证券代码：600622 股票简称：光大嘉宝 编号：临 2025-055 光大嘉宝股份有限公司 关于公司"提质增效重回报"行动方案 执行情况的评估报告 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法律责任。 为响应上海证券交易所《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，践行"以投资者为本"的上市公司发展理念，进 一步提高上市公司质量，维护全体股东利益，光大嘉宝股份有限公司 ）于 2024 年 6 月 24 日披露了《关于 2024 年度"提 （以下简称"公司" 质增效重回报"行动方案的公告》（以下简称"行动方案"），相关内 容详见公司临 2024-041 号公告。根据行动方案，结合公司实际情况， 公司积极开展和落实相关工作，持续评估完善，现将行动方案在 2025 年上半年的执行情况报告如下： 一、聚焦主责主业，促进稳定发展 公司始终坚持以习近平新时代中国特色社会主义思想为指导，坚 决贯彻党中央决策部署，认真落实上级党委各项工作要求，统筹稳经 营、化风险、谋发展、助民生各项工作，着力打造国内领先的跨境不 动产资产管理平台。 ...

Group 1 - The meeting on July 30, 2025, decided to hold the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China in October 2025, focusing on the formulation of the "15th Five-Year Plan" [1] - The "15th Five-Year Plan" period is identified as a foundational stage for building a modern socialist country, emphasizing the need to adapt to challenges and opportunities [1][2] - The meeting reiterated the principle of "seeking progress while maintaining stability," aiming for coordinated fiscal, monetary, and industrial policies to avoid disjointed efforts [1][2] Group 2 - The meeting highlighted the importance of unleashing domestic demand potential, particularly in the context of weak external demand [2] - It emphasized the need for continuous reform and opening up to enhance high-quality development and structural dynamics [2][3] - The meeting underscored a "zero tolerance" approach to risks in key areas, ensuring social stability through comprehensive planning for livelihood security [2][3] Group 3 - The meeting acknowledged the profound changes in the global landscape, including geopolitical tensions and supply chain restructuring, alongside internal structural issues like local government debt and youth employment pressure [3] - It called for accelerating government bond issuance and improving fund utilization efficiency while maintaining a focus on key areas such as infrastructure and technology innovation [3] - The meeting stressed the importance of stabilizing employment, ensuring food security, and enhancing social assistance systems to improve overall resilience [3]

Core Viewpoint - The efficient utilization of existing real estate has become an important and necessary means for state-owned enterprises to enhance asset efficiency in the new economic landscape [1] Group 1: Asset Management Transformation - As the market enters a stock era, asset management needs to shift from simple management and cost control to refined asset operation management [2] - Many central enterprises and state-owned enterprises in Beijing are establishing asset management companies or platforms to elevate management from mere financial oversight to comprehensive asset operation [2] - The integration of operation management, asset management, and property management is crucial to enhance project value in a competitive office market [2][3] Group 2: Challenges in Asset Management - State-owned asset management faces four core issues: unclear asset boundaries, underutilized value of old assets, low management efficiency, and unsustainable development [4][5][6] - Many state-owned enterprises lack a clear understanding of their asset boundaries and underlying information [5] - Old state-owned assets often mismatch in quality, type, and regional development, leading to low operational value realization [5] - The reliance on internal clients has resulted in a lack of market competitiveness, making it difficult to adapt to market changes [6] Group 3: Solutions and Strategies - Companies are exploring solutions such as asset classification and market-based evaluation to manage assets effectively [7] - Enhancing asset value requires addressing compliance issues of flawed assets as a prerequisite for improvement [7] - For urban renewal projects, assessing the suitability of old properties for regional development is essential [7] - Operational efficiency can be improved through software-level adjustments rather than significant hardware investments [7][8] Group 4: Sustainable Development of Assets - Achieving sustainable asset development hinges on resolving exit strategies, funding, and standardization of management [8] - The capital market is increasingly offering diverse exit channels for holding-type real estate, including public and private REITs [8] - Clear asset management strategies and standardized management tools are necessary to align with market demands and enhance operational efficiency [8]

Group 1 - As of April 22, 73 listed companies have included Qualified Foreign Institutional Investors (QFII) in their top ten circulating shareholders, indicating increased foreign interest in Chinese assets [1] - QFII has been actively increasing their holdings in A-shares, with 20 foreign institutions appearing in the top ten shareholders of disclosed companies, including major players like Abu Dhabi Investment Authority and Morgan Stanley [1] - Foreign institutions are launching new products to express confidence in Chinese assets, such as the recent launch of the Lianbo Zhiyuan Mixed Securities Investment Fund by Lianbo Fund [1] Group 2 - The resilience of the Chinese stock market is supported by policy backing and low valuations, with many foreign institutions expressing optimism about its long-term prospects [2] - HSBC and Nomura have highlighted the potential for significant upside in Chinese indices, predicting 12% and 15% increases for MSCI China and CSI 300 indices respectively [3] - The overseas investor ownership in Chinese stocks remains relatively low, suggesting a higher likelihood of positive surprises in the Chinese economy and corporate earnings [3] Group 3 - Continuous policy incentives are driving foreign institutions to be bullish on Chinese assets, with expectations for higher levels of openness to attract foreign investment [3] - Recent policy proposals aim to optimize cross-border investment channels, including the deepening of Qualified Foreign Limited Partner (QFLP) trials and attracting foreign insurance companies and sovereign funds [3][4] - There is a push to enhance the convenience of cross-border investments, encouraging foreign equity investments and the introduction of more cross-border ETF products [4]

Core Viewpoint - CapitaLand has established its first onshore mother fund in China, with a total commitment of 5 billion RMB (approximately 921 million SGD), aiming to expand its fund asset management scale in the region [1][2] Group 1: Fund Establishment and Strategy - The CapitaLand RMB mother fund is expected to contribute 20 billion RMB (approximately 3.7 billion SGD) to the company's fund asset management scale after investments are completed [1] - The mother fund will invest through a series of sub-funds focusing on high-quality assets with stable cash flow and long-term appreciation potential, including industrial parks, shopping centers, rental housing, and serviced apartments in first-tier and strong second-tier cities in China [1] - Future sub-funds may also explore special investment opportunities in data centers, logistics parks, and office buildings [1] Group 2: Market Position and Growth - CapitaLand has been operating in China for over 30 years, showcasing strong local expertise and the ability to create diversified RMB fund products based on domestic investor needs [2] - Since 2021, CapitaLand has successfully established seven RMB private equity funds in China, raising a total of 54 billion RMB, demonstrating the effectiveness of its local fundraising strategy [2] - The company manages approximately 300 projects across over 40 cities in China, with a diversified investment portfolio located in key urban areas, including office buildings, shopping centers, hospitality, industrial parks, logistics parks, and data centers [2] Group 3: Future Prospects - CapitaLand has filed for its first public REIT focused on consumer infrastructure in China, which is expected to be the first foreign-funded consumer public REIT in the country, broadening its access to long-term domestic equity capital [3] - This move is anticipated to drive continuous growth in the company's recurring fee income [3]

Core Viewpoint - The reform of the investment and financing system is crucial for achieving high-quality economic development in China, addressing issues in project management, government debt, fiscal systems, and state-owned asset management [1]. Group 1: Government Investment and Financing Decision Mechanism - The reform aims to centralize management of financial resources across various institutions to enhance coordination and efficiency in government investment [2]. - Establishing a joint evaluation mechanism for major projects will ensure better collaboration among departments and optimize investment models [2]. - Centralizing some investment authority to provincial or municipal levels can improve resource integration and efficiency [2]. Group 2: Government Investment Project Management - Effective management of government investment projects is essential to avoid resource wastage, requiring a full lifecycle management approach [3]. - A long-term project reserve mechanism should be established to align local projects with national policies and local needs [3]. - Strict project feasibility assessments and dynamic prioritization are necessary to ensure efficient project execution [3]. Group 3: Government Debt Management - Addressing debt risk is vital for sustainable development, necessitating both short-term and long-term strategies [4]. - Short-term measures include establishing a debt repayment reserve fund and enhancing transparency in local government financing [4]. - Long-term strategies involve creating a capital budgeting system to align investment activities with fiscal revenues [4]. Group 4: Fiscal System Optimization - Reforming the fiscal system involves redefining the financial and operational responsibilities between central and local governments [5]. - Increasing local tax revenues can alleviate liquidity pressures on local governments and encourage more investment activities [5]. Group 5: State-Owned Asset Management Reform - The reform of state-owned asset management is essential for delineating the boundaries between government and market roles [6]. - The government should gradually withdraw from competitive sectors, allowing market mechanisms to allocate resources more effectively [6]. Group 6: Financial System Reform - The traditional banking system is insufficient for current economic needs, necessitating market-oriented financial reforms to attract long-term, low-cost capital [7]. - Enhancing capital market functions and increasing equity financing can better direct funds towards innovative enterprises [7]. - Diversifying financing channels by involving social security funds and insurance capital is crucial for sustainable development [7]. Conclusion - The investment and financing system reform is a complex, systemic project that requires comprehensive planning and coordination across various measures to enhance efficiency and reduce risks, laying a solid foundation for future development [8].

Core Viewpoint - Local government debt risks have become a significant concern, necessitating a dual challenge of resolving existing debt and restructuring financing models under the constraints of "preventing defaults" [1] Group 1: Project Selection Logic - Incremental projects by urban investment platforms must align with both "serving local functions" and "market-driven revenue generation" [2] - Projects should anchor on national strategic directions such as "Yellow River Basin ecological protection" and "rural revitalization," which attract policy resources and funding [2] - A closed-loop revenue model must be established during the feasibility study phase, exemplified by affordable housing projects that combine commercial space to cover construction costs [3] - Urban investment companies need to transition from "infrastructure builders" to "urban operators," integrating various public utility services to ensure stable revenue streams [4] Group 2: Funding Source Optimization - A mixed funding model of "policy funds as a base + market financing as a supplement" is essential under tight fiscal constraints [5] - Innovative debt instruments and capital raising strategies are necessary, such as leveraging special bonds and policy financial loans to achieve a leverage ratio of 1:5 [5] Group 3: Avoiding Hidden Debt - Breaking the "fiscal dependency inertia" is crucial to avoid new hidden debts, which involves redefining the responsibilities between government and enterprises [6] - Techniques such as market-driven decision-making and cash flow packaging can help mitigate direct fiscal support and reduce the risk of hidden debt recognition [7][8] - Utilizing gray areas in policies, such as indirect fiscal payments and transforming specific project subsidies into broader industry policies, can further reduce hidden debt risks [8] Group 4: Risks and Outlook - While current practices have shown some success, potential risks remain, including regulatory scrutiny and the sustainability of market-driven revenues [9] - Future reforms should focus on balancing risk prevention and growth stabilization, requiring both technical innovations and deeper fiscal reforms [9]