It means that a securities company signs an asset management contract with a customer according to law, operates the customer's assets in the manner, conditions, requirements and restrictions agreed in the contract, and provides investment management services for financial products such as securities to customers. For example, the "Special Asset Management Plan for Toll Income Right of Guanshen Expressway" set up by GF Securities, which was recently listed and traded in this Exchange, is referred to as "Guanshen Income".

I hope our answer from Guotai Junan Securities Shanghai Branch will satisfy you!

Respondent: Guotai Junan Securities Account Manager: Manager He (employee number 0 1 1 106).

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