1、2022202220222022202320222120222022(M1)2023202220232|2023.01050216035804119051433|2023 仲量聯行版權所有.202201Top10西安0205030406071008093月，西安都市圈發展規劃獲批3月，三一集團落戶西咸新區651007月，“十西歐”國際貨運班列首開+177月，首家超導重離子基地落戶西安7月，比亞迪新項目簽約西安1503,9098月，西安太古里啟動招標10020233123,815.2453,31220258月，絲博會簽訂項目2,309個1.5389月，西安將設哈薩克斯坦總領事館9月，隆基綠能單晶

2、電池項目投產202330041012月，西安東站進入正式施工階段39.44|2023.5|2023.20220501001502002503003504001.011.101.191.282.062.152.243.053.143.234.014.104.194.285.075.165.256.036.126.216.307.097.187.278.058.148.239.019.109.199.2810.0710.1610.2511.0311.1211.2111.3012.0912.1812.276*7810113、42023112224.7280.3247.6260.40.811.111.

3、041.650.01.02.03.00.0100.0200.0300.02022279.02021252.62020239.02019158.0126|2023.20227|2022 仲量聯行版權所有.+9.5%-24.9%+24.2%+7.1%+13.1%+51.9%+39.5%2,191.2-7.1%-6.7%2095.9-15.4%95.34,072.3+1.2%+17.8%2,551.3-18.2%1,521.0GDP:8,262.72022GDP4.0%:1,295.3202120221-117|2023.20223.1%4.7%0%2%4%6%8%10%12%14%16%20112

4、0122013201420152016201720182019202020212022*2023*GDP2022GDP3.0%4.0%GDP*202220232023GDP5.2%5.5%*0%2%4%6%8%10%12%14%201120122013201420152016201720182019202020212022202318|2023.20222019-60%-45%-30%-15%0%15%30%45%-120-60060120180240300201901201902201903201904201905201906201907201908201909201910201911201

5、912202001202002202003202004202005202006202007202008202009202010202011202012202101202102202103202104202105202106202107202108202109202110202111202112202201202202202203202204202205202206202207202208202209202210202211*172.5%202319|2023.*2022-30%-20%-10%0%10%20%30%40%50%20211-2345678910111220221-23456789

6、1011-30%-10%10%30%50%70%90%110%20211-2345678910111220221-2345678910112023110|2023.2022-15%-10%-5%0%5%10%15%20%25%30%2011201220132014201520162017201820192020202120221-11-60%-50%-40%-30%-20%-10%0%10%20%30%40%2017201820192020202120221-112023111|2023.2022-10%0%10%20%30%40%50%-1,00001,0002,0003,0004,0005

7、,0002011201220132014201520162017201820192020202120221-11111.682023112|2023.20222022GDP4.0%1.0119.5%24.2%13.1%51.9%39.5%111.2%17.8%18.220221-112191.27.1%6.7%15.4%2023202313|2023.202214|2022.2022“211.5478.9676.9189.9380.36.021.626.410.423.59.58.5-9.4-10.121.131.8%33.1%11.9%15.2%18.5%/95.062.9364.0648.

8、823.420222023115|2023.16|2023.2022“17|2023.2021;20222022,202220221-1027.3%48.8%33.0%29.9%20229.520%2022320231820222022202220226.9211.5478.927.66.021.617.99.58.532.7%-0.0-2.7+1.3/72.6-2.1%95.0-1.7%62.9-2.4%33.1%31.8%2023118|2023.2022202202004006008001,0001,2001,4001,600億元05,00010,00015,00020,00025,00

9、030,00035,00040,0002022GDPGDP2022*2023120|2023.*20222022-100102030405060708090 100 110 120 130 140 150 16020212022202250%2022202220229.523.0%10.0%23.1%17.6%20.8%27.3%27.5%28.1%17.6%20.5%21.0%21.6%-40.2%-65.2%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%-82.5%-90.2%

10、-106.3%-142.8%2023121|2023.31.8%38.7%19.4%20220%10%20%30%40%50%60%70%80%010203040506070802014201520162017201820192020202120222004-20102011-20162017-20222023122|2023.202263.031.8%2023123|2023.-10%0%10%20%30%40%50%-50510152025123412341234123420192020202120222022210%5%10%15%20%25%30%35%40%45%50%0102030

11、4050607080901002014201520162017201820192020202120222000-20102011-20162017-20222023124|2023.20224.0183.4%33.1%0.82023125|2023.-10%0%10%20%30%40%-50510152012341234123412342019202020212022202220229.5202131.8%2.720228.539.0%“26|2023.2022010202022-2.76.036.4-2.0-10.527|2023.20231202220226.024.0%690.5211.

12、521.6478.92“28|2023.2022376,10033.5%-4.8134,90022.8%-0.8649,40035.1%-1.7690,50031.0%-0.5209,20027.8%-11.855,30030.1%+8.229|2023.2023120221,419,00039.5%+2.31,368,70031.7%-0.3819,00032.2%+3.030|2023.2023158,40018.0%+10.8 896,40025.1%-0.8147,80021.5%+6.120222023110.520221.935.1%1.031.0%8.210.86.1202231

13、|2023.“202220221.50%10%20%30%40%50%60%70%80%90%100%202201020304050620222023133|2023.202220212022202225.5%17.6%23.1%16.5%9.5%6.6%6.1%10.0%7.5%8.6%6.7%7.3%0%10%20%30%40%50%60%70%80%90%100%2021202213.8%11.4%1.6%17.1%30.3%10.1%17.3%16.0%14.1%11.5%15.9%020,000 40,000 60,000 80,00027.3%10.8%2.5%16.8%2.4%7

14、.5%2023134|2023.2022 202210.0%78.4%300 1,0002022202143.8%12.5%2,0001,500-2,000500-1,000400-500300-4003002023135|2023.20225.1%5.8%47.0%39.0%2.4%0.7%46.9%23.8%13.2%11.3%IT 1-10776.213.0%IT 1-112,022.330.0%202216.6%2023136|2023.20221-110.9%6.5%202253.0%6.217.6%0%20%40%60%80%100%2021202265.6%36.1%23.4%1

15、6.4%9.4%14.0%0.8%2023137|2023.20222.9%16.4%31.7%35.0%14.0%54.9%31.9%23.0%29.9%15.7%25.6%6.4%12.6%20221-1033%39.7%49.8%55.5%46.8%39.1%3.5%5.4%2023138|2023.202220222021202217.6%16.6%10.0%8.6%7,00020251217.6%53.0%6.2“39|2023.20222022GDP5,137.21.6%1-102,893.66.5%202210.0%3001,000“20227500IT202216.6%IT2.

16、6180%“40|2023.20221-1033.0%2.939.7%41|2023.202254.9%43.5%23.0%20.5%15.7%25.2%6.4%10.7%2021202262.4%41.4%55.5%54.2%35.2%46.2%39.4%41.1%2.4%12.5%5.1%4.7%0%10%20%30%40%50%60%70%80%90%100%2022202155.5%51.2%39.1%45.4%5.4%3.4%2023142|2023.2022202261.2%58.3%8.49%12.80%3.1%3.1%0%10%20%30%40%50%60%70%80%90%1

17、00%202120222,000 1,500-2,000 1,000-1,500 500-1,000 400-500 300-400 30030058.3%2.95006005004002023192|2023.*2022-50%0%50%100%150%200%250%300%-30030609012015018088-1010-1515-2020-2525-3030-3535-4040-50501.2/220221-112021-20222023193|2023.0%120%240%360%480%600%720%840%960%1080%1200%02040608010012014016

18、018020020212022100%100%20222.2014-2025202250%10%20%30%40%50%60%70%80%02,0004,0006,0008,00010,00012,00014,00016,0002014 2015 2016 2017 2018 2019 2020 2021 2022*2023*2024*2025*20221820221811202251120222023194|2023.*2022-202520223.2015-20251,6691,9042,2142,6913,1993,1503,5754,0584,6065,2275,933-5%0%5%1

19、0%15%20%25%-1,20001,2002,4003,6004,8006,00020152016201720182019202020212022*2023*2024*2025*20231The North Face ONEBOX 3.0G-Park202295|2023.*2022-202520224.1/20481216202023196|2023.20220501001502002503003500501001502002503003502017201820192020202120224.2/22022,5%,16%PreA,7%A,20%A+,7%B,9%B+,3%C,8%D,4%

20、D+,1%Pre-IPO,1%,19%55%B20%IDCIT2023197|2023.20225.202220231521625111151827120510152025302022202298|2023.20226.202210%20%30%40%50%60%20202021202225.7%40.0%24.3%3.2%4.3%2.5%1010-2520-3030-4040-505025.4%42.7%19.7%12.2%11-1516-2526-359&11Gpark111220222023199|2023.2022-100%-50%0%50%100%150%200%-202468101

21、22019012019022019032019042019052019062019072019082019092019102019112019122020012020022020032020042020052020062020072020082020092020102020112020122021012021022021032021042021052021062021072021082021092021102021112021122022012022022022032022042022052022062022072022082022092022102022117.1/22019*550.1%2

22、0231*100|2023.20227.2/22040608010012014016020182019202020212022Q320182019202020212022Q320182019202020212022Q320182019202020212022Q320182019202020212022Q320182019202020212022Q320182019202020212022Q32023120212022100100100101|2023.20228.20192019-202246.0%17.4%-41.5%-31.3%22.4%-17.1%-44.5%-51.0%19.5%20.

23、2%-17.6%8.9%45.0%167.5%4.4%139.3%-100%-50%0%50%100%150%200%2021 vs 20202021 vs 20192022H1 vs 2021H12022H1 vs 2019 H1-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%20191-22019420196201982019102019122020320205202072020920201120211-220214202162021820211020211220223202252022720229202211Wind20231102|2023.2022

24、HOKAVolcom“103|2023.20222022%ArabicaM StandMannerTim Hortons202220221-11179.926.6%20222022“104|2023.20222022-6.2%-4.6%-28.1%-40%-30%-20%-10%0%10%20%30%40%-80-60-40-200204060802022016-102/03040520231106|2023.202250%50%20222022202220211018NEWORLD2022122340%2023120223282022925107|2023.2022KTVG-super202

25、312022108|2023.2022-30%-20%-10%0%10%20%30%40%20191-220191-420191-620191-820191-1020191-1220201-320201-520201-720201-920201-1120211-220211-420211-620211-820211-1020211-1220221-320221-520221-720221-920221-110%5%10%15%20%25%30%20191-220191-420191-620191-820191-1020191-1220201-320201-520201-720201-92020

26、1-1120211-220211-420211-620211-820211-1020211-1220221-320221-520221-720221-920221-11*20231*109|2023.202224.6%53.8%75.4%46.2%20231110|2023.2022-2%0%2%4%6%8%10%12%14%16%-2002040608010012014016020132014201520162017201820192020202120222023*2024*2025*2026*空置率20231*2023-2026112|2023.2022&02040608010020232

27、024202520260204060802023202420252026202320242025202620231113|2023.2022100200300400500600201220132014201520162017201820192020202120222023*2024*2025*2026*/Axis Title202520231*2023-202620232026114|2023.20222021SKPSKP100+80+239444051555660808513095100+9137152026293033463911810SKP20231115|2023.2021202205

28、0100150200250&20222023-202687%56%0%20231116|2023.202201,6003,2004,8006,4008,00005001000150020002500/2018-2022/2020176571615911833441105,00010,00015,00020,00025,00030,00035,000020406080100120140/20231117|2023.2022“SKP330%202050%45Sams ClubX118|2023.119|2023.2022380.323.521.1/23.418.5%2022+1.3-3.9%-8.

29、4-29.32009-20202021-202220231120|2023.202220226.25.06.06.32009-2021202220231121|2023.20220%10%20%30%40%50%020406080201420152016201720182019202020212022-15%0%15%30%45%60%-100102030401 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 420142015201620172018201920202021202220231122|202

30、3.20222022/44%28%22%6%2022370,0001.4%-20.3381,900 12.3%10.2234,900 7.4%-7.41,183,300 29.0%12.4809,700 13.2%-2.6347,500 5.1%-12.320231123|2023.20222022-10%-8%-6%-4%-2%0%2%4%6%1013161922252831341 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 420132014201520162017201820192

31、02020212022/%24.4 -0.9%20.1-9.7%23.5-0.9%28.50.0%27.9 0.0%28.3-1.5%20231124|2023./%0102032022202220222022202223.521.118.7%20221-11-4.5%-9.712.429.0%“127|2023.20227.4%2.3%12.3%-2.8%3.7%0.0%8.4%-11.3%18.6%-10.7%-12%-6%0%6%12%18%24%30%-2,000-1,00001,0002,0003,0004,0005,000202120222021202220212022202120

32、2220212022202220221-1120211-1120231*128|2023.2022-30-20-10010203040506070-300-200-1000100200300400500600700202212022220223202242022520226202272022820229202210202211%20231129|2023.20222022202220221113.1%-7.1%20221-11272.5%85.852%“131|2023.202293202315GW202244.2%3.9%23.4“132|2023.202299.2%77.7%83.1%59

33、.6%32.4%26.7%-40%-20%0%20%40%60%80%100%120%2022220223202242022520226202272022820229202210202211202220231133|2023.20229.4%52.0%7.2%39.4%59.5%74.7%77.6%99.2%77.7%83.1%0%20%40%60%80%100%05101520252022.012022.022022.032022.042022.052022.062022.072022.082022.092022.102022.112022.1220231134|2023.202220221

34、-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%0204060801001201401601800%50%100%150%200%250%300%350%400%x 10000721.7%20231135|2023.2022020406080100120140160TCLGW202220212.12.34.65.090.8%10.6%83.7%9.3%0%20%40%60%80%100%120%01234562020202120202021GWHPBC20231136|2023

35、.2022137|2023.4S“20222022GDP+2023“139|2023.2022+20231140|2023.20220%10%20%30%40%020406080201220132014201520162017201820192020202120222023*2024*2025*-5%0%5%10%15%2014201520162017201820192020202120222023*2024*2025*20231141|2023.*2023-202520221240GDP50%“142|2023.143|2023.2022202313.1%4.7%0%1%2%3%4%5%6%

36、7%8%9%10%20112012201320142015201620172018201920202021 2022*2023*GDP0%5%10%15%20%25%2011-032011-092012-032012-092013-032013-092014-032014-092015-032015-092016-032016-092017-032017-092018-032018-092019-032019-092020-032020-092021-032021-092022-032022-09144|2023.*2023-2023202220222022429(00997)145|2023

37、.Real Capital Analytics2023115.6605101520250102030405060708090100201720182019202020212022 20226115.62.620220%10%20%30%40%50%60%70%80%90%100%2017201820192020202120220%10%20%30%40%50%60%70%80%90%100%201720182019202020212022100%2022611362022120%223146|2023.Real Capital Analytics2023120225REITS0%10%20%3

38、0%40%50%60%70%80%90%100%REITS2017-20192020-202120220%10%20%30%40%50%60%70%80%90%100%REITS2017-20192020-202120225147|2023.Real Capital Analytics20231516202220222022100%42.915.665202220220100%10.3%148|2023.2022REITs 4110.255,000AMCREITs5REITs12REITs5AMC12IPOAMC792,000149|2023.2022REITsAMC150|2023.Jack

39、y 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 11

40、049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+86 755 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

41、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 22 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