HAITONG SEC's Research Reports point out that Shanghai Bailian Group (600827.SH), as the leader in Shanghai's retail sector, operates a variety of businesses such as department stores, shopping centers, outlet malls, supermarkets, and specialty stores, showcasing significant brand and scale advantages. The company has been continuously upgrading and remodeling its department stores and shopping centers in recent years, maintaining a nationwide leading advantage in outlet business, and the trendy culture and young business format, Bailian ZX, has a first-mover advantage. Furthermore, with the listing of public REITs projects, the company is expected to utilize the newly raised funds to further activate its operational potential. The company is given a 0.8-1 times PS for 2025, corresponding to a reasonable value range of 12.78-15.97 yuan, and the first coverage is rated as "Outperform."