"史上最长春节假期"收官，全国多个商场"成绩单"来了！ 今年春节档期，合生商业携手YSL、周大福、波司登、烤匠等战略品牌打造"新春品牌周"，助力经营"开门红"。2月15日至2月23日，全国5座城市、15个 购物中心联动共创，实现销售额突破6.2亿元，客流量超470万人次。全国范围内餐饮业态、潮玩零售业态、运动零售业态等大幅度提升，涌现出销冠商户 数近200个，消费活力蓬勃绽放。 图源：合生商业官方公众号 北京朝阳合生汇：2月15日-23日春节假期，总销售超2.3亿元，同比提升28%；总客流近100万人，同比提升17%，单日最高客流近13万人；全球旅客到访 同比增加34%，单日最高突破1000人。 单个商场9天狂卖2.3亿、日均客流至多超19万人次、商户业绩屡创新高……实体商业"火爆开局"。 01. 集团/区域公司客流、销售额 华润万象生活：135个购物中心零售额超75亿，客流超6500万人次 春节假期（2月15日-23日）期间，华润万象生活在管135个购物中心客流超6500万人次，车流超500万辆，零售额超75亿元；万象影城在营62家影院实现票 房收入超6880万元，观影人次超110万人。 合生商业：15个购 ...

证券代码：000031.SZ 证券简称：大悦城 债券代码：148174.SZ 债券简称：23 大悦 01 "23大悦01"债券转售实施结果公告 r ct Hele w 根据《大悦城控股集团股份有限公司 2023 年面向专业投资者公开发行公司 债券（第一期）募集说明书》的约定，"23 大悦 01"的债券持有人在回售登记期 内（2025 年 12 月 4 日至 2025 年 12 月 8 日、2025 年 12 月 26 日）选择将其所持 有的"23 大悦 01"全部或部分回售给大悦城控股集团股份有限公司（以下简称 "公司"或"发行人"），回售价格为 100 元/张（不含利息），回售资金发放日为 2026 年 1 月 19 日。 根据中国证券登记结算有限责任公司深圳分公司提供的数据，"23 大悦 01" 在回售登记期内回售数量 20,000,000 张，回售金额 2,000,000,000.00 元。 根据《回售结果公告》，发行人于 2026 年 1 月 20 日至 2026 年 2 月 24 日对 回售债券实施转售，拟转售债券数量 10,000,000 张。本期债券回售转售通过深交 所交易终端"回售转售"栏目完 ...

2026 年 2 月 24 日 生猪：假期现货不及预期 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | | 生猪基本面数据 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | | 单 位 | 价 格 | | 同 | 比 | | | 河南现货 | 元/吨 | 12480 | | 100 | | | | 四川现货 | 元/吨 | 11350 | | 500 | | | | 广东现货 | 元/吨 | 11860 | | 200 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2603 | 元/吨 | 10740 | | -155 | | | | 生猪2605 | 元/吨 | 11500 | | -40 | | | 货 | 生猪2607 | 元/吨 | 12220 | | -10 | | | 期 ...

Investment Rating - The report maintains a "Positive" rating for the real estate and property management sectors, highlighting the potential for recovery in quality real estate companies and commercial properties [3]. Core Insights - The report indicates that new home sales during the Spring Festival period saw a year-on-year increase of 5.4%, with a total of 9.3 million square meters sold across 16 major cities [3][13]. - The overall sentiment in the real estate market is improving, driven by recent government policies aimed at stabilizing the market and addressing local government debt risks [3]. - The report emphasizes that the fundamental bottom of the real estate sector is approaching, with expectations for quality companies to recover profits more quickly and flexibly [3]. Summary by Sections 1. Industry Data - New home sales in 34 key cities during the week before the Spring Festival totaled 192.3 million square meters, a decrease of 1.1% week-on-week, but an increase of 56.6% compared to the average weekly sales this year [4]. - In February, new home sales in 34 cities increased by 88.5% year-on-year, with first and second-tier cities showing a 96.8% increase [9]. - The inventory of new homes in 15 cities was reported at 8,870.4 million square meters, with a slight decrease of 0.1% week-on-week [54]. 2. Policy News - The report notes that the government has reiterated its commitment to stabilizing the real estate market, with various local policies being introduced to optimize housing supply and manage existing stock [3]. - Specific measures include the promotion of REITs in commercial real estate, with 12 applications submitted recently [3]. 3. Company Dynamics - Sales data for major real estate companies in January showed mixed results, with China Jinmao reporting a 13.6% increase in sales, while other companies like Poly Developments saw a 13.3% decrease [3]. - The report highlights the performance of the property management sector, which has shown resilience compared to the broader market [3]. 4. Market Performance - The SW Real Estate Index fell by 0.69%, underperforming the Shanghai and Shenzhen 300 Index, which rose by 0.36% [3]. - The report suggests that the current valuation levels for quality real estate companies are at historical lows, making them attractive for investment [3].

Group 1 - The company, Dalian Wanda Group Co., Ltd., has signed a real estate loan agreement with Industrial and Commercial Bank of China for a loan of 2.4 billion yuan, with a term of five years, aimed at project construction, replacing existing bank loans, and repaying shareholder loans [1][2] - The company’s subsidiary, Dalian Wanda Real Estate Co., Ltd., provides a joint liability guarantee for 50% of the loan amount, which is up to 1.2 billion yuan, in accordance with its equity stake in the borrower [1][4] - The total assets of Nanjing Yujincheng Real Estate Co., Ltd. as of December 31, 2024, were approximately 5.11 billion yuan, with total liabilities of about 1.46 billion yuan and net assets of around 3.65 billion yuan [3] Group 2 - The company has approved a guarantee limit for its subsidiaries for the year 2025, which is valid for up to 12 months from the date of approval at the 2024 annual general meeting [2] - Nanjing Yujincheng was established in June 2021, with a registered capital of 3 billion yuan, and is involved in real estate development and related activities [2][3] - The company has no overdue guarantees or guarantees involved in litigation as of the completion of this guarantee matter [6]

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [1] Core Insights - New home sales in January showed a narrowing year-on-year decline, while second-hand home sales turned positive year-on-year [1][21] - The central bank has released favorable policies, including lowering the re-lending rate and reducing the down payment ratio for commercial properties [1][4] New Home Sales - In January, the new home sales area in 40 cities decreased by 42.3% month-on-month and by 22.0% year-on-year, with the year-on-year decline narrowing by 10.1 percentage points compared to the previous month [5][14] - First-tier cities saw a year-on-year decline of 14.0%, while second-tier cities experienced an 18.1% decline, and third and fourth-tier cities had a 41.1% decline [15][20] Second-Hand Home Sales - The second-hand home sales area in 18 cities decreased by 2.0% month-on-month but increased by 9.0% year-on-year, with the year-on-year growth rate improving by 41.3 percentage points compared to the previous month [21][25] - All city tiers showed positive year-on-year growth in second-hand home sales, with first-tier cities growing by 15.0% year-on-year [21][30] Inventory and Absorption - As of the end of January, the new home inventory area in 12 cities was 112.91 million square meters, down 0.4% month-on-month and down 6.3% year-on-year, with an overall absorption cycle of 18.1 months [28][29] - The absorption cycle for first-tier cities increased by 4.3 months year-on-year, while third and fourth-tier cities saw a decrease of 8.2 months [28] Land Market - The land market in January saw a transaction area decrease of 76.5% month-on-month and a 20.2% year-on-year decline, with an average land premium rate of 2.87% [1][12] - The average land price per square meter decreased by 36.8% month-on-month and by 20.9% year-on-year [13] Real Estate Companies - The top 100 real estate companies saw a 49.5% year-on-year decline in land acquisition amounts, with a land acquisition intensity of 32% [1][12] - The financing scale for the real estate industry in January was 39.6 billion yuan, down 26% year-on-year but up 7% month-on-month [1][14] Policy Developments - The central bank's policy changes include lowering the re-lending rate to 1.25% and reducing the minimum down payment ratio for commercial properties from 50% to 30% [1][4] - The first batch of commercial real estate REITs has been submitted for approval, with a total expected fundraising of 31.47 billion yuan [1][4] Sector Performance - The real estate sector outperformed the CSI 300 index in January, with an absolute return of 4.3% and a relative return of 2.7% [1][12] - The report anticipates two potential turning points in 2026: a policy turning point around the end of Q1 and a fundamental turning point around Q4 [1][12]

每经头条（nbdtoutiao）——上市公司净利从暴增9倍到突然预亏超2亿元，董事长为何自掏5000万元补 窟窿？50亿元信托理财也去向成谜，股民直呼看不懂 （记者 胡玲） 每经AI快讯，大悦城2月13日晚间发布公告称，截至本次担保事项完成，公司及控股子公司担保余额约 为117.61亿元，占公司截至2024年12月31日经审计归属于上市公司股东净资产的比重为111%（占净资产 的比重为28.3%）。其中，公司为控股子公司提供担保余额约为85.44亿元，占公司截至2024年12月31日 经审计归属于上市公司股东净资产的比重为80.64%（占净资产的比重为20.56%）；公司及公司控股子 公司对合并报表外单位提供担保余额约为32.17亿元，占公司截至2024年12月31日经审计归属于上市公 司股东净资产的比重为30.36%（占净资产的比重为7.74%）。 ...

大悦城(000031.SZ)公告称，太平人寿保险有限公司和太平资产管理有限公司通过集中竞价方式，于 2025年8月1日至2026年2月12日期间减持公司69,126,600股股份，占公司总股本的1.61273%。减持后， 太平人寿和太平资产合计持有大悦城214,315,632股，占公司总股本的4.999999%，不再是公司持股5%以 上的股东。 ...

大悦城控股集团股份有限公司 简式权益变动报告书 上市公司名称：大悦城控股集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：大悦城 股票代码：000031 信息披露义务人一：太平人寿保险有限公司 注册地址：中国（上海）自由贸易试验区银城中路 488 号 42-43 楼 通讯地址：中国（上海）自由贸易试验区银城中路 488 号 42-43 楼 股份变动性质：股份减少（持股比例降至 5%以下） 注册地址：中国（上海）自由贸易试验区银城中路 488 号太平金融大厦 2801、 2803A、2804 室，29-33 层 通讯地址：中国（上海）自由贸易试验区银城中路 488 号太平金融大厦 2801、 2803A、2804 室，29-33 层 信息披露义务人二：太平资产管理有限公司 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、本报告书系信息披露义务人根据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司收购管理办法》、《公开发行证券的公司信息披 露内容与格式准则第 15 号——权益变动报告书》及相关法律、法规和规范性文 件编写。 二、信息披露义务人签署本报告书已获得必要的 ...

大悦城控股集团股份有限公司第十一届董事会公告 证券代码：000031 证券简称：大悦城 公告编号：2026-006 大悦城控股集团股份有限公司 关于控股子公司为控股子公司南京悦锦成房地产实业有限公司 提供担保的公告 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、担保情况概述 1、大悦城控股集团股份有限公司（以下简称"公司"）控股子公司南京悦 锦成房地产实业有限公司（以下简称"南京悦锦成"）与中国工商银行股份有限 公司南京城中支行（以下简称"工商银行"）签订《房地产借款合同》，申请 24 亿元借款，期限五年，用于项目建设、置换存量银行贷款及归还股东借款。 公司控股子公司大悦城地产有限公司（以下简称"大悦城地产"，间接持有南京 悦锦成 50%股权）与工商银行近日签订了《保证合同》，大悦城地产有限公司按 股权比例 50%为南京悦锦成在房地产借款合同项下本金余额不超过 50%贷款提 供连带责任保证担保。南京悦锦成另一股东按照持股比例提供同等条件的连带责 任保证担保。 根据公司 2024 年年度股东大会审议通过的《关于 2025 年度向控股子公司提 供担保额度的 ...