2月3日，西贝相关负责人表示，西贝海雅缤纷城店的闭店是公司正常的经营调整，并非网传的"跑路"。 对于这一变化给周边顾客带来的不便深表歉意。该负责人介绍，闭店前西贝已通过短信向全国门店会员 发送通知，所有会员的优惠券、积分及储值余额均不受影响，可在全国其它西贝门店正常使用，公司将 确保每一位顾客的权益得到妥善保障。 关于闭店原因，该负责人表示，综合考虑该门店的经营状况、运营成本及公司整体战略布局，西贝于1 月15日正式向海雅缤纷城提交了停止营业申请。目前，西贝正在与海雅缤纷城就相关事宜保持积极沟 通，双方已达成共识，确保各项交接工作有序进行，同时也欢迎周边顾客前往附近其它西贝门店用餐。 2月3日，海雅缤纷城相关负责人表示，商场已经和西贝门店负责人进行了充分的协商沟通，昨日已达成 了一致的解决方案。该负责人向记者介绍，西贝门店与海雅缤纷城是长达12年的合作伙伴，一直以来合 作关系良好，西贝门店也很受亲子家庭欢迎，对于西贝因为业务调整，关闭在海雅缤纷城的门店，该负 责人也觉得非常遗憾，他表示，在西贝闭店的过程中商场也将给予必要的协助，并跟进督促原门店保障 商场消费者的合法权益。下一步，商场也会积极引入新的餐饮品牌， ...

Group 1 - The core viewpoint of the report is that the commercial and logistics real estate market in Chengdu is expected to show steady growth, driven by increasing consumer demand and evolving market dynamics [1][4]. - In 2025, Chengdu's GDP is projected to reach 24,763.6 billion yuan, with a year-on-year growth of 5.8%, while the third industry is expected to contribute 17,318.6 billion yuan, growing by 6.1% [1]. - The retail sales of consumer goods in Chengdu are anticipated to total 11,434.1 billion yuan, reflecting a 5.5% increase compared to the previous year [1]. Group 2 - Outdoor sports brands are actively expanding their presence in Chengdu by enhancing store layouts and creating personalized shopping experiences to cater to younger consumers [4]. - The report indicates that the high-standard warehousing logistics market in Chengdu saw an annual new supply of approximately 334,700 square meters, bringing the total stock to 6.94 million square meters, with a decrease in vacancy rates and a rebound in rental prices [4][5]. - Future high-standard warehouse supply will focus on key logistics nodes such as Qingbaijiang Railway Port and the Eastern New District, transitioning from scattered distribution to clustered development [5].

Core Viewpoint - The launch of commercial real estate REITs is seen as a significant step towards stabilizing and improving expectations in the real estate industry, facilitating a shift from developers to asset managers and enhancing the value of existing commercial assets [2][4][10]. Group 1: Policy and Market Response - The first batch of eight commercial real estate REITs has been accepted by the Shanghai Stock Exchange, with a total expected fundraising amount exceeding 30 billion yuan [2][4]. - The regulatory framework for commercial real estate REITs was officially introduced by the end of 2025, emphasizing support for assets with clear ownership and stable cash flows [3][8]. - The response from the industry has been positive, with significant participation from major developers and a wide range of asset types being included [4][9]. Group 2: Asset Types and Market Dynamics - The accepted REITs include various asset types such as hotels, office buildings, shopping centers, and service apartments, indicating a broadening of the asset categories eligible for REITs [2][4][5]. - The expansion of asset types allows previously self-held assets to have a channel for securitization, enhancing market liquidity and pricing capabilities [5][10]. - The inclusion of non-first-tier city assets in the REITs framework is expected to improve their market recognition and liquidity [5][10]. Group 3: Strategic Shift in Real Estate - The introduction of commercial real estate REITs is viewed as a transition from a "development and sales" model to a "holding and operation" model, promoting asset management as a core competency [10][11]. - The REITs framework encourages developers to retain partial equity in projects, ensuring operational stability while allowing for market-based fundraising [11]. - The shift towards REITs is seen as a necessary adaptation for the real estate industry, which is currently undergoing significant adjustments [10][11].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月3日下午消息，近日，深圳海雅缤纷城商场向西贝发放告知函，要求西贝位于该商场的门店即刻恢复 营业。 海雅缤纷城方面在函中向西贝方面表示，"此次因为预制菜的舆论风波，贵司于2026年1月15日发函申请 2月28日停止营业，我司深知此次舆论事件对贵司经营的影响，也提供多种方案与贵司一起共度难关。 但贵司却舍弃最基本的契约精神，不顾店铺会员的权益，在未经我司书面同意的情况下，贵司单方于1 月31日晚欲清空所有的物品，选择了最不体面的方式逃场。" 海雅缤纷城指出，"我司要求贵司即刻恢复正常营业，担负起承租者最基本的契约精神，作为全国连锁 餐饮企业，需要对会员有最基本的担当！望贵司慎重处理，及时恢复营业！" 海雅缤纷城客服人员表示，"西贝是突然闭店的，现在也有同事在联系店铺。" 对此，西贝官方回应称，公司已关注到网络上关于西贝闭店的信息，综合考虑公司的运营成本与实际情 况，公司确于1月15日向门店所在商场提出暂停营业申请，目前正与合作方保持积极沟通，已达成了双 方均认可的方案，正在持续落实推进，顾客储值余额可在全国任意西贝门店正常使用。 责任编 ...

公募REITs进入对商业不动产的全覆盖时代。 从商业不动产REITs试点政策发布到首批产品陆续上报，历时仅一个月。 近日，上交所披露了8只已受理的商业不动产REITs项目，涉及的底层资产包括深圳来福士、合肥银泰 中心、广州保利中心项目、上海晶耀前滩等，涵盖酒店、写字楼与配套商业、奥特莱斯、购物中心、服 务式公寓等多种商业业态，预计募集金额合计超300亿元。 业内认为，商业不动产REITs试点的落地被视为加快构建房地产发展新模式、稳定并改善房地产行业预 期的重要举措。申万宏源证券分析师袁豪认为，商业不动产公募REITs的发展有利于拓宽企业直接融资 渠道，实现"投融管退"良性闭环，同时为企业提供战略转型升级的新选项，引导企业从"开发商"向"资 产管理商"实现战略转型，盘活商业存量资产价值。 各类不动产全覆盖 2025年12月31日，监管层以《关于推动不动产投资信托基金（REITs）市场高质量发展有关工作的通 知》《关于商业不动产投资信托基金试点有关工作的通知》等文件，正式推出商业不动产REITs，并且 强调了重点支持权属清晰、运营模式成熟、现金流持续稳定的商业综合体、商业零售、办公、酒店以及 其他具有商业属性的资 ...

薪酬方面，据新鸿基地产2024/2025财年数据显示，冯秀炎该年获得董事袍金30万港元(约合人民币约 26.67万元)，其他薪酬高达2396万港元(约合人民币约2130万元)，全年薪酬合计2426万港元。 此次涉事的上海环贸iapm，是新鸿基地产在上海高端商业市场的标杆力作。 公开资料显示，该项目坐落于上海淮海中路陕西南路商业区核心地段，由国际知名设计事务所英国贝诺 (Benoy Architects)操刀外形及室内设计，凭借优质的节能与环保设计荣获LEED"金级"证书，商业面积 约12万平方米，涵盖地上六层及地下二层，自2013年开业以来，便以独特的"夜行消费"理念(营业时间 延长至晚间11点，餐饮业态至次日凌晨1点)成为上海高端商业的标志性项目之一。 品牌阵容方面，iapm汇聚了逾244个国内外高端潮流品牌，层级覆盖国际一线奢侈、潮奢、时尚生活、 运动户外等多个领域，例如Prada、Gucci、Balenciaga、Fendi、Valentino等国际顶奢品牌，始祖鸟、迪 桑特、Nike、lululemon、HOKA等运动品牌，以及泡泡玛特、TOP TOY等潮玩品牌均有入驻。同时配 套city'super ...

消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 来源：智通财经网 太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港元。 ...

行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港元。 消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 ...

智通财经APP获悉，太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港 元。 行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 ...

Core Insights - The project of Zhengzhou Guomian No. 3 Factory is gaining market attention due to its unique transformation of a large Soviet-style architectural complex into a cultural and commercial hub, covering approximately 73,000 square meters [1] Group 1: Core Assets - The project's uniqueness lies in its irreplaceable "industrial culture" and "collective memory," as the Zhengzhou Guomian factories were once the financial backbone of the city, with Guomian No. 3 Factory recognized as a "Flag Factory" [2] - The preservation of 21 Soviet-style buildings makes this site a "living fossil" of Zhengzhou's industrial era [2] - Industry experts note that this uniqueness is not a physical moat but an "emotional moat," solidifying shared historical memories into tangible spatial experiences, which possess strong emotional connectivity [4] Group 2: Business Model - Unlike traditional shopping centers that compete on brand quantity and sales per square meter, the success of non-standard commercial projects relies on precise positioning and unique experiences [5] - The project is positioned around "cultural innovation, youth fashion, and joyful living," with a "dual-driven" approach that builds a foundation of cultural value while achieving sustainable operations through commercial traffic [5] - The layout includes four thematic clusters: urban reception, leisure and entertainment, trendy experiences, and aesthetic living, aiming to create a consumption loop for history enthusiasts, trendy youth, and community residents [5] Group 3: Commercial Potential - The project's value extends beyond individual success to its regional impact, with approximately 795,000 residents within a 3-kilometer radius, indicating a solid customer base [7] - The project's historical experience theme complements nearby commercial entities like Zhongyuan Jinyi City and Zhongyuan Wanda Plaza, creating a natural synergy that enhances regional customer flow rather than engaging in zero-sum competition [7] Conclusion - The transformation of Zhengzhou Guomian No. 3 Factory serves as a significant case study in the integration of non-standard commercial ventures with industrial heritage revitalization, aiming to convert "sentiment" into sustainable business [9] - As the main construction nears completion and leasing efforts exceed a 90% signing rate, the project's business model has received positive market feedback, raising expectations for its role as a new engine driving commercial upgrades in Zhengzhou's western suburbs [9]