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1、20242025201 04061012131415161802 21232530323303 35363738394004 42434405 47485152202420242024iFind2025202004006008001,0001,200 ABCAABC-30.5%27.6%-25.2%48.5%5.8%-27.3%37.6%-13.8%42.2%7.8%-17.2%46.0%-17.4%60.6%13.6%-40%-20%0%20%40%60%80%100%202020212022202320242020202120222023202420202021202220232024BC

2、4|2025.2024202433.736.622.026.116.738.543.19.4%8.4%-39.8%18.5%-35.9%130.4%11.9%-50%0%50%100%150%015304560201820192020202120222023202420192025212.713.58.69.15.212.614.610.2%6.9%-36.6%5.9%-42.7%142.2%15.9%-100%-50%0%50%100%150%0369121520182019202020212022202320245|2025.2024202528.9%-2.1%-9.7%-5.0%3.9%

3、3.2%5.1%3.0%0.5%-5.6%-0.1%9.2%9.1%15.9%10.5%1.7%1.0%3.7%4.6%6.5%8.0%4.8%4.6%2.7%2.0%3.6%1.5%2.7%1.9%3.3%5.0%2.8%3.9%6.5%-16.4%-22.7%-21.1%-4.0%-1.5%8.4%-1.7%-8.1%-8.4%-14.1%2.9%26.3%43.8%35.1%16.1%15.8%12.4%13.8%17.1%25.8%30.0%12.5%6.9%4.4%5.0%5.4%3.0%3.3%3.1%3.2%4.0%2.7%-30%-20%-10%0%10%20%30%40%50

4、%20221-2345678910111220231-2345678910111220241-234567891011128.0%-3.9%12.5%-0.2%7.2%3.5%-6%-4%-2%0%2%4%6%8%10%12%14%2019202020212022202320246|2025.2024201920252121-27|2025.-30%-20%-10%0%10%20%30%40%07,00014,00021,00028,00035,00042,00049,000010203040506070809101112010203040506070809101112010203040506

5、070809101112010203040506070809101112010203040506070809101112010203040506070809101112201920202021202220232024202420242020202528|2025.20241-1220241-12%20241-9%20241-6%20231-3%50,314 -0.5-2.1-1.13.824,002 0.32.34.14.521,737 9.99.99.69.614,691 0.30.21.32.510,307 12.34.43.15.88,091 3.02.22.30.77,902 9.91

6、1.911.313.27,157 3.14.74.43.36,159 5.76.810.012.54,357 -1.1-1.01.03.44,327 -0.3-2.9-5.8-8.03,300 -3.1-3.10.24.53,200 2.14.55.66.51,692 -2.0-2.6-1.22.41,691 3.61.12.63.01,415 11.19.711.214.22024202420252-3.1%5.3%9|2025.3.3%1.7%2.8%1.3%-3.1%4.5%4.8%3.6%2.2%4.7%5.3%4.2%0.03%1.1%3.1%4.3%4.2%-2.7%-3.1%3.

7、9%3.9%202405,00010,00015,00020,000ABC202420252-30%-20%-10%0%10%20%30%40%20201-2345678910111220211-2345678910111220221-2345678910111220231-2345678910111220241-2345678910111210|2025.20242025216.5%10.9%14.1%4.0%11.0%7.2%20.7%23.6%24.5%27.2%27.6%26.8%-5%0%5%10%15%20%25%30%35%020,00040,00060,00080,000100

8、,000120,000140,000160,00020192020202120222023202430.9%30.6%17.8%16.1%11.2%16.0%15.4%5.8%8.3%3.5%10.8%1.5%19.8%16.2%12.5%5.7%7.1%6.3%0%6%12%18%24%30%36%20192020202120222023202411|2025.20241,0231,00480889977495302505007501,0001,2501,500202420232022202120202019元57,500.049,100.020,444.029,190.722,286.35

9、7,250.9010,00020,00030,00040,00050,00060,00070,000亿元202420192019-20242025256.248.925.332.528.860.1010203040506070100.4%85.8%35.6%51.0%38.9%93.5%81.4%42.1%54.0%47.9%0%20%40%60%80%100%120%2019201912|2025.202431.6%53.5%50.9%79.0%75.3%94.5%103.2%98.7%87.2%70.1%73.9%68.0%66.8%86.8%72.6%60.7%42.8%88.6%83.

10、4%119.1%112.8%104.1%109.4%119.0%111.5%128.2%119.9%106.3%110.2%19.3%36.7%31.2%69.9%58.6%56.7%77.0%74.8%78.6%59.9%56.3%39.2%44.0%65.6%60.7%44.2%35.1%73.1%50.6%100.7%94.9%101.5%105.6%107.7%112.7%113.5%102.6%108.0%107.9%0%20%40%60%80%100%120%140%2019201920192019202522024201913|2025.20243.2%1.0%5.9%0.6%-

11、51.6%13.1%-37.2%56.5%34.7%16.5%-12.4%80.2%-6.6%-14.5%-80%-60%-40%-20%0%20%40%60%80%100%120%024681012141618202018201920202021202220232024202527080901001101201302021.012021.032021.052021.072021.092021.112022.012022.032022.052022.072022.092022.112023.012023.032023.052023.072023.092023.112024.012024.032

12、024.052024.072024.092024.110-20010010010050%50%50%14|2025.20242025244.0%57.6%47.4%65.7%55.4%50.2%56.3%69.0%66.0%55.9%64.0%58.6%-6.8%58.3%32.8%66.6%77.2%83.2%82.5%73.7%60.5%49.9%44.5%-20%0%20%40%60%80%100%200820092010201120122013201420152016201720182019202020212022202320232023202320242024202420242023

13、20242023202415|2025.20241.5%1.3%1.0%0.8%0.7%0.5%0.5%0.4%0.4%0.3%0.2%0.0%0.0%0.1%0.1%0.1%0.2%0.2%0.3%0.3%0.2%0.2%-0.2%0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%20231-2345678910111220241-234567891011122025216|2025.202420252-15%-10%-5%0%5%10%15%20%06,00012,00018,00024,00030,00036,00042,0002014201520162017201

14、820192020202120222023202417|2025.202428.2%23.4%13.3%11.7%8.8%6.2%5.9%2.4%30.2%24.6%13.0%9.6%8.7%5.8%5.9%2.2%29.8%23.4%13.1%10.8%8.8%5.9%5.9%2.4%30.5%24.0%13.0%10.1%8.6%5.6%5.8%2.4%29.8%22.7%13.6%10.8%9.2%5.5%5.7%2.6%29.8%22.2%14.1%11.3%9.0%5.4%5.5%2.7%0%5%10%15%20%25%30%35%20192020202120222023202420

15、25218|2025.2024-40%-20%0%20%40%60%80%2019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242019202020212022202320242025219|2025.2024202421|2025.404AGDP106B1.511C1

16、9DACB其他202522024ABC16,993,000714,00011.0%0.016,380,0001,616,0007.1%0.97,806,000435,0002.3%-0.85,664,000173,0003.9%-1.612,292,000820,00010.6%-1.59,618,000920,00013.1%0.19,094,000345,00013.5%-1.86,812,000553,0004.8%1.26,586,000305,0009.7%0.06,255,000450,00011.5%1.07,650,000528,00010.6%-0.77,009,000113

17、,00018.0%-0.45,862,00070,0008.1%-0.75,574,000579,00010.6%0.14,750,000317,00012.2%-0.74,496,00080,00012.4%-0.64,477,000142,00012.9%-0.64,311,000016.8%1.92,636,00009.3%-3.52,918,000365,5006.6%0.11,884,000170,00013.3%-1.0202420242024202422|2025.0.07.3%46,842,0002,938,00021A+B+C-0.410.8%50,656,0003,393,

18、000-0.512.2%51,200,0002,365,000-0.310.2%148,698,0008,696,00040A+B+C+D209,556,00020252202423|2025.20244040686.6563.2444.6375.402004006008001,0001,2001,4001,6001,800101111820242025220240.00.20.40.60.81.01.21.41.6ABCD400.55/20244020252D4020242024*24|2025.0.600.560.520.4820240501001502002503003504004505

19、00123412341234123420212022202320241.4%2025225|202502004006008001,0001,2002021202220232024“20241.4%202420252A33.8%B39.0%C27.2%202420242024869.6ABC26|2025050100150200202420252202427|2025202411.4%9.9%5.4%4.9%4.9%4.6%3.5%2.4%2.2%2.0%48.9%51.1%SKPEKAGate M2CyPARKCPIThe BoxBCOCOPark20240255075100125150202

20、5202520252ABC28|2025.202420242025202420252050100150200250202520262027ABC29|202520242024202522024202420246.6%8.1%9.3%10.6%10.6%12.2%12.4%12.9%13.3%16.8%18.0%4.8%9.7%10.6%11.5%13.1%13.5%2.3%3.9%7.1%11.0%-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%0%10%20%30%40%50%60%70%4.8%8.1%10.6%13.1%2.3%3.9%13.5%16.8%18

21、.0%10.6%12.4%12.2%7.1%10.6%9.3%6.6%11.5%13.3%11.0%9.7%12.9%ABC30|2025.202420240%2%4%6%8%10%12%14%1Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q2

22、24Q221Q232Q233Q234Q231Q242Q243Q244Q242025*2026*2027*ABC2025231|2025.20242024202520%2%4%6%8%10%12%14%16%02004006008001,0001,2001,4001,600200520062007200820092010201120122013201420152016201720182019202020212022202320242025*2026*2027*“202532|202520242025233|2025-8%-6%-4%-2%0%2%4%6%8%10%1Q18 2Q18 3Q18 4

23、Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24ABC2024202435|20252025235.1%24.4%34.4%22.6%6.3%14.8%8.5%10.5%27.0%27.1%30.0%27.1%11.2%10.1%11.1%11.7%13.0%12.5%10.8%14.0%4.1%10.8%5.2%13.4%3.3%0.3%0.0%0.6%/*202320242023年新租面积占比2

24、023年新租面积占比2024年新租面积占比2023年新租面积占比2024年新租面积占比时尚生活餐饮娱乐服务儿童（含儿童餐饮）百货/专业卖场2024年新租面积占比上海成都35.1%11.1%11.2%8.5%3.3%5.2%4.1%27.0%13.0%11.7%14.0%13.4%10.5%0.6%22.6%27.1%24.4%10.8%12.5%14.8%0.3%27.1%34.4%6.3%30.0%10.8%10.1%3.4%家居杂货家具2.6%电子电器乐器2.0%图书潮玩礼品2.6%汽车0.5%包装食品及烟酒茶1.7%超市0.2%其他生活类25.0%正餐2.8%快餐小吃4.1%咖啡饮品2.

25、1%蛋糕甜点1.1%其他餐饮类0.5%影院0.9%KTV1.1%娱乐游戏科技1.6%其他娱乐类3.9%美容美发5.4%健身运动场馆1.9%其他服务类22.3%服饰鞋包1.9%珠宝手表1.6%美妆个护1.2%配饰1.4%儿童时尚0.5%儿童生活2.6%儿童娱乐1.8%儿童服务及餐饮3.3%百货2.7%家居杂货家具2.8%电子电器乐器2.6%图书潮玩礼品2.0%汽车0.4 包装食品及烟酒茶0.2%超市0.1%其他生活类24.4%正餐3.7%快餐小吃3.7%咖啡饮品2.3%蛋糕甜点0.4%其他餐饮类0.1%影院2.0%娱乐游戏科技3.1%其他娱乐类2.0%儿童时尚0.3%儿童生活1.8%儿童娱乐4.

26、4%儿童服务及餐饮3.4%美容美发5.6%健身运动场馆2.1%其他服务类24.6%服饰鞋包1.7%珠宝手表2.5%美妆个护1.1%配饰2.7%家居杂货家具2.3%电子电器乐器1.4%图书潮玩礼品2.2%汽车1.2%包装食品及烟酒茶2.5%超市0.2%其他生活类16.3%正餐3.9%快餐小吃3.0%咖啡饮品0.8%蛋糕甜点0.4%其他餐饮类3.4%影院0.1%KTV6.4%娱乐游戏科技0.9%其他娱乐类2.7%儿童时尚1.3%儿童生活4.1%儿童娱乐6.7%儿童服务及餐饮3.4%美容美发2.8%健身运动场馆3.9%其他服务类0.3%专业卖场23.8%服饰鞋包0.7%珠宝手表1.6%美妆个护1.0

27、%配饰4.0%家居杂货家具2.9%电子电器乐器1.5%图书潮玩礼品1.2%汽车0.9%包装食品及烟酒茶3.4%超市0.2%其他生活类15.8%正餐4.0%快餐小吃1.8%咖啡饮品0.8%蛋糕甜点0.2%其他餐饮类2.4%影院2.3%KTV8.1%娱乐游戏科技0.6%其他娱乐类3.0%美容美发6.0%健身运动场馆2.7%其他服务类3.2%儿童时尚0.8%儿童生活2.8%儿童娱乐3.7%儿童服务及餐饮0.6%专业卖场23.8%服饰鞋包1.4%珠宝手表0.9%美妆个护1.0%配饰?研?2025?2?36|?2025?.?2024?2024202437|202520252010203Z20240.60

28、.10.91.720230.70.520190.23.220233.10.920242025238|2025Z2024Z010203040506001002003004005006002019*2021202220232024202415.37%2.95%20246.2%3.5%0%2%4%6%8%10%12%14%1-21-31-41-51-61-71-81-91-101-111-1220246.2%2.7202462%202413%202440%2024106.4%201920242025239|202515.8%24.4%4.0%3.7%16.3%25.0%3.9%2.8%2023202

29、420240.60.5200300400202320242024263.79+20%150.0137.9%625.458.2%235.02120.7%722.930.1%333.21-8.5%815.68-3.5%428.11-8.6%913.5227.7%528.0518.5%1011.867.2%202432.481,160.89.4%7.9%52024263.7920%-7.9%-30%0%30%1,0001,5002,000202020212022202320240.90.10.60.520242025240|20254.5%6.1%3.6%3.0%202320246.0%5.6%2.

30、8%5.4%202320243.10.90.23.22024.4A+2024.4C22024A1,2002021.8D2021.5E“20242024202420252202431,50020241.33.5%42|20259,2002,7001,2004001,5003,0004,5006,0007,50002,0004,0006,0008,00010,000412202412341.2.3.1.2.3.1.6182.1.2.43|2025.202444|2025.*05010015012345678910 11 1212345678910 11 1220232024x 1000001020

31、3040506012345678910 11 1212345678910 11 1220232024202427.2%20249.4%380B228.112110C81.520252*IPO2024202445|2025.*20252*IPO1781112934251313136154102933026171710776629.0%26.9%21.5%22.6%20242024202334.3%21.6%13.7%9.8%6.9%13.7%2024932024102202420242025247|202502004006008001,0001,2001,400ABC51.8%52.2%49.6

32、%51.7%28.4%19.0%29.3%18.9%19.8%28.8%21.2%29.3%20232024202448|2025DeepseekChina Travel2IPChina Travel202449|202520241242025-2025220252025*2025114202524*795%488%458%451%123%70%212%387%790%633%228%20252024Top 01Top 02Top 03Top 04Top 05Top 06Top 07Top 08Top 09Top 102025210+60.7%AI41.0%20%19.7%30%AI+2024

33、50|2025IPIPChina Travel2IPChina Travel2025212025124.49*222024123.19322019105.41*202521917:0010IP2024122.8+22.8%1721442402396031924405,00010,00015,00020192021202220232024+82.9%202411202529202222432024202521.3%20301.5POP MARTTOP TOY20242025251|202520258102025202420251+N”202420252KTVVR202421211.5402202

34、521202420242024213.3%202552|2025202453|2025.55060/2025Daniel YaoDaniel.YJacky ZhuJackyjh.ZSissi LuSissi.LTina GanTina.GJonathan WuJonathan.WRebecca LongRebecca.LJiemin WuJiemin.W2322861648A212202-03100004T2802110013710065+861059221300310000+862431958555+862989329800+8657181965988+8657181965966311296

35、10021+8628668050002T4N23A08400011+86236370858862801-03510623+862023388088+862023388118182201210018+862589660660+8625896606639131312266071+865328446881628822200041+862163933333+862163933080119518048+8675528045388+86755226389661892292910300051+8622231850006883908-09430030+862759592100+862759592155200JLL500202423480112,000JLL9797+85228465000+.hk5A16H+85328718822+.mo5710120111049+886287589898+.tw400-000-