新时代国企改革 国有资产 转型之路 戴德梁行研究部 2019 年 5 月 CONENTS 目录 | P1 | 前言 | | --- | --- | | P2 | 国企改革背景 | | P8 | 国企改革的历程 | | P9 | 国企改革 1.0 放权阶段 1978-1984 | | P10 | 国企改革 2.0 权利分离阶段 1985-1992 | | P12 | 国企改革 3.0 现代化阶段 1993-2002 | | P13 | 国企改革 4.0 股份制阶段 2003-2013 | | P15 | 国企改革 5.0 混改阶段 2013 至今 | | P15 | > 背景：三期叠加 | | P18 | > 进展情况 | | P19 | > 阶段特点：由管企业变为管资产 | | P20 | > 国有企业在资产管理中存在的问题 | | P21 | > 应对措施 | 总结 P27 前言 国有企业自改革开放以来的 40 年中经历了多次不同形式的改 革，每个阶段的改革都解决了 部分的问题，但却又产生了新 的问题，通过不断的探索、实 践和变革，国有企业作为中国 经济的压舱石在不断的发展壮 大，为中国经济的发展提供了 可 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The construction of transportation infrastructure is essential for the economic development of the Greater Bay Area, facilitating connectivity and integration among cities [3][10] - Major transportation projects like the Guangzhou-Shenzhen-Hong Kong Express Rail Link and the Hong Kong-Zhuhai-Macao Bridge are pivotal in enhancing travel efficiency and economic potential for Hong Kong [13][15] - The increasing connectivity is expected to stimulate retail markets in Hong Kong, with a notable rise in visitor numbers and retail rents in key areas [16][19] Summary by Sections Transportation Infrastructure - The report emphasizes the importance of hard connections, such as bridges and railways, in enabling the free flow of resources and economic activities within the Greater Bay Area [3][10] - Significant projects include the Guangzhou-Shenzhen-Hong Kong Express Rail Link, which reduces travel time between Hong Kong and Shenzhen to 14 minutes, and the Hong Kong-Zhuhai-Macao Bridge, which connects the western Pearl River Delta to Hong Kong [14][15] Economic Impact - The opening of major transportation facilities has led to a substantial increase in visitor numbers to Hong Kong, with the first quarter of 2019 seeing a 19.7% year-on-year increase in total visitors [16] - Retail sectors in areas like Tsim Sha Tsui and Mong Kok have benefited from increased foot traffic, leading to rental growth in these regions [16][19] Future Developments - The report outlines ongoing and planned transportation projects that will further enhance connectivity within the Greater Bay Area, including intercity railways and highways [30][34] - The development of new transportation routes is expected to improve the economic integration of the region, facilitating better access to markets and services [47][58]

戴德梁行大中华区研究部 在中国，地方政府在考虑城市公共空间时，旨在创造具有经济可持续性的，全方位的公民友 好环境。这不仅仅是遵循美学规则来保持一个地方的魅力和吸引力；这种方法一定可以从空 间规划到运营和管理来营造社区归属感。最终所采用的方法应该制造一个居民和访客都希望 积极参与并且百来不厌的空间。 场所塑造 2019 年 7 月 促进中国城市空间的变革 想要达成以上这些目标，可以通过场所塑造来实现。场所塑造是一个对城市公共空间的规划， 设计和管理来说无所不包的过程。场所塑造需要审视现阶段社区的品质和优势，并与社区一道， 通过最优的场所塑造理念，加快城市公共空间的建造形成，提升体验，提高公民的健康水平， 幸福感和满足感。 场所塑造 1 目录 附录 P24 2 促进中国城市空间的变革 摘要 P1 报告介绍 P2 场所塑造是什么？ P4 场所塑造的四种方法 P6 多维城市空间的多角度思考 P10 优质场所塑造——积极变革的驱动力 P12 什么构成一个优质场所？ P14 优质场所有很大的优势 P16 建设优秀社区的理念 P18 在场所塑造的发展过程中涉及什么？ P22 展望未来 P23 摘要 摘要 报告介绍 有效的场 ...

您是否拥有 完美的用户体验？ 戴德梁行大中华区研究部 China's 'New' Economy Smart, Sharing and Green 1 摘要 4 第一章 摘要 1 您是否拥有完美的用户体验？ 中国地产的体验式变革 5 您是否拥有完美的用户体验？ 在当今的城市环境中，成功的房地产项目不 仅仅只是砖，砂浆，玻璃，金属和其他建筑 材料。成功的房地产项目 , 无论中外，都是 以人为本的，且涉及各个年龄段的使用者 , 关 于人们以及他们想要在哪停留更长时间，无 论是工作，购物，旅游还是生活。 房地产的要素本着以人为本的原则，诸如设 计，技术，有组织的活动等方面都在鼓励个 人在城市中更长时间地留在 / 利用房地产项 目方面起到关键作用，无论是在： ο 城市公共空间 ; 就城市公共空间而言，"场所主导"的方法 会激发中国的目标意识。通过这种方法，城 市公共空间的规划和管理将由包含各行各业 的人群来实行，通过鼓励社会资本，共通价 值观，主人翁意识， 更上一层的场所以及城 市体验来进行。 至于办公空间，特别是智能办公楼，未来的 智能办公建筑通常不仅仅与实现能源和可持 续发展目标有关。智能办公建筑的有效经济 寿命 ...

解 读 戴德梁行研究院权威发布 "支持香港、澳门融入国家发展大局"、"在'一国 两制'下，粤港澳社会制度不同，法律制度不同，分 属于不同关税区域，市场互联互通水平有待进一步提 升，生产要素高效便捷流动的良好局面尚未形成"。 "优化提升中心城市。以香港、澳门、广州、深圳四大中心 城市作为区域发展的核心引擎，继续发挥比较优势做优做强， 增强对周边区域发展的辐射带动作用。" 粤港澳大湾区 发展规划纲要 "建设重要节点城市。支持珠海、佛山、惠州、东莞、中山、 江门、肇庆等城市充分发挥自身优势，深化改革创新，增强 城市综合实力，形成特色鲜明、功能互补、具有竞争力的重 要节点城市。" "深化粤港澳创新合作，构建开放型融合发展的区域协同创 新共同体，集聚国际创新资源，优化创新制度和政策环境， 着力提升科技成果转化能力，建设全球科技创新高地和新兴 产业重要策源地。" "提升珠三角港口群国际竞争力、建设世界级机场群、畅通 对外综合运输通道、构筑大湾区快速交通网络"。 "加快推进深圳前海、广州南沙、珠海横琴等重大平台开发 建设，充分发挥其在进一步深化改革、扩大开放、促进合作 中的试验示范作用，拓展港澳发展空间，推动公共服务合作 ...

Investment Rating - The report indicates a downward trend in rental prices for Beijing's office market, suggesting a cautious investment outlook for the sector [3][5]. Core Insights - The rental prices for office spaces in Beijing have decreased by 8.0% quarter-on-quarter and 17.8% year-on-year, reaching ¥244.8 per square meter per month [3]. - The overall vacancy rate in Beijing has improved, decreasing to 18.3%, down 0.4 percentage points year-on-year [3]. - The TMT (Technology, Media, and Telecommunications) sector has emerged as a dominant force in the office leasing market, accounting for 39.1% of total leasing activity in 2024 [4]. - Limited new supply in the coming years is expected to support the absorption of existing office space, potentially leading to further reductions in vacancy rates [5]. Market Key Indicators - The total stock of office space in Beijing is 13.68 million square meters, with a vacancy rate of 18.28% [9]. - Average rental prices across the city stand at ¥244.79 per square meter per month, with significant variations across different districts [9]. - The Central Business District (CBD) has a vacancy rate of 12.99% and an average rental price of ¥272.48 per square meter per month [9]. Leasing Activity - In Q4 2024, major leasing transactions included significant moves by companies such as Honor Terminal Co., Ltd. and China Postal Savings Bank, indicating ongoing demand despite market challenges [10]. - The TMT sector accounted for over half of the total leasing activity in Q4, highlighting its resilience in a challenging economic environment [4]. Future Supply and Demand - By 2028, an additional 165.8 million square meters of office space is projected to enter the market, with only 14.4 million square meters expected in 2025 [5]. - The report emphasizes the growth potential of high-tech industries in Beijing, which are anticipated to drive future demand for office space [5].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Beijing retail market is experiencing significant changes with the opening of new shopping centers, contributing to a total retail space of 1.545 million square meters as of Q3 2024, marking a year-on-year increase of 10.8% in stock [2][3] - The average rent for prime retail properties in core business districts is ¥2,180 per square meter per month, reflecting ongoing demand despite economic pressures [2][10] - The market is witnessing a shift towards high-end fashion and sports brands, with notable new store openings in key areas such as the Central Business District and Sanlitun [4][11] Market Overview - In Q3 2024, the Beijing retail market welcomed the opening of three major shopping centers, adding 236,000 square meters of quality retail space [3] - The total retail space in Beijing is projected to exceed 1.2 million square meters for the year, the highest in nearly a decade, driven by the development of international consumption centers [5] - Upgrading and renovation of older commercial projects are underway, with several key locations initiating transformation plans to enhance consumer experience [3][5] Market Key Indicators - The GDP growth rate for 2024 is forecasted at 5.4%, while the year-on-year change in social consumption is projected to decline by 0.5% [2] - The average vacancy rate across the Beijing retail market stands at 10.8%, with specific districts showing varying rates, such as 5.32% in the Central Business District [10] Rental and Vacancy Rates - Average rental prices in key districts range from ¥500 to ¥2,500 per square meter per month, with the highest rents observed in the Central Business District and Sanlitun [10][11] - The vacancy rate in the overall market is 10.8%, with specific areas like the Central Business District showing a low rate of 5.32% [10] Major Brand Openings - Notable new store openings include Titleist's first store in North China at Guomao Mall and Montane's new locations in SKP-S and Beijing Kerry Center [11] - The report highlights a trend of high-end brands entering the market, with luxury brands like PRADA and Dior increasing their presence in Wangfujing [4][11] Future Supply - The report indicates that at least three additional large-scale retail projects are expected to open in Q4 2024, potentially increasing the total supply for the year to over 1.2 million square meters [5] - Future supply projections include significant developments in non-core areas, contributing to the overall growth of the retail market [10]

70 60 50 40 30 2C 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 ...