Group 1 - The A-share retail sector saw an afternoon rise, with Xinhua Department Store hitting the daily limit, and Sanjiang Shopping increasing by over 9% [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also experienced gains [1] - The rise in the retail sector is attributed to the announcement of the "2026 'Legou New Spring' Special Activity Plan" by nine departments, which aims to promote consumer spending during the Spring Festival through various integrated activities [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 ...

Group 1 - Zhongyuan Expressway (600020) expects a net profit of approximately 612 million yuan for 2025, a decrease of about 30% year-on-year [1] - Bomin Electronics (603936) anticipates a net profit of 15 million to 22 million yuan for 2025, achieving a turnaround from loss to profit compared to the previous year [2] - Fangda Special Steel (600507) forecasts a net profit of 835 million to 998 million yuan for 2025, an increase of 236.9% to 302.67% year-on-year [3] Group 2 - Jiadu Technology (600728) expects a net profit of 160 million to 200 million yuan for 2025, recovering from a loss of 115 million yuan in the previous year [4] - Changyang Technology (688299) predicts a net loss of 116 million to 168 million yuan for 2025 [5] - Zhongzi Technology (688737) anticipates a net loss of 45.24 million to 67.86 million yuan for 2025 [6] Group 3 - Two-sided Needle (600249) expects a net profit of 5 million to 10 million yuan for 2025, a decline of 87.67% to 93.83% year-on-year [7] - Sanrenxing (605168) forecasts a net profit of 181 million to 209 million yuan for 2025, an increase of 46.79% to 69.5% year-on-year [8] - Shubeide (300322) anticipates a net profit of 60 million to 70 million yuan for 2025, recovering from a loss of 64.46 million yuan in the previous year [9] Group 4 - Maoye Commercial (600828) expects a net loss of 201 million to 242 million yuan for 2025 [10] - Hongsheng Huayuan (601096) forecasts a net profit of 348 million to 400 million yuan for 2025, an increase of 51.22% to 73.82% year-on-year [11] - Huafeng Technology (688629) anticipates a net profit of 338 million to 388 million yuan for 2025, achieving a turnaround from loss to profit [12] Group 5 - Aerospace Rainbow (002389) expects a net profit of 25 million to 31 million yuan for 2025, a decrease of 64.84% to 71.65% year-on-year [14] - Shangong Shenbei (600843) predicts a net loss of 120 million to 150 million yuan for 2025, compared to a loss of 244 million yuan in the previous year [15] - Chaoxun Communication (603322) anticipates a net profit of 36 million to 54 million yuan for 2025, achieving a turnaround from loss to profit [16] Group 6 - Guannong Co. (600251) expects a net profit of 330 million to 340 million yuan for 2025, an increase of 61.29% to 66.18% year-on-year [17] - Shandong Steel (600022) forecasts a net profit of around 100 million yuan for 2025, recovering from a loss of 2.891 billion yuan in the previous year [18] - Baili Technology (603959) anticipates a net loss of 140 million to 200 million yuan for 2025 [19] Group 7 - Electric Power Investment Hydropower (600292) expects a net profit of approximately 517 million yuan for 2025, a year-on-year increase of about 1337% [20] - Aibulu (301259) forecasts a net profit of 26 million to 33.8 million yuan for 2025, recovering from a loss of 30.84 million yuan in the previous year [21] - Yipin Hong (300723) announced that its subsidiary received approval for clinical trials of a new drug [22] Group 8 - Meixin Sheng (688458) plans to acquire 100% equity of Xinyan Micro for 160 million yuan [23][24] - Lanshi Heavy Industry (603169) expects a net loss of 370 million to 440 million yuan for 2025, transitioning from profit to loss [25] - Hongyang (000525) anticipates a net loss of 260 million to 390 million yuan for 2025, compared to a profit of 388 million yuan in the previous year [26] Group 9 - Tianzhihang (688277) predicts a net loss of 165 million to 198 million yuan for 2025, with losses expected to widen by 36.22% to 63.46% compared to the previous year [27] - Tongda Co. (002560) announced plans for a major shareholder to reduce holdings by no more than 1% [28] - *ST Chengchang (001270) expects a net profit of 95 million to 124 million yuan for 2025, recovering from a loss of 31.12 million yuan in the previous year [29] Group 10 - Yirui Technology (688301) reported a net profit of 661 million yuan for 2025, a year-on-year increase of 42.15% [30] - Hualitai (001217) anticipates a net loss of 28 million to 38 million yuan for 2025, transitioning from profit to loss [31] - Yunjiji Group (001288) expects a net profit of 220 million to 252 million yuan for 2025, a year-on-year increase of 40% to 60% [32] Group 11 - Heertai (002402) forecasts a net profit of 638 million to 729 million yuan for 2025, an increase of 75% to 100% year-on-year [33] - Shenhao Technology (300853) anticipates a net loss of 185 million to 220 million yuan for 2025, compared to a loss of 238 million yuan in the previous year [34] - Zhongyan Dadi (003001) expects a net profit of 10 million to 15 million yuan for 2025, a decline of 75.97% to 83.98% year-on-year [35] Group 12 - Landai Technology (002765) forecasts a net profit of 180 million to 200 million yuan for 2025, a year-on-year increase of 44.83% to 60.93%, with a non-recurring profit of 140 million to 160 million yuan, an increase of 113.1% to 143.54% [37] - Yingfeite (300582) plans to raise product prices by 5% to 15% starting March 1, 2026, due to rising raw material costs [38] - Lanzhou Bank (001227) plans to distribute 285 million yuan in cash dividends for the 2025 interim profit distribution [39] Group 13 - Wancheng Group (300972) announced plans for shareholders to reduce holdings by no more than 1.27% [40] - *ST Huarong (600421) expects to turn a profit in 2025, with a projected net profit of 6.5 million to 8 million yuan [41] - Jiaheng Home (300955) anticipates a net loss of 29 million to 39 million yuan for 2025, compared to a loss of 23.69 million yuan in the previous year [42] Group 14 - Aide Biology (300685) announced plans for a major shareholder to reduce holdings by no more than 1.22% [43] - Haixia Innovation (300300) expects a net profit of 100 million to 150 million yuan for 2025, a year-on-year increase of 1660.56% to 2540.85% [44]

Group 1 - The core point of the announcement is the adjustment of the public REITs application plan for commercial real estate to ensure the project's successful issuance due to tight timelines [1][2][3] Group 2 - The underlying asset for the REITs has been adjusted from multiple buildings in Chengdu Maoye Center to specifically the C Tower office property [2] - The company will continue to advance the issuance of the commercial public REITs project and will consider market conditions for future asset developments [2] Group 3 - The adjustment of the application plan aims to ensure the progress of the project issuance and aligns with the long-term asset revitalization strategy of the company [3] - The adjustment will not impact the company's financial status or daily operations, nor will it harm the interests of minority shareholders [3]

随着《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》的发布，写字楼、酒店等商业不动产 迎来新的盘活途径。近期，已有多家企业披露具体的商业不动产投资信托基金(REITs)申报方案和入池 资产，更多公司则表示正积极关注，对相关资产进行梳理评估。 武商集团（000501）亦表示，关于商业不动产公募REITs，目前公司已启动专项研究工作，对旗下符合 发行条件的商业资产进行梳理与评估，审慎论证相关方案的必要性、可行性及发行路径。后续若涉及重 大事项，公司将依法依规，履行信息披露义务。 从已披露信息看，具备成熟商办资产和运营能力的企业率先制定发行方案；更多企业仍处于资产筛选和 路径论证阶段。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，过去商业项目资金沉淀周期较长，而 REITs能够实现风险分散和收益共享，有利于企业降低资产负债率，也有助于提升商业不动产的市场定 价和运营透明度。 戴德梁行相关负责人在接受《证券日报》记者采访时曾表示，公募REITs扩容至酒店以及写字楼资产， 一方面，有助于推动房地产行业从开发逻辑向运营逻辑转型；另一方面，也有利于更多社会资金进入不 动产投资的赛道，帮助企业提升运营管理能 ...

Group 1 - The core viewpoint of the article indicates that the company's main business is under pressure due to the macroeconomic environment, with the retail department store industry still in a bottoming phase, leading to a decline in net profit [2] - The company plans to recognize goodwill impairment of approximately 53.88 million to 71.84 million yuan and impairment of investment properties of about 184.25 million to 245.66 million yuan due to declining operating conditions and rental levels [2] - The company's performance has been declining consistently, with revenue dropping from 4.168 billion yuan in 2021 to 2.716 billion yuan in 2024, and net profit falling from 409 million yuan in 2021 to only 37.15 million yuan in 2024, a decrease of nearly 90% over four years [2] Group 2 - Despite the continuous decline in performance, losses are still considered rare for the company [4]

每经AI快讯，茂业商业1月28日晚间发布公告称，公司第十一届第四次董事会会议于2026年1月28日以 现场结合通讯方式召开。会议审议了《关于取消2026年第一次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 曾健辉） ...

Core Viewpoint - Maoye International (00848) announced the initiation of a public REITs issuance for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement was made on January 23, 2026, regarding the public REITs issuance plan [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North Section, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments to the Plan - Due to the tight timeline for the issuance, the management of Maoye Commercial, in consultation with intermediaries, decided to adjust the asset composition for the REITs [1] - The adjusted underlying asset will be the office property located at the C Tower of Chengdu Maoye Center, also at No. 28 Tianfu Avenue North Section, subject to regulatory approval [1] Group 3: Future Plans - The issuance of the commercial public REITs project will continue to progress, with the company planning to adapt its approach based on market conditions [1]

Core Viewpoint - Maoye International (00848) announced plans to issue public REITs for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement regarding the public REITs issuance was made on January 23, 2026, under announcement number 2026-004 [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments and Future Plans - Due to the tight timeline for the REITs issuance, the company has made adjustments to the initial proposal after thorough discussions with intermediaries [1] - The adjusted underlying asset will now be the C Tower office property at the same location, owned by related party Chengdu Chongde Investment, pending regulatory approval [1] - The company will continue to advance the public REITs project and will consider market conditions for future asset developments related to public REITs [1]