On December 31, the Shenzhen Stock Exchange issued the "Measures for the Business Operations of Publicly Offered Real Estate Investment Trusts" and accompanying rules and guidelines, and on the same day released the "Notice on Work Related to the Pilot Program for Commercial Real Estate Investment Trusts." Moving forward, the Shenzhen Stock Exchange will thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee and the Central Economic Work Conference. In accordance with the unified arrangements of the China Securities Regulatory Commission (CSRC), and with a focus on promoting the high-quality development of the REITs market, the Exchange will establish a concise, efficient, standardized, and transparent REITs regulatory framework, strengthen the reserve of high-quality projects, facilitate the smooth implementation of the commercial real estate REITs pilot program, further enhance regulatory capabilities and service levels, and improve the quality and efficiency of the multi-tiered capital market in serving the real economy.