Core Viewpoint - The launch of the CICC Vipshop Outlet Closed-End Infrastructure Securities Investment Fund (CICC Vipshop Outlet REIT) on September 12, 2023, marks a significant development in the Chinese REIT market, providing a new investment channel for social capital and enhancing the integration of capital markets with the real economy [1][2]. Group 1: Fund Details - The CICC Vipshop Outlet REIT issued a total of 1 billion fund shares at a price of 3.480 yuan per share, raising a total of 3.48 billion yuan [1]. - The underlying asset for the fund is the Shanjing Outlet project located in Ningbo, which has a total construction area of approximately 104,300 square meters and has been in stable operation for over 13 years [1][2]. Group 2: Asset Performance - The underlying asset has shown robust operational performance, with an average annual compound growth rate of 8.7% in operating income from 2022 to 2024, and an occupancy rate maintained above 97% [2]. - The monthly rental yield for the first quarter of 2025 is approximately 394 yuan per square meter, positioning it among the higher levels of listed consumption REITs [2]. Group 3: Market Significance - The introduction of outlet REITs is significant for providing ordinary investors with opportunities to benefit from consumption upgrades and the appreciation of outlet assets, thereby enriching the REITs market and promoting deeper integration between capital markets and the real economy [2]. - The successful implementation of outlet REITs can serve as a reference for revitalizing more existing outlet assets, allowing recovered funds to be used for new project construction or upgrades, thus supporting quality economic growth [2]. Group 4: Company Background - Vipshop Holdings Limited, the initiator of the fund, is a leading brand discount e-commerce company in China, holding the largest number of opened and self-owned outlet properties among Chinese outlet enterprises [3]. - CICC Fund Management, as one of the first participants in public REITs applications, currently manages 11 public REIT products with a total issuance and expansion scale of approximately 36.48 billion yuan [3].