11月12日，远洋商业受邀出席《观点》举办的"向上的信心——2025商业年会"，凭借专业的运营能力与 持续创新的发展表现，位列"2025年度商业地产创新能力表现20强"第十，并入选"2025年度商业地产企 业表现"榜单，旗舰项目武汉远洋里获评"2025城市地标综合体年度典范表现项目"。远洋商业公司总经 理孔繁琢在"商业的信心"主题讨论环节分享了远洋商业在轻资产领域的实践路径与思考。 远洋商业在不同市场阶段识别机遇、沉淀能力，并逐步构建起专业化的运营管理体系，特别是在城市综 合体与非标商业领域，积累了深厚的开发与运营经验。面对存量盘活时代的到来，远洋商业提供涵盖资 产诊断、资产盘活、价值修复的全周期解决方案，助力资产价值提升，通过充分研判市场趋势、结合投 资人诉求与项目独特基因，在项目"投、融、建、管、退"各环节，输出专业价值。 远洋商业 作为武汉远洋归元寺综合体的商业业态，远洋里的此次获奖，进一步印证了远洋商业对行业新趋势的敏 锐把握。项目跳出传统商业框架，以文商旅融合的开放街区为形态，在归元寺旁构建出一处历史与现代 交织的独特商业场域。通过策展式运营思维，远洋里将文化内容融入空间场景，使建筑、品牌与体验有 ...

Core Insights - The future of commercial real estate will focus on operational excellence, where the value of assets is primarily determined by cash flow generation rather than initial investment costs [2] - There is a trend among commercial real estate companies to deepen capital operations alongside development and management [3] Group 1: Operational Focus - Wang Lei, Executive Director and Vice President of China Resources Vientiane Life, emphasized that operational capability is crucial for creating cash flow, which directly influences asset value [2] - The shift towards operational excellence indicates that companies must prioritize effective management to enhance their financial performance [2] Group 2: Capital Operations and Market Trends - The sample provided by the Viewpoint Index shows that there are 42 companies managing less than 2 million square meters, 32 companies managing between 2 to 5 million square meters, 10 companies managing between 5 to 10 million square meters, and 6 companies managing over 10 million square meters [3] - Leading companies in the commercial real estate sector are transitioning from a "development and operation" model to an "asset operation + capital operation" model, aiming for both scale growth and cash flow optimization [3] - Many top-tier companies are expanding their portfolios through project investments and asset-light strategies, which necessitates a robust product line and talent development system to ensure efficient project execution nationwide [3]

Core Insights - The article highlights the urban renewal and quality upgrade initiatives in Hongkou District, Shanghai, showcasing the integration of culture, commerce, and community living through projects like Ruihong Xintiandi and Jinchao 8 Alley [1][2][34]. Group 1: Ruihong Xintiandi Development - Ruihong Xintiandi has evolved into a large urban complex that integrates residential, commercial, and office spaces, reflecting a shift towards a community-centric development model [5][8]. - The project aims to create a sustainable community by focusing on four dimensions: functional diversity, cultural vitality, innovation, and natural environment [5][12]. - The "New Xintiandi" brand strategy was launched in September 2025, marking a transition from a single commercial project to a regional community center [5][8]. Group 2: Community Engagement and Nightlife - The Moon Bay project, set to launch in September 2024, will focus on a "new night entertainment" theme, offering a blend of culture, entertainment, and social activities [9][12]. - The initiative includes a "deep night" model where nearly 30 merchants will operate until 2 AM, enhancing nighttime foot traffic and community engagement [12][13]. - A community alliance has been established to foster a sense of belonging among diverse groups, including families, pets, and professionals [12][13]. Group 3: Jinchao 8 Alley Cultural Integration - Jinchao 8 Alley aims to merge historical culture with modern entertainment, creating a vibrant urban space that reflects Shanghai's cultural heritage [14][18]. - The project features a scenic walkway and preserved historical buildings, providing a unique experience for visitors [18][23]. - Upcoming exhibitions, such as the "Cloud Sea Viewing" showcasing Yungang Grottoes art, will attract both local and international audiences, converting cultural interest into consumer traffic [28][33]. Group 4: Economic Impact and Future Outlook - The integration of cultural, commercial, and tourism elements in Hongkou District is seen as a driving force for high-quality urban development [33][34]. - The district's initiatives are expected to contribute significantly to Shanghai's goal of becoming an international consumption center, enhancing its economic vitality [33][34].

Core Insights - The 2025 Fortune China 500 Summit held in Shanghai focused on the theme "Harnessing Momentum, Expanding Frontiers: The Next 25 Years of the 21st Century," bringing together leaders from top companies to discuss how to navigate the new order shaped by intelligence, resilience, and sustainability [1][3]. Group 1: Key Themes and Discussions - Five parallel sessions were held, covering topics such as the next phase of the global energy revolution, the new maritime era of Chinese manufacturing, the path to building high-end brands, AI-enabled digital innovation for long-term growth, and the technology and capital driving high-quality future living [3][43][53]. - The summit included discussions on the importance of adapting to efficiency in logistics, emphasizing flexibility and rapid resource allocation to create value and achieve sustainability [9]. - The banking sector's digital transformation over the past two decades has created opportunities and challenges, particularly with the rise of generative AI, which banks must leverage through organizational restructuring [11]. Group 2: Globalization and Localization - Globalization presents new opportunities for Chinese companies, allowing them to showcase their brand, management, and social value on the world stage despite challenges [12]. - Effective globalization requires extreme localization, ensuring that companies adapt to local markets while maintaining their global strategies [17]. - The future of Chinese enterprises going global involves deeper participation in global value chains rather than merely exporting products [20]. Group 3: Industry Innovations and Trends - The automotive industry is highly competitive, with Chinese companies excelling in scale, speed, and cost, while European firms offer deep expertise in quality and safety [25]. - The demand for smarter products necessitates a focus on material innovation and collaboration across the supply chain to achieve integrated solutions [26]. - The consumer goods sector is evolving, with brands needing to balance rational spending with emotional value, reflecting consumers' increasing expectations [36][39]. Group 4: Technology and Sustainability - The integration of AI in industries is seen as a means to overcome challenges and drive new value, with a focus on combining technology with specific applications to ensure return on investment [77][83]. - The healthcare sector is embracing technology to create a comprehensive ecosystem that addresses health and wellness needs, emphasizing the importance of data and compliance [89][92]. - The energy sector is shifting towards quality over quantity, with a focus on sustainable practices and the assetization of distributed solar power to create a win-win scenario for stakeholders [96].

Core Viewpoint - Longfor Group is transitioning towards a second growth curve by enhancing its operational capabilities in commercial real estate, particularly in light of declining development business performance [2][4][6]. Group 1: Current Business Performance - Longfor Group reported operating revenue of approximately RMB 22.16 billion for the first ten months of 2025, accounting for 39.7% of its contract sales during the same period [2]. - The company's contract sales have significantly decreased from RMB 290.1 billion in 2021 to RMB 55.8 billion in the first ten months of 2025, with an expectation of falling below RMB 100 billion for the first time since 2017 [4]. - The share of recurring business revenue in total revenue has been increasing, reaching 22.6% in the first half of 2025, but the gross profit margin for recurring business was only 12.6%, indicating insufficient support for overall profitability [7][8]. Group 2: Comparison with Competitors - Longfor's recurring business gross profit margin is significantly lower than that of China Resources Land, which achieved a gross profit margin of 24% in its recurring business [7][8]. - The difference in profitability is attributed to the positioning of their commercial segments, with Longfor targeting middle-income families while China Resources focuses on high-end consumers [8]. Group 3: Strategic Moves and Challenges - The acquisition of the World Trade Center project in Beijing is seen as a strategic opportunity for Longfor to enhance its presence in the high-end commercial market and improve brand visibility [9][10][12]. - The project has the potential to diversify Longfor's commercial product offerings and align with government policies encouraging the integration of commercial and cultural tourism [14]. - However, challenges include the need for significant capital investment for upgrades, uncertainty in rental income due to high vacancy rates (40%-50%), and a lack of experience in renovating older commercial properties [16][17].

Core Insights - The Chinese economy is in a period of adjustment, with commercial real estate undergoing deep adjustments while retail consumption shows limited signs of recovery. Investment confidence and development motivation among enterprises remain insufficient, although some companies have resumed investment activities since late October [1] - Companies are actively expanding financing channels, particularly accelerating the implementation of public REITs for consumer infrastructure, while also deepening digital transformation and exploring diversified operations to enhance operational quality and consumer experience [1] - The "Performance Index • 2025 Annual Commercial Real Estate Performance Report" was released to provide practical references for market participants, helping the industry seek certain development paths amid uncertainties [1] ESG Practices - The ESG framework has emerged as a comprehensive assessment tool for investors, promoting corporate actions in environmental protection, social responsibility, and governance, thereby enhancing sustainable development levels [2] - Commercial real estate companies are increasingly engaging in ESG practices, contributing to job creation and resource efficiency through green buildings and energy-saving measures [2] - The industry faces challenges such as resource limitations for small and medium-sized enterprises in ESG practices and high thresholds for green finance [2][4] Policy and Regulatory Developments - Recent policies focus on information disclosure, green finance, corporate governance, and industry standards to promote the "dual carbon" strategy [4] - The Ministry of Finance and the Ministry of Ecology and Environment issued a draft for the "Corporate Sustainable Disclosure Standards No. 1 - Climate (Trial) (Draft for Comments)" to enhance climate-related information disclosure [5] - By 2027, a unified sustainable disclosure standard system is expected to be established in China, with local governments actively promoting green economic development [5][6] ESG Reporting Trends - The number of A-share companies disclosing independent ESG reports has increased, with a disclosure rate of 46.83% for the 2024 fiscal year, up from 41.86% in 2023 [7] - The real estate sector maintains a high disclosure rate of approximately 62.63%, although smaller firms still have significant room for improvement in ESG report quality [9] Energy Efficiency and Green Leasing - Energy efficiency improvements are crucial for commercial real estate, reducing operational costs and attracting quality tenants while aligning with environmental trends [16] - Companies are implementing various energy-saving measures, including smart energy management systems and green leasing practices, to share costs and benefits with tenants [20][21] - The demand for green leases is increasing, driven by tenant interest in sustainability and shared economic benefits [20] Green Building and Financial Trends - Green buildings enhance long-term asset returns, with studies indicating that certified buildings can command higher rents and lower operational costs [24][25] - The financing environment for the real estate sector remains tight, with green financing primarily accessible to leading state-owned and Hong Kong enterprises [29][31] Social Responsibility and Community Engagement - Companies are increasingly focusing on employee rights, community service, and supply chain management to enhance their social image and contribute to sustainable development [32] - Initiatives include employee welfare programs and community engagement projects, with significant financial contributions to social causes [32][35] Governance and Risk Management - Strong governance structures are essential for sustainable development, ensuring transparency and effective risk management [38][39] - Companies are establishing comprehensive risk management policies and committees to address environmental, social, and governance risks [40]

Core Insights - The "Shared Opportunities, Creating a Win-Win Future" promotional event for commercial consumption in Changping District was held in Chengdu, focusing on new investment opportunities in the commercial sector [1] - The event attracted participation from various investment operators and local brands, highlighting the potential for collaboration and investment in Changping's commercial landscape [1] Group 1: Commercial Development - Changping District's commercial consumption landscape was presented, emphasizing future plans for the transformation and enhancement of key commercial areas [1] - The Beijing Future Science City Development Group introduced two representative commercial projects aimed at young demographics, focusing on creating immersive and modern shopping experiences [3] - The projects include a fashion business district in the Shahe Higher Education Park and a leisure commercial street that integrates food, technology, art, and trendy experiences [3] Group 2: Changping New City Planning - The overall commercial planning for the East District of Changping New City was highlighted, aiming to introduce new consumption models and create a unique consumer complex [4] - The development will integrate scenic beauty, cultural elements, and commercial warmth, positioning itself as a micro-vacation destination in the northern suburbs of Beijing [4] - Attendees expressed strong interest in the commercial vitality and development potential of Changping, leading to discussions on project positioning, cooperation models, and policy support [4] Group 3: Regional Collaboration - The event effectively enhanced awareness of Changping's development opportunities among commercial entities in the Southwest region [4] - It served as a platform for cross-regional resource collaboration, with Changping District committed to optimizing the business environment and strengthening enterprise services [4]

Core Viewpoint - The signing of the agreement between Beijing Aozhongxingye and Longfor Commercial for the Beijing World Trade Center project marks a significant transition for the CBD landmark, indicating Longfor's completion of its tenth commercial project in Beijing [1][4]. Group 1: Project Background - The Beijing World Trade Center, which opened in 2007, was once a vibrant commercial hub featuring Asia's largest sky screen, attracting significant foot traffic and hosting high-profile brands like ZARA and the upscale restaurant chain, Golden Jaguar [2]. - In recent years, the project has faced severe competition from nearby commercial areas, such as Taikoo Li Sanlitun and THE BOX, which have drawn away customers and contributed to the decline of the World Trade Center [2][3]. - The pandemic exacerbated the situation, leading to financial difficulties for tenants, resulting in many opting to vacate the premises after unsuccessful negotiations for rent reductions [2]. Group 2: Market Dynamics - The World Trade Center was previously put up for sale in 2015, with a reported valuation of approximately 4 billion yuan, but the sale fell through due to asset issues faced by the owner [3]. - According to a report by CBRE, over 1 million square meters of new commercial space is expected to be added in Beijing in 2024, intensifying competition in the core area and further squeezing the World Trade Center's market position [3]. Group 3: Longfor's Strategy - Following the acquisition, Longfor Commercial has established a network of commercial projects in Beijing, including nine "Tianjie" locations, enhancing its market presence across various districts [5]. - The successful transformation of the Beiyuan Tianjie project, which achieved a 99% leasing rate and generated over 33 million yuan in revenue within the first three days of opening, sets a positive precedent for the upcoming operations of the World Trade Center [5][6]. - Longfor's commercial operations reported a rental income of 7.01 billion yuan for the first half of 2025, reflecting a 2.5% year-on-year increase, with a high occupancy rate of 97% across its 89 shopping centers [6].

Core Viewpoint - The partnership between Longfor Commercial and Beijing Aozhong Xingye aims to revitalize the Beijing World Trade Center (WTC) project, positioning it as a commercial aesthetic landmark in Beijing's CBD, marking Longfor's 10th project in the city [1][4]. Group 1: Historical Context and Challenges - The WTC was once a prominent commercial landmark in Beijing, known for its massive electronic canopy, which cost 250 million yuan and is the largest in Asia [2]. - The WTC gained fame during the 2008 Beijing Olympics but has since struggled with declining foot traffic and brand appeal due to the emergence of new commercial entities [2][3]. - The overall retail real estate market in Beijing is under pressure, with a reported 3.5% decline in effective rents and a 7.1% vacancy rate in the city center as of Q3 2025 [3]. Group 2: Current Developments - Longfor Commercial's entry into the WTC project is part of its strategy to expand its presence in Beijing, now operating 10 commercial projects in the city [5]. - The collaboration aims to leverage the WTC's historical significance while addressing its operational challenges, focusing on creating a new identity as a commercial aesthetic landmark [4][6]. - The success of this partnership will depend on Longfor's ability to innovate and attract foot traffic, as traditional shopping centers face the need for systemic innovation beyond mere tenant acquisition [6].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The US stock market showed mixed results, with the Dow Jones rising 1.18% to 47,927.96 points, while the Nasdaq fell 0.25% [2] - The market is seeing a shift in investor focus from technology stocks to sectors with lower valuations [2] Industry Insights - The Chinese automotive industry continues to show strong growth in the new energy vehicle sector, with October sales exceeding 50% of total new car sales for the first time, reaching 51.6% [9] - Exports of new energy vehicles reached 2.014 million units, a year-on-year increase of 90.4% [9] - The report highlights the importance of AI and semiconductor sectors, suggesting that leading companies in these areas may see long-term growth opportunities [3] Company Highlights - China National Pharmaceutical Group saw a 4.0% increase in stock price, driven by positive outlooks on its pharmaceutical distribution business [1] - China Resources Mixc Lifestyle Services rose 3.9%, benefiting from expectations of a recovery in commercial real estate [1] - CoreWeave's stock plummeted 126.3% due to disappointing earnings guidance, impacting AI-related stocks [2] - Nvidia's stock fell 3% after SoftBank sold its entire stake, cashing out $5.8 billion [2] Recommendations - The report suggests focusing on companies in the AI, semiconductor, and industrial software sectors, as well as state-owned enterprises with lower valuations and higher dividends [3] - Companies benefiting from anticipated Federal Reserve interest rate cuts and strong mid-term earnings in the upstream non-ferrous metals sector are also recommended for attention [3] - The report emphasizes the potential of companies involved in AI applications and the broader tech sector [3]