Core Viewpoint - The exchange has issued review opinions on the listing of the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Closed Infrastructure Securities Investment Fund" and the transfer application for the "Dongfanghong Tunnel Co., Ltd. Intelligent Operation and Maintenance High-Speed Infrastructure Asset-Backed Special Plan" Group 1: Toll Revenue - The construction of the Hangzhou Ring Road's Jiangdong Third Road crossing is expected to be completed by early 2030, with an estimated impact of -9.07% on traffic volume and -10.07% on revenue for this project in 2030 [1][11] - The project currently faces competition from existing projects such as the Xiangshan Bridge and the Jiaoshao Bridge, with future impacts expected from new roads including the Kezhu Expressway and the intercity railway connecting to Xiaoshan Airport [1][11] Group 2: Traffic Flow Forecast - The projected standard traffic volume for the project is 60,051 pcu/day in 2025 and 79,125 pcu/day in 2026, with growth rates of 33.8% and 30.8% respectively [2][13] - The opening of the Sutai Expressway and the Deqing Link Line is expected to increase traffic volume by 27.43% in 2025 and 26.44% in 2026 [2][13] Group 3: Capital Expenditure - The overall technical condition of the Qianjiang Tunnel is rated as Class 2, with planned annual investments for smart operation and maintenance expenditures during the forecast period [3][13] - The management is required to disclose the basis for predicting operational maintenance costs, including historical maintenance expenditures and future maintenance plans [3][14] Group 4: Cash Flow Forecast - The project forecasts EBITDA and net profit growth rates of 34.19% and 69.16% respectively for 2026, with a request for clarification on the reasons for the net profit growth rate being significantly higher than traffic volume and EBITDA growth rates [3][14] Group 5: Operational Management Arrangements - The operational management fee is based on the actual toll revenue, with a tiered fee structure of 30%, 50%, and 60% [4][15] - The management is required to justify the reasonableness of the operational management fee rates based on historical performance and similar projects [4][15] Group 6: Other Feedback Issues - The project is required to disclose arrangements for asset transfer upon expiration of the toll period, ensuring that transfer costs are considered in the valuation [5][18] - The project currently has an insurance coverage amount of 2.539 billion yuan, which does not cover the valuation, necessitating further disclosure of future insurance arrangements [5][19]

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].