From January 24th to January 25th, the Jiashi Wumei Consumer Closed-End Infrastructure Securities Investment Fund (hereinafter referred to as "Jiashi Wumei Consumer REIT") opened for subscription, with a subscription price of 2.383 yuan and a minimum subscription amount of 1,000 yuan. Jiashi Fund Management Co., Ltd. is the fund manager, and Beijing Bank is the fund custodian. Jiashi Wumei Consumer REIT mainly invests in infrastructure asset-backed securities and holds all of its shares, obtaining full ownership or operating rights of infrastructure projects through infrastructure asset-backed securities, SPV companies, project companies and other entities. The fund aims to generate stable cash flow from infrastructure project rentals and fees, enhance the value of infrastructure projects through operating income, and provide investors with stable income distribution and sustainable, long-term value appreciation. It is reported that the operating management agency of Jiashi Wumei Consumer REIT is Wumei Commercial. The infrastructure assets of the fund include the Dacheng project, Yudingqiao project, Huatian project, and Deshengmen project, with a total floor area of 77,894.28 square meters. The total and net appraisal values of real estate assets for the current period are both 1.002 billion yuan. The basic information of infrastructure assets as of June 30, 2023 is as follows: As of June 30, 2023, there are a total of 109 lease contracts for infrastructure projects in the fund, including 14 for the Dacheng project, 39 for the Yudingqiao project, 29 for the Huatian project, and 27 for the Deshengmen project, involving a total of 94 tenants. As of June 30, 2023, the main tenant formats of infrastructure projects include supermarkets, food and beverage, medical health, clothing and home, finance, and beauty. The industry diversification is good, and operational risks are relatively well-distributed. Supermarkets have the largest leasing area, followed by food and beverage and medical health tenants. The operating revenues of the Dacheng project in 2020, 2021, 2022, and January-June 2023 were approximately 37.6429 million yuan, 4.9493 million yuan, 9.2907 million yuan, and 9.5144 million yuan, respectively. The operating situation of infrastructure projects is shown in the table below. According to the prospectus, the decrease in operating income of the Dacheng project in 2021 was mainly due to the early termination of a major external tenant and macroeconomic impacts. The overall operations of the other three projects are relatively stable, with a slight decrease in operating net cash flow in 2022 mainly due to lower occupancy rates caused by macroeconomic impacts. In 2023, the leasing team actively carried out leasing activities, resulting in a significant increase in operating net cash flow in the first half of 2023. As of June 30, 2023, the occupancy rates of the Yudingqiao project, Huatian project, and Deshengmen project were 93.84%, 90.55%, and 92.15%, respectively. Overall, with the increase and stabilization of occupancy rates, it is expected that the operating income and profits of the four infrastructure projects will also show a stable increase in the future. It should be noted that the prospectus highlights the risks of changes in urban planning and surrounding facilities of infrastructure projects. The development of cities is accompanied by the expansion and evolution of commercial districts. With adjustments in urban planning, the original core commercial districts may shift, and multiple commercial districts may emerge. The stable operation of consumer infrastructure projects also depends on the social facilities surrounding the projects, such as communities, office buildings, transportation, education, healthcare, etc. If adjustments or upgrades in these social facilities result in the inability to continue providing corresponding services, it will negatively impact consumer infrastructure projects, reduce their attractiveness in the local commercial district, and create significant pressure on project operation.