Group 1 - Changhong Huayi's directors and executives plan to increase their holdings in the company by no less than 3.3583 million yuan [1] - ST Lutong's specific shareholders and executives intend to reduce their holdings by no more than 3.33% [1] - Cap Bio's Yunnan Zhonghe plans to reduce its holdings by no more than 3% [1] Group 2 - Jiangshan Oupai's shareholder Wang Zhong intends to reduce his holdings by no more than 3% [1] - Qingda Environmental's Binglun Environment plans to reduce its holdings by no more than 3% [1] - Fuguang Co., Ltd.'s Fujian State-owned Assets Management Company intends to reduce its holdings by no more than 3% [1] Group 3 - Jinpu Garden's Zhuhai Huachuang and Gaoke Xinchuan plan to reduce their holdings by no more than 2% [1] - Debi Group's controlling shareholder intends to reduce its holdings by no more than 1.92% [1] - Everbright Jiabao's Jiading Jianye and others plan to reduce their holdings by no more than 1% [1] Group 4 - Nankuang Group's Executive Vice President Gong Youliang intends to reduce his holdings by no more than 1% [1]

证券代码：600622 股票简称：光大嘉宝 公告编号：临 2026-003 光大嘉宝股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 大股东持股的基本情况 截至本公告披露之日，上海嘉定建业投资开发有限公司（以下简称"嘉定建 业"）持有光大嘉宝股份有限公司（以下简称"公司、本公司"）无限售条件流 通股 139,183,920 股，占公司总股本的 9.28%。上海嘉定科技投资（集团）有限 公司（以下简称"嘉定科投"）持有公司无限售条件流通股 72,053,586 股，占 公司总股本的 4.80%。嘉定建业与嘉定科投为一致行动人，合计持有公司无限售 条件流通股 211,237,506 股，合计占公司总股本的 14.08%。 减持计划的主要内容 公司于近日收到嘉定建业与嘉定科投出具的《关于拟减持公司股份的通知 函》。因自身资金需求，自本公告披露之日起满 15 个交易日后的 3 个月内，嘉定 建业与嘉定科投计划通过集中竞价方式减持公司股份合计不超过 14,99 ...

光大嘉宝公告，公司近日收到上海嘉定建业投资开发有限公司及上海嘉定科技投资（集团）有限公司的 通知，两者计划在自公告披露15个交易日后的3个月内，通过集中竞价方式减持公司股份合计不超过 1%。 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In January 2026, the REITs market started the year strongly, with the CSI REITs Total Return Index rising 4.2%, outperforming the CSI 300. Various asset REITs indices generally increased, with IDC, consumption, industrial parks, utilities, and warehousing leading the gains. The liquidity of the market improved, and most asset valuations significantly increased, while the REITs dividend yield narrowed compared to long - term bonds [4]. - The first batch of 8 commercial real - estate REITs were declared, showing six characteristics: diverse asset types, wide geographical distribution, state - owned dominance with participation from private and foreign enterprises, large issuance scale, different valuation safety margins for different asset types, and differentiated operating performance [4]. - In January, there were no new REITs issuances in the primary market, but two REITs' additional issuance shares were listed. China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day. Five infrastructure REITs projects were terminated, and Hua'an Waigaoqiao REIT announced a planned additional issuance [4]. 3. Summary by Relevant Catalogs 3.1 First Batch of Commercial Real - Estate REITs Accepted, Six Characteristics Reviewed - **Asset Types and Geographical Distribution**: The first batch of 8 commercial real - estate REITs involve various asset types such as office buildings, commercial retail, and hotels, with the first - time appearance of mixed - asset offerings in public REITs. The projects are located in first - tier, new first - tier, provincial capitals, and regional core cities, and Hua'an Jinjiang Commercial REIT's underlying assets are mainly in second - and third - tier cities [10]. - **Fund - raising Scale and Valuation**: The average planned fund - raising amount of the 8 REITs is 3.934 billion yuan, much higher than that of infrastructure REITs in the pipeline. The valuation safety margin of commercial retail is relatively high, while that of office buildings is low [13]. - **Operation Performance**: Commercial retail has a stable high occupancy rate, office buildings show regional differentiation, and the hotel business has large operating fluctuations [13]. - **Individual Project Analysis**: Analyze the characteristics, performance, and risks of 8 REITs projects such as CICC Vipshop Commercial REIT, Huaxia CapitaLand Commercial REIT, etc. [15][19][22] - **Listed Companies' Plans**: As of January 30, 2026, 3 A - share listed companies (Poly Developments, Maoye Commercial, and Everbright Jiabao) announced plans to apply for commercial real - estate REITs, and Poly Developments' project has been accepted by the Shanghai Stock Exchange [50]. 3.2 January Market Flourished, with Differentiated Gains under Performance Growth - **Overall Market Performance**: In January 2026, the equity market was mediocre, the CSI 300 Total Return Index rose 1.8%, and the CSI Dividend Total Return Index rose 3.8%. The CSI REITs Total Return Index rose 4.2%, outperforming the CSI 300 and the CSI Dividend Total Return Index. Long - term bond yields declined [58]. - **REITs Asset Performance**: All types of REITs assets rose in January. IDC, consumption, industrial parks, utilities, and warehousing had the top five gains. The gains of utilities and consumption REITs indices widened significantly compared to December 2025 [64]. - **Individual Bond Performance**: 96% of REITs bonds rose, and only 3 fell. Hua'an Bailian Consumption REIT led the gains and triggered a trading halt [69]. - **Liquidity**: The average daily turnover rate of Shanghai and Shenzhen REITs was 0.55%, up 0.15 pcts month - on - month. The liquidity of IDC and consumption REITs improved significantly, while that of rent - protected housing and energy improved limitedly, and the trading of transportation REITs was still dull [74]. - **Dividend Yield and Valuation**: As of January 30, 2026, the dividend yield of equity - type REITs was 4.46%, and that of concession - type REITs was 8.58%. The spread between equity - type REITs and 10 - year treasury bonds narrowed, while the spread with CSI Dividend stocks widened. The P/NAV of equity - type REITs was at the 87% quantile, and the P/FFO of concession - type REITs was at the 52% quantile [75][85][86]. - **Internal Rate of Return (IRR)**: The IRR of equity - type REITs was 3.8%, and that of concession - type REITs was 5.0%, both lower than the previous period [96]. 3.3 No New Issuance This Month, China Nuclear Clean Energy to Be Listed on February 2nd - **Primary Market and Additional Issuance**: In January 2026, there were no new REITs issuances in the primary market, and the additional issuance shares of Huaxia Fund China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were listed [100]. - **New Listing**: China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day [104]. - **Queuing Projects**: Two projects (China International Capital Corporation Xiamen Torch Industrial Park REIT and AVIC Beijing Changping Rent - protected Housing REIT) are under the first - round inquiry, and 5 projects are terminated [107]. - **Bidding Projects**: Hubei Cultural Tourism Group Co., Ltd. plans to issue public REITs for its cultural and tourism assets, and Huatai - PineBridge Fund won the bid for the public REIT project of Shanghai Real Estate (Group) Co., Ltd. [111] 3.4 JD Warehousing to Be Unlocked on February 8th, Hua'an Waigaoqiao Plans Additional Issuance - **Unlocking and Additional Issuance**: The strategic placement shares of Harvest JD Warehousing REIT will be unlocked on February 8th. Hua'an Waigaoqiao REIT plans to conduct an additional issuance and purchase two real - estate projects in Pudong New Area, Shanghai [116]. - **Market - making Services**: In the first half of January, Industrial Securities provided market - making services for some public REITs. Huaxia Nanjing Transportation Expressway REIT's original equity holder changed the use of the recovered funds [120].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On January 29 - 30, 2026, 8 commercial real - estate REITs were successively declared on the Shanghai Stock Exchange, with a total planned fundraising scale of 31.48 billion yuan. The issuers are diverse, including 1 central enterprise, 2 Shanghai state - owned enterprises, 3 private enterprises, and 1 foreign - funded enterprise [4]. - As of January 30, 2026, 20 REITs have been successfully issued since 2025, with a total issuance scale of 40.3 billion yuan. This week, 10 first - issue public REITs made new progress, and the China Nuclear Clean Energy REIT will be listed on February 2, 2026 [4]. - This week, the CSI REITs Total Return Index closed at 1052.42 points, up 0.47%, outperforming the CSI 300 by 0.39 percentage points and underperforming the CSI Dividend by 1.11 percentage points. The CSI REITs Total Return Index has risen 4.22% since the beginning of the year, outperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 0.65 percentage points [4]. - In terms of liquidity, the average daily turnover rates of equity - type and franchise - type REITs this week were 0.58% and 0.44% respectively, down 14.01 and 2.61 basis points from last week. The trading volumes this week were 614 million and 146 million shares respectively, down 17.82% and 5.64% week - on - week [4]. - In terms of valuation, the yields of equity - type and franchise - type REITs according to ChinaBond valuation are 3.69% and 4.78% respectively. The transportation, warehousing and logistics, and park sectors rank among the top three [4]. 3. Summary According to the Table of Contents 3.1 Primary Market: 10 First - issue Public REITs Made New Progress - As of January 30, 2026, 79 REITs have been issued, with a total issuance scale of 203.5 billion yuan, a total market value of 228.7 billion yuan, and a circulating market value of 124.7 billion yuan. Among them, there are 56 equity - type REITs and 23 franchise - type REITs [14]. - This week, 10 first - issue REITs made new progress. 8 commercial real - estate REITs were declared to the CSRC and were accepted on the day of declaration. The China Aviation Beijing Changbao Rental Housing REIT and the CICC Torch Industrial Park REIT have been queried. There is no new progress in the expansion and fundraising this week [4][15][16]. 3.2 Secondary Market: Liquidity Declined This Week 3.2.1 Market Review: The CSI REITs Total Return Index Rose 0.47% - This week, the CSI REITs Total Return Index closed at 1052.42 points, up 0.47%, outperforming the CSI 300 by 0.39 percentage points and underperforming the CSI Dividend by 1.11 percentage points. The CSI REITs Total Return Index has risen 4.22% since the beginning of the year, outperforming the CSI 300 by 2.57 percentage points and the CSI Dividend by 0.65 percentage points [4]. - By project attribute, equity - type REITs rose 0.27% this week, and franchise - type REITs rose 0.69%. By asset type, the energy (+1.43%), environmental protection and water services (+0.87%), transportation (+0.45%), and park (+0.39%) sectors performed well [4]. 3.2.2 Liquidity: Both Turnover Rate and Trading Volume Declined - The average daily turnover rates of equity - type and franchise - type REITs this week were 0.58% and 0.44% respectively, down 14.01 and 2.61 basis points from last week. The trading volumes this week were 614 million and 146 million shares respectively, down 17.82% and 5.64% week - on - week. The data center sector was the most active [4]. 3.2.3 Valuation: The Valuation of the Affordable Housing Sector is Relatively High - According to ChinaBond valuation, the yields of equity - type and franchise - type REITs are 3.69% and 4.78% respectively. The transportation (5.92%), warehousing and logistics (5.29%), and park (4.39%) sectors rank among the top three [4]. 3.3 This Week's News and Important Announcements - This week, there were multiple important news and announcements, including Nanjing's plan to seize the opportunity of infrastructure REITs expansion, Poly Development's declaration of commercial real - estate REITs, Beijing's holding of the first provincial - level commercial real - estate REITs training session, and the declaration of the first batch of commercial real - estate REITs to the CSRC [33]. - There were also important announcements such as the listing of the China Nuclear Clean Energy REIT, the release of the operation data of the China Everbright Yuexiu Highway REIT, the change of the use of funds by the China Nanjing Transportation Highway REIT, and the expansion and fundraising plan of the Hua'an Waigaoqiao REIT [34].

Core Viewpoint - The company, Everbright Jiabao Co., Ltd., is initiating the application for public REITs (Real Estate Investment Trusts) focused on commercial real estate, utilizing its managed funds and specific projects as underlying assets [2][4]. Group 1: Transaction Overview - The company is participating in the issuance of public REITs through its managed funds, Shanghai Guangling Investment Center and Tianjin Anshi Jinrui Equity Investment Fund, using the Jing'an Grand City project and Jiangmen Grand City project as underlying assets [2][4]. - The transaction does not constitute a major asset restructuring and is currently in the application stage, pending approval from relevant regulatory bodies [3][4]. Group 2: Asset Details - The Jing'an Grand City project, held by Shanghai Guangling, has a total construction area of approximately 189,000 square meters and is focused on commercial retail [6]. - The Jiangmen Grand City project, held by Anshi Jinrui, has a total construction area of approximately 120,000 square meters and is also focused on commercial retail [7]. Group 3: Impact on the Company - The issuance of public REITs is expected to help the company revitalize its existing assets, enhance the management cycle of real estate assets, and improve the brand image of "Grand City," contributing to the company's sustainable development [7].

重要内容提示： 光大嘉宝股份有限公司（以下简称"公司"）参与投资的在管基金 上海光翎投资中心（有限合伙）（以下简称"上海光翎"）和天津安石锦 瑞股权投资基金合伙企业（有限合伙）（以下简称"安石锦瑞"）拟以其 分别持有的静安大融城项目和江门大融城项目作为底层资产开展商业不 动产公募 REITs 申报发行工作。 本次交易暂不构成关联交易，在未来申报发行过程中如涉及关联 交易，公司将履行相应审批程序并及时披露。 本次交易不构成重大资产重组。 本次交易处于待申报阶段，尚需相关监管机构审核同意。公司将 根据申报进展及实际情况，及时履行信息披露义务。敬请广大投资者注 意风险，谨慎投资。 证券代码：600622 股票简称：光大嘉宝 编号：临 2026-002 光大嘉宝股份有限公司 关于在管基金开展商业不动产公募 REITs 申报发行工作的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易概述 2025 年 12 月 31 日，中国证监会发布《中国证监会关于推出商业不 动产投资信托基金试点的公告》，上海证券交易所发布《关于商业不 ...

Core Viewpoint - The company announces its participation in the investment of managed funds Shanghai Guangling and Anshi Jinrui, which plan to apply for public REITs based on the underlying assets of Jing'an Dairong City and Jiangmen Dairong City projects [1] Group 1 - The board of directors approved the relevant proposal on January 29, 2026 [1] - Jing'an Dairong City has a total construction area of approximately 189,000 square meters, while Jiangmen Dairong City covers about 120,000 square meters, both focusing on commercial retail [1] - The original equity holders intend to subscribe for no less than 20%, with a profit distribution ratio exceeding 90% [1] Group 2 - This transaction does not constitute a related party transaction or a major asset restructuring and is subject to regulatory review, indicating uncertainty [1]

Group 1 - The company, Everbright Jiabao (600622), primarily engages in real estate asset management and investment, with no involvement in AI applications or digital assets [1] - The company maintains ongoing attention to policies related to commercial real estate REITs [1]

Core Viewpoint - The company, Everbright Jiabao (600622), confirmed that its current operational status is normal and does not trigger any delisting risk warnings as per the Shanghai Stock Exchange regulations [1] Group 1: Company Operations - The company emphasizes its commitment to active management and value creation as core principles [1] - It focuses on real estate asset management as its main business area [1] - The company aims to leverage its professional advantages to strengthen internal management and enhance operational capabilities [1] Group 2: Financial Stability - The company is working towards maintaining stable production and improving profitability [1]