Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The proposed privatization of Dayuecheng Real Estate is expected to lead to a significant revaluation of quality commercial properties, enhancing the ownership concentration of Dayuecheng in premium shopping centers [3][4] - The privatization transaction is valued at a price-to-book (PB) ratio of only 0.27 times, which is considered low, and is anticipated to increase Dayuecheng's net assets by approximately 25% [3][4] - The transaction is seen as a recognition of the value of quality commercial assets by industrial capital, potentially leading to a revaluation of premium consumer-related assets in the market [3][4] Summary by Sections Privatization Details - Dayuecheng's shareholding in Dayuecheng Real Estate will increase from 64% to 96.1% post-privatization, significantly enhancing its stake in quality commercial properties [3] - The total share capital of Dayuecheng Real Estate is 15.33 billion shares, with Dayuecheng holding 9.13 billion shares (64.2%) and market shareholders holding 4.73 billion shares (33.2%) [3] Financial Projections - Dayuecheng Real Estate's rental and related service income for 2024 is projected to be 4.18 billion RMB, primarily from shopping centers, with an average occupancy rate of 95% [3] - The privatization is expected to increase Dayuecheng's net assets by 2.62 billion RMB, representing 24.7% of the projected net assets for 2024 [3] Market Implications - The privatization is likely to attract attention to the valuation of quality commercial real estate assets in China, with potential implications for companies like China Resources Land, Longfor Group, and New Town Holdings [3] - The report maintains a "Positive" rating for the real estate and property management sectors, recommending companies with strong product capabilities and those with undervalued recovery potential [3][4]

Focus Events - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to have its IPO application accepted under the reactivated fifth listing standard of the Sci-Tech Innovation Board, focusing on innovative biopharmaceuticals for blood product alternatives [1] - Joy City Property plans to repurchase shares at HKD 0.62 per share, with a total amount of approximately HKD 29.32 billion, and will apply for the cancellation of its listing status on the Hong Kong Stock Exchange [3] - Microsoft has surpassed a market capitalization of USD 4 trillion, becoming the second company globally to achieve this milestone [3] Macro News - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market and eliminate "involution" competition [8] - The Ministry of Commerce states that China and the U.S. will continue to promote the extension of previously suspended tariffs and countermeasures for 90 days, aiming to stabilize economic relations [10] Industry Dynamics - The domestic gaming market in China achieved a sales revenue of RMB 168 billion in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record [10] - The National Medical Insurance Administration supports high-level innovative drugs by establishing a price stability period to ensure reasonable returns during the initial market phase [10] Company Focus - Sanhui Electric has signed a framework sales contract for robot products with Zibo Blue Ribbon Health Management Co., Ltd., with a commitment to sell at least 50 units in 2025 and 450 units by 2027 [12] - Henan Shuanghui Investment Development Co., Ltd. has signed a cooperation agreement with Henan Huirun Food Co., Ltd., expecting an annual output value of RMB 1.7 billion from the project [12] - Wukuang Securities has appointed Zheng Yu as the new chairman, who will also serve as the general manager, consolidating leadership roles [13] - Sinopec expects a net profit of RMB 20.1 billion to RMB 21.6 billion for the first half of 2025, impacted by falling international oil prices and competitive market conditions [14] - Shanying International plans to establish a partnership enterprise with a capital contribution of RMB 2.977 billion, aiming to attract long-term investors [15] - Shima Holdings intends to acquire a 10.27% stake in Nylon Chemical for RMB 952 million, increasing its ownership from 61.79% to 72.06% [18] - Ju Yi Technology has successfully won a bid for the Xiaopeng Huitian flying car factory project, applying innovative technologies for production [20]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大悅城地產有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00207 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 28,904,699,222 | HKD | | 0.1 HKD | | 2,890,469,922.2 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 28,904,699,222 | HKD | | 0.1 HKD | | 2,890,469,922.2 | | 2. 股份分類 | 優先股 ...

Group 1: Market Overview - The A-share market opened lower but saw a recovery, with all three major indices turning positive during the session [1] - The Shanghai Composite Index rose by 1.37 points, or 0.04%, closing at 3574.58 [2] - The Shenzhen Component Index increased by 48.46 points, or 0.44%, closing at 11058.23 [2] - The Northbound 50 Index rose by 3.77 points, or 0.27%, closing at 1426.65 [2] Group 2: Sector Movements - The polysilicon and silicon wafer sectors experienced significant upward movement, with Shuangliang Energy hitting the daily limit [5][6] - Other companies in the polysilicon sector, such as Daqo New Energy, Huamin Co., Tongwei Co., TCL Zhonghuan, and Hongyuan Green Energy, also saw notable gains [6] - The futures contract for polysilicon rose after previously declining over 4%, following the Ministry of Industry and Information Technology's release of a special energy-saving inspection task list for the polysilicon industry [7] Group 3: Innovation Drug Sector - The innovative drug sector continued to rise, with companies like Shuyou Shen, Rejing Bio, Kangchen Pharmaceutical, and Fuyuan Pharmaceutical reaching historical highs [8] - The FDA accepted the listing application for HSK3486 (环泊酚注射液) from Haishi Ke, and Huahai Pharmaceutical received approval for a dual-target drug [8] - Analysts noted that the innovative drug sector remains a core direction for the pharmaceutical industry, supported by policies and increasing global competitiveness [8] Group 4: Real Estate Sector - Dalian City Real Estate surged over 40% after announcing plans for privatization and delisting from the Hong Kong Stock Exchange [14][15] - The company proposed a buyback of shares at HKD 0.62 per share, totaling approximately HKD 29.32 billion [17] - NIO's stock rose over 9% following the launch of its new L90 model, which offers various seating configurations and competitive pricing [17] Group 5: Logistics Sector - The logistics sector saw significant gains, with companies like Shentong Express and Yunda Holdings hitting the daily limit [9][13] - The National Postal Administration held a meeting to address issues in the industry and promote high-quality development [13]

每经记者｜曾子建 每经编辑｜肖芮冬 8月1日早盘，港股市场低开后窄幅震荡。截至发稿时，恒生指数报24812点，上涨0.16%；恒生科技指数报5474点，上涨0.39%。 焦点个股方面，大悦城地产宣布提出私有化建议，拟以协议安排的方式回购股份，并向香港联合交易所有限公司申请撤销上市地位。根据公告：假设大悦城 地产的已发行股本并无变动，大悦城地产的47.29亿股计划股份将被注销。作为对价，原持有计划股份的大悦城地产股东有权就注销的每股计划股份自大悦 城地产收取0.62港元现金，合计金额约为29.32亿港元。受私有化消息刺激，大悦城地产今日早间股价涨超40%。大悦城地产是A股上市公司大悦城控股的并 表子公司，业务主要包括投资物业、物业开发、酒店经营、管理输出及其他服务四大板块。 其他方面，科网股涨跌不一，阿里巴巴、快手涨超1%，网易跌超1%；AI概念股部分上涨，美图公司涨超3%；石油股集体走弱，中石化跌超2%；蔚来涨超 8%。 跨境ETF方面，恒生消费ETF涨超5%，恒生医疗ETF嘉实、港股医疗ETF、教育ETF、恒生创新药ETF等涨超1.5%。此外，美国50ETF、纳指ETF易方达、法 国CAC40ETF、日经2 ...

Core Viewpoint - The company is executing a strategic move to repurchase shares and delist from the Hong Kong Stock Exchange, aiming to enhance its operational efficiency and market competitiveness amid challenging market conditions [1][4]. Group 1: Share Repurchase and Delisting - The company plans to repurchase shares from all shareholders except for Dayuecheng and Dema, offering HKD 0.62 per share, totaling approximately HKD 29.32 billion [1]. - Following the agreement, the shareholding structure will change significantly, with Dayuecheng Holdings increasing its stake from 64.18% to 96.13% [1]. Group 2: Business Operations and Financial Performance - Dayuecheng Real Estate has established a presence in key urban clusters across China, managing 32 commercial projects and high-quality investment properties in major cities [2]. - The company has faced financial challenges, reporting a net loss of approximately CNY 29.77 billion in 2024, a decrease of 103.14% compared to 2023, with total assets declining by 9.84% [2]. - In the first half of 2025, the company is projected to achieve a net profit of CNY 8 million to CNY 12 million, indicating a turnaround from previous losses [3]. Group 3: Strategic Rationale - The company views the share repurchase and delisting as a strategic response to market changes, aimed at enhancing its equity in Dayuecheng Real Estate and improving overall operational efficiency [3].

7月31日晚间，大悦城控股集团股份有限公司发布公告，宣布其控股子公司大悦城地产有限公司将通过 协议安排的方式回购股份，并计划在香港联交所撤销上市地位。 对于本次回购子公司股份的目的和影响，大悦城控股集团表示，近年来，在行业周期性发展的影响下， 大悦城地产的市场表现呈现出阶段性波动，流动性亦随之承压。本次交易是积极应对市场环境变化的战 略举措，将显著优化公司治理框架，整合组织架构与股权结构，为提升管理决策效能建立更坚实的基 础。 本次交易完成后，大悦城控股集团将增厚对大悦城地产的权益，有利于进一步提升公司归母净利润。同 时，本次交易将有效增强公司对旗下资产的统筹配置能力，促进不同业务板块及项目间资源优化配置， 释放协同潜力，发挥资源聚合效益，有力提升本公司整体运营效率、市场竞争力，推动公司核心战略发 展目标的实现及高质量发展。 据了解，大悦城地产成立于1992年，并于2013年在联交所上市。公司主要以开发、经营和管理大悦城为 品牌的城市综合体为主要业务方向，同时开发、销售、投资管理其他物业项目，拥有投资物业、物业开 发、酒店运营、管理输出及其他服务四大业务板块。截至2024年末，公司营业收入为198.31亿元， ...

【1】恩祥睿泽置业13.69亿元摘得昌平0036等地块 7月31日，北京新恩祥睿泽置业有限公司以13.69亿元底价竞得北京市昌平新城东区二期CP00—1101— 0033、0036地块、昌平新城东区四期CP00—1101—0044地块，楼面价约2.18万元/平方米。 出让文件显示，该宗地土地面积约为6.27万平方米，建筑控制规模约为9.03万平方米，容积率2.0，限高 36米（局部45米）。 7月31日，中国奥园发布公告称，陈志斌辞去执行董事职务，自2025年7月31日起生效，但仍将担任联席 总裁，专注于领导和负责集团的债务重组工作。陈志斌将继续负责债务重组方案的制定、与债权人的沟 通协调、执行债务重组方案以及解决执行过程中的问题等关键职责。 此外，蒋展鸿被委任为新的执行董事，同样自2025年7月31日起生效。 【4】杭州城发5亿元中期票据8月11日付息 7月31日，杭州城发发布公告，披露了关于2023年度第一期中期票据2025年度付息安排的相关信息。 公告显示，该期中期票据简称为"23杭州城发MTN001"，发行金额为5亿元，起息日为2023年8月11日， 发行期限为5年，债项余额维持在5亿元，本计息期债项 ...

据悉，大悦城地产以开发、经营和管理大悦城为品牌的城市综合体为主要业务方向，同时，开发、销 售、投资管理其他物业项目，拥有投资物业、物业开发、酒店运营、管理输出及其他服务四大业务板 块。 智通财经获悉，大悦城地产(00207)复牌高开48%，截至发稿，涨48.65%，报0.55港元，成交额408.87万 港元。 消息面上，大悦城地产公布，建议进行股份回购，每股现金0.62港元，较停牌前收报溢价67.57%，最高 现金代价约29.32亿港元。计划生效后，公司股份分别由控股股东大悦城控股集团与得茂拥有约96.13% 及3.87%，而股份将会从联交所除牌。 港股异动｜大悦城地产(00207)复牌高开逾48% 拟溢价67.57%回购股份并私有化退市 金融界 本文源自智通财经网 ...

截至2024年年报，大悦城地产营业总收入198.31亿元、净利润-2.94亿元。 本文源自：金融界 作者：行情君 8月1日，大悦城地产(00207)盘中上涨45.95%，截至09:30，报0.54元/股，成交1224.31万元。 大悦城地产有限公司是中国境内专注于开发、经营、销售、出租及管理综合体和商业物业的大型商业地 产开发商及运营商，以大悦城为核心品牌，其物业项目分布在北京、上海等一、二线核心城市，均位于 黄金地段，具有良好的投资价值与增值空间。公司将继续采取"持有与销售相结合"和"轻重资产并举"的 发展战略，努力在提高质量和效益，创造更大价值的同时，引领城市新型生活方式，成为中国综合体及 商用物业行业的领导者。 ...