新引擎，新航道 人人人人人人人人人 人人人人人人人人人人 专题报告 世邦魏理仕 中国区研究部 投资及资本市场部 2025 年12 月 Market Outlook lockup fixed. Please do not alter. Report Theme (16pt) Report Themes: – Intelligent Investment – Future Cities – Adaptive Spaces – Evolving Workforce – Creating Resilience Change Market name as needed. Cover photography: Urban cityscape / thriving spaces 执行摘要 险资近五年前四大配置资产类型 13% 59% 工业物流 1,370+亿元 ⚫ 人To -C人 人人人人人人人 险资C端资产配置占比变化 40+笔数 写字楼 730+亿元 19+笔数 零售商业 730+亿元 10+笔数 综合体 420+亿元 5+笔数 增值型 （Value -Add ） 机会型 （Opportunistic ） 改造 证券化 ...

Group 1 - The total commercial real estate investment in the Asia-Pacific region reached $31.2 billion in Q2 2025, representing a 15% year-on-year increase, despite ongoing global economic uncertainties [1] - The total investment in the Asia-Pacific region for the first half of the year was $67.6 billion, with a year-on-year growth of 17% [1] - South Korea's market showed remarkable performance with Q2 investment exceeding $6 billion, a significant increase of 72% year-on-year, making it the fastest-growing market in the Asia-Pacific region [1] Group 2 - Japan remained the most active market in the Asia-Pacific region, with Q2 investment totaling $7.6 billion, a 31% increase year-on-year, and a cumulative total of $21.3 billion for the first half of the year, up 23% [1][2] - The office asset class led the market in Q2 with a transaction volume of $13.3 billion, reflecting a 24% year-on-year increase [2] - Residential assets showed exceptional performance with a transaction volume of $3.6 billion in Q2, marking a substantial year-on-year growth of 92%, with Japan contributing half of the total volume [2] Group 3 - In mainland China, commercial real estate investment totaled $5.2 billion in Q2 2025, a 7% year-on-year increase, with investors maintaining a cautious approach [3] - The market transactions were primarily dominated by domestic enterprises and high-net-worth investors, with small to medium-sized asset transactions being the mainstream [3] - The long-term rental apartment assets in first-tier cities continued to attract investor interest due to their relatively stable returns [3]