招商基金招商蛇口租赁住房封闭式基 础设施证券投资基金 2025 年中期报告 基金管理人：招商基金管理有限公司 基金托管人：兴业银行股份有限公司 送出日期：2025 年 8 月 28 日 招商基金招商蛇口租赁住房封闭式基础设施证券投资基金 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三 分之二以上独立董事签字同意，并由董事长签发。 基金托管人兴业银行股份有限公司根据本基金合同规定，于 2025 年 8 月 27 日复核了本 报告中的财务指标、收益分配情况、财务会计报告和投资组合报告等内容，保证复核内容不 存在虚假记载、误导性陈述或重大遗漏。 运营管理机构已对中期报告中的相关披露事项进行确认，不存在异议，确保相关披露内 容的真实性、准确性和完整性。 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，但不保证基金一定 盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅 读本基金的招募说明书及其更新。 本报告中的财务资料未经审计。 本报告期自 ...

Group 1 - The core viewpoint emphasizes the importance of public rental housing in urban high-quality development and its direct impact on people's well-being, with Nanjing Anju Yihe Asset Management Co., Ltd. focusing on "people's livelihood protection" through technological innovation in public rental housing management [1] - The company has initiated an elevator upgrade project in pilot communities to address issues of aging and high failure rates, resulting in a 30% reduction in waiting time, an 80% decrease in fault response time, and a 35% reduction in maintenance costs [2] - The digital management system has expanded its functionality, with over 14,000 registered users on the "Nanjing Public Rental Housing" WeChat mini-program, achieving a user satisfaction rate of 95% [3] Group 2 - New features such as "administrator posting" and "points redemption" have been introduced to enhance tenant engagement, creating an interactive community ecosystem [4] - The company aims to reshape public rental housing governance through digital means, striving to transform from "housing security" to "livable housing" and establish itself as a national benchmark for public rental housing [5]

Core Viewpoint - The launch of the Chengtou Kuan Ting Xuhui Community highlights the confidence in policy support for the development of affordable rental housing and demonstrates the potential of innovative financial tools to revitalize the real economy [2][3] Group 1: Project Overview - Chengtou Kuan Ting Xuhui Community is a collaboration among three state-owned enterprises: Shanghai Chengtou, Yidian Group, and Guosheng Group, marking the first acquisition and revitalization project of R4 land in Shanghai [3] - The project aims to respond to the national housing policy of promoting both rental and sales, while expanding the company's rental housing operation scale and enhancing the "Chengtou Kuan Ting" brand influence [3] Group 2: Financial Strategy - The project serves as a model for sustainable development by revitalizing state-owned assets and is seen as a reserve asset for future fundraising [3] - The company plans to combine "heavy asset" and "light asset operation" strategies to expand investment and operational scale, facilitating a virtuous cycle of "development-operation-exit-reinvestment" [3][4] Group 3: Community Features - The community is strategically located near Metro Line 1 and Line 12, providing convenient access to commercial and recreational areas [4] - It includes 1,283 housing units, with the first batch of 546 units featuring one to two-bedroom layouts, fully furnished and ready for immediate occupancy [4] - The community will also offer approximately 600 square meters of commercial space and various social amenities to enhance residents' quality of life [4]