2026年，是国家"十五五"规划的开局之年，这一新五年规划系统性勾勒出中国至2030年的发展蓝图。新 旧动能转换、发展范式升级、全球格局重塑，都将在这一时期找到新的交汇点。 理解"十五五"的顶层设计，是预见未来经济脉动与市场机遇的起点。时代的机遇藏在哪里？未来中国经 济增长的核心动力如何精准判断？值此开年之际，南都湾财社发起《开局2026：在新周期起点上》专题 策划。 第一太平戴维斯深圳董事总经理吴睿在接受南都·湾财社记者专访时表示，2026年作为"十五五"开局的 关键之年，房地产行业正处于企稳修复与结构转型的双重关键期，无论是住宅市场的城市分化，还是商 业地产的资本布局，都将呈现出新的特征与机遇。结合当前行业走势、政策导向以及市场表现，当下能 清晰捕捉到楼市筑底复苏的信号，同时也能看到商业地产在调整期中孕育的投资窗口，这些都值得市场 参与者重点关注与思考。 2026年楼市转型，优质资产表现将提振信心 南都·湾财社：站在2026年的全新起点，楼市将走向何方？是延续底部徘徊，还是迎来稳步升温？为什 么做出这样的判断？ 南都·湾财社：判断市场筑底完成或迎来转机的关键指标有哪些？支撑楼市触底回升的核心动力是什 么？ ...

今天分享的是：世邦魏理仕：2026年中国投资者意向调查报告 报告共计：24页 2026年中国商业地产投资者意向调查核心总结 世邦魏理仕于2025年11月至12月开展的2026年中国投资者意向调查，收集101份有效回复，聚焦中国商业地产大宗交易市场的投资者观点与策略偏好。调查 显示，2026年投资者整体情绪保持谨慎，但投资与出售意愿均较上年小幅提升，市场潜在交易活跃度有望增强。 投资意向方面，内外资呈现分化态势。43%的受访者计划更积极投资，52%计划更积极出售，内资在机构投资者和地产基金推动下净投资意向由负转正至 +7%，外资则维持强烈净出售意愿。39%的受访者拟提升房地产资产配置，资产价格合理调整与困境资产投资机会是主要驱动因素，过去三年国内主要一二 线城市优质商业地产资本价值平均下调30%，2025年困境资产交易额达407亿元。 投资策略上，核心型与核心增益型策略受青睐，合计占比58%，反映投资者对现金流稳定性的重视。物业类型方面，工业物流、租赁住宅和零售物业稳居前 三，其中高标仓在华东及中西部区域有望迎来周期性机会，租赁住宅受益于抗周期特质和REITs链条贯通持续增长，零售物业中社区商业和奥特莱斯受关 ...

Group 1 - The core viewpoint of the report is that family offices are increasingly favoring real estate investments due to its growth potential and wealth preservation capabilities [1][2] - Real estate constitutes a significant portion of family office investment portfolios, ranking just behind stocks and cash, with office buildings (20%), luxury residences (17%), industrial properties (14%), and hotels (12%) being the most allocated sectors [2][3] - Approximately 70% of real estate investments are domestic, with New Zealand (93%), Australia (90%), and the United States (86%) showing the highest domestic investment focus [2] Group 2 - Family offices view real estate as part of a broader investment strategy, balancing it with listed stocks, venture capital, or other private investments, and some see it as a strategic asset for core business operations [3] - Two-thirds of family offices manage private residential properties, primarily for family use and inheritance (44%), capital preservation (29%), and diversification (20%), with rental income being a lesser priority [5] - The most sought-after real estate sectors by family offices include living spaces (14%), industrial/logistics (13%), and luxury residences (12%) [7] Group 3 - Family offices express interest in expanding their real estate investments, particularly in living spaces, logistics, luxury residences, and hotels, but face challenges such as finding reliable partners (23%), tax regulations (20%), and asset competition (19%) [8] - In commercial real estate, opportunities are identified in gateway city office buildings, which are seen as volatility hedges, especially in light of increasing geopolitical risks [10][11] - Investors are also focusing on sectors with structural tailwinds, such as logistics and living spaces, while retail real estate in developed markets remains a point of interest [12][13] Group 4 - The report highlights a growing interest in ESG assets, with 90% of institutional investors setting social goals, and 73% focusing on workplace well-being [14][16] - The wine industry presents investment opportunities, particularly in vineyards, with prices in certain regions expected to decline significantly, while others remain stable [17][18] - The luxury goods market is experiencing mixed performance, with some sectors showing growth while others, like art and wine, are facing declines [22][24] Group 5 - The issue of inheritance is pressing, with 58% of family offices indicating that the next generation is involved in investment decisions, leading to changes in investment strategies [27][28] - Cultural and moral differences between generations affect investment strategies, with a notable shift towards sustainable investments among millennials compared to baby boomers [29]