1、20222022202220222023202220222022IFS202320232023202220232|2023004124051733|2023 仲量联行版权所有.2022210.701Top10202912-05481.603704255.550%100%071012SKPSKP15.11,3002220824|20235|2023.2022005006007001.011.101.191.282.062.152.243.053.143.234.01

2、4.104.194.285.075.165.256.036.126.216.307.097.187.278.058.148.239.019.109.199.2810.0710.1610.2511.0311.1211.2111.3012.0912.1812.277.157.258.25911124427.5493.6331.1383.00.8250.9520.6381.2670.00.51.01.50.0200.0400.0600.02022518.52021518.52020518.52019302.2202316|20232022GDP 14,929.72022GDP1.5%2,093.82

3、021+3.1%+7.0%-2.7%+4.6%+5.3%+9.1%+2.9%8,186.7-2.1%-0.3%6,880.1-10.7%1,306.67,681.6+3.8%+6.0%4,586.9+0.7%3,094.7202317|202320222022GDP3.1%4.7%0%2%4%6%8%10%12%14%16%200002020222GDP3.0%1.5%GDP202220230%2%4%6%8%10%12%14%2000020

4、202023GDP5.2%5.5%*8|202320222019-40%-30%-20%-10%0%10%20%30%40%-1000-800-600-6008000000000200220200320200420200520200620200720200820200920200222

5、2222022022032022042022052022062022072022082022092022319|20232022-10%0%10%20%30%40%11111-20%0%20%40%60%80%100%0|202320220%5%10%15%20%25%20000202021

6、20221-11-10%0%10%20%30%40%20020202|20232022-40%-20%0%20%40%60%80%100%-4,000-2,00002,0004,0006,0008,00010,000200002020212022 1-112023112|202320222022GDP112.1%0.3%10.7%113.1%2.7%4.8%5.3%9.1%2.9%3.8%6.0%0.7%2023202313|2023202214|2022.2022“4576

7、491,.726.890.338.144.110.418.335.625.951.428.0%23.7%12.4%9.8%10.6%100.268.6395.2774.821.220222023115|202316|2023.202220202220222.0202320222022“17|2023202228.0%23.7%20221,106.3457.0649.386.559.726.828.310.418.325.5%+3.5+8.2+0.3/81.8-1.6%100.2-1.868.6-1.42023118|20232022202202004

8、006008001,0001,2001,4001,600亿元05,00010,00015,00020,00025,00030,00035,0002022GDP20222022GDP202220231Top1Top2Top3Top4Top5*20|20232022202220222022-20-10010 20 30 40 50 60 70 80 90 100 110 120 130 140 150 20231202210.457.0%10.0%23.1%17.6%24.7%27.3%27.5%28.1%17.6%35.6%20.5%21.0%21.6%-40.2%-65.

9、2%22.4%-81.2%-76.2%-57.0%-64.9%23.0%-47.1%55.2%-67.0%41.4%-87.0%-71.9%-60.2%-92.4%-106.4%-112.3%-106.3%-240.4%21|202320220%10%20%30%40%50%60%70%80%90%100%007080902000-20.0%+8.2 20.9%+1.0 2023122|2023202212.52.028.0%-5%0%5%10

10、%15%20%25%30%35%-5055402021202212.52.028.0%1.62023123|202320220%5%10%15%20%25%30%35%40%45%50%007080902000-204|202320220.123.70%-10%0%10%20%30%40%-50523492020202120221,00

11、023.7%2023125|202320222022202250%202210.457.0%202013.9%20%250%20228013.5%1.0202218.311.81,000“26|202320223000225.5-9.22.35.4C7.610.72.128.9NIC612.7-A2.12023127|202320222022201725.4%161059.7400457.0“28|20232022336,800 22.8%+3.91,605,900 27.4%+4.6 955,100 19.5%+1.7 1,150,000 27.0%+19.9 316,

12、300 44.6%-4.2 2023129|202327%2022504,200 21.2%+0.1332,400 14.0%+1.7564,600 22.8%+0.8 1,423,200 17.4%-0.1 771,500 29.1%+5.5 814,000 30.5%-9.61,852,600 23.0%+0.5184,000 56.2%+12.9 2023130|2023202220224048.1%2022115.027.0%19.912.95.59.6202231|2023202220221.520230620220%10%20%30%40%50%60%70%8

13、0%90%100%202233|2023202222.4%16.3%19.0%0%10%20%30%40%50%60%70%80%90%100%203.5%20.8%15.0%13.0%2022034|2023202279.5%43.2%30.0%1.8%21.4%36.0%9.8%26.6%30.5%35.1%20.7%17.8%15.1%7.2%4.1%24.1%37.3%7.8%10.1%10.5%10.2%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%20222021IT2023135|20

14、2320220.00.51.01.52.02.520222021177.6%174.4%47.1%31.4%73.9%36.1%/15.8%17.0%12.2%9.5%7.4%76.7%321.1%20231IPO36|2023202201,0002,0003,0004,0005,0006,0007,0002021202262.6%55.3%741.9%34.2%13.4%10.6%202241.9%74.0%26.0%2023137|202320222022202312022Top50%20%40%60%80%100%5.5%48.9%43.4%38|20232022202223.5%20.

15、8%15.0%IT25%IT“39|2023202255.3%62.6%202218.7%30.2%34.4%9.0%2022“1,834.88.4%19.1%1.532.5%177.6%3“40|2023202244.4%51.8%28.1%25.9%22.7%15.9%4.8%6.4%2021202263.9%44.8%38.1%47.0%31.2%40.7%57.7%37.7%4.9%14.5%4.1%15.3%0%10%20%30%40%50%60%70%80%90%100%2022202153.4%57.0%37.9%37.9%8.7%5.1%2023141|2023202246.6

16、%23.1%19.1%11.3%2023171.1%41.1%68.6%11.6%24.2%13.6%8.6%19.4%12.4%8.7%15.3%5.3%2022(2022(2,0002021(2,0002,000202217.542|20232022202257.1%61.0%3.9%1.8%0%10%20%30%40%50%60%70%80%90%100%202120222,000 1,500-2,000 1,000-1,500 500-1,000 400-500 300-400 3005006005004002023198|2023.20220%120%240%360%480%600%

17、720%840%960%1080%1200%0204060800022100%100%-40%0%40%80%120%160%200%240%280%320%020406080018088-1010-1515-2020-2525-3030-3535-4040-50501.2/-20222023199|2023.20222.BurtonSalomonKolonSport1,6691,9042,2142,6913,1993,1503,5754,0584,6065,2275,933-

18、5.0%0.0%5.0%10.0%15.0%20.0%25.0%-1,20001,2002,4003,6004,8006,0002000212022*2023*2024*2025*20231100|2023.20223.0481|2023.2022905505001,0001,5002,0002,5003,0003,50020022.094.3,6762,4462,09488584383279476373565920229202312022102|2023.20225.SKPIFS21

19、420059202020212022202|2023.202205540BigOffs2022Q22022Q46.20231104|2023.202229.530.933.624.826.929.36202020229-50%-40%-30%-20%-10%0%10%20%7.NCBD20231105|2023.20228.46.0%17.4%-41.5%-31.3%22.4%-17.1%-44.5%-51.0%19.5%20.2%-17.6%8.9%45.0%167.5%4.4%139.3%-100

20、%-50%0%50%100%150%200%2021 vs 20202021 vs 20192022H1 vs 2021H12022H1 vs 2019 H1-40%-20%0%20%40%60%80%4202720226202272022820229202210202211Wind202-2022106|2023.2022KolonSportBurtonSalomonTHE HALLMaison Margi

21、ela Caf“107|2023.2022CARITALa Perla BeautyLArtisan ParfumeurBigoffs202220221-1111,687.55.8%20222022“108|2023.20222022-6.2%-4.6%-28.1%-40%-30%-20%-10%0%10%20%30%40%-80-60-40-2002040608020220231110|2023.2022024615%85%TOP548%52%2022271620231111|2023.2022GAP 20231112|2023.2022-30%-20%-10%0%10

22、%20%30%40%---1-----1---1120231113|2023.114|2023.20220%2%4%6%8%10%12%14%16%020406080020000222023*2024*2025*2026*

23、空置率20231115|2023.20220070809020252026007080902025202620231116|2023.20220%10%20%30%40%50%60%70%80%90%100%2023202420252026745.5%67.0%27.5%202320242025202620231117|2023.2022608002008200920000022*2023*2024

24、*2025*2026*20238|2023.2022405002040.7%111.5%132.8%119|2023.2022-4.0%0.0%4.0%8.0%12.0%16.0%-2.0%0.0%2.0%4.0%6.0%8.0%2020201002,0004,0006,0008,00010,00012,00014,00016,00018,0000204060800201020231120|2023.202200.10.20.30.40.50.60.70.80.910501

25、00002,0004,0006,0008,00010,00012,00014,00016,00018,0002010*2022*00.10.20.30.40.50.60.70.80.90025030002,0004,0006,0008,00010,00012,00014,00016,00018,00020231|2023.202201,0002,0003,0004,0005,0006,00005003003504004502018-2022/362823222/1

26、22|2023.2022“1020105123|2023.124|2023.2022615.644.151.4/21.210.6%2022+0.4-1.7%-19.8+5.6(2009-2020)(2021-2022)20231125|2023.20226.113.92.320223.810.99.0(2009-2021)202220231126|2023.2022602,400 10.6%9.31,422,800 13.5%-6.31,989,900 8.9%1.3801,100 9.2%4.5279,0002.0%-5.128.0%25.9%23.2%22.8

27、%2022202220231127|2023.2022-10%-8%-6%-4%-2%0%2%4%20222426283032341 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 42000022/%27.23.1%19.6-6.0%21.1 -3.0%21.7 1.6%25.20.0%202220231128|2023.“129|2023.202220222022130|2023.132|2023.2022ie.20231

28、133|2023.202220231134|2023.2022500%10%20%30%40%50%020406080200022-15%0%15%30%45%60%-20-50601 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 420002020235|2023.2022“2022202211,15413.7%2021146.1%202211,31.

29、9%38.8%137|2023.202220222022-15%-10%-5%0%5%10%15%20%-60,000-40,000-20,000020,00040,00060,00080,11-15%-10%-5%0%5%10%15%20%25%-1,500-1,,0001,5002,0002,5001120231138|2023.202229.7%14.1%30.2%12.6%11.2%14.9%26.2%12.6%14.9%8.0%-9.5%-10%-5%0%5%10%15%20%25%30%35%40%-40-

30、200204060800111-1113.8%20231139|2023.2022202213.7%0%15%30%45%60%75%90%02,0004,0006,0008,00010,00012,0002000229,340.01,814.02.9%146.1%0%40%80%120%160%200%02,0004,0006,0008,00010,000202220231140|2023.2022RDCCDC/NDCRDCNDC/20231141|2023.202211,31.9%38.8%4S142|

31、2023.202220221-11-40%-30%-20%-10%0%10%20%30%40%50%60%-4,000-3,000-2,000-1,00001,0002,0003,0004,0005,0006,00020020032020042020052020062020072020082020092020022222202202203202204202205202206202207202208202209202210

32、20221162.020231143|2023.202220221-11-40%0%40%80%120%160%200%240%-40040800202200320220420220520220620220720220820220920221020221116.6%21.8%28.2%27.1%26.6%27.4%26.7%28.3%31.8%30.2%36.3%20231144|2023.202253.5%38.8%31.9%0%10%20%30%40%50%60%70%30%35%35%30%30%20%20%20231145|2023.2022

33、1-11220.9%7.1%59.0%312.2%121.0%170.2%169.3%139.9%1.1%46.6%33.2%31.8%176.8%50.1%50.8%-50%0%50%100%150%200%250%300%350%400%-200204060800180721.7%20231146|2023.148|2023.202210%%%%2020420204REITs20216202169REITsREITReal Capital Analytics 20231149|2023.202236

34、1.6231.2427.6599.8836.0493.90050060070080090020020202-202242.1%47.1%51.3%36.6%28.5%63.1%57.9%52.9%48.7%63.4%71.5%36.9%0%10%20%30%40%50%60%70%80%90%100%20020202120221-11Real Capital Analytics 20231150|2023.2022202020222020202120221-114.78.44.739.761.443.6

35、16.128.315.6“Real Capital Analytics 20231151|2023.202226.9%66.6%32.3%0%10%20%30%40%50%60%70%80%90%100%-20.6%34.4%7.2%5.7%Real Capital Analytics 20231152|2023.20.11APG862022.11CBPCF ICBPCF IIALPPSH40CBPCF ILEED2022.01SCIF2022.08HRAOF1402021.121932

36、021.0171282022.12REIT3020231153|2023.2022+6.5%+5.1%75.6%41.3%58.9%2.4%19.1%12.9%0%10%20%30%40%50%60%70%80%90%100%-20Real Capital Analytics 20231154|2023.2022131.848.8156.402004006008001,0001,2001,4001,6001,8002,0-20Real Capital Analytics 20231155

37、|2023.20222220-10%-5%0%5%200020202120222023*2024*2025*56|2023.-10%0%10%20%30%40%50%-20020406080200020202120222023*2024*2025*2022202263.718.043.717.550.200702002120221-11Real Capital Analytics 20231157|2023.20

38、22202200702002120221-11100.0%90.7%29.2%83.6%94.7%0%10%20%30%40%50%60%70%80%90%100%2002120221-11Real Capital Analytics 20231158|2023.20222.012.87.236.2092020202120221-1195.0%5.0%38.2%42.6%22.5%11.2%29.2%41.0%72.1%0%20%40%60%80%100%200212022年1-11月

39、+Real Capital Analytics 20231159|2023.2022010203161|2023.“+”+162|2023.+163|2023.+&+164|2023.2022050020020202120222020CREIS20231165|2023.202205002002020212022CREIS20231166|2023.2022-30-20-27202242022520

40、22620227202282022920222122023%202320231167|2023.2022CB8%10%12%14%16%18%20%-2026CB38%22%10%5%5%20%43%12%10%3%5%27%0%10%20%30%40%50%20231168|2023.2022/2022.062022.0950%5%2022.112022.112022.052022.102022.032022.69|2023.2022+20231170|2023.202202468-20202

41、2025302002020212022CREIS20231171|2023.20222022644.151.471.227.9%202210.6%172|2023.173|2023.2022202313.0%0%1%2%3%4%5%6%7%8%9%10%GDP-5%0%5%10%15%20%25%30%03/201110/201105/201212/201207/201302/201409/201404/201511/201506/201601/201708/201703/201810/201805/201912/201907/202002/2

42、02109/202104/2022174|2023.202220221617116.2530-50 100 150 200 250 3002002020255.550%100%2022202261.8%Real Capital Analytics20231175|2023.2022202217.8%35.7%12.3%31.3%93.0%2.6%93.0%35.7%31.3%4.4%2.9%176|2023.Real Capital Analytics2023190%20%40%60%80%100%2017

43、2002120226710%20%40%60%80%100%200202021202240.9%27.8%13.0%118.3%80.4%19.6%177|2023.Real Capital Analytics202312022-25%-20%-15%-10%-5%0%5%10%15%20%25%0.00.20.40.60.81.01.21.41.61.82.02021202239.5%12.7%28.9%19.3%12.0%6.8%18.3%37.3%18.5%20.7%12.7%3.3%18.0%6.4%19.9%20.1%5.9%0%10%20

44、%30%40%50%60%70%80%90%100%-2019201426.855.4%17.0%14.2%13.4%Real Capital Analytics20231178|2023.202222.0%23.0%6.0%22.0%0%10%20%30%200218.09.010.011.012.013.02002161.5%15.4%7.7%7.7%7.7%0%20%40%60%80%-203.750%20221255.550%2022179|2023.Rea

45、l Capital Analytics2023120222.012.87.236.2092020202120221-1195.0%5.0%38.2%42.6%22.5%11.2%29.2%41.0%72.1%0%20%40%60%80%100%2002120221-11Real Capital Analytics20231180|2023.202220222022116.261.8%93.0%35.7%31.3%202240.9%17.8%2022720221255.550%181|2023.20224110.255,000AMCREITsREITs

46、 5REITs12REITs5AMC12IPOAMC792,000182|2023.2022REITsAMC2023183|2023.Jacky ZDonna Zhang|Ting Du|Sissi Lu|Harold Wan|Rebecca Long|Tina Gan|Jonathan Wu|Chenrui CLucy WYanglin LRex TShuotong Jing|仲量联行大中华区分公司北京广州青岛深圳西安台北北京市广东省广州市天河区山东省青岛市广东省深圳市陕西省西安市台湾台北市信义路5段7号23珠江新城珠江东路6号市南区香港中路61号福田区中心四路1号雁塔区南二环西段64号台北

47、101大楼20楼之1B广州周大福金融中心2801-03单元远洋大厦A座2308室嘉里建设广场第三座19楼凯德广场2202-03室邮政编码 11049邮政编码100004邮政编码 510623邮政编码 266071邮政编码 518048邮政编码 710065电话+886 2 8758 9898电话+86 10 5922 1300电话+86 20 2338 8088电话+86 532 8579 5800电话+86 755 8826 6608电话+86 29 8932 9800传真+886 2 8758 9899传真+86 20 2338 8118传真+86 532 8579 5801传真+86 7

48、55 2263 8966传真+86 29 8932 .tw杭州上海天津香港四川省市浙江省杭州市上海市静安区天津市香港鲗鱼涌英皇道979号红星路3段1号江干区新业路228号石门一路288号和平区南京路189号太古坊一座7楼国际金融中心1座29层杭州来福士中心T2办公楼802室兴业太古汇香港兴业中心一座22楼津汇广场2座3408室电话+852 2846 5000邮编 610021邮政编码 310000邮政编码 200041邮政编码 300051传真+852 2845 9117电话+86 28 6680 5000电话+86 571 8196 5988电话+86 21 6393 3333电话+86 2

49、2 5901 .hk传真+86 286680 5096传真+86 571 8196 5966传真+86 21 6393 3080澳门重庆南京沈阳5A重庆市江苏省南京市辽宁省沈阳市68816H渝中区民族路188号中山路18号德基广场613908-09+853 2871 8822环球金融中心45楼办公楼2201室A21430030+853 2871 8800邮政编码 400010邮政编码 2+86 27 5959 .mo电话+86 23 6370 8588电话+86 25 8966 0660+86 24 3195 8555+86 27 5959 2155传真+86 23 6370 8598传真+86 25 8966 2023