Zheng Quan Zhi Xing·2025-08-26 09:23Core Viewpoint - The report outlines the operational performance and financial metrics of the Bosera China Merchants Shekou Industrial Park Closed-End Infrastructure Securities Investment Fund for the first half of 2025, emphasizing its investment strategy in infrastructure assets and the management of rental income and tenant relationships. Fund Overview - Fund Name: Bosera China Merchants Shekou Industrial Park Closed-End Infrastructure Securities Investment Fund - Fund Manager: Bosera Fund Management Co., Ltd. - Fund Trustee: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 1,421,130,866 shares [1] - Fund Duration: 50 years [1] - Main Investment Focus: Infrastructure asset-backed securities [1] Financial Performance - Total Income for the Period: CNY 92,032,961.20 [4] - Net Profit for the Period: CNY 25,928,734.28 [4] - Cash Flow from Operating Activities: CNY 43,131,006.39 [4] - Cash Distribution Rate: 1.86% [4] - Annualized Cash Distribution Rate: 3.74% [4] - Total Fund Assets at Period End: CNY 3,659,655,839.72 [4] - Total Fund Net Assets at Period End: CNY 3,144,487,171.21 [4] Investment Strategy - The fund primarily invests in asset-backed securities related to infrastructure projects, aiming to enhance operational income and provide stable returns to investors [1][2]. - The fund's investment strategy includes maintaining a minimum of 80% of its assets in infrastructure asset-backed securities [2]. - The fund will actively seek high-quality infrastructure projects to diversify operational risks and enhance returns [2]. Rental Management and Tenant Relations - The fund aims to improve rental income and occupancy rates through proactive leasing management and tenant relationship maintenance [2]. - Strategies include early lease renewals, marketing initiatives, and optimizing tenant diversity to enhance asset value [2]. - The fund will also explore asset preservation and appreciation measures, such as facility upgrades and renovations [2]. Market Context - The report highlights the competitive landscape of industrial parks in China, noting the increasing number of parks and the diversification of industries within them [11][12]. - The fund's assets are located in Shenzhen, a region characterized by a high concentration of technology and service industries, which supports stable tenant relationships [10][11]. - The report indicates a trend towards upgrading business models in industrial parks, shifting from mere space provision to creating integrated industrial ecosystems [12][13].