再来说说底层住宅。底层住宅最大的优势莫过于出行方便，出门即达，无论是购物还是散步都十分便 捷。部分底层住宅还赠送超大阳台，业主可以将其改造成休闲场所或小花园，提升生活品质。然而，底 层住宅的采光和通风往往不尽如人意，一年四季都可能处于潮湿状态。长期居住在潮湿的环境中，对身 体健康会产生不利影响。此外，底层住宅也更容易受到噪音干扰，影响居住的舒适度。 那么，究竟哪些楼层才是最佳选择呢？综合考虑各种因素，建议大家重点关注3至9层的住宅。这些楼层 位于整栋楼的中间位置，兼顾了出行、采光、通风等多方面的优势。与高层相比，出行更加方便快捷， 用水用电也更有保障。与底层相比，采光和通风条件更好，避免了潮湿带来的健康隐患。同时，这些楼 层受噪音干扰较小，能够保证睡眠质量。因此，选择3至9层的住宅，可以更好地平衡居住的舒适性和便 利性，为事业发展提供助力。 1 S 1 LINDER TH OUL 7 add TT 12 -A 11 er 3 14 - 1 11 if ian 7 Art PHONE THE 17 73 7 2 00 0 1 7 the i call BEAD IT TAL t the ur F FILM IN ...

Investment Rating - The report does not explicitly state an investment rating for the China property sector, but it emphasizes the need for a shift in strategy and a focus on quality and efficiency over scale, indicating a cautious outlook for the near term while recognizing long-term opportunities [3][5][12]. Core Insights - China's real estate market is undergoing a significant structural shift, moving away from reliance on scale and rising prices to a focus on fundamental value and purpose [3][4]. - The report highlights the importance of adapting to a new economic landscape characterized by resilience and productivity, with a call for each asset class to redefine its role [12][13]. - Despite current challenges, the long-term fundamentals of the Chinese economy, including industrial upgrading and domestic consumption potential, remain strong [5][6]. Summary by Sections Economic Outlook - China's GDP is projected to grow at a slower pace, with forecasts indicating a growth rate of 4.4% in 2026 and 4.3% in 2027 [11]. - Private consumption is expected to outpace overall GDP growth, reflecting a shift towards domestic demand [7]. - Policy settings are supportive, with low loan prime rates and bond yields anticipated to continue [8]. Office Sector - The office market is experiencing falling rents and high vacancy rates, necessitating a focus on quality and tenant experience [18][27]. - Landlords are encouraged to prioritize integrated layouts and operational efficiency to attract tenants [19][21]. - The future of the office market will depend on adaptability and the ability to provide value beyond mere space [26][30]. Retail Sector - Retail indicators show a divergence in performance, with prime districts needing to offer more than just location to attract consumers [33][39]. - The focus is shifting towards creating community-oriented spaces that enhance consumer experience rather than just transactional environments [41][43]. - New retail openings are expected to rise significantly in 2026, indicating a potential recovery phase [42]. Logistics Sector - The logistics and warehousing sector is closely tied to consumer spending and industrial upgrading, with a focus on tenant retention and operational efficiency [47][50]. - The market is rewarding facilities that enable automation and efficiency, reflecting a shift in tenant expectations [54][58]. - Owners are encouraged to modernize portfolios to meet evolving demands from occupiers [56]. Residential Sector - The residential market is stabilizing, with sales volumes remaining weak but not collapsing, as buyers become more selective [70][72]. - Developers are focusing on quality and trust-building to navigate current market conditions [71][73]. - Leasing conditions are improving, with a shift towards more professional management and differentiated product offerings [64][72]. Investment Market - Investment volumes are at decade-low levels, with expectations for subdued activity in 2026 [76][78]. - The market is beginning to recognize asset values more clearly, with a shift towards equity-driven models and REITs gaining prominence [88][90]. - Investors are advised to focus on high-quality core assets that generate stable cash flow [86][100].

Summary of Kansai Electric Power Company Investor Day Company Overview - **Company**: Kansai Electric Power Company (KEPCO) - **Date**: December 08, 2025 - **Focus**: Discussion on subsidiaries Optage and Kanden Realty and Development, including financial performance, future outlook, and competitive positioning Key Points Financial Performance - **Free Cash Flow**: - Optage's free cash flow was positive until last year, with expected investments increasing from JPY 40 billion, which may lead to negative cash flow in the short term but positive in 5-10 years [6][10] - **Return on Assets (ROA)**: - Optage achieved a significant ROA of 15%, which may be challenging to maintain in the future due to new growth investments [4][7] - Kanden Realty and Development's ROA is expected to reach 5% by 2025, with current figures lower than that [11][14] Competitive Positioning - **Industry Comparison**: - Optage's ROA is reportedly higher than peers such as NTT East, NTT West, and J:COM, although specific competitor comparisons were not disclosed [9][10] - Kanden Realty and Development's ROA is compared to other real estate firms, with figures like Mitsui Fudosan at 4.2% and Mitsubishi Estate at 4% [13] Strategic Initiatives - **Investment Plans**: - KEPCO plans to invest JPY 1.1 trillion over five years, with JPY 900 billion allocated for capital recycling [30][31] - **Real Estate Development**: - Focus on long-term capital gain through residential housing, with plans to develop properties in the Tokyo Metropolitan Area and Yumeshima [22][33] - Collaboration with local companies for large-scale developments, including a new subway station in Nakanoshima [24] Nuclear Power Insights - **Capacity Utilization**: - Current capacity utilization is around 90%, with aspirations to match U.S. standards, but regulatory and community acceptance remain challenges [25][26] - **Future Developments**: - Plans for new nuclear plants are cautious, with a focus on thorough community engagement and safety assessments [41][43] Data Center Demand - **Market Trends**: - High demand for data centers, particularly for GPU-related services, although uncertainty exists regarding the sustainability of this demand in Japan [18][20] - **Business Model**: - Optage's data center strategy includes connectivity services, targeting telecom carriers and cloud service providers [48][54] Miscellaneous - **Real Estate Strategy**: - Kanden Realty and Development aims to increase capital gain from 50% to 60% of revenue, with a focus on residential housing due to rising architecture costs [47][55] - **M&A Considerations**: - No immediate plans for M&A in the real estate sector, but partnerships with strong local firms are being considered [39][40] Conclusion Kansai Electric Power Company is strategically positioning itself for future growth through significant investments in its subsidiaries, focusing on maintaining competitive ROA, and navigating the complexities of nuclear power and real estate development. The company is also adapting to market demands in the data center space while ensuring community engagement and regulatory compliance in its nuclear initiatives.