Group 1 - Nanjing Shangyue Tiandi officially opened on January 24, 2026, as the first commercial project by CITIC Pacific Properties in Nanjing, featuring a design concept of "four-layer life cube" and over 40% of area dedicated to first-store brands [7] - Nanjing Jiangbei Impression Hui reopened on January 24, 2026, after a 33 million yuan renovation, transforming it into a modern "park-style shopping mall" with upgraded hardware and new first-store brands [5] - Jinan Haina City Bailian Outlet Phase II officially opened on January 23, 2026, doubling foot traffic and sales since its soft opening in December 2025, expanding to 150,000 square meters with nearly 300 brands [9] Group 2 - Shenzhen Grand China Malls in Luohu District opened on January 18, 2026, covering approximately 38,000 square meters and featuring various retail and dining options [11][12] - Handan Dongyuehui City, the first "first-store economy" project in Handan, officially opened on January 16, 2026, with a total construction area of about 80,000 square meters and 110 brands [15] - Wuhan Ganlu Mountain Jiayou City Outlet is set to open on February 11, 2026, as the first self-operated outlet in Wuhan, focusing on luxury and outdoor brands [17] Group 3 - Shenzhen M80 project, developed by a Tencent subsidiary, is expected to be completed by the end of 2026, with a total construction area of 228,000 square meters, potentially collaborating with the cultural commercial project "Tianmu Li" [20][21] - Hangzhou New World City Art Center is expected to gradually open in 2027, with a total investment of 23 billion yuan and a design that integrates local cultural elements [24] - Shanghai Jiatuo Square GT SQUARE held a brand signing ceremony, with a total area of 190,000 square meters and plans to officially operate in the second half of 2026 [26] Group 4 - Guangzhou's Ma Chang land officially listed for sale on January 23, 2026, with a starting price of 18.6 billion yuan, covering an area of approximately 174,000 square meters [36][37] - New City Holdings held its 2026 annual meeting, reporting over 38,000 housing deliveries in 2025 and a commercial operation revenue of 14.09 billion yuan, with plans for further expansion [38] - Longfor Commercial announced its "Tianjie 2026" strategy, focusing on both existing and new projects to enhance urban commercial experiences [39] Group 5 - BAILIAN Group aims to expand its outlet business to 15 stores by 2030, with a focus on quality development and new project planning in Zhengzhou and Xi'an [41] - Boyu Capital acquired a 75% stake in Beijing Badaling Outlet, indicating a strategic move in the retail sector [42] - Maoye Commercial plans to issue public REITs backed by its Chengdu Maoye Center, aiming for strategic asset restructuring [43]

茂业商业股份有限公司控股股东深圳茂业商厦有限公司及其一致行动人合计持有公司股份约14.64亿 股，占上市公司总股本的84.55%。茂业商厦及其一致行动人持有公司股份累计质押数量为1.7亿股，占 茂业商厦及其一致行动人所持有公司股份总额的11.61%，占公司总股本的9.82%。 每经AI快讯，茂业商业1月26日晚间发布公告称，公司接控股股东茂业商厦通知，茂业商厦将其持有的 公司部分无限售流通股办理了股票质押解除登记手续，本次解除质押8920万股。 （记者 王晓波） 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 ...

证券代码：600828 证券简称：茂业商业 公告编号：临 2026-006 号 茂业商业股份有限公司 关于控股股东部分股份解除质押的公告 特别提示：本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带责任。 重要内容提示： ● 茂业商业股份有限公司（以下简称"茂业商业"、"公司"） 控股股东深圳茂业商厦有限公司（以下简称"茂业商厦"）及 其一致行动人合计持有公司股份1,464,455,037股，占上市公司 总股本的84.55%。茂业商厦及其一致行动人持有公司股份累计 质押数量（本次办理解押后）为170,000,000股，占茂业商厦及 其一致行动人所持有公司股份总额的11.61%，占公司总股本的 9.82%。 一、公司股份解除质押基本情况 公司接控股股东茂业商厦通知，茂业商厦将其持有的公司部分无 限售流通股办理了股票质押解除登记手续，现将有关情况说明如下： 二〇二六年一月二十七日 1、本次交易的基本情况 | | | | | | 交易数量 | | --- | --- | --- | --- | --- | --- | | 股东名称 | ...

南财智讯1月26日电，茂业商业公告，公司控股股东深圳茂业商厦有限公司将其持有的公司89200000股 无限售流通股办理了股票质押解除登记手续，本次解除质押股份为0.89亿股。 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - This week, the REITs market rose significantly, with the China Securities REITs Index up 1.7% week - on - week. New infrastructure, consumer, and municipal facilities REITs had prominent gains. The performance order of major indices in terms of weekly gains and losses was: China Securities Convertible Bonds > China Securities REITs > China Securities All - Bonds > CSI 300 [1]. - As of January 23, 2026, the dividend yield of equity - type REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [1]. - Since the beginning of this year, five public REITs have been terminated (withdrawn) on the Shanghai and Shenzhen Stock Exchanges. The public REITs market is gradually transforming towards "emphasizing operation and compliance", and projects with stable cash flows and strong operation and management capabilities will be more favored by the market in the future [1]. 3. Summary According to Related Catalogs 3.1 Secondary Market Trends - As of January 23, 2026, the closing price of the China Securities REITs (closing) Index was 806.72 points, with a weekly increase of 1.7% (from January 17 to January 23, 2026). It performed weaker than the China Securities Convertible Bonds Index (+2.9%) but stronger than the China Securities All - Bonds Index (+0.2%) and the CSI 300 Index (-0.6%). Since the beginning of the year, the order of major indices in terms of gains and losses was: China Securities Convertible Bonds (+8.7%) > China Securities REITs (+3.2%) > CSI 300 (+1.6%) > China Securities All - Bonds (+0.4%) [2][6]. - In the past year, the return rate of the China Securities REITs Index was -2.6%, and the volatility was 7.5%. The return rate was lower than that of the China Securities Convertible Bonds Index, the CSI 300 Index, and the China Securities All - Bonds Index. The volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bonds Index but higher than that of the China Securities All - Bonds Index. The total market value of REITs on January 23 was 228 billion yuan, an increase of 5.5 billion yuan from the previous week. The average daily turnover rate for the whole week was 0.66%, an increase of 0.11 percentage points from the previous week [2][8]. - In terms of different project attributes, the average weekly gains and losses of equity - type REITs and concession - type REITs were 2.9% and 1.8% respectively. In terms of different project types, there was a divergence in the rise and fall of each sector, with new infrastructure, consumer, and municipal facilities REITs leading the gains. The top three REITs in terms of weekly gains were CICC Chongqing Liangjiang REIT (+10.30%), Huaan Bailian Consumer REIT (+9.97%), and Huatai Baowan Logistics REIT (+7.27%) [3][15][19]. - In terms of different project types, new infrastructure REITs had the highest daily turnover rate during the period, with an average daily turnover rate of 1.0%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total REITs trading volume. The top three REITs in terms of net inflow of main funds this week were China Resources Commercial REIT (213.02 million yuan), Guojin CRCC REIT (76.03 million yuan), and Southern Runze Technology Data Center REIT (72.96 million yuan) [3][21][22]. 3.2 Primary Market Issuance - From January 1 to January 23, 2026, there was 1 REITs product in the accepted stage, 1 in the in -quired stage, and 3 in the feedback stage on the exchanges. According to the official websites of the Shanghai and Shenzhen Stock Exchanges, the additional issuance of Fuling First - created Water Service Closed - end Infrastructure Securities Investment Fund, Jianxin Jiarongyuan Rental Housing Closed - end Infrastructure Securities Investment Fund, Chuangjin Hexin Electronic City Industrial Park Closed - end Infrastructure Securities Investment Fund, Jianxin Jinfeng New Energy Closed - end Infrastructure Securities Investment Fund, and Huaxia Wanwei Warehouse Logistics Closed - end Infrastructure Securities Investment Fund were terminated or withdrawn [24]. - The public REITs market is changing from "emphasizing issuance" to "emphasizing operation and compliance". In the future, projects with stable cash flows and standardized operation and management capabilities will be more favored by the market [24]. 3.3 Valuation Tracking - REITs have both bond - like and stock - like characteristics. As of January 23, the average annualized cash distribution rate of public REITs was 6.3%. Different valuation indicators were used from the perspectives of bond - like and stock - like characteristics, including relative net value premium rate, IRR, and P/FFO [25]. - As of January 16, 2026, the dividend yield of equity REITs was 93BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of concession - type REITs and the 10 - year Treasury yield was 327BP [28]. 3.4 Industry News - The first national Torch REITs landed in Xiamen. CICC Xiamen Torch Industrial Park Closed - end Infrastructure Securities Investment Fund officially entered the application stage, with underlying assets covering 10 industrial parks within the "one - district, multiple - parks" scope of Xiamen Torch High - tech Zone, with a total construction area of 481,300 square meters [4][36]. - Maoye Commercial plans to carry out the application and issuance of commercial real - estate public REITs. On January 23, Maoye Commercial Co., Ltd. announced that it would use some buildings of Chengdu Maoye Center in Tianfu Avenue North, High - tech Zone, Chengdu held by its wholly - owned subsidiary and related parties as underlying assets to carry out the application and issuance of commercial real - estate public REITs [4][36].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the content. 2. Report's Core View - This week, REITs quarterly reports for Q4 2025 were released, and the market showed a positive performance. Data center and consumer sectors led the gains, with equity REITs outperforming concession - based REITs. Overall, REITs' revenue, net profit, and distributable amount had different year - on - year and quarter - on - quarter changes. [5] - For the first time, 5 REITs projects were terminated at the exchange stage. These projects failed to submit responses after receiving exchange feedback, indicating the exchange's enhanced refined management of REITs project applications. [5] - The CSI REITs Total Return Index rose by 2.17%, outperforming the CSI 300 by 2.79 percentage points and the CSI Dividend by 0.02 percentage points. In terms of different attributes and asset types, there were also different performance trends. [5] 3. Summary According to the Directory 3.1 First - level Market - There were no new progress in the initial offering and expansion of REITs this week. [4][5][9] 3.2 Second - level Market 3.2.1 Market Review - The CSI REITs Total Return Index rose by 2.17%. Equity REITs rose by 3.06%, and concession - based REITs rose by 1.63%. Data center (+5.87%), consumer (+4.17%), warehousing and logistics (+3.15%), and environmental protection and water utilities (+2.70%) sectors performed well. [5][19][24] 3.2.2 Liquidity - The turnover rate and trading volume of REITs both increased. The average daily turnover rates of equity and concession - based REITs were 0.72% and 0.46% respectively, up 23.99 and 8.88 basis points from last week. The trading volumes were 7.47 billion and 1.54 billion shares respectively, with a week - on - week increase of 49.90% and 23.79%. [24][25][26] 3.2.3 Valuation - The yields of equity and concession - based REITs according to ChinaBond valuation were 3.70% and 4.93% respectively. The transportation (6.03%), warehousing and logistics (5.29%), and park (4.39%) sectors had relatively high valuations. [28][29][30] 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - From January 18th to 23rd, there were a series of news about REITs, including the attempt to issue scenic area REITs in Huixian, the tender for consulting services of infrastructure REITs of Chengde Thermal Power Group, the termination of some REITs applications, and the start of some REITs project tenders. [34] 3.3.2 Important Announcements - There were announcements about the lifting of the restricted - sale period, operating data, quarterly reports, and dividend distributions of multiple REITs. For example, the strategic placement shares of E Fund Huawi Market REIT will be lifted on January 26th, and many REITs released their Q4 2025 quarterly reports. [35][36][43]

2026 年 01 月 24 日 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） 相关研究 《运营整体向好,板块内部分化— 公募 REITs 周度眼踪 2026.01.12-2026.01.16) 》 2026/01/17 三单项目集中获问 《市场开门红, 公募 REITs 周度跟踪 (2026.01.05-2026.01.09) 》 2026/01/10 《商业不动产 REITs 正式落地，哪 些变化？ ——公募 REITs 周度跟踪 些变化? - (2025.12.29-2025.12.31) 》 2026/01/04 证券分析师 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 申万宏源研究微信服务 | 1．一级市场：本周无新增首发和扩 ...

Core Viewpoint - Maoye Commercial Co., Ltd. has announced the initiation of a public offering for real estate investment trusts (REITs) focused on commercial properties [1] Group 1: REITs Announcement - The public REITs will utilize part of the buildings at Chengdu Maoye Center, located at No. 28 Tianfu Avenue North, Chengdu, as the underlying assets, subject to regulatory approval [1] - The product is tentatively named Huaxia Maoye Closed-end Commercial Real Estate Securities Investment Fund and will be issued on the Shanghai Stock Exchange [1] - Huaxia Fund will serve as the fund manager, while CITIC Securities will act as the special plan manager and financial advisor [1] Group 2: Expected Benefits - The issuance of the public REITs is expected to increase the company's net profit upon completion [1] - As an equity financing tool, the REITs will effectively activate existing assets, uncover the intrinsic value of mature commercial properties, optimize the capital structure, improve financial conditions, and reduce financial leverage [1]

Core Viewpoint - The announcement by Maoye Commercial Co., Ltd. to initiate the public offering of commercial real estate REITs based on its Chengdu office assets has sparked significant industry discussion, indicating a shift in China's real estate securitization market towards a dual-driven model of infrastructure and commercial property [1][2]. Group 1: Market Development - China's real estate securitization market is transitioning from a "infrastructure-first" approach to a "infrastructure + commercial property" dual-driven model, driven by market-oriented reforms [1]. - The commercial real estate stock market in China is substantial, with non-residential properties accounting for 15% to 20% of total residential properties, providing a solid foundation for the expansion of REITs [1]. Group 2: Industry Insights - Real estate companies are shifting from high-leverage, fast-turnover developers to investment and operation-focused entities, with REITs seen as a significant benefit for revitalizing existing assets and alleviating heavy asset investment pressures [2]. - The introduction of commercial real estate REITs is viewed as a complementary evolution to infrastructure REITs, which will enrich the REITs market system in China [2]. - Experts predict that within 1 to 2 years, the first batch of commercial real estate REITs projects will be launched, with the market size expected to exceed 500 billion yuan; over 3 to 5 years, the overall REITs market could grow to between 1 trillion and 2 trillion yuan, driven by increased participation from private real estate companies and the inclusion of logistics and industrial properties [2].

每经AI快讯，茂业商业1月22日晚间发布公告称，公司第十一届第三次董事会会议于2026年1月22日以 现场结合通讯方式召开。会议审议了《关于召开2026年第一次临时股东会的议案》等文件。 （记者 曾健辉） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 ...