最新中国商业地产行业发展报告发布：2025年呈现八大热点，2026年政策加大反内卷力度，轻资产模式更为盛行

Group 1 - The report highlights the significant increase in consumer promotion policies in 2025, with various departments introducing favorable policies for offline commerce, from anti-competition measures to support for commercial and financial innovation [27] - The commercial real estate industry is experiencing a shift from an incremental market to a stock market, with a notable decline in new commercial openings, marking the lowest number of openings in a decade [20][21] - Chinese brands are gaining international recognition, with several brands achieving remarkable market performance, indicating a shift from supply chain advantages to brand strength [6][7] Group 2 - The report outlines the trend of light asset models becoming more prevalent in the commercial real estate sector, driven by professional management and cautious investment strategies [23] - The expansion of REITs policies is expected to enhance the liquidity of quality commercial assets, promoting high-quality development in the industry [15][16] - The report anticipates that AI technology will increasingly influence commercial innovation, affecting various aspects from cost control to management decision-making [25]