Group 1 - Three companies in Henan province have received approval for a total of 11 billion yuan in debt financing instruments, including Luoyang Luanchuan Molybdenum Group with 8 billion yuan, New Zheng City Investment Group with 1 billion yuan, and Chengfa Environmental Co., Ltd. with 2 billion yuan [1] - In July, the interbank market issued 917.5 billion yuan in debt financing tools, with 3.285 billion yuan in ultra-short-term financing bills, 427 million yuan in short-term financing bills, and 4.548 billion yuan in medium-term notes [1] - The People's Bank of China conducted a reverse repurchase operation of 782.9 billion yuan, resulting in a net injection of 421.7 billion yuan on August 29 [5] Group 2 - The National Development and Reform Commission is working on policies to support more eligible private investment projects to issue infrastructure REITs, particularly in sectors like railways and nuclear power [6] - Jiangsu province is focusing on clearing local financing platforms to mitigate government debt risks and ensure regional financial stability [7] - Shanghai successfully issued 11 batches of local government bonds totaling 42.546 billion yuan for various public projects [7] Group 3 - The bond market issued a total of 77.5362 trillion yuan in various bonds in July, including 12.2265 trillion yuan in government bonds and 13.4968 trillion yuan in corporate credit bonds [3] - The Ministry of Finance plans to reissue 239 billion yuan in government bonds, including 82 billion yuan in ultra-long-term special government bonds [16] - The bond market's custody balance reached 190.4 trillion yuan by the end of July, with 168.4 trillion yuan in the interbank market [3] Group 4 - The current bond market interest rates present good investment opportunities, with banks having ample funds for allocation and a strong motivation to invest [21] - The discount rate for 5-month bills has decreased from 1.05% to 0.5%, indicating weak credit demand from banks [22] - The peak issuance period in August provides a favorable environment for primary market allocations, with expectations of declining rates in September [22]

Group 1 - The National Development and Reform Commission (NDRC) is planning to introduce policies to promote private investment development [1] - There will be a long-term mechanism established for private enterprises to participate in major national project construction [1] - Minimum shareholding requirements for private investment in major projects such as railways, nuclear power, and oil and gas pipelines will be set [1] - More eligible private investment projects will be supported to issue infrastructure REITs [1]

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 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 8 月 28 日 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 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议。确保相关披露内 容的真实性、准确性和完整性。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 ...

Core 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].

Group 1 - The China Securities Regulatory Commission (CSRC) is advancing the pilot program for infrastructure REITs, aiming to improve the system and broaden the pilot scope to better facilitate public REITs' functions and promote a virtuous cycle of investment and financing, supporting the development of the real economy [1] - Since the launch of the first batch of public infrastructure REITs in June 2021, 11 public REITs products have been listed, with stable market operations and good liquidity and price discovery mechanisms, meeting pilot expectations [1] - Promoting the healthy development of infrastructure REITs is a significant deployment in the "14th Five-Year Plan," crucial for revitalizing existing assets, innovating investment and financing mechanisms, broadening equity financing channels, and enhancing the capital market's ability to serve the real economy [1] Group 2 - The CSRC is also accelerating the implementation of public REITs pilot projects for affordable rental housing, which is an effective policy tool to implement the central government's decision to establish a multi-supplier, multi-channel guarantee, and rental-purchase housing system [2] - The promotion of affordable rental housing REITs is expected to broaden funding sources for construction and attract social capital participation, facilitating the industry's transition to a new development model for stable and healthy growth [2] - The CSRC is collaborating with relevant departments to expedite the pilot work for affordable rental housing REITs and push for project implementation as soon as possible [2]

2021年6月21日，首批9只公募REITs上市。四年"蝶变"，公募REITs从试点到突破2000亿元市值，实 现加速跃迁，共上市66只公募REITs产品。 与此同时，公募REITs独特的分红机制为投资者带来实实在在的收益。Wind数据显示，从2021年至 今，公募REITs分红金额逐年增长，合计接近220亿元。机构配置需求旺盛，投资者结构逐步实现多类 型机构的生态共荣。 在业内人士看来，伴随市场建设与投资需求共振，公募REITs呈现螺旋式上升发展趋势。在低利率 环境下，公募REITs或被更多资金认可，在大类资产配置格局中占据愈发重要的战略地位。 公募REITs仍处政策红利期 "总体而言，公募REITs市场当前仍处于政策红利期。"中金固收研究团队表示。 自2024年以来，公募REITs驶入发展快车道。2024年7月，国家发展改革委发布《关于全面推动基 础设施领域不动产投资信托基金（REITs）项目常态化发行的通知》，标志着公募REITs市场迈入常态 化阶段。 《通知》将底层资产扩容至13个大类，覆盖交通、能源、市政、生态环保、仓储物流、园区、文化 旅游、消费等领域基础设施。《通知》为推动公募REITs规模可持 ...

Report Title - The report is titled "Public Offering Infrastructure REITs Weekly Report" [1] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - No clear core viewpoints are presented in the provided content Summary by Relevant Catalogs Secondary Market Price and Volume Performance - From July 28 to August 1, 2025, some REITs showed price changes of 20.51%, 14.74%, 60.01%, 39.98%, and 70.00% [26] Secondary Market Valuation Situation - The report provides detailed valuation data for various REITs, including P/FFO, P/NAV, IRR, expected values for 2025, and other indicators for different types of REITs such as warehousing and logistics, industrial parks, affordable rental housing, consumer infrastructure, highways, ecological and environmental protection, and energy [16] Market Correlation Statistics - It shows the correlation coefficients between REITs and different asset classes such as stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, and different types of REITs (property - related, franchise - related, etc.) also have different correlation coefficients with these asset classes [22] Primary Market Tracking - Lists multiple REIT projects in different stages (approved, accepted, feedback - received). For example, the Southern Runze Technology Data Center REIT has been approved, with a project valuation of 4.203 billion yuan, and the CICC Vipshop Outlets REIT has been accepted, with a project valuation of 2.972 billion yuan [25]

中银中外运仓储物流REIT的发行上市有助于公司盘活存量基础设施资产，形成投资良性循环，并进一 步拓宽融资管道，增强公司可持续经营能力。此外，中银中外运仓储物流REIT的发行预期将对本公司 财务指标产生积极影响，预计整体增加公司2025年度净利润约人民币3.9亿元(最终以公司经审计的财务 报告为准)。 中国外运（601598）(00598)公布，2025年5月，中银中外运仓储物流封闭式基础设施证券投资基金(中银 中外运仓储物流REIT)获得上交所出具的无异议函及中国证监会出具的准予注册批复。中银中外运仓储 物流REIT已于2025年6月24日完成发售，自2025年7月29日起在上交所上市，交易代码为"508090"，基 金场内简称为"外运REIT"，扩位简称为"中银中外运仓储物流REIT"。 中银中外运仓储物流REIT最终募集基金份额为4亿份，发售价格为人民币3.277元/份，基金募集资金净 认购金额为人民币13.108亿元。中银中外运仓储物流REIT发售由战略配售、网下发售、公众投资者发售 三个部分组成。战略配售基金份额数量为2.8亿份，占发售份额总数的比例为70%，其中，原始权益人 (该公司)的全资子公司中 ...

Core Insights - The Shou Nong Industrial Park project has successfully issued and listed as a REIT on the Shanghai Stock Exchange, raising approximately 3.7 billion yuan, reflecting a premium of 20.2% over the project's declared valuation, marking it as the first public REIT in China to exceed a 20% premium [1][4] - The project is a significant example of Beijing's commitment to urban renewal and optimizing existing assets, aligning with the central government's directive to enhance urban quality and capacity [4][10] Group 1: Project Overview - The underlying asset of the Shou Nong Industrial Park REIT is the Zhongguancun Mobile Intelligent Service Innovation Park, located in Haidian District, Beijing, which transformed an old industrial site into a modern high-tech industrial hub [4] - The project has attracted leading companies in the mobile intelligent service sector, contributing to the optimization and upgrading of the regional industrial structure [4][6] Group 2: Urban Renewal and Innovation - The Shou Nong Yuan Center aims to create a vibrant innovation space that integrates industry clustering, functional reconstruction, and environmental optimization, supporting high-end talent development and technological industry growth [6] - The architectural design of the park combines historical elements with modern technology, using various materials to inspire innovation among tech talents [6] Group 3: Financial and Regulatory Aspects - The project was included in Beijing's infrastructure REITs project library in March 2022, with dedicated support from the Beijing Development and Reform Commission throughout the process [9] - The funds raised will be reinvested into subsequent urban renewal projects, creating a virtuous cycle of revitalizing existing assets and supporting new investments [9][10] - As of now, Beijing has successfully issued 13 infrastructure REITs projects, raising a total of approximately 31.1 billion yuan, leading the nation in both the number of projects and total funds raised [9]

Core Viewpoint - The first batch of nine public REITs launched on May 31, 2023, has seen strong demand from both institutional and retail investors, with several products reportedly selling out on the first day of issuance [1][3]. Group 1: Issuance and Demand - The public subscription for the first batch of REITs was robust, with the public portion of the Bosera China Merchants Shekou Industrial Park REIT exceeding 4 billion yuan within half a day [2]. - By the evening of May 31, Bosera Fund announced that due to overwhelming demand, the public subscription for the Bosera China Merchants Shekou Industrial Park REIT would end early, with similar announcements from other funds [3]. - Other REITs, such as the Fortune First Water REIT, also reported over 3 billion yuan in subscriptions by the morning of May 31, indicating a trend of rapid sellouts across the board [3]. Group 2: Factors Driving Popularity - The popularity of the first public REITs is attributed to their relatively low investment risk and stable returns, appealing to risk-averse investors [4]. - Communication with various financial institutions revealed strong interest from small and medium-sized banks, insurance asset management, and private equity funds, alongside significant retail investor engagement [4]. - The limited public subscription quotas for these REITs, generally not exceeding 100 million shares, contributed to the swift sellout, with total public investor subscription limits around 2.08 billion yuan for the entire batch [4]. Group 3: Market Potential - The infrastructure REITs market in China is projected to reach nearly 10 trillion yuan over the next decade, with an estimated 180 trillion yuan in new fixed asset investments anticipated [7]. - The development potential for infrastructure REITs is significant, with expectations that this business could become a new growth point for many fund companies [7].