Group 1 - The fund managed by CICC Fund Management Co., Ltd. has successfully completed its fundraising period, raising a net subscription amount of 1,088,000,000 yuan [1][2] - The total number of valid subscriptions during the fundraising period was 43,268, resulting in a total of 400,000,000 shares being issued [2] - The fund's interest accrued during the fundraising period amounted to 5,619,801.20 yuan [1][2] Group 2 - The fund is managed by three experienced fund managers: Zhou Jiacheng, Wang Shunzheng, and Shi Jianxing, all of whom have over five years of experience in infrastructure project investment or management [1] - Zhou Jiacheng previously held senior positions at CITIC Securities Co., Ltd. and is currently the Deputy General Manager of the Innovation Investment Department at CICC Fund Management [1] - Wang Shunzheng has experience as an operations risk control manager at a data service company and is now a senior manager in the same department at CICC Fund Management [1] - Shi Jianxing has held financial management roles at Huaxia Happiness Industry Co., Ltd. and is currently the manager of the Innovation Investment Department at CICC Fund Management [1]

Group 1: Fund Overview - The fund holds infrastructure assets including the Guanggu Software Park and the Internet+ project, both located in Wuhan's Guanggu High-tech Zone, which are part of the core properties in the Guanggu Optoelectronic Information Industry Park [1][3]. Group 2: Operating Performance - As of June 30, 2025, the overall rental collection rate for the infrastructure assets was 91.84%, a decrease of 4.45% year-on-year, with the Guanggu Software Park at 96.89% (up 1.72%) and the Internet+ project at 66.28% (down 34.91%) [3]. - The overall occupancy rate for the infrastructure assets was 72.66%, down 17.28% year-on-year, and the average rental price was 59.90 yuan per square meter per month, down 3.73% year-on-year [2][3]. Group 3: Revenue Analysis - The total revenue for the second quarter of 2025 was 20.83 million yuan, a year-on-year decrease of 24.04% compared to the second quarter of 2024 [2]. - By mid-2025, the operating revenue was only 46.15% of the forecasted revenue for the entire year as per the 2024 evaluation report, primarily due to tenant turnover and slower absorption of vacant space in the Guanggu Software Park [7]. Group 4: Market Conditions - The regional market for industrial parks is under pressure, with an average rental price of 47 yuan per square meter per month and an average vacancy rate of about 25% in Wuhan's industrial parks as of the second quarter of 2025 [4]. - Increased competition from both existing and newly developed office buildings in the area has led to significant fluctuations in occupancy rates [4]. Group 5: Strategic Responses - The fund management has implemented flexible pricing strategies to attract more clients, adjusting rental prices for renewals and new leases to maintain a balance between rental income and occupancy rates [5]. - Measures taken include proactive communication with potential clients, renovation of rental spaces to meet diverse business needs, and monitoring of rental payment statuses to ensure asset income security [8][9].

Core Viewpoint - The Shenzhen Stock Exchange will officially launch the non-directional expansion business function for publicly raised infrastructure Real Estate Investment Trusts (REITs) starting from June 30 [1] Group 1 - The new function aims to enhance the flexibility and efficiency of capital raising for infrastructure projects [1] - This initiative is expected to attract more institutional investors into the REITs market, thereby increasing liquidity [1] - The expansion of REITs is part of a broader strategy to promote the development of the infrastructure sector in the region [1]

Group 1 - The core viewpoint of the articles highlights the significant growth and development of China's REITs market over the past four years, with total issuance exceeding 180 billion yuan and total market capitalization surpassing 200 billion yuan, making it the largest in Asia [1][3][4] - The Shanghai Stock Exchange (SSE) has listed 44 REITs products with an issuance scale of approximately 123 billion yuan and a market value of 137 billion yuan, accounting for about 70% of the total market [1][2] - The market has adopted a pricing mechanism that reflects the intrinsic value of project assets and market risks, leading to a more balanced state and increased investor participation [2][3] Group 2 - The SSE has seen a significant increase in the number of REITs, with 44 products listed as of now, doubling the number from the end of 2023, indicating a successful normalization of issuance [5][6] - The REITs market has demonstrated strong performance, with an average price increase of about 30% since issuance, and some projects experiencing price increases of over 90% [3][4] - The market has also provided substantial dividends, with a total of 15.1 billion yuan distributed to investors, and a dividend rate of 5.7% based on year-end market value [4][5] Group 3 - The REITs market is evolving towards a multi-layered structure, with various asset types being introduced, including retail, dining, and entertainment, enhancing the diversity of the market [5][6] - Future developments are expected to include the introduction of REITs in new sectors such as tourism, elderly care, and winter sports, further enriching the REITs landscape [6] - The SSE aims to continue supporting the development of the REITs market, enhancing its role as a financial tool to activate existing assets and serve the real economy [6]