Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - From July 21 - 25, 2025, the CSI REITs Total Return Index closed at 1087.36 points, down 1.56% for the week, breaking below the 1100 - point mark, with a relatively large overall correction. The total market capitalization of the REITs market reached 204.7 billion yuan with 69 listed projects after the listing of CICC Principal Agricultural REIT [1][8]. - In terms of major asset classes, commodities and equities generally rose in July, while REITs had negative returns. Commodities performed strongly this week, with coking coal up 35%, and coke, lithium carbonate, polysilicon, soda ash, and glass up over 15%. The equity market rose between 1.5 - 3.5%, and indices such as the CSI 300, CSI 500, CSI 1000, Hang Seng Tech, and CSI Convertible Bond all outperformed REITs [1][8]. Summary by Related Catalogs Secondary Market Price: The Rental Housing Sector Had the Largest Decline - All seven REITs sectors declined this week, with rental housing having the largest decline of 3.23%. Industrial parks and warehousing logistics were relatively more resilient. Eight rental housing REITs generally fell 3 - 5%. Some previously high - performing rental housing REITs like CRIC Wanke Shenzhen Rental Housing had a decline of about 3% this week. The average cash distribution rate of rental housing is 2.76%. REITs with high distribution rates such as Shanghai Real Estate Rental Housing and Chengtou Kuanting Rental Housing can be continuously monitored [2][13]. - In the highway sector, there were still differences among projects in June. Projects in the eastern economically active regions had better year - on - year performance in traffic volume and toll revenue. Huaxia Nanjing Traffic Highway REIT had the largest decline this week, but its operation has good resilience. Projects like China Merchants Highway and CICC Anhui Expressway had good fundamentals and can be continuously monitored [2][15]. Liquidity: Trading Activity Recovered - The overall market trading was relatively active this week, with the average daily trading volume of 583 million yuan, the average daily trading volume of 129 million shares, and the average daily turnover rate of 0.63%, up 17.72%, 15.22%, and 0.08 pct respectively from the previous week [20]. - By sector, the sectors with the highest average daily turnover rates this week were municipal environmental protection (1.06%), rental housing (0.78%), and consumer facilities (0.73%). Most sectors' turnover rates continued to decline compared with last week, except for consumer facilities and warehousing logistics, whose turnover rates slightly increased [23]. - Five projects were lifted from lock - up in July. With a large number of projects approaching the end of their lock - up periods from the second half of 2025 to the first half of 2026, potential trading pressure from recent lock - up expirations needs to be monitored [28]. Valuation: The Overall Decline Led to Valuation Adjustment - The overall decline of REITs this week led to valuation adjustments, and the distribution rate increased slightly. In terms of ChinaBond valuation yields, the energy infrastructure sector had the largest change in yield but still had the lowest yield among all sectors. The traffic (5.69%), warehousing logistics (5.09%), and industrial park (4.81%) sectors had relatively high yields [31]. - In terms of cash distribution rates, energy - related projects still had the largest change, with the average rising to 8.28%. For concession - based projects, the principal recovery situation should be considered when looking at the cash distribution rate. Among equity - based projects, industrial parks (4.33%), warehousing (4.11%), and consumer facilities (3.79%) had relatively high distribution rates, while the average distribution rate of rental housing was only 2.76% [31]. Primary Market Initial Offering: China Aerospace Tianhong Consumer REIT Has Been Filed - On July 22, 2025, China Aerospace Tianhong Consumer Closed - end Infrastructure Securities Investment Fund was filed with the Shenzhen Stock Exchange. Tianhong Co., Ltd. has three major brands: "Tianhong", "Junshang", and "sp@ce", targeting the mid - to high - end consumer market [3][35]. - As of July 25, 2025, there were about 7 - 10 potential issuance projects remaining this year. There are 4 projects that have been approved and are waiting to be listed, 10 projects that have received feedback from the exchange, and 1 project that has been filed [35].

证券代码：002419 证券简称：天虹股份 公告编号：2025-034 天虹数科商业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： （A 股）。本次回购股份将全部用于减少公司注册资本。本次回购股份的资金总 额不低于 1.5 亿元（含）且不超过 2 亿元（含），回购股份价格为不高于 7.54 元/股（未超过公司董事会通过本次回购股份决议前三十个交易日公司股票交易 均价的 150%）。具体的回购股份金额、回购股份数量以及占公司总股本比例， 以回购实施完成时或回购期限届满时实际回购的情况为准。 年 7 月 18 日召开的 2025 年第一次临时股东大会分别审议通过了《关于回购公司 股份的方案》。 册资本暨通知债权人的公告》。 专用证券账户。 实际控制人及其一致行动人在回购期间增减持公司股份的计划。若未来前述主体 拟实施股份减持计划，公司将根据相关规定及时履行信息披露义务。 公司于 2025 年 5 月 29 日披露了《关于持股 5%以上股东减持股份的预披露 公告》，五龙贸易有限公司计划自 2025 年 6 月 23 日起的 3 个月内以 ...

证券代码：002419 证券简称：天虹股份 公告编号：2025-034 天虹数科商业股份有限公司 回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、天虹数科商业股份有限公司（以下简称"公司"）拟以自有资金或自筹 资金，自股东大会审议通过本次回购股份方案之日起 12 个月内，通过深圳证券 交易所股票交易系统以集中竞价交易方式回购公司已发行的人民币普通股股票 （A 股）。本次回购股份将全部用于减少公司注册资本。本次回购股份的资金总 额不低于 1.5 亿元（含）且不超过 2 亿元（含），回购股份价格为不高于 7.54 元/股（未超过公司董事会通过本次回购股份决议前三十个交易日公司股票交易 均价的 150%）。具体的回购股份金额、回购股份数量以及占公司总股本比例， 以回购实施完成时或回购期限届满时实际回购的情况为准。 2、公司于 2025 年 4 月 14 日召开的第六届董事会第三十次会议和于 2025 年 7 月 18 日召开的 2025 年第一次临时股东大会分别审议通过了《关于回购公司 股份的方案》。 3、公司于 2025 年 7 月 ...

Group 1 - The legal opinion letter is issued by Beijing Zhonglun (Shenzhen) Law Firm regarding the legality of the 2025 first extraordinary general meeting of shareholders of Tianhong Digital Commerce Co., Ltd [1][2] - The law firm confirms that it has conducted thorough verification and that the conclusions drawn in the legal opinion are accurate and complete, with no false statements or omissions [1][2][3] Group 2 - The legal opinion is based on the Company Law, Securities Law, and relevant regulations, as well as the company's articles of association and rules for shareholder meetings [2] - The law firm reviewed the documents provided by the company and attended the shareholder meeting to ensure compliance with legal requirements [2][3] Group 3 - The meeting was convened by the company's board of directors, which is deemed qualified to do so [3] - The notice for the meeting was published on July 3, 2025, detailing the time, location, agenda, and voting procedures, in accordance with legal requirements [3][5] Group 4 - A total of 291 shareholders attended the meeting, representing 708,974,588 shares, which is 60.6559% of the total voting shares [5][6] - The meeting utilized both on-site and online voting methods, with specific time slots for online voting [5] Group 5 - The voting results showed that all proposed resolutions were approved, with 99.9623% of the votes in favor, 0.0315% against, and 0.0062% abstaining [7][8] - The results from minority shareholders indicated a high level of agreement, with 99.6250% voting in favor of the resolutions [8][9] Group 6 - The law firm concludes that the procedures for convening and holding the meeting, the qualifications of attendees, and the voting process all comply with relevant laws and regulations, confirming the legality and validity of the meeting [15]

证券代码：002419 证券简称：天虹股份 公告编号：2025-033 天虹数科商业股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、通知债权人的原由 天虹数科商业股份有限公司（以下简称"公司"）第六届董事会第三十次会 议以及2025年第一次临时股东大会审议通过了《关于回购公司股份的方案》。具 体内容详见公司于2025年4月16日、7月19日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）刊登的相关公告。 根据该回购方案，公司将通过深圳证券交易所股票交易系统以集中竞价交易 方式回购公司已发行的人民币普通股股票（A 股），具体的回购股份数量以实际 回购的情况为准。本次回购股份将全部予以注销，公司注册资本将相应减少。 二、需债权人知晓的相关信息 （一）债权申报所需材料 公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复 印件到公司申报债权。 债权人为法人的，需同时携带法人营业执照副本原件及复印件、法定代表人 身份证明文件；委托他人申报的，除上述文件外，还需携带法定代表人授权委托 书和代理人有效身份证件 ...

证券代码：002419 证券简称：天虹股份 公告编号：2025-033 天虹数科商业股份有限公司 关于回购股份用于注销并减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、通知债权人的原由 天虹数科商业股份有限公司（以下简称"公司"）第六届董事会第三十次会 议以及2025年第一次临时股东大会审议通过了《关于回购公司股份的方案》。具 体内容详见公司于2025年4月16日、7月19日在《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）刊登的相关公告。 根据《公司法》等相关法律、法规的规定，公司债权人自本公告披露之日起 45 日内，有权凭有效债权证明文件及相关凭证要求公司清偿债务或者提供相应 担保。债权人如逾期未向公司申报债权，不会因此影响其债权的有效性，相关债 务（义务）将由公司根据原债权文件的约定继续履行。 根据该回购方案，公司将通过深圳证券交易所股票交易系统以集中竞价交易 方式回购公司已发行的人民币普通股股票（A 股），具体的回购股份数量以实际 回购的情况为准。本次回购股份将全部予以注销，公司注册资本 ...

证券代码：002419 证券简称：天虹股份 公告编号：2025-032 天虹数科商业股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会没有涉及变更前次股东大会的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间：2025 年 7 月 18 日（星期五）下午 14:30。 6.会议主持人：公司董事长肖章林先生。 7.本次会议的召开符合《公司法》、《上市公司股东会规则》和《公司章程》 等有关规定。 （二）会议出席情况 1 其中，中小投资者出席情况如下： 网络投票日期、时间：2025 年 7 月 18 日。其中，通过深圳证券交易所交易 系统进行网络投票的具体时间为：2025 年 7 月 18 日 9:15-9:25，9:30－11:30 和 13:00－15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025 年 7 月 18 日 9:15－15:00。 2.现场会议召开地点：深圳市南山区中心路（深圳湾段）3019 号 ...

北京市中伦（深圳）律师事务所 2025 年第一次临时股东大会的 法律意见书 北京市中伦（深圳）律师事务所 关于天虹数科商业股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年七月 关于天虹数科商业股份有限公司 致：天虹数科商业股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受天虹数科商业股份有 限公司(下称"公司"/"天虹股份")的委托，指派律师对公司 2025 年第一次临 时股东大会（下称"本次股东大会"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》、《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意见 书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责 和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（下称"《公司法》"）、《中 华人民共和国证券法》、《上市公司股东会规则》（下称"《股东会规则》"） 等现行有效的 ...

Group 1 - The integration of AI in supermarkets is transforming the shopping experience, with features like AI shopping assistants, smart scales, and instant delivery services becoming commonplace [1][2] - The sp@ce Tianhong Supermarket 3.0 in Longgang District, Shenzhen, showcases advanced AI capabilities, including an AI assistant named "Xiao Tian" that provides product recommendations based on customer preferences [1][3] - The collaboration between Tianhong and Huawei has led to the development of a "smart retail model," enhancing customer experience through AI-driven recommendations and efficient checkout processes [1][3] Group 2 - Modern urban consumers prioritize health and convenience, leading to supermarkets like Aeon SM dedicating over 60% of their space to fresh produce and offering traceability for food products [2][3] - Self-checkout areas in Aeon SM stores have increased efficiency, with over 60% of transactions now conducted through self-service, significantly reducing wait times for customers [2][3] - The sp@ce Tianhong Supermarket promotes "small portion economy" to cater to single and small-family households, offering smaller packaging options to minimize waste [2][3] Group 3 - Digital tools are enhancing operational efficiency in supermarkets, with employees using handheld devices for inventory management and customer service, leading to quicker restocking and improved customer satisfaction [3] - Both Aeon and Tianhong are leveraging customer relationship management (CRM) systems to analyze member data, optimizing product offerings and personalized promotions [3] - The integration of AI across various operational aspects, from AI shopping assistants to supply chain management, is driving a shift towards data-driven retail practices [3]

| 证券代码：002419 证券简称：天虹股份 | | 公告编号：2025-031 | | | --- | --- | --- | --- | | 天虹数科商业股份有限公司 | | | | | 关于回购股份事项前十名股东及前十名无限售条件股东 | | | | | 持股情况的公告 | | | | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 | | | | | 记载、误导性陈述或重大遗漏。 | | | | | 天虹数科商业股份有限公司（以下简称"公司"）于2025年4月14日召开第 | | | | | 六届董事会第三十次会议，审议通过了《关于回购公司股份的方案》，该回购方 | | | | | 案将提交公司于2025年7月18日召开的2025年第一次临时股东大会审议。具体内 | | | | | 2025 4 16 7 3 容 详 见 公 司 于 年 月 日 、 月 日 在 《 证 券 时 报 | | | 》 | | | 潮 资 | 讯 网 | 和 巨 | | （http://www.cninfo.com.cn）发布的2025-019号、2025-020号、2025-028号、 | | | ...