Core Insights - The 2025 consumer market in Beijing is characterized by keywords such as consumption stratification, emotional economy, national trends, instant retail, and AI reshaping, indicating a shortening brand metabolism cycle and the expansion of quality brands into larger platforms [1] - A total of 358 quality flagship stores entered the Beijing market in 2025, a significant increase of 60% compared to 219 in 2024, with 57 national flagship stores, 25 North China flagship stores, and 276 Beijing flagship stores [1][3] Retail Sector - The retail flagship store matrix in Beijing continues to expand, featuring a diverse ecosystem of flagship and concept stores, with 158 new retail flagship stores, including 45 fashion lifestyle brands and 103 clothing brands [9][19] - The luxury brand segment is undergoing significant adjustments, with major openings in Sanlitun Taikooli, including flagship stores for brands like Hermès and Louis Vuitton, marking a focal point for the Beijing market in 2025 [9][11] - New entrants in the outdoor sports category and the emergence of high-end community department stores are reshaping the retail landscape, with innovative concepts and a focus on organic products gaining traction [16][19] Dining Sector - The dining sector saw the opening of 169 new flagship stores in 2025, a 70% increase from the previous year, with casual dining leading the way [19][21] - Chinese cuisine is well-represented, with 51 new stores, while international dining options are also expanding, with notable entries in sushi and Western cuisine [21][23] - The competition in the dessert and bakery segment is intensifying, with several popular brands choosing key commercial projects as their entry points into Beijing [23][25] Entertainment & Children's Activities - The entertainment and children's sectors are experiencing structural adjustments, with 15 new entertainment flagship stores and a focus on immersive experiences and technology integration [26][28] - The demand for children's activities is shifting towards comprehensive growth, with shopping centers evolving into family entertainment hubs [29] - Policies supporting Beijing's development as a global launch center are being implemented, with initiatives aimed at enhancing the city's commercial appeal and consumer experience [29]

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]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [12]. Core Insights - The report highlights the imminent issuance of the first batch of commercial real estate REITs, with significant potential for revitalizing existing assets [1]. - The expansion of the public REITs market from infrastructure to commercial real estate marks a new phase in China's REITs development, with regulatory support aimed at enhancing issuance efficiency and encouraging asset integration [3]. - The report anticipates that commercial real estate REITs will accelerate in 2026, driven by policy support and the performance of initial projects, while emphasizing the importance of asset quality and operational capabilities for long-term success [3]. Summary by Sections Commercial Real Estate REITs Overview - The first batch of commercial real estate REITs is set to raise a total of approximately 314.7 billion yuan, covering various commercial formats such as hotels, office buildings, and shopping centers [3]. - The report details eight commercial real estate REITs that have been submitted for approval, with expected fundraising sizes ranging from 17.03 billion yuan to 74.7 billion yuan [5][6]. Specific REITs Details - **Huitianfu Shanghai Real Estate REIT**: Expected to raise 40.02 billion yuan, with underlying assets including two office buildings in Shanghai [5]. - **Huazhong Jinjiang REIT**: Expected to raise 17.03 billion yuan, focusing on 21 hotels across 18 cities [5]. - **CICC Vipshop REIT**: Expected to raise 74.7 billion yuan, with underlying assets in Zhengzhou and Harbin [5]. - **Huazhong Lujiazui REIT**: Expected to raise 28.10 billion yuan, with assets in Shanghai [6]. - **Huazhong Poly Development REIT**: Expected to raise 20.93 billion yuan, with assets in Guangzhou and Foshan [6]. - **Huazhong Yintai REIT**: Expected to raise 42.785 billion yuan, focusing on the Hefei Yintai Center [6]. - **Huazhong CapitaLand REIT**: Expected to raise 40.54 billion yuan, with assets in Shenzhen and Mianyang [6]. - **Guotai Haitong Sazhi Chuan REIT**: Expected to raise 50.64 billion yuan, focusing on the Sazhi Chuan outlet in Xi'an [6]. Market Potential and Future Outlook - The report emphasizes the substantial existing stock of commercial real estate in China, which provides a solid foundation for the development of commercial real estate REITs [3]. - The retail sector alone has over 9,000 concentrated commercial properties, while the hotel sector has approximately 1.764 million rooms, indicating a strong demand for asset revitalization through REITs [3]. - The report suggests that companies with mature and stable assets, such as Poly Development and Meiyue Commercial, are likely to have a competitive advantage in the REITs market [3].

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].

Group 1 - The company's stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% from January 28 to January 30, 2026, which is classified as an abnormal trading situation according to Shenzhen Stock Exchange regulations [1] - The company conducted an internal review and confirmed that there were no corrections or supplements needed for previously disclosed information [2] - The company did not find any significant undisclosed information in public media that could have impacted the stock price [2] Group 2 - The company confirmed that there were no major changes in its operational situation or external business environment that could affect its performance [2] - The company and its controlling shareholder did not engage in any trading of the company's stock during the period of abnormal fluctuation [2] - The board of directors affirmed that there are no undisclosed matters that should have been disclosed according to the Shenzhen Stock Exchange rules [3]

（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。 ...

每经AI快讯，2月1日，大悦城（000031）(000031.SZ)公告称，公司股票交易价格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。经核实，公司前期披露的信息不存在需要 更正、补充之处，近期公司经营情况及内外部经营环境未发生重大变化，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。 ...