在近期披露的公募基金一季报中，多只REITs产品经营数据也迎来曝光。 其中，消费类REITs经营数据尤为亮眼，同比数据皆有增长，且在二级行情中，一季度内也是消费类产品涨幅 居前，共有三只基金涨幅超过30%。 REITs在此前低迷的行情里，吸引不少机构资金参与抄底。券商资管、基金专户与险资等均有布局，尤其是险 资出现在多只新发REITs等战投名单中。有机构人士指出，在利率持续走低的背景下，REITs的稳定分红优势 尤为突出，成为险资对抗"资产荒"的重要工具。 多只消费类REITs营收增长领先 据Wind数据统计，在所有披露的54只REITs基金中，今年一季度共有15只公募REITs产品营业收入超1亿元。 其中，平安宁波交投REIT收入5.17亿元，遥遥领先于其他产品；国泰君安济南能源供热REIT收入3.77亿元，中 信建投国家电投新能源REIT、鹏华深圳能源REIT、中金安徽交控REIT三只产品收入均超2亿元，一季度内， 共有15只REITs产品收入过亿元。 从营业收入的同比数据来看，共有32只可比基金。今年一季度营收增长最高的四只产品包括了华夏华润商业 REIT、华夏金茂商业REIT、嘉实物美消费REIT和华 ...

Group 1 - Morgan Stanley analyst Michael Wilson believes that a weak dollar will support U.S. corporate earnings, helping U.S. stocks outperform other global markets, with the S&P 500 index expected to remain in the range of 5000-5500 points [1] - Deutsche Bank reports that foreign investors are still reluctant to buy U.S. assets, with data showing a "sudden stop" in overseas purchases of U.S. stocks and bonds over the past two months [1] - Bank of America highlights that market focus is on potential hints from the Bank of Japan regarding interest rate hikes in June or July, with current market expectations for the Bank of Japan's final rate slightly above 0.75% [1] Group 2 - Barclays recommends investors to re-establish long positions in five-year U.S. Treasury bonds in preparation for potential interest rate cuts by the Federal Reserve, citing increased uncertainty following tariff announcements [2] - Societe Generale's energy strategist indicates that uncertainty surrounding OPEC+ production plans is creating significant downside risks for oil prices, with Brent crude oil prices expected to reach $60 per barrel in Q2 and $70 in Q3 [3] - ING's report states that President Trump's recent criticisms of the Federal Reserve's policies have not been beneficial for long-term U.S. Treasury bonds, with 10-year Treasury yields recently stabilizing around 4.256% [4] Group 3 - Mitsubishi UFJ suggests that even if the Bank of Japan takes a cautious stance on interest rate hikes, the yen may still appreciate due to expected downward revisions in economic growth and core inflation forecasts [5] - CITIC Securities anticipates that 2025 will be a turning point for China's steel industry, with ongoing capacity reductions and industry reforms expected to benefit profit distribution within the sector [6] - Huatai Securities sees investment opportunities in the commercial real estate sector in 2025, driven by policy catalysts and the performance of leading companies [7] Group 4 - Zhongtai Securities emphasizes the dividend attributes of bank stocks under the "equal tariffs" backdrop, recommending a focus on large banks and quality city commercial banks [8] - Guotai Junan suggests prioritizing brokerage firms with significant comprehensive advantages and stronger cross-border asset allocation capabilities, as the fixed income self-operation business undergoes transformation [9]

租户可选择参与"Changemakers 计划"的"优良"或"卓越"其中一个级别，加入充满活力的可持续发展社群，共享知识并落实可量化的行动。参与此计划的恒隆 办公楼、零售及酒店租户成效显著，他们包括： "Changemakers租户可持续发展大奖2025"获奖租户名单 香港优良奖AEON荔枝角店 – 碧海蓝天牛角Buffet – 雅兰中心AEON STYLE 旺角 – 家乐坊谭仔三哥米线 – 康怡广场AEON STYLE康怡 – 康怡广场谭仔云南米 线 – 淘大商场DECATHLON香港 – 雅兰中心渣打银行(香港)有限公司 – 渣打银行大厦牛角日本烧肉专门店 – 康怡广场联合包裹运送服务公司 – 永康街9号卓 越奖亚洲公益事业研究中心 (CAPS) – 瑞安中心卅二公馆 – 渣打银行大厦Cuisine Continental (HK) Ltd. – alfafa –康怡广场特别嘉许亚洲公益事业研究中心 (CAPS) – 瑞安中心株式会社有限公司：牛角日本烧肉专门店 – 康怡广场以及牛角Buffet – 雅兰中心DECATHLON香港 – 雅兰中心卅二公馆 – 渣打银行大厦中 国内地优良奖东方汇理银行（中国） ...

新京报讯（记者耿子叶）日前，临空区大兴片区礼贤站TOD项目正式启动建设。礼贤站TOD项目名为 世界荟，距离北京大兴国际机场仅5公里，紧邻国际会展中心、国际消费枢纽和中央公园，通过轨道交 通连接大兴机场、首都机场、北京南站，总建筑面积约6.7万平方米，预计2027年验收投运。 所谓TOD项目，即公共交通为导向的开发，通俗讲就是地铁上盖房子，包括住宅楼、商业综合体、办 公写字楼等多种设施，无论人们在这上班、购物，还是居住、休闲都非常便捷。世界荟项目与轨道交通 紧密结合，未来将建设成地下通车、地上一体化开发的"零换乘"轨道微中心，打造集企业总部、星级酒 店、多元商业于一体的城市客厅空间。 按照规划设计，世界荟一层涵盖精品零售、餐饮、数码销售与金融服务；二层包含儿童教育及培训、特 色餐厅、娱乐健身等商铺；三至四层为企业总部打造了办公场地，并配备星级酒店，满足商务办公与住 宿需求。此外，项目周边还配备了完善的配套设施，如北京市第四实验学校、公立医院、国际医院等， 以及毗邻中央公园的高品质国际航空总部园及商业住宅，共同构成了一个宜居宜业的新国门生活圈。 目前，临空区大兴片区正在同步推动7.8平方公里的国际会展消费片区建设 ...

Market Performance - A-shares showed mixed performance on April 29, with the Shanghai Composite Index slightly down by 0.03% to 3287.45 points, while the Shenzhen Component Index rose by 0.09% to 9863.90 points, and the ChiNext Index increased by 0.05% to 1935.35 points [1] - The trading volume for the Shanghai Composite was approximately 268.9 billion yuan, while the Shenzhen Component had a trading volume of about 376.8 billion yuan, and the ChiNext Index recorded around 172.5 billion yuan [1] Sector Performance - Strong performance was noted in sectors such as PEEK materials, chemicals, and robotics, with stocks like Jushilin, Xinhang New Materials, and Fangzheng Electric Machine hitting the daily limit [1][2] - Conversely, the power sector faced adjustments, with stocks like Leshan Electric and Xichang Electric hitting the daily limit down [1][2] Institutional Insights - Huatai Securities is optimistic about investment opportunities in the commercial real estate sector by 2025, driven by policy catalysts and a recovering consumer market [3] - Guotai Junan Securities emphasizes the need for transformation in the brokerage industry, particularly in fixed income self-operation, suggesting a focus on firms with significant comprehensive advantages [3] - CITIC Securities predicts that 2025 will mark a turning point for the steel industry, with expected production cuts and profit redistribution benefiting the sector [3] Policy Developments - The National Development and Reform Commission announced an additional 81 billion yuan in special long-term bonds to support the consumer goods replacement program, indicating strong market demand [4] - A joint notice from the National Development and Reform Commission, Ministry of Commerce, and State Administration for Market Regulation aims to eliminate unreasonable market access barriers, promoting a unified national market [5] Industry Statistics - The National Bureau of Statistics reported that cultural enterprises achieved a revenue of 33,939 billion yuan in Q1 2025, reflecting a year-on-year growth of 6.2%, with certain sectors growing by 12.5% [6]

五一档已成为商业地产开业高峰期，全国多地商业项目选择在这一黄金档期集中开业，形成商业竞争新格局。 据统计，即将开业的重要项目包括厦门蔡塘爱琴海购物中心、厦门和美天地、拉萨王府井购物中心、泰兴凤栖奥特莱斯、 沈阳环球港动感城、昆山荟品仓城市奥莱等。 这些项目普遍采取"首店引流"策略，首店率普遍在30%以上，如拉萨王府井引入30%的首进拉萨品牌，厦门和美天地的首 店形象店占比达40%，厦门蔡塘爱琴海超60家首店定制店，顺德万象汇引入超50%佛山或顺德首店。 这种首店经济不仅提升了商场档次和吸引力，也反映了商业项目在竞争中突围的必然选择。 离境退税引爆消费复苏新动能 Malltowin商业与地产周报 2025.4.21-2025.4.27 1 每周趋势导读 五一大批新商业体集中开业 一季度多地离境退税销售额同比大幅增长，商务部将支持打造一批国际消费聚集区和入境消费友好商圈。 数据显示，重庆市离境退税销售额同比增长近5倍，北京市离境退税申请单份数同比增长128%，销售额同比翻一番。 2024年上海市接待入境游客670.6万人次，同比增长84%，广东省政府强调"大力推进免税店建设，优化离境退税'即买即 退'服务"，北京 ...

Group 1: Market Overview - The market experienced fluctuations with the three major indices slightly declining, with the Shanghai Composite Index down by 0.2%, the Shenzhen Component down by 0.62%, and the ChiNext Index down by 0.65% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.06 trillion yuan, a decrease of 57.2 billion yuan compared to the previous trading day [1] - Sectors such as PEEK materials, gaming, banking, and steel saw gains, while sectors like Hainan, real estate, tourism, and food experienced declines [1] Group 2: Securities Insights - Guotai Junan Securities recommends prioritizing leading brokerages with significant comprehensive advantages and stronger cross-border asset allocation capabilities, emphasizing the need for transformation in fixed income self-operation as a pillar business of the brokerage industry [1] - The firm suggests that changes in single business models should be viewed as a reflection of supply-side reforms in the industry, advocating for a focus on certainty during the transformation and exploration period [1] Group 3: Coal Industry Outlook - GF Securities indicates that the coal industry is currently in a weak demand season, with coal prices expected to decline in 2025; however, the anticipated increase in counter-cyclical adjustment policies and recovery in industrial demand may lead to a gradual price rebound after inventory decreases [2] - The report highlights that leading companies are expected to maintain stable profitability due to relatively stable long-term contract prices and effective cost control [2] Group 4: Commercial Real Estate Opportunities - Huatai Securities expresses optimism about investment opportunities in the commercial real estate sector in 2025, despite challenges in 2024, citing the superior performance of leading companies in terms of scale expansion and operational efficiency [3] - Key reasons for this optimism include expected continuous recovery in the consumer market driven by policy catalysts, the promotion of consumption REITs enhancing liquidity and management premiums, and the increasing relative advantages of leading operators [3] - The report also notes that valuation advantages are becoming apparent, with the valuation of held properties aligning closely with market value, and some heavy asset operators' development business valuations falling below the reasonable valuation of their held property segments, reinforcing investment value [3]

潮新闻客户端 记者 徐淑竞 位于杭州城东新城的商业综合体港龙城，称得上命运多舛。、两次上架法拍两次撤回、，好不容易开业了，才过了2年，最近，港龙城又又又一次出现在阿 里法拍平台上。 根据法拍页面的公示，此次拍卖标的物位于港龙城1区1002室等，建筑面积20097.1㎡，分布于商场第1层及第2层。标的物分为东西两区，西区现已开业，作 为餐饮、教培等经营；东区现有超市及美发店，其余商铺处于空置状态。标的物评估价5.5422亿元，起拍价约3.88亿元，即将于5月份拍卖。 对比之前两次上架拍卖的数据可以看出，三次拍卖的标的物建筑面积都是一样的，但是评估价却变了——前两次拍卖（原定拍卖时间分别是2020年10月和 2021年5月）的评估价都是6.5012亿元，起拍价是4.5509亿元。也就是说，港龙城的身价比前几年大幅缩水了将近1亿元。 地段不错的港龙城走到今天这一步，有点让人唏嘘。 港龙城是地铁1号线与4号线的换乘站彭埠站的上盖项目，曾经是城东新城板块翘首以待的大型商业综合体。2013年5月，港龙控股集团有限公司以9.67亿元 底价摘得建筑面积近15万㎡的彭埠单元地块，成交楼面价6501元/㎡。2015年港龙城开盘时 ...

Core Viewpoint - Guangzhou has released the "Opinions on Promoting High-Quality Development of Business Circles," aiming to accelerate the establishment of an international consumption center city and enhance its global influence by 2035 [1][19]. Group 1: Key Business Circle Framework - By 2035, Guangzhou plans to establish a "5+2+4+22" key business circle system, creating a balanced, functional, and influential network of world-class, metropolitan, and regional business circles [1][19]. - By the end of 2025, the city's commercial area is expected to grow by over 1 million square meters, with significant projects like Wanxiang City and Taikoo Li set to open [1][17]. Group 2: Policy Highlights - The "Opinions" focus on six major directions, including optimizing commercial space supply, promoting innovative business formats, and enhancing the quality of business circle environments [3]. Group 3: Land Use and Urban Planning - The plan encourages cross-departmental land use planning to reserve contiguous commercial land for major projects and supports the integration of public green spaces with commercial functions [4]. - It aims to revitalize old buildings and address fragmented commercial land issues in old districts through urban renewal [4]. Group 4: Transportation Optimization - The strategy includes optimizing public transport layouts around business circles, creating a "fast access and slow travel" experience with integrated transport systems [6]. - Key areas like Tianhe Road and Zhujiang New Town will feature a three-dimensional slow travel network [6]. Group 5: Consumer Experience Enhancement - The initiative aims to create diverse consumer scenarios by integrating new business formats such as e-sports and low-altitude tourism, catering to younger and personalized consumer demands [7]. - Support for international brands to establish flagship stores and host global product launches is also included [7]. Group 6: Smart Business Circle Development - The plan promotes the construction of smart business circles with features like intelligent navigation and digital landscape displays to enhance consumer experiences [9]. Group 7: Collaborative Mechanisms - A city-level working group will be established to address challenges in land approval, traffic optimization, and business format upgrades through inter-departmental collaboration [10]. Group 8: International Standards and Bay Area Advantages - The plan includes the development of unique projects like the Nansha International Cruise Home Port and duty-free shopping hubs at Guangzhou North Station and Baiyun Airport [11]. - It aims to enhance international service levels by optimizing payment environments and supporting cross-border consumption [11]. Group 9: Specific Business Circle Development - Various business circles will be developed with specific focuses, such as the Tianhe Road-Zhujiang New Town circle as a world-class comprehensive consumption axis [13]. - The Longchong-Wanbo circle will integrate international tourism and commerce, while the Bai'e Tan circle will focus on cultural and artistic consumption [15][17].

Group 1 - The company achieved an operating income of 1.398 billion yuan and a net profit attributable to the parent company of 20.33 million yuan for the year 2024 [1] - The company focuses on the core business of shopping centers, managing nearly 30 shopping centers across several cities in China, with a significant presence in Beijing [1] - As of December 31, 2024, the company has opened 27 shopping centers with a total construction area of nearly 1.9 million square meters, including 15 in Beijing [1] Group 2 - The company acquired equity in Meihua Life to enhance its community business and gain access to DT (community fashion boutique department store) business [1] - The DT business currently includes three projects, with one already opened and two in preparation, aiming to expand quality stores [1] - The DT51 commercial project in Beijing has gained significant market attention and will leverage its unique business model and brand resources for future project expansions and upgrades [2]