股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國泰君安國際控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01788 | 說明 | 股份 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 9,526,944,707 | | 0 | | 9,526,944,707 | | 增加 / 減少 (-) | | | 1,600,000 | | | | | | 本月底結存 | | | 9,528,544,707 | | 0 | | ...

Core Viewpoint - The demand for refinancing of urban investment bonds is expected to be concentrated before the third quarter of 2025, with the Federal Reserve's interest rate cuts in September providing a loose liquidity environment, which together drives a rebound in the issuance scale of Chinese offshore bonds in the primary market. However, there is a clear differentiation in risk appetite, with some low-quality enterprises still facing refinancing challenges [2]. Group 1: Overall Market Performance - In the first three quarters of 2025, a total of 1,108 Chinese offshore bonds were newly underwritten, amounting to $145.46 billion. Among these, urban investment bonds accounted for 235 bonds totaling $22.87 billion, while financial bonds accounted for 590 bonds totaling $55.54 billion [2]. - The underwriting performance of various institutions in the Chinese offshore bond market is highlighted, with a focus on the leading underwriters [2]. Group 2: Underwriting Rankings - The top three institutions in terms of underwriting scale for Chinese offshore bonds are: 1. Bank of China with 209 bonds totaling $9.85 billion 2. HSBC with 169 bonds totaling $8.01 billion 3. Guotai Junan International with 243 bonds totaling $6.33 billion [4][5]. - In terms of the number of projects underwritten, CITIC Securities led with 380 bonds, followed by Haitong International with 271 bonds and Minsheng Bank with 264 bonds [9][10]. Group 3: Institutional Distribution - HSBC ranked first in total underwriting amount with $8.01 billion, followed by Guotai Junan International with $6.33 billion, and Bank of China (Hong Kong) with $4.61 billion [13]. - The ranking of banks in underwriting scale shows Bank of China at the top with $9.85 billion, followed by HSBC and Industrial and Commercial Bank of China with $4.78 billion [17][18]. Group 4: Specific Bond Types - For US dollar bonds, Guotai Junan International led with 157 bonds totaling $5.04 billion, followed by Bank of China with 100 bonds totaling $4.75 billion [25]. - In the urban investment bond category, Guotai Junan International also ranked first with 92 bonds totaling $2.12 billion, followed by Dongfang Securities with 61 bonds totaling $1.47 billion [30]. - In the financial bond category, Bank of China led with 110 bonds totaling $5.45 billion, followed by HSBC with 95 bonds totaling $3.85 billion [35]. - For green bonds, Bank of China ranked first with 32 bonds totaling $1.23 billion, followed by Industrial and Commercial Bank of China with 33 bonds totaling $1.12 billion [39].

Group 1 - The core viewpoint of the article is that Cathay Securities International Holdings Limited has improved its ESG rating from BBB+ (Normal) to A- (Responsive) in the latest assessment by the Hang Seng Index Company for the year 2025 [1] - The ESG rating is based on seven core indicators: corporate governance, fair operation, environment, labor practices, consumer issues, human rights, and community involvement and development [1] - Cathay Securities International ranked in the top 20 among 528 listed companies in Hong Kong for "corporate governance" and "human rights," and in the top 30 for "fair operation practices," which includes anti-competition, anti-bribery, and anti-corruption measures [1] Group 2 - The improvement in the ESG rating reflects the company's continuous progress in sustainable development and its excellent management level recognized by the capital market [1] - Looking ahead, the company aims to uphold high ESG standards and enhance its performance in environmental protection, social responsibility, and corporate governance [1] - The company plans to further integrate ESG policies into its business areas and actively assist clients in achieving low-carbon transformation through green finance and sustainable financial tools [1]

Core Viewpoint - Jingcun Technology has submitted a listing application to the Hong Kong Stock Exchange, with CMB International Securities and Guotai Junan International as joint sponsors [1] Company Overview - Jingcun Technology is an independent manufacturer of embedded storage products, focusing on the research, design, production, and sales of embedded storage and other storage products [1] - The product line includes embedded storage products based on DRAM (DDR, LPDDR), NAND Flash (eMMC, UFS), and multi-chip packaging (eMCP, uMCP, ePOP), as well as solid-state drives and memory modules [1] - The company provides testing and storage technology services to some clients [1] - Jingcun Technology's products are widely used in smartphones, laptops, tablets, educational electronics, smart home devices, wearables, intelligent robots, as well as in industrial fields and intelligent cockpit systems [1] - The company operates two smart manufacturing centers located in Shenzhen and Zhongshan, focusing on testing DRAM and NAND Flash products [1] Industry Insights - The global semiconductor storage product market is large and continues to grow, with an expected market size of 19.4 billion units by 2029, reflecting a compound annual growth rate (CAGR) of 7.1% [1]

Group 1 - Core viewpoint: Everbright Securities has seen a stock price increase due to its early investments in "hard technology" sectors, attracting market attention towards brokerage equity investments [1] - The company has strategically positioned itself in high-growth sectors such as AI chips, autonomous driving, and lidar technology, benefiting from a valuation re-rating [1][2] - Guotai Junan International has been recognized for its systematic layout in emerging technology sectors since establishing its private equity team in 2020, focusing on areas like new energy and robotics [1][2] Group 2 - Guotai Junan International's investment strategy emphasizes early positioning and deep involvement in technology projects, ensuring a focus on technological leadership and market potential [2] - The company has made significant investments in notable firms such as Horizon Robotics and Innovusion, showcasing its commitment to the hard technology sector [2][3] - The investment in Horizon Robotics, which has seen a stock price increase of over 140% since its IPO, is highlighted as a representative success of Guotai Junan International's strategy [3] Group 3 - Guotai Junan International's technology investments are entering a harvest phase, with projects transitioning from early investment to large-scale production, significantly boosting overall investment returns [4] - The company has reported a 317% year-on-year increase in investment management income, reaching 8.83 billion HKD, indicating strong performance in its private equity business [4][5] - The firm is enhancing its financial service ecosystem, creating synergies between technology investments and core business areas such as wealth management and corporate financing [4][6] Group 4 - Wealth management commission income has increased by 56% year-on-year to 2.79 billion HKD, with fund management fees rising by 110% [5] - Corporate financing income has also seen a 69% increase, with underwriting commissions growing by 85%, reflecting the successful integration of private equity returns into broader business lines [5][6] - Guotai Junan International is effectively converting single project returns from private equity into comprehensive income across multiple business lines [6] Group 5 - Looking ahead, the ongoing interest in technology sectors such as AI and autonomous driving is expected to attract further capital market attention, positioning Guotai Junan International to capture innovation dividends [7] - The company's proactive investment strategy, mature risk control system, and ability to create business synergies are anticipated to support its long-term sustainable growth [7]

Group 1 - The cryptocurrency sector is experiencing significant declines, with Okex Chain (01499) down 5.13% to HKD 0.37, Guotai Junan International (01788) down 4.51% to HKD 4.87, and OSL Group (00863) down 4.45% to HKD 15.25 [2] - The China Securities Regulatory Commission (CSRC) has informally requested some brokerages to suspend their real-world asset (RWA) tokenization business in Hong Kong to enhance risk management and ensure that issuances are backed by real assets [2] - Hong Kong is actively working to establish itself as a digital asset hub, while China has prohibited cryptocurrency trading and mining since 2021 and recently required major brokerages to halt stablecoin research [2]

Core Insights - On September 23, 2025, Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 76.09 billion, 58.35 billion, and 55.48 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) also led the trading volume in the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, with trading amounts of 46.11 billion, 35.19 billion, and 19.51 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect (Shanghai-Hong Kong) were: - Alibaba-W (09988): 76.09 billion with a net buy of 7.12 billion - SMIC (00981): 58.35 billion with a net buy of 5.73 billion - Shandong Hi-Speed (00412): 55.48 billion with a net sell of 47.24 million [2] - The top three active companies in the Southbound Stock Connect (Shenzhen-Hong Kong) were: - Alibaba-W (09988): 46.11 billion with a net buy of 9.61 billion - SMIC (00981): 35.19 billion with a net sell of 70.31 million - Shandong Hi-Speed (00412): 19.51 billion with a net buy of 17.09 million [2]

Group 1 - The cryptocurrency sector is experiencing significant declines, with notable drops in share prices for companies such as OKC Cloud Chain (down 5.13% to HKD 0.37), Guotai Junan International (down 4.51% to HKD 4.87), and OSL Group (down 4.45% to HKD 15.25) [1] - The China Securities Regulatory Commission (CSRC) has informally requested certain brokerages to suspend their real-world asset (RWA) tokenization activities in Hong Kong to enhance risk management and ensure that issuances are backed by real assets [1] - Hong Kong is actively working to establish itself as a digital asset hub, while China has prohibited cryptocurrency trading and mining since 2021 and recently instructed major brokerages to halt research on stablecoins [1]

Core Viewpoint - Xunce Technology has submitted an application for listing on the Hong Kong Stock Exchange, with Guotai Junan International as the sponsor [1] Group 1: Company Overview - Xunce Technology is a well-known provider of real-time data infrastructure and analytical solutions in China, serving enterprises across various industries, with a strategic focus on asset managers [1] - The company's product portfolio consists of real-time data infrastructure that can collect, clean, manage, analyze, and govern heterogeneous data from multiple sources at speeds ranging from milliseconds to seconds [1] Group 2: Market Position - According to projected revenue for 2024, Xunce Technology ranks fourth in the Chinese real-time data infrastructure and analytics market, holding a market share of 3.4% [1] - In the asset management sector, Xunce Technology is the leading provider in the real-time data infrastructure and analytics market, with a market share of 11.6% [1] Group 3: Solutions Offered - The solutions provided by Xunce Technology assist asset managers in optimizing various aspects such as portfolio monitoring, order execution, valuation, risk management, and compliance [1]

GUOTAI JUNAN INTERNATIONAL HOLDINGS LIMITED 國泰君安國際控股有限公司 (Incorporated in Hong Kong with limited liability) ( 於香港註冊成立之有限公司 ) ( Stock Code 股份代號：1788) NOT IF I CAT ION L E TT ER 通知信函 22 September 2025 Dear non-registered shareholders (Note 1) , Guotai Junan International Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") 2. Corporate Communications mean any documents issued or to be issued by the Company for the information or action of hold ...