Group 1 - The announcement includes the appointment of new senior management personnel and acknowledges the contributions of the outgoing general manager, Mr. Xu Yong [1][6] - The infrastructure project under the fund is the Anhui Bo-Fu Expressway, which spans 101.3 kilometers and features a dual four-lane design with three toll stations [2][3] - The operational data for April 2025 indicates a year-on-year increase in average daily traffic and toll revenue, attributed to growth in passenger vehicle traffic and adjustments in differentiated toll policies for freight vehicles [3][4] Group 2 - The fund's management confirms that the investment operation is normal and that there are no undisclosed significant issues [4] - Investors are encouraged to consult the fund management's website or customer service for further inquiries regarding the fund [4]

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]