Group 1 - The public REITs basic information indicates that part of the strategic placement shares of the fund will be unlocked on February 8, 2026, with a total of 70,000,000 shares being released [2] - After the unlocking, the total tradable shares will amount to 400,000,000, representing 80% of the fund's total shares [2] - The fund's real estate projects include logistics bases in Chongqing, Wuhan, and Langfang, all of which are reported to be operating normally [2] Group 2 - The fund's cumulative distributable amount for 2025 is reported to be 71,549,519.45 yuan [3][4] - The net cash flow distribution rate is calculated based on the fund's distributable amount and the purchase price of the shares, with examples provided for different purchase prices [4][5] - The net cash flow distribution rate is not equivalent to the fund's yield, and the actual distributable amount may vary based on the annual report [5][6] Group 3 - The announcement includes the designation of liquidity service providers for several funds, all of which are managed by the same company [11] - The liquidity service provider for multiple funds is Guangfa Securities Co., Ltd., indicating a strategic partnership for enhancing liquidity [11]

Core Viewpoint - The announcement highlights the termination of liquidity services for the Jiashi National Communication ETF and the potential termination of the Jiashi Pension Target Date 2055 Fund if its net asset value falls below 200 million RMB by November 21, 2025 [1][3][6]. Group 1: Fund Termination and Liquidity Services - Jiashi Securities will cease providing liquidity services for the Jiashi National Communication ETF (code: 159695) starting November 20, 2025 [1]. - The Jiashi Pension Target Date 2055 Fund may trigger contract termination if its net asset value is below 200 million RMB by November 21, 2025, as per the fund contract [5][6]. - The fund's contract became effective on November 21, 2022, and has a five-year lock-up period for subscriptions [4][5]. Group 2: Fund Management and Operations - The fund management company is Jiashi Fund Management Co., Ltd., with the custodian being Bank of Communications Co., Ltd. [5]. - The fund has suspended subscription and regular investment services since November 14, 2025, and will enter liquidation if the termination condition is met [6][7]. - Investors will not be able to redeem or subscribe to the fund once it enters the liquidation process [7]. Group 3: Market Conditions and Risks - The Jiashi Nasdaq 100 ETF has been trading at a significant premium over its net asset value, prompting the fund management to warn investors about potential risks [11]. - The fund management emphasizes that market supply and demand, systemic risks, and liquidity risks can affect the trading price of the fund [11].