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].

上周公募REITs市场迎来多项重磅动态。 7月8日，华夏华润商业REIT公告拟二次扩募，购入杭州萧山万象汇、沈阳长白万象汇、淄博万象汇项目，为公募REITs市场中第二单宣告拟二次扩募的项 目，同时也是首单启动二次扩募的消费REITs。 上周公募REITs指数出现小幅回调。 Wind数据显示，中证REITs全收益指数整体表现较弱，周内5个交易日均为阴线，截至7月11日收于1103.87点，周内下跌1.12%，已跌回7月初的水平。中证 REITs（收盘）指数收于876.64点，周内下跌1.12%。相关指数表现弱于中证转债指数（+0.76%）、沪深300指数（+0.82%）以及中证全债指数（-0.05%）。 从不同项目属性REITs来看，产权类REITs走势弱于经营权类REITs，二者平均周涨跌幅为-1.8%和-0.9%。而从不同项目类型REITs来看，各类REITs上周均出 现下跌，租赁住房跌幅最大，能源设施则相对抗跌。 单只产品方面，已上市的68只公募REITs中，二级市场价格环比上涨的仅有8只，其中涨幅最大的三只产品为嘉实京东仓储基础设施REIT、中金中国绿发商 业资产REIT、南方顺丰物流REIT，周内涨幅 ...

Core Viewpoint - The launch of the CICC Yizhuang Industrial Park REIT marks a significant milestone in the public REITs market, showcasing the potential of infrastructure investment in driving economic growth in the Yizhuang area [1] Group 1: Advantages of the Underlying Assets - The Yizhuang Economic Development Zone is the only national economic and technological development zone in Beijing, focusing on high-end manufacturing and innovation [2] - The selection of the high-end automotive and new energy vehicle parts industrial park as the first REIT asset is based on four considerations: high asset stability, strong alignment with industrial development, substantial policy support, and significant demonstration effects [2][3] - The automotive industry in Yizhuang has shown resilience, with major companies like Beijing Benz and Xiaomi Auto contributing to a robust industrial ecosystem [2] Group 2: Risk Management Strategies - The projected revenue for the underlying assets of the CICC Yizhuang Industrial Park REIT is 104 million yuan in 2024, reflecting a 6.84% increase from 2023 [4] - The management has developed comprehensive risk management plans, focusing on tenant structure optimization, resource collaboration, and emergency response mechanisms [5][6] - Strategies to maintain tenant relationships include introducing industry support policies and enhancing tenant satisfaction to reduce the risk of early lease termination [6] Group 3: Policy Support and Future Prospects - Industrial parks are crucial for regional economic development and industrial upgrading, providing a platform for sharing potential economic growth and structural adjustments [7] - Yizhuang Holdings aims to strengthen its position as a leading operator of industrial new cities, leveraging its extensive experience and resources to attract high-quality enterprises [7] - The Yizhuang Economic Development Zone contributes significantly to Beijing's industrial output, with a strong GDP growth rate and a solid industrial foundation [7]

Group 1 - The core viewpoint of the report indicates that the infrastructure project is the Hangzhou Huadian Jiangdong Natural Gas Combined Heat and Power Project, which has no active competition in the region, and its profitability is limited by fuel costs [2][3] - The REIT is expected to be listed on June 27, 2025, with an inquiry range of 2.532-3.796 CNY per share, corresponding to an initial P/FFO of 7.89-11.83 times, which is lower than the average of comparable REITs at 19.91 times [2][3] - The projected net cash distribution rates for 2025 and 2026 are 6.78% and 6.43%, respectively, with the 2025 forecast being lower than the average of comparable REITs at 11.33% [2][3] Group 2 - The underlying project is a natural gas combined heat and power project controlled by Huadian International Power Co., Ltd., featuring two sets of combined heat and power units with dual functions of power generation and heating [2][3] - The project is located in Hangzhou and aligns with local peak regulation plans, with significant growth in both power generation and heating sales [9][28] - The project has a stable natural gas procurement arrangement, but prices are significantly affected by high import dependence and geopolitical factors [29][33] Group 3 - The operational performance analysis shows that the project experienced a rebound in power generation in 2024, with a market transaction volume higher than the average of comparable REITs [3][42] - Revenue from power generation is the main source of income, with a significant increase in 2024 due to high temperatures and peak regulation demand [13][49] - The project’s profitability is relatively weak, with higher per-unit costs compared to comparable projects, primarily due to short-term procurement agreements for natural gas [54][57] Group 4 - The valuation comparison indicates that the discount rate is at a lower level compared to comparable REITs, and the asset appreciation rate is below the average [4][62] - The initial P/NAV is higher than the average of comparable REITs, with the estimated fundraising amount ranging from 1.266 to 1.898 billion CNY [2][4] - The project is backed by one of China's largest energy companies, Huadian International, which has a significant operational scale and a steady increase in profits [34][39]

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting private investment by introducing over 3,200 new projects with a total investment exceeding 3 trillion yuan, aiming to enhance the participation of private capital in major national projects [1][2]. Group 1: New Project Promotion - The NDRC has organized the introduction of over 3,200 projects targeting key sectors such as transportation, energy, water conservancy, new infrastructure, urban facilities, environmental protection, logistics, and manufacturing, with a total investment exceeding 3 trillion yuan [2]. - The NDRC is establishing a special coordination mechanism to promote private capital participation in project construction, enhancing support for land use, environmental assessments, and financing [2][4]. - The first batch of infrastructure Real Estate Investment Trusts (REITs) related to private investment projects has been approved, which is expected to stimulate further investment in new projects exceeding 1 trillion yuan [2][3]. Group 2: Policy Support for Private Investment - The implementation of the Private Economy Promotion Law has sent a strong signal to support private enterprises in participating in national strategic projects and public-private partnerships [4]. - The NDRC has indicated that private capital participation in nuclear power projects has reached 20%, and over 80% of funding in industrial equipment renewal and recycling projects is allocated to private enterprises [4]. - In the first five months of the year, private investment remained stable, with a year-on-year growth of 5.8% in private project investment (excluding real estate) [5]. Group 3: Future Initiatives - The NDRC plans to support private enterprises in investing in emerging and future industries, and to facilitate their participation in national major technological projects and innovation [6]. - Continuous efforts will be made to improve project services, providing efficient support for private enterprises in understanding investment opportunities and processes [7]. - The NDRC aims to expand the infrastructure REITs market to enhance effective investment and encourage private capital participation in significant infrastructure and social welfare projects [7].

Core Viewpoint - China Nanshan Development Group successfully issued the "25 Nanshan Development MTN004" bond with a scale of 1 billion yuan and a term of 3+N years, reflecting strong market demand and innovative financing solutions for infrastructure projects [2][3]. Group 1 - The bond issuance was rated AAA by Zhongcheng International, indicating a high level of creditworthiness [2]. - The issuance process saw an oversubscription of 2.5 times, demonstrating investor confidence in both the issuer and the lead underwriter, Shenwan Hongyuan Securities [3]. - Shenwan Hongyuan Securities played a crucial role in the successful issuance by accurately assessing market conditions and optimizing the investor structure [3]. Group 2 - China Nanshan Development Group is actively responding to national policies promoting the development of REITs in the infrastructure sector, showcasing its commitment to innovative financing [2]. - The company aims to explore a development model that integrates infrastructure with technological innovation, indicating a forward-looking strategy for growth [3].

Core Viewpoint - Shenzhen is actively expanding consumption and building an international consumption center, as evidenced by the release of the "Shenzhen Consumption Promotion Special Action Implementation Plan," which includes 39 specific measures aimed at enhancing local consumption and addressing market challenges [1][4]. Group 1: Enhancing Resident Consumption Capacity and Willingness - The plan emphasizes promoting high-quality employment and increasing residents' income through various channels, including talent subsidies for new graduates [4][5]. - Measures include adjusting the minimum wage to align with economic growth and supporting collective bargaining to improve wage levels [5]. - The plan also aims to enhance childcare support and optimize medical services to reduce economic burdens on families [5][6]. Group 2: Increasing Quality and Diverse Consumption Supply - The plan outlines initiatives to promote artificial intelligence terminal consumption, with rewards for high-quality products and support for flagship stores in key locations [8][9]. - It encourages the development of fashion consumption and outdoor sports markets, leveraging Shenzhen's design and natural resource advantages [9][10]. - The plan aims to stimulate pet-related consumption and develop low-altitude drone markets, capitalizing on Shenzhen's status as a pet industry base and a hub for drone manufacturing [10][11]. Group 3: Strengthening Policy Support and Infrastructure - The plan includes measures to support foreign trade enterprises affected by tariffs, such as establishing themed display areas in shopping centers and providing marketing support for export-to-domestic products [13][14]. - It encourages participation in international exhibitions and offers financial support for companies attending overseas events [13]. - The plan promotes the recycling of consumer goods and the issuance of infrastructure REITs to enhance investment in consumption-related sectors [14].

Group 1: Core Insights - Shenzhen has launched a comprehensive plan to boost consumption, focusing on four key product categories: artificial intelligence terminals, whole-home smart devices, modern fashion, and outdoor equipment [1] - The plan includes 39 specific measures aimed at addressing consumption market expansion and resolving existing bottlenecks [1][3] - Shenzhen's retail sales of consumer goods reached 1,063.77 billion yuan in 2024, marking a 1.1% increase from the previous year, with a notable recovery in the second half of the year [2] Group 2: Enhancing Consumer Capacity and Willingness - The plan emphasizes enhancing residents' income and employment, with measures including high-quality job promotion and multi-channel income increases [3] - Specific financial incentives are provided for talent recruitment, with subsidies of up to 30,000 yuan for undergraduates and 100,000 yuan for doctoral graduates [3] - The plan also aims to adjust minimum wage standards and support collective bargaining to improve wage levels for workers [3] Group 3: Expanding Quality and Diverse Consumption Supply - Shenzhen aims to promote artificial intelligence terminal consumption by rewarding high-quality products and supporting flagship stores in key locations [7] - The city encourages local fashion brands to enhance their market presence and develop limited edition products [7] - Outdoor equipment consumption will be fostered through events and the establishment of service centers, leveraging Shenzhen's natural resources [7][8] Group 4: Policy Support and Infrastructure Development - The plan includes measures to support foreign trade enterprises affected by tariffs, such as establishing themed display areas in shopping centers [11] - Shenzhen will facilitate participation in international exhibitions, providing financial support for companies attending overseas events [11] - The city is also promoting the use of REITs to enhance investment in consumption and cultural tourism infrastructure [12]

Core Viewpoint - The public REITs market in China is experiencing rapid growth, with a significant increase in the number of products and total market capitalization, indicating a diversification of asset types and investment opportunities [1][6][7]. Group 1: Market Growth and Statistics - As of June 5, the total market capitalization of public REITs reached 201.99 billion yuan, surpassing the 200 billion yuan mark [1][6]. - A total of 66 public REITs have been established this year, with a total fundraising scale of 174.4 billion yuan, and 7 new public REITs launched in 2023 alone, raising 11.3 billion yuan [6][7]. - The first public REITs in various sectors, including agricultural markets, heating infrastructure, urban renewal, and pharmaceutical storage, have been introduced, enhancing the diversity of the public REITs market [6][7]. Group 2: New Product Developments - Recent approvals include the China Green Development Commercial REIT and the Bank of China Logistics REIT, with the former set to price its shares between 2.754 yuan and 3.366 yuan per share, totaling 500 million shares [3][4]. - The China Green Development Commercial REIT will invest in a shopping center in Jinan, Shandong, with a total construction area of 200,900 square meters, serving a resident population of 475,500 within a 3-kilometer radius [3]. - The Bank of China Logistics REIT will cover multiple logistics projects with a total construction area of 305,400 square meters and a rental area of 299,700 square meters [3][4]. Group 3: Future Outlook - Industry experts anticipate a flourishing public REITs market supported by local policies aimed at enhancing project reserves and promoting the quality and expansion of infrastructure REITs [7]. - The continuous development of the public REITs market and the optimization of the policy framework are expected to elevate the market scale to new heights [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report On June 4, the capital market remained loose, bullish sentiment rose, the bond market significantly recovered, and the main indices of the convertible bond market followed the upward trend with most individual convertible bonds rising. The yields of U.S. Treasury bonds across various maturities generally declined, while the yields of 10 - year government bonds in major European economies showed divergent trends [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - The central government plans to support 20 cities, including Beijing and Tianjin, in implementing urban renewal actions [3]. - As of June 4, the net repayment of urban investment bonds this year has exceeded 220 billion yuan, and the proportion of public - offering urban investment bonds with a valuation above 2.2% is only about 10%. Future focus on generating returns lies in 2 - 5 - year urban investment bonds with a rating below AA [3]. - Shanghai encourages enterprises to apply for infrastructure REITs reserve projects and supports various cooperation and expansion methods [4]. - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors and will formulate risk management measures [4]. - The 2025 Shanghai Cooperation Organization member states' finance ministers and central bank governors' meeting supports deepening regional financial cooperation [5]. 3.1.2 International News - In May, the U.S. ISM Services PMI contracted for the first time in a year, with significant changes in various sub - indices, which may put pressure on the manufacturing industry in the future [6]. - The U.S. ADP employment increase in May dropped to 37,000, the lowest level since March 2023, far below expectations, and investors' expectations of future interest rate cuts have risen significantly [7]. 3.1.3 Commodities - On June 4, international crude oil futures prices turned down, and international natural gas prices fell. WTI July crude oil futures fell 0.88% to $62.85 per barrel, Brent August crude oil futures fell 1.17% to $64.86 per barrel, COMEX gold futures rose 0.64% to $3398.80 per ounce, and NYMEX natural gas prices fell 0.43% to $3.706 per ounce [9]. 3.2 Capital Market 3.2.1 Open Market Operations On June 4, the central bank conducted 214.9 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered manner, with an operating rate of 1.40%. The same day, 215.5 billion yuan of reverse repurchases matured, resulting in a net capital withdrawal of 600 million yuan [10]. 3.2.2 Capital Interest Rates On June 4, the capital market remained loose. DR001 decreased by 0.03bp to 1.413%, and DR007 increased by 0.53bp to 1.555%. Various other interest rates also showed different changes [11][12]. 3.3 Bond Market Dynamics 3.3.1 Interest Rate Bonds - The yields of major active bonds of treasury bonds and policy - bank bonds declined. For example, the yield of the 10 - year treasury bond active bond 250011 decreased by 0.50bp to 1.6710%, and the yield of the 10 - year policy - bank bond active bond 250210 decreased by 0.60bp to 1.7110% [13][14]. - Information on bond issuance and bidding for various bonds on June 4, including the term, issuance scale, winning bid yield, and other indicators, is provided [15]. 3.3.2 Credit Bonds - On June 4, 3 industrial bonds and 1 urban investment bond had a transaction price deviation of over 10%. For example, "H8 Longkong 05" dropped by over 52%, and "21 Jingcheng Investment Green Bond 01" dropped by over 24% [16][17]. - Multiple companies announced credit - related events, such as Shenzhen Longfor Holdings' new bond restructuring plan, and several companies' credit ratings were revoked [19]. 3.3.3 Convertible Bonds - On June 4, the three major A - share indices rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 0.42%, 0.87%, and 1.11% respectively. The main indices of the convertible bond market also rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index rising 0.49%, 0.40%, and 0.63% respectively [19][20]. - On June 4, Jianguang Convertible Bond announced that it is expected to trigger the condition for downward revision of the conversion price [22]. 3.3.4 Overseas Bond Markets - In the U.S. bond market on June 4, the yields of U.S. Treasury bonds across various maturities generally declined. The 2 - year and 10 - year U.S. Treasury bond yields both decreased by 9bp to 3.87% and 4.37% respectively. The 2/10 - year U.S. Treasury bond yield spread remained unchanged at 50bp, and the 5/30 - year yield spread widened by 2bp to 96bp. The break - even inflation rate of 10 - year U.S. inflation - protected Treasury bonds (TIPS) decreased by 1bp to 2.31% [23][25][26]. - In the European bond market on June 4, the yields of 10 - year government bonds in major European economies showed divergent trends. For example, the yield of the 10 - year German government bond increased by 2bp to 2.52%, and the yield of the 10 - year UK government bond decreased by 4bp [27]. - Information on the daily price changes of Chinese - funded U.S. dollar bonds as of the close on June 4 is provided, including the daily change, credit subject, bond balance, and other details [29].