1、20222022202220222023202220222022IFS202320232023202220232|202301050216036104124051733|2023 仲量聯行版權所有.202216020232030210.701Top10202912-05481.60370410563660061255.550%100%07129151801971012SKPSKP15.11,300222081239120920224|20235|2023.202201002003004005006007001.011.101.191.282.062.152.243.053.143.234.01

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%20112012201320142015201620172018201920202021202220232022GDP3.0%1.5%GDP202220230%2%4%6%8%10%12%14%2011201220132014201520162017201820192020

4、20212022202312023GDP5.2%5.5%*8|202320222019-40%-30%-20%-10%0%10%20%30%40%-1000-800-600-400-20002004006008001000201901201902201903201904201905201906201907201908201909201910201911201912202001202002202003202004202005202006202007202008202009202010202011202012202101202102202103202104202105202106202107202

5、108202109202110202111202112202201202202202203202204202205202206202207202208202209202210202211202319|20232022-10%0%10%20%30%40%20211-2345678910111220221-234567891011-20%0%20%40%60%80%100%20211-2345678910111220221-2345678910112023110|202320220%5%10%15%20%25%20112012201320142015201620172018201920202021

6、20221-11-10%0%10%20%30%40%2017201820192020202120221-112023111|20232022-40%-20%0%20%40%60%80%100%-4,000-2,00002,0004,0006,0008,00010,000201120122013201420152016201720182019202020212022 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、491,12427161659.726.890.338.144.110.418.335.625.951.428.0%23.7%12.4%9.8%10.6%100.268.6395.2774.821.220222023115|202316|2023.20222012520182020202220222.0202320222022“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、006008001,0001,2001,4001,600億元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 1602021202220231202210.457.0%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%01020304050607080901002014201520162017201820192020202120222005-20112012-20172018-2022202228.0%+8.2 20.9%+1.0 2023122|2023202212.52.028.0%-5%0%5%10

10、%15%20%25%30%35%-5051015202530351234123412341234201920202021202212.52.028.0%1.62023123|202320220%5%10%15%20%25%30%35%40%45%50%01020304050607080901002014201520162017201820192020202120222005-20112012-20172018-20222023124|202320220.123.70%-10%0%10%20%30%40%-505101520123412341234123420192020202120221,00

11、023.7%2023125|202320222022202250%202210.457.0%202013.9%20%250%20228013.5%1.0202218.311.81,000“26|20232022300102030405020225.5-9.22.35.4C7.610.72.128.9NIC612.7-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|2023202220221.52023101020304050620220%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%20212021-20222023123.5%20.8%15.0%13.0%202201020304202234|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%02040608010012014016018020020212022100%100%-40%0%40%80%120%160%200%240%280%320%02040608010012014016018088-1010-1515-2020-2525-3030-3535-4040-50501.2/220221-112021-20222023199|2023.20222.2015-20252022BurtonSalomonKolonSport1,6691,9042,2142,6913,1993,1503,5754,0584,6065,2275,933-

18、5.0%0.0%5.0%10.0%15.0%20.0%25.0%-1,20001,2002,4003,6004,8006,00020152016201720182019202020212022*2023*2024*2025*20231100|2023.20223.048121620231101|2023.202290510152025303505001,0001,5002,0002,5003,0003,5002019202020212022.094.3,6762,4462,09488584383279476373565920229202312022102|2023.20225.SKPIFS21

19、42005101520252019202020212022202312019-2022103|2023.20220510152025303540BigOffs2022Q22022Q46.20231104|2023.202229.530.933.624.826.929.1162024283236202020229-50%-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%20211-22021320214202152021620217202182021920211020211120211220221-220223202242022520226202272022820229202210202211Wind202312021-2022112019-2022106|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%-80-60-40-200204060802022010203040520231110|2023.2022024615%85%TOP548%52%2022271620231111|2023.2022GAP 20231112|2023.2022-30%-20%-10%0%10

22、%20%30%40%20191-220191-420191-620191-820191-1020191-1220201-320201-520201-720201-920201-1120211-220211-420211-620211-820211-1020211-1220221-320221-520221-720221-920221-1120231113|2023.114|2023.20220%2%4%6%8%10%12%14%16%02040608010012014016020132014201520162017201820192020202120222023*2024*2025*2026*

23、空置率20231115|2023.2022010203040506070809010020232024202520260102030405060708090100202320242025202620231116|2023.20220%10%20%30%40%50%60%70%80%90%100%2023202420252026745.5%67.0%27.5%202320242025202620231117|2023.20226080100120140160200820092010201120122013201420152016201720182019202020212022*2023*2024

24、*2025*2026*2023120232026118|2023.2022405010015020025020222023-202620231140.7%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%2020201002,0004,0006,0008,00010,00012,00014,00016,00018,00002040608010012014016018020202020201020231120|2023.202200.10.20.30.40.50.60.70.80.910501

25、0015020025030002,0004,0006,0008,00010,00012,00014,00016,00018,0002010*2022*00.10.20.30.40.50.60.70.80.9105010015020025030002,0004,0006,0008,00010,00012,00014,00016,00018,0002023120222020121|2023.202201,0002,0003,0004,0005,0006,0000501001502002503003504004502018-2022/3628232221181715141111108720231/1

26、22|2023.2022“2010-20202020201020105123|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 42013201420152016201720182019202020212022/%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%020406080100201420152016201720182019202020212022-15%0%15%30%45%60%-20-1001020304050601 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 420142015201620172018201920202021202220231135|2023.2022“2022202211,15413.7%2021146.1%202211,31.

29、9%38.8%137|2023.202220222022-15%-10%-5%0%5%10%15%20%-60,000-40,000-20,000020,00040,00060,00080,0001-234567891011-15%-10%-5%0%5%10%15%20%25%-1,500-1,000-50005001,0001,5002,0002,500123456789101120231138|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、2002040608010012014016012345678910111-1113.8%20231139|2023.2022202213.7%0%15%30%45%60%75%90%02,0004,0006,0008,00010,00012,00020162017201820192020202120229,340.01,814.02.9%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%-4,000-3,000-2,000-1,00001,0002,0003,0004,0005,0006,000201912202002202003202004202005202006202007202008202009202010202011202012202102202103202104202105202106202107202108202109202110202111202112202202202203202204202205202206202207202208202209202210

32、20221162.020231143|2023.202220221-11-40%0%40%80%120%160%200%240%-400408012016020024020220120220220220320220420220520220620220720220820220920221020221116.6%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%-20020406080100120140160180721.7%20231146|2023.148|2023.202210%2017-201811%2019-202020%2021-20221120%2020420204REITs20216202169REITsREITReal Capital Analytics 20231149|2023.202236

34、1.6231.2427.6599.8836.0493.901002003004005006007008009002017201820192020202120221-112020-202242.1%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%2017201820192020202120221-11Real 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%2017-20182019-20202021-20221152.6%34.4%7.2%5.7%2021-202211Real Capital Analytics 20231152|2023.20222021-20222022.11APG862022.11CBPCF 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%2017-20182019-20202021-202211Real Capital Analytics 20231154|2023.2022131.848.8156.402004006008001,0001,2001,4001,6001,8002,0002017-20182019-20202021-202211Real Capital Analytics 20231155

37、|2023.20222220-10%-5%0%5%2014201520162017201820192020202120222023*2024*2025*2023-202620231156|2023.-10%0%10%20%30%40%50%-20020406080100201220132014201520162017201820192020202120222023*2024*2025*2022202263.718.043.717.550.2010203040506070201820192020202120221-11Real Capital Analytics 20231157|2023.20

38、222022010203040506070201820192020202120221-11100.0%90.7%29.2%83.6%94.7%0%10%20%30%40%50%60%70%80%90%100%201820192020202120221-11Real Capital Analytics 20231158|2023.20222.012.87.236.201020304020192020202120221-1195.0%5.0%38.2%42.6%22.5%11.2%29.2%41.0%72.1%0%20%40%60%80%100%20182019202020212022年1-11月

39、+Real Capital Analytics 20231159|2023.2022010203161|2023.“+”+162|2023.+163|2023.+&+164|2023.20220501001502002502017201820192020202120222020CREIS20231165|2023.2022050100150200250201720182019202020212022CREIS20231166|2023.2022-30-20-100102030202152021620217202182021920211020211120211220223202242022520

40、2262022720228202292022102022112022122023%202320231167|2023.2022CB8%10%12%14%16%18%20%2017-20212021-2026CB38%22%10%5%5%20%43%12%10%3%5%27%0%10%20%30%40%50%20231168|2023.2022/2022.062022.0950%5%2022.112022.112022.052022.102022.032022.1120020231169|2023.2022+20231170|2023.202202468102017-20182019-20202

41、021-2022051015202530201720182019202020212022CREIS20231171|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|2023.202220221617116.215051015202530-50 100 150 200 250 30020172018201920202021202220221255.550%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 Analytics202312022201820190%20%40%60%80%100%2017

43、201820192020202120226710%20%40%60%80%100%20172018201920202021202240.9%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%2020-20222015-2019201426.855.4%17.0%14.2%13.4%Real Capital Analytics20231178|2023.202222.0%23.0%6.0%22.0%0%10%20%30%20182019202020218.09.010.011.012.013.0201820192020202161.5%15.4%7.7%7.7%7.7%0%20%40%60%80%2018-20212012-20222018-20212022113.750%20221255.550%2022179|2023.Rea

45、l Capital Analytics2023120222.012.87.236.201020304020192020202120221-1195.0%5.0%38.2%42.6%22.5%11.2%29.2%41.0%72.1%0%20%40%60%80%100%201820192020202120221-11Real 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|仲量聯行大中華區分公司北京廣州青島深圳西安臺北北京市廣東省廣州市天河區山東省青島市廣東省深圳市陜西省西安市臺灣臺北市信義路5段7號23珠江新城珠江東路6號市南區香港中路61號福田區中心四路1號雁塔區南二環西段64號臺北

47、101大樓20樓之1B廣州周大福金融中心2801-03單元遠洋大廈A座2308室嘉里建設廣場第三座19樓凱德廣場2202-03室郵政編碼 11049郵政編碼100004郵政編碼 510623郵政編碼 266071郵政編碼 518048郵政編碼 710065電話+886 2 8758 9898電話+86 10 5922 1300電話+86 20 2338 8088電話+86 532 8579 5800電話+86 755 8826 6608電話+86 29 8932 9800傳真+886 2 8758 9899傳真+86 20 2338 8118傳真+86 532 8579 5801傳真+86 7

48、55 2263 8966傳真+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靜安區天津市香港鲗魚涌英皇道979號紅星路3段1號江干區新業路228號石門一路288號和平區南京路189號太古坊一座7樓國際金融中心1座29層杭州來福士中心T2辦公樓802室興業太古匯香港興業中心一座22樓津匯廣場2座3408室電話+852 2846 5000郵編 610021郵政編碼 310000郵政編碼 200041郵政編碼 300051傳真+852 2845 9117電話+86 28 6680 5000電話+86 571 8196 5988電話+86 21 6393 3333電話+86 2

49、2 5901 .hk傳真+86 286680 5096傳真+86 571 8196 5966傳真+86 21 6393 3080澳門重慶南京沈陽5A重慶市江蘇省南京市遼寧省沈陽市68816H渝中區民族路188號中山路18號德基廣場613908-09+853 2871 8822環球金融中心45樓辦公樓2201室A21430030+853 2871 8800郵政編碼 400010郵政編碼 210018110013+86 27 5959 .mo電話+86 23 6370 8588電話+86 25 8966 0660+86 24 3195 8555+86 27 5959 2155傳真+86 23 6370 8598傳真+86 25 8966 2023