Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the need for systematic transformation in operational models and investment philosophies [2][4][24]. Transition from "Scale" to "Quality" - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the focus from scale-driven growth to quality-oriented development [4][25]. - This transformation encourages a positive cycle between scale and performance, where funds with strong performance are more likely to attract investment, thus avoiding the vicious cycle of "scale expansion leading to performance decline" [4][5]. Upgrade of Research and Investment Capabilities - Enhancing core research and investment capabilities is fundamental to achieving high-quality development, with a shift from individual-driven to system-driven investment research [7][9]. - Fund companies are exploring unique paths for upgrading their research systems, with trends towards integrated and team-based approaches [8][9]. - The integration of technology, such as AI and big data, is becoming a key accelerator for enhancing research capabilities [9][10]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [11][12]. - Fee reforms have led to a decrease in management fees across various fund categories, fundamentally changing the competitive landscape of the industry [11][14]. - Fund companies are actively controlling the scale of new products to prioritize investor interests and improve the investment experience [12][14]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, shifting from supply-driven to demand-led product development [14][15]. - Fund companies are focusing on creating clear product positioning and competitive product lines, including the introduction of floating fee rate products [17][18]. - Compliance and risk management are critical to supporting the industry's transformation, with companies enhancing their compliance frameworks and risk control measures [20][22]. Challenges and Industry Restructuring - The transition to high-quality development faces internal challenges, such as entrenched performance evaluation systems and the need for deeper research capabilities [25][26]. - External challenges include the existing sales channel models that favor high-commission products, which may conflict with the industry's shift towards long-term investment strategies [26][27]. - The high-quality development wave is expected to reshape the competitive landscape, with a focus on value competition rather than scale [27][28]. Future Outlook - Over the next three to five years, the public fund industry is expected to prioritize high-quality development, with a focus on value competition and the emergence of firms with core capabilities [28][29]. - Companies that can provide comprehensive services and enhance investor engagement will likely gain a competitive edge in the evolving market [29].

Core Viewpoint - The 25th China International Investment Trade Fair highlighted the importance of investing in China as a pathway to future opportunities, emphasizing the role of the event in promoting international investment and cooperation [1]. Group 1: International Business - The fair serves as a global public investment platform, facilitating domestic and international dual circulation and high-level opening-up amid changing international environments and domestic industrial upgrades [3]. - Bosera Asset Management has established a comprehensive international business network across Asia, North America, Europe, and Africa, with asset management scale exceeding 100 billion HKD [3][4]. - The company has launched innovative products, including the first long-duration U.S. Treasury ETF in Hong Kong and a virtual asset spot ETF, positioning itself as a leader in industry transformation [4]. Group 2: Index Investment - Index products are becoming essential tools for global investors to access Chinese opportunities, with Bosera leading the development of index business [5]. - The company has developed a diverse range of index products, including broad-based, cross-border, and thematic ETFs, enhancing its product toolbox [5]. - Bosera aims to meet the diverse investment needs of clients through its "Bosera Smart Investment" brand, providing comprehensive investment solutions [5]. Group 3: Financial Strategy and ESG - Bosera integrates national financial strategies into its operations, focusing on technology finance and innovation to support high-quality development [8]. - The company has committed to ESG principles, launching green financial products and participating in initiatives to promote sustainable investment [9]. - Bosera has developed a comprehensive pension finance model, enhancing investor education and services to improve the overall investor experience [9]. Group 4: Digital Transformation - The company is at the forefront of digital finance, incorporating AI into its investment research processes to enhance efficiency and decision-making [10]. Group 5: Overall Impact - With over 1.6 trillion CNY in assets under management and a commitment to high-quality development, Bosera's practices contribute significantly to the globalization of Chinese asset management [11]. - The company aims to be a guide for global capital while translating the value of Chinese assets, ensuring that both China and the world can share in the opportunities presented [12].

Core Viewpoint - The first batch of public infrastructure REITs in China has successfully completed its first year, demonstrating significant potential in promoting infrastructure investment and enhancing asset management efficiency [1][3][12]. Group 1: Market Performance and Impact - The first batch of public REITs has driven the construction of new infrastructure projects worth 300 billion yuan, with an average increase of 22% in share prices since listing [3][10]. - The total distributable cash flow from the first batch of REITs reached approximately 1.78 billion yuan, with a total dividend payout of about 1.22 billion yuan, representing around 60% of the distributable amount [3][10]. - The performance of these REITs has exceeded expectations, with stable operational data and positive market responses noted by various participating institutions [3][4]. Group 2: Regulatory and Institutional Support - Regulatory frameworks have been progressively improved, with various government departments and regulatory bodies actively supporting the development of the REITs market [4][5]. - Key policy announcements have expanded the scope of REITs, allowing for a broader range of assets and enhancing market liquidity through the introduction of insurance capital [4][5][12]. Group 3: Future Development and Asset Diversification - The asset types within the REITs market are gradually diversifying, with projects now covering areas such as affordable rental housing and renewable energy infrastructure [8][13]. - There are ongoing efforts to expand the REITs market, with institutions actively seeking to inject more mature assets into their REITs portfolios [6][7]. - The upcoming unlocking of restricted shares is expected to increase market liquidity and balance supply and demand dynamics within the REITs market [10][11]. Group 4: Strategic Importance - Public REITs are recognized as a crucial tool for revitalizing existing assets and expanding effective investment, aligning with national economic strategies [12][13]. - The development of a trillion-yuan REITs market is seen as essential for both short-term economic stability and long-term growth, with a focus on high-quality infrastructure projects [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 投资者可发送报名邮件至REIT@bosera.com进行报名。邮件主题为"机构一人名一博时招商蛇口产业园 REIT"，基于会议现场管理要求，每家机构限报名2人。 ■ 报名截止时间为2025年5月23日17:00。 特此公告。 重要内容提示： 为便于广大投资者更全面深入地了解博时招商蛇口产业园封闭式基础设施证券投资基金（基金简称：博 时招商蛇口产业园REIT，基金代码：180101，以下简称"本基金"）2025年一季度经营成果及财务状 况，并与本基金运营管理机构深入沟通，博时基金管理有限公司（以下简称"博时基金"）拟于2025年5 月26日举行本基金2025年第二次投资者关系活动，在信息披露允许的范围内就投资者问题进行交流和解 答。 一、公募REITs信息 三、参加人员 博时招商蛇口产业园REIT运营管理机构代表及相关负责人员、博时招商蛇口产业园REIT基金经理及相 关负责人员、博时招商蛇口产业园REIT投资者、行业研究员等。 四、报名方式 博时基金管理有限公司 ● 时间：2025年5月26日（星期一）14:00-16：00 ● 现场地点：南山区南海大道工业五路 ...