Group 1 - Recent policies and market dynamics in the domestic commercial sector indicate vitality and diversity in industry development, with multiple cities implementing departure tax refund policies to attract foreign tourists and boost the duty-free economy [1] - Guangzhou's Tianhe District has launched the city's first "immediate refund" centralized refund point for departure tax, marking a significant step in enhancing inbound consumption efficiency [1] - Dalian and Hubei Province have also started implementing departure tax refund policies for foreign travelers, while Shanghai plans to optimize the consumption environment by adding more refund stores [1] Group 2 - Companies are selling non-core assets for strategic focus or capital recovery, such as Vanke in Hangzhou selling its Zhishanghui commercial center project, which has a total construction area of approximately 10,000 square meters [1] - He Youjun has become the largest shareholder of Huanyu Commercial through his controlled company, indicating a potential integration of eSports IP into Huanyu's shopping malls and ski resorts, creating a "eSports + night economy" business model [1] Group 3 - Commercial enterprises are expanding their business through light asset cooperation, with China Resources Vientiane Life signing a cooperation agreement with Fujian Sanxin Group to upgrade the Putian Jinding Plaza project, set to reopen in 2026 as the first Vientiane Hui commercial entity in Fujian [4] - The expansion and renovation of shopping malls are becoming important means to enhance space value, with Shanghai Hang Lung Plaza's expansion expected to add approximately 3,080 square meters of floor area by the second half of 2026 [4] - Community commercial developments are also on the rise, such as the transformation of the former Hualian supermarket in Beijing into a DT-X neighborhood center, enhancing residents' convenience [4] Group 4 - Commercial brands are actively expanding into new markets, with BaWang Tea accelerating its layout in Hong Kong and launching multiple new stores [6] - Lao Xiang Ji has submitted a listing application on the Hong Kong Stock Exchange, showing continuous growth in revenue and gross profit [6] - The REITs market is showing vitality, with the listing of CICC China Green Development Commercial REIT seeing a 30% increase on its first day, reflecting investor enthusiasm for consumer infrastructure REITs [6][8]