease prevention [46][51]. - Local policies are also critical, with various cities offering financial incentives to support biotechnology research and development [56]. Research and Innovation - Research and innovation are vital for creating new business opportunities in the biotechnology sector, with significant investments in R&D leading to breakthroughs in pharmaceuticals and medical devices [61][66]. Industry Landscape - The report identifies various market segments within the biotechnology industry, including urban hospitals, pharmacies, online sales, and export markets, highlighting the growing importance of e-commerce in pharmaceutical sales [80][82]. Biotechnology Real Estate - Real estate plays a crucial role in the success of biotechnology companies, with strategic site selection being essential for operational efficiency [87][90]. - The establishment of biotechnology parks has become a key driver of growth in the sector, attracting both domestic and international companies [94].

Investment Rating - The report indicates a positive long-term outlook for the Chinese retail property market, despite short-term challenges due to the pandemic [4][24]. Core Insights - The retail property market in China is undergoing a comprehensive recovery post-pandemic, with a focus on quality upgrades in consumption [4][10]. - Key trends influencing the retail property market include the emergence of community commercial spaces, the rise of new consumption brands, and a growing emphasis on sustainable development [4][25][38]. Summary by Sections Current Development of Retail Properties - As of Q2 2022, the total stock of quality retail properties in 16 major cities in China reached 97.202 million square meters, with average rents at 735.5 RMB per square meter per month, a decrease of 0.9% quarter-on-quarter [4][19]. - The retail market is expected to see a gradual recovery, supported by government policies aimed at stimulating consumption [4][19]. Future Trends - Approximately 28.01 million square meters of new quality retail properties are planned to enter the market over the next three years, with Shanghai expected to have the largest supply [24][38]. - The report identifies five major trends shaping the future of the retail property market: the rise of new consumption brands, the growth of the prepared food market, the popularity of new-style baking, the emergence of green consumption, and trends in fitness consumption [43][44][49][56]. Key Market Dynamics - The report highlights the impact of favorable government policies on consumer spending, with various local governments implementing measures to boost consumption [26][27]. - Community commercial spaces are gaining traction as urbanization continues, with a focus on providing essential services within a short distance for residents [28][31]. - The report emphasizes the importance of omnichannel retail strategies, integrating online and offline shopping experiences to meet diverse consumer needs [35][36].

2016 6 月 2 8 日 Shaun Brodie 戴德梁行中国区战略研究主管 作者 Shaun Brodie 中国区战略研究主管 +86 21 2208 0529 shaun.fv.brodie@dtzcushwake.com 2 城市科技 目录 智能地产成就智慧上海 | 摘要 | 4 | | --- | --- | | 简介 | 6 | | 智慧城市⸺概况 | 9 | | 智慧城市⸺对中国和上海的意义 | 27 | | 科技及智能房地产 | 51 | | 总结 | 75 | 3 城市 智 能 地 产 成就智慧 科技 上 海 当 智 慧 城 市投 入 运 行，它可 以 改 善 城 市 居 民的 生 活 质 量，提 高 城 市 服 务 水 平，减 少 成 本 和 资 源 消 耗， 加强政府和人民的互动，从而提高城市的竞争力。 中 国 目 前 有 超 过 3 0 0 个 政 府 批 准 的 各 种 形 式 的 智 慧 城 市 发 展 规 划 。随 着 智 能 发 展 需 求 越 发 旺 盛，未 来这个数字将不断增加。 中 国 上 海，已 经 通 过 了 一 系 列 智 慧 城 市 的 发 展 规 划 。以 ...

城市科技 智能地产成就智慧中国 2016 7 月 2 0 日 Shaun Brodie 戴德梁行中国区战略研究主管 作者 Shaun Brodie 中国区战略研究主管 +86 21 2208 0529 shaun.fv.brodie@dtzcushwake.com 2 目录 | 摘要 | 4 | | --- | --- | | 简介 | 6 | | 智慧城市⸺概况 | 9 | | 智慧城市⸺对中国的意义 | 27 | | 科技及智能房地产 | 51 | | 总结 | 75 | 3 城市 智能地产成就智慧中国 科技 摘要 4 全 球 正 处 于 城 市 化 进 程 中，中 国 也 不 例 外 。很 多 中 国 的 城 市 正 在 展 现 它 日 益 增 长 的 经 济 重 要 性，科 技 应 用 不 断 发 展，然 而 资 源 却 变 得 稀 缺 。通 过 充 分 利 用 新 科 技 和 它 所 提 供 的 解 决 方 法，智 慧 城 市 能 够更有效地提高资源利用效率。 当 智 慧 城 市投 入 运 行，它可 以 改 善 城 市 居 民的 生 活 质 量，提 高 城 市 服 务 水 平，减 少 成 本 和 资 ...

膴妍〳腊䟃⿺⚥㕂䫏餴罏 䎃剢 ⡲罏 卌虽匊 㣐⚥⼶⼓灇瑕鿈⚺盗 +86 21 2208 0769 james.shepherd@dtzcushwake.com 눚⚎ ⻌⚥㕂⼓灇瑕鿈⚺盗 +86 10 8519 8087 sabrina.d.wei@dtzcushwake.com 膴妍〳腊䟃⿺⚥㕂䫏餴罏 嚋銳 㖈薉㕂⾎〷䚍㖑䫏牰Ɀ㹁猌䒓妍湅た⚥㕂䫏餴罏兜麑雩⚹薉㕂絑崸⽰ 㼜鵳Ⰶ♧⚡兽傞涸靈侮劍鵯⚡傞劍㼆雽㢴⚥㕂䫏餴罏罜鎊僽♧⚡✈Ⰶ 涸葻劼㽍Ⱖ僽㖈䨻㖑❡䋑㖞կ 㽴盗鵛劍涸Ⱆ䫏絕卓絛薉㕂爢⠔䌄勻岚⸓薉㕂絑崸涸ⰻ㖈㹊⸂薉㕂 俒⻊涸エ䒸⸂ㄤⰦ葻㥩涸䋑㖞鷳僈䏞㖈劍➠㼆⚥㕂䫏餴罏Ⱘ剣エ䒸 ⸂妍湅⟄㢪涸㕂㹻㥵榰㡦ծ䮱㪭珘㹁籖虽涸⢾㶩⛲腊㢿絛⚥㕂䫏餴罏 ⟄⥌䗱կ 2 湡䔶 | 嚋銳 | 4 | | --- | --- | | 䫏餴➃溏⚥✈Ⰶ劼⠔ | 6 | | 靭䢆⛙錜 | 8 | | 膴妍♶⠔䰀㗁⚥薉Ⱒ禹 | 9 | | 絕雿 | 11 | 3 䨥䗞咿遤㼆⚥㕂嵳㢪䨻㖑❡䫏餴罏涸靈灇絕卓儑爙⚥㕂䫏餴罏姻㺙ⴗ Ⱒ岤䋑㖞涸⸓䙖䎇⚺銳ⴔ⚹⟄♴♲猫碫㘗 雽㢴涸⚥㕂呍䗱ծ呍䗱 ⟄⿺劼⠔㘗䫏餴罏㼜㼊䪪歋✵鵛劍薉ꞙ涸䓳⸷ㄤ妍⯋涸 氕鲱罜❡欰 ...

DTZ CUSHMAN & WAKEFIELD 225 F-17 得 ⚥㕂㉁⚌㖑❡Ղ蠒佖㟞霫鍒 DTZ/Cushman & Wakefield China Insight 中国商业地产 营改增详解 2016年7月18日 作 者 Shaun Brodie 戴德梁行中国策略研究部主管 +86 21 2208 0529 shaun.fv.brodie@dtzcushwake.com 目 录 引言。 商业地产- 过渡政策 -增值税改革 商业地产- 总结 1 3 5 8 䒸鎊 ⚥㕂餒佟鿈ծ㕂㹻玘⸉䚪㽷✵䎃剢傈Ⱏず〄䋒շⰢ✵Ⰼ䲀䒓蠒⚌玘佖㟞⧩ 玘霚挿涸鸑濼ո餒玘<>〿կ〿俒嚋鶣✫㟞⧩玘涸雦皾倰岁⿺銳鵳遤蠒 佖㟞涸ぐ遤⚌涸湱䎾玘桧㕃կ霪鸑濼䊺✵䎃剢傈姻䒭㹊倶կ 䊵괄䖄玘ˋꝈ고Ⲹ鵳고 蠒⚌䚪괄ˋ湬䱹䭽䚪Ꝉ㈒괄佐》 㟞⧩玘倝玘ⵖ 蠒⚌玘傊玘ⵖ 餴俱勻彂䨥䗞咿遤灇瑕鿈 㕃䨻㖑❡❡⚌涸玘桧」⻊ 1 䨻㖑❡遤⚌薴㔵 姼妃倝玘ⵖ佖ꬠ㼜嶍⿺⟄♴㉁⚌㖑❡ ⱗ㶶嚁 ㉁Ꝃ 䊨⚌㖑❡ 㕃「玘ⵖ佖ꬠ䕧ㆇ涸㉁⚌㖑❡碫㘗 ꂊ䏅⿺剪⸉㘗Ⱆ㺱 餴俱勻彂䨥䗞咿遤灇瑕鿈 2 vⱗ㶶嚁 v㉁Ꝃ v䊨⚌㖑❡ vꂊ䏅⿺剪⸉㘗Ⱆ㺱㕃կ ⚥㕂㉁⚌㖑❡Ղ蠒佖㟞霫鍒 ㉁⚌ ...

关于做好当前金融 支持房地产市场 平稳健康发展 工作的通知 政策解读 受疫情扰动、经济下行、融资渠道收窄等多重因素影响， 近年来房地产行业压力持续加大。中央层面多次明确"房 住不炒"、"稳定房地产市场"、"保交楼"，对行业融 资端释放积极信号，但整体市场投融资环境并未见显著改 善，住房消费需求也整体表现疲软⸺2021 年以来全国住 宅成交逐渐陷入低迷，2022 年 1-10 月全国住宅新房成交 面积 9.4 亿平方米，同比下降 25.5%；多年来中国房价持 续攀升的趋势亦发生转折，2022 年前十个月全国住宅新 房成交均价为 10,140 元 / 平方米，同比下降 3.5%，房价 进入下降通道⸺中国房地产已然处于调整阶段。 为促进房地产市场稳定发展，持续加大对房地产行业的金 融支持力度，2022 年 11 月 11 日，央行、银保监会发布《关 于做好当前金融支持房地产市场平稳健康发展工作的通知》 （以下简称《通知》）。作为近年首份系统性支持房地产 行业发展的金融政策文件，《通知》涉及供需两侧金融支持、 存量融资展期、延长房贷集中度政策过渡期等，相关措施 亮点多、力度大且具备实操性，料将对房地产行业走出当 前困 ...

六大 另类资产 中国地产市场 数 据 中 心 新焦点 戴德梁行大中华区 研究团队 长 租 公 寓 酒 店 China's 'New' Economy Smart, Sharing and Green 1 生 物 科 技 商 业 地 产 体 验 式 零 售 冷 库 2 PART 1 Executive Summary 第一章 摘要 第二章 介绍 4 6 目录 第三章 另类资产 生物科技商业地产 体验式零售 冷库 数据中心 长租公寓 酒店 8 10 17 40 61 71 76 第四章 要点总结 第五章 附录 80 82 China's 'New' Economy Smart, Sharing and Green 3 摘要 第一章 中国另类资产的兴起受到多重因素的影响，主要因素有： ο 宏观经济趋势； 本报告旨在研究这些关键因素，以及它们如何积极推动以下六大 另类资产的发展： 生物科技 商业地产 中国各大城市正通过激励和促 进政策来改变地产的"基因"， 因为生物科技产业将成为未来 城市经济发展的主要驱动力。 4 第一章 摘要 ο 不断变化的人口动态； ο 技术 ; ο 新的工作和生活方式； ο 可持续性意识的提升 ...