中国经济网北京10月24日讯今日，招商基金公告，招商招享纯债增聘刘禛君。 招商招享纯债A/C成立于2017年3月17日，招商招享纯债D成立于2024年3月14日，截至2025年10月23 日，其今年来收益率为-2.35%、-2.56%、-2.47%，成立来收益率为33.58%、2.98%、7.35%，累计净值为 1.2928元、1.0297元、1.0750元。 | 基金名称 | 招商招享纯债债券型证券投资基金 | | --- | --- | | 基金简称 | 招商招享纯债 | | 基金主代码 | 003440 | | 基金管理人名称 | 招商基金管理有限公司 | | 公告依据 | 《基金管理公司投资管理人员管理指导意 | | | 见》《公开募集证券投资基金信息披露管理办 | | | 法》《证券期货经营机构投资管理人员注册登 | | | 记规则》 | | 基金经理变更类型 | 增暗重令经西 | | 新任基金经理姓名 | 刘祺君 | | 共同管理本基金的其他基金经理姓名 | 王国 | 刘禛君2014年12月至2019年5月在招商财富资产管理有限公司工作，任基金会计，从事交易结算和估值 核算工作；2019年5月加入 ...

Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 for the first half of 2025, highlighting its financial metrics, asset management strategies, and the current state of the rental housing market in Shenzhen. Fund Overview - Fund Name: 招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 - Fund Management Company: 招商基金管理有限公司 - Fund Custodian: 兴业银行股份有限公司 - Total Fund Shares at Period End: 500 million shares - Fund Contract Duration: 52 years - Fund's Main Investment: Over 80% of assets in infrastructure asset-backed securities [2][3] Financial Performance - Total Income for the Period: 38,085,751.15 RMB - Net Profit for the Period: -748,749.08 RMB - Net Cash Flow from Operating Activities: 20,169,677.90 RMB - Total Fund Assets at Period End: 1,576,636,847.26 RMB - Total Fund Net Assets at Period End: 1,349,466,578.66 RMB [3][4] Asset Project Information - The fund holds two rental housing projects in Shenzhen's Nanshan District, comprising 927 rental units and 15 commercial units, with a total rental area of 65,253.27 square meters. - The overall average occupancy rate for the projects is 88.51%, with the 林下项目 at 85.62% and the 太子湾项目 at 92.90% [4][5][6]. Market Context - The rental housing market in China is experiencing rapid growth, driven by government policies supporting the development of affordable rental housing. - The market is characterized by a dual-track system of affordable and market-oriented rental housing, with significant government backing for the former [6][8][10]. - The average rental price in Shenzhen is approximately 3.84 RMB per square meter per day, with a healthy overall rental rate above 90% [11][12]. Regulatory Environment - Recent government initiatives aim to enhance the supply of affordable housing and improve the rental market's operational standards, including the introduction of the Housing Rental Regulations effective from September 15, 2025 [8][9][10]. - Local policies in Shenzhen are focused on increasing the availability of affordable rental housing, particularly for new residents and young people [9][10][12]. Competitive Landscape - The rental housing sector is seeing increased competition with diverse market participants, including state-owned enterprises and specialized operators focusing on market-oriented operations [5][6]. - The fund's projects are positioned favorably due to their quality and strategic location, with limited competition in the immediate area [7].

有一类持牌金融机构，管理规模一万亿，从业人员只剩下1389人！ 不足20人的基金子公司，暂时列第五梯队，多达50家。甚至新东吴优胜、盛达新兴财富两家公司，备案人数只有1人。 | 27 | 上海长江财富资产管理有限公司 | 公募基金管理公司资管子公司 | 19 | 19 | 4 | | --- | --- | --- | --- | --- | --- | | 28 | 长安财富资产管理有限公司 | 公募基金管理公司资量子公司 | 19 | 17 | 8 | | 29 | 中信信诚资产管理有限公司 | 公募章令是描公司资量子公司 | 18 | 18 | 3 | | 30 | 光大保德信资产管理有限公司 | 公募基金管理公司资量子公司 | 16 | 16 | 2 | | 31 | 汇添富资本管理有限公司 | 公章章受最福公司资量子公司 | 15 | 15 | 5 | | 32 | 银河资本资产管理有限公司 | 公募基金管理公司资量子公司 | 15 | 14 | 2 | | 33 | 富安达资产管理(上海)有限公司 | 公募审委员通公司资量子公司 | 14 | 14 | 3 | | 34 | 国泰元鑫资产管理有限公 ...

Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 for the second quarter of 2025, highlighting its focus on rental housing projects in Shenzhen and the financial metrics associated with these investments [1][3]. Fund Product Overview - The fund is named招商基金招商蛇口租赁住房封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [1]. - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming for long-term stable cash flow growth from infrastructure projects [1][3]. - The fund's contract duration is 52 years, and it was established on September 26, 2024, with shares listed on the Shenzhen Stock Exchange [1][3]. Financial Indicators and Fund Operations - For the reporting period from April 1, 2025, to June 30, 2025, the fund reported a distributable amount of CNY 13,873,645.95, with a per-share distribution of CNY 0.0277 [3][5]. - The total income for the period was CNY 19,968,323.06, with a net profit of CNY 713,294.75 [3][5]. - The fund incurred management fees totaling CNY 340,899.65 and operational management fees of CNY 2,213,044.43 during the reporting period [3][5]. Asset Project Basic Information - The fund holds two rental housing projects in Shenzhen, with a total of 927 rental units and 15 commercial units, covering a rental area of 65,253.27 square meters [4][5]. - The 林下 project has been operational since March 2016, while the 太子湾 project has been operational since May 2020, both showing stable operational performance without any major incidents or disputes [4][5]. Cash Flow and Recovery Fund Usage - The total cash inflow for both projects during the reporting period was CNY 22,882,340.63, while total cash outflow was CNY 10,362,390.33 [5][6]. - The original equity holder has committed to using 85% of the net recovery funds for infrastructure projects, with CNY 59,430.58 million allocated for investment [6][8]. Management and Personnel - The fund management team includes experienced professionals with backgrounds in finance and infrastructure project management, ensuring effective oversight and operational management [7][8].

Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商公路高速公路封闭式基础设施证券投资基金 for the second quarter of 2025, highlighting its investment strategy, financial metrics, and the operational performance of its underlying asset, the亳阜高速公路 project. Fund Product Overview - Fund Name: 招商基金招商公路高速公路封闭式基础设施证券投资基金 - Fund Code: 180203 - Fund Type: Closed-end contractual fund - Total Fund Shares at Period End: 500,000,000 shares - Fund Duration: 15 years - Fund Management Company: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Listing Date: November 21, 2024 [2][3] Investment Strategy - Over 80% of the fund's assets are invested in infrastructure asset-backed securities to obtain complete ownership or operational rights of infrastructure projects. The remaining assets are allocated to fixed-income investments [3][4]. Financial Metrics - Total Distributable Amount for the Period: 64,535,745.94 CNY - Actual Distribution Amount for the Period: 107,769,997.88 CNY - Total Net Profit for the Period: 21,493,866.57 CNY - Total Revenue from the亳阜高速 project: 106,654,300 CNY, with a year-on-year increase of 4.21% [10][13][17]. Operational Performance - The亳阜高速 project generated a total toll revenue of 106,654,300 CNY during the reporting period, with an average daily traffic volume of 13,687 vehicles, reflecting a year-on-year increase of 3.64% [13][12]. - The project has a remaining operational period of approximately 11.5 years, with no significant changes in operational strategy or toll rates during the reporting period [12][13]. Asset Management - The fund's underlying asset,亳阜高速公路, is managed by招商局公路网络科技控股股份有限公司 and its subsidiaries, ensuring stable operational performance without any major incidents [12][11]. Recovery Fund Usage - The original rights holder,招商公路, has recovered a total of 2.618 billion CNY, with a net recovery of approximately 2.524 billion CNY, which will be fully invested in the京津塘高速 (Tianjin section) expansion project [20].

Fund Overview - The fund is named "招商基金招商公路高速公路封闭式基础设施证券投资基金" and is also referred to as "招商高速公路 REIT" [2] - The fund was established on October 17, 2024, with a total of 500 million shares [2] - The fund's investment strategy focuses on infrastructure assets, with over 80% of its assets allocated to infrastructure asset-backed securities [2][3] Financial Performance - For the reporting period from October 17, 2024, to December 31, 2024, the fund reported total income of approximately RMB 86.78 million and a net profit of approximately RMB 17.43 million [3] - The fund's total assets at the end of the reporting period were approximately RMB 4.35 billion, with net assets of approximately RMB 3.31 billion [3] - The annualized cash distribution rate was reported at 9.90%, with a cash distribution rate of 7.44% for the period [3] Project Details - The fund acquired 100% equity of 安徽亳阜高速公路有限公司, which operates the 101.3 km long Bozhou-Fu Highway [2][8] - The highway generated a total toll revenue of approximately RMB 84.10 million during the reporting period, reflecting a year-on-year increase of 3.2% [24] - Daily average traffic volume was reported at 13,619 vehicles, with a year-on-year growth of 3.06% [24][25] Market Context - The highway industry in China is entering a mature phase, with a stable demand for transportation services and a growing network of highways [12][13] - The total length of highways in China has increased by 3.61% year-on-year, indicating ongoing infrastructure development [12] - The competitive landscape includes various transportation modes, but highways maintain a strong position due to their convenience and extensive coverage [13][14] Operational Management - The fund's operational management is conducted by 招商局公路网络科技控股股份有限公司, ensuring compliance and efficiency in managing the infrastructure assets [6][10] - The operational management fees for the reporting period included various components, ensuring the effective management of the highway project [6][10] - The fund emphasizes a collaborative approach with the operational management team to enhance service quality and operational efficiency [25]