?? ????2024????????:?????69.8%,??????
![](https://image.chezhanri.com/2019/0724/20190724153723786.jpg)
????:1???????2023:??sn??
2?2021???????
3??????????????
4???????????
5???????
8????????????????30???????????,???????????(601828.SH?01528.HK)??????2024?????????????????????????????,???????????????????
?????????????,2024???????,?42.25????????????????,???????????12.53??????????????????????????????29.03???????????????,?68.7%,????????????69.8%?
???????????,??????????????????????????????????,??,?????????,??4.6????9.19??,??8.33??????????,????????????????
??,???,??????????????????????????????????????????????????????????????????????????????????
??,????????????????????
??????????????????,??????,??????????????,?????????????????????????,???????????,??????36.41?????????????CMBS(Commercial Mortgage Backed Securities,??????),???
?,??????????????,??,???????
????,?????????????????????????????????????????????????????,????????????????,??????????,?????????????????????????,???????????????????????B?????????(?????????)?????????????????????????,??????,?????????,????????,??
???????,????????????
?????????????,?????
?,??????3+?????????????????????????????????????,????????????????????????????????????????????????????,?????????????????????????????
3+????????????????????????,???????????????M+????,?????????,???????????16???????????????????M+?????,????????????84??,??????2025????M+???????????????MALL???????????????????????,????533???????????????,???????
??,???????????,???,??????????????????????????????????????????,????????,????????????????????????????????????????????????;???????????????M+??????????????,?????????????,????,?????????????
??????,?????????????????????
????,?????,????????????????????????,???????,???????????16????????????????
??????????????,?????,??????600??????????????????????,??,???????
????????,??
??????????????,?????????????????????????????????????????????????????????????,??????,????????????????,???
??????????,???????????,????????????p?????????,???????????????????????????????,????,???????10??????????
????????????????,?,??????????????????????;????????????Tims????????????,??????Mall???????????,?????????????????,??????????????
???,???????????????,????????1?????,??????2?????8???,2?????????,??3??????,??13?????????????
??????,???????????????????
??????????????????,??????????,??????,?????????
????,????,?????
2023??????3??????,???????????????????????REITs????,???????,?????????????REITs???????????????????2023???????7???????????,?????????????13???,??????? REITs?
????,???????????????,?????REITs??,????????,???,???????
?????????????2024??????6????????,?????????????85??????????????????,267??????????,7????????????????,49???????????????,???????????439?????????????????????????????????/???
????,?????????????,??????????????????????????????????????,?,??????? ???:????