智通财经记者 | 王妤涵 智通财经编辑 | 李慎 广东佛山映月湖畔，一座由原名为南海怡丰城改造而来的商场近期重新开业。在附近市民的记忆中，这本来是一个商户营业率不足30%且品牌组合老化，人 流稀少。 "以前这里布局很乱，没有什么值得逛的，现在每次来都有新品牌，周末带孩子来能玩一下午。"家住附近的市民何女士告诉记者。 近期，智通财经记者实地走访了改造后的项目，商场的公区、车库、天花及交通动线都有了优化，重新规划后的商场视野通透，商场动线从原来的"线性"改 为"环形"，天花高度提升后，空间感更加开阔。这座商场原本建筑面积为4万平方米，经中海改造后，新增租赁面积超1万平米。与此同时，还引入了海底 捞、霸王茶姬等40多个当下热门品牌入驻，替代了原有的低效商户。 改造后的佛山映月湖环宇城 智通财经记者王妤涵拍摄 这座新的商场的名字，叫"环宇城"。从映月湖环宇城驱车4公里，即可到达佛山的另一座同样以环宇城命名的商场，千灯湖环宇城。自2016年开业以来，千 灯湖环宇城一直是佛山商场里的"人气王"，常年位居各类热评榜单前三，平均出租率高达99%以上。 最近几年来，在全国一二线城市陆陆续续出现了多个以"环宇"命名的商业项目，视 ...

龙湖集团 20251207 摘要 龙湖地产作为老牌房企，业务涵盖开发、运营和服务，布局一二线城市， 财务管理审慎，管控能力强，展现出较强的韧性。 龙湖商业投资板块是其差异化优势，截至 2025 年底运营 89 座商场， 总面积超 940 万平方米，选址集中于一二线城市 TOD 项目，具有显著 的区位优势和持续外延式增长能力。 龙湖商业租金坪效在 2025 年上半年跌幅收窄，表明进入效益兑现阶段， 老项目升级改造推动内生成长，管理优势显著，同城平均租金水平优于 全市平均水平。 C-REITs 为龙湖商业地产带来重估空间，消费 REITs 股息率与当前账面 估值资本化率存在差距，若以接近 5%的资本化率重估，股权价值可达 1993 亿以上。 龙湖智创生活第三方项目占比达 60%，非住宅业务占比 30%，科技赋 能提升运营效率，毛利率远高于行业平均水平，设施管理市场空间广阔。 龙湖智创生活智慧制造业务新增签约面积同比增长 87%，行业排名第五， 与央国企、地方平台等合作广泛，代建业务具备全业态和全流程优势。 龙湖融资状况健康，有息负债持续下降，现金流表现良好，维持三大红 线绿档，融资成本降低，债务压力已过，未来业绩 ...

这两大商业体有着高度契合的核心特质，均为地铁上盖项目，未来将分别与在建的地铁15 号线、18号 线无缝接驳，同时还都是所在刚需板块苦等多年的重磅商业配套，直接填补了区域高品质商业的空白。 它们都有哪些特色？招商情况如何？对板块的未来居住价值会带来怎样的影响？趁着开业热潮，记者前 往现场进行探访。 被称为杭州"最美天街" 丰收湖板块补齐商业短板 上城天街正好位于丰收湖公园西侧，也是在建的地铁18号线丰收湖站的上盖地块，占据着交通和景观资 源两大优势。项目整体体量约13.5万平方米，商业部分包含地下1层和地上6层，开业汇集品牌超270 个，其中超80个为区域首进品牌。 值得一提的是，这也是杭州开业的第九座天街，接下来几年还有滨康天街、云城天街、富阳天街、钱湾 天街以及今年签约的萧山项目等5座天街将陆续开业，全城14座天街的密集布局，进一步巩固了龙湖在 杭州商业市场的领先地位。 从招商来看，上城天街的主力店主要有盒马鲜生、星光嘉映影城、星聚会等。另外，首店阵容也非常吸 睛，以捡瓷+为特色的文创生活方式品牌等于几；主打"平价喝好茶+轻松茶社交"的云南茶饮品牌云守 中；可持续生活方式品牌LOOP等新面孔，为消费市场注入 ...

在万象系购物中心同店增长和规模扩张下，公司经营杠杆效应增强，商管运营的利润率有望继续提升。 在单个购物中心项目层面，大部分成本相对固定，或随通胀同步增长，因此同店租金的稳健增长能够带 来NOIMargin的增长；在公司层面，随着母公司不断新建购物中心，总部的招商和营销人员可以管理更 多项目，且经验与模式也能够适当迁移，劳动效率提升拉动利润率上行。 机构：东方证券 研究员：赵旭翔/刘洋/孙怡萱 核心观点 核心看点：母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势，对商户 具备强定价权，同店和规模成长驱动经营杠杆效用提升，未来商管业务的收入与盈利增长确定性强。 市场部分人习惯将万象系商场直接与龙湖集团的龙湖天街、新城控股的吾悦广场类比。虽然三者同为内 资购物中心，但后两家开发持有和运营集中于同一主体，享有租金收入的同时需承担前期庞大资金沉 淀、较长回报周期，以及苛刻的财务回报条件。而万象系商场由母公司华润置地开发持有，商管环节则 被拆分出来由华润万象生活运营。因此，公司轻资产模式无需庞大的资本投入，却可享母公司大体量且 优质项目的运营红利，风险低、盈利能力高，经测算证明盈利向上弹性更强。 ...

东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元，其依托母公司华润置 地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资源与核心地段优势。 凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越行业基本面的同店增 长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 风险提示 消费基本面下行超预期的风险。母公司交付不及预期。第三方项目拓展不及预期。数据统计可能存在遗 误/变动。假设条件变化影响测算结果。 东方证券主要观点如下： 母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势 华润万象生活对商户具备强定价权，同店和规模成长驱动经营杠杆效用提升，未来商管业务的收入与盈 利增长确定性强，市场部分人习惯将万象系商场直接与龙湖集团的龙湖天街、新城控股（601155）的吾 悦广场类比，虽然三者同为内资购物中心，但后两家开发持有和运营集中于同一主体，享有租金收入的 同时需承担前期庞大资金沉淀、较长回报周期，以及苛刻的财务回报条件。而万象系商场由母公司华润 置地开发持有，商管环节则被拆分出来由华润万象生活运 ...

智通财经APP获悉，东方证券发布研报称，维持华润万象生活(01209)"买入"评级，目标价52.55港元， 其依托母公司华润置地持有的优质物业资源，无需承担重资产投入与开发风险，即可享有稀缺的重奢资 源与核心地段优势。凭借强大的品牌议价能力、卓越的运营团队及持续扩大的管理规模，公司实现超越 行业基本面的同店增长，并通过经营杠杆效应不断提升利润率，展现出低风险、高盈利的强劲弹性。 公司商管核心竞争优势在于对商户不断强化的议价能力，这主要源于母公司稳定增长的、大体量优质购 物中心的合约支持 母公司是中国购物中心领域早期进入者，抢先布局关键地区市场占据核心地段，此外其数量稳居行业第 一梯队，储备仍在有序增加，这为公司带来稀缺重奢资源、与品牌深度绑定的关系，以及调租换铺的强 势话语权等，结合公司专业、有创造力的团队不断在动态的市场变化中找寻最优解，得以形成客流-销 售额-品牌吸引/更新的正反馈，从而使得在管商场表现能够超越消费基本面，并且实现长期同店增长。 东方证券主要观点如下： 母公司重资产持有大体量优质商场，华润万象轻资产商管享有空间卡位和规模优势 华润万象生活对商户具备强定价权，同店和规模成长驱动经营杠杆效用提 ...

Core Insights - The article highlights a significant structural change in consumer demographics, indicating that the generation most fond of shopping malls is gradually fading from the mainstream consumer group [1][8][31] - Predictions suggest a decline in birth rates, with estimates of around 4 million births in the first half of 2025 and potentially dropping below 9 million for the entire year [1] Group 1: Demographic Changes - The aging population and declining birth rates are becoming widely recognized societal issues, yet they still feel distant to individuals [2] - The shift in consumer demographics is particularly evident in the retail sector, where the traditional shopping mall experience is losing relevance among younger generations [3][11] Group 2: Evolution of Shopping Centers - Shopping centers have historically targeted the 25-45 age demographic, primarily supported by the 80s generation, which has driven the evolution of retail formats over the past 15 years [4][7] - The shopping center landscape has transformed through various phases, including the rise of fast fashion, themed dining, and the introduction of high-end beauty and leisure brands [5][10] Group 3: Future Consumer Trends - By 2025, the primary consumer group of 25-45 years old is expected to shrink by over 60 million, with a significant reduction in younger fashion consumers [10][17] - The 95/00 generation is characterized by a preference for self-expression, social interaction, and emotional value, leading to a decreased interest in traditional shopping malls [11][12] Group 4: Shift in Retail Formats - The future of retail will likely see a transition from large shopping centers to community-focused spaces that cater to essential needs rather than high-end fashion [19][20] - Traditional department stores are also expected to undergo significant changes, moving away from their historical ties to older consumer demographics [21][23] Group 5: Emergence of New Business Models - The article suggests a "renaissance" in physical retail, focusing on smaller, community-oriented formats that incorporate diverse, niche offerings [15][18] - As consumer preferences evolve, there will be a push towards non-standard commercial formats that meet the needs of younger consumers, emphasizing social spaces and unique experiences [25][26]

Group 1 - The article highlights the launch of promotional activities at Beijing Longfor Tianjie, offering discounts for consumers using UnionPay mobile payments [9][11][17] - Longfor Commercial has established a presence in multiple areas of Beijing, with eight Tianjie locations across six districts, aiming to enhance consumer experiences through new brands and spaces [9][11] - The Tianjie shopping spaces are designed not only for retail but also for emotional value experiences, combining quality retail, dining, entertainment, and lifestyle offerings [11][12] Group 2 - The promotional offer includes a discount of 30 yuan for purchases over 200 yuan, available once a week until March 31, 2026 [12][17] - The initiative aims to adapt to changing consumer trends by continuously updating offerings and enhancing the shopping experience [11][12] - Consumers can enjoy the latest trends and popular dining options while benefiting from the UnionPay discount during their visits [11][17]

Core Points - UnionPay collaborates with Beijing Longfor Tianjie to launch a payment discount campaign, offering a discount of 30 yuan for purchases over 200 yuan from now until March 31, 2026 [1][3] - Longfor Commercial operates eight Tianjie locations across six districts in Beijing, providing a high-quality urban lifestyle experience through new brand openings and innovative spaces [1][3] Group 1 - The discount campaign is available at eight Longfor Tianjie shopping centers, allowing users to enjoy a convenient payment process with UnionPay mobile Pay [3] - Users must hold a UnionPay card issued in mainland China or a UnionPay-Visa dual-branded card to participate in the discount offer [3] - The campaign aims to enhance consumer experience by combining shopping with emotional value through quality retail, dining, and entertainment [3][1] Group 2 - The payment process for UnionPay mobile Pay involves a simple four-step procedure for users to link their bank cards and make payments [5][6] - The campaign encourages social interactions by inviting friends and family to enjoy shopping and dining experiences together while benefiting from the discount [3]

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].