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].

2026 年 01 月 31 日 首批 8 单商业不动产 REITs 正式申 报！ ——公募 REITs 周度跟踪（2026.01.26-2026.01.30） 相关研究 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 《运营整体向好，板块内部分化— —公募 REITs 周度跟踪 （2026.01.12-2026.01.16）》 2026/01/17 《市场开门红，三单项目集中获问 询——公募 REITs 周度跟踪 （2026.01.05-2026.01.09）》 2026/01/10 债 券 研 究 证 券 研 究 报 告 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 ...

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]

证券日报网讯1月29日，光大嘉宝（600622）在互动平台回答投资者提问时表示，目前，公司主要从事 不动产资产管理、不动产投资等业务，未涉及AI应用、数字资产方面的业务。公司对商业不动产REITs 的相关政策持续保持关注。 ...

证券日报网讯1月21日，光大嘉宝（600622）在互动平台回答投资者提问时表示，目前公司经营情况正 常，未涉及《上海证券交易所股票上市规则》规定的触发实施退市风险警示的情形。公司将继续坚持主 动管理和价值创造的核心理念，聚焦不动产资产管理主业，发挥公司专业优势，强化内部管理、提升运 营能力，努力使公司生产经营保持稳定、盈利能力得到改善。 ...

Core Viewpoint - The real estate sector continues to face widespread losses, with most listed companies in the A-share market reporting varying degrees of deficit for 2025, except for the leading company, Poly Developments [2][3]. Group 1: Company Performance - Among the 27 listed real estate companies that have released performance forecasts, only Poly Developments reported a positive net profit of approximately 1.03 billion yuan, while the total losses of the other companies ranged from 47.546 billion to 62.464 billion yuan [3]. - Poly Developments experienced a revenue decline of 1.09% year-on-year, with a net profit drop of 79.49% due to decreased gross profit margins and anticipated asset impairment losses of about 6.9 billion yuan [3]. - Other companies, such as China Fortune Land Development, are projected to incur losses of 16 billion to 24 billion yuan for 2025, with net assets expected to decline by 10 billion to 15 billion yuan [4]. Group 2: Industry Challenges - The real estate sector has been struggling with significant losses since 2022, attributed to factors such as low-profit project settlements, increased impairment provisions, and rising interest expenses [6]. - The sales volume of commercial housing is expected to decline by 12.6% year-on-year in 2025, indicating ongoing market challenges [7]. - The real estate development prosperity index has been on a downward trend, reaching 91.45 by December 2025, reflecting a sluggish economic activity in the sector [7]. Group 3: Future Outlook - Analysts suggest that the adjustment cycle in the real estate market may be nearing its end by 2026, with potential growth in the high-quality residential market driven by policy support and demand structure upgrades [8]. - Companies facing significant losses must manage their market value and ensure compliance with financial reporting to avoid delisting risks, which could arise from continuous losses or failure to meet revenue thresholds [9].