香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2026 年面向專業投資者公開發行永續次級債券（第三期）募集說明書，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 梁東擎 中國，北京 2026年3月11日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生及周禹先生。 | 注册金额 | 200 亿元 | | --- | --- | | 本期发行金额 | 不超过 40 亿元(含 4 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2026 年面向專業投資者公開發行永續次級債券（第三期）發行公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 梁東擎 中國，北京 2026年3月11日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生及周禹先生。 中国国际金融股份有限公司 2026 年面向专业投资者公开发行永续次级债 券（第三期） 发行公告 中国国际金融股份有 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The availability of electricity has become a decisive factor for developers in selecting data center locations, with 84% of surveyed developers prioritizing power availability in their top three considerations, a shift from previous priorities such as proximity to fiber optics [6][8] - The average queue time for new projects in the European FLAP-D market is approximately 7-10 years, with some areas reaching up to 13 years, indicating significant delays in grid connection for data centers [10] - The dual constraints of generation capacity and grid capacity are identified as major bottlenecks, with insufficient reliable capacity to meet peak demands and grid infrastructure nearing its limits [10][19] - The report highlights a significant increase in auction prices for capacity in the PJM market, with costs reaching $16.4 billion, largely driven by data center loads [19][21] - The report notes that the global shift of computing centers from traditional markets to emerging markets is influenced by grid capacity, with regions like Texas and Northern Europe attracting investments due to their robust grid capabilities [50][52] Summary by Sections Chapter 1: Challenges in Power Availability for Overseas Data Centers - Power availability is a critical concern for data center developers, with increasing demand leading to complex integration challenges [6][10] - The report indicates that traditional data centers face an average integration time of less than two years, while new projects in Europe are experiencing delays of up to 13 years [10] Chapter 2: The Quest for Power by Overseas Data Centers - The report discusses the migration of computing centers to regions with sufficient power redundancy and favorable policies, such as Texas and Northern Europe [50][52] - Emerging markets in Southeast Asia and the Middle East are highlighted for their rapid development and favorable conditions for data center investments [56] Power Supply Challenges - The report identifies a significant challenge in the reliability of new power sources, with traditional fossil fuel plants being phased out and new renewable sources facing integration delays [16][19] - The supply of critical equipment, such as transformers, is under pressure, leading to increased costs and delays in grid expansion [40][41] Flexibility and Self-Supply - The report emphasizes the growing trend of data centers adopting self-supply capabilities, with a notable increase in developers planning to rely on onsite generation [60][64] - Hybrid power supply models are emerging as a viable solution, combining grid power with self-generated electricity to enhance reliability and reduce costs [70]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2026 年面向專業投資者公開發行公司債券（第一期）發行結果公告，僅供參閱。 本期债券发行工作已于 2026 年 3 月 10 日结束，发行结果如下： 本期债券品种一实际发行规模为 30 亿元，最终票面利率为 1.62%，认购倍数为 3.48 倍；品种二实际发行规模为 30 亿元，最终票面利率为 1.73%，认购倍数为 3.40 倍。 发行人的董事、高级管理人员、持股比例超过 5%的股东及其他关联方未参与本期 债券认购。本期债券承销机 ...

Group 1: Core Views - The recent tensions in the Middle East have heightened geopolitical risks, leading to increased market volatility and a shift in capital flows towards Southeast Asia, which may enhance the resilience of certain industries in the region [2][3] - The crisis is expected to bring inflationary pressures and supply chain disruptions, but it may also lead to a reconfiguration of capital, with foreign equity capital likely flowing into Southeast Asia as companies seek stable and high-growth alternative markets [2][3] Group 2: Macroeconomic Insights - Indonesia is expected to benefit from rising commodity prices, particularly in precious metals, coal, and palm oil, which may boost government revenues [3] - Malaysia is positioned as a "dark horse" due to its status as a net energy exporter and its focus on developing data centers and semiconductor industries, which could attract foreign investment [3] - Singapore may emerge as a safe haven for capital, with potential inflows from the Gulf region and a strong performance of local financial institutions and the Singapore dollar [3] - Thailand faces a mixed outlook, with rising oil prices benefiting energy stocks but potentially harming its tourism sector [3] - Vietnam's prospects are uncertain, facing input inflation pressures but also the possibility of renewed foreign direct investment due to its integration into global supply chains [3] - The Philippines may be more vulnerable due to its heavy reliance on remittances from overseas workers, particularly in the Middle East, and rising oil prices could exacerbate its trade deficit [3] Group 3: Investment Strategies - The investment landscape in Southeast Asia is showing clear differentiation, with a recommendation for investors to focus on companies with pricing power and those benefiting from rising commodity prices, while avoiding sectors heavily reliant on fuel and raw material costs [4] - Companies in the energy, commodities, and food sectors, as well as large regional conglomerates and strong financial institutions, are identified as potential safe havens [4] - Conversely, sectors such as transportation and logistics, consumer goods manufacturing, and discretionary retail are seen as facing significant risks due to rising input costs [4] Group 4: Sectoral Analysis - Energy and commodity companies in Indonesia and Malaysia are expected to perform well due to their status as net exporters, with rising prices for agricultural products, oil, and metals likely benefiting their profitability [13] - Large diversified groups and leading financial institutions are viewed as safer investments during market volatility, as they can absorb cost increases across various sectors [13] - Strong consumer brands with pricing power are likely to maintain market share despite rising costs, as they can pass on some of the inflationary pressures to consumers [13] Group 5: Risks and Challenges - The transportation and logistics sectors, particularly airlines, are highly sensitive to fuel price increases, which could compress profit margins despite potential cost pass-through mechanisms [14] - Consumer goods manufacturers, especially in food and beverage, may struggle to fully transfer rising costs to price-sensitive consumers, impacting their profitability [14] - The automotive sector may face demand pressures as rising fuel prices affect disposable income, leading to potential declines in sales [14]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 中国国际金融股份有限公司 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司公開 發行2021年公司債券（面向專業投資者）（第一期）（品種二）2026年付息公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 梁東擎 中國，北京 2026年3月9日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生及周禹先生。 公开发行 2021 年公司债券（面向专业投资者）（第一期）（品种二） ...

Core Viewpoint - The article discusses the impact of the recent military conflict between the US and Israel against Iran, particularly focusing on the implications for global oil prices and financial markets, highlighting the potential for increased volatility and inflationary pressures [1][3][5]. Group 1: Oil Price Scenarios - Oil prices are central to the conflict's impact, with two potential scenarios outlined: a quick resolution leading to prices stabilizing around $80-90 per barrel, or a prolonged conflict pushing prices above $120 per barrel [8][16]. - The blockade of the Strait of Hormuz could significantly disrupt oil supply, with 20 million barrels per day passing through, representing 26% of global maritime oil transport and 20% of total global supply [9][10]. Group 2: Market Reactions - Following the escalation of tensions, global asset markets reacted sharply, with commodities, Bitcoin, and the US dollar rising, while equity markets, particularly in emerging markets and Europe, experienced significant declines [3][5]. - The volatility in oil prices is expected to influence various asset classes differently, with a rapid spike potentially triggering a liquidity crisis, while sustained high prices may lead to inflationary pressures without immediate market panic [24][25]. Group 3: Impact on the US Economy - The conflict's impact on the US economy is primarily through inflation rather than direct cost increases, as domestic oil production covers 67% of US needs, with only 2.5% of oil from the Strait of Hormuz [25][28]. - A 10% increase in oil prices could raise the US CPI by approximately 0.2-0.3 percentage points, potentially pushing the CPI peak to 3.1-3.2% if prices stabilize around $80 per barrel, or to 4.2-4.9% if they reach $120 [30][32]. Group 4: Impact on China - For China, the conflict's effects are more related to cost pressures rather than inflation, as the country faces industrial inventory challenges and declining profit margins in manufacturing [41][43]. - If oil prices rise sharply, the impact on Chinese companies could be mitigated by state-owned enterprises stabilizing prices, but prolonged high prices could squeeze profit margins further, especially in sensitive sectors like chemicals and transportation [50][56].

Summary of Key Points Core Viewpoint - Geopolitical conflicts are causing short-term risk premiums, but the A-share market shows resilience, with a mid-term focus returning to fundamentals and policy direction [1][5]. Government Work Report - The economic growth target for this year is set at 4.5%-5%, with a focus on quality growth rather than aggressive stimulus. Other targets include an urban unemployment rate of around 5.5%, over 12 million new urban jobs, and a consumer price increase of about 2% [3]. Equity Market - A-share market resilience is noted despite geopolitical tensions, with a focus on the impact of oil prices and inflation. The long-term drivers for A-share growth include the restructuring of international order and industrial innovation [5][6]. - The technology growth sector is expected to dominate the market, with structural opportunities continuing to emerge despite short-term volatility [6][7]. - By 2026, a convergence of new and old asset markets is anticipated, with technology assets showing significant mid-term potential [7]. Industry Research - The military industry is highlighted as having long-term investment value, with a notable increase in the military index by 27.40% over the past six months [12]. - The escalation of the Middle East situation is expected to benefit the metals and chemicals sectors, with a focus on self-sufficient resource companies [12]. - A significant turning point for oil prices is projected around 2026, influenced by structural declines in U.S. shale oil production and geopolitical tensions [13]. Macro and Fixed Income - Real estate prices in major cities are expected to stabilize, with inventory levels indicating a natural bottoming out [19]. - A credit downshift strategy remains favorable, with a focus on structural opportunities in the current "asset shortage" environment [20]. - The bond market is anticipated to recover, supported by a stable liquidity environment and reduced government bond supply pressure [21]. Asset Allocation - The HALO strategy emphasizes six asset categories, focusing on heavy assets with low elimination risk, such as industrial metals and energy sectors, as potential safe havens [23].

Core Viewpoints - The report emphasizes the potential investment opportunities in the non-bank financial sector, driven by the government's focus on high-quality development during the Two Sessions [1][6]. Group 1: Industry Performance - As of March 7, 2026, the Shanghai Composite Index closed at 4124.19, down 0.93%, while the Shenzhen Component Index fell by 2.22% [11]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.65 trillion yuan, reflecting a week-on-week increase of 8.37% [6]. Group 2: Insurance Sector Insights - The Two Sessions outlined a blueprint for the insurance industry's high-quality development, focusing on enhancing social security and promoting commercial health insurance [16]. - The report suggests that the insurance sector's long-term profit margin is expected to improve, with specific recommendations to focus on companies like China Ping An and China Life [16]. Group 3: Securities Sector Insights - The report highlights the reform direction for the capital market during the 14th National People's Congress, emphasizing the need for deeper reforms in the ChiNext board and optimizing refinancing mechanisms [17][18]. - The introduction of new regulations on short-term trading is expected to enhance market fairness and liquidity, facilitating the entry of long-term funds [23][24]. Group 4: Key Company Valuations - China Ping An (601318.SH) has a current price of 62.67 yuan, with a target value of 83.17 yuan, indicating a buy rating [7]. - China Life (601628.SH) is rated as a buy with a current price of 42.69 yuan and a target value of 55.47 yuan [7].

Core Viewpoint - The article emphasizes the establishment of a digital investment research platform by CICC, aiming to provide efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and a comprehensive coverage of more than 1,800 stocks [1]. Group 1: Research Services - CICC's digital investment research platform, "CICC Insight," integrates the wisdom of research analysts and offers a one-stop service for research reports, conference activities, and fundamental databases [1]. - The platform utilizes advanced model technology to enhance the quality and efficiency of research services provided to clients [1]. Group 2: Research Content - The platform features daily updates on investment research focuses and timely article selections, ensuring that users receive the latest market insights [4]. - CICC offers over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. Group 3: Data and Frameworks - The platform includes more than 160 industry research frameworks and over 40 premium databases, providing users with comprehensive industry data and insights [10]. - An AI search feature is available, allowing users to filter key points and engage in intelligent Q&A for enhanced research experience [10].