中信证券商业地产2025年投资策略：稳定红利 轻重皆可

Group 1 - The strong performance of shopping malls in terms of rental income and sales continues to outpace the growth rate of social retail sales [1] - Commercial management platforms maintain high stability in their existing business through long-term leases and stable management fees, while also expanding in light-asset sectors such as the renovation of high-ceiling existing real estate [2] - Core shopping centers are less likely to be replaced by new supply despite being influenced by consumer trends [3] Group 2 - Commercial real estate companies with high-quality asset portfolios possess stable dividend attributes [4]