相关研究 《华夏中海商业 REIT 申购价值深度分析》 2025/08/03 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 2025 年 09 月 28 日 沈阳国际软件园 REIT 申购价值深度分析 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 申 购 投资提示： 策 略 ⚫ 沈阳国际软件园 REIT 首发询价期间为 2025 年 9 月 29 日的 9:00-15:00，初步询价区间为 2.736 元/份~4.104 元/份，预计募资 10.26 亿元，基金份额募集期为 2025 年 10 月 13 日至 14 日。 ⚫ 申购策略观点：本基金项目资产沈阳国际软件园是沈阳市内唯一获得市属国资参股的民营园区， 位于浑南区 ...

Core Viewpoint - The article discusses the registration and issuance process of the "CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund" (referred to as "the Fund"), which has been approved by the China Securities Regulatory Commission (CSRC) and outlines the rules for offline inquiry and subscription for institutional investors [14][19][21]. Fund Overview - The total number of fund shares approved for issuance is 30 million, with 21 million shares allocated for strategic placement, 6.3 million shares for offline issuance, and 2.7 million shares for public issuance [14][20][21]. - The fund's code is "508029," and it is referred to as "CITIC Construction Investment Shenyang International Software Park REIT" [14]. Issuance Method - The fund will be issued through a combination of strategic placement, offline inquiry for qualified institutional investors, and public issuance [3][18]. - The inquiry price range is set between 2.736 yuan/share and 4.104 yuan/share, which will be finalized through offline inquiries [23]. Subscription Process - The inquiry period is scheduled for September 29, 2025, from 9:00 to 15:00 [4]. - Qualified institutional investors include securities companies, fund management companies, trust companies, insurance companies, and other professional institutional investors [4][42]. - Investors must submit asset proof materials by September 26, 2025, to participate in the offline inquiry [5][49]. Trading Restrictions - For offline investors, if the total number of shares they intend to subscribe does not exceed 100 times the initial offline issuance, they can trade up to 50% of their allocated shares within the first three trading days after the fund's listing [7][24]. - If the total exceeds 100 times, all allocated shares can be traded immediately upon listing [7]. Risk Management - The fund's management emphasizes compliance with industry regulations and risk control during the subscription process [5][47]. - Investors must ensure that their proposed subscription amounts do not exceed their asset scale or funding capacity [5][47]. Strategic Investor Participation - Strategic investors must sign a "Strategic Placement Agreement" and are not allowed to participate in the offline inquiry [29][33]. - The strategic placement will account for 70% of the total fund shares, with specific holding periods for different categories of investors [34][35]. Important Dates - The fund's public promotion will occur from September 24 to October 14, 2025, targeting both offline and public investors [28].

Group 1 - The full text of the fund contract and the prospectus for the CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund will be disclosed on September 24, 2025, on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1] - The fund manager commits to managing and utilizing the fund assets with honesty, credit, diligence, and responsibility, but does not guarantee profits or minimum returns [1] - Investors are advised to fully understand the risk-return characteristics of the fund and make prudent investment decisions [1]

据了解，沈阳国际软件园REIT首次发行所投资的基础设施项目位于沈阳市浑南区，涵盖13栋产业楼 宇，产权建筑面积合计20.12万平方米，以研发办公为主业态，运营时间均超5年，已进入稳定运营阶 段。近三年及一期数据显示，项目各期加权平均出租率稳定在84%左右，办公部分平均合同租金单价保 持在46元／平方米／月以上，展现出较强的经营韧性。租户结构分散合理，有助于缓释单一租户变动风 险，保障资产长期稳定运营。 沈阳作为东北亚国际化中心城市，近年来经济发展势头稳健，展现出较强的区域活力与吸引力。沈阳国 际软件园是全市最大的研发办公类产业园区，定位软件与新一代信息技术产业，高度契合市、区两级产 业规划，成为落地数字经济产业的重要载体。区域经济与主导产业的良好态势，为园区稳定发展提供了 有力支撑。 新华财经北京9月23日电（王菁）新华财经23日获悉，"中信建投沈阳国际软件园封闭式基础设施证券投 资基金"（以下简称"沈阳国际软件园REIT"）当日正式获得中国证监会准予注册的批复。该项目作为全 国首单践行东北全面振兴战略的公募REITs，标志着东北地区基础设施投融资改革进入新阶段，为区域 数字经济发展注入强劲资本动力。 沈阳国 ...