Market Overview - In Q1 2025, the Suzhou office market faced significant challenges due to a historical peak in supply in 2024, leading to increased de-stocking pressure [2] - No new supply was introduced in Q1 2025 as owners adjusted the pace of new project launches based on market conditions [2] - The rental demand contracted significantly due to external pressures and the impact of the Spring Festival, resulting in a notable decline in rental prices [2][4] Rental Market Dynamics - The average rental price for office space in Suzhou decreased to 70.02 yuan per square meter per month, marking a three-year low [4] - Owners of existing projects are employing price competition strategies, such as lowering rents and extending rent-free periods, to retain tenants [4] - The net absorption for the quarter was only 12,300 square meters, with the vacancy rate remaining stable at 29% due to no new supply and no large-scale tenant exits [2][4] Transaction Structure - The electronic information technology sector continued to dominate the market, with significant activity from industries such as smart technology, new energy, and the internet [7] - Large transactions (over 1,000 square meters) were primarily driven by professional services, insurance, and technology companies [7] Sales Market Insights - In Q1 2025, new supply in the sales market increased significantly, with 58,000 square meters introduced, including major projects like Hengli Shengze Business Center [8] - Market transactions remained stable, with a 15% increase in volume, primarily driven by non-market transactions [8] - The average transaction price rose to 17,900 yuan per square meter, influenced by a few large transactions [8] Future Outlook - The Suzhou office market is expected to face continued pressure from a large influx of high-quality projects, potentially increasing vacancy rates [9] - Owners are advised to adopt aggressive leasing strategies while enhancing resource integration capabilities to attract quality tenants [9] - Emerging industries such as commercial aerospace, low-altitude economy, and advanced technologies are anticipated to bring new demand to the office market [10][11]

Group 1: Office Leasing Market - The overall Grade A office leasing market recorded a positive net absorption of 39,700 square feet in April after a negative absorption in March, with a stable vacancy rate of 13.7% [1] - The demand for office leasing is primarily driven by relocations for office upgrades, with The Payment Cards Group Limited leasing 12,100 square feet in Tsim Sha Tsui [1] - Certain industries, particularly finance, insurance, and education, are actively seeking office space, indicating a rising demand in specific sectors [1] Group 2: Rental Trends - Despite the stable vacancy rate, overall rental prices continued to decline, with a slight monthly decrease of 0.5% in April, marking the 36th consecutive month of rental decline since May 2022 [2] - Central and East Hong Kong recorded minor rental declines of 0.4% and 0.6% respectively, while other major districts also experienced similar decreases [2] Group 3: Residential Market - The overall residential transaction volume increased by 6.1% month-on-month in April, with the secondary market transactions rising to 4,080, indicating a recovery in demand [2] - The primary market transactions decreased to 1,614, but the performance remained strong due to the successful launch of several large projects [2] - A decrease in the one-month HIBOR by 3.36 percentage points to 0.59% as of May 26 is expected to alleviate pressure on mortgage borrowers, potentially boosting the residential market [2]

证券代码： 300947 证券简称：德必集团 上海德必文化创意产业发展(集团)股份有限公司 投资者关系活动记录表 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 15 日 (周四) 下午 14:30~15:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长贾波 2、董事、总经理陈红 3、董事、财务总监吴平 4、董事会秘书刘思邈 5、独立董事金德环 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、你们行业本期整体业绩怎么样？你们跟其他公司比如何？ 尊敬的投资者，您好！由于经济周期等原因，园区和写字楼 行业整体发展处于低谷期，德必也受到一定影响。相对于同行业 企业，德必积极利用此轮周期进行稳健的反周期扩张，同时，保 持了健康充足的现金流，以应对宏观环境可能 ...

Market Overview - The Beijing Grade A office market is facing significant challenges despite ongoing government support for real estate and industry, with rental prices expected to continue declining in Q2 2025 due to global economic uncertainties and corporate strategic contractions [1][8] - The average effective rent for Grade A offices in Beijing fell by 4.7% quarter-on-quarter to 246 RMB per square meter, nearing historical lows, while the vacancy rate reached 17.9%, indicating persistent market weakness [10][8] Demand Dynamics - The demand structure is shifting, with technology sectors, particularly in Zhongguancun, showing resilience due to supportive policies for AI and integrated circuits, leading to new leasing and expansion needs from leading tech firms [2][8] - Financial institutions are also increasing their leasing demands as capital market reforms deepen, while professional services, especially domestic law firms, are seeking office upgrades and expansions [2][8] - Foreign companies remain cautious in their leasing strategies due to geopolitical uncertainties, leading to continued pressure on traditional foreign business districts like Guomao and Yansha [2][8] Transaction Market - The core business district's premium office assets have entered a value investment range, with some benchmark projects seeing price corrections of up to 40% from peak levels, attracting self-use buyers [3][27] - In Q1 2025, the Beijing office transaction market saw a structural recovery with 8 major transactions totaling 7.8 billion RMB, predominantly driven by self-use buyers, who accounted for 75% of the transaction count and 97% of the transaction value [27][29] Recommendations for Tenants - Tenants are advised to assess their needs and existing leases promptly, leveraging the current market conditions to negotiate more flexible terms, such as extended rent-free periods and renovation subsidies [4][5] - Companies should consider optimizing their office space by adopting hybrid models and utilizing technology to enhance operational efficiency [15][4] Recommendations for Owners - Property owners should focus on core industries like TMT and finance, offering flexible leasing terms to attract high-growth tenants [5][8] - With a new supply peak expected in 2026, proactive tenant negotiations and customized service offerings are recommended to build long-term partnerships [5][8] Macro Environment - Despite positive signals from central government policies, the short-term outlook for the Beijing office market remains weak, with rising vacancy rates and declining rents expected to persist [8][10] - In the medium to long term, policy benefits are anticipated to gradually support recovery in technology and consumer-driven sectors, particularly in areas like Zhongguancun [8][10]

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...

"聚焦深圳市场，'人工智能+'产业链升级与新型消费业态双轨并进：前者以产业集群建设激活商办市场 动能，后者借力沉浸式体验、智慧零售等模式提振消费。在政策导向与产业创新的共振下，深圳房地产 市场呈现结构性回暖趋势，为中长期投资者布局大湾区创造价值窗口。"4月10日，第一太平戴维斯深圳 董事总经理吴睿就2025年第一季度深圳房地产市场表现对包括《中国经营报》在内的媒体记者如此表 示。 第一太平戴维斯提供的数据显示，今年一季度，深圳全市共有三个甲级写字楼项目入市，新增面积约21 万平方米，总存量随之扩张1.8%至1158.6万平方米。截至一季度末，深圳全市甲级写字楼空置率环比增 长0.7个百分点至29.8%。 另据仲量联行统计，得益于个别办公楼项目的租户集中入驻，截至今年一季度末，广州全市甲级写字楼 空置率环比下降0.1个百分点至20.9%。 仲量联行华南区商业地产部总监马炜图对记者表示，广州市凭借数字经济和制造业基础的综合优势，持 续推动现代服务业与先进制造业深度融合，并促进写字楼市场需求结构性调整。 持续供大于求 今年一季度，深圳甲级写字楼供应节奏不断。 仲量联行发布的报告显示，一季度新增的三个深圳甲级写字楼项 ...