Core Viewpoint - The launch of the China Communications Construction REIT has been highly successful, with public investors subscribing over 600 billion yuan within hours, indicating strong demand for infrastructure REITs in China [1][2]. Group 1: Market Performance - The China Communications Construction REIT was officially launched on April 7, 2023, with a subscription scale exceeding 600 billion yuan, resulting in a placement ratio below 1.17%, a new low for public fund placements [2]. - The average subscription placement ratio for publicly offered infrastructure REITs is around 5%, with some products like the Jianxin Zhongguancun Industrial Park REIT and AVIC Shougang Biomass REIT having placement ratios below 2% [2]. Group 2: Asset Characteristics - The underlying asset of the China Communications Construction REIT is the Wushen Expressway, which connects major economic zones in China, indicating strong demand due to its strategic location [3]. - The REIT's appeal is attributed to the high quality of infrastructure assets, small product scale, and low supply, making it attractive to investors, especially in a sluggish stock market [3]. Group 3: Future Expansion - With the launch of the China Communications Construction REIT, the number of infrastructure REITs in China will increase to 12, with potential for further expansion as more projects are in the pipeline [5]. - The Penghua Shenzhen Energy Clean Energy REIT, focusing on a project in the Guangdong-Hong Kong-Macao Greater Bay Area, is among the upcoming offerings, highlighting the ongoing interest in infrastructure REITs [6]. Group 4: Investment Appeal - Infrastructure REITs are favored by investors due to their high liquidity, stable returns, and relatively low correlation with other financial products, making them an attractive investment option [7]. - The demand for infrastructure construction in China remains significant, providing a robust financing channel for related enterprises through infrastructure REITs [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2025年07月21日 1公告基本信息 ■ 注：①本基金场内简称为鹏华精选回报定开；②本基金仅场外基金份额开通转换业务。 2 申购、赎回和转换业务的办理时间 鹏华精选回报三年定期开放混合型证券投资基金（以下简称"本基金"）自2025年07月23日起（含当日） 进入开放期，其中开放申购时间为2025年07月23日至2025年08月19日，在此期间接受投资者的申购和转 换转入业务申请；开放赎回时间为2025年07月23日至2025年08月19日，在此期间接受投资者的赎回和转 换转出业务申请。 3 申购业务 3.1 申购金额限制 1、投资人通过场外销售机构申购本基金，单笔最低申购金额为1元。各场外销售机构对本基金最低申购 金额及交易级差有其他规定的，以各销售机构的规定为准。通过基金管理人直销中心申购本基金，首次 最低申购金额为100万元，追加申购单笔最低金额为1万元，但根据法律法规或基金管理人的要求无法通 过网上直销渠道申购的不受前述限制。本基金直销中心单笔申购最低金额与申购级差限制可由基金管理 人酌情调整。 2、本基金单一投资者持有基金份额数不得达到 ...

Core Viewpoint - The report outlines the operational and financial performance of the Penghua Shenzhen Energy REIT for the year 2024, highlighting the impact of market conditions on revenue and strategies for optimizing operations and investor relations [1][2][3]. Fund Overview - The fund, named Penghua Shenzhen Energy Clean Energy Closed-end Infrastructure Securities Investment Fund, was established on July 11, 2022, with a total share of 600 million [2]. - The fund primarily invests in infrastructure asset-backed securities and aims to generate stable cash flows and asset appreciation through active management [2][3]. Financial Performance - For the reporting period, the fund reported total income of approximately 1.9 billion RMB, with a net profit of about 292 million RMB, reflecting a significant increase from the previous year [4][5]. - The average electricity price was 0.5021 RMB per kWh, down 11.50% year-on-year, with total electricity sales volume decreasing by 17.89% [5][6]. - The fund's distributable amount for the period was approximately 355.59 million RMB, representing a 15.35% decrease compared to the previous year [5][6]. Operational Strategies - The fund management plans to optimize electricity trading strategies and reduce operational costs through technical improvements in response to low electricity prices in the Guangdong market [5][6]. - The management aims to maintain a high frequency of dividend distributions to enhance investor satisfaction and will continue to improve communication with investors through various platforms [5][6]. Market Context - The Guangdong electricity market is experiencing a trend of low prices due to various factors, including supply-demand dynamics and increased competition [5][6]. - The overall installed capacity in China's power sector reached 3.3486 billion kW by the end of 2024, marking a 14.59% year-on-year increase, with electricity demand also showing robust growth [9][10]. Project Details - The primary asset of the fund is the Eastern Power Plant (Phase I), which operates using liquefied natural gas and is located in Shenzhen [3][6]. - The project is expected to continue generating operational income until its design life expires in 2037, with ongoing assessments for potential extensions [2][3].