Core Viewpoint - The report provides a comprehensive overview of the performance and operational status of the招商公路高速公路封闭式基础设施证券投资基金, highlighting its financial metrics, investment strategies, and the operational performance of its underlying asset, the亳阜高速公路. Fund Overview - The fund is named 招商基金招商公路高速公路封闭式基础设施证券投资基金, with a total of 500 million shares at the end of the reporting period [2]. - The fund's operation is contract-based and has a lifespan of 15 years, with over 80% of its assets invested in infrastructure asset-backed securities [2][3]. - The fund aims to achieve long-term stable cash flow growth from infrastructure projects through active management [2]. Financial Performance - For the reporting period from January 1, 2025, to June 30, 2025, the fund reported total income of approximately RMB 213.71 million and a net profit of about RMB 45.20 million [3]. - The fund's total assets at the end of the reporting period were approximately RMB 4.06 billion, with net assets of about RMB 3.24 billion, resulting in a total asset to net asset ratio of 125.13% [3]. - The cash distribution rate for the period was 3.44%, with an annualized cash distribution rate of 6.93% [3]. Asset Project Performance - The underlying asset, 亳阜高速公路, generated toll revenue of approximately RMB 218.07 million during the reporting period, reflecting a year-on-year increase of 7.49% [4]. - The average daily traffic volume was 15,326 vehicles, a 10.15% increase year-on-year, with passenger vehicles increasing by 14.48% and freight vehicles by 3.52% [4]. - The toll fee structure remained unchanged during the reporting period, and the project has a diversified revenue source with no single major cash flow provider [4][5]. Industry Context - The highway industry in China is entering a mature phase, with a total highway mileage of 549,040 kilometers as of the end of 2024, including 190,700 kilometers of expressways [5]. - The industry is characterized by weak cyclicality, with stable toll revenue due to the essential nature of road transport [5]. - Recent adjustments in toll policies in Anhui province are expected to positively impact toll revenue for the project [6][7]. Regulatory Environment - The Anhui provincial government issued new regulations regarding differentiated toll pricing, which are expected to enhance the project's revenue potential [6][7]. - The fund's management is committed to monitoring the impact of regulatory changes on traffic volume and toll income [7].

Core Viewpoint - The report provides an overview of the performance and operational status of the招商基金招商公路高速公路封闭式基础设施证券投资基金 for the second quarter of 2025, highlighting its investment strategy, financial metrics, and the operational performance of its underlying asset, the亳阜高速公路 project. Fund Product Overview - Fund Name: 招商基金招商公路高速公路封闭式基础设施证券投资基金 - Fund Code: 180203 - Fund Type: Closed-end contractual fund - Total Fund Shares at Period End: 500,000,000 shares - Fund Duration: 15 years - Fund Management Company: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Listing Date: November 21, 2024 [2][3] Investment Strategy - Over 80% of the fund's assets are invested in infrastructure asset-backed securities to obtain complete ownership or operational rights of infrastructure projects. The remaining assets are allocated to fixed-income investments [3][4]. Financial Metrics - Total Distributable Amount for the Period: 64,535,745.94 CNY - Actual Distribution Amount for the Period: 107,769,997.88 CNY - Total Net Profit for the Period: 21,493,866.57 CNY - Total Revenue from the亳阜高速 project: 106,654,300 CNY, with a year-on-year increase of 4.21% [10][13][17]. Operational Performance - The亳阜高速 project generated a total toll revenue of 106,654,300 CNY during the reporting period, with an average daily traffic volume of 13,687 vehicles, reflecting a year-on-year increase of 3.64% [13][12]. - The project has a remaining operational period of approximately 11.5 years, with no significant changes in operational strategy or toll rates during the reporting period [12][13]. Asset Management - The fund's underlying asset,亳阜高速公路, is managed by招商局公路网络科技控股股份有限公司 and its subsidiaries, ensuring stable operational performance without any major incidents [12][11]. Recovery Fund Usage - The original rights holder,招商公路, has recovered a total of 2.618 billion CNY, with a net recovery of approximately 2.524 billion CNY, which will be fully invested in the京津塘高速 (Tianjin section) expansion project [20].

Fund Overview - The fund is named "招商基金招商公路高速公路封闭式基础设施证券投资基金" and is also referred to as "招商高速公路 REIT" [2] - The fund was established on October 17, 2024, with a total of 500 million shares [2] - The fund's investment strategy focuses on infrastructure assets, with over 80% of its assets allocated to infrastructure asset-backed securities [2][3] Financial Performance - For the reporting period from October 17, 2024, to December 31, 2024, the fund reported total income of approximately RMB 86.78 million and a net profit of approximately RMB 17.43 million [3] - The fund's total assets at the end of the reporting period were approximately RMB 4.35 billion, with net assets of approximately RMB 3.31 billion [3] - The annualized cash distribution rate was reported at 9.90%, with a cash distribution rate of 7.44% for the period [3] Project Details - The fund acquired 100% equity of 安徽亳阜高速公路有限公司, which operates the 101.3 km long Bozhou-Fu Highway [2][8] - The highway generated a total toll revenue of approximately RMB 84.10 million during the reporting period, reflecting a year-on-year increase of 3.2% [24] - Daily average traffic volume was reported at 13,619 vehicles, with a year-on-year growth of 3.06% [24][25] Market Context - The highway industry in China is entering a mature phase, with a stable demand for transportation services and a growing network of highways [12][13] - The total length of highways in China has increased by 3.61% year-on-year, indicating ongoing infrastructure development [12] - The competitive landscape includes various transportation modes, but highways maintain a strong position due to their convenience and extensive coverage [13][14] Operational Management - The fund's operational management is conducted by 招商局公路网络科技控股股份有限公司, ensuring compliance and efficiency in managing the infrastructure assets [6][10] - The operational management fees for the reporting period included various components, ensuring the effective management of the highway project [6][10] - The fund emphasizes a collaborative approach with the operational management team to enhance service quality and operational efficiency [25]