随着《中国证监会关于推出商业不动产投资信托基金试点的公告》的发布，写字楼、酒店等商业不动产 迎来新的盘活途径。近期，已有多家企业披露具体的商业不动产投资信托基金(REITs)申报方案和入池 资产，更多公司则表示正积极关注，对相关资产进行梳理评估。 武商集团（000501）亦表示，关于商业不动产公募REITs，目前公司已启动专项研究工作，对旗下符合 发行条件的商业资产进行梳理与评估，审慎论证相关方案的必要性、可行性及发行路径。后续若涉及重 大事项，公司将依法依规，履行信息披露义务。 从已披露信息看，具备成熟商办资产和运营能力的企业率先制定发行方案；更多企业仍处于资产筛选和 路径论证阶段。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，过去商业项目资金沉淀周期较长，而 REITs能够实现风险分散和收益共享，有利于企业降低资产负债率，也有助于提升商业不动产的市场定 价和运营透明度。 戴德梁行相关负责人在接受《证券日报》记者采访时曾表示，公募REITs扩容至酒店以及写字楼资产， 一方面，有助于推动房地产行业从开发逻辑向运营逻辑转型；另一方面，也有利于更多社会资金进入不 动产投资的赛道，帮助企业提升运营管理能 ...

Core Insights - The Bayli Wangfujing WellTown is positioned as the "first cross-border integrated multi-experience cultural, commercial, and tourism complex" in the country, featuring 190,000 square meters of commercial space and over 4,000 parking spaces, effectively attracting millions of visitors from the Beijing-Tianjin-Hebei region within a one-hour travel radius [1] Group 1 - The project centers around an outlet brand matrix, complemented by over 40% of dining and entertainment brands, including unique offerings such as the first city store of Heiming Xiamen cuisine and other regional specialties [1] - In its first month of operation, WellTown recorded over 3 million visitors and sales exceeding 300 million yuan, with peak daily traffic reaching 260,000 visitors and sales surpassing 26 million yuan [3] - During the New Year period, the cumulative visitor count reached 620,000, with sales exceeding 56 million yuan [3]

Core Viewpoint - Maoye International (00848) announced the initiation of a public REITs issuance for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement was made on January 23, 2026, regarding the public REITs issuance plan [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North Section, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments to the Plan - Due to the tight timeline for the issuance, the management of Maoye Commercial, in consultation with intermediaries, decided to adjust the asset composition for the REITs [1] - The adjusted underlying asset will be the office property located at the C Tower of Chengdu Maoye Center, also at No. 28 Tianfu Avenue North Section, subject to regulatory approval [1] Group 3: Future Plans - The issuance of the commercial public REITs project will continue to progress, with the company planning to adapt its approach based on market conditions [1]

Core Viewpoint - Maoye International (00848) announced plans to issue public REITs for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement regarding the public REITs issuance was made on January 23, 2026, under announcement number 2026-004 [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments and Future Plans - Due to the tight timeline for the REITs issuance, the company has made adjustments to the initial proposal after thorough discussions with intermediaries [1] - The adjusted underlying asset will now be the C Tower office property at the same location, owned by related party Chengdu Chongde Investment, pending regulatory approval [1] - The company will continue to advance the public REITs project and will consider market conditions for future asset developments related to public REITs [1]

Core Insights - The Chinese commercial real estate investment market is expected to recover in 2026 despite cautious investor sentiment, with a slight increase in the proportion of respondents planning to invest and sell more actively [1] - Domestic net investment intentions have turned positive due to institutional investors and real estate funds, while foreign investors continue to show a net selling intention [2] Investment Sentiment - 43% of respondents plan to adopt a more aggressive investment strategy in 2026, and 52% are inclined to sell more actively, indicating a potential increase in transaction willingness [1] - 39% of respondents intend to increase their real estate asset allocation, up 3 percentage points from the previous year, with 12% planning significant increases, a rise of 6 percentage points [5] Property Preferences - Industrial logistics, rental residential, and retail properties remain the top three preferred property types among investors [6] - In alternative assets, student apartments have gained significant attention due to a supply-demand gap in higher education dormitory space, followed by infrastructure and life sciences real estate [9] Financing Environment - Nearly 80% of investors expect further interest rate cuts by the People's Bank of China in 2026, and new regulations on merger loans have improved the financing environment for large-scale commercial real estate investments [10] - The rental residential sector is expected to continue its growth trend, supported by policies for urban renewal and the integration of private-public REITs [10] ESG Considerations - Investors are shifting from general concern to a more focused approach regarding Environmental, Social, and Governance (ESG) standards, with 83% already adopting or planning to adopt ESG criteria in real estate investments [11] - Green buildings are recognized for their competitive advantage in attracting and retaining tenants, contributing to improved cash flow performance [11]

Core Viewpoint - The commercial real estate market in China is showing significant structural resilience amidst a complex macro environment, becoming a vital vehicle for supporting the real economy, promoting consumption upgrades, and facilitating domestic and international dual circulation [1] Group 1: Office Market Demand - In 2025, the demand for Grade A office space in major Chinese cities is experiencing a moderate recovery, with a net absorption of 1.629 million square meters in first-tier cities, supported significantly by the expansion of the technology sector [1] - The technology and internet industry is identified as the core engine for demand recovery, with active performance in sub-sectors such as artificial intelligence, mobile gaming, and consumer electronics, leading to a rebound in office demand across multiple cities [1] - In Shenzhen, technology companies dominate market transactions, accounting for nearly 30% of leasing area, while in Shanghai, the technology and internet sector recorded several large leasing transactions, increasing its demand share to 17%, becoming the second-largest source of demand [1] Group 2: Financial Services and New Office Demand - The financial services sector is maintaining a robust performance, with financial demand in Shanghai reaching 25%, driven by the expansion of quantitative investment and securities firms, significantly boosting demand for high-end office spaces in core cities [2] - Changes in consumer structure are giving rise to new types of office demand, with outdoor sports brands and trendy IPs establishing regional headquarters or flagship stores in Shanghai [2] - In Guangzhou and Shenzhen, the acceleration of domestic brands going global has led to a significant increase in office demand for supporting professional services such as cross-border legal consulting, international logistics, overseas marketing, and cross-border payments [2] Group 3: Future Outlook - Looking ahead to 2026, high-tech and high-value-added industries are expected to continue driving office demand, with financial and professional services remaining foundational [2] - Certain cities, leveraging industrial clustering and openness, are anticipated to achieve demand recovery first in sectors such as consumer electronics, AI+, gaming industry, and Chinese enterprises going global, providing strong support for the long-term recovery of China's office market [2]

北京商报讯(记者程靓)1月28日，据北京市统计局消息，2025年全年，北京新增首店1068家，同比增长 11.3%，共汇聚159家高能级首店。新开商业面积超150万平方米，中海大吉巷、隆福寺街区二期等将京 韵特色与时代活力充分融合，注入发展新动能；湾里、中关村ARTPARK大融城等高端品牌云集，集聚 艺术空间、科技体验等融合消费场景，带动区域消费品质升级。全年发布"跟着电影去旅游""跟着赛事 去旅游""跟着展览游北京"等155条"漫步北京"主题游线路，文旅消费场景更加丰富。 ...

1月27日晚间，京基智农(000048.SZ)发布的股份回购进展公告受到市场关注。公告显示，公司已累计回 购股份543.80万股，占总股本的1.03%，成交金额共计0.94亿元。其中，最高成交价为19.50元/股。 真正的看点在于京基智农在科技赛道的突破。公司锚定具身智能万亿蓝海，拟控股国家级专精特新"小 巨人"汇博机器人，后者2026-2028年承诺年收入增速不低于30%，年内将发布2款人形机器人。 据悉，"十五五"规划将机器人产业作为培育新质生产力的关键领域，并置于重要位置。国家层面正大力 推动其创新发展与融合应用，为公司此次布局提供了明确的政策支持和发展机遇。 此次战略投入，标志着公司正式切入机器人这一万亿级赛道。根据公告，双方将共建具身机器人研究 院，全面开启"农业+科技"双轮驱动新格局。这一布局不仅将推动其在机器人新兴赛道的技术积累与产 业化落地，更打开了通向万亿市场规模的战略成长通道。 基本面与情绪面共振，长期配置价值凸显 根据此前规划，公司拟在6个月内使用1亿至2亿元自有资金回购股份，用于股权激励或员工持股计划。 实际上，早在1月7日，京基智农就已启动首次回购，以999万元购入65.48万股。 ...

赢商网独家获悉，2025年南京德基广场全年实现销售额262.4亿元，同比增长7.1%，总客流量突破6600万人次。在消费环境充满不确定性的当下，德基仍 以稳健增长态势持续刷新自身纪录。 值得关注的是，在消费市场整体呈现"K型分化"的趋势下，德基的持续增长已超越单体项目层面的成功，成为观察中国高端消费韧性与风向的关键样本。 2026年初，刚刚发布的南京市政府工作报告中"新街口商圈保持华东消费C位，德基广场销售额蝉联全国第一"的表述，更将这一商业地标纳入城市发展战 略高度，其意义远超经营数据本身。 01. 2025推出「德基24h」， 全年6600万人次的巨大客流，使其在全国商业体中保持着"一骑绝尘"的聚客效应与领跑地位。 全年引进83家品质首店 在国内高端商业领域，南京德基广场始终占据着不可忽视的重要席位。但如今的德基，已超越传统意义上"高端商场"的范畴，展现出更加立体的商业内 涵。这座位于南京新街口的城市地标，自2006年开业以来，便构建起区别于传统Mall的"商业生态"。从一期、二期到正在建设的三期，德基所扩展的不仅 是商业体量，更是城市空间的精神张力。在商业迭代的洪流中，德基广场始终秉持艺术、商业、科技相 ...

他建议，首先要优化交通衔接。比如北京西站，应深化南广场环岛改造，优化车道配置与车辆流线，实 现出租车、网约车与社会车辆分流；北广场改造网约车与出租车候客区，重构区域内车辆与行人通行流 线，实现接驳车辆分区停靠、有序周转，提升整体通行效率。北京南站应优化北广场落客功能，提升北 进站口利用率，引导出租车优先到北广场落客，在北广场公交、出租落客的基础上，开放北广场社会车 辆落客功能，减轻东、西落客车流的压力。 "空间联动方面，北京西站可考虑释放公共空间，南广场与莲花池公园景观衔接，融入'燕赵都会'历史 文脉，打破站城物理边界。北京南站可通过'拆隔离、补绿植、优服务、融文化'进行系统性改造。"孙 宇建议，服务配套方面应均衡布局候车设施，在户外区域增设遮阳廊架、休息座椅与花箱绿植，综合利 用公交场站资源，提升场站空间使用效率，打造兼具实用性与景观性的候车空间。 来自文艺界别的市政协委员、北京交通广播《一路畅通》主持人杨洋，关注的是加速推进北京朝阳站站 城融合发展，打造首都门户新标杆问题。他建议，要统筹谋划"朝阳站—交通枢纽—万象城"立体慢行系 统与商业联通体系，深入研究"出站即进店"零等待消费场景，推动交通枢纽与商业载 ...