登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年2月26日 一、公募REITs基本信息 ■ 二、2026年1月主要运营数据 2026年以来，不动产项目公司整体运营情况良好，本高速公路通行费收入来源分散，无重要现金流提供 方，外部管理机构未发生变动。 本基金基础资产渝遂高速（重庆段）2026年1月主要运营数据如下： ②收费车流量口径说明：均为自然车流（veh）口径； ③2026年1月路费收入同比下降，主要系2025年春运时间起于2025年1月14日至2月22日结束，2026年春 运时间起于2026年2月2日至3月13日结束； ④以上为联网中心当期清分数据，未经审计，该数据不包括联网中心对以前月度清分数据的调整部分及 通行费套餐补助等，因此各月加总与定期报告披露数据可能存在较小差异，以定期报告披露为准。 三、其他说明事项 上述不动产项目主要运营数据已经本基金外部管理机构确认。截至目前，本基金投资运作正常，无应披 露而未披露的重大信息，基金管理人将严格按照法律法规及基金合同的规定进行投资运作，履行信息披 露义务。 投资者可登录基金管理人网站（www.gfund.com）或拨打基金管理人客户 ...

基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更、港股通交易规则变 更、新的业务发展或其他特殊情况，基金管理人将视情况对前述开放日及开放时间进行相应的调整，但 应在实施日前依照《公开募集证券投资基金信息披露管理办法》的有关规定在规定媒介上公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年2月26日 3、日常申购业务 注：1、投资者范围：符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者、发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 2、本基金C类基金份额暂不在基金管理人直销渠道发售。 2、日常申购、赎回（转换、定期定额投资）业务的办理时间 投资人在开放日办理基金份额的申购和赎回，具体办理时间为上海证券交易所、深圳证券交易所的正常 交易日的交易时间，若本基金参与港股通交易且该工作日为非港股通交易日时，则基金管理人可根据实 际情况决定本基金是否暂停申购、赎回及转换业务，具体以届时提前发布的公告为准。但基金管理人根 据法律法规、中国证监会的要求或基金合同的规定公告暂停申购、赎回时除外。 3.1申购金额 ...

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on February 9, 2026, at 15:00, with both on-site and online voting options available [5][7] - The meeting was convened by the company's board of directors and presided over by Chairman Zeng Shengqiang [8][9] Attendance - A total of 1,289 shareholders and their representatives attended the meeting, representing 175,159,746 shares, which is 28.7070% of the total voting shares [9][10] - Among the attendees, 1,287 were small investors, representing 70,387,975 shares, or 11.5359% of the total voting shares [10][12] Voting Results - The following proposals were approved during the meeting: 1. Proposal to provide guarantees for the subsidiary's credit limit application was approved with 173,242,186 votes in favor, accounting for 98.9053% of the valid votes [13] 2. Proposal for the wholly-owned subsidiary to initiate public REITs application and issuance was approved with 173,644,386 votes in favor, representing 99.1349% of the valid votes [14] 3. Proposal to authorize management to handle the public REITs application and issuance was approved with 173,657,686 votes in favor, which is 99.1425% of the valid votes [15] Legal Opinion - The meeting was witnessed by lawyers from Zhejiang Tian Ce (Shenzhen) Law Firm, who confirmed that the meeting's procedures and voting results were in compliance with legal and regulatory requirements [17]

Core Viewpoint - The launch of the "Guomin Trust. Jingneng No. 1 REITs Investment Collective Fund Trust Plan" marks Guomin Trust's first foray into public REITs and green finance investments, enhancing the supply of green energy REITs products for investors seeking stable long-term assets [1] Group 1: Product Structure - The funds raised by "Jingneng No. 1" are specifically invested in the asset-backed special plans of the Sujiakou Hydropower Station and the Songshankou Hydropower Station in Yunnan Province, indirectly enjoying the revenue rights of infrastructure projects through holding corresponding ABS shares [1] - The project primarily generates income from hydropower sales, characterized by stable cash flow and mature operating entities, aligning with the investment needs of long-term capital such as insurance and wealth management funds [1] Group 2: Governance Mechanism - The project relies on the mature system of public fund managers for information disclosure and compliance operations, strictly adhering to the new regulatory requirements for trust business classification, thereby safeguarding investors' legal rights [1] Group 3: Industry Impact - Public REITs have increasingly played a significant role in revitalizing existing infrastructure assets and broadening the channels for social capital investment in recent years [1] - Industry experts indicate that trust companies participating in green energy investments through the "Trust Plan + Public REITs" model not only expand their business scope but also provide a new practical path for capital markets to serve the real economy [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the China Securities REITs Index fell 0.9% for the week, with all sectors declining. REITs in transportation, water conservancy, and ecological environmental protection had smaller declines. The ranking of weekly price - changes of major indices was: China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index > China Securities Convertible Bond Index. As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP. The pilot program for commercial real - estate REITs has been further expanded, and following the Shanghai Stock Exchange, the Shenzhen Stock Exchange has also accelerated the layout of commercial real - estate REITs [1]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Main Index Weekly Price - Changes**: As of February 6, 2026, the closing price of the China Securities REITs (closing) Index was 802.18 points, with a weekly price - change of - 0.9%. It performed worse than the China Securities All - Bond Index (+0.1%) but better than the China Securities Convertible Bond Index (-2.6%) and the CSI 300 Index (-1.3%). Year - to - date, the ranking of price - changes of major indices was: China Securities Convertible Bond Index (+5.9%) > China Securities REITs Index (+3.0%) > China Securities All - Bond Index (+0.5%) > CSI 300 Index (+0.3%) [2][7]. - **One - Year Performance**: In the past year, the return rate of the China Securities REITs Index was -4.4%, with a volatility of 7.5%. Its return rate was lower than that of the China Securities Convertible Bond Index, the CSI 300 Index, and the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index, but higher than that of the China Securities All - Bond Index [2][15]. - **Total Market Value and Turnover Rate**: As of February 6, 2026, the total market value of REITs was 228.3 billion yuan, a decrease of 400 million yuan from the previous week. The average daily turnover rate for the week was 0.47%, a decrease of 0.13 percentage points from the previous week [2][15]. - **Sector Performance**: As of February 6, 2026, from the perspective of different project - attribute REITs, the average weekly price - changes of equity - type REITs and concession - based REITs were -1.3% and -0.4% respectively. From the perspective of different project - type REITs, all sectors declined, with REITs in transportation, water conservancy, and ecological environmental protection having smaller declines. The top three REITs in terms of weekly gains were Ping An Ningbo Jiaotou REIT (+1.72%), CICC Hubei Ketou Optics Valley REIT (+1.57%), and Penghua Shenzhen Energy REIT (+1.48%) [3][18]. - **Trading Activity**: Among different project - type REITs, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds this week were E Fund Huawei Market REIT (22.04 million yuan), China AMC China Resources Commercial REIT (17.23 million yuan), and CICC Yinli Consumption REIT (14.79 million yuan) [3][25]. Primary Market Issuance - From January 1 to February 6, 2026, there were 3 REITs products in the in - inquiry stage, 4 in the feedback stage, 9 in the declared stage, and 10 commercial real - estate REITs were officially declared on the exchanges [28]. Valuation Tracking - **REITs Characteristics and Valuation Metrics**: REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 23, the average annualized cash distribution rate of public - offering REITs was 6.3%. From the stock - like perspective, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net - value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [30]. - **Valuation by Project Type**: Different project - type REITs have different valuation levels and annualized dividend - payout rates. For example, the relative net - value premium rate of affordable rental housing REITs is 42.40%, with a P/FFO of 38.02, an IRR of 3.55%, and an annualized dividend - payout rate of 2.79% [31]. - **Comparison of Equity and Concession - Based REITs**: As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP [33]. Industry News - **Guangda Baodexin Submits Commercial Real - Estate REITs Application**: On February 4, Guangda Baodexin Guangda Anshi Closed - end Commercial Real - Estate Securities Investment Fund submitted materials for application. The underlying assets are the Jing'an Dacheng Mall and the Jiangmen Dacheng Mall held by funds managed by Guangda Jiabao [38][40]. - **Huatai Zijin Huazhu Anzhu REIT Accepted by the Shenzhen Stock Exchange**: On February 5, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real - Estate REIT was officially accepted by the Shenzhen Stock Exchange, which is the first commercial real - estate REIT on the Shenzhen Stock Exchange. The project is expected to raise 1.32 billion yuan, with 500 million shares and a term of 32 years. The expected distribution rates for 2026 and 2027 are 5.21% and 5.48% respectively [40].

Group 1 - The core viewpoint of the article highlights the launch of the first public REITs project by Guomin Trust, named "Guomin Trust · Jingneng No. 1 REITs Investment Collective Fund Trust Plan," which is involved in the expansion of the AVIC Jingneng photovoltaic REIT listed on the Shanghai Stock Exchange [1] - The public REITs market in China is entering a normalized issuance phase, with a projected total issuance scale exceeding 210 billion yuan by the end of 2025, indicating a positive market development trend [1] - The "Jingneng No. 1" project specifically targets the operation and development of the Yunnan Province Sujiahekou Hydropower Station and Songshanhekou Hydropower Station, creating a virtuous value cycle through indirect ownership of infrastructure project assets [1] Group 2 - Guomin Trust aims to deepen its focus on the green finance sector, enhancing its professional operational capabilities in public REITs, and guiding more social capital towards sustainable development [2] - The company is committed to supporting the construction of a green low-carbon circular economy system in China, contributing to high-quality economic and social development [2]

Core Viewpoint - The real estate industry is undergoing a deep adjustment in 2025, with both investment and sales declining, leading companies to adopt a cautious approach, emphasizing the need for a transformation in development paths [2][3]. Group 1: Market Performance - In 2025, total real estate development investment reached 82,788 billion yuan, a year-on-year decrease of 17.2%, with residential investment at 63,514 billion yuan, down 16.3% [3]. - The sales of new commercial housing amounted to 88,101 million square meters, a decline of 8.7% year-on-year, with sales revenue at 83,937 billion yuan, down 12.6% [3]. - Residential sales area decreased by 9.2% and sales revenue fell by 13.0%, indicating a more significant adjustment compared to the overall market [3]. Group 2: Strategic Directions - Urban renewal has been established as a core content of the new development model, with a focus on creating a new urban construction and real estate development model that aligns with the new stage of development [3][4]. - The transition towards urban renewal is seen as a critical direction for the transformation of the real estate industry, involving systemic changes in concepts, systems, and technologies [4]. - The industry is advised to consider macroeconomic variables such as exports, capital markets, technology, prices, and external demand when formulating policies [4]. Group 3: Investment Opportunities - Despite the overall market pressure, certain cities exhibit resilience, with some regions like Northeast China showing better performance than traditionally strong first-tier cities [6]. - The market is experiencing structural differentiation, with a cautious optimism towards first-tier cities as the gap in market conditions narrows [6]. - Developers are encouraged to focus on high-quality products and current housing sales to meet evolving consumer demands for features like spacious layouts and customized designs [6]. Group 4: Commercial Real Estate - The commercial real estate sector faces challenges, with average rents in major commercial streets declining by 0.81% year-on-year in the second half of 2025 [7]. - However, new opportunities in commercial real estate are emerging, particularly through public REITs and related institutional developments, which are seen as key to industry transformation [7]. - Companies are focusing on innovative investment strategies, including small-scale investments in projects and customized commercial properties to address operational challenges [7].

Core Insights - The public REITs market in mainland China is entering a consolidation phase, with the first batch of 8 commercial real estate REITs filing for a total fundraising of 31.475 billion yuan [1][10] - The underlying assets of these REITs include shopping centers, office buildings, and hotels, with some projects reporting full occupancy [1][10] - Despite the positive outlook for commercial real estate REITs, several previously filed REITs have been withdrawn, indicating a selective approach in the current market environment [1][10][15] Group 1: Market Dynamics - The recent surge in commercial real estate REIT applications is driven by policy support from the China Securities Regulatory Commission, which expanded the pilot scope to include commercial real estate [3][12] - The withdrawal of certain REIT applications reflects the market's expectation of a rigorous selection process, as investors are becoming more cautious about asset quality [2][11][15] - The overall investment logic in the capital market is expected to be reshaped, with a focus on long-cycle quality assets [2][11] Group 2: Asset Characteristics - The first batch of REITs includes diverse asset types, with the largest project aiming to raise 7.47 billion yuan, and underlying assets showing strong operational performance [1][3][12] - Notable projects include the CICC Vipshop project, which has seen over 17% revenue growth and maintained a weighted average occupancy rate of over 99% for three consecutive years [3][12] - The inclusion of office assets in REIT applications has shown promising indicators, such as high occupancy rates and favorable lease structures [4][13] Group 3: Investor Sentiment - Investors are adopting a more cautious stance, with a focus on high-quality assets that can meet the required return rates of over 4.5% after accounting for various fees [5][14] - The market is witnessing a trend where asset holders and fund managers are actively seeking to enhance investor trust through careful asset selection [4][13][15] - Despite the cautious approach, several brokerage firms remain optimistic about the future of public REITs, highlighting the potential for value discovery in the real estate sector [7][17]

Group 1 - The core viewpoint is that the public REITs market in mainland China is undergoing a consolidation phase, with both new applications and withdrawals reflecting market dynamics [1][2] - The first batch of eight commercial real estate REITs has been submitted for approval, aiming to raise a total of 31.475 billion yuan, with the largest single offering targeting 7.47 billion yuan [1][4] - The underlying assets of these REITs include shopping centers, office buildings, and hotels, with expected distribution rates above 4.5% by 2026, reaching as high as 5.5% [1][4] Group 2 - The withdrawal of some previously submitted REITs, such as the Electronic City Industrial Park REIT and Vanke's logistics REIT, indicates a market correction and aligns with investor expectations [1][6][7] - The market is shifting towards a preference for long-cycle quality assets, which will influence both asset holders and fund managers, creating a positive feedback loop [2][5] - The recent policy support for commercial real estate REITs is seen as a long-awaited opportunity for the real estate sector, allowing dormant assets to be revitalized [3][4] Group 3 - The underlying assets of the newly submitted commercial real estate REITs are diverse, including outlets and hotels, which can help companies optimize their capital structure [4][5] - Investors are adopting a cautious approach, focusing on high-quality assets located in first- and second-tier cities to gain trust from fund managers [5][6] - The overall available distribution amount for public REITs has decreased by 16% quarter-on-quarter but increased by 3% year-on-year, indicating a need for careful asset selection [8] Group 4 - The market's reaction to the submissions and withdrawals of public REITs has been relatively calm, suggesting a mature acceptance of the evolving landscape [9] - The success of public REITs will depend on the effective selection of assets characterized by long leases, high occupancy rates, and professional management [9]

Core Viewpoint - The public REITs market experienced a fluctuating upward trend last week, with significant movements in various sectors, particularly in commercial real estate REITs, which have garnered attention due to new listings and market dynamics [1][3][9]. Market Performance - As of January 30, the CSI REITs index closed at 809.56 points, reflecting a week-on-week increase of 0.35%, while the CSI REITs total return index reached 1052.42 points, up by 0.47% [1][3]. - Among the 78 listed public REITs, 41 saw an increase in value, with the top three performers being Bosera Jinkai Industrial Park REIT (+4.94%), ICBC Mengneng Clean Energy REIT (+4.64%), and Huaxia Zhonghai Commercial REIT (+4.52%) [2][4]. Sector Analysis - The energy and municipal environmental REITs sectors showed the highest gains last week, indicating a positive trend in these areas [4]. - Conversely, 36 products experienced declines, with the largest drops recorded by E Fund Guangkai Industrial Park REIT (-5.03%), Huaxia Hefei High-tech REIT (-3.39%), and Bank of China China Foreign Storage Logistics REIT (-2.68%) [2][4]. New Listings and Industry Developments - The first batch of eight commercial real estate REITs was submitted for approval, marking a significant expansion in the market. These REITs focus on office buildings, shopping centers, and hotels, diversifying the asset types available [9][10]. - The total fundraising target for these new REITs is approximately 31.475 billion yuan, with a mix of private, foreign, and state-owned enterprises involved [10][12]. Investor Sentiment and Market Dynamics - The enthusiasm for commercial real estate REITs is evident, with additional companies like Maoye Commercial and Everbright Jiabao planning to submit their own REITs [12]. - Long-term, this influx of new products is expected to optimize the investor structure within the REITs market and enhance liquidity, although it may also create short-term pressures on market sentiment [12].