策 略 研 究 申 购 策 略 相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 本研究报告仅通过邮件提供给 中庚基金 使用。1 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 07 月 13 日 华夏凯德商业 REIT 申购价值分析 投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 申购策略观点：华夏凯德商业 REIT 底层资产为长沙雨花亭项目、广州云尚项目，项目营业额稳步增长， 出租率持续提升，25 年到期租约 7 成左右已续签/换租，预期未来租金仍有增长空间。其中广州项目租 售比明显较高。原始权益人凯德商用储备项目丰富，资产证券化积累深厚。本基金预计募集资金为 22.97 亿元，预期项目资产未来 12 个月的公允价值区间为 23.47~29.23 亿元，IRR 为 6.90%~7.87%。 ...

21世纪经济报道记者 高江虹 实习生 魏琳 北京报道 为庆祝中瑞建交75周年、瑞典国宝级IP《长袜子皮皮》诞生80周年，来自瑞典的英格卡购物中心在京拉 开"宜起'皮'一夏"夏日玩乐季的序幕，这是长袜子皮皮首次开启中国巡展，该活动将在全国十城荟聚同 步开启，共同营造一个贯穿室内外、充满童趣与创意的夏日场景。 打造无可替代的线下体验 21世纪：面对线上分流，荟聚定义的"线下不可替代体验"核心要素是什么？您认为哪些体验类型无法被 数字化替代？ 朱洁敏：线上和线下并非竞争关系，而是互相补充和融合，线下不可替代的体验主要在于人和人之间的 社交与互动，荟聚主要从四个维度打造不可替代的线下体验。 第一个维度是所有荟聚的物理空间要让消费者感觉到舒适，除了北欧设计，我们还会不断创新空间场 景，比如，我们在上海荟聚设有一万平方米的公共空间，包括4楼屋顶的北欧小镇，并且设置了微风露 台。 第二个维度是品牌组合，我们在长沙和上海荟聚专门打造Well Village悠然荟，在整个街区引入了许多健 身与运动、个人护理、花店等品牌，希望提供轻松的生活方式，让大家来到就能舒缓压力。 三是体验，过去十年来，我们已经累计举办了4000场社区活动 ...

以下文章来源于英为财情Investing ，作者Jesse Cohen 英为财情Investing . 全球第五大财经门户网站Investing.com中国官方微信，提供全球各国海量金融资讯和实时行情数据，包 括股票股指、外汇、期货、基金、债券、加密货币等。关注全球金融市场动态的投资者千万不可错过。 来源 | 英为财情Investing 上周四美股提前收市，就业数据表现理想，带动标普500指数和纳斯达克综合指数双双创新高， 市场对经济的忧虑有所缓解。华尔街周五则因独立日假期休市。 | Name ▼ | Daily ▼ | 1 Week ▼ | 1 Month ▼ | YTD ▼ | | --- | --- | --- | --- | --- | | 틀 Dow Jones | +0.77% | +2.30% | +4.83% | +5.37% | | ■ S&P 500 | +0.83% | +1.72% | +4.65% | +6.76% | | 틀 Nasdaq | +1.02% | +1.62% | +5.48% | +6.68% | | ■ Small Cap 2000 | +1.02% | +3.5 ...

亚马逊Prime Day购物节开局疲软，前四小时销售额较去年同期下滑近14%。这一全球最大电商平台的年度促销盛事正面临 消费者购买力放缓和关税冲击的双重挑战。 今年Prime Day面临的外部环境更加复杂。特朗普实施的关税政策推高了进口商品的价格，部分卖家因此选择退出促销活 动。Argent Capital 的投资组合经理 Jed Ellerbroek表示: "亚马逊可能是大型科技集团中受关税影响最大的，而这些关税本周再次成为焦点。" 据管理50个品牌、年销售额约70亿美元的电商服务商Momentum Commerce数据，今年Prime Day活动前四小时的销售表现明 显不及预期。该公司为Crocs、Beats和Therabody等知名品牌提供亚马逊销售管理服务，其庞大的样本量为评估Prime Day表 现提供了重要参考。 受此消息影响，亚马逊美股盘前跌1.8%。投资者和分析师正密切关注这一购物节的表现，以此作为判断美国经济强度和消费 者信心的重要指标。 值得注意的是，今年Prime Day活动从往年的两天延长至四天，这一调整使得同比数据对比变得复杂，但也为亚马逊分散销 售压力、维持整体表现提供了更大空间。 ...

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 监管和行业动态： 1、中国证券报记者6月30日获悉，国家外汇管理局日前已向部分符合条件的 合格境内机构投资者（QDII）发放投资额度合计30.8亿美元。2、普益标准数据显示，截至6月 末，银行理财市场存续规模31.22万亿元，较年初增加5.22%。在季末回表压力与估值整改"半年 考"的双重考验下，当前净值型理财存续规模坚守31万亿关口，较5月规模变化不大。 同业创新动态： 招银理财创新费率模式，推出浮动管理费理财产品。工银理财参与IFBH港股 IPO基石投资，继三花智控后再下一城。交银理财首款慈善理财产品成功实现捐赠。建信理财成 功战略投资今年首单购物中心公募REITs 。 收益率表现： 上 周 （ 2025/6/30-2025/7/6 ， 下 同 ） 现 金 管 理 类 产 品 近 7 日 年 化 收 益 率 录 得 1.48%，环比上行5BP；同期货币型基金近7日年化收益率报1.27%，环比下行5BP。现金管理类 产品与货币基金的收益差环比上行10BP。上周各期限纯固收和固收+产品年化 ...

Group 1 - New World Development is selling part of the K11 property office building located on Huaihai Road in Shanghai, specifically floors 11 to 58, with a total area of approximately 81,000 square meters and a selling price of 2.85 billion yuan [1][3] - The K11 shopping art center occupies floors 1 to 10, and the total building area of the Shanghai Hong Kong New World Tower is 116,000 square meters, with over 100,000 square meters designated for commercial and office use [1][3] - The property was originally completed in 2002 and has been transformed into the first K11 art shopping center in mainland China in 2013, which has maintained a good reputation among peers despite the challenges posed by e-commerce [3] Group 2 - New World Development's debt pressure has increased, with a net debt of approximately 124.63 billion HKD as of December 31, 2024, an increase of nearly 1 billion HKD from the previous fiscal year, and a net debt ratio rising to 57.5% [3] - The company reported a loss of approximately 19.683 billion HKD for the fiscal year 2024, with revenue down 34% year-on-year [3] - To alleviate financial pressure, New World Development announced a refinancing agreement with bank creditors on June 30, covering approximately 88.2 billion HKD of unsecured offshore financial debt [3]

Core Viewpoint - The five cities of Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing are actively promoting the construction of international consumption center cities, injecting strong momentum into the domestic market and fostering new consumption drivers for high-quality economic development [2][5][6] Group 1: City Initiatives - Shanghai has launched large-scale consumption festivals like the "Five-Five Shopping Festival" and "Shanghai Summer International Consumption Season," leading to over 2.5 million inbound foreign travelers this year, a year-on-year increase of over 44% [2] - Beijing has introduced diverse cultural and tourism products, optimizing consumption landmark layouts, resulting in 1.971 million inbound tourists from January to May, a year-on-year increase of 54.1% [2] - Guangzhou has optimized its departure tax refund services, with the number of refund stores exceeding 500, and applications for departure tax refunds increasing by 203% year-on-year [3] - Tianjin is leveraging its urban resources to develop iconic commercial districts and projects, enhancing consumption vitality [3] - Chongqing is utilizing its unique geographical advantages to create distinctive consumption scenes, attracting over 500 million tourists annually [3] Group 2: Collaborative Development - The five cities exhibit a notable characteristic of emphasizing both specialized development and regional collaborative growth, forming consumption resource configurations that transcend administrative boundaries [3][5] - Initiatives like the "Yangtze River Delta Consumption Ecological Circle" and the "Beijing-Tianjin-Hebei Consumption Link" are examples of this collaborative approach, enhancing the potential for international consumption center city construction [3][5] Group 3: Policy and Strategic Framework - The concept of international consumption center cities is recognized as a core function of modern international metropolises, serving as a hub for consumption resources and a driver for economic growth [4] - The Chinese government has set a five-year timeline to cultivate specialized and regional international consumption center cities, aiming to enhance domestic market strength and meet the growing consumer needs [4][5] - The successful development of these cities requires policy innovation, scene revolution, and service upgrades, grounded in a global perspective while rooted in local culture [6]

Core Viewpoint - The relationship between China and Latin American countries has entered a new stage characterized by equality, mutual benefit, innovation, openness, and people-centered development, as highlighted by President Xi Jinping's speech at the China-Latin America and Caribbean Countries Forum [1] Group 1: Survey Overview - The "China-Latin America Mutual Perception" survey is the first large-scale public opinion survey conducted in Latin America, consisting of two parts: "Chinese Views on Latin America" and "Latin American Views on China" [2] - The first part of the survey collected 2,099 valid samples from 16 cities across seven regions in mainland China, while the second part gathered 3,373 valid responses from six Latin American countries [2] Group 2: Impressions and Interests - Chinese respondents associate Latin America with keywords such as "football," "enthusiasm," and "culture," while Latin Americans view China primarily through the lens of "technology" and "economy" [2][3] - A significant 97% of Chinese respondents express high interest in Latin American affairs, and 96% of Latin Americans show similar interest in Chinese matters [4] Group 3: Economic Perspectives - 40% of Chinese respondents believe that Latin America's economic prospects are "relatively good," while over 50% view it as "stable with challenges but with potential" [5] - 50% of Latin American respondents consider China's economic development prospects "very good," with 34% believing they are "good" [5] Group 4: Trade and Investment - By the end of 2023, China's direct investment stock in Latin America is expected to reach $600.8 billion, making the region the second-largest destination for Chinese overseas investment [12] - 93% of Latin American respondents believe that China's rapid development presents opportunities for the region, with many recognizing China as a key trade partner and a significant source of investment [11] Group 5: Future Cooperation - Over 60% of Latin American respondents express a desire for strengthened trade and investment cooperation with China, particularly in high-tech industries and infrastructure development [12] - The survey indicates that both Chinese and Latin American respondents view their cooperation as mutually beneficial, with over 80% of Chinese respondents affirming this sentiment [11]

Core Insights - Amazon is launching its first annual summer shopping festival "Hai Zhe Jie" from July 8 to 12, aimed at providing Chinese consumers with a mid-year promotional opportunity [1][4] - The event will feature over 30,000 international brands and more than 2 million overseas products, with a focus on creating a unique summer shopping experience for consumers [1][4] Group 1: Event Overview - "Hai Zhe Jie" is designed to cater to the summer needs of Chinese consumers, differentiating itself from other promotional events like Black Friday [4] - The festival will include a mix of popular international brands and trending products, such as Oura Ring and skincare brands like CeraVe, appealing to younger consumers [4][6] Group 2: Pricing and Logistics - The pricing strategy involves overseas direct discounts combined with local exclusive offers, ensuring price transparency for consumers [4][6] - Logistics improvements include a "2-day delivery" service from Ningbo bonded warehouse and 16-hour customs clearance with SF Express, enhancing delivery speed to match domestic e-commerce [6][8] Group 3: Market Positioning and Consumer Trends - Amazon is focusing on niche markets by offering unique brands and products that are still relatively unknown in China, thus establishing a differentiated advantage [6][9] - The introduction of the "import supermarket" channel aims to cater to everyday consumer needs, featuring 700 brands and 2,000 products priced as low as 9.9 yuan [6][9] Group 4: Technology and Consumer Engagement - Amazon is enhancing its live streaming capabilities to align with Chinese consumer habits, leveraging platforms like WeChat for better engagement [7][8] - The company is utilizing big data and AI to track social media trends, allowing for rapid product matching with consumer preferences [8][9] Group 5: Future Outlook - Amazon is shifting its focus towards long-term growth, emphasizing the importance of understanding consumer emotional needs and preferences [9][10] - The company aims to deepen its penetration in vertical markets, particularly in areas like pet care and emotional wellness products, to drive future growth [9][10]

Core Insights - In collaboration with the iconic Swedish IP "Pippi Longstocking," Ingka Shopping Center launched the "Summer Fun with Pippi" event in Beijing [1][4] - Ingka Shopping Center operates 38 gathering experience centers across 15 global markets, with 10 locations in China under the brand "Hui Ju" [1][4] - The event aims to enhance consumer interaction through themed installations and activities, including pool parties and music festivals [4][5] Group 1 - The partnership with "Pippi Longstocking" marks the first exhibition tour of this IP in China [4] - The Beijing Hui Ju is designed to create a new urban entertainment space that integrates entertainment, social interaction, and cultural innovation [4][5] - Other Hui Ju locations across ten cities will also launch the "Summer Fun with Pippi" event, incorporating local cultural elements into their activities [4] Group 2 - Ingka Shopping Center emphasizes the deep integration of cultural IP and spatial creativity to provide enjoyable gathering experiences [5] - The company aims to continuously explore the potential of commercial spaces in cultural and social contexts, contributing to the development of urban cultural life [5]