Core Viewpoint - The first non-directional public REITs expansion in China has officially launched, marking a significant milestone in the industry [1] Group 1: Market Confidence and Institutional Innovation - The listing ceremony gathered representatives from various sectors, including the Shanghai Municipal Development and Reform Commission, Housing Management Bureau, Minhang District Government, China Resources Group, CITIC Securities, and Huaxia Fund, highlighting the event's industry-leading significance [3] - China Resources Youchao REIT has become a representative product in the rental housing REITs sector, demonstrating strong performance with over 154 million yuan in cumulative dividends to investors by November 2025, showcasing its robust yield capability and asset resilience [4] Group 2: Fund Utilization and Asset Optimization - The funds raised from this expansion will be used exclusively to acquire the Shanghai Majiao affordable rental housing project, located in a high-demand area with a rental rate of 96% as of June 2025 [5] - Following the acquisition, China Resources Youchao REIT will achieve comprehensive coverage of three core industrial clusters in Shanghai, enhancing asset layout and risk resilience, thereby injecting new momentum into the fund's long-term stable operation and value growth [5] Group 3: Strategic Positioning Upgrade - The strategic positioning of China Resources Youchao has evolved from a "capital management + operation" platform to a "asset and capital circulation" platform, aimed at supporting national livelihood and quality growth for new citizens and youth [6] - This evolution reflects the establishment of a full-cycle closed-loop capability in investment, financing, construction, management, and exit, facilitated by the REITs expansion [6] Group 4: Professional Collaboration - Huaxia Fund, as the fund manager, has established significant management scale and professional advantages in the public REITs sector, managing 19 public REITs to date, which provides a solid foundation for the stable operation of REITs [7] - China Resources Youchao, as the original rights holder and operational management entity, enhances asset rental rates and service satisfaction through a multi-dimensional operational system, achieving a virtuous cycle of "management empowering value, operation creating revenue" [7] Group 5: Industry Outlook - The successful expansion of China Resources Youchao REIT is seen as a milestone not only for the individual product but also as an important practical example for the normalization of expansion mechanisms in the public REITs market, particularly in the rental housing sector [9]

2026年1月12日上午，华夏基金华润有巢租赁住房封闭式基础设施证券投资基金（简称"华润有巢 REIT"）扩募上市仪式在上海证券交易所交易大厅举行。此次扩募是国内公募REITs市场首单采用向原 持有人配售（非定向扩募）模式的案例，标志着REITs常态化扩募机制取得重要创新。 华夏基金华润有巢REIT是境内首单由市场化机构运营的租赁住房REITs，自上市以来累计向投资者分红 已超1.54亿元。本次扩募收购完成后，其底层资产将实现对上海三大核心产业集聚区的全覆盖，资产组 合与长期竞争力得到进一步强化。（智通财经记者丁欣晴） 此次扩募配售价格为2.53元/份，发售份额4.5亿份，获得了原持有人的高度认可，认购比例高达 99.51%，最终募集资金约11.329亿元。所募资金将用于收购华润有巢旗下的上海马桥保障性租赁住房项 目。该项目定位为上海市示范工程，截至2025年6月末出租率已达96%，运营韧性强劲。 ...