1、20254,293 8,587 8,707 4,647 6,358 9.2 10.4 13.6 7.5 13.1 4.8%5.2%5.6%4.0%5.2%28,98835,62931,54529,84928,672-25.9%-10.7%3.0%-20.1%5.1%2,052 3,280 2,523 1,126 2,886 20242025620251-8CREIS2025-08-2777,322 15.72 1.2002.00010,165 CB2-2-2722025-08-1546,752 8.36 1.22.86,388 XC3-3-2-112025-07-0325,661 7.05 1

2、.0003.1008,862 QJ4-3-91-12025-09-1156,814 6.19 1.0002.5004,360 XC3-3-622025-08-2823,255 5.93 2.81.29,106 YT6-4-1112025-09-1846,328 3.06 2.3002,868 CB3-1-972025-09-1826,953 1.89 1.8503,798 YT2-25-163-12025-09-1814,252 0.52 0.09040,617 JK2-16-8JK2-15-24JK3-3-37JK3-4-136JK2-16-102025-09-184,324 0.42 3.

3、5002,749 GX3-24-19010%5%10%15%20%25%30%35%40%(100,000)0100,000200,000300,000400,000500,000600,000700,00020122013201420152016201720182019202020212022202320242025Q12025Q22025Q3020406080100120201120122013201420152016201720182019202020212022202320242025Q12025Q22025Q32,157,383083.56 28.04%4,808:/2,157,38

4、385.76 31.2%86.36 30.5%75.52 18.9%84.72 26.2%82.38 32.1%城北中心城区城南城南曲江高新区来源:戴德梁行研究部2,8002,0002,0002,000:57.6%12.6%10.3%7.7%TMT5.5%2.7%1.7%1.1%0.6%0.3%60CBDICC2025215.783.56/0.228.0%57.6%12.6%10.3%TMT5.5%7.7%13%020%5%10%15%20%25%30%(400,000)(200,000)0200,000400,000600,000800,0001,000,0001,200,0001,400,

5、0007,780,68324,000234.9114.65%87,880 150180210240270300:/7,780,68389.56344.814.97%95.90229.0 11.35%139.95189.1 19.87%120.66245.514.89%42.85143.1 26.86%94.37337.712.36%194.77184.0 10.63%050,000100,000150,000200,000250,000300,000350,000202520262027TBC2025-2026:0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,0002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F2026F 2027Rest&Recreation(MINISO LAND20257780.914.7%235Rest&RecreationMINISO LAND1,200402025 NMCJF103MallMALL20256.7%1.788C501Tel:029-Sabrina WHu FengFLianne Y