（编辑 丛可心） 证券日报网讯 2月27日，锦和商管发布公告称，公司第五届董事会第十四次会议审议通过，拟续聘立信 会计师事务所（特殊普通合伙）为公司及控股子公司2026年度财务报告及内部控制审计机构，聘期一 年，该事项尚需提交股东会审议。 ...

（於開曼群島註冊成立的有限公司） （股份代號：6668） 有關 全權委託投資管理協議之補充公告 及 進一步延後動用所得款項淨額 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 E-Star Commercial Management Company Limited 星盛商業管理股份有限公司 茲提述星盛商業管理股份有限公司（「本公司」）於2026年1月9日刊發有關與管理人訂立全 權委託投資管理協議之公告（「該公告」），該協議構成須予披露交易。除另有界定外，本 公告所用詞彙與該公告所界定者具有相同涵義。 於2026年1月16日，本公司與管理人訂立全權委託投資管理協議之補充協議。據此，本公 司與管理人同意：(i)投資組合之資產將主要投資於美元貨幣市場基金，僅於出現合適市 場機會時方投資於首次公開發行配售；除管理費及績效費外，管理人將不收取任何其他 費用。 此外，本公告旨在向股東及潛在投資者提供有關全權委託投資管理協議的更多資料。 –1– 有關全權委託投資管 ...

Macro Strategy - The employment report for January indicates a resilient labor market in the US, with better-than-expected unemployment rates and employment data driven by a combination of fiscal and monetary easing, as well as seasonal factors [1][8] - Although the non-farm payrolls exceeded expectations by 2.46 times the standard deviation, the structure remains distorted, with 124,000 of the 130,000 new jobs coming from the healthcare sector, indicating a zero growth trend in private employment when excluding healthcare [1][8] - The expectation is for the US economy to continue outperforming in Q1, with a focus on the upcoming core CPI release and the potential warming of market expectations regarding Trump's visit to China in April [1][8] Fixed Income - The report highlights the evolution of bond financing paths for leading tech companies, particularly in the AI sector, emphasizing the importance of a diversified financing system to support tech firms during growth and significant investment phases [2][10] - The analysis of companies like Oracle, Nebius, Alphabet, and Meta illustrates how their bond issuance strategies have evolved alongside their growth stages, showcasing the symbiotic relationship between development and debt issuance [2][10][11] Industry - The report on the smart driving experience in the automotive sector indicates a shift in focus from coverage to experience optimization, with major manufacturers achieving successful implementation of complex urban NOA scenarios [5][13] - The evaluation of six smart driving suppliers shows improvements in their capabilities compared to 2025, with notable advancements in self-developed solutions from companies like Li Auto and XPeng, as well as impressive performances from third-party suppliers [5][13] - The report identifies the growing demand for liquid cooling systems in data centers as a significant driver for valve manufacturers, particularly in emerging markets like the Middle East, where urbanization and industrialization are accelerating [6][15] Recommended Stocks - Weilong Co., Ltd. is positioned as a leading supplier of water valves, expected to benefit from increased demand in the Middle East due to urbanization and industrialization, with projected net profits of 130 million, 170 million, and 220 million for 2025-2027 [6][15] - China Resources Mixc Life is highlighted for its strong operational capabilities and consistent project delivery, with expected net profits of 3.903 billion, 4.331 billion, and 4.821 billion for 2025-2027, maintaining a "buy" rating due to its leading position in commercial operations [6][15]

Core Insights - The article emphasizes the shift in the retail industry from "scale expansion" to "asset operation quality and capital efficiency," highlighting the emergence of a "quality competition" era in physical commerce [2][35] - Starry Commercial has adopted a focused strategy since 2023, prioritizing customer-centric approaches, asset appreciation, and lean operations to enhance the value of existing projects [2][35] Group 1: Activation of Existing Commercial Spaces - Existing commercial spaces are viewed as the most promising investment return areas, serving as a testing ground for corporate wisdom and capabilities amid homogenized competition and fluctuating consumer willingness [4][36] - Starry Commercial manages 27 projects across 20 cities, with a total commercial area exceeding 2.54 million square meters, featuring various product lines such as COCO Park and COCO City [4][36] - The company focuses on enhancing the quality of existing projects, injecting unique commercial characteristics into each operational project through a lean strategy [5][36] Group 2: First Store Economy 2.0 - The annual brand replacement rate in leading first- and second-tier cities is 20-26%, with Starry Commercial achieving a 26% replacement rate, moving beyond the traditional focus on the quantity of first stores to an "ecological leadership" approach [6][37] - In 2025, Starry Commercial introduced 239 regional and city first stores, with 72 high-quality stores rated A or B, covering diverse sectors such as lifestyle and innovative dining [6][37] - The introduction of flagship stores and themed events has transformed first stores into community platforms, fostering long-term customer loyalty [7][39] Group 3: Enhancements in Main Stores - Upgrading traditional main stores is crucial for existing operations, with Starry Commercial optimizing service and experience to turn supermarkets into traffic magnets [43][44] - The implementation of a self-adjustment model in supermarkets has led to a 25% increase in average daily sales per store, while new community supermarkets have driven foot traffic growth of 15% and 12% respectively [43][44] Group 4: Innovative Marketing Strategies - Starry Commercial's marketing strategy focuses on emotional resonance and value alignment, leveraging nationwide IP events like "Big Grab Festival" and "Hi Star Carnival" to connect with younger generations [47][48] - The company has integrated ESG principles into its operations, launching the "Sustainable Exploration Plan" to enhance both commercial and social value, resulting in a 12.5% increase in foot traffic and a 15% rise in sales during related events [49][50] Group 5: Digital Transformation and Service Enhancement - Digitalization is identified as a core engine for lean operations, with Starry Commercial establishing a digital ecosystem to enhance efficiency, traffic aggregation, and value conversion [52][53] - The company has redefined its service model to create a warm commercial experience, focusing on five friendly systems that cater to various consumer needs, thus transforming commercial spaces into lifestyle hubs [56][57] Group 6: Strategic Expansion in Key Regions - Starry Commercial is committed to a focused expansion strategy, concentrating resources in the Greater Bay Area and Yangtze River Delta, avoiding a scattergun approach to growth [62][64] - The recent opening of the second COCO City in Shenzhen has generated significant consumer interest, with over 400,000 visitors in three days, exemplifying the company's strategic focus on high-quality commercial projects [62][64]

Group 1 - Zhuhai Wanda Commercial Management is undergoing significant reforms under the leadership of TPG Capital, with recent internal appointments including Xu Fen as CEO and Chen Qi as COO [1] - Xu Fen has a long history with Wanda Group, having joined in September 2006 and held various positions, including the first female COO of Zhuhai Wanda Commercial Management [1] - The board conducted extensive evaluations of multiple candidates for the CEO position before selecting Xu Fen, indicating a thorough search for the right leadership [1] Group 2 - Recent adjustments within Zhuhai Wanda Commercial Management, including the new CEO appointment and organizational restructuring, aim to refocus on operational management [2] - The company has also engaged in external recruitment alongside internal personnel changes, reflecting a strategic shift towards enhancing business operations [2] - The emphasis on operational management was highlighted in an internal meeting following the departure of former CEO Xiao Guangrui, where the focus was directed towards improving business performance [2]

Core Viewpoint - Xing Sheng Commercial (06668) has entered into a discretionary investment management agreement with a manager to provide comprehensive investment management services, aiming to enhance capital returns and support core business operations [1] Group 1: Investment Agreement Details - The total investment amount is expected to be no more than HKD 200 million, utilizing the company's available cash reserves [1] - The manager is authorized to manage the investment portfolio on behalf of the company, with the investment objective focused on capital appreciation through various means such as money market funds, IPO allocations, block trades, and private investments in public equity (PIPE) [1] - The investment portfolio may concentrate all assets in one or more target company shares [1] Group 2: Financial Strategy and Goals - The company aims to expand offshore funds through investments in different asset classes and has subscribed to various wealth accumulation tools [1] - The discretionary investment management agreement allows the company to effectively utilize temporarily idle cash, potentially increasing overall capital returns and providing funding support for core business [1] - The company can flexibly withdraw any or all investments from the portfolio as needed, which helps in generating potential income from overseas cash surpluses while maintaining liquidity to better support core business development [1]

Core Viewpoint - Xing Sheng Commercial (06668) has entered into a discretionary investment management agreement with a manager, allowing the manager to provide investment management services with an expected total investment of no more than HKD 200 million, utilizing the company's available cash reserves [1] Group 1 - The investment portfolio aims to achieve capital appreciation through various means, including money market funds, IPO allocations, block trades, and private investment in public equity (PIPE) [1] - The company has established a policy to expand offshore funds through investments in different asset classes and has subscribed to various wealth accumulation tools [1] - The discretionary investment management agreement allows the company to flexibly withdraw any or all investments from the portfolio as needed, enhancing potential income from overseas cash surpluses while maintaining liquidity [1]

Core Insights - The "Yue Enjoy Warm Winter, Happy Travel Guangdong" consumption season has successfully activated the winter consumer market through the "Yue Food Festival" organized by Yuexiu Commercial Management [1][4] - The festival achieved a 13% year-on-year increase in daily foot traffic and a 21% increase in daily sales, with member sales soaring by 88% [1] - The event has significantly boosted nearly 200 brand merchants' revenues, with an average sales increase of 15% in the catering sector [1] Group 1: Event Highlights - The festival focused on the concept of "food as the core, multi-industry linkage, and cultural empowerment," creating immersive consumption scenarios [1] - Key activities included the "Fireworks Life Collection" in Guangzhou and the "Wish Snow Season" in Wuhan, targeting young consumers [1] - Innovative promotions such as the "9.9 Yuan Food Exploration Package" and "MBTI Food Voucher Package" were introduced to lower participation barriers and create a consumption loop [1] Group 2: Cultural Empowerment - The festival linked local and international elements, featuring 40 local brand owners and inviting star chefs to create exclusive dishes [4] - Non-heritage cuisine and international dishes were introduced in projects in Wuhan and Guangzhou, enriching the cultural experience for consumers [4] - The event is part of Yuexiu Commercial Management's strategy to foster commercial value and urban development, contributing to Guangzhou's goal of becoming an international consumption center [4]

Core Viewpoint - *ST Yangguang is undergoing a potential change in control, which may lead to a shift in its major shareholder and actual controller, as announced on January 7. The stock will be suspended from trading starting January 8, 2026, for a period not exceeding two trading days [1][3]. Group 1: Control Change Announcement - The control change is still in the planning stage, with parties involved discussing specific transaction plans and agreements [3]. - Recent shareholding changes indicate a shift, with Jingji Group transferring 74.99 million shares at a price of 2.42 yuan per share, reducing its stake from 29.97% to 19.97% [3]. - Jingji Group became the controlling shareholder in May 2020, acquiring shares at 6.6 yuan per share for a total of 1.441 billion yuan, with a commitment to resolve competition issues within five years, which has not yet been fulfilled [3]. Group 2: Company Financial Status - *ST Yangguang is currently facing a delisting risk due to negative profit figures, with total profit, net profit, and net profit after deductions all being negative for the 2024 fiscal year [4]. - For the first three quarters of 2025, the company reported revenue of 252 million yuan, a year-on-year increase of 5.11%, but a net loss of 72.06 million yuan, a significant decline of 258.43% [4]. - The company has liquidity issues, with cash reserves of only 60.28 million yuan against interest-bearing liabilities of 415 million yuan, resulting in a current ratio of 0.16 [4]. Group 3: Business Operations and Market Position - The company focuses on commercial operation management, property leasing, and residential sales, but faces weak market competitiveness and low market share in commercial property leasing [4]. - *ST Yangguang has been managing quality commercial projects under Jingji Group since 2021, aiming to expand its business scope [4]. - A valuation enhancement plan was proposed in April 2025, suggesting that the control change may be related to efforts to improve investment value through mergers and acquisitions [4]. Group 4: Market Analysis and Stock Performance - Analysts suggest that the control change may be aimed at attracting new capital to assist the company in its transformation amid delisting risks and financial pressures [5]. - Jingji Group's current shareholding cost is significantly higher than the company's current stock price, indicating a potential phased exit strategy [5]. - Prior to the suspension, *ST Yangguang's stock experienced a continuous rise, with a cumulative increase of over 32% since mid-December 2025 and over 60% since late October 2025, closing at 3.05 yuan per share [5].

Group 1 - Tianjin High-tech Industry Operation Management Co., Ltd. has been established with a registered capital of approximately 6.87 billion yuan [1] - The company's business scope includes management services for commercial complexes, housing leasing, non-residential real estate leasing, machinery and equipment leasing, and parking services [1] - The company is wholly owned by the Tianjin Binhai High-tech Industrial Development Zone Management Committee [1]