一、公募REITs基本信息 周晴女士简历如下： 周晴女士，42岁，中国国籍，硕士。现任上海外联发商务咨询有限公司副总经理职务。曾任上海外联发 商务咨询有限公司金融咨询部总监等职务，拥有9年投资管理经验。 运营管理机构已就前述事项履行完成内部决议程序。 四、对基础设施项目运营情况、经营业绩、现金流和基金份额持有人权益的影响分析 目前运营管理机构经营管理团队稳定，履职正常，本次运营管理实施机构高级管理人员变动系正常人事 调整，不影响机构稳定运营管理能力，对基础设施项目运营情况、经营业绩、现金流和基金份额持有人 权益无不利影响。 本公告内容已经本基金运营管理机构确认。 ■ 三、运营管理机构高级管理人员变更情况 本基金管理人于2025年11月28日收到运营管理机构通知，因工作调整，运营管理实施机构高级管理人员 变更情况如下： 增聘周晴女士担任运营管理实施机构上海外联发商务咨询有限公司副总经理职务。 ■ 二、基础设施项目基本情况 投资人可以通过本基金管理人网站（www.huaan.com.cn）或客户服务电话40088-50099咨询有关详情。 六、风险提示 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， ...

有业内人士认为，对广大投资者而言，商业不动产REITs的推出，进一步丰富了公众投资者选择，提供 了一类兼具稳定现金流与资产增值潜力的配置工具，有助于优化个人与机构投资组合，共享实体经济与 不动产市场高质量发展带来的长期红利。对资本市场而言，商业不动产REITs是金融精准服务实体经济 的典型实践，进一步丰富了REITs底层资产类型，将有效增强市场的包容性与吸引力，推动公募REITs 市场加快扩容，是完善多层次资本市场体系的有力举措。 记者从多方了解到，为推动商业不动产REITs试点工作平稳有序落地，在证监会统筹指导下，上交所等 单位已在紧锣密鼓开展配套业务规则完善、系统适应性改造、市场和投资者培育等各项准备工作，目前 正就完善配套业务规则履行相关程序，预计会在不久后与市场见面。 我国商业不动产规模庞大，资产持有主体拓宽直接融资渠道的需求强烈。如何借助REITs进行有效盘 活，实现投融管退的良性循环，是亟须回应的重要课题，而公募REITs作为资本市场盘活存量资产、服 务实体经济的利器，其产品功能属性与商业不动产天然契合。市场各方对推出商业不动产REITs的共识 高度统一、呼声持续高涨。 经过近五年的实践探索，我国 ...

11月28日，中国证监会发布《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》，启动商业不动产投资信托 基金（以下简称"商业不动产REITs"）试点。 本报记者 田鹏 毛艺融 此外，我国资本市场在商业不动产盘活领域积累了丰富的实践经验。据公开数据统计，自2024年以来，以酒店、写字楼、 购物中心等优质商业项目作为底层资产的CMBS、类REITs及持有型不动产ABS产品发行规模近千亿元，市场各方对商业不动 产的估值逻辑、运营管理、产品机制设计等方面已形成较为广泛的共识。 《证券日报》记者从多方了解到，沪深交易所等单位正在紧锣密鼓推进配套规则修订、系统改造和试点项目培育等工作， 相关规则同步征求市场意见。 "公募REITs试点启动至今已经历5个年头，成效有目共睹。启动商业不动产REITs试点意义非凡，必将进一步发挥REITs市 场功能，更加有效盘活存量资产，为经济社会发展注入新的动力。"业内人士向《证券日报》记者表示。 上交所相关业务负责人表示："下一步，上交所将在中国证监会的指导下，稳步推进商业不动产REITs试点各项工作，持续 完善相关业务规则，协同各方做好市场培育，进一步激发市场参与主体活力。以优质 ...

《证券日报》记者了解到，深圳证券交易所（以下简称"深交所"）正在推进商业不动产REITs试点工 作，相关配套规则同步征求市场意见。 深交所相关业务负责人表示，接下来，将按照中国证监会统一部署，优化完善REITs配套规则，开展系 统适配性改造，联合市场各方做好商业不动产REITs项目培育和储备，稳步推动商业不动产REITs试点 落地，持续增强多层次资本市场服务实体经济质效。 多重价值赋能行业加速转型 当前，在新型城镇化进程深化、新质生产力加快落地的趋势下，商业不动产的长期增值潜力持续释放； 而当前市场利率整体下行的环境，更赋予这类资产突出的配置价值。而作为资本市场盘活存量资产、服 务实体经济的重要利器，公募REITs的产品特性与商业不动产的发展需求天然契合，为行业盘活存量、 实现价值兑现提供了关键路径。 因此，商业不动产REITs可谓应运而生。所谓商业不动产REITs是指通过持有商业不动产以获取稳定现 金流并向基金份额持有人分配收益的封闭式公开募集证券投资基金。 为规范这类产品发展、充分发挥其资本市场功能，《公告》明确，基金注册及运营管理要求，明确基金 管理人及基金托管人、尽职调查、申请材料、商业不动产等方面要 ...

我国商业不动产规模庞大，资产持有主体拓宽直接融资渠道的需求强烈。如何借助REITs进行有效盘 活，实现投融管退的良性循环，是亟需回应的重要课题，而公募REITs作为资本市场盘活存量资产、服 务实体经济的利器，其产品功能属性与商业不动产天然契合。市场各方对推出商业不动产REITs的共识 高度统一、呼声持续高涨。 经过近五年的实践探索，我国公募REITs市场坚持市场化、法治化的发展方向，从无到有逐步发展成千 亿级的新兴市场。根据市场公开数据统计，截至目前，全市场共有77单产品上市，发行规模2070亿元 （含扩募），总市值2199亿元，行业首单、区域标杆渐次落地，示范性和规模性不断增强，市场容量持 续提升，运行整体平稳，投资者群体日益成熟，为推出商业不动产REITs奠定了坚实的制度基础、市场 基础和生态基础。 中证报中证网讯（记者 黄一灵）证监会11月28日消息，证监会研究起草《中国证监会关于推出商业不 动产投资信托基金试点的公告（征求意见稿）》，现向社会公开征求意见。 中国证券报记者从多方了解到，上交所等单位正在紧锣密鼓推进配套规则修订、系统改造和试点项目培 育等工作，相关规则同步征求市场意见。 业内人士认为，试 ...

新华财经上海11月28日电（记者杨溢仁）近日，中国证监会发布了《关于推出商业不动产投资信托基金 试点的公告（征求意见稿）》，启动商业不动产投资信托基金（以下简称"商业不动产REITs"）试点。 其时已至，其势已成，开展商业不动产REITs试点，是落实党中央、国务院决策部署和市场广泛需求之 举，也是盘活商业不动产领域资产、服务实体经济发展的必由之路。 记者从多方了解到，上交所等单位正在紧锣密鼓地推进配套规则修订、系统改造和试点项目培育等工 作，相关规则同步征求市场意见。 此次启动试点，是中国证监会贯彻落实党中央、国务院决策部署的重要举措，有利于盘活存量商业不动 产，支持构建房地产发展新模式，也是涉及我国REITs市场发展全局的关键一步。 "随着《关于推出商业不动产投资信托基金试点的公告（征求意见稿）》的发布，公募REITs底层资产向 全门类又迈出重要一步，标志着我国REITs市场发展进入新阶段，资本市场服务实体经济的深度和广度 进一步拓展。"上交所相关业务负责人向记者表示。 顺势而为商业不动产REITs试点正当其时 "公募REITs市场终于迎来了商业不动产REITs试点！"当试点的公告发布时，记者明显感觉到市场 ...

Core Viewpoint - The public REITs market is expanding with the first tunnel public REITs application submitted by Dongfanghong Tunnel Co., marking a significant development in the infrastructure investment sector [1][2]. Group 1: Dongfanghong Tunnel Public REITs - The Dongfanghong Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, representing the first tunnel public REITs and the first REITs project under Dongfanghong Asset Management [1][3]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with Shanghai Dongfang Securities Asset Management Co., Ltd. as the fund manager [3]. - The underlying asset for this REIT is the Qianjiang Tunnel, a major highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4]. Group 2: China National Nuclear Corporation REITs - The China National Nuclear Corporation (CNNC) Energy Public REIT has been accepted for review, initiated by CNNC Huineng Co., Ltd., with management by AVIC Fund and AVIC Securities [5][6]. - The REIT will focus on renewable energy infrastructure projects, specifically wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion [5]. - This marks the fifth public REIT application by AVIC Fund and AVIC Securities, following the formal submission of the AVIC Tianhong Consumption REIT [6]. Group 3: Ping An Xi'an High-Tech Industrial Park REITs - The Ping An Xi'an High-Tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi Province [7][8]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., with management by Ping An Fund and Ping An Securities [7]. - The underlying assets include 13 buildings with a total construction area of 325,000 square meters, with a net assessed value of 1.36 billion and expected net recovery funds of approximately 414 million after issuance [8].

Group 1 - The first public REIT for tunnels in China, named "Oriental Red Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed REIT," has been officially submitted for approval [2][4] - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd. and managed by Shanghai Dongfang Securities Asset Management Co., Ltd. [3][4] - The REIT project will focus on the Qianjiang Tunnel, a significant highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4] Group 2 - The China Aviation Nuclear Group's energy public REIT has been accepted for review, initiated by China Nuclear Huaneng Co., Ltd. and managed by China Aviation Fund [5][6] - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [6] Group 3 - The "Ping An Xi'an High-tech Industrial Park REIT" has been submitted for approval, marking the first local REIT project in Shaanxi Province [6][8] - This project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd. and managed by Ping An Fund Management Co., Ltd., with an estimated net value of 1.36 billion yuan for the underlying assets [8]

Core Viewpoint - The public REITs market in China is expanding, with significant new projects being submitted for approval, including the first tunnel public REIT and local projects in Shaanxi [2][3][4]. Group 1: First Tunnel Public REIT - The Oriental Red Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, marking it as the first tunnel public REIT in China and the first REIT project under Oriental Red Asset Management [2][5][6]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with management by Shanghai Dongfang Securities Asset Management Co., Ltd. [6][7]. Group 2: New Energy Public REIT - The China Aviation Nuclear Group Energy Public REIT has been accepted for review, initiated by China Nuclear Energy Holdings Limited and managed by China Aviation Fund [8][9]. - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [11]. Group 3: Local REIT in Shaanxi - The Ping An Xi'an High-tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi [3][12]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., managed by Ping An Fund, and involves 13 buildings with a total construction area of 325,000 square meters, valued at 1.36 billion yuan [13][16].

Core Viewpoint - Nanshan Holdings stated that Huatai Baowan Logistics REIT has demonstrated stable operations and excellent asset performance since its listing, serving as a positive model for the industry, and is expected to be recognized as "Outstanding Public REIT Project of the Year" in 2025 [1] Group 1 - The company emphasizes a balanced approach in its operations, focusing on enhancing its asset management capabilities across the entire lifecycle of assets, including fundraising, investment, construction, management, and exit [1] - Future issuance of asset securitization products will be aligned with policy requirements and the specific conditions of the assets, ensuring long-term and sustainable business development [1] - The company commits to strictly adhering to relevant laws and regulations for any future plans and will ensure timely information disclosure [1]