Group 1 - Dongbai Group has signed a cooperation agreement with Gansu Xintou Commercial Management Co., Ltd. to manage the "Xintou Times Center" project in Lanzhou New Area, marking its second light asset project in the northwest region [1] - The "Xintou Times Center" project has a total construction area of 72,400 square meters and is located in a prime area of Lanzhou New Area, surrounded by key resources such as government, residential, educational, and medical facilities [1] - The project aims to leverage Dongbai Group's operational management experience to enhance consumer experience and is expected to become a model for the company's light asset strategy and regional economic collaboration [1] Group 2 - The upgrade of the "Xintou Times Center" is a significant practice of the integration strategy of industry and city in Lanzhou New Area, aiming to fill the commercial gap in the region and promote a virtuous development pattern [2] - Once operational, the project will serve as a one-stop experience center combining shopping, dining, entertainment, culture, social interaction, and business services, enhancing the property value in the surrounding area [2] - The project will utilize Dongbai Group's expertise in commercial operations, brand recruitment, and customer management, aiming to create a leading urban comprehensive commercial entity in the region [2]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Group 1 - Dongbai Group officially announced a partnership with Gansu Xintou Commercial Management Co., Ltd. to manage the "Xintou Times Center" project in Lanzhou New Area, marking another breakthrough in the light asset management model in the Northwest market [1] - The "Xintou Times Center" project covers a total construction area of 72,400 square meters and is strategically located in the core area of Lanzhou New Area, which has been a key economic growth engine for eight consecutive years [1] - The project aims to create a new commercial landmark in Lanzhou New Area by leveraging the area's comprehensive commercial ecosystem, which includes government, residential, educational, and medical resources [1] Group 2 - Gansu Lanzhou is a strategic location for Dongbai Group's business expansion, with the "Lanzhou Center" being one of its quality self-owned commercial assets, located near the Gansu Provincial Museum [2] - The Lanzhou Center has successfully attracted nearly 1,000 brands, including over 150 first stores in Gansu, catering to diverse consumer needs and becoming a commercial benchmark in the region [2] - In 2024, Dongbai Group plans to enhance the commercial vitality of Lanzhou Center through brand adjustments, spatial restructuring, and innovative scenarios, aiming for an annual foot traffic of 36 million, a year-on-year increase of 7.87% [2] Group 3 - Dongbai Group, as a leading regional player in the retail department store industry, focuses on market demand upgrades and continues to enhance consumer experience through commercial innovation and distinctive operations [3] - The "Xintou Times Center" project is expected to serve as a typical example of Dongbai Group's light asset strategic transformation and regional economic collaboration [3] - The company plans to continue expanding its commercial footprint by leveraging its core areas in Fuzhou and Lanzhou, while firmly advancing its light asset development strategy [3]