2026年"史上最长春节假期"圆满收官，消费市场呈现出一派火热复苏的强劲态势。国家税务总局增值税发票数据显示，2026年春节假期，全国消费相关行业 日均销售收入与上年春节假期相比增长13.7%。 在宏观数据的背后，微观层面的市场表现更值得细看。实体商业恢复得怎么样？消费者还愿不愿意走进商场？这些问题，需要在具体的商业样本中寻找答 案。作为国内规模最大、覆盖范围最广的实体商业网络之一，全国500余座万达广场分布于一线城市到县域市场，其春节期间的客流变化和运营情况，某种 程度上可以看作观察消费市场的一扇窗口。 据了解，今年春节，各地万达广场围绕"年在万达"主题，将传统年俗、科技体验与民生服务相结合，在激发消费活力的同时，也为实体商业转型升级提供了 鲜活样本。 在传统年俗之外，科技元素的加入成为今年春节实体商业的一大看点，尤其吸引了追求新奇体验的年轻及家庭客群。 春节前，万达广场与宇树科技合作，在株洲、乌鲁木齐、拉萨等六座城市开展机器人巡游活动，机器人身着民俗服饰表演舞蹈，以"赛博"方式预热春节市 场。 主题场景重塑年俗政企联动点燃消费热情 春节期间，全国万达广场围绕"年在万达"主题，推出了一系列丰富多彩的营销活动 ...

Group 1 - Wang Jianlin, the founder of Wanda Group, is associated with over 40 enterprises, with 10 currently in operation or migration status [1] - Recent activities include a project inspection in Guizhou Province, focusing on local cultural tourism resource development [1] - Wanda Commercial Management Group has recently transferred several subsidiaries, including Suining Wanda Plaza Investment Co., Ltd. and Changde Wanda Real Estate Co., Ltd. [1] Group 2 - Wang Jianlin holds key positions such as legal representative and chairman in major companies like Dalian Wanda Commercial Management Group and Dalian Wanda Group [2] - The registered capital of Dalian Wanda Commercial Management Group is approximately 2,716,408.56 million RMB, established on September 16, 2002 [2] - Dalian Wanda Group was founded on September 28, 1992, with a registered capital of 100,000 million RMB [2]

Core Viewpoint - Jinan Zhangqiao Wanda Commercial Development Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on commercial complex management services, investment activities, non-residential real estate leasing, and property management [1]. Group 1: Company Information - The legal representative of the company is Tian Chen [2]. - The company is wholly owned by Wanda Real Estate Group Co., Ltd. [1]. - The registered address is located at No. 102, North Railway Road, Mingshui Street, Zhangqiao District, Jinan City, Shandong Province [2]. Group 2: Business Scope - The business scope includes general projects such as commercial complex management services, investment activities with self-owned funds, non-residential real estate leasing, and property management [2].

FF301 呈交日期: 2026年2月3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) | 03699 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,000,000,000 | USD | | 0.1 | USD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 4,000,000,000 | USD | | 0.1 | USD | | 400,000,000 | 本月底法定/註冊股本總額： USD 400,000,000 第 1 頁 共 10 頁 v 1.2.0 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: ...

Group 1 - Wang Jianlin, at 71 years old, remains active in the industry to repay debts and has recently visited key cultural tourism landmarks in Guizhou [1][10] - The company is focusing on the cultural tourism industry to find new growth opportunities, with Wang having previously explored tourism projects in Xinjiang [1][10] - Wang described Karamay as "a shining pearl on the vast land of Xinjiang" and expressed the company's intention to enhance cooperation with Karamay to attract quality brands and promote urban consumption upgrades [1][10] Group 2 - To address its debt crisis, the company has been selling assets, including a Wanda Plaza this year [1][10] - In January, it was reported that China State Construction Engineering Corporation completed the acquisition of Changde Wanda Real Estate Co., Ltd [1][10] - The ongoing efforts of Wang Jianlin to navigate the company through its challenges will be closely observed in the future [1][10]

Group 1: Domestic News - The People's Bank of China and the National Financial Regulatory Administration announced that the minimum down payment ratio for commercial property loans will be adjusted to no less than 30% [2] - The Ministry of Finance and the State Taxation Administration extended tax incentives for public rental housing until December 31, 2027, including exemptions from urban land use tax and stamp duty for related entities [2] Group 2: Market Dynamics - The China Securities Regulatory Commission emphasized maintaining market stability and preventing large fluctuations, while promoting long-term investment and value investing [3] - The Financial Regulatory Administration called for the normalization of a coordinated financing mechanism for urban real estate and effective risk resolution for financing platforms [3] Group 3: International News - Federal Reserve Governor Bowman suggested that the Fed should be prepared to lower interest rates if the labor market does not show significant improvement, while expressing optimism about easing inflation pressures [4] Group 4: Bond Market - On January 16, the bond market showed signs of warming, with the yield on the 10-year government bond falling by 1.20 basis points to 1.8430% [8] - The secondary market for credit bonds saw significant price deviations, with "21 Vanke 06" rising over 10% and "23 Vanke 01" increasing by over 21% [10] Group 5: Convertible Bonds - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.47% and trading volume reaching 103.48 billion yuan, up 8.11 billion yuan from the previous trading day [17] - New listings such as Aohong Convertible Bond and Shuangle Convertible Bond hit the upper limit, while some existing bonds like Xinzhi Convertible Bond fell over 10% [17]

Core Viewpoint - Wanda's successful extension of a $400 million bond provides crucial breathing room for the company, allowing it to manage short-term liquidity and continue its business transformation and asset optimization efforts [1] Group 1: Bond Extension Details - The bond, originally due on February 13, 2026, with an interest rate of 11%, has been extended to February 13, 2028 [1] - The extension includes favorable terms for bondholders, maintaining the 11% interest rate and adding mandatory partial redemption clauses on specific dates [1] - The issuer, Wanda Real Estate Global Limited, is backed by Wanda Commercial Properties (Hong Kong) Limited and other affiliates [1] Group 2: Liquidity Management and Asset Strategy - The bond extension is expected to alleviate short-term liquidity pressures, allowing the group to align debt repayment with actual cash flow generation [2] - Wanda retains several core city Wanda Plazas, which provide stable rental income and are crucial for future asset monetization [2] Group 3: Asset Disposal and Business Developments - Recent asset disposals and business collaborations have been notable, including the acquisition of 100% equity in Changde Wanda by China State Construction Engineering Corporation [3] - A court auction for 70% equity in Shanghai Wanda Microfinance Co., Ltd. is scheduled, with a starting price of 510 million yuan [3] Group 4: Ongoing Business Expansion - Despite asset auctions and ongoing debt pressures, Wanda continues to expand its core business, with new Wanda Plazas opening across multiple locations [4] - The company is also launching new projects in the cultural and tourism sector, such as the opening of the Changchun Wanda International Ski Resort [4] - Analysts note that the combination of debt restructuring, asset sales, and new project openings reflects Wanda's strategy to navigate challenges and maintain operational stability, though the effectiveness of these measures remains to be seen [4]

Core Viewpoint - Wanda's successful extension of a $400 million bond provides crucial breathing space for the company, allowing it to manage short-term liquidity and continue its business transformation and asset optimization efforts [1][2]. Group 1: Bond Extension Details - The bond, originally due on February 13, 2026, with an interest rate of 11%, has been extended to February 13, 2028 [1]. - The bond is issued by Wanda Real Estate Global Limited, with guarantees from related parties including Wanda Commercial Properties (Hong Kong) Limited [2]. - The extension includes favorable terms for bondholders, maintaining the 11% interest rate and adding mandatory partial redemption clauses on specific dates [2]. Group 2: Financial Strategy and Asset Management - The extension allows the issuer to redeem the bonds in full or partially at any time and lowers the minimum net asset requirement for Wanda Hong Kong from HKD 800 million to HKD 300 million [3]. - Funding for bond repayment will primarily come from asset disposals, operational cash flow, and dividends from Wanda's subsidiaries [3]. - Wanda's management believes this move will alleviate short-term liquidity pressure and align debt repayment with actual cash flow generation capabilities [3]. Group 3: Asset Disposal and Business Development - In recent months, Wanda has been active in asset disposal and business cooperation, including the sale of 100% equity in Changde Wanda Plaza to China State Construction Engineering Corporation [4]. - A court auction for 70% equity in Shanghai Wanda Microfinance Company is scheduled, with a starting price of CNY 510 million and an estimated value of CNY 730 million [4]. - Despite asset sales, Wanda continues to expand its core business, with new Wanda Plazas opening across multiple cities, adding nearly 500,000 square meters of commercial space [5]. Group 4: Future Outlook - The company is also launching new projects in the cultural and tourism sector, such as the opening of the Changchun Wanda International Ski Resort [5]. - Analysts note that while the bond extension and asset sales are steps to manage debt pressure, the effectiveness of these strategies and the recovery of business operations will require further observation [5].

Core Viewpoint - Wanda's $400 million bond extension plan has been approved, extending the maturity date from February 13, 2026, to February 13, 2028, with a coupon rate of 11% [1] Group 1 - The bond in question is issued by Wanda Real Estate Global Limited [1] - The approval of the extension plan indicates a strategic move by the company to manage its debt obligations effectively [1]

Core Insights - The real estate market in 2025 reflects a significant transformation, with a shift from scale pursuit to product refinement, emphasizing higher usable space and innovative housing designs [1][2] - The concept of "good housing" has been integrated into government policies, marking 2025 as a pivotal year for its implementation [3] - The industry faces challenges, as evidenced by major companies like Vanke and Wanda navigating debt issues and market pressures [10][11][19] Group 1: Industry Trends - The term "卷" (competition) has become central in the real estate sector, indicating a fundamental shift in competitive logic from scale and speed to product quality [2] - "Good housing" has been defined by four core dimensions: safety, comfort, sustainability, and intelligence, with policies supporting its development [3] - The introduction of the "fourth generation housing" concept aims to integrate nature into urban living, promoting designs that enhance green spaces [4] Group 2: Sales and Policy Developments - The promotion of "current housing sales" has gained momentum, with a notable increase in the proportion of current housing sales reaching 32% in 2025, up from 27% in 2024 [5][6] - The relaxation of purchase restrictions in first-tier cities has been a key policy measure to stabilize the market, enhancing buyer confidence [7][8][9] - The revitalization of idle land through special bonds has been initiated, with over 5,000 parcels of land targeted for recovery, totaling over 2.6 billion square meters [6] Group 3: Company-Specific Challenges - Vanke is undergoing a debt restructuring process, facing significant liquidity pressures, with attempts to negotiate debt extensions [11][12][14] - Wanda has experienced financial difficulties, including a temporary restriction on high consumption due to borrowing disputes, highlighting the broader challenges faced by major firms [16][17][19] - The struggles of these leading companies illustrate the dual challenges of debt resolution and business model transformation within the industry [19][20]