1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - From June 16 - 20, 2025, the China Securities REITs Total Return Index closed at 1124.63 points, up 0.88% week - on - week, with the market rising for seven consecutive weeks since April 30, 2025. The China Securities REITs (Closing) Index closed at 893.99 points, up 0.87% week - on - week. The total market value of China's REITs market reached 206.6 billion yuan, up 1.21% month - on - month after exceeding 200 billion yuan in early June, mainly driven by the rental housing and warehousing logistics sectors [1][8]. - In terms of major asset classes, the transportation infrastructure sector of REITs declined this week, while other assets rose, outperforming stocks, bonds, and futures [1][8]. 3. Summary by Related Catalogs 3.1 Secondary Market 3.1.1 Price - Among the seven REITs sectors this week, the highway sector fell 1.10%, while other asset types had positive growth. The rental housing sector led with a 4.41% increase, and REITs with expansion plans continued to be favored. The municipal environmental protection sector rose 3.27%, ranking second, mainly driven by the 8.10% increase of the Guotai Junan Jinan Energy Heating REIT [13]. 3.1.2 Liquidity - The overall market trading remained highly active this week, with an average daily trading volume of 569 million yuan, an average daily trading volume of 118 million shares, and an average daily turnover rate of 0.60%, up 3.80%, - 0.79%, and 0 pct respectively week - on - week [21]. - The sectors with the highest average daily turnover rates this week were rental housing (0.85%), municipal environmental protection (0.83%), and energy facilities (0.78%). The high trading activity in the consumer facilities sector this week was mainly driven by the Huaan Bailian Consumer REIT [24]. 3.1.3 Valuation - The rental housing sector's valuation yield is currently at a historical low, with a relatively consistent valuation among projects, averaging 2.67%. The consumer sector REITs are still in a high - valuation state, with the ChinaBond valuation yield of the Jiashi Wumei project turning negative. The valuations of the industrial park infrastructure, municipal environmental protection, transportation infrastructure, and warehousing logistics sectors are more differentiated [29]. 3.2 Primary Market 3.2.1 Initial Offerings - Since 2025, 8 projects have been listed, raising 13.4 billion yuan. As of June 20, 2025, there are about 12 - 15 potential issuance projects this year, with an expected total issuance scale of over 20 billion yuan, and the market total scale is expected to exceed 220 billion yuan [3][37]. - Four REITs were approved this week. On June 18, the 2025 Lujiazui Forum announced that the CSRC would approve the registration of the first two data center REITs in the country. On June 19, the Huaxia Huadian Clean Energy REIT and the Chuangjin Hexin Shounong Industrial Park REIT were also officially approved [3][39]. 3.2.2 Other News This Week - Multiple cultural and tourism public REITs projects were launched. On June 12, a tender was issued for the Qingcheng Mountain - Dujiangyan Scenic Area Infrastructure REITs project. The Lijiang Tourism Development Investment Group Co., Ltd. announced a tender to issue cultural and tourism infrastructure public REITs based on the Yulong Snow Mountain, with an intended issuance scale of no less than 2.5 billion yuan [50].

智通财经6月20日电，利弗莫尔证券显示，潍柴雷沃智慧农业科技股份有限公司向港交所提交上市申请 书，独家保荐人为中金公司。 ...

Core Viewpoint - The company, Beijing Guolian Vision Information Technology Co., Ltd., has utilized its own funds to pay for part of the investment projects and plans to replace these amounts with raised funds, ensuring compliance with regulatory requirements and optimizing fund usage efficiency [1][5]. Fundraising Basic Information - The company raised a total of RMB 2,466,066,635.50 through a non-public offering of 32,990,858 shares at a price of RMB 74.75 per share, with a net amount of RMB 2,415,959,147.71 after deducting issuance costs [1][2]. Investment Project Details - The total amount allocated for investment projects from the raised funds is RMB 246,606.67 million, with RMB 241,595.93 million earmarked for specific projects [2][3]. Reasons for Using Own Funds - The company faced operational challenges that necessitated the use of its own funds for initial payments, including payroll and tax obligations, to comply with banking regulations and streamline payment processes [2][3]. Replacement Process - The company plans to regularly replace the amounts paid with raised funds, ensuring that these funds are treated as part of the investment project expenditures [3][4]. Impact on the Company - This approach is expected to enhance fund usage efficiency, reduce financial costs, and align with the interests of the company and its shareholders, without affecting the normal operation of funds or the implementation of investment projects [4][5]. Approval Procedures - The board of directors and the supervisory board have reviewed and approved the use of own funds for investment projects, confirming that necessary procedures were followed to ensure proper fund management [5][6]. Sponsor Institution's Conclusion - The sponsor institution, China International Capital Corporation, has verified that the company's actions comply with relevant regulations and has no objections to the use of own funds for project payments [5][6].

Group 1 - The company has approved a share repurchase plan using its own funds ranging from RMB 25 million to RMB 50 million, with a maximum repurchase price of RMB 53.31 per share, aimed at employee stock ownership plans or equity incentives [1][2] - As of August 16, 2024, the company has repurchased a total of 1,291,428 shares, which will not participate in profit distribution, leading to a differentiated dividend distribution for the fiscal year 2024 [2] - The actual number of shares participating in the profit distribution is 38,708,572 shares, calculated by deducting the repurchased shares from the total share capital of 40 million shares [2][3] Group 2 - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) based on the adjusted total share capital after accounting for repurchased shares [2] - The cash dividend per share is calculated to be RMB 0.1, with the reference price for ex-dividend trading set at RMB 39.62 per share, reflecting minimal impact from the repurchased shares on the market price [3] - The sponsor institution confirms that the differentiated dividend distribution complies with relevant regulations and does not harm the interests of the company or its shareholders [3]

Core Viewpoint - The report highlights the ongoing construction status of three projects by Beijing Guolian Vision Information Technology Co., Ltd. (Guolian Co.), with completion rates of 34.29%, 50.22%, and 68.88%, and the expected completion date extended to December 2025 due to various challenges faced during the implementation phase [1][6][7]. Group 1: Project Status and Financials - Three projects are still under construction, with progress rates of 34.29%, 50.22%, and 68.88%, and their expected completion dates have been postponed to December 2025 [1]. - The company reported a revenue of 53.585 billion yuan and a net profit of 1.455 billion yuan for 2024, reflecting year-on-year growth of 5.72% and 1.86% respectively [6]. - The total investment in various projects for the year amounts to 14.70331 million yuan, with significant allocations for research and development, renovation, and software and hardware procurement [4]. Group 2: Reasons for Delays - The delays in project timelines are attributed to the rapid evolution of generative AI technology, which necessitated a restructuring of algorithm frameworks, thereby extending the research and development cycle [6][7]. - Compliance requirements related to data desensitization and cybersecurity have also contributed to the need for system modifications, further complicating project timelines [6]. - Challenges in site selection for warehouse construction, including balancing logistics efficiency with environmental considerations, have led to extended approval processes and delays [7]. Group 3: Internal Controls and Remedial Actions - The company has implemented internal controls and corrective measures regarding the use of raised funds, including self-inspections and timely reporting of any irregularities to regulatory bodies [9][10]. - The company has returned any improperly used funds to the designated accounts and has refined its processes for managing the use of raised funds to ensure compliance with regulations [10]. - Training sessions have been conducted to enhance understanding of relevant laws and internal management systems among staff, reinforcing compliance awareness [10].

Group 1 - China International Capital Corporation (CICC) experienced a stock price drop of 2.0% on June 19, 2023, with a registered capital of approximately 48.27 billion RMB [1] - The company is primarily engaged in other financial services and was established in 1995, located in Beijing [1] - The fund manager of the Guotai CSI All Share Securities Company ETF is Mr. Ai Xiaojun, who has extensive experience in fund management and quantitative analysis [3][4] Group 2 - Guotai Fund, which manages the Guotai CSI All Share Securities Company ETF, increased its holdings in CICC during the first quarter of 2023 [1] - The ETF has recorded a year-to-date return of -7.45%, ranking 3325 out of 3428 in its category [1][2] - The performance of the ETF has been compared to the CSI 300 index, which has shown a decline of -2.33% year-to-date [2]

Core Viewpoint - The article discusses the approval and upcoming listing of restricted shares for Shanghai Baosteel Packaging Co., Ltd. after a specific issuance to designated investors, highlighting the total number of shares and the conditions surrounding their circulation [1][2]. Group 1: Issuance Details - The company has issued a total of 142,740,286 A-shares to specific investors, which will be restricted from transfer for six months following the issuance [1]. - The total share capital of the company increased from 1,133,039,174 shares to 1,275,779,460 shares after this issuance [2]. Group 2: Lock-up Commitments - The investors who received the shares have committed not to transfer or manage the shares for six months from the date of issuance, and there have been no breaches of this commitment as of the disclosure date [2][3]. Group 3: Listing Information - The restricted shares are set to be listed for trading on June 25, 2025, following the expiration of the lock-up period [2][3]. - The total number of restricted shares available for listing is 142,740,286, which represents approximately 11.19% of the company's total shares [4][5]. Group 4: Regulatory Compliance - The sponsor has confirmed that the application for the listing of restricted shares complies with relevant regulations and that the company has accurately disclosed all necessary information regarding this issuance [6].

Core Viewpoint - The recent reduction in deposit rates by major banks in China, with the one-year fixed deposit rate falling below 1%, poses challenges for money market funds and cash management products, prompting a need for strategies to adapt to this low-yield environment by learning from overseas experiences [2][3]. Group 1: Overview of Low-Interest Rate Environments - In the U.S., the money market fund (MMF) yield entered the "1%" era during three periods: 2003-2004, 2009-2017, and 2020-2021, with significant capital outflows during low yield periods [5][6][7]. - The Eurozone experienced a decline in MMF scale during low-interest periods, but saw an increase during negative interest rates due to the relative attractiveness of MMFs compared to other rates [9][10][11][12]. - Japan's MMFs faced extinction in a negative interest rate environment, with the money reserve fund (MRF) becoming dominant due to its association with securities accounts [14][16]. Group 2: Factors Influencing MMF Scale Changes - The elasticity of nominal interest rates to policy rate changes leads to different behaviors in fund flows, with MMFs showing higher sensitivity compared to bank deposits [21][22]. - The different approaches to negative interest rate policies in Europe and Japan resulted in contrasting outcomes for MMFs, with European funds expanding while Japanese funds contracted [42][43][45]. - Inflation impacts real interest rates, influencing market preferences for low-risk assets, with higher real rates encouraging savings and benefiting MMFs [48][49]. Group 3: Strategies for Fund Managers - Fund managers in low-interest environments often reduce fees to enhance client returns, as seen in the U.S. during the 2003-2004 period [51][56]. - Seeking yield through credit and liquidity premiums becomes crucial, with U.S. MMFs increasing allocations to commercial paper and corporate notes during low yield periods [52]. - Building product ecosystems and increasing overseas investments are strategies employed by fund managers to maintain competitiveness in challenging environments [54][58]. Group 4: Regulatory Responses - Overseas regulators have generally moved towards net asset value (NAV) reform for MMFs to ensure industry health in low-rate environments, with Europe implementing market value-based valuations [61]. - Japan's earlier reforms in MMF valuation have set a precedent for adapting to low-interest conditions, allowing for more flexible investment strategies [61]. Group 5: Implications for China - China's dual-track interest rate system means that the relationship between money market rates and deposit rates is influenced by both market and policy factors, with recent trends showing deposit rates adjusting more rapidly [63][64]. - The future of MMFs in China will depend on whether money market rates fall significantly below deposit rates, with current trends suggesting a continued advantage for MMFs [70]. - A potential decline in inflation could further elevate real interest rates, benefiting low-risk assets like MMFs [71].

Group 1 - The company, China International Capital Corporation, is acting as an independent financial advisor for the proposed asset transfer of real estate development-related assets and liabilities from China Communications Real Estate Group Co., Ltd. to China Communications Real Estate Group [1][2] - The transaction is being conducted in accordance with relevant regulations, including the Major Asset Restructuring Management Measures and the Guidelines for the Disclosure of Information by Listed Companies [2] - The independent financial advisor has committed to ensuring that the professional opinions provided do not differ materially from the documents disclosed by the listed company and the transaction parties [2] Group 2 - The advisor's report confirms that the content and format of the disclosed documents meet regulatory requirements and that the transaction plan complies with laws and regulations [2] - The information disclosed is stated to be true, accurate, and complete, with no false records, misleading statements, or significant omissions [2] - Strict confidentiality measures and internal controls are in place to prevent insider trading, market manipulation, and securities fraud [2]

Group 1 - The core viewpoint of the news is that China International Capital Corporation (CICC) has conducted a compliance review regarding the transaction between China Communications Real Estate Group and China Communications Real Estate Co., Ltd., confirming adherence to relevant regulations [1][2] - CICC serves as the independent financial advisor for the transaction, ensuring that there are no direct or indirect paid engagements with third parties in this capacity [1][2] - The listed company has engaged necessary intermediary institutions, including auditing and evaluation agencies, in compliance with legal requirements for the transaction [2] Group 2 - The independent financial advisor concludes that there are no violations of the China Securities Regulatory Commission's guidelines regarding the hiring of third parties in investment banking activities [2]