(文/孙梅欣 编辑/张广凯） 大悦城控股及大悦城地产在7月31日晚间共同发布公告，将以每股0.62港元的现金对价，对大悦城地产 推行私有化，回购后的股份将全部注销，合计金额约为29.32亿港元。 大悦城地产是大悦城控股的子公司，也是原中粮地产商业资产在港股的上市平台。2019年年初，中粮地 产以147.56亿元对价，完成了对大悦城地产的重组，同时中粮地产也更名为"大悦城控股"，在港股的大 悦城地产，成为在A股市场的大悦城控股的控股子公司，并在A股实现并表。 当时的重组交易完成后，大悦城控股持有大悦城地产91.337亿股股份，占其64.18%的控股股比。 传出私有化的消息后，大悦城地产股价在8月1日大涨，截止下午收盘，港股股价大涨43.24%，达到0.5 港元/股价格，市值约为75.42亿港元。 大悦城地产主要以经营和管理大悦城为品牌的城市综合体为主要业务方向，有投资物业、物业开发、酒 店运营、 管理输出及其他服务四个业务板块。 到2024年末，大悦城在全国24个城市，持有或管理共计32个大悦城、大悦汇及其他商业项目，以及北京 中粮广场、香港中粮大厦等楼宇物业，以及三亚亚龙湾瑞吉度假酒店、三亚美高梅度假酒店、北 ...

盛夏7月，成都大悦城创新性地将潮汐广场至翡翠广场的大楼梯改造为长达26米的超大"划水"滑梯，为 广大市民带来身体与精神的双重"冲浪"体验，成为商场核心动线上的清凉焦点。这不仅是一次物理空间 的革新，更是一场引领城市消暑风尚的场景"革命"。成都大悦城暑假"夏日浪人节"开启以来，首个周末 客流环比提升24%、同比2024年暑期上升7.5%，成功将公共空间转化为情感连接点，为城市夏日经济注 入了澎湃动能与无限可能。 随着暑期消费季进入高峰，中粮大悦城（000031）的"清凉经济学"不仅提升了自身竞争力，更以创新姿 态为城市夏日经济注入了澎湃活力，也为行业提供了可借鉴的范本。 在当前行业承压背景下，城市商业体的价值正迎来新一轮重估。作为央企中粮集团旗下商业平台，中粮 大悦城控股坚定以"运营力"为核心驱动，持续拓展高质量消费场景。今夏，各地大悦城通过创意场景重 构、夜间经济激活与亲子疗愈空间打造，持续释放项目能级与城市热度，构建出了独具辨识度的"夏日 经济样本"。 据统计，大悦城控股商业6月全国销售额同比提升约29%，多个项目创下客流与销售新高，在提振消费 信心、稳固城市商业底盘方面展现出显著成效。 屋顶夜经济成新增长 ...

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The proposed privatization of Dayuecheng Real Estate is expected to lead to a significant revaluation of quality commercial properties, enhancing the ownership concentration of Dayuecheng in premium shopping centers [3][4] - The privatization transaction is valued at a price-to-book (PB) ratio of only 0.27 times, which is considered low, and is anticipated to increase Dayuecheng's net assets by approximately 25% [3][4] - The transaction is seen as a recognition of the value of quality commercial assets by industrial capital, potentially leading to a revaluation of premium consumer-related assets in the market [3][4] Summary by Sections Privatization Details - Dayuecheng's shareholding in Dayuecheng Real Estate will increase from 64% to 96.1% post-privatization, significantly enhancing its stake in quality commercial properties [3] - The total share capital of Dayuecheng Real Estate is 15.33 billion shares, with Dayuecheng holding 9.13 billion shares (64.2%) and market shareholders holding 4.73 billion shares (33.2%) [3] Financial Projections - Dayuecheng Real Estate's rental and related service income for 2024 is projected to be 4.18 billion RMB, primarily from shopping centers, with an average occupancy rate of 95% [3] - The privatization is expected to increase Dayuecheng's net assets by 2.62 billion RMB, representing 24.7% of the projected net assets for 2024 [3] Market Implications - The privatization is likely to attract attention to the valuation of quality commercial real estate assets in China, with potential implications for companies like China Resources Land, Longfor Group, and New Town Holdings [3] - The report maintains a "Positive" rating for the real estate and property management sectors, recommending companies with strong product capabilities and those with undervalued recovery potential [3][4]

从股权结构来看，截至目前，大悦城地产有142.31亿股普通股和10.95亿股优先股，合计153.26亿股股 份。其中大悦城持有91.34亿股普通股股份，占总股本的59.59%；得茂持有3.68亿股普通股股份以及所 有优先股股份，合计占总股本的9.55%。 就普通股而言，此次协议安排生效后，大悦城持股比例将跃升至96.13%，得茂持股3.87%，大悦城地产 将几乎要成为大悦城的全资控股子公司，大悦城地产将有望对大悦城业绩提供更多助力。 然而，大悦城地产及其母公司大悦城目前都面临着财务困境。2024财年，大悦城地产收入虽同比增长 49.4%至198.31亿元，但归母净利润却由盈转亏，亏损2.94亿元。大悦城2024年营业收入约357.91亿元， 较2023年下降2.70%，归属于上市公司股东的净亏损约29.77亿元，较2023年增亏103.14%，过去三年累 计亏损超70亿元。 截止停牌前最后一日（7月17日），港股大悦城地产收报0.37港元，而此次交易对价较之溢价达67.6%。 如此高的溢价，让市场迅速做出积极反应。7月31日复牌后，大悦城地产股价大幅高开48.65%，市值达 到78亿港元。 回顾大悦城地产的发 ...

青岛银行：上半年净利润30.65亿元 同比增长16.05% 8月1日，青岛银行（002948）发布2025年半年度快报，公司上半年实现营业收入76.62亿元，同比增长 7.50%；实现归属于母公司股东的净利润30.65亿元，同比增长16.05%。 资料显示，青岛银行成立于1996年11月，主营业务是向客户提供公司及个人存款、贷款、支付结算等服 务和产品。 所属行业：银行–城商行Ⅱ–城商行Ⅲ 富安娜：拟5585万–1.04亿元回购公司股份 8月1日，富安娜（002327）发布公告称，公司计划以集中竞价交易方式回购公司股份，回购资金总额不 低于5585万元且不超过1.04亿元，回购价格不超过11元/股。回购的股份将全部用于实施员工持股计划或 股权激励计划。 资料显示，富安娜成立于1994年8月，主营业务是纺织家居、睡眠家居、生活类产品的研发、设计、生 产及销售。 所属行业：纺织服饰–服装家纺–家纺 资料显示，正丹股份成立于2007年1月，主营业务是高端环保新材料和特种精细化学品的研发、生产和 销售。 所属行业：基础化工–化学制品–其他化学制品 汇绿生态：控股子公司拟增加投资额度至8亿元建设光模块生产基地 8月1日 ...

Focus Events - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to have its IPO application accepted under the reactivated fifth listing standard of the Sci-Tech Innovation Board, focusing on innovative biopharmaceuticals for blood product alternatives [1] - Joy City Property plans to repurchase shares at HKD 0.62 per share, with a total amount of approximately HKD 29.32 billion, and will apply for the cancellation of its listing status on the Hong Kong Stock Exchange [3] - Microsoft has surpassed a market capitalization of USD 4 trillion, becoming the second company globally to achieve this milestone [3] Macro News - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market and eliminate "involution" competition [8] - The Ministry of Commerce states that China and the U.S. will continue to promote the extension of previously suspended tariffs and countermeasures for 90 days, aiming to stabilize economic relations [10] Industry Dynamics - The domestic gaming market in China achieved a sales revenue of RMB 168 billion in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record [10] - The National Medical Insurance Administration supports high-level innovative drugs by establishing a price stability period to ensure reasonable returns during the initial market phase [10] Company Focus - Sanhui Electric has signed a framework sales contract for robot products with Zibo Blue Ribbon Health Management Co., Ltd., with a commitment to sell at least 50 units in 2025 and 450 units by 2027 [12] - Henan Shuanghui Investment Development Co., Ltd. has signed a cooperation agreement with Henan Huirun Food Co., Ltd., expecting an annual output value of RMB 1.7 billion from the project [12] - Wukuang Securities has appointed Zheng Yu as the new chairman, who will also serve as the general manager, consolidating leadership roles [13] - Sinopec expects a net profit of RMB 20.1 billion to RMB 21.6 billion for the first half of 2025, impacted by falling international oil prices and competitive market conditions [14] - Shanying International plans to establish a partnership enterprise with a capital contribution of RMB 2.977 billion, aiming to attract long-term investors [15] - Shima Holdings intends to acquire a 10.27% stake in Nylon Chemical for RMB 952 million, increasing its ownership from 61.79% to 72.06% [18] - Ju Yi Technology has successfully won a bid for the Xiaopeng Huitian flying car factory project, applying innovative technologies for production [20]

【#大悦城地产拟私有化退市#】7月31日晚，大悦城控股发布公告称，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"）拟向除公司和得茂有限公司（以下简称"得茂"）以外的其他股东提出私 有化建议，以协议安排方式回购股份，每股对价0.62港元，总金额约29.32亿港元。 协议安排生效后，计划股份将被注销，大悦城地产将申请撤销在香港联交所的上市地位。这意味着大悦 城地产拟私有化退市。 着大悦城地产拟私有化退市。 大悦城控股表示，交易完成后，公司将增厚对大悦城地产的权益，有利于提升公司归母净利润。本次交 易存在不确定性，需满足或豁免若干条件后方可生效。 大悦城控股表示，交易完成后，公司将增厚对 大悦城地产的权益，有利于提升公司归母净利润。 本次交易存在不确定性,需满足或豁免若干条件后 方可生效。 据悉，大悦城地产以开发、经营和管理大悦城为品牌的城市综合体为主要业务方向，同时开发、销售、 投资管理其他物业项目，拥有投资物业、物业开发、酒店运营、管理输出及其他服务四大业务板块。截 至2024年末，大悦城地产已经布局京津冀、长三角、粤港澳大湾区、成渝、长江中游等五大城市群的核 心城市及周边辐射区域，进驻中国内地北京 ...

每经记者｜曾子建 每经编辑｜肖芮冬 8月1日早盘，港股市场低开后窄幅震荡。截至发稿时，恒生指数报24812点，上涨0.16%；恒生科技指数报5474点，上涨0.39%。 焦点个股方面，大悦城地产宣布提出私有化建议，拟以协议安排的方式回购股份，并向香港联合交易所有限公司申请撤销上市地位。根据公告：假设大悦城 地产的已发行股本并无变动，大悦城地产的47.29亿股计划股份将被注销。作为对价，原持有计划股份的大悦城地产股东有权就注销的每股计划股份自大悦 城地产收取0.62港元现金，合计金额约为29.32亿港元。受私有化消息刺激，大悦城地产今日早间股价涨超40%。大悦城地产是A股上市公司大悦城控股的并 表子公司，业务主要包括投资物业、物业开发、酒店经营、管理输出及其他服务四大板块。 其他方面，科网股涨跌不一，阿里巴巴、快手涨超1%，网易跌超1%；AI概念股部分上涨，美图公司涨超3%；石油股集体走弱，中石化跌超2%；蔚来涨超 8%。 跨境ETF方面，恒生消费ETF涨超5%，恒生医疗ETF嘉实、港股医疗ETF、教育ETF、恒生创新药ETF等涨超1.5%。此外，美国50ETF、纳指ETF易方达、法 国CAC40ETF、日经2 ...

Core Viewpoint - The company is executing a strategic move to repurchase shares and delist from the Hong Kong Stock Exchange, aiming to enhance its operational efficiency and market competitiveness amid challenging market conditions [1][4]. Group 1: Share Repurchase and Delisting - The company plans to repurchase shares from all shareholders except for Dayuecheng and Dema, offering HKD 0.62 per share, totaling approximately HKD 29.32 billion [1]. - Following the agreement, the shareholding structure will change significantly, with Dayuecheng Holdings increasing its stake from 64.18% to 96.13% [1]. Group 2: Business Operations and Financial Performance - Dayuecheng Real Estate has established a presence in key urban clusters across China, managing 32 commercial projects and high-quality investment properties in major cities [2]. - The company has faced financial challenges, reporting a net loss of approximately CNY 29.77 billion in 2024, a decrease of 103.14% compared to 2023, with total assets declining by 9.84% [2]. - In the first half of 2025, the company is projected to achieve a net profit of CNY 8 million to CNY 12 million, indicating a turnaround from previous losses [3]. Group 3: Strategic Rationale - The company views the share repurchase and delisting as a strategic response to market changes, aimed at enhancing its equity in Dayuecheng Real Estate and improving overall operational efficiency [3].

7月31日晚间，大悦城控股集团股份有限公司发布公告，宣布其控股子公司大悦城地产有限公司将通过 协议安排的方式回购股份，并计划在香港联交所撤销上市地位。 对于本次回购子公司股份的目的和影响，大悦城控股集团表示，近年来，在行业周期性发展的影响下， 大悦城地产的市场表现呈现出阶段性波动，流动性亦随之承压。本次交易是积极应对市场环境变化的战 略举措，将显著优化公司治理框架，整合组织架构与股权结构，为提升管理决策效能建立更坚实的基 础。 本次交易完成后，大悦城控股集团将增厚对大悦城地产的权益，有利于进一步提升公司归母净利润。同 时，本次交易将有效增强公司对旗下资产的统筹配置能力，促进不同业务板块及项目间资源优化配置， 释放协同潜力，发挥资源聚合效益，有力提升本公司整体运营效率、市场竞争力，推动公司核心战略发 展目标的实现及高质量发展。 据了解，大悦城地产成立于1992年，并于2013年在联交所上市。公司主要以开发、经营和管理大悦城为 品牌的城市综合体为主要业务方向，同时开发、销售、投资管理其他物业项目，拥有投资物业、物业开 发、酒店运营、管理输出及其他服务四大业务板块。截至2024年末，公司营业收入为198.31亿元， ...