In a volatile market, public REITs may become a choice for investors thanks to their "cash cow" characteristics. Against this backdrop, the nation's first water conservancy facility power generation REIT and the first provincial-level water conservancy REIT — Yinhua Guangdong Water Conservancy REIT (fund code: 180702) — launches today. The fund previously set an off-market subscription record of 218.26 times, reflecting outstanding market recognition and adding a new tool for investors seeking public REITs exposure. (Data source: Fund share offering announcement, 2026.9.24)

The sponsor of this Yinhua Guangdong Water Conservancy REIT is Guangdong Yuehai Feilaixia Hydropower Generation Co., Ltd., and the underlying assets cover two major hydropower core hubs — the specific assets and power generation business charging rights involved in the power generation function of the Feilaixia Water Conservancy Hub, as well as the specific assets and power generation business charging rights of the Dongxi Station and Xixi Station of the Chaozhou Water Supply Hub Project. More notably, the river basins where these two projects are located have been relatively fully developed in cascade terms, and future new hydropower installed capacity is limited, further highlighting the scarcity of existing hydropower assets. (Note: As of the date of this fund's prospectus, apart from the Huangmaoxia Reservoir project, Guangdong Province has no other large-scale hydropower projects under construction. According to the "Guiding Opinions on Accelerating the Green Transformation and High-Quality Development of Small Hydropower" released on March 16, 2026, no new small hydropower stations will in principle be built. It is expected that Guangdong Province's hydropower installed capacity growth will be relatively limited over the next three years. Reference: Prospectus, 2026.09.14.)

The quality of underlying assets is an important criterion determining the caliber of a public REIT. From the perspective of underlying assets, the Feilaixia and Chaozhou projects possess multiple advantages: in terms of regional supply and demand, Guangdong is the nation's largest electricity-consuming province, with its power supply-demand gap widening year by year, making clean and stable hydropower assets scarce resources in the regional power system; in terms of electricity pricing, both projects have maintained stable prices since grid connection and have never experienced downward adjustments; in terms of operations management, both projects have completed the conversion from public institutions to enterprises, with asset operation efficiency and water utilization rates continuously improving, while cost control, equipment maintenance, dispatch optimization and safety management capabilities have simultaneously strengthened, laying a solid foundation for stable cash flow growth. (Reference: Prospectus, 2026.09.14)

The fund manager of this project, Yinhua Fund, has previously successfully issued the nation's first water conservancy REIT — Yinhua Shaoxing Raw Water Water Conservancy REIT — raising 1.6968 billion yuan and accumulating rich experience in water conservancy REIT operations management. This experience will also provide professional support for the subsequent operations management of Yinhua Guangdong Water Conservancy REIT. As a pioneer in water conservancy REITs, Yinhua Fund has provided a replicable practical model for the securitization of water conservancy infrastructure assets. (Data source: "Yinhua Shaoxing Raw Water Water Conservancy Closed-End Infrastructure Securities Investment Fund Fund Contract Effective Announcement", 2024.10.28. Note: Yinhua Shaoxing Raw Water Water Conservancy REIT is a closed-end fund with no subscription or redemption mechanism, and does not charge subscription/redemption fees. On-market transaction fees are subject to actual charges by securities companies. Reference: Product prospectus, 2025.10.28.)

Looking ahead, against the backdrop of continued policy support and continuously expanding asset type coverage, as an important tool connecting the capital market and the real economy, REITs' long-term allocation value remains prominent. Investors may, within their own risk tolerance, consider Yinhua Guangdong Water Conservancy REIT (fund code: 180702).

Risk Disclosure: Yinhua Guangdong Water Conservancy REIT fee structure — Fee type: Subscription fee. Charging method/rate: M<5 million yuan 0.30%; M≥5 million yuan 1,000 yuan per transaction. Subscription/redemption fee: This fund is a closed-end fund with no subscription or redemption mechanism, and does not charge subscription/redemption fees. On-market transaction fees are subject to actual charges by securities companies. Management fee: 1. Fund management fee — This fund's management fee includes fund management fee and special plan management fee. The combined value of the fund management fee and special plan management fee is accrued at an annual rate of 0.20% of the fund's net assets disclosed in the most recent audited annual report (before the first disclosure of year-end audited fund net assets after product establishment, this shall be the fund's raised capital amount (including subscription period interest)), of which 85% is fund management fee collected by the fund manager and 15% is special plan management fee collected by the plan manager. Operations management service fee: The operations management service fee consists of a basic management fee and a floating management fee, with the floating management fee further divided into floating management fee 1 and floating management fee 2. 1. Basic management fee — The basic management fee is the basic fee payable to the operations management institution for the relevant costs incurred in providing operations management services. According to the "Operations Management Service Agreement," the basic management fee adopts a fixed lump-sum responsibility model, capped at the forecast data corresponding to the real estate project asset valuation report, paid quarterly on a lump-sum basis. During the operations management service period, the basic management fee shall in principle not be adjusted, but if actual operations management costs change significantly due to non-subjective factors such as industry policies, economic conditions, or price levels, the fund manager may propose adjustments, which shall take effect after approval by the real estate fund unit holders' meeting. 2. Floating management fee — Floating management fee = floating management fee 1 + floating management fee 2. (1) Floating management fee 1 refers to the basic management fee to be reduced/deducted based on daily operations management assessment results, with a negative list of items triggering single deductions from the basic management fee. (2) Floating management fee 2 is confirmed from the dimension of operating performance completion rate and paid to the operations management institution as agreed in the "Operations Management Service Agreement." Custodian fee: This fund's custodian fee is accrued at an annual rate of 0.01% of the fund's net assets disclosed in the most recent audited annual report (before the first disclosure of year-end audited fund net assets after product establishment, this shall be the fund's raised capital amount (including subscription period interest)). Note: For fee details, please refer to the fund product summary. As of 2026.09.14, please refer to the latest fund announcements and fund legal documents.

Yinhua Shaoxing Raw Water Water Conservancy REIT fee structure — Fee type: Subscription/redemption fee. Charging method/rate: This fund is a closed-end fund with no subscription or redemption mechanism, and does not charge subscription/redemption fees. On-market transaction fees are subject to actual charges by securities companies. Management fee: 1. Fixed management fee — This fund's fixed management fee includes fund manager management fee and plan manager management fee. The fixed management fee is accrued at an annual rate of 0.20% of the fund's net assets disclosed in the most recent audited annual report (before the first disclosure of year-end audited fund net assets after product establishment, this shall be the fund's raised capital amount (including subscription period interest)). 2. Operations management fee — The operations management service fee consists of a fixed operations management fee and a floating operations management fee. Custodian fee: This fund's custodian fee is accrued at an annual rate of 0.01% of the fund's net assets disclosed in the most recent audited annual report (before the first disclosure of year-end audited fund net assets after product establishment, this shall be the fund's raised capital amount (including subscription period interest)). Note: For fee details, please refer to the fund product summary. As of 2025.10.28, please refer to the latest fund announcements and fund legal documents.

Mr. Zhu Haoxiang, master's degree, worked from 2018 to 2024 at Beijing Yuanyang Xinglian Operation Management Co., Ltd. and Ping An Real Estate Co., Ltd. Beijing Branch, mainly responsible for commercial real estate market research, investment management, and operations management. He joined Yinhua Fund Management Co., Ltd. in 2024 and currently serves as a proposed REIT operations manager in the REITs Investment Management Department, engaged in public REIT operations management, with over 5 years of real estate project operations management experience. Mr. Liu Wenxue, bachelor's degree, registered safety engineer, first-class constructor, supervision engineer, consulting engineer, worked from 2015 to 2025 at Xinjiang Xinhua Hydropower Investment Co., Ltd., mainly responsible for hydropower station operations management, maintenance and repair, safety management, clean energy investment development and mergers and acquisitions. He joined Yinhua Fund Management Co., Ltd. in 2025 and currently serves as a proposed REIT operations manager in the REITs Investment Management Department, engaged in public REIT operations management, with over 5 years of real estate project operations management experience. Ms. Kang Fang, master's degree, worked from 2018 to 2025 at Yinhua Chang'an Capital Management (Beijing) Co., Ltd., mainly responsible for the implementation and execution of public REITs and asset securitization businesses, as well as investment research and post-investment management of asset management projects. She joined Yinhua Fund Management Co., Ltd. in 2025 and currently serves as a proposed REIT investment manager in the REITs Investment Management Department, engaged in public REIT investment management, with over 5 years of real estate project investment management experience.

Investment involves risks, and caution is advised. Publicly offered securities investment funds (hereinafter referred to as "funds") are long-term investment tools whose primary function is to diversify investments and reduce the individual risks associated with investing in a single security. Funds differ from financial instruments such as bank deposits that can provide fixed return expectations. When you purchase fund products, you may share in the returns generated by fund investments based on your held shares, and you may also bear the losses caused by fund investments. Before making investment decisions, please carefully read the fund contract, fund prospectus, fund product summary and other product legal documents and this risk disclosure, fully understand the risk-return characteristics and product features of this fund, carefully consider the various risk factors present in this fund, and fully consider your own risk tolerance based on your investment objectives, investment period, investment experience, asset status and other factors. Based on understanding the product situation and suitability opinions, make rational judgments and prudent investment decisions. The views in the document only represent the views of the fund company at the time of writing, and the fund company has the right to make adjustments. Third-party reports or materials reproduced in the document represent only the views of the third party and do not represent the position of the fund, and the fund company does not provide direct or implied statements or guarantees regarding their accuracy or completeness.

According to relevant laws and regulations, Yinhua Fund Management Co., Ltd. makes the following risk disclosures: 1. Based on different investment objects, funds are divided into different types such as equity funds, mixed funds, bond funds, money market funds, fund of funds, commodity funds, etc. Investing in different types of funds will yield different return expectations and bear different degrees of risk. Generally speaking, the higher the return expectation of a fund, the greater the risk you bear. 2. Funds may face various risks during investment operations, including market risks, as well as the fund's own management risks, technical risks and compliance risks. Massive redemption risk is a risk unique to open-end funds, i.e., when the net redemption applications of a fund on a single open day exceed a certain proportion of the fund's total shares (10% for open-end funds, 20% for regularly open funds, except for special products stipulated by the CSRC), you may not be able to redeem all fund shares in a timely manner, or your redemption proceeds may be delayed. 3. You should fully understand the difference between regular fixed-amount fund investment and savings methods such as lump-sum deposits and withdrawals. Regular fixed-amount investment is a simple and easy long-term investment method that guides investors to invest long-term and average investment costs, but it cannot avoid the inherent risks of fund investment, cannot guarantee investor returns, and is not an equivalent wealth management method to replace savings. 4. Risk disclosure for special types of products: [Yinhua Guangdong Water Conservancy Closed-End Infrastructure Securities Investment Fund] is a real estate fund, which has different risk-return characteristics from public funds investing in stocks or bonds, and belongs to the medium-high risk category. The specific risk rating results are subject to the rating results provided by the fund manager and sales institutions. This fund invests most of its assets in real estate projects and has equity attributes. Affected by economic environment, operations management and other factors, the market value and cash flow of real estate projects may change, which may cause price fluctuations of this fund, and there may even be risks where real estate projects suffer major losses from extreme events (such as earthquakes, typhoons, etc.) that affect the fund price. This fund invests in fixed-income assets outside of real estate projects and may face credit risk, interest rate risk, yield curve risk, spread risk, supply-demand risk and purchasing power risk. This fund operates as a closed-end fund, does not offer subscription or redemption, and can only be traded on the secondary market, posing risks of insufficient liquidity. This fund has other risks related to public funds and risks related to real estate projects. Please refer to the prospectus and other legal documents for details. 5. The fund manager commits to managing and operating fund assets with honesty, credibility and due diligence, but does not guarantee that this fund will necessarily profit or guarantee minimum returns. The past performance of this fund and its net value levels do not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of this fund's performance. Yinhua Fund Management Co., Ltd. reminds you of the "buyer bears responsibility" principle in fund investment. After making investment decisions, the investment risks arising from fund operations and changes in fund net value shall be borne by you. The fund manager, fund custodian, fund sales institutions and related institutions make no commitments or guarantees regarding fund investment returns. 6. [Yinhua Guangdong Water Conservancy Closed-End Infrastructure Securities Investment Fund] is applied for offering by Yinhua Fund in accordance with relevant laws, regulations and agreements, and has been registered with the approval of the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"). This fund's fund contract, fund prospectus and fund product summary have been publicly disclosed through the CSRC Fund Electronic Disclosure Website [http://eid.csrc.gov.cn/fund/] and the fund manager's website [www.yhfund.com.cn]. The CSRC's registration of this fund does not indicate that it makes substantive judgments or guarantees regarding the investment value, market prospects and returns of this fund, nor does it indicate that investing in this fund is risk-free. This product is issued and managed by Yinhua Fund, and the distribution agency does not bear responsibility for product investment, redemption and risk management. MACD golden cross signals have formed, and these stocks are rising well!