Report Industry Investment Rating No relevant content provided. Core View - 1月29 - 30日上交所申报8单商业不动产REITs，拟募资314.8亿元，截至1月30日，2025年以来已成功发行20单，发行规模403亿元，本周10单首发公募REITs有新进展，中核清洁能源REIT将于2月2日上市 [4]。 - 本周中证REITs全收益指数收于1052.42点，涨幅0.47%，年初至今涨幅4.22%，产权类REITs涨0.27%，特许经营权类REITs涨0.69%，能源、环保水务等板块表现占优 [4]。 - 流动性方面，产权类/特许经营权类REITs本周日均换手率0.58%/0.44%，较上周-14.01/-2.61BP，周内成交量6.14/1.46亿份，周环比-17.82%/-5.64% [4]。 - 估值方面，产权类/特许经营权类REITs中债估值收益率分别为3.69%/4.78%，交通、仓储物流、园区板块位列前三 [4]。 Summary by Directory 1. Primary Market - 本周共10单首发公募REITs取得新进展，8单商业不动产REITs申报至证监会并获受理，中航北京昌保租赁住房REIT、中金火炬产业园REIT已问询 [4][14]。 - 截至2026/1/30，2025年以来已成功发行20单，发行规模403亿元 [4]。 2. Secondary Market 2.1 Market Review - 本周中证REITs全收益指数涨幅0.47%，跑赢沪深300 0.39个百分点、跑输中证红利1.11个百分点，年初至今涨幅4.22%，跑赢沪深300 2.57个百分点、跑赢中证红利0.65个百分点 [4]。 - 分项目属性，本周产权类REITs上涨0.27%，特许经营权类REITs上涨0.69%；分资产类型，能源(+1.43%)、环保水务(+0.87%)、交通(+0.45%)、园区(+0.39%)板块表现占优 [4]。 2.2 Liquidity - 产权类/特许经营权类REITs本周日均换手率0.58%/0.44%，较上周-14.01/-2.61BP，周内成交量6.14/1.46亿份，周环比-17.82%/-5.64%，数据中心板块活跃度最高 [4][23]。 2.3 Valuation - 中债估值收益率方面，产权类/特许经营权类REITs分别为3.69%/4.78%，交通（5.92%）、仓储物流（5.29%）、园区（4.39%）板块位列前三，保障房板块估值较高 [4][27]。 3. This Week's News and Important Announcements 3.1 This Week's News - 1月24日，南京提出把握基础设施REITs扩围机遇，做好多领域项目储备申报 [31]。 - 1月27日，保利发展宣布申报商业不动产REITs [31]。 - 1月29日，北京举办商业不动产REITs政策解读培训会，首批商业不动产REITs申报至证监会，茂业商业调整底层资产 [31]。 - 1月30日，石锦瑞股权投资基金拟申报商业不动产公募REITs，5只商业不动产REITs申报至上交所 [31]。 3.2 Important Announcements - 华夏中核清洁能源REIT将于2月2日上市 [32]。 - 华夏越秀高速REIT公布2025年12月运营数据 [32]。 - 华夏南京交通高速公路REIT拟变更资金用途 [32]。 - 华安外高桥REIT拟申请扩募并新购入仓储项目 [32]。

2026 年 01 月 31 日 首批 8 单商业不动产 REITs 正式申 报！ ——公募 REITs 周度跟踪（2026.01.26-2026.01.30） 相关研究 《四季报出炉，5 单 REITs 申报终 止——公募 REITs 周度跟踪 （2026.01.19-2026.01.23）》 2026/01/24 《运营整体向好，板块内部分化— —公募 REITs 周度跟踪 （2026.01.12-2026.01.16）》 2026/01/17 《市场开门红，三单项目集中获问 询——公募 REITs 周度跟踪 （2026.01.05-2026.01.09）》 2026/01/10 债 券 研 究 证 券 研 究 报 告 黄伟平 A0230524110002 huangwp@swsresearch.com 杨雪芳 A0230524120003 yangxf@swsresearch.com 研究支持 曹璇 A0230125070001 caoxuan@swsresearch.com 联系人 曹璇 A0230125070001 caoxuan@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 ...

Core Viewpoint - The first batch of commercial real estate REITs has been officially accepted by the China Securities Regulatory Commission (CSRC), marking a significant step in the development of the REITs market in China [1][2]. Group 1: REITs Acceptance and Details - On January 29, the CSRC announced the acceptance of three commercial real estate REITs: Huaan Jinjiang Closed-End Commercial Real Estate Securities Investment Fund, Huatai-PineBridge Shanghai Real Estate Closed-End Commercial Real Estate Securities Investment Fund, and CICC Vipshop Closed-End Commercial Real Estate Securities Investment Fund [1][2]. - The three REITs are set to be listed on the Shanghai Stock Exchange, with Huaan Jinjiang aiming to raise approximately 1.703 billion yuan, backed by 21 "Jinjiang Metropolo" brand hotels across 18 cities [2]. - The operational metrics for Huaan Jinjiang indicate a total of 803,750 available rooms, an average occupancy rate of 61.58%, and an average room price of 258.33 yuan, with a market value of the real estate project estimated at 1.701 billion yuan as of September 30, 2025 [2]. Group 2: Other REITs and Market Trends - The Huatai-PineBridge Shanghai Real Estate REIT is expected to raise around 4.002 billion yuan, with projected distributable amounts of approximately 180.19 million yuan in 2026 and 182.98 million yuan in 2027 [3]. - The CICC Vipshop REIT plans to raise about 7.470 billion yuan, with estimated combined distributable amounts of 341.42 million yuan in 2026 and 372.56 million yuan in 2027, backed by the Zhengzhou and Harbin outlets [3]. - Several listed companies, including Poly Developments and Maoye Commercial, have announced plans to apply for commercial real estate public REITs, indicating a growing interest in this investment vehicle [4][6].

Group 1 - Zhongyuan Expressway (600020) expects a net profit of approximately 612 million yuan for 2025, a decrease of about 30% year-on-year [1] - Bomin Electronics (603936) anticipates a net profit of 15 million to 22 million yuan for 2025, achieving a turnaround from loss to profit compared to the previous year [2] - Fangda Special Steel (600507) forecasts a net profit of 835 million to 998 million yuan for 2025, an increase of 236.9% to 302.67% year-on-year [3] Group 2 - Jiadu Technology (600728) expects a net profit of 160 million to 200 million yuan for 2025, recovering from a loss of 115 million yuan in the previous year [4] - Changyang Technology (688299) predicts a net loss of 116 million to 168 million yuan for 2025 [5] - Zhongzi Technology (688737) anticipates a net loss of 45.24 million to 67.86 million yuan for 2025 [6] Group 3 - Two-sided Needle (600249) expects a net profit of 5 million to 10 million yuan for 2025, a decline of 87.67% to 93.83% year-on-year [7] - Sanrenxing (605168) forecasts a net profit of 181 million to 209 million yuan for 2025, an increase of 46.79% to 69.5% year-on-year [8] - Shubeide (300322) anticipates a net profit of 60 million to 70 million yuan for 2025, recovering from a loss of 64.46 million yuan in the previous year [9] Group 4 - Maoye Commercial (600828) expects a net loss of 201 million to 242 million yuan for 2025 [10] - Hongsheng Huayuan (601096) forecasts a net profit of 348 million to 400 million yuan for 2025, an increase of 51.22% to 73.82% year-on-year [11] - Huafeng Technology (688629) anticipates a net profit of 338 million to 388 million yuan for 2025, achieving a turnaround from loss to profit [12] Group 5 - Aerospace Rainbow (002389) expects a net profit of 25 million to 31 million yuan for 2025, a decrease of 64.84% to 71.65% year-on-year [14] - Shangong Shenbei (600843) predicts a net loss of 120 million to 150 million yuan for 2025, compared to a loss of 244 million yuan in the previous year [15] - Chaoxun Communication (603322) anticipates a net profit of 36 million to 54 million yuan for 2025, achieving a turnaround from loss to profit [16] Group 6 - Guannong Co. (600251) expects a net profit of 330 million to 340 million yuan for 2025, an increase of 61.29% to 66.18% year-on-year [17] - Shandong Steel (600022) forecasts a net profit of around 100 million yuan for 2025, recovering from a loss of 2.891 billion yuan in the previous year [18] - Baili Technology (603959) anticipates a net loss of 140 million to 200 million yuan for 2025 [19] Group 7 - Electric Power Investment Hydropower (600292) expects a net profit of approximately 517 million yuan for 2025, a year-on-year increase of about 1337% [20] - Aibulu (301259) forecasts a net profit of 26 million to 33.8 million yuan for 2025, recovering from a loss of 30.84 million yuan in the previous year [21] - Yipin Hong (300723) announced that its subsidiary received approval for clinical trials of a new drug [22] Group 8 - Meixin Sheng (688458) plans to acquire 100% equity of Xinyan Micro for 160 million yuan [23][24] - Lanshi Heavy Industry (603169) expects a net loss of 370 million to 440 million yuan for 2025, transitioning from profit to loss [25] - Hongyang (000525) anticipates a net loss of 260 million to 390 million yuan for 2025, compared to a profit of 388 million yuan in the previous year [26] Group 9 - Tianzhihang (688277) predicts a net loss of 165 million to 198 million yuan for 2025, with losses expected to widen by 36.22% to 63.46% compared to the previous year [27] - Tongda Co. (002560) announced plans for a major shareholder to reduce holdings by no more than 1% [28] - *ST Chengchang (001270) expects a net profit of 95 million to 124 million yuan for 2025, recovering from a loss of 31.12 million yuan in the previous year [29] Group 10 - Yirui Technology (688301) reported a net profit of 661 million yuan for 2025, a year-on-year increase of 42.15% [30] - Hualitai (001217) anticipates a net loss of 28 million to 38 million yuan for 2025, transitioning from profit to loss [31] - Yunjiji Group (001288) expects a net profit of 220 million to 252 million yuan for 2025, a year-on-year increase of 40% to 60% [32] Group 11 - Heertai (002402) forecasts a net profit of 638 million to 729 million yuan for 2025, an increase of 75% to 100% year-on-year [33] - Shenhao Technology (300853) anticipates a net loss of 185 million to 220 million yuan for 2025, compared to a loss of 238 million yuan in the previous year [34] - Zhongyan Dadi (003001) expects a net profit of 10 million to 15 million yuan for 2025, a decline of 75.97% to 83.98% year-on-year [35] Group 12 - Landai Technology (002765) forecasts a net profit of 180 million to 200 million yuan for 2025, a year-on-year increase of 44.83% to 60.93%, with a non-recurring profit of 140 million to 160 million yuan, an increase of 113.1% to 143.54% [37] - Yingfeite (300582) plans to raise product prices by 5% to 15% starting March 1, 2026, due to rising raw material costs [38] - Lanzhou Bank (001227) plans to distribute 285 million yuan in cash dividends for the 2025 interim profit distribution [39] Group 13 - Wancheng Group (300972) announced plans for shareholders to reduce holdings by no more than 1.27% [40] - *ST Huarong (600421) expects to turn a profit in 2025, with a projected net profit of 6.5 million to 8 million yuan [41] - Jiaheng Home (300955) anticipates a net loss of 29 million to 39 million yuan for 2025, compared to a loss of 23.69 million yuan in the previous year [42] Group 14 - Aide Biology (300685) announced plans for a major shareholder to reduce holdings by no more than 1.22% [43] - Haixia Innovation (300300) expects a net profit of 100 million to 150 million yuan for 2025, a year-on-year increase of 1660.56% to 2540.85% [44]

Group 1 - The core point of the announcement is the adjustment of the public REITs application plan for commercial real estate to ensure the project's successful issuance due to tight timelines [1][2][3] Group 2 - The underlying asset for the REITs has been adjusted from multiple buildings in Chengdu Maoye Center to specifically the C Tower office property [2] - The company will continue to advance the issuance of the commercial public REITs project and will consider market conditions for future asset developments [2] Group 3 - The adjustment of the application plan aims to ensure the progress of the project issuance and aligns with the long-term asset revitalization strategy of the company [3] - The adjustment will not impact the company's financial status or daily operations, nor will it harm the interests of minority shareholders [3]

随着《中国证监会关于推出商业不动产投资信托基金试点的公告》的发布，写字楼、酒店等商业不动产 迎来新的盘活途径。近期，已有多家企业披露具体的商业不动产投资信托基金(REITs)申报方案和入池 资产，更多公司则表示正积极关注，对相关资产进行梳理评估。 武商集团（000501）亦表示，关于商业不动产公募REITs，目前公司已启动专项研究工作，对旗下符合 发行条件的商业资产进行梳理与评估，审慎论证相关方案的必要性、可行性及发行路径。后续若涉及重 大事项，公司将依法依规，履行信息披露义务。 从已披露信息看，具备成熟商办资产和运营能力的企业率先制定发行方案；更多企业仍处于资产筛选和 路径论证阶段。 上海易居房地产研究院副院长严跃进向《证券日报》记者表示，过去商业项目资金沉淀周期较长，而 REITs能够实现风险分散和收益共享，有利于企业降低资产负债率，也有助于提升商业不动产的市场定 价和运营透明度。 戴德梁行相关负责人在接受《证券日报》记者采访时曾表示，公募REITs扩容至酒店以及写字楼资产， 一方面，有助于推动房地产行业从开发逻辑向运营逻辑转型；另一方面，也有利于更多社会资金进入不 动产投资的赛道，帮助企业提升运营管理能 ...

Group 1 - The core viewpoint of the article indicates that the company's main business is under pressure due to the macroeconomic environment, with the retail department store industry still in a bottoming phase, leading to a decline in net profit [2] - The company plans to recognize goodwill impairment of approximately 53.88 million to 71.84 million yuan and impairment of investment properties of about 184.25 million to 245.66 million yuan due to declining operating conditions and rental levels [2] - The company's performance has been declining consistently, with revenue dropping from 4.168 billion yuan in 2021 to 2.716 billion yuan in 2024, and net profit falling from 409 million yuan in 2021 to only 37.15 million yuan in 2024, a decrease of nearly 90% over four years [2] Group 2 - Despite the continuous decline in performance, losses are still considered rare for the company [4]

每经AI快讯，茂业商业1月28日晚间发布公告称，公司第十一届第四次董事会会议于2026年1月28日以 现场结合通讯方式召开。会议审议了《关于取消2026年第一次临时股东会的议案》等文件。 每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 曾健辉） ...

Core Viewpoint - Maoye International (00848) announced the initiation of a public REITs issuance for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement was made on January 23, 2026, regarding the public REITs issuance plan [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North Section, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments to the Plan - Due to the tight timeline for the issuance, the management of Maoye Commercial, in consultation with intermediaries, decided to adjust the asset composition for the REITs [1] - The adjusted underlying asset will be the office property located at the C Tower of Chengdu Maoye Center, also at No. 28 Tianfu Avenue North Section, subject to regulatory approval [1] Group 3: Future Plans - The issuance of the commercial public REITs project will continue to progress, with the company planning to adapt its approach based on market conditions [1]

Core Viewpoint - Maoye International (00848) announced plans to issue public REITs for commercial real estate, utilizing properties held by its wholly-owned subsidiary Chengshang Group Holdings and related party Chengdu Chongde Investment [1] Group 1: Announcement Details - The announcement regarding the public REITs issuance was made on January 23, 2026, under announcement number 2026-004 [1] - The underlying assets for the REITs will include certain buildings located at No. 28 Tianfu Avenue North, High-tech Zone, Chengdu, subject to regulatory approval [1] Group 2: Adjustments and Future Plans - Due to the tight timeline for the REITs issuance, the company has made adjustments to the initial proposal after thorough discussions with intermediaries [1] - The adjusted underlying asset will now be the C Tower office property at the same location, owned by related party Chengdu Chongde Investment, pending regulatory approval [1] - The company will continue to advance the public REITs project and will consider market conditions for future asset developments related to public REITs [1]