■ 证券代码：600828证券简称：茂业商业 公告编号：临2026-013号 茂业商业股份有限公司 关于董事会秘书离任的公告 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。 重要内容提示： 茂业商业股份有限公司（以下简称"公司"）董事会于近日收到公司董事会秘书张强先生提交的书面辞职 报告。因个人原因，张强先生申请辞去公司董事会秘书职务，辞职后不再担任公司其他职务。 一、提前离任的基本情况 二、离任对公司的影响 截至本公告披露日，张强先生未持有公司股份，不存在应当履行而未履行的承诺。张强先生所负责的工 作已按照相关法律法规及公司有关规定做好妥善交接，其离任不会对公司正常经营活动产生不利影响。 张强先生在担任公司董事会秘书期间恪尽职守、勤勉尽责，公司及公司董事会对其在任职期间所做的贡 献表示衷心感谢！ 在公司聘任新的董事会秘书之前，暂由公司董事长高宏彪先生代为履行董事会秘书职责。公司将根据 《公司法》、《上海证券交易所股票上市规则》及《公司章程》等相关规定，尽快完成新任董事会秘书 的选聘工作。 特此公告。 茂业商业股份有限公司董事 ...

证券代码：600828 证券简称：茂业商业 公告编号：临 2026-013 号 茂业商业股份有限公司 关于董事会秘书离任的公告 二〇二六年二月二十八日 茂业商业股份有限公司董事会 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。 重要内容提示： 茂业商业股份有限公司（以下简称"公司"）董事会于近日收到 公司董事会秘书张强先生提交的书面辞职报告。因个人原因，张强先 生申请辞去公司董事会秘书职务，辞职后不再担任公司其他职务。 一、提前离任的基本情况 | 姓名 | 离任 职务 | 离任时间 | | 原定任期 到期日 | 离任原因 市公司及其控 | 是否继续在上 | 具体职务 （如适用） | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 股子公司任职 | | | 公开承诺 | | 张强 | 董事会 | 2026 | 年 | 2028 年 | 个人原因 否 | | 不适用 | 否 | | | 秘书 | 2 月 26 | 日 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

巡查过程中，工作人员与商场负责人员、摊主、消费者深入交流，详细询问当前价格动态、货源供应及销售情况。从巡查情况看，平度市节前重要民生商 品供应充足，购销两旺，市场价格较为平稳。2月14日，特一粉价格为2.04元（每500克，下同），与去年同期持平。食用油5升桶装花生油为129.00元/ 桶，与去年同期持平。猪肉价格为13.00元，比去年同期下降13.33%。鸡蛋价格为3.80元，比去年同期下降15.56%。黄瓜4.50元，西红柿5.50元，茄子4.80 元，芹菜4.50元，大白菜2.00元，大头菜3.00元，青椒4.50元，蔬菜价格比去年同期上涨约20%。 15 海鲜熟食区 88 and e 20 12 y ter re 信网2月15日讯春节假期临近，为全面掌握节前重要民生商品市场价格，确保节日期间价格秩序平稳，平度市发改局组织人员先后到佳乐家超市、河头农 贸市场、金沟子集贸市场开展市场价格巡查，重点调研了解粮油肉禽蛋菜果奶等与群众节日消费密切相关的重要民生商品价格情况。 价格巡查现场相关照片。（来源：平度市发改局） 平度市发改局将加大市场巡查力度，扎实做好节日值班值守和价格监测预警，确保春节期间市场价格平稳 ...

Core Viewpoint - The stock price of Maoye Commercial (600828.SH) has experienced unusual fluctuations due to multiple factors, including the release of performance risks, withdrawal of speculative funds, and pressure on the industry fundamentals [1] Performance and Operating Conditions - According to the earnings forecast released on January 28, 2026, the company expects a net loss attributable to shareholders of between 201 million to 242 million yuan for 2025, a significant decline from a profit of 37.15 million yuan in 2024 [2] - The primary reasons for the loss include substantial asset impairments: goodwill impairment of 53.88 million to 71.84 million yuan and investment property impairment of 184 million to 246 million yuan, with a total maximum impairment scale reaching 318 million yuan, far exceeding the net profit of 2024 [2] - The retail department store industry is facing a weak fundamental environment, with revenue declining from 4.168 billion yuan in 2021 to 2.716 billion yuan in 2024, and a further year-on-year revenue drop of 14.2% in the first three quarters of 2025 [2] Financial and Technical Aspects - There has been a significant outflow of main funds, with a net outflow of 46.18 million yuan on February 13, 2026, accounting for 10.91% of the total transaction volume, while retail investors saw a net inflow of 50.59 million yuan, indicating a withdrawal of short-term speculative funds [3] - Following abnormal fluctuations, the stock price experienced a correction, with a cumulative decline of 15.41% by February 13, after reaching a dynamic price-to-earnings ratio of 225.36, significantly higher than the industry average of 54.96 [3] Industry Policy and Environment - The overall retail sector is under pressure, with a 0.77% decline in the general retail sector on February 13, and Maoye Commercial leading the decline, as the sector faced a net outflow of 685 million yuan, reflecting weaker-than-expected consumer recovery [4] - The company has a debt-to-asset ratio of 58.22%, with financial expenses reaching 212 million yuan in the third quarter of 2025, and a cash-to-current-liabilities coverage ratio of only 7.84%, indicating significant repayment pressure [4] Stock Price Situation - As of February 13, the stock price fell below the middle band of the Bollinger Bands (6.686 yuan), with the MACD histogram turning negative (-0.173) and the KDJ indicator's J value dropping to -10.169, indicating an oversold condition, although the moving average system remains in a bearish arrangement, suggesting a weak short-term technical outlook [5] Future Development - The unusual stock price movement of Maoye Commercial is a result of the realization of performance risks, withdrawal of funds, and industry weakness. The company needs to monitor the final results of asset impairment tests, progress in consumer recovery, and optimization of its debt structure [6]

Group 1 - The first batch of commercial real estate REITs is gaining momentum, with 12 products submitted for approval since the end of January, and 10 of them accepted by the exchange, with a fundraising scale expected to reach 37.7 billion yuan [1] - The project initiators include state-owned enterprises, local state-owned enterprises, private enterprises, and foreign companies, with all projects located in core areas of first- and second-tier cities [1][3] - The underlying assets of the projects show a "retail-led, diversified supplement" pattern, including 4 retail projects, 3 mixed-use commercial projects, 2 hotels, and 1 office [1] Group 2 - The first batch of accepted projects is characterized by mature operations, good historical performance, and stable cash flow, with some assets currently fully leased [3] - Notable projects include those from Poly Developments in the Guangdong-Hong Kong-Macao Greater Bay Area, and various state-owned enterprises in Shanghai with diverse asset types located in key urban areas [3] - Private enterprises like Vipshop and Sanda have extensive commercial property management experience, with their underlying assets being outlet projects in major cities [3] Group 3 - The launch of commercial real estate REITs is seen as a new opportunity for the real estate industry, which is transitioning from a high-leverage, high-turnover model to a more sustainable operational model [5][6] - REITs provide a significant funding channel for developers, encouraging a shift from "developers" to "asset managers and service providers," enhancing operational management capabilities [6] - The first batch of projects includes four with clear renovation plans aimed at improving space utilization and optimizing asset combinations [6] Group 4 - Commercial real estate REITs will provide a crucial "pricing anchor" for the market, addressing the lack of a transparent price discovery mechanism in the commercial real estate sector [6][7] - The introduction of REITs is expected to enhance price transparency and valuation science in the commercial real estate market, aiding in the identification and allocation of quality assets [7] Group 5 - The current low-interest-rate environment is favorable for the launch of commercial real estate REITs, as there is a strong demand for stable, long-term income-generating assets [8] - The predicted cash distribution rate for the first batch of 10 projects ranges from 3.79% to 5.21%, with an average of 4.75% [9] - The recent rational price adjustments in high-quality commercial properties provide a foundation for acquiring or integrating assets at reasonable costs, benefiting long-term returns for investors [9] Group 6 - Compliance remains a fundamental requirement for commercial real estate REITs, with complex structures and extensive regulatory procedures involved [10][11] - The regulatory process aims to balance the significance of compliance issues with the need for market development, ensuring a constructive approach to project advancement [11] - There is a growing expectation that more quality commercial real estate will connect with capital markets through REITs, broadening financing channels for the real economy [11][12]

Group 1: Macro Insights - January CPI growth rate year-on-year was lower than expected, while PPI growth rate was slightly higher than expected, influenced by the Spring Festival timing and base period rotation [4][5] - The average impact of the base period rotation on CPI and PPI year-on-year indices is estimated to be approximately 0.06 and 0.08 percentage points, respectively, which is relatively small [4][5] - CPI in January increased by 0.2% month-on-month and year-on-year, with core CPI rising by 0.8%, indicating a mixed inflationary environment influenced by seasonal factors and external inputs [5] Group 2: Real Estate Sector - The traditional residential development sector is contracting, while commercial real estate is entering a policy-driven growth phase, with a focus on creating new consumption scenarios to meet diverse consumer needs [12][13] - The shift from traditional commercial spaces to new consumption scenarios emphasizes emotional engagement and immersive experiences, moving beyond mere transactional spaces [14][20] - The rise of non-standard commercial projects, characterized by innovative space and operational models, is gaining traction, particularly in major cities like Shanghai and Beijing [16][17] Group 3: Chemical Industry - The dye industry is experiencing price increases due to rising costs of intermediate products, with significant price hikes observed in January, benefiting integrated companies with stable market shares [24][25] - The concentration of supply in the dye industry is improving due to stringent safety and environmental regulations, which may lead to a more favorable market environment for leading companies [26][27] Group 4: Electronics Sector - The demand for AI computing materials is expected to rise significantly as cloud service providers increase capital expenditures, leading to a supply-demand mismatch in the electronic fabric market [29][30] - Traditional electronic fabric production is transitioning to low-dielectric materials, with price increases anticipated across both traditional and low-dielectric electronic fabrics due to supply constraints [32][33]

Investment Rating - The report rates the real estate industry as "Outperforming the Market" [1] Core Insights - The traditional residential development sector is contracting, while commercial real estate is entering a policy-driven growth phase, with a focus on new consumption scenarios starting from 2024 [1][8] - The shift from traditional commercial spaces to immersive experience-driven scenarios is essential to meet the diverse needs of modern consumers [1][10] - The report emphasizes the importance of integrating "scene" and "consumption" to create unique consumer experiences, enhancing customer retention and engagement [1][10] Summary by Sections 1. Current State of Commercial Real Estate - The commercial real estate sector has entered a "stock era," with the number of new openings in 2025 reaching a ten-year low, with 369 new projects and a total area of approximately 27.41 million square meters, down 24% and 25% year-on-year respectively [15][19] - High vacancy rates and declining rents are significant challenges, with 2025 seeing a 20% share of new openings being stock renovation projects [14][15] - New market entrants include outlet malls and themed commercial spaces, which are becoming differentiated "new scenes" [14][15] 2. New Consumption Scenarios - The core of new scenarios lies in transitioning from merely providing sales spaces to creating emotionally resonant immersive experiences [1][10] - The rise of new consumption brands is reshaping the operational strategies of commercial real estate, focusing on customer flow and experience rather than just transactions [1][10] - Non-standard commercial projects, characterized by small-scale and open street designs, are gaining traction, with a 18.7% increase in foot traffic compared to traditional shopping centers [1][10] 3. Differentiated Commercial Spaces - The report categorizes non-standard commercial spaces into three types: fashion innovation, retro innovation, and ecological innovation, each targeting different consumer emotional needs [1][10] - Major cities like Shanghai, Beijing, Hangzhou, and Chengdu are leading in the development of non-standard commercial projects, with a significant focus on cultural and experiential elements [1][10] 4. Recommendations for Developers and Operators - Developers and operators are encouraged to innovate by creating differentiated offerings that resonate with specific consumer segments, emphasizing cultural integration and social spaces [1][10] - The report suggests that the focus should shift from traditional metrics like rental income to new indicators such as customer dwell time and engagement in experiential activities [1][10] - The commercial real estate sector is expected to benefit from favorable policies during the 14th Five-Year Plan, with opportunities for high-quality assets to thrive [1][10]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [18]. Core Insights - The introduction of commercial real estate REITs has led to the acceptance of 10 funds, with a total expected fundraising of approximately 37.7 billion yuan, including various asset types such as commercial complexes, office buildings, retail, and hotels [3][4][8]. - The public REITs market is expanding, with 79 public REITs issued to date, primarily in infrastructure sectors like highways and municipal facilities. The inclusion of commercial real estate in the REITs framework is expected to further enhance market growth and assist real estate companies in revitalizing their existing assets [4][12][15]. - The underlying assets of the accepted REITs include a mix of retail, office, hotel, and commercial complex projects, with state-owned enterprises accounting for 50% of the original rights holders [9][11]. Summary by Sections Section 1: Acceptance of Commercial Real Estate REITs - As of February 2026, 10 commercial real estate REITs have been accepted, with the first batch of 8 disclosed on January 29-30, 2026, and an additional 2 on February 5, 2026. The expected total fundraising is around 37.7 billion yuan [3][8]. - The asset types include commercial complexes, office buildings, retail, and hotels, with a significant portion of the original rights holders being state-owned enterprises [9][11]. Section 2: Expansion of Public REITs Market - The public REITs market has seen continuous growth, with a total of 79 public REITs issued, amounting to 203.37 billion yuan. The majority of these are concentrated in transportation and municipal infrastructure [12][15]. - The new policy for commercial real estate REITs is expected to help real estate companies convert their existing assets into cash flow, alleviating debt pressure and promoting industry transformation [4][15].

茂业商业股份有限公司独立董事提名人声明 提名人深圳茂业商厦有限公司，现提名郭文捷为茂业商业股 份有限公司第十一届董事会独立董事候选人，并已充分了解被提 名人职业、学历、职称、详细的工作经历、全部兼职、有无重大 失信等不良记录等情况。被提名人已同意出任茂业商业股份有限 公司第十一届董事会独立董事候选人（参见该独立董事候选人声 明）。 提名人认为，被提名人具备独立董事任职资格，与茂业商业 股份有限公司之间不存在任何影响其独立性的关系，具体声明如 下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 （八）中国证监会《证券基金经营机构董事、监事、高级管 理人员及从业人员监督管理办法》等的相关规定； （九）《银行业金融机构董事（理事）和高级管理人员任职 资格管理办法》《保险公司董事、监事和高级管理人员任职资格 被提名人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职 ...