The festive fireworks of the Year of the Snake had barely faded when, on [date], China Life Insurance Company Limited (China Life) set off another big bang—investing 1 billion yuan to spearhead the establishment of a partnership dedicated to investing in REITs (Real Estate Investment Trusts), with total partnership capital contributions reaching 2.1 billion yuan.

Insurance capital and [the missing term], a perfect match! （Note: The original text appears to be incomplete or contains an unclear term ("与" followed by a comma). A placeholder "[the missing term]" is used to indicate where additional context is needed for a precise translation. If you provide the complete phrase, the translation can be refined accordingly.)

"Beijing Pingzhun Infrastructure Real Estate Investment Fund Partnership (Limited Partnership)"—this provisional name of the company, led by China Life in its establishment, may not be concise in wording, but it is precise in meaning. Simply put, it is.

The market this year is showing a frenzied momentum. Since the first batch of public funds was listed in [Month, Year], as of [Month, Day, Year], the number of funds has reached [number] in total. The total market value of China's public fund market has hit a historic high of [amount] billion yuan.

As public offerings continue to expand, the market is witnessing a surge in subscriptions and a sustained rise in activity. On [date], China's first pharmaceutical warehousing and logistics product—the E Fund Jointown Medical—saw its effective subscription ratio from retail investors reach a record-breaking [X] times.

The surge has two important backgrounds. First, the asset shortage. Second, while there is an asset shortage, a large amount of existing real estate, especially high-quality assets, has been activated.

Types of assets involved in China— Transportation Infrastructure: Toll roads, railways, airports, ports, etc. Park Infrastructure: Industrial parks, technology parks, etc. Warehousing and Logistics: Storage facilities, logistics centers, etc. Eco-environmental Protection: Sewage treatment, solid and hazardous waste disposal, etc. Affordable Rental Housing. Consumer Infrastructure: Shopping malls, community commercial facilities, etc. Water Conservancy Facilities: Reservoirs, raw water facilities, etc. Energy Infrastructure: Clean energy projects, such as hydropower stations, etc.

The immense primordial power is epitomized in two words: revitalization. Those immensely heavy real estate assets, originally with very poor liquidity, were transformed into tradable securities. Like the trees and stones in myths that came to life with a mere point from a deity, they too sprang to life.

To transition from being static to coming alive, simply put, there are two fundamental reasons: First, those inactive assets must be viable, meaning not only must the underlying assets be clear, but they must also be capable of generating cash flow. Second, there must not only be cash flow but also strict dividend regulations, ensuring that a high portion of the profits generated from the cash flow is distributed to investors.

Today, the market is calling for patient capital. Why does patient capital exist? The long-term patience of capital is cultivated by stable, high dividends. Insurance capital, in pursuit of long-term investments and high dividends, is a natural fit. Thus, you can always see the presence of insurance capital in the mix. Yet, insurance capital is not content with this and is pushing for further policy relaxation to allow even more aggressive capital flows!

Therefore, it was a natural progression for China Life to establish a dedicated partnership. This partnership is actually composed of three parties:

First Party: China Life. The parent company, China Life, made a financial investment of 100 million yuan, while two subsidiaries under the grandson company, China Life Capital (a partnership management firm)—China Life Real Estate (contributing 100 million yuan) and Chuangchi Enterprise Management (contributing 10,000 yuan)—were responsible for the management.

Second Party: Shoujing Investment and Beijing Langjia. The two are affiliated companies (suspected to be part of Beijing's state-owned capital system), with Shoujing Investment making a financial investment of 100 million yuan, and Beijing Langjia (contributing 10,000 yuan) involved in management.

Third party: Caixin Life Insurance, financial investment of 100 million yuan.

National Life War Match Case

It is worth mentioning that in the announcement, China Life demonstrated a pragmatic and cautious attitude towards investment—

The partnership must not invest more than % of its total committed capital in any single public infrastructure fund product (including strategic placement shares, expansion placement shares, and tradable shares).

The proportion of a single infrastructure public offering product held by a partnership shall not exceed % of the issuance scale of that infrastructure public offering product.

The investment amount of a partnership in the circulating shares of publicly offered infrastructure products shall not exceed % of the total capital contribution committed by the partnership;

……

Diversified investment is also a consistent approach for Guoshou. Information shows that Guoshou has strategically allocated funds to multiple public offerings. Below, we will select a few cases of Guoshou's strategic placements to explore the investment content and changes they encompass.

Case: Harvest China Power Construction Clean Energy

Fund Manager: Harvest Capital Management Co., Ltd.

Fund Code:

Duration: Years

Release Date: [Year] [Month] [Day]

Total shares to be raised: 100 million shares

Strategic Placement: 100 million shares.

Market Circulation: . billion units, consisting of . billion units for institutional placement (institutions) and . billion units for public offering (individuals).

Initial subscription price: . yuan/share

Initial issuance scale: . billion yuan

Year-Month-Day Real-time Price: . Yuan/Share

Year-Month-Day Real-time Net Asset Value: X.X billion yuan

Harvest China Power Construction Clean Energy Underlying Asset: Wuyiqiao Hydropower Station

Harvest China Power Construction Clean Energy Post-Listing Performance (Weekly Chart)

Harvest China Power Construction Clean Energy is the first public hydropower fund in the country and the first of its kind in Sichuan Province. The underlying asset of this project is the Wuyiqiao Hydropower Station, operated and managed by Sichuan CREC Energy Wuyiqiao Hydropower Co., Ltd. Its revenue is generated from hydropower generation.

In [specific month and year], PowerChina Hydroelectricity Development Group Co., Ltd. acquired a [specific percentage]% stake in Sichuan Railway Energy Wuyiqiao Hydropower Co., Ltd. from China Railway 14th Bureau Group Co., Ltd. In [specific month and year], the hydropower station was completed and began generating electricity. In [specific month and year], Harvest Capital Management Co., Ltd. acquired the remaining [specific percentage]% stake in Sichuan Railway Energy Wuyiqiao Hydropower Co., Ltd. through a share issuance, thereby obtaining full ownership and operational rights. (Note: The specific months, years, and percentages should be filled in based on the actual data for a complete translation.)

The Wuyiqiao Hydropower Station project is considered to be "a high-barrier, highly scarce asset type that has been operating stably and safely since its commissioning, generating consistent profits and cash returns." Through the issuance, PowerChina achieved a light-asset operation model, with its subsidiaries serving as operational management agencies for infrastructure projects, providing operational management services and regularly collecting operational management fees.

Case: Yinhua Shaoxing Raw Water Conservancy Project

Fund Manager: Yinhua Fund Management Co., Ltd.

Fund Code:

Duration: Year

Date of Establishment: Month Day, Year

Total offering size: 100 million units

Strategic Placement: .100 million shares.

Market circulation: . billion shares, consisting of . billion shares for institutional placement (institutions) and . billion shares for public offering (individuals).

Initial subscription price: . yuan/share

Initial issuance scale: . billion yuan

Date Real-time Price: . yuan/share

Year-Month-Day Real-time Net Asset Value: X.X billion yuan.

The underlying asset of Yinhu Shaoxing Original Water Conservancy: Shaoxing Tangpu Reservoir

Silver Hua Shaoxing Original Water Conservancy Post-listing Trend (Daily Chart)

Yinhua Shaoxing Raw Water Conservancy is the first publicly offered water conservancy infrastructure fund in China for water supply projects. Its underlying asset is the Shaoxing Tangpu Reservoir—the sole water source for regional water supply in the Yu-Shao Plain. Its revenue comes from supplying water to approximately one million people.

The Yinhua Shaoxing Raw Water Conservancy project fully reflects the benefits of policy incentives. Its background stems from the implementation of documents such as the "Notice on Issuing the Implementation Plan for Revitalizing Stock Assets and Expanding Effective Investment in Shaoxing City" released by Shaoxing City on [specific date]. The initiative emphasizes that inefficient assets should be revitalized to the greatest extent, including effectively leveraging the stock assets of water conservancy projects such as reservoirs, sluices, and embankments.

Yinhua Shaoxing Raw Water Conservancy "actively strives for higher-level water conservancy funding subsidies, collaborates with the municipal development and reform, finance, and local governments to fully leverage policy incentives such as policy-based development financial instruments and local government special bonds." This approach not only revitalizes existing reservoirs but also allocates all raised funds to the construction of the Jingling Reservoir in the upper reaches of the Cao'e River, including flood control and ecological protection.

Case: China Merchants Expressway

Fund Manager: China Merchants Fund Management Co., Ltd.

Fund Code:

Duration: Year

Listing Date: Year Month Day

Total units offered: . billion units

Strategic Placement: 100 million shares

Market Circulation: 100 million units, consisting of 10 million units for institutional placement (underwriters) and 10 million units for public offering (individual investors).

Initial subscription price: . yuan/share

Initial issuance scale: . billion yuan

Year-Month-Day Real-time Price: . yuan/share

Date: [Year-Month-Day] Real-time Net Asset Value: [X] billion yuan

The underlying asset of China Merchants Expressway: Anhui Bozhou-Fuyang Expressway

The post-listing trend of China Merchants Expressway (daily chart)

The underlying asset of China Merchants Expressway is the Anhui Bozhou-Fuyang Expressway. Its revenue primarily comes from toll fees and other sources. The Bozhou-Fuyang Expressway spans approximately [length] kilometers with dual carriageways. It features three toll stations along the route: the Bozhou East Toll Station, Bozhou South Toll Station, and Taihe East Toll Station, as well as two service areas: the Xinji Service Area and the Changchun Service Area. (Note: The original text had an incomplete length for the expressway, marked as "[length]" in the translation. If the specific length is known, it should be inserted there.)

The fund manager has entrusted China Merchants Expressway Network & Technology Holdings Co., Ltd. (China Merchants Expressway) and its wholly-owned subsidiary, China Merchants Expressway Operation and Management (Beijing) Co., Ltd., with the responsibility for the daily operations of the infrastructure projects. China Merchants Expressway is a secondary enterprise under the century-old state-owned enterprise, China Merchants Group.

According to the annual report, during the reporting period (from [specific start date] to [specific end date]), the Bozhou-Fuyang Expressway project achieved—

Income: 10,000 yuan;

Net Profit: 10,000 yuan;

Toll revenue (including tax): . million yuan (average daily toll revenue including tax: . million yuan), with a year-on-year increase of .% in average daily revenue;

Average daily natural traffic volume (excluding exempt vehicles and special-purpose vehicles): units, a year-on-year increase of .%;

Average daily natural traffic volume of passenger vehicles: units, year-on-year increase