根据基金管理人上海国泰海通证券资产管理有限公司（基金管理人已于2025年7月25日变更公司名称 为"上海国泰海通证券资产管理有限公司"，具体详见基金管理人于官网发布的更名公告。）（以下简 称"基金管理人"）于2025年6月28日发布的《上海国泰君安证券资产管理有限公司关于以通讯方式召开 国泰君安临港创新智造产业园封闭式基础设施证券投资基金基金份额持有人大会的公告》（以下简 称"《基金份额持有人大会公告》"），基金管理人与基金托管人协商一致，决定以通讯方式召开本基金 的基金份额持有人大会，审议关于国泰君安临港创新智造产业园封闭式基础设施证券投资基金2024年度 第一次扩募并新购入基础设施项目及相应调整运营管理费等相关事项的议案及关于国泰君安临港创新智 造产业园封闭式基础设施证券投资基金2024年度第一次扩募引入战略投资者的议案。具体安排详见《基 金份额持有人大会公告》。 一、公募REITs基本信息 ■ 二、关于公募REITs停复牌情况 三、相关机构联系方式 投资者可以登陆基金管理人网站（www.gtjazg.com）或拨打基金管理人客户服务电话95521进行相关咨 询。 四、风险提示 根据《上海证券交易所公开募 ...

Group 1 - The core viewpoint of the news is the sudden imposition of high tariffs by the United States, which has triggered a global trade crisis, with tariffs reaching up to 70% and affecting over 170 countries [1] - The A-share market has reacted to the tariff crisis, with the Shanghai Composite Index showing a "lightning rod" pattern, indicating that the market has partially digested the expected impact of the tariffs [2] - Export-dependent sectors, such as consumer electronics, are facing significant pressure, while domestic demand-driven sectors like infrastructure and finance are expected to act as safe havens for capital [2] Group 2 - The Chinese central bank has introduced new cross-border payment regulations, providing a solid policy shield for the banking and fintech sectors against external risks [3] - Northbound capital is actively buying into the A-share market, reflecting foreign investors' long-term confidence, while public REITs are injecting continuous capital into the infrastructure sector [3] - The technical support level at 3430 points on the 10-day moving average is seen as a strong defense line, with the previous high at 3480 points potentially serving as a rally point for the A-share market [3]

Report Industry Investment Rating The provided content does not mention the industry investment rating. Core Viewpoints of the Report - In June 2025, new policies for public offering REITs expansion were introduced, and the "first issuance + expansion" dual - wheel drive development pattern is expected to be established. The issuance of new REITs accelerated, with a half - year offline subscription yield of 2.54%. The first issuance of the first affordable rental housing REIT expansion was completed, and the predicted distribution rate of Lingang REIT after expansion is expected to increase. The index increase narrowed month - on - month, and the turnover rate continued to decline [3]. Summary by Relevant Catalogs 1. Important News: New Policies for Expansion Business Introduced, Three Types of Expansion Methods Defined - Policy promotion: On June 24, six departments including the central bank jointly issued a guidance to support the issuance of consumption infrastructure REITs. On June 27, the Shanghai Stock Exchange released and implemented new REITs expansion policies, and the Shenzhen Stock Exchange will officially launch the non - directional expansion business function on June 30, with relevant details announced simultaneously [3]. - Market development: On June 5, the total market value of public offering REITs exceeded 200 billion yuan for the first time. The supply side expanded rapidly, and the market's scale and maturity increased. The stable dividend income and equity asset attributes of REITs attracted investors [3][6]. - Project progress: In June, cultural and tourism public offering REITs projects were intensively launched, and the first two data center public offering REITs were approved and started recruitment [6]. 2. First Issuance: Issuance Significantly Accelerated, Half - Year New - Stock Subscription Yield Reached 2.54% - Issuance speed: In June 2025, 5 REITs were issued, and the first two data center REITs started recruitment. From January to June, 10 REITs were issued, raising a total of 17.9 billion yuan [22]. - Offline subscription: In June, an average of 558 placement objects participated in the offline inquiry, with an average initial inquiry subscription multiple of 225 times and an average placement ratio of less than 0.5%. The offline placement ratio of CICC Yizhuang Industrial Park REIT was only 0.38%, a record low [3]. - New - stock subscription yield: From January to June 2025, the offline subscription yield of 100 million yuan of REITs was 2.54%. The first - day trading of CICC Yizhuang Industrial Park REIT and CICC China Greentown Commercial REIT both hit the daily limit [3][42]. - Queuing projects: As of June 30, there were 10 REITs projects in the queuing process [50]. 3. Expansion: First Issuance of the First Affordable Rental Housing REIT Expansion, Predicted Increase in Distribution Rate of Lingang REIT after Expansion - First affordable rental housing REIT expansion: On June 16, 2025, the expansion of Huaxia Beijing Affordable Housing REIT was issued, with an expansion issue price of 4.220 yuan per share, a 9.72% premium compared to the benchmark price and a 5.0% discount compared to the closing price on the issue day [54]. - Lingang REIT prediction: Guojun Lingang Industrial Park REIT is expected to increase its distribution rate to 4.10% in 2025 after expansion. The expansion asset, Kangqiao Project, has high occupancy rates, stable rent growth, and strong customer stickiness [55][58]. - Queuing projects: Currently, 6 REITs expansion projects are in the queuing process, and Bosera Merchants Shekou Industrial Park REIT announced its plan to apply for a second expansion [54]. 4. Trading: Index Increase Narrowed Month - on - Month, Turnover Rate Continued to Decline - Index performance: In June, the China Securities REITs (closing) index and the China Securities REITs total return index increased by 1.1%/1.4% respectively, with a narrowed increase compared to the previous month and underperformed the CSI 300 index. From January to June, they increased by 10.9%/13.6% respectively, outperforming the CSI 300 index and the ChinaBond Treasury Bond Total Wealth (7 - 10 years) index [62]. - Asset performance: In June, 74% of REITs' net values increased, with an average increase of 2.37%. Storage and logistics REITs increased by 20% from January to June. The ecological and environmental protection sector regained its upward trend [63][64]. - Turnover rate: The turnover rate has been declining for 4 consecutive months, dropping to an average of 0.77% in June [69]. - Dividend rate: As of June 30, 2025, the average TTM dividend rates of equity - type and franchise - type REITs were 2.78%/6.21% respectively. There was significant differentiation among franchise - type REITs [75]. - Valuation: For franchise - type REITs, the P/FFO of transportation REITs was at the 70.6% historical percentile on average, and some energy REITs had negative ChinaBond IRRs. For equity - type REITs, the valuation of affordable rental housing REITs reached the top [77][81].

上交所、深交所同步发布公募REITs扩募细则 公募REITs扩募业务迎来进一步规范。 6月27日，上交所和深交所分别发布了公募REITs扩募相关业务指引和通知。均对相关业务流程和细则作出明确指示。 第一财经据Wind统计，今年以来，全市场仅一单公募REITs完成扩募，2021年首批公募REITs上市至今，全市场累计完成扩募的产品共5只。 "目前公募REITs市场完成首发＋扩募双轮驱动的产品数量不多，因为扩募不仅是资产规模的扩张，更是对运营管理能力的考验。" 行业人士对记者分析 称，随着扩募机制持续优化，可引导上市REITs提高规范运作水平，提升项目运营质效和投资者回报，进而完善市场生态。 规范扩募业务细则 具体看来，上交所发布的《上海证券交易所公开募集基础设施证券投资基金（REITs）业务指南第3号——扩募业务办理》（下称《新购入基础设施项目 指引》）明确，REITs扩募包括向特定对象发售、向原基础设施基金持有人配售份额和向不特定对象募集三种方式。 《新购入基础设施项目指引》还进一步规范了公募REITs扩募业务办理，明确向原持有人配售、公开扩募和定向扩募等发售方式各业务环节的具体办理流 程。 深交所也在6月2 ...

距2023年首批REITs扩募两年后，市场再迎新项目成功扩募。6月14日，华夏基金公告称，华夏北京保障房REIT扩募完成权属变更登记，这不仅是行业 第二批REITs扩募首单项目落地，也标志着国内首单保障性租赁住房REITs扩募发售完成。除上述产品外，年内还有博时招商蛇口产业园REIT拟二次扩 募，中金厦门安居保租房REIT也提交了扩募申请并获交易所反馈意见。在业内人士看来，通过扩募的方式，可以增加项目管理者的现金流储备，进一 步优化资产管理质量，公募REITs规模也得以提升，从而给投资者带来更好、更稳定的回报。 回顾公募REITs的发展历程，在2021年6月首批9只公募REITs成立后，2023年3月、4月，首批4只产品获批扩募，公募REITs市场也由此实现了存量与增 量资产的良性循环。 除华夏北京保障房REIT外，年内还有部分公募REITs递交了扩募申请。例如，5月，中金厦门安居保租房REIT提交了扩募申请并获上交所受理，并在6 月获反馈意见。4月，首批完成扩募产品之一的博时招商蛇口产业园REIT也拟第二次扩募并新购入基础设施项目，拟购入的基础设施项目为光明项目 （二期扩募）和南油项目，相关申请当前仍在进程 ...

Core Viewpoint - The acceleration of public REITs expansion is injecting new momentum into the market, establishing a dual-driven model of "initial public offerings + expansions" for the public REITs market, which is expected to enhance liquidity and stabilize market development [2][3][4] Group 1: Market Dynamics - The recent approval of multiple public REITs expansion projects indicates a significant shift in the market, with policies and improved review efficiency contributing to this trend [2][3] - The expansion of public REITs is seen as a crucial mechanism for revitalizing existing assets and broadening long-term funding sources for infrastructure projects [4] Group 2: Specific Projects and Initiatives - The expansion application for Guotai Junan Lingang Innovation Industrial Park REIT has been marked as "feedback received," indicating progress in the expansion process [2] - The first batch of four public REITs received approval for expansion between March and April 2023, marking the beginning of a dual-driven growth pattern [3][4] Group 3: Strategic Implications - The collaboration between listed companies and public REITs is expected to enhance core competitiveness and sustainable development capabilities [3] - Expansion is not only aimed at increasing market size but also at optimizing asset allocation and improving secondary market performance [4]

Core Viewpoint - The China International Capital Corporation (CICC) Xiamen Affordable Rental Housing Closed-End Infrastructure Securities Investment Fund (referred to as CICC Xiamen Anju REIT) has submitted an application for expansion, indicating a proactive approach to enhance its asset portfolio and market presence [1][2]. Group 1: Fund Details - The CICC Xiamen Anju REIT is categorized as an infrastructure public REIT, initiated by Xiamen Anju Group Co., Ltd., and managed by CICC Fund Management Co., Ltd. [2] - The fund's current status is "submitted," with an update date set for April 28, 2025 [2][5]. Group 2: Expansion Plans - CICC Fund announced plans to acquire new assets, specifically targeting affordable rental housing projects in Xiamen, which will diversify the fund's asset mix and enhance cash flow stability [3]. - The expansion aims to activate more existing assets, increase market scale, optimize asset allocation, and improve liquidity in the secondary market [3]. Group 3: Market Context - The recent approval of expansion applications for several public REITs from March to April 2023 marks the beginning of a dual-driven model of "initial issuance + expansion" in the public REITs market [4]. - Other REITs, such as Guotai Junan Dongjiu New Economic Industrial Park REIT and China Aviation Jingneng Photovoltaic REIT, have also submitted expansion applications, reflecting a broader trend in the market [4].