1、 ? ? ?20192019? 1.? 2.? 3.? 4.? ?20192019?20202020? 1.? 2.? 3.2019?6000? ?20172017- -20192019? 1.? 2.16? ? 1.? 2.?2019? 3.? ? 1. ? 2. ? 3. ? ? 1.? ? ? 2.?/? ? ? ? 1.? ? ? ? ? 2.? ? ? ? ? ? ? ?/? ? ? ? ? ? ? ? ? 2019? 1.? 2.? 3.? 4.? ?2019? ?41.16?8.0? ?2018?1? ? 1.? 8.20%8.70% 7.20% 8.60% 9.80% 7.60

2、%7.50%7.80%7.20%8.00%8.00% 9.70% 10.10% 9.50% 8.50% 9.00%8.80%9.00%9.20%8.60%8.10%8.20% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 1-2?3?4?5?6?7?8?9?10? 11? 12? ? 2019?2018? ? ? 2.? ?2019? ? ? 7.70% 7.40%7.30% 6.80% 7.50%7.40% 7.00% 6.50% 5.50% 4.60%4.60% 3.20% 0.90% 1.50%1.50% 1.40% 9.50%9.50% 8.6

3、0% 6.20% 3.90% 5.30% 3.80% 3.20% 9.60% 6.20% 4.40% 1.80% -0.90% 3.00% 1.40% 1.50% 35.40% 30.10% 27.00% 23.90% 15.30% 17.80% 16.80% 16.50% -5.00% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% ? ? ? ? 3.? ? 2019? ?50? ? ? 2019? ?(?) ?ARA25.6 ? ? ? ? ?57.2 ?90 ? ? ? ? 21 ? ?132 ?46 ?100.

4、61 ? ? ? ? ?24.2 ? ? ? 18.08 ?66 ? ? ? ? ? ? ? 8.47 ? ?8 ? ? ? ? ?2.12 ?1? ?51%? ?5.5(?) ? 50%? ?23.75(?) 4.? 2019? ? ? ? ? ? 408 356 504 533 522 10% -13% 42% 6% -2% -20% 0% 20% 40% 60% 0 100 200 300 400 500 600 2015?2016?2017?2018?2019? ? ? ?2019? 522?2? ?4392.59?8.42? ?2?46?310.5 ? ?2019? ? ? ? ?

5、? ? ? ?2019?986? ? ? 2019?2020? 1.? 2.? 3.2019?6000? ? ? ? ? ? ? ? ? ? ? ? ? ? ?23?2019? ?6000?6359?4.2? ?5074? ?16298? ?10136?7484?3099? 1.? 5074 16298 10136 7484 3099 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 ? 2019?/? ? ? ?1426? ?526? ?175?77?30? 1426 526 175 77 30 0 200 400 600 800 100

6、0 1200 1400 1600 ? 2019?/? ? ? ? 2019?2018? ?9.6?2020?9? ? 2.? 7.8 8.8 10 10.3 9.4 9.6 9 0 2 4 6 8 10 12 ?%? ? ?2020? ? ? ? ? ? ?6.1?9.9 ?10? 6.1 9.9 10.6 1515 0 2 4 6 8 10 12 14 16 ? 2019?%? ? ? ? ? ? ? ? ? ?=?*?*? ? 40?*?1-? ? ? ? 5 ?/? 1.5 ?/? ? 1800?2967?1007?485?155? ?6413? 3.2019?6000? 1800 29

7、67 1007 485 155 0 500 1000 1500 2000 2500 3000 3500 ? 2019? ? ? ? ?9.8?/?/? ?5.2?/?/? ? ? ?2019?10.6? ?2.5? 9.8 5.2 3.27 2.13 1.63 0 2 4 6 8 10 12 ? 2019?/?/? ? ? ? ? 2017-2019? ? 1.? 2.16? 1.? ?2019? ?14?2019? ?351.48? 2019?15? ? ?31.29 ?21.75 ?23.33 ?21.68 ?7.70 ?22.51 ?14.20 ?40.69 ?30.64 ?47.48

8、?351.48 ?91.50 ?10.64 ?12.49 ?4.43 ?31.29?21.75? 23.33?21.68?22.51? 40.69?47.48?91.5? ? ? ? ? ? ?16?2017?2019? ?2019? ?14? ?2019? ?2019? ?10?38?11? ? ? 2017?26.72 2018?27.55 2019?31.29 ? 2017?15.5 2018?22.61 2019?21.75 ? 2017?7.61 2018?30.21 2019?23.33 ? 2017?18.15 2018?20.25 2019?21.68 ? 2017?27.46

9、 2018?32.46 2019?/ ? 2017?4.22 2018?7.45 2019?7.70 ? 2017?19.61 2018?20.16 2019?22.51 ? 2017?8.56 2018?11.24 2019?14.20 2017-2019?16? ? ? 2017?10.2 2018?21.16 2019?40.69 ? 2017?23 2018?26.03 2019?30.64 ? 2017?25.9 2018?36 2019?47.48 ? 2017?255.2 2018?328.8 2019?351.48 ? 2017?50.03 2018?68.6 2019?91.

10、5 ? 2017?6.6 2018?10.9 2019?10.64 ? 2017?9 2018?11.29 2019?12.49 ? 2017?2.09 2018?2.39 2019?4.43 ? ? ? ? ? ? ? ? ? ?26.14?33.25?38.56 ?2.52?3.9? 4.8? ? ?2017-2019? ? 2017? 102.21 26.72 26.14% 2018? 82.86 27.55 33.25% 2019? 81.14 31.29 38.56% ?2017-2019? ? 2017? 405.2610.2 2.52% 2018? 541.3321.16 3.9

11、0% 2019? 858.4740.69 4.80% ? ? ? ? ?10? ?16.96?IFS?15.94? 10.56? ? ? ? ? ? ? ?7.03?6.71?10? ? ? ? ? 2017?2019?16?/? ? ? 2017?102.21-14%26.721%86%5% 2018?82.86-15.99%27.553%89%4.71% 2019?81.14-5.91%31.2914%92%3.37% ? 2017?148.9511%15.512%96%/ 2018?129.64-21%22.6112%94.5%-1.53% 2019?130.21-3%21.7510%9

12、9%4.76% ? 2017?347.35-7.19%7.6120%99%/ 2018?185.44-13%30.2130%99%? 2019?153.97-20%23.33/98%-1% 2017?2019?16?/? ? ? 2017?445.9119%18.1513%/ 2018?326.86-32.73%20.2512%/ 2019?347.744.31%21.687%/ ? 2017?283.57172.6%27.4615%95%1% 2018?188.77-40%32.467%89%6.27% 2019?164.48-16%/92%3.37% ? 2017?225.84.86%4.

13、2213.2%/ 2018?433.9276%7.4566%/ 2019?358.54-27%7.706%/ ? 2017?184.515%19.6114%/ 2018?248.4135%20.168%/ 2019?103.92-58%22.5112%83%13.7% ? 2017?155.939.1%8.5642.8%/ 2018?195.9425.7%11.2431.3%83.5%/ 2019?260.4232.9%14.2026.3%89.4%7.06% ? 2017?405.2644.89%10.2192.26/ 2018?541.3333.58%21.16107.44%98.83%/

14、 2019?858.4758.58%40.6992.30%99.18%0.35% ? 2017?11767%2311%95%/ 2018?81.29-30.52%26.0311.4%96%1.05% 2019?103.3827.2%30.6417.7%97%1.04% ? 2017?720.831.50%25.935.6%95.3%/ 2018?1087.261.2%3642.2%97.7%2.52% 2019?1510.330.4%47.4831.9%98.7%1.02% ? 2017?1125.4-21%255.230.3%/ 2018?1065.49-5.3%328.828.8%/ 20

15、19?786.56-26.2%351.4816.14%/ ? 2017?948.78.5%50.0320.1%91%/ 2018?1211.918.9%68.629.9%91%? 2019?1477.421.9%91.533.4%94.9%6% ? 2017?186.6736%6.6/ 2018?206.7410.74%10.910%/ 2019?1115.1730.4%10.6438%/ ? 2017?458.3733%9/80%/ 2018?414.22-10%11.2925.44%96%75.86% 2019?509.2623%12.4911%/ ? 2017?93.25-27.19%2

16、.09-0.68%/ 2018?126.3935.54%2.3914.35%/ 2019?147.7316.89%4.4385%/ ? 1? 2?2017?2018? ? 3?IFS? 4?2019? ? ? ? ? 2019?8? ?14?31.29? ? ?2019?11? ?25.9?63.7?2019? ?Home to Luxury? ?2019? ?14? 2019? ? ?16.9699%9% ?8.5391%6% ?1.9495%95% ?2.5794%94% ?3.2298%98% ?2.8995%95% ?1.8689%89% ?1.5282%82% ?0.4982%82%

17、 2. 16? ? ? ? ?2019?12?2019 ? ?3?6? ? ?2018?12? ? ?2019?5?21? ? ? ?2019? ? ?2019?28?29? ? ? ?2019? ? ? ? ?11?20 ?26? ?23? ?73? 2019? ? ? ?%? ? ?11%100% ?20%99% ?26%100% ?23%97% ?73%98% ? ? ? ? ?250? 2019?11?100? 2019?allbirds? SoleStage?LOOK STORE?A3? Rossignol? ? ?2019?20? ?99? 2019?allbirds?COMMON

18、 GENDER ?LADY M? ? ? ?2019?26?100? 2019?I-PRIMO?Lululemon ?LOOK STORE?O bag?SPACE? ? ?2019?23? ?97? 2019?Acne Studios?Golden Goose?Mercedes me?% ARABICA? ? ?2019?73?98? 2019? ? ? ? ? ? 2019? ? ?+?3.3786%19% ?1.0796%7% ?+?1.9492%69% ?+?4.6499%14% ?+?+?4.6995%4% ?3.4194%29% ?+?2.697%20% ?0.5773%27% ?I

19、NNO?+?0.1574%/ ?INNO?+?0.0720%/ ?2019?22.51?12? ? ? ?4.69? ?4.64?3.41?69? ?2019? ?2019?7.7? ?K11?2019?97? ? ?K11? K11?PARK? ? ? ? ? ? 2019? 164.48? ?33.18?1? ? ? ? ?97? ? ?90? 2019? ? ?95% ?94% ?94% ?97% ?94% ?88% ?82% ? 2019?20?168.74? ?45? ?2019?14?39.24?23?23.11 ?IFS?IFS?IFS? 2019? ? ?IFS7.3999%9

20、2% ?IFS15.9497%13% ?IFS/98%/ ? ? ? ?IFS ?IFS2019?8.1?3.25? ?2019? ?50?2019?99? ?IFS ?IFS2019?11?17.47?21?9.47? ? ?2019?70?14?97? ?IFS ?IFS?10.6?170? ?2019?98? ? 2019/2020?2019?12?31?6? ?21.68?7? ? ?ITC ?ITC?2019?12? ? ? ?2019? ?IAPM? ?NTP?2019?7?APM? ?IGC? ? ? ?7.03?2019?Champion? Lady M? ?2019?44?4

21、0?2019? ?50?200?2681? ? ?2019?1?9?2019?9? ?Garbo Commercial Property Fund L.P. ? ? ?10?1? ?8? ?86?97? ?31.8? 2019? ? ?7.0399%2.7% ?6.7198%4.2% ?4.3998%10.7% ?2.4296%1.4% ?2.4797%7.3% ?1.495%13.8% ?1.9893%15.5% ?1.9494%348% ?0.7992%9.6% ?1.5399%/ ? ? ? ? ?2019?91.5?33.4?2019? ?646?37?5.85?1299? ?96?

22、2019? 786.56?26.18? ?351.48? ?16.14? 76.25?3.35? ? ? ? ? 2019?40.69? ?2016?3.49?40.69 ?3? ? ?92.28? ?99.16? ?2019?12?31? ?61?42? ?19? ? ? 10.66?6.31? ?7.63?3.74? ?6.32? ?2.73?5.13? ? ? ? 2019?63? 15.6?2.07?99.18? ? ? ? ? ? ? ? ? ?0.7795.33%442.9% ?0.8298.45%575% ?1.0399.68%669.2% ?0.6598.72%700% ?0.6796.60%644.4% ?0.7899.15%755.6% ?0.80100%788.9% ?