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].

投资中国就是投资未来。9月8日-11日，由中国商务部主办的的第二十五届中国国际投资贸易洽谈会在 厦门圆满举行。作为全球最具影响力的国际投资盛会之一，本届投洽会以"携手中国，投资未来"为年度 主题，聚焦"投资中国""中国投资""国际投资"三大板块，发挥高水平开放平台作用。作为资产管理行业 领军者，博时基金受邀参会，向来自各个国家的与会嘉宾展现中国资管机构的开放实力与创新实践。 国际业务：构建千亿级跨境资管枢纽 随着我国对外开放进程加深，叠加一众企业屹立于世界企业之林，投洽会成为全球共享的国际公共投资 平台。今年以来，外有关税战扰动之下的国际环境之变，内有产业转型升级的高质量发展需求，作为全 球开放合作的"金钥匙"，投洽会在促进国内国际双循环、内外贸一体化发展、扩大高水平对外开放的作 用日益凸显。 面对企业出海的时代潮流，博时基金勇于争当资本市场对外开放的先行者，以稳健与创新书写国际化篇 章。 全球布局，构建四大洲战略纵深立体图谱。作为博时基金国际化战略核心平台，子公司博时国际历经十 五年发展，已形成横跨亚洲、北美、欧洲、非洲四大洲的业务网络，资产管理规模突破1000亿港元，服 务全球数十家主权重磅机构。 创新为 ...

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 ...