近日，交易所对《东方红隧道股份智能运维高速封闭式基础设施证券投资基金》上市及《东方红隧道股 份智能运维高速基础设施资产支持专项计划》挂牌转让申请出具了审核意见。 一、主要反馈问题 （一）关于通行费收入 1.关于竞品项目杭州中环。根据申报材料，杭州中环的江东三路过江通道将于2030年初建成，预计对本 项目2030年交通量的影响为-9.07%，收入的影响为-10.07%，后续年份不预测影响。请管理人补充披露 杭州中环的建设规划、当前进展、路网定位、设计服务水平、车道数、收费标准（如有）、收费期限 （如有）等情况，评估是否存在提前开通的可能性。请管理人、评估机构、车流量预测机构量化分析杭 州中环建成对各车型的分流影响，说明2030年后不考虑相关影响的依据及合理性，对评估假设是否合理 审慎发表明确意见。 2.关于其他竞品项目。根据申报材料，本项目现有竞品项目为下沙大桥和嘉绍大桥，未来将对本项目产 生交通影响的新开道路还包括柯诸高速、铁路萧山机场站枢纽及接线工程、江南水乡旅游线城际铁路 等。 （1）请管理人、评估机构、车流量预测机构补充披露竞品项目对本项目影响的交通预测模型及具体参 数取值依据。 （2）请管理人、评估机 ...

Core Points - Shanghai Tunnel Engineering Co., Ltd. has submitted a registration and listing application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" to the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange, which was officially accepted on November 25, 2025 [1][2] - The issuance of the public REITs is subject to approval from the CSRC and the Shanghai Stock Exchange, indicating a level of uncertainty in the process [2] Company Information - The company has committed to fulfilling its information disclosure obligations in accordance with legal regulations as the situation progresses [2] - The board of directors of Shanghai Tunnel Engineering Co., Ltd. has ensured the accuracy and completeness of the announcement regarding the REITs application [1][4]

Core Viewpoint - The public REITs market is expanding with the first tunnel public REITs application submitted by Dongfanghong Tunnel Co., marking a significant development in the infrastructure investment sector [1][2]. Group 1: Dongfanghong Tunnel Public REITs - The Dongfanghong Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, representing the first tunnel public REITs and the first REITs project under Dongfanghong Asset Management [1][3]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with Shanghai Dongfang Securities Asset Management Co., Ltd. as the fund manager [3]. - The underlying asset for this REIT is the Qianjiang Tunnel, a major highway tunnel in Zhejiang Province, which is 4.45 kilometers long and the first of its kind in the province using shield tunneling technology [4]. Group 2: China National Nuclear Corporation REITs - The China National Nuclear Corporation (CNNC) Energy Public REIT has been accepted for review, initiated by CNNC Huineng Co., Ltd., with management by AVIC Fund and AVIC Securities [5][6]. - The REIT will focus on renewable energy infrastructure projects, specifically wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion [5]. - This marks the fifth public REIT application by AVIC Fund and AVIC Securities, following the formal submission of the AVIC Tianhong Consumption REIT [6]. Group 3: Ping An Xi'an High-Tech Industrial Park REITs - The Ping An Xi'an High-Tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi Province [7][8]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., with management by Ping An Fund and Ping An Securities [7]. - The underlying assets include 13 buildings with a total construction area of 325,000 square meters, with a net assessed value of 1.36 billion and expected net recovery funds of approximately 414 million after issuance [8].

Core Viewpoint - The public REITs market in China is expanding, with significant new projects being submitted for approval, including the first tunnel public REIT and local projects in Shaanxi [2][3][4]. Group 1: First Tunnel Public REIT - The Oriental Red Tunnel Intelligent Operation and Maintenance High-Speed REIT has been officially submitted, marking it as the first tunnel public REIT in China and the first REIT project under Oriental Red Asset Management [2][5][6]. - The project is initiated by Shanghai Infrastructure Construction Development (Group) Co., Ltd., with management by Shanghai Dongfang Securities Asset Management Co., Ltd. [6][7]. Group 2: New Energy Public REIT - The China Aviation Nuclear Group Energy Public REIT has been accepted for review, initiated by China Nuclear Energy Holdings Limited and managed by China Aviation Fund [8][9]. - The underlying assets for this REIT include wind power projects in Guangxi and Xinjiang, with an estimated initial capacity of around 200,000 kilowatts and a valuation of approximately 1.5 billion yuan [11]. Group 3: Local REIT in Shaanxi - The Ping An Xi'an High-tech Industrial Park REIT has been submitted, representing the first local REIT project in Shaanxi [3][12]. - The project is initiated by Xi'an High-tech Zone Infrastructure Development Co., Ltd., managed by Ping An Fund, and involves 13 buildings with a total construction area of 325,000 square meters, valued at 1.36 billion yuan [13][16].