Core Insights - The summer season has led to a surge in consumer enthusiasm and demand, particularly in the retail sector [1] - Chaoyang Joy City is hosting over twenty classic IP exhibitions from June to August, aiming to establish itself as a youth culture hub [1][2] - The first week of activities resulted in an 8% increase in foot traffic, a 54% increase in sales, and a 15% increase in vehicle traffic compared to the previous year [1] Group 1 - The introduction of various IP exhibitions, such as "One Piece" and "King of Glory," has significantly boosted customer engagement and sales [1] - The "King of Glory" pop-up store attracted large crowds, with over 10,000 visitors and sales exceeding one million within three days [1] - The ongoing promotional activities and IP exhibitions are expected to further enhance summer consumer spending and establish a vibrant entertainment landmark in Beijing [2] Group 2 - New store openings, including local cuisine restaurants and retail concepts, are being introduced to enhance the shopping experience [2] - The introduction of diverse cultural and entertainment events aims to create multi-layered social interactions among the youth [2] - The overall strategy focuses on deepening the trendy lifestyle representation of Joy City and stimulating commercial vitality during the summer [2]

Group 1 - The A-share market saw a rise in real estate stocks, with companies like Yukaifa, Shahe Shares, Caixin Development, and *ST Nanzhi hitting the daily limit, while others like Shilianhang, Shen Property A, Guangyu Group, and China Merchants Shekou also experienced gains [1][5] - Real estate ETFs from various fund managers showed positive performance, with gains of 1.71% for Huaxia Fund, 1.53% for Yinhua Fund, 1.48% for Southern Fund, and 1.37% for Huabao Fund [1][3] - The real estate sector has seen a cumulative decline of 5.6% year-to-date, ranking third among 31 primary industries in A-shares [6][7] Group 2 - The Economic Daily emphasized the need to strengthen support for "good housing" projects and increase the supply of quality land, while encouraging collaborative development and innovation in construction [5] - A recent survey by the Ministry of Housing and Urban-Rural Development highlighted the importance of promoting stable and healthy development in the real estate market, urging local authorities to effectively utilize regulatory policies [5] - The State Council meeting on June 13 pointed out the significance of establishing a new model for real estate development, focusing on long-term stability and systematic policy implementation [5][6] Group 3 - The real estate market has been experiencing a continuous decline in housing prices since Q4 of last year, with May data showing a month-on-month decrease of 0.22% and a year-on-year decrease of 4.08% in new residential prices across 70 cities [6] - The total transaction volume of second-hand homes has also seen a significant drop since April, indicating a need for stimulus policies in the real estate sector [6] - The largest real estate ETF is the Southern Fund Real Estate ETF, with a latest scale of 6.193 billion, followed by Huaxia and Yinhua ETFs at 630 million each, and Huabao ETF at 481 million [9]

Core Insights - Shenzhen's commercial market is experiencing steady growth in the first half of 2025, driven by both "stock renewal" and "incremental breakthroughs" with over 400,000 square meters of new commercial space added [1] - The second half of 2025 is expected to see a surge in commercial openings, with over 10 new projects set to launch, including major developments across various districts [1][17] Group 1: Commercial New Forces - The keyword for Shenzhen's commercial landscape in the first half of 2025 is "renewal," with 4 out of 7 new or upgraded projects focusing on stock renovation [1] - Stock renovation is characterized as a "precise operation" based on location and market demand, successfully revitalizing old commercial spaces [2] - Notable projects include iN City Square, which underwent a significant transformation to attract younger consumers, achieving a 97% leasing rate and 95% opening rate [3] - PA MALL, previously PAFCmall, has been rebranded and renovated to enhance its appeal as a high-end business and lifestyle destination, achieving a 98.9% occupancy rate [5] - Other transformations include the conversion of traditional department stores into community-centric commercial centers, such as the JD MALL and New World Times Square [6] Group 2: Urban Renewal - Urban renewal in Shenzhen is not just about physical space but also about enhancing the value of entire districts, with two major projects exemplifying this trend [7] - The Shekou Prince Bay project is highlighted as a model for urban renewal, integrating production and city functions while enhancing cultural value [8] - K11 ECOAST showcases a blend of art, nature, and local culture, creating an immersive experience that attracts consumers [10] - The Yitian Holiday Plaza revitalizes an old urban area, achieving impressive visitor numbers and a high occupancy rate shortly after opening [11] Group 3: Third Quarter Focus - The announcement of the Shenzhen Bay MixC Phase II marks a significant evolution in the Houhai business district, enhancing connectivity and functionality [13] - The construction of Shenzhen Bay Cultural Plaza is set to be a key driver for the area's functional upgrade, linking various commercial and cultural venues [15] - The new branding of Shenzhen Bay MixC emphasizes a lifestyle approach, integrating art, luxury, and exploration into its offerings [16] Group 4: Observations for the Second Half - Shenzhen's commercial market is poised for a "quantitative and qualitative leap" in 2025, with 26 new projects planned, totaling 1.8295 million square meters [17] - The western part of Shenzhen, particularly the Bao'an district, is expected to see the most significant growth with 9 new projects [18] - Major upcoming projects include the world's largest indoor ski resort and a new cultural complex, both expected to attract millions of visitors [19][21] - Smaller, unique commercial projects are also emerging, enhancing the diversity of Shenzhen's commercial landscape [22]

Summary of Key Points Core Viewpoint - The glass futures market shows a mixed trend with a slight increase in the main contract price, while trading volume and positions indicate a net short position among the top 20 participants [1]. Trading Data - As of July 3, the main contract for glass (2509) closed with a price increase of 1.56%, with a trading volume of 3,468,400 contracts, a decrease of 642,000 contracts from the previous day [1]. - The top 20 positions show a total long position of 1,007,900 contracts, down by 29,300 contracts, and a total short position of 1,295,000 contracts, up by 101,000 contracts [1]. Position Changes - The top three long positions are held by Guotai Junan (total position 123,994), CITIC Futures (77,440), and Huatai Futures (67,699) [1]. - The top three short positions are also led by Guotai Junan (256,566), followed by Galaxy Futures (110,307) and CITIC Futures (97,134) [1]. Notable Changes in Positions - The largest increase in long positions was seen in Shenyin Wanguo (26,127 contracts, an increase of 7,179), followed by GF Futures (30,838 contracts, an increase of 5,437) and CITIC Jiantou (39,244 contracts, an increase of 4,652) [1]. - The largest decrease in long positions was recorded by Dongzheng Futures (58,894 contracts, a decrease of 21,625), followed by Haitong Futures (30,643 contracts, a decrease of 11,952) and Everbright Futures (27,650 contracts, a decrease of 7,549) [1]. Overall Market Sentiment - The overall market sentiment appears to be leaning towards bearishness, as indicated by the increase in short positions among the top participants [1].

Group 1 - The State Council's recent opinion emphasizes the goals of "livable, resilient, and smart cities," highlighting cultural heritage protection and innovative "retain, modify, demolish" models for urban renewal [2] - The Ministry of Finance announced that 20 cities, including Beijing, Xiamen, and Haikou, will receive over 20 billion yuan in central government subsidies for urban renewal actions [2] - COFCO Joy City has gained industry recognition for its innovative commercial space, inefficient building renovation, and community development practices, aiming to create sustainable urban value [2][6] Group 2 - The renovation of COFCO Joy City in Beijing's Chaoyang District includes the opening of over 16,000 square meters of quality living space and more than 10 new stores, showcasing its strength in enhancing urban renewal and consumer experience [2][3] - The project has introduced over 100 brands, with more than 40% being flagship or first stores, transforming the area from a "city business circle" to a "city living room" [3][6] - The B1 level renovation represents a shift from traditional commercial spaces to lifestyle destinations, contributing to Beijing's goal of becoming an international consumption center [6] Group 3 - COFCO Joy City has engaged in comprehensive urban renewal practices, including the transformation of old industrial parks and the development of the Beijing Zhongguancun (Daxing) Cell Gene Therapy Industrial Park, which has attracted over 130 enterprises [7][9] - The industrial park focuses on the "cell and gene therapy" sector, establishing a full industry chain ecosystem and introducing top-tier resources, including Nobel laureates and academicians [9][10] - The park's operational model includes customized facilities and financial support, transitioning COFCO Joy City from a traditional real estate developer to an industry ecosystem builder [9][10] Group 4 - The organic urban renewal approach in Xi'an's Shantapo village project emphasizes sustainable development and community engagement, avoiding traditional demolition methods [11][12] - The project integrates residential, commercial, and educational facilities, creating a complementary urban space that benefits all stakeholders [14] - COFCO Joy City's urban renewal efforts have been recognized with multiple awards, reflecting its significant contributions to urban development and collaboration among government, enterprises, and society [14][15]

| 债券简称：20 | 大悦 | 01 | 债券代码：149189.SZ | | --- | --- | --- | --- | | 债券简称：22 | 大悦 | 01 | 债券代码：148102.SZ | | 债券简称：22 | 大悦 | 02 | 债券代码：148141.SZ | | 债券简称：23 | 大悦 | 01 | 债券代码：148174.SZ | 大悦城控股集团股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 大悦城控股集团股份有限公司 （深圳市宝安区新安街道 3 区龙井二路 3 号中粮地产集团中心第 1 层 101 室） 债券受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 2025 年 6 月 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来 源于大悦城控股集团股份有限公司（以下简称"大悦城控股"、"发行人"或"公 司"）对外披露的《大悦城控股集团股份有限公司 2024 年年度报告》等相关公开 信息披露文件、发行人提供的证明文件以及第三方中介机构出具的专业意见。本报 告中的"报告期"是指 2024 年 1 月 1 日至 ...

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：2025-036 大悦城控股集团股份有限公司 第十一届董事会第十九次会议决议公告 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。 大悦城控股集团股份有限公司（以下简称"公司"）第十一届董事会第十九 次会议通知于 2025 年 6 月 24 日以当面送达及电子邮件送达的方式发出，会议于 2025 年 6 月 27 日以通讯方式召开。本次会议应参加表决董事 8 人，实际参加表 决董事 8 人。会议由公司董事长姚长林先生主持。公司监事及部分高级管理人员 列席了会议。会议的召集、召开符合《中华人民共和国公司法》和《公司章程》 的有关规定。会议审议通过以下一项议案： 1、关于调整公司组织架构的议案 为进一步提升公司商业管理专业能力、核心竞争力和品牌影响力，董事会同 意将商业管理中心调整为商业事业部。 表决情况：8 票同意、0 票弃权、0 票反对。 特此公告。 大悦城控股集团股份有限公司董事会 二〇二五年六月二十七日 1 ...

Core Viewpoint - The credit rating agency has maintained the AAA rating for the company, indicating strong competitive capabilities and brand influence in the real estate sector, despite facing certain financial pressures and risks related to contingent liabilities [3][5][7]. Financial Performance - Total assets as of March 2025 are reported at 1,775.00 billion, showing a decline from 2,144.32 billion in 2022 [3]. - The company's net profit for 2024 is projected at -25.59 million, a significant drop from 1.21 million in 2023 [3]. - Operating cash flow for 2024 is expected to be 66.17 million, down from 106.42 million in 2023 [3]. - The sales gross margin for 2024 is 21.76%, a decrease from 26.47% in 2023 [3]. Debt and Liabilities - Total debt as of March 2025 is 675.62 billion, slightly up from 674.34 billion in 2024 [3]. - The company has a net debt ratio of 97.68%, indicating a high level of leverage [4]. - As of the end of 2024, the company has contingent liabilities amounting to 36.63 billion, primarily related to guarantees for joint ventures [5]. Market Position and Sales - The company remains a leading player in the real estate market, with a projected total sales amount of 369.00 billion for 2024, despite a year-on-year decline of 19.88% [5][7]. - The company has a significant land reserve, with a remaining developable area of 821.58 million square meters as of the end of 2024 [15]. Operational Insights - The company has diversified financing channels, including bank loans and public market bond financing, which remain open and accessible [5]. - The commercial real estate segment continues to perform well, contributing positively to cash flow and profits, despite a slight decline in rental rates [15][16]. Industry Context - The real estate market is currently in a recovery phase, with sales beginning to stabilize, particularly in high-tier cities [9][10]. - The commercial real estate sector is shifting towards stock competition, with retail properties performing better than office spaces [11][12].

大悦城控股集团股份有限公司相 关债券 2025 年跟踪评级报告（20 大悦 01） 中鹏信评【2025】跟踪第【414】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本 ...

大悦城控股集团股份有限公司相 关债券 2025 年跟踪评级报告（22 大悦 02、23 大悦 01、22 大悦 01） 中鹏信评【2025】跟踪第【415】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用 ...