Core Viewpoint - The stock of Maoye Commercial has experienced a consecutive two-day limit-up, indicating strong market interest driven by recent retail sector policies and activities [1] Group 1: Stock Performance - Maoye Commercial's stock reached a limit-up at 14:55 today, with a trading volume of 930 million yuan and a turnover rate of 7.96% [1] Group 2: Market Drivers - The retail sector is being positively influenced by policies from nine departments, which have issued a special plan for the 2026 Spring Festival to promote consumer spending through various integrated activities [1] - A platform has invested 3 billion yuan to launch a Spring Festival campaign, aiming to enhance consumption during the holiday period by connecting multiple ecological businesses [1] Group 3: Industry Impact - The recent initiatives are expected to have a favorable impact on the retail industry, with Maoye Commercial benefiting from increased market attention due to these developments [1]

Group 1 - A total of 44 stocks in the A-share market hit the daily limit up, while 123 stocks hit the daily limit down on February 2 [1] - The smart grid concept was active, with stocks like Senyuan Electric and Shun Sodium hitting the limit up [1] - The ultra-high voltage concept strengthened, with Baiyun Electric and Hangdian Co. achieving consecutive limit up, while companies like Baobian Electric and Hancable also hit the limit up [1] Group 2 - ST Jinglan achieved 4 limit ups in 6 days, while Hengdian Film and Wan Feng Co. recorded 3 consecutive limit ups [1] - Jin Hui Wine and Zhujiang Piano had 2 limit ups in 3 days, while Maoye Commercial and Litong Electronics achieved 2 consecutive limit ups [1] - Tianpu Co. and Huanghe Xunfeng hit the limit up [1] Group 3 - ST Wan Fang faced a continuous decline with 15 consecutive limit downs, while ST Jinglun had 5 consecutive limit downs [1] - ST Chuntian and Zhongnong United experienced 3 consecutive limit downs, and Jiangxi Copper and Pengxin Resources had 2 consecutive limit downs [1] - Shengtun Mining and Zhejiang Longsheng also hit the limit down [1]

每经AI快讯，2月2日，A股退税商店板块局部异动，茂业商业直线拉升触达涨停。 （文章来源：每日经济新闻） ...

A股退税商店板块局部异动，茂业商业直线拉升触达涨停。 ...

Group 1 - The A-share retail sector experienced a rise in the afternoon, with Xinhua Department Store hitting the daily limit up [1] - Sanjiang Shopping surged over 9%, indicating strong market performance [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also saw gains [1]

Group 1 - The A-share retail sector saw an afternoon rise, with Xinhua Department Store hitting the daily limit, and Sanjiang Shopping increasing by over 9% [1] - Other stocks such as Maoye Commercial, Dongbai Group, Liren Lizhuang, and Haining Leather City also experienced gains [1] - The rise in the retail sector is attributed to the announcement of the "2026 'Legou New Spring' Special Activity Plan" by nine departments, which aims to promote consumer spending during the Spring Festival through various integrated activities [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In January 2026, the REITs market started the year strongly, with the CSI REITs Total Return Index rising 4.2%, outperforming the CSI 300. Various asset REITs indices generally increased, with IDC, consumption, industrial parks, utilities, and warehousing leading the gains. The liquidity of the market improved, and most asset valuations significantly increased, while the REITs dividend yield narrowed compared to long - term bonds [4]. - The first batch of 8 commercial real - estate REITs were declared, showing six characteristics: diverse asset types, wide geographical distribution, state - owned dominance with participation from private and foreign enterprises, large issuance scale, different valuation safety margins for different asset types, and differentiated operating performance [4]. - In January, there were no new REITs issuances in the primary market, but two REITs' additional issuance shares were listed. China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day. Five infrastructure REITs projects were terminated, and Hua'an Waigaoqiao REIT announced a planned additional issuance [4]. 3. Summary by Relevant Catalogs 3.1 First Batch of Commercial Real - Estate REITs Accepted, Six Characteristics Reviewed - **Asset Types and Geographical Distribution**: The first batch of 8 commercial real - estate REITs involve various asset types such as office buildings, commercial retail, and hotels, with the first - time appearance of mixed - asset offerings in public REITs. The projects are located in first - tier, new first - tier, provincial capitals, and regional core cities, and Hua'an Jinjiang Commercial REIT's underlying assets are mainly in second - and third - tier cities [10]. - **Fund - raising Scale and Valuation**: The average planned fund - raising amount of the 8 REITs is 3.934 billion yuan, much higher than that of infrastructure REITs in the pipeline. The valuation safety margin of commercial retail is relatively high, while that of office buildings is low [13]. - **Operation Performance**: Commercial retail has a stable high occupancy rate, office buildings show regional differentiation, and the hotel business has large operating fluctuations [13]. - **Individual Project Analysis**: Analyze the characteristics, performance, and risks of 8 REITs projects such as CICC Vipshop Commercial REIT, Huaxia CapitaLand Commercial REIT, etc. [15][19][22] - **Listed Companies' Plans**: As of January 30, 2026, 3 A - share listed companies (Poly Developments, Maoye Commercial, and Everbright Jiabao) announced plans to apply for commercial real - estate REITs, and Poly Developments' project has been accepted by the Shanghai Stock Exchange [50]. 3.2 January Market Flourished, with Differentiated Gains under Performance Growth - **Overall Market Performance**: In January 2026, the equity market was mediocre, the CSI 300 Total Return Index rose 1.8%, and the CSI Dividend Total Return Index rose 3.8%. The CSI REITs Total Return Index rose 4.2%, outperforming the CSI 300 and the CSI Dividend Total Return Index. Long - term bond yields declined [58]. - **REITs Asset Performance**: All types of REITs assets rose in January. IDC, consumption, industrial parks, utilities, and warehousing had the top five gains. The gains of utilities and consumption REITs indices widened significantly compared to December 2025 [64]. - **Individual Bond Performance**: 96% of REITs bonds rose, and only 3 fell. Hua'an Bailian Consumption REIT led the gains and triggered a trading halt [69]. - **Liquidity**: The average daily turnover rate of Shanghai and Shenzhen REITs was 0.55%, up 0.15 pcts month - on - month. The liquidity of IDC and consumption REITs improved significantly, while that of rent - protected housing and energy improved limitedly, and the trading of transportation REITs was still dull [74]. - **Dividend Yield and Valuation**: As of January 30, 2026, the dividend yield of equity - type REITs was 4.46%, and that of concession - type REITs was 8.58%. The spread between equity - type REITs and 10 - year treasury bonds narrowed, while the spread with CSI Dividend stocks widened. The P/NAV of equity - type REITs was at the 87% quantile, and the P/FFO of concession - type REITs was at the 52% quantile [75][85][86]. - **Internal Rate of Return (IRR)**: The IRR of equity - type REITs was 3.8%, and that of concession - type REITs was 5.0%, both lower than the previous period [96]. 3.3 No New Issuance This Month, China Nuclear Clean Energy to Be Listed on February 2nd - **Primary Market and Additional Issuance**: In January 2026, there were no new REITs issuances in the primary market, and the additional issuance shares of Huaxia Fund China Resources Youchao REIT and AVIC Jingneng Photovoltaic REIT were listed [100]. - **New Listing**: China Nuclear Clean Energy REIT will be listed on February 2nd, and the offline issuance part will be fully tradable on the listing day [104]. - **Queuing Projects**: Two projects (China International Capital Corporation Xiamen Torch Industrial Park REIT and AVIC Beijing Changping Rent - protected Housing REIT) are under the first - round inquiry, and 5 projects are terminated [107]. - **Bidding Projects**: Hubei Cultural Tourism Group Co., Ltd. plans to issue public REITs for its cultural and tourism assets, and Huatai - PineBridge Fund won the bid for the public REIT project of Shanghai Real Estate (Group) Co., Ltd. [111] 3.4 JD Warehousing to Be Unlocked on February 8th, Hua'an Waigaoqiao Plans Additional Issuance - **Unlocking and Additional Issuance**: The strategic placement shares of Harvest JD Warehousing REIT will be unlocked on February 8th. Hua'an Waigaoqiao REIT plans to conduct an additional issuance and purchase two real - estate projects in Pudong New Area, Shanghai [116]. - **Market - making Services**: In the first half of January, Industrial Securities provided market - making services for some public REITs. Huaxia Nanjing Transportation Expressway REIT's original equity holder changed the use of the recovered funds [120].

20260130今日段子汇总 1、利扬芯片：平头哥AI/玄铁芯片核心测试服务商，为含光系列提供全流程测试方案，覆盖8nm/16nm先进制程。 2、炬光科技：产品已用于商业航天领域，核心是高增益侧泵模块（SP17/SP18等），这是星载激光通信设备中的 核心模组，占整个激光器物料成本（BOM）的约25%。 3、神农种业：公司组建"一站式粮食生产供应链管理服务" 20260130今日段子汇总 1、利扬芯片：平头哥AI/玄铁芯片核心测试服务商，为含光系列提供全流程测试方案，覆盖8nm/16nm先进制程。 2、炬光科技：产品已用于商业航天领域，核心是高增益侧泵模块（SP17/SP18等），这是星载激光通信设备中的 核心模组，占整个激光器物料成本（BOM）的约25%。 3、神农种业：公司组建"一站式粮食生产供应链管理服务"农业专业合作联社，针对农业生产的各个环节，为纳入 项目管理的家庭农场、农民合作社、种粮大户等新型农业经营主体提供土地流转等服务。 4、华峰测控：STS8600有望实现首年量产突破，公司已经完成了4家验证，按照一家的芯片出货量，对标93K的测 试机年需求量约200-250台，单台价值约1000万人民币， ...

Group 1 - The report suggests seizing allocation opportunities during market fluctuations and waiting for the next round of market catalysts [1] - The REITs index rose overall in the past week, with the China Securities REITs total return index increasing by 0.47% to 1052.42 [4][6] - The commercial real estate public REITs saw the first batch of concentrated applications, with 8 projects submitted by the end of January 2026, reflecting a positive market response since the policy framework was clarified at the end of 2025 [4][6][7] Group 2 - The current commercial real estate REITs focus on typical commercial properties such as office buildings, shopping centers, and hotels, which helps diversify market asset types and increase market capitalization [7] - The report indicates that the current policy dividends are gradually being realized, and there is strong institutional allocation demand, maintaining a bullish trend [7] - Market sentiment has shown signs of convergence, with strong projects slowing down while previously weaker projects begin to lead the gains [7]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]