5月9日晚间，宁波富达（600724）股份有限公司（以下简称"宁波雷达"或"公司"）发布关于终止筹划重 大资产重组事项的公告。公告称，公司与宁波晶鑫电子材料有限公司(以下简称"晶鑫材料"或"目标公 司")的股东签署《投资合作意向协议之终止协议》，同意终止筹划重大资产重组事项。 深圳商报·读创客户端记者 穆砚 此前，宁波富达表示，收购晶鑫材料后，公司将在原有商业地产和水泥建材两大主营业务基础上，新进 入以光伏银粉为主的电子专用材料领域，并将依托自身资源优势，与目标公司实现有效协同，助力公司 实现产业转型突破和能级提升。但此次重组折戟暴露了其对外并购的审慎不足。 2024年，宁波富达剥离了燃料油业务。宁波富达曾在2023年年报中表示，公司是一家投资型公司，公司 本级没有实体业务。公司下属子公司涉及三个行业，主要业务为商业地产的出租、自营联营及托管业 务，水泥及其制品的生产、销售与燃料油业务。 尽管本次交易尚处筹划阶段且未支付任何款项，但这一动作仍反映出公司在战略扩张中的现实阻力。 近两年，宁波富达调整优化内部产业结构，主动出清部分盈利能力不佳的资产。 公告透露，于2025年1月17日披露了《宁波富达股份有限公司关 ...

Core Viewpoint - Ningbo Fuda has announced the termination of its major asset restructuring plan, which was aimed at acquiring a significant stake in Jingxin Materials, due to the inability to reach a final agreement on the transaction terms [2][5][6]. Group 1: Termination of Restructuring - The termination of the major asset restructuring was agreed upon after thorough discussions and negotiations among all parties involved, leading to the signing of a termination agreement for the investment cooperation intention [3][5]. - The restructuring process began on January 17, when Ningbo Fuda intended to acquire at least 45% of Jingxin Materials through cash transactions, with the goal of making Jingxin a subsidiary [6][7]. Group 2: Impact on Business - Ningbo Fuda stated that the termination of the restructuring will not have a significant adverse impact on its current operations, financial status, or strategic development, as the transaction was still in the planning stage and no substantial agreements had been reached [7][8]. - The company reported a significant decline in revenue for 2024, with a projected revenue of 1.701 billion yuan, down 46.31% year-on-year, and a net profit of 210 million yuan, down 8.83% [8].

Investment Rating - The industry investment rating is "Outperform the Market" [1][71]. Core Viewpoints - Consumer infrastructure REITs have shown strong performance due to favorable fundamentals and policy expectations, with the CSI REITs total return index ranking high among asset classes since the beginning of the year [3][7]. - The operating conditions of consumer infrastructure REITs are stable and improving, with high occupancy and collection rates, and several REITs exceeding revenue forecasts for 2024 [3][18]. - The domestic consumer REITs are entering a "stock + incremental" dual-drive phase, with new categories and foreign players entering the market, indicating growth potential [3][48][60]. Summary by Sections Investment Highlights - Consumer infrastructure REITs have benefitted from a low interest rate environment and effective consumer promotion policies, leading to increased investor interest [3][10]. - The rental rates and collection rates for consumer REITs remain high, with notable performance from 华夏华润商业REIT and 华夏大悦城商业REIT [3][13][21]. - The introduction of new asset types, such as the first public REIT for agricultural markets, indicates diversification in the consumer REIT sector [3][53][56]. New Phase: Expansion and Foreign Players - 华夏华润商业REIT has initiated an expansion plan, marking the first public REIT expansion in the consumer sector, which is expected to enhance asset stability [3][48]. - The valuation of the昆山万象汇 project is estimated at approximately 2.055 billion, indicating a competitive position among existing REITs [3][50]. - The entry of foreign players, such as 凯德投资, into the consumer REIT market is expected to enhance growth prospects [3][60][62]. Investment Recommendations - The report suggests focusing on high-quality shopping center operators and related consumer infrastructure REITs, which are expected to maintain high occupancy and stable sales [3][69].

Group 1 - The core concept of Tianjin Electric Mall is to create an urban micro-vacation destination by integrating cultural experiences, themed consumption, and family interaction through an "all-domain consumption + immersive amusement matrix" model [1] - During the May Day holiday, the "Dream Maker Custom City" promotional event achieved significant results, with over 10,000 visitors and some products priced up to 40% lower than market prices [1] - The mall's new business model of "full-chain direct supply + scene experience" has led to a multi-dimensional breakthrough in consumer upgrades, particularly in smart home and customization services [1] Group 2 - The Antique Porcelain Trading Center at Tianjin Electric Mall launched a cross-national ceramic art appreciation event, showcasing treasures from renowned kilns and injecting new energy into the folk collection market through professional appraisal services [3] - The event has established itself as a large-scale cultural display and exchange platform in the southwestern region of Tianjin, relying on an online and offline integrated trading model [3] Group 3 - The "Power Workshop" four-wheel drive car theme event during the holiday attracted significant attention, with a 40% increase in foot traffic to the auto city and a 65% increase in the time families spent in the vehicle exhibition area [5] - This event successfully combined cultural experiences with consumption scenarios, enhancing customer engagement [5] Group 4 - The new tea drink brand "Lu Shang Ting Xi," which features a "new Chinese camping aesthetic," has become a phenomenon, attracting over 200 groups of customers daily, with 78% of visitors aged 18-35 [7] - Customers highly appreciated the visual expression that deconstructs traditional elements, indicating a strong intent to return [7] Group 5 - Tianjin Electric Mall has developed a diverse entertainment matrix, including various immersive experiences, achieving a 65% year-on-year increase in visitor numbers during the holiday [8] - The mall's strategy focuses on cultural IP incubation, technological empowerment, and scene innovation, leading to significant increases in overall foot traffic and sales during the May Day period [8] - The future strategy includes deepening the integration of commerce, travel, and culture, while continuing to introduce innovative business formats [8]

Group 1 - The commercial real estate investment in the Asia-Pacific region has achieved year-on-year growth for the sixth consecutive quarter, with Q1 2025 investment reaching $36.3 billion, a 20% increase compared to the previous year, marking the highest level since the US interest rate hike cycle began in 2022 [1] - Cross-border investment in the Asia-Pacific region reached $8.6 billion in Q1 2025, a significant increase of 152% year-on-year, with overseas investors favoring office buildings, logistics properties, and long-term rental apartments [2] - In mainland China, commercial real estate investment totaled $3.8 billion in Q1 2025, driven by corporate buyers and high-net-worth individuals, leading to an increase in small-scale transactions [2] Group 2 - Insurance companies are becoming a significant force in the mainland China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, comparable to mature markets like the UK and the US, and leading the Asia-Pacific region [2] - The investment in long-term rental apartments has seen a notable increase due to stable income performance, with both domestic and international institutional investors increasing their allocations in this sector [3] - The retail property market is expected to benefit from government consumption promotion policies, with stable operating income and strong operational performance in prime retail properties, making them attractive for investment [3]

Group 1: Commercial Real Estate Investment Trends - The Asia-Pacific commercial real estate investment in Q1 increased by 20% year-on-year to $36.3 billion, marking the highest first-quarter investment since the start of the 2022 interest rate hike cycle [1] - All real estate sectors, except for industrial and logistics properties, saw increased investment, indicating that investors are making rational decisions based on objective fundamentals [1] - In Hong Kong, commercial property transactions over HKD 50 million totaled $850 million, a decrease of 17.8% year-on-year, with the investment market remaining subdued due to high interest rates [1] Group 2: Cross-Border Investment and Market Outlook - The Asia-Pacific region recorded $8.6 billion in overseas capital inflow in Q1, a significant increase of 152% year-on-year, the highest for the same period since 2019 [2] - Japan remains a favored market for foreign investment, attracting $13.7 billion in foreign capital in Q1 2025, a 20% increase year-on-year, despite rising interest rates [2] - The investment sentiment is expected to remain subdued in the short term due to high borrowing costs exceeding investment returns, although potential U.S. interest rate cuts and economic stimulus measures in China could improve investor confidence [2] Group 3: Economic Impact of U.S. Tariff Policies - U.S. tariff policies are anticipated to impact the economies of several countries, particularly those heavily reliant on exports to the U.S., such as Vietnam, Malaysia, and South Korea [3] - The weakening economic growth outlook in the U.S. may lead to reduced leasing and investment activities in commercial real estate, affecting demand for office spaces and retail performance [3] - Despite challenges, structural trends such as rising e-commerce penetration and an expanding middle class are expected to support internal trade in the Asia-Pacific region [3]

Group 1 - The core viewpoint of the articles highlights the surge in tourism in Wuhan's Hanyang district during the May Day holiday, with a total of 1.4474 million visitors and a tourism revenue of 158 million yuan, marking increases of 7.9% and 4.6% respectively compared to the previous year [1][5][8] - The newly opened Wuhan Yuanyangli commercial street has quickly become a focal point in the city, integrating culture, commerce, and art, and is located in the core area of the Hanyang Old Town [3][5] - The commercial street features 13 buildings themed around "cultural life," collaborating with over 60 innovative brands to offer a diverse cultural experience, including traditional Chinese brands and modern lifestyle offerings [5][6] Group 2 - The opening activities during the May Day holiday at Yuanyangli included two major art exhibitions, a market, a Hanfu show, and competitive events, attracting significant attention from both locals and tourists [5][8] - The location of Yuanyangli is strategically close to several key attractions in Hanyang, making it a potential hub for visitors to enjoy dining, entertainment, and shopping [8]

Core Insights - The Australian real estate market is becoming an attractive option for global investors amid market volatility caused by the second Trump presidency, as highlighted by Cushman & Wakefield's chief economist Kevin Thorpe [1] Group 1: Investment Trends - Global capital inflow into Asia-Pacific commercial real estate increased from 15% to 25% during Trump's first term, with total investment rising from $25 billion to $45 billion [3] - Following the "Liberation Day" on April 2, investors shifted funds from high-risk assets to safer investments, benefiting real estate as a defensive asset [3] Group 2: REIT Performance - Australian Real Estate Investment Trusts (REITs) have seen their investment weight increase for four consecutive months, with a current overweight ratio of 25%, the highest since the beginning of 2023 [5] - The favorable conditions for REIT investment are attributed to the uncertain economic environment and expectations of interest rate cuts, as REIT income is primarily derived from signed leases, making it less susceptible to economic headwinds [5] Group 3: Economic Resilience - The resilience of the Australian economy, coupled with declining inflation, is boosting market expectations for interest rate cuts, enhancing the attractiveness of the Australian market [5] - In the event of a global trade war, goods previously intended for export to the U.S. may shift to the Asia-Pacific market, further increasing Australia's market appeal [5] Group 4: Future Outlook - Amid increasing economic uncertainty, global capital is seeking investment markets that offer stability and growth potential, positioning the Australian real estate market as a potential safe haven for international capital [5]

Group 1: Holiday Economy Impact - During the May Day holiday, Shenzhen received a total of 6.9636 million tourists, representing a growth of 36.3% compared to the previous year [1] - The tourism revenue during this period reached 5.432 billion yuan, an increase of 40.8% [1] - Shenzhen ranked among the top ten popular tourist destinations in China, with inbound tourism orders increasing by 188%, making it the second most popular city for inbound tourism in the country [1] Group 2: New Retail Developments - The opening of Shenzhen iN City Plaza on April 29 marked the debut of a new comprehensive shopping center, featuring 29 stores including 11 first stores in the country or South China [2] - The plaza includes a 30,000 square meter outdoor sports park and various themed areas aimed at attracting young consumers [2] - Another notable development is the K11 ECOAST, which began trial operations on April 28, featuring a total construction area of 228,500 square meters and unique attractions such as the first NBA-themed venue in Shenzhen [3] Group 3: Cultural and Tourism Attractions - Shenzhen's cultural tourism continues to thrive, with the city ranking in the top ten domestic tourist destinations according to a report by Ctrip [4] - The city offers diverse experiences, from Michelin dining to helicopter sightseeing, and has seen a 130% year-on-year increase in inbound tourism orders during the holiday [4] - Notable attractions include the "National Tide Culture Festival" at Splendid China, which featured immersive experiences and performances, and the successful operation of the Xiaomeisha International Coastal Resort, which welcomed over 100,000 visitors [4][5]

本文作者：Aaron 发稿平台| 哥们买房 晒地5年！江宁重磅综合体地块，改商住了！ 就在近期，南京市规划和自然资源局公示将江宁百家湖片区地块NJNBd040-63地块进行规划修改！ 该拟修改的地块，紧邻地铁竹山路地铁口，是江宁人苦等 5 年之久的"竹山路综合体项目"！ ◎竹山路综合体项目地块 根据公告显示，地块规划调整内容如下： ● 建筑高度调整：此前规划的150米塔楼取消，调整后地块高度限制在 80 米以内。 ●商业面积压缩：原规划建设不低于15万方的购物中心，调整后按商住地块总面积6.69万方、容积率2.2、商办占比 30%计算，商办总面积压缩到4.5万方左 右，变为社区型商业体量。 ●增加住宅用地：小龙湾片区在售住宅项目较少，该地块增加住宅业态后吸引力增大。 ●解决换乘问题：目前地铁1号线和5号线竹山路站采用站外换乘方式，规划中轨道交通1号线和5号线换乘大厅将与商业、办公功能一体化设计 。 ● 土地性质变更：位于竹山路地铁站的景枫商业综合体土地性质计划由商办改为商住混合用地，总面积约6.69公顷。 竹山路地铁口商圈梦碎 2020年12月，景枫以11.6亿元底价拿下该地块，但一直未取得进展。2024年2 ...