Core Viewpoint - Swire Properties is expanding its commercial footprint in mainland China, with a significant investment plan of HKD 100 billion over the next decade, focusing on core markets and aiming for long-term growth [1][2]. Investment Strategy - Swire Properties announced a HKD 100 billion investment plan in early 2022, with approximately RMB 50 billion allocated to mainland China, and 92% of the committed funds have already been deployed after three years [1]. - The company is actively seeking new investment opportunities in Shenzhen and plans to develop more Swire Lounges in mainland China [2]. Project Developments - The Beijing Swire Town project, located in Chaoyang District, is the largest single investment project by Swire Properties in mainland China, with a total construction area of 860,000 square meters, including eight Grade A office buildings and a shopping center [1]. - The project is expected to be completed and opened in phases by the end of 2026 [1]. Retail Business Performance - Swire Properties has confidence in its retail business, with a 12% increase in rental income from the Sanlitun Swire Town in 2024, marking a historical high [2]. - The company has upgraded its retail offerings and adjusted brands in its projects, resulting in a 5% increase in foot traffic in mainland locations [2][3]. Brand Adjustments - Several retail stores in Sanlitun Swire Town have undergone brand adjustments, including the opening of flagship stores for various international brands [3]. - The Yushe Hotel in Sanlitun is undergoing renovation to transform into an innovative retail space [3]. Market Challenges - Recent changes in U.S. tariff policies have introduced uncertainties in commercial development, but Swire Properties remains resilient and anticipates continued growth in mainland consumer spending [3].

Group 1: Retail Market Developments - Chengdu's retail market has seen a significant milestone with the opening of its first city duty-free store, enhancing consumer diversity and increasing visitor spending [2] - The establishment of the duty-free store is expected to attract more tourists, extend their stay, and boost overall consumption frequency and amounts, solidifying Chengdu's position as a consumption hub in Southwest China [2] - The duty-free store enriches the commercial project mix, supports project positioning, and significantly enhances overall project profitability [2] Group 2: Office Market Trends - The office market in Chengdu is experiencing growth driven by the booming artificial intelligence (AI) industry, with a new supply of approximately 200,000 square meters from the Taihe Tai Center and Shudao Innovation Center [4] - Despite a slight increase in vacancy rates due to the surge in supply, the leasing market is recovering, with a net absorption of about 27,000 square meters in the first quarter [4] - Chengdu's AI industry development plan aims to scale the industry to 130 billion yuan and create over 180,000 jobs, providing strong policy support for growth [4][5] Group 3: Future Prospects - The influx of inbound tourists and the continuous rise in passenger flow are expected to create a broader development outlook for the duty-free economy in Chengdu [3] - The city is set to enhance its industrial ecosystem and business environment for AI, attracting more upstream and downstream enterprises and skilled talent [5]

Core Viewpoint - Despite being in the urban renewal sector, Jinhe Commercial Management (603682.SH), known as the "first stock of urban renewal," has reported disappointing performance in its financial results for 2024 [2][3]. Financial Performance - In 2024, Jinhe Commercial Management achieved an operating income of 1.008 billion yuan, a year-on-year decrease of 2.33% [3]. - The net profit attributable to shareholders dropped to 15 million yuan, down 85.07% year-on-year, while the non-recurring net profit fell dramatically by 334.07% to -96 million yuan [3]. - Since its listing in 2020, the company's net profit has shown a downward trend, decreasing from 156 million yuan in 2020 to 99 million yuan in 2023, and further plummeting to 15 million yuan in 2024 [2][3]. Market Challenges - Jinhe Commercial Management faces challenges in the commercial office market due to oversupply, with difficulties in acquiring project resources and a reduced target customer base [2][3]. - The company acknowledged that some rental projects are still in the ramp-up phase, which has impacted its financial performance [3]. - The Shanghai office market is experiencing a downward rental cycle, with significant new projects entering the market, putting pressure on rental prices [6]. Business Model and Strategy - The company operates primarily in urban renewal, focusing on repositioning and redesigning old properties to enhance their commercial value [5]. - Jinhe Commercial Management's operational model includes rental operations, equity participation, and entrusted operations, with a focus on transforming existing properties into attractive commercial spaces [5]. - As of 2024, the company manages 73 projects covering approximately 1.4 million square meters, with 41 projects under rental operations [5]. Operational Measures - To improve occupancy rates, the company is implementing strategies such as enhancing park services and optimizing leasing strategies, including "exchanging price for volume" to accelerate property leasing [6][7]. - The management is focused on maintaining existing tenants and exploring potential renewal and expansion needs [7].

智通财经APP获悉，中信证券发布研报称，购物中心业态和写字楼，酒店等不同，总体的供求形势并不 决定个体的经营结果。商家和消费者都会像更富活力的物理空间集聚，销售额的形成方可以推动租金稳 中有升。在内需总体向上的背景之下，新增一些低质量，无竞争力的消费空间并不影响核心资产的价 值。我国的商业地产行业开创了纯轻的商管运营模式。但该行认为，企业的好坏和轻资产还是重资产并 无关联。如果没有跑赢同业的能力，轻资产模式就没有发展的余地。如果有了跑赢同业的资产，重资产 公司也可以依托金融手段，不断扩大规模。长期来看，限制商业地产公司(无论轻重)发展的绝不是资 金，而是运营能力+地段布局。该行看好商业地产企业的发展。 中信证券主要观点如下： 外部不确定性增大，提振消费利好购物中心价值。 目前，外需存在较大不确定性，提振内需是构建新发展格局的战略基点。购物中心是承载居民消费，娱 乐，体验，休闲的重要物理载体，该行预计将受益于内需提振。近期，财政部、住建部要求加强消费基 础设施建设，改造城市空间以满足文化、旅游、餐饮、休闲娱乐需求，以中央财政支持以刺激内需。 根据赢商网统计，目前规模以上的购物中心总计超过6000座，该行预计其中 ...

姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜关税博弈升级下的内需攻守之道 陈聪｜中信证券 基础设施和现代服务产业首席分析师 S1010510120047 地产｜稳住预期，扩大内需—房地产政策加码预测 我们认为，房地产新周期开启的信号已经出现，但房价止跌还需政策临门一脚。相信 2025年4-5月是政策前置的关键窗口期，主要的可能政策包括进一步降低居民购房资 金成本，合理满足改善置业需求，扩大存量土地收储和加强对房企的流动性支持。我 们认为房价将迎来长周期的底部，看好能建设好房子、在运营好资产、在提供好服务 的房地产开发企业和服务平台。 风险提示：政策没有发挥应有作用，房价继续下降的风险；部分公司缺乏可售资源， 销售持续缩水，盈利能力下降的风险；办公楼等业态租金持续下行风险。 2025年或成转折之年，在出口等外需方面持续博弈承压的背景下，强化内循环、扩容 内需消费市场或成为必然选择。我们认为，中国财政政策持续发力提振内需的大方向 或更为明确。同时在市场加剧波动、不确定性提升背景下，消费在过往几年的回调 后，"低预期低估值"+"消费韧性特征下的企稳趋势"将提升消费配置的资金偏好。有 别于 ...

"商业运营是一个可以穿越周期的行业，每一个成功的运营者都有其成功的关键要素、价值主张、经营 理念，它让企业形成统一的管理语言，并最终指引企业将核心优势转化为持续的经营业绩。" 近日，新城控股发布2024年年度报告，公司实现营业收入890亿元，归属于上市公司股东的净利润7.52 亿元，同比增长2.07%；扣非归母净利润8.70亿元，同比增长183.07%。 报告期内，公司实现商业运营总收入128.08亿元，同比增长13.10%，不仅超额完成125亿元的年度目 标，而且对整体业绩的贡献比例进一步提升；物业出租及管理毛利率达70.17%，为公司利润提供有力 支撑。 面对行业挑战，新城控股凭借"地产开发+商业运营"双轮驱动战略，发挥运营优势，正展现出良好的生 长韧性。 净利润水平稳步提升 报告期内，新城控股实现营业收入889.99亿元，其中主营业务收入中，房地产开发销售本期实现营业收 入760.41亿元，物业出租及管理实现营业收入120.29亿元；归属于上市公司股东的扣除非经常性损益的 净利润8.70亿元，较去年同期增长183.07%。 针对市场的变化，公司通过制定合理的经营战略，把握市场窗口，进行营销推广，提升货值 ...

Core Viewpoint - China International Trade reported a stable performance in 2024 with a slight decrease in revenue and a modest increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Revenue and Profit Summary - The company achieved a revenue of 3.912 billion yuan in 2024, reflecting a year-over-year decrease of 1.05% [1]. - The net profit attributable to shareholders was 1.262 billion yuan, showing a year-over-year increase of 0.25% [1]. Rental Income and Cost Management - Total rental income remained stable at 2.88 billion yuan, with a year-over-year decrease of 1.14% [1]. - Breakdown of rental income by property type: - Office buildings: 1.48 billion yuan (yoy -3.3%) - Shopping malls: 1.22 billion yuan (yoy +1.0%) - Apartments: 190 million yuan (yoy +2.2%) [1]. - The company maintained a gross profit margin of 58.14%, an increase of 0.13 percentage points year-over-year, contributing to the slight rise in net profit [1]. Rental Rates and Occupancy - Rental rates and occupancy remained stable across different property types: - Office buildings: Average rent of 639 yuan/sqm/month (yoy +0.2%), occupancy rate of 93.1% (yoy -2.8pct) - Shopping malls: Average rent of 1,309 yuan/sqm/month (yoy +2.3%), occupancy rate of 96.5% (yoy -1.7pct) - Apartments: Average rent of 367 yuan/sqm/month (yoy -1.0%), occupancy rate of 88.9% (yoy +3.0pct) [2]. Dividend and Debt Structure - The company proposed a cash dividend of 11.00 yuan per 10 shares, totaling 1.108 billion yuan, resulting in a high dividend payout ratio of 88% [2]. - The total borrowings decreased to 1.09 billion yuan, a year-over-year reduction of 31.1%, with the debt-to-asset ratio declining to 21.6% [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 4.0 billion yuan, 4.06 billion yuan, and 4.12 billion yuan for 2025-2027, with net profits of 1.3 billion yuan, 1.33 billion yuan, and 1.35 billion yuan respectively [3]. - Corresponding price-to-earnings ratios are projected at 17.9x, 17.5x, and 17.1x for the same period [3].

又有万达广场被卖。 据天眼查，近日，徐州万达广场有限公司发生工商变更，大连万达商业管理集团股份有限公司退出股东，新增广东横琴粤澳深度合作区宽和商业管理有限 公司为全资股东，同时法定代表人等发生变更。 信息显示，广东横琴粤澳深度合作区宽和商业管理有限公司认缴出资额为5000万元，认缴出资日期为2025年3月24日。 据了解，徐州万达广场有限公司成立于2011年，经营范围包含：企业管理服务；房屋出租；物业管理。 今年以来，大连万达集团新增多条股权冻结信息、被执行人信息。 股权冻结方面，除前述北京万达文化产业集团外，2月，大连万达集团持有的大连万达商业管理集团19.79亿元股权被北京市海淀区人民法院冻结，持有的 万达文化产业有限公司1亿元股权被横琴粤澳深度合作区人民法院冻结。 被执行人信息方面，2月25日，大连万达集团被上海金融法院执行超4775万元；2月24日，被甘肃矿区人民法院执行17.1亿元；2月20日，被北京市第二中级 人民法院执行17.2亿元。 来源：证券时报综合自天眼查、e公司等 【 热门视频推荐 】 值得一提的是，为缓解债务压力，万达集团近两年已先后出售多个万达广场，新华保险、阳光保险、大家人寿等险资 ...

王健林又迎大麻烦！ 2025年3月20日，一则来自天眼查的股权冻结信息，将王健林及其掌控的大连万达集团再度推向舆论漩涡中心。 据披露，大连万达持有的北京万达文化产业集团80亿元股权被河南省郑州市中级人民法院全额冻结，冻结期限至2028年3月17日。这是继年初1200万股权冻 结、累计执行金额超60亿元后，万达债务危机的最新进展。 01 80亿元股权被全部冻结 天眼查显示，近日，北京万达文化产业集团新增1条股权冻结信息，被执行人为大连万达集团，冻结股权数额为80亿元，冻结期限为2025年3月18日至2028 年3月17日，执行法院为河南省郑州市中级人民法院。 | 执行通知书文号 | (2025) 豫01执207号 | 冻结状态 | 冻结 | | --- | --- | --- | --- | | 被执行人 | 大连万达集团股份有限公司 | 疑似申请执行人2 | | | 股权所在企业 | 北京万达文化产业集团有限公司 | 股权数额 | 800000.0万人民币 | | 执行法院 | 河南省郑州市中级人民法院 | | | | 执行裁定书文号 | (2025) 豫01执207号 | 公示日期 | | | --- | ...

以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 （ID：shangyejingxiang） 进入商业地产行业1 4年，蒋昱松在今年秋天选择暂时离开了这个行业，开起了艺术中 心。 2 0 10年大学毕业后，蒋昱松进入长三角某城市当地一家老牌百货公司做管培生，后来先 后在两家港企、两家国企任职，做过早期的拿地、策划，也负责过前端招商、后端营运 调改，积累了一个商业体从0到1的经验，最终做到了项目总经理。 他也经历了疫情之后购物中心的冷清和复苏，随着客流量的下降，在生存压力下，商场 的经营逻辑也在转变——传统的商场不再受欢迎，更细分、更下沉、体验性业态更丰富 的商场受到欢迎。十年前最强势的星巴克，如今成了商场想要"清走"的品牌；二次元、 谷子店成了不少老商场的救命稻草…… 蒋昱松觉得，商业是一个常常需要更新的行业，而许多商场的问题在于没有跟上消费趋 势的变化。我们和他聊了聊这几年商场的一些新现象，比如年轻人扎堆B1、B2，餐饮业 态占比变高，一些品牌店陆续退场，以及这背后隐藏的消费趋势。 以下是镜相工作室与蒋昱松的对话： 不更新，就会被淘汰 镜相工作室：大概是什么时候开始，大家觉得"商 ...