Core Viewpoint - The company’s board of directors approved a proposal for its subsidiary, Beijing Beiguang Communication Technology Co., Ltd., to apply for a bank loan to support its business development and project financing needs [1][2]. Group 1: Meeting Details - The 6th meeting of the 13th board of directors was held on January 28, 2026, with all 7 directors present [1]. - The meeting was chaired by the company's chairman, Mr. Qi Zhanyong, and complied with the relevant provisions of the Company Law and the Articles of Association [1]. Group 2: Loan Proposal - Beiguang Communication plans to apply for a bank loan not exceeding 93 million yuan (approximately 9.3 million) for the customization and renovation of its retained factory [2]. - The loan will have a term of up to 10 years and will be secured by the project’s land and property [2]. - The company will open a revenue supervision account for the loan, ensuring that all project income is monitored and used for operational expenses and loan repayment [2]. Group 3: Financial Implications - The loan application is aligned with the company’s structured financing arrangements and long-term strategic planning [2]. - The board believes that this loan will not pose significant financial risks to the company or its shareholders [2].

表决情况：赞成 7 票、反对 0 票、弃权 0 票。 公司控股子公司北京北广通信技术有限公司（以下简称"北广通 信"）根据经营需要，对保留厂房进行定制化装修改造，拟通过银行 贷款的方式解决资金缺口，贷款额度不超过 9,300 万元（含），贷款 期限不超过 10 年（含）。贷款利率为浮动利率，贷款专项用于顺义区 天柱路 26 号院第 11 幢楼的改造工程，并以该项目土地、房产（不含 项目一期）提供抵押。北广通信需开立收入监管账户，接受贷款银行 的监督，该项目的所有收入均进入该监管账户，监管账户内资金可用 于该项目的正常运营支出及偿还该笔贷款的本息。 本次北广通信申请银行贷款能够更好地支持其业务发展，符合公 司及北广通信结构化融资安排和长远战略规划。本次申请银行贷款不 会给公司和北广通信带来重大财务风险，不存在损害公司及全体股东 利益的情形。 公司董事会同意上述事项，并授权公司及北广通信管理层洽谈上 述事项、签署相关文件并办理相关事宜。 证券代码：600658 证券简称：电子城 公告编号：临 2026-005 北京电子城高科技集团股份有限公司 第十三届董事会第六次会议决议公告 公司董事会及全体董事保证本公告内容不 ...

Core Viewpoint - Electronic City (600658) has decided to withdraw its public REITs project application to maintain investor interests and enhance project operational stability [1] Group 1: Stock Performance - As of January 26, 2026, Electronic City closed at 5.47 yuan, down 3.87% from the previous trading day [1] - The stock opened at 5.64 yuan, reached a high of 5.67 yuan, and a low of 5.42 yuan, with a trading volume of 1.9 billion yuan and a turnover rate of 3.09% [1] Group 2: REITs Project Withdrawal - The company held a board meeting on January 16, 2026, where it approved the withdrawal of the public REITs project application [1] - The project was based on assets held by its wholly-owned subsidiary, including the Technology Building, R&D A1 Building, and State Grid Headquarters Building No. 4 [1] - The application materials were accepted by the CSRC and SSE on May 20, 2025, and feedback was received from the SSE on July 2, 2025 [1] - The withdrawal will not have a significant adverse impact on the company's production, operations, or financial status [1] - The application review process has been terminated as of the announcement date [1]

该项目以全资子公司持有的科技大厦、研发A1楼及国电总部4号楼为底层资产，申报材料已于2025年5 月20日获证监会和上交所受理，并于2025年7月2日收到上交所反馈意见。 本次撤回不会对公司生产经营和财务状况造成重大不利影响，亦不存在损害公司及中小股东利益的情 形。截至公告日，申报审核流程已终止。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自业绩披露要点：电子城预计2025年归属净利润亏损14.5亿元至19亿元。 来自公司公告汇总：电子城撤回公募REITs项目申报，称不影响经营和财务状况。 本周关注点 业绩披露要点 电子城发布业绩预告，预计2025年全年归属净利润亏损14.5亿元至19亿元，扣非后净利润亏损14.8亿元 至19.3亿元。 公司公告汇总 电子城第十三届董事会第五次会议于2026年1月16日召开，审议通过《关于申请撤回基础设施公募 REITs项目申报的议案》。公司为维护投资人利益，提高项目经营稳定性，拟撤回公募REITs申报，后 续将择机推进。 截至2026年1月23日收盘，电子城（600658）报收于5.69元 ...

该项目申报材料已于 2025 年 5 月 20 日获证监会和上交所正式受 理，上交所已于 2025 年 7 月 2 日反馈意见。 三、申请撤回的原因 证券代码：600658 证券简称：电子城 公告编号：临 2026-004 北京电子城高科技集团股份有限公司 关于申请撤回公募 REITs 项目申报的提示性公告 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。 经北京电子城高科技集团股份有限公司（以下简称"公司"）于 2026 年 1 月 16 日召开的第十三届董事会第五次会议审议通过，由基 金管理人向中国证券监督管理委员会（以下简称"证监会"）和上海 证券交易所（以下简称"上交所"）申请撤回公募 REITs 项目申报文 件，具体情况如下： 一、项目基本情况 公司于 2024 年 3 月 11 日召开第十二届董事会第二十八次会议， 审议通过《公司关于拟申报发行基础设施公募 REITs 的议案》，同意 公司以全资子公司北京电子城有限责任公司持有的科技大厦、研发 A1 楼及国电总部 4 号楼作为底层资产，开展公募 REITs 申报、发行 ...

Group 1: Domestic News - The People's Bank of China (PBOC) emphasizes accelerating the construction of a cross-border payment system for the renminbi, aiming for a diversified and multi-layered development by 2026 [2] - The Ministry of Industry and Information Technology (MIIT) reports that the industrial and information sectors contributed over 40% to economic growth, with a projected 5.9% increase in industrial value added by 2025 [3] - The Ministry of Housing and Urban-Rural Development (MOHURD) plans to stabilize the real estate market by focusing on urban renewal, community construction, and improving housing sales systems [5] Group 2: International News - Former President Trump announces a framework agreement with NATO regarding Greenland, temporarily halting planned tariffs on European countries [6] - The U.S. Treasury yields show a general decline, with the 10-year Treasury yield down by 4 basis points to 4.26% [25] Group 3: Bond Market Dynamics - The bond market shows a strong performance with the 10-year government bond yield decreasing by 0.05 basis points to 1.8335% [10] - The credit bond market experiences significant price deviations, with some industrial bonds seeing price changes exceeding 10% [11] - Vanke announces a bondholder meeting where a proposal to extend the maturity of a portion of its bonds was approved [12] Group 4: Commodity Market - International crude oil prices rise, with WTI crude up 0.43% to $60.62 per barrel, and natural gas prices surge nearly 30% to $5.040 per million British thermal units [7] Group 5: Equity and Convertible Bond Market - The equity market sees a collective rise, with major indices increasing, and the convertible bond market also reflects this trend with major indices up by approximately 0.90% [21] - The convertible bond market records a trading volume of 912.89 billion yuan, with 308 out of 385 bonds rising in value [21]

Core Viewpoint - The public REITs market in China is experiencing a significant regulatory shift, with the first instances of project withdrawals occurring as a result of new guidelines issued by the Shanghai and Shenzhen Stock Exchanges, which clarify the conditions under which REITs applications may be suspended or terminated [1][6][10]. Group 1: Project Withdrawals - Jin Feng Technology announced on January 20, 2026, its decision to terminate the application for the Jianxin Jin Feng New Energy REIT, marking the first case of a project entering the review stage but failing to issue successfully [1][3]. - On the same day, Electronic City also announced its intention to withdraw the application for the Chuangjin Hexin Electronic City Industrial Park REIT, indicating a strategic retreat to enhance project stability [1][7]. - The recent regulatory changes are closely linked to these withdrawals, as the new guidelines specify conditions for the suspension or termination of REITs applications [1][4]. Group 2: Regulatory Changes - The new guidelines, effective from December 31, 2025, outline specific circumstances under which the review of REITs applications may be terminated, including expired financial documents and failure to respond to inquiries within the stipulated time [4][14]. - The introduction of these guidelines aims to improve the transparency and efficiency of the REITs application process, ensuring that projects do not remain in limbo and occupy regulatory resources unnecessarily [7][17]. - The regulatory environment is shifting towards a more stringent approach, emphasizing the importance of maintaining high standards for project approvals in the public REITs market [6][10]. Group 3: Market Dynamics - As of the end of 2025, there were 79 public REITs listed in China, with a total issuance scale exceeding 210 billion yuan, reflecting a steady expansion of the market [6][16]. - The relationship between REIT issuers and investors is evolving, with a shift from early valuation premiums to a more rational and professional pricing phase [6][10]. - The market is expected to see a balance between active applications and stringent entry requirements, creating a new ecosystem for public REITs [10][18].

Core Viewpoint - The public REITs market in China has witnessed its first case of a failed issuance during the exchange review stage, highlighting the impact of new regulatory guidelines introduced at the end of 2025 [3][4]. Group 1: Case Studies of Failed Issuance - Jin Feng Technology announced the termination of its public REITs application on January 19, 2026, due to long-standing failure to respond to exchange feedback, aligning with new regulatory requirements [4]. - Similarly, Electronic City also withdrew its public REITs project application on the same day, indicating a trend of stalled projects under the new guidelines [5]. Group 2: Regulatory Changes and Market Impact - The new guidelines issued by the Shanghai and Shenzhen Stock Exchanges on December 31, 2025, aim to enhance transparency and efficiency in the review process for public REITs, defining specific circumstances under which applications can be terminated [5]. - The guidelines list seven conditions for termination, including failure to respond to feedback within the stipulated time and the expiration of financial data and asset evaluation reports [5]. - As of the end of 2025, there are several projects in the review stage that have not progressed, raising concerns about their compliance and operational status [5]. Group 3: Future Market Trends - A head of REITs business at a leading fund company noted that the new regulations necessitate enhanced due diligence before application submissions, shifting the focus from issuance to compliance and operational management [6]. - The public REITs market is transitioning towards favoring projects with stable cash flows and sound operational management, as indicated by the Jin Feng Technology case [6]. - According to Wind statistics, by the end of 2025, there were 79 public REITs listed with a total issuance scale exceeding 210 billion yuan, reflecting a growing market [6]. - A report from China International Capital Corporation suggests that the public REITs market is entering a new phase of normalized issuance, with expectations for continued growth in scale, asset diversity, and improved investor structure in 2026 [6].

Core Viewpoint - The recent regulatory changes have led to the first case of a public REIT failing to issue after entering the exchange review stage, highlighting the impact of new guidelines aimed at preventing projects from remaining unresolved for extended periods [1][2]. Group 1: Regulatory Changes - The new guidelines from the Shanghai and Shenzhen Stock Exchanges, effective by the end of 2025, explicitly define circumstances under which public REIT applications can be terminated, aiming to enhance transparency and efficiency in the review process [2][3]. - The guidelines list seven specific scenarios for application termination, including failure to respond to exchange feedback within the stipulated timeframe [2]. Group 2: Company-Specific Cases - Jin Feng Technology announced the termination of its public REIT application, which began in September 2021 and had not progressed due to a lack of response to feedback from the exchange [1]. - Similarly, Electronic City plans to withdraw its infrastructure public REIT project application, which was submitted in May 2025, due to a lack of progress following initial feedback [2]. Group 3: Market Implications - The implementation of the new regulations is expected to shift the focus of public REITs from merely issuing to emphasizing operational compliance and management capabilities, favoring projects with stable cash flows [3]. - As of the end of 2025, there are 79 public REITs listed in the market, with a total issuance scale exceeding 210 billion yuan, indicating a growing market despite recent challenges [3].

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].