（000031.SZ，以下简称"大悦城控股"）始终以坚定的战略定力、卓越的运营能力和穿越周期的韧性， 致力于打造"好房子"，提供"好服务"。从空间运营者到青年文化的共建者、商业资源的连接者，大悦城 与城市共生，不断跃迁。在探索房地产发展新模式的实践中，大悦城控股以精准的战略、对"好房子"的 深刻理解以及深度构建商业运营价值的能力，实现领跑。 精准战略和定力引领新发展 2026年新年伊始，着力稳定房地产市场，加快构建房地产发展新模式，正在推动行业实现深度转型。房 地产行业的底层逻辑正在被重构，这同时给房地产带来机遇。一批优秀企业凭借战略转型与能力重构， 主动优化业务模式、持续强化产品与服务价值，不断夯实资本韧性，实现高质量发展。 作为中粮集团旗下核心的地产投资与管理平台，大悦城（000031）控股集团股份有限公司 随着房地产行业进入深度调整期，整个行业都在寻找新的发展模式。唯有精准的战略和坚定的执行力， 方能穿越周期迷雾，把握结构性机遇。大悦城控股的系列举措，清晰展现了其以战略定力应对市场变化 的决心与能力。 大悦城控股真正将"年轻力"从话题转化为系统能力，构建了一套从客群洞察、内容创新、场景营造到组 织支撑的 ...

消费分层、情绪经济、国潮进化、即时零售、AI重塑等关键词成为2025年消费市场的注脚，一方面品牌代谢周期正在缩短，另一方面沉淀下来的优质品 牌们正在拓展更大的舞台。 这一年，北京商业量质齐增，超极合生汇西区、中关村大融城、中海大吉巷、京东MALL、湾里等新开项目备受瞩目，带来诸多新进品牌，同时，许多首 次进京的品牌仍把"首秀"锁定在核心商圈顶流商场。 据赢商大数据不完全统计，2025年358家品质首店进入北京市场，相比2024年的219家大增60%。从首店类型看，有全国首店57家、华北首店25家、北京首 店276家。 ■ 业态分布看，餐饮业态略胜零售业态一筹，餐饮品质首店169家，以休闲餐饮、中式餐饮、异国风情餐饮、火锅等细分品类为主；零售新首店158家，以 服装和时尚生活为主，超市"新秀"表现瞩目；儿童亲子、文体娱类业态分别新开首店15家和8家，数量比去年略多。 ■ 品牌国籍来看，中国品牌（含港台）281家，占比约78%；国际品牌77家，占比22%，较去年的31%有所降低，其中包括16个国家和地区的品牌——韩 国、美国、日本、法国、英国等数量较多。这在一定程度上反映出国内品牌的强势崛起，和市场不再迷信国际品 ...

奶酪、咖啡、葡萄酒、皮具产品……琳琅满目的进口商品在北京商业新地标湾里形成了特色风景线。2月4日，"共享大市场·出口中国"2026年首场活动暨北 京国际精品荟启动活动举行，泰国、墨西哥、巴西、马里、格鲁吉亚、伊朗、马来西亚等多国企业携特色好物亮相，全球优质商品成为中国消费者的新选 择。以此为缩影，中国大市场成为全球共享大市场，中国新发展成为全球新机遇。 全球交易 主动作为 举办"共享大市场·出口中国"系列活动，是中国扩大自主开放、推动全球开放合作的主动作为，是从贸易伙伴角度出发、打造"国字号"活动品牌的创新之 举，是致力于让中国大市场成为全球共享大市场、让中国新发展成为全球新机遇的务实举措。2026年，商务部将围绕"共享大市场·出口中国"系列活动，多 渠道、多形式举办超百场系列活动，邀请英国、哈萨克斯坦、肯尼亚、泰国等国家担任"出口中国"2026年度主题国，支持全球更多优质商品和服务出口到中 国，进入中国千家万户。 除了现有的外资深耕中国市场外，依旧有越来越多的外国品牌将目光放在了中国。"接下来，英国将助力本土中小企业对华出口"，英国驻华大使魏磊Peter Wilson坦言，中小企业缺乏系统开拓中国市场的资源 ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The report highlights a strategic shift among mainland real estate companies from development to commercial operations, with firms like China Resources Land and Joy City expected to benefit from this transition [9][41]. - The report categorizes real estate companies based on their rental income performance, identifying three distinct groups: those with stable growth, those with slight fluctuations, and those experiencing significant declines [21][34]. Summary by Sections 1. Differences in Commercial and Development Ratios Among Companies - Mainland real estate firms are adopting a "development + commercial" dual-driven model, with companies like New Town Holdings and Longfor Group transitioning towards commercial operations [14]. - Hong Kong-backed firms prefer a purer commercial operation model, focusing on quality over quantity in their projects [14]. 2. Comparison of Commercial Real Estate Operational Efficiency - Hong Kong-backed firms generally have fewer but higher-quality commercial projects, leading to better rental yields and resilience in occupancy rates compared to mainland firms [35]. - China Resources Land leads in shopping center rental efficiency due to its strategic positioning in major cities [35]. 3. Investment Recommendations - The report suggests focusing on mainland firms that are transitioning to commercial operations, particularly those benefiting from the rollout of commercial real estate REITs, such as China Resources Land and Joy City [41]. - It also recommends defensive stocks with high asset quality and competitive dividend yields, including Swire Properties, Kerry Properties, and Hang Lung Properties [41].

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

房地产 | 证券研究报告 — 行业点评 2026 年 2 月 2 日 强于大市 商业不动产 REITs 点评 首批商业不动产 REITs 发行在即，存量盘活规模可期 核心观点 相关研究报告 《正视困境，冲出重围；长坡薄雪，向阳而生—— 房地产行业 2026 年年度策略》（2026/01/13） 《资产证券化系列报告二：从"证券化"到"通证 化"，RWA 重构资产投资逻辑》（2025/09/24） 《资产证券化系列报告一：我国资产支持证券存量 规模超 3 万亿元；公募 REITs 从破冰到常态化发行， 未来空间可期》（2025/06/30） 《保租房 REITs 深度研究：住房租赁市场缺口较大， 保租房 REITs 起航，租赁行业加速步入专业化资管 时代》（2023/05/08） 中银国际证券股份有限公司 具备证券投资咨询业务资格 REITs 支持政策推进力度不及预期；商业不动产REITs发行节奏不及预期；底层资产租赁市场需求变化风险，租赁需求超预期下行，租金水平波动等。 房地产行业 公募 REITs 市场从基础设施领域拓展至商业不动产领域。证监会于 2025 年 12 月 31 日发布了《中国证监会关于推出商 ...

Core Viewpoint - The article highlights the performance forecast of various A-share listed companies, indicating a significant divergence in earnings growth across different sectors, driven by technological advancements, cost control, and industry cycles [4][62]. Group 1: Companies with Strong Earnings Growth - **New Yisheng (300502.SZ)**: Expected net profit of 9.4 billion to 9.9 billion, a year-on-year increase of 231.24% to 248.86%, driven by rising demand for high-speed optical modules due to global computing power investments [6]. - **Han's Laser (688256.SH)**: Expected net profit of 1.85 billion to 2.15 billion, turning from a loss of 0.452 billion in the previous year, benefiting from the increasing demand for AI computing power [8]. - **Zhongji Xuchuang (300308.SZ)**: Expected net profit of 9.8 billion to 11.8 billion, a year-on-year increase of 89.50% to 128.17%, supported by strong investment in computing infrastructure [10]. - **Runze Technology (300442.SZ)**: Expected net profit of 5 billion to 5.3 billion, a year-on-year increase of 179.28% to 196.03%, primarily due to non-recurring gains from public REITs issuance [12]. - **CITIC Securities (601995.SH)**: Expected net profit of 8.542 billion to 10.535 billion, a year-on-year increase of 50% to 85%, driven by steady growth in core business segments [15]. Group 2: Companies with Earnings Below Expectations - **Great Wall Motors (601633.SH)**: Expected net profit of 9.912 billion, a year-on-year decrease of 21.71%, impacted by increased marketing expenses and intense competition [34]. - **GAC Group (601238.SH)**: Expected net profit of -8 billion to -9 billion, turning from a profit of 0.824 billion in the previous year, due to fierce competition and adjustments in product structure [36]. - **GCL-Poly Energy (002506.SZ)**: Expected net profit of -0.89 billion to -1.29 billion, turning from a profit of 0.068 billion, affected by structural supply-demand issues in the photovoltaic industry [38]. - **Boli Tianheng (688506.SH)**: Expected net profit of -1.1 billion, turning from a profit of 3.708 billion, due to increased R&D expenses [39]. - **Daiyue City (000031.SZ)**: Expected net profit of -2.7 billion to -2.1 billion, continuing losses from the previous year, influenced by asset impairment provisions [42]. Group 3: Industry Trends - **Technological Breakthroughs**: Industries driven by technology, such as AI and innovative pharmaceuticals, are showing strong growth, with companies like New Yisheng and Rongchang Bio leading the way [62][63]. - **Cost Control**: The energy and manufacturing sectors are experiencing a clear divide, with companies like Datang Power benefiting from lower coal prices and effective cost management [64]. - **Downward Pressure from Industry Cycles**: The real estate, agriculture, and photovoltaic sectors are under significant pressure, with companies like Vanke and Tianbang Food facing substantial earnings declines [65][66].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 一、股票交易异常波动的情况介绍 大悦城控股集团股份有限公司（以下简称"公司"）股票（证券简称：大悦城，证券代码：000031）交易 价格于2026年1月28日至1月30日连续三个交易日收盘价格涨幅偏离值累计超过20%，根据《深圳证券交 易所交易规则》的相关规定，属于股票交易异常波动情形。 二、公司关注及核实情况说明 针对公司股票异常波动，公司对有关情况进行了核查，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影响的未公开重大信息； 3、近期公司经营情况及内外部经营环境不存在已经发生或将要发生重大变化的情形； 4、经向公司管理层、控股股东询问，公司、控股股东不存在关于公司的应披露而未披露的重大事项， 或处于筹划阶段的重大事项； 5、公司控股股东在股票异常波动期间不存在买卖公司股票的行为。 三、不存在应披露而未披露信息的说明 3、公司郑重提醒广大投资者：本公司指定信息披露 ...

（编辑 姚尧） 证券日报网讯 2月1日，大悦城发布公告称，公司股票交易价格于2026年1月28日至1月30日连续三个交 易日收盘价格涨幅偏离值累计超过20%，根据《深圳证券交易所交易规则》的相关规定，属于股票交易 异常波动情形。公司前期披露的信息不存在需要更正、补充之处；公司未发现近期公共传媒报道了可能 或已经对公司股票交易价格产生较大影响的未公开重大信息。 ...

转自：证券时报 人民财讯2月1日电，大悦城2月1日公告，公司股票交易价格于2026年1月28日至1月30日连续三个交易日 收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。近期公司经营情况及内外部经营环境 不存在已经发生或将要发生重大变化的情形。 ...