Group 1 - The fund manager has the right to adjust management fees based on the fund's operational conditions, as the estimated net income and annualized yield may fluctuate due to market volatility [1] - The fund has received a payment of 27.4883 million yuan for national subsidies receivable, with an average repayment cycle of 2.15 years [8][10] - The fund will include the received national subsidy receivable in the fourth quarter's distributable amount for investor returns [9] Group 2 - The fund employs a factoring method with recourse to smooth cash flow and mitigate the risk of fluctuations in the repayment cycle of national subsidies receivable [7] - The total assets of the acquired project companies amount to 558.64 million yuan, with liabilities of 428.32 million yuan and equity of 130.33 million yuan as of the audit date [13]

一、公募REITs 基本信息 ■ 二、基础设施项目公司完成权属变更登记情况 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"本基金"）的基金合同自2025年10月 20日起生效。截至本公告发布日，本基金已认购"中信建投沈阳国际软件园1期资产支持专项计划"（以 下简称"专项计划"）全部份额，专项计划管理人中信建投证券股份有限公司代表专项计划已取得沈阳庆 誉企业管理有限公司（以下简称"沈阳庆誉"）、沈阳仁泽企业管理有限公司（以下简称"沈阳仁泽"）与 沈阳鸿创企业管理有限公司（以下简称"沈阳鸿创"）（"沈阳庆誉""沈阳仁泽""沈阳鸿创"合称SPV公 司）全部股权，沈阳庆誉已取得沈阳国际软件园启元园区发展有限公司（项目公司）全部股权，沈阳仁 泽已取得沈阳国际软件园亨达园区发展有限公司（项目公司）全部股权，沈阳鸿创已取得沈阳国际软件 园永利园区发展有限公司（项目公司）全部股权，有关权属变更工商登记手续已完成。 本次权属变更登记完成后，本基金通过专项计划和SPV公司已合法拥有基础设施项目资产，待交割审计 完成后基金管理人将及时公告有关情况。 中信建投基金管理有限公司 2025年10月24日 特此公告。 ...

Group 1 - The core investment strategy for the Shenyang International Software Park REIT includes an initial inquiry period from September 29, 2025, with a preliminary price range of CNY 2.736 to CNY 4.104 per share, aiming to raise CNY 1.026 billion [2][6] - The project is the only privately-owned park in Shenyang with municipal state-owned capital participation, located in a prime area with direct subway access, ensuring stable rental rates and occupancy levels [2][10] - The expected fair value range for the project over the next 12 months is CNY 902 million to CNY 1.15 billion, with an internal rate of return (IRR) projected between 6.40% and 7.42% [2][5] Group 2 - The Shenyang International Software Park is the largest software industry cluster in Shenyang, benefiting from superior location and transportation infrastructure, with significant government support for resource integration [8][15] - The original equity holders are leading regional developers managing over 1 million square meters of industrial parks, showcasing their capability in resource integration and operational management [17][21] - The project has a stable performance with EBITDA margins improving from 70.7% in 2022 to 74.1% in Q1 2025, although the gross profit margin remains below the average of comparable REITs [43][49] Group 3 - The project primarily serves startups and small to medium-sized tenants, with a weighted average occupancy rate around 85%, but faces potential risks of rising vacancy rates due to a high proportion of short-term leases [4][12] - The rental income is diversified, with 66.29% coming from startups and small enterprises, and a significant portion of leases expiring in the next two years, indicating potential challenges in tenant retention [4][14] - The project is expected to maintain a competitive edge due to its established tenant base and government-backed incubation policies, despite the risk of increased market competition [29][32] Group 4 - The anticipated capitalization rate for 2025 is projected between 5.81% and 7.22%, with a lower valuation per square meter compared to comparable REITs [5][23] - The expected distribution rates for 2025 and 2026 are 4.61% and 4.67%, respectively, aligning closely with other industrial park REITs [5][24] - The project is strategically positioned to leverage the growing demand for high-quality industrial spaces in Shenyang, supported by favorable economic growth and technological advancements [42][41]

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]

Core Insights - The "Shenyang International Software Park REIT" has received approval from the China Securities Regulatory Commission, marking it as the first public REIT in the country to implement the Northeast revitalization strategy, which signifies a new phase in infrastructure financing reform in Northeast China [1][2] Group 1: Project Overview - The REIT focuses on infrastructure projects located in Shenyang's Hunnan District, comprising 13 industrial buildings with a total property area of 201,200 square meters, primarily for research and office use [2] - The project has maintained a weighted average occupancy rate of approximately 84% over the past three years, with average contract rental prices for office space exceeding 46 yuan per square meter per month, indicating strong operational resilience [2] Group 2: Strategic Importance - The project aligns closely with national strategies such as "Digital China" and "Northeast Revitalization," leveraging Shenyang's robust industrial base and talent resources to promote high-quality regional development [1][3] - Shenyang International Software Park serves as the largest R&D office industrial park in the city, playing a crucial role in the implementation of the digital economy and supporting the local economic landscape [1][2] Group 3: Management and Future Prospects - The original equity holders, Shenyang International Software Park Industrial Development Co., Ltd. and Shenyang International Software Park Co., Ltd., are part of the Shenyang Angli Holding Group, which has over 30 years of experience in software development and technology park operations [2] - The REIT is expected to facilitate a virtuous cycle of investment and financing through asset securitization, enhancing social benefits and long-term value [2][3]