Group 1: Strategy Insights - The geopolitical situation in Iran is expected to impact Chinese assets, with short-term emotional shocks leading to increased volatility and risk premiums, while mid-term recovery will focus on fundamentals and policy [4] - Historical analysis shows that most industries experience short-term pullbacks due to emotional impacts from geopolitical conflicts, but sectors like oil, defense, and non-ferrous metals tend to be more resilient [4] - The current Middle East conflict may temporarily raise risk premiums, but the A-share market is likely to show relative resilience, with future focus on the conflict's duration, oil price changes, and inflation impacts [4] Group 2: Economic Policy Analysis - The government work report emphasizes high-quality development and sustainable growth, balancing long-term sustainability with short-term needs [6] - Key tasks include fostering new growth drivers and accelerating technological self-reliance, indicating a strong focus on innovation and efficiency [6] Group 3: Hong Kong Market Overview - The funding environment for Hong Kong stocks in 2026 is expected to be less favorable compared to 2025, with significant net inflows in previous years primarily driven by ETFs and other trading funds [8] - The anticipated IPO and refinancing activities in 2026 could reach HKD 1.1 trillion, significantly exceeding the previous year's demand, potentially creating pressure on the market [8] Group 4: Real Estate Market Trends - The real estate cycle has been adjusting for over four years, with expectations for stabilization in housing prices in major cities like Beijing and Shanghai [10] - The core reason for the adjustment is inventory levels, particularly in the secondary housing market, which directly affects pricing [10] Group 5: Macro Economic Shifts - A global asset style shift has been observed, with a focus on real assets and a trend of dollar depreciation, particularly against physical assets [12] - The geopolitical landscape is driving demand for hard assets that enhance national security and resilience, including resources and industrial capabilities [12] Group 6: Monetary Policy Developments - The proposed "balance sheet reduction + interest rate cut" policy by the new Fed chair nominee is seen as a significant shift in monetary policy framework, potentially impacting liquidity and asset pricing [14] - A gradual approach to implementing these policies is expected, with a timeline of at least six months for adjustments, indicating a shift from abundant to relatively scarce supply of safe assets [14]

（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）票面利率公告，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 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） 梁東擎 中國，北京 2026年3月6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公 司债券（第一期）票面利率公告 本公司及董事会全体成员 ...

Core Insights - The article discusses the upcoming CICC Investment Strategy Conference scheduled for March 10-11, 2026, in Shenzhen, focusing on macroeconomic outlooks and investment opportunities across various sectors [2][3]. Group 1: Keynote Speakers and Topics - Notable speakers include Wei Lun Professor of Economics at The Chinese University of Hong Kong, the Chief Economist of CICC, and the Senior Managing Director & Chief Strategist of CICC [5][8][11]. - The conference will feature a keynote speech on the macroeconomic outlook for China and the United States, highlighting the global economic landscape [16]. Group 2: Market Outlook Sessions - Sessions will cover A-share market outlook, Hong Kong and overseas market perspectives, and major asset class forecasts [18]. - Specific discussions will address the real estate market trends, fixed income market developments, and the growth of multinational enterprises in a globalized context [19]. Group 3: Sector-Specific Discussions - The conference will include breakout sessions focusing on various sectors such as AI, telecommunications, consumer goods, and renewable energy [20][21][22]. - Topics will explore investment opportunities in the automotive industry, logistics, and the impact of AI on different sectors [21][22][31]. Group 4: Participating Companies - A range of companies from different sectors will participate, including banks, non-bank financial institutions, and technology firms [23][24][26]. - Notable participants include major banks like CITIC Bank and Minsheng Bank, as well as companies in the energy and materials sectors [23][24].

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。 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）信用評級報告，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 China International Capital Corporation Limited 中國，北京 2026年3月5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。 ѣളള䱻䠇㷃㛗Գᴿ䲆ޢਮ 2026 ᒪ䶘ੇщѐᣋ䍺㘻ޢᔶਇ㺂 ޢਮٰδㅢжᵕεؗ⭞䇺㓝ᣛ ѣ䈐ؗള䱻ؗ⭞䇺㓝ᴿ䲆䍙Ա ...

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）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 梁東擎 中國，北京 2026年3月5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 | 350 亿元 0903001 | | --- | --- | | 本期债券发行金额 | 不超过 60 ...

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）發行公告，僅供參閱。 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。 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5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 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2026 年 ...

Core Viewpoint - The global bull market remains solid but is experiencing increased volatility, with a notable shift in capital allocation from U.S. markets to emerging and non-U.S. markets, driven by geopolitical changes and a focus on security and resilience [1][4][39]. Group 1: Market Performance - Emerging markets and non-U.S. equities have outperformed the S&P 500 by 14.49 and 9.41 points respectively, particularly due to significant U.S. dollar depreciation [2][4]. - As of early 2026, emerging markets and non-U.S. stocks have reached new highs, while the S&P 500 has stagnated, indicating a shift in market dynamics [4][6]. - Sectors such as materials, energy, and industrials have shown strong performance, while information technology has been relatively weak [1][4]. Group 2: Economic and Policy Framework - The article discusses the "Trump Reset," which aims to realign financial capital with industrial assets through fiscal leadership and financial repression, resulting in a long-term global capital rebalancing [1][8]. - Historical trends indicate that U.S. wealth inequality has increased significantly since the 1980s, exacerbated by policies that favored financialization over industrial growth [8][11]. - The U.S. government has entered a phase of fiscal dominance, where monetary policy is increasingly aligned with fiscal objectives to manage debt pressures and stimulate manufacturing [16][17]. Group 3: Asset Allocation and Investment Themes - A strategic judgment suggests a trend of U.S. dollar depreciation, particularly against tangible assets, with a strong focus on commodities amid rising geopolitical tensions and de-globalization [23][24]. - The U.S. economic cycle is expected to shift towards investment-driven growth rather than consumption, leading to a "K-shaped" economic recovery where investment flourishes while consumer spending remains subdued [26][28]. - Non-U.S. markets, especially China, are anticipated to attract more global capital due to their underallocation in comparison to U.S. equities, driven by advancements in technology and manufacturing capabilities [39][41].

智通财经获悉，据瑞恩资本统计，过去的24个月(2024年3月至2026年2月)香港迎来209家新上市公司， 共有53间券商参与207家新上市公司(不包括2家以简易方式从GEM转主板)的保荐工作。就保荐的新上市 项目情况来看，中金公司，以70家排在第一位，保荐参与率 33.8%；中信证券、华泰国际分别以22.2% 与16.4%的保荐参与率位列第二和第三。 | 香港上市中介机构排行(Top3) | | | | >瑞恩 | | --- | --- | --- | --- | --- | | 中介机构 | 排名 | 过去24个月 | 过去12个月 | 过去6个月 | | | | 2024.03-2026.02 | 2025.03-2026.02 | 2025.09-2026.02 | | 保存券商 | 1 | 中我公司 | 中金公司 | 中我公司 | | 2 | | 中信证券 | 中信证券 | 中信证券 | | 3 | | 华泰国际 | 华泰国际 | 华泰国际 | 根据统计，在过去的24个月，共有53间券商，以上市保荐人、联席保荐人的身份参与保荐工作。在这53 间券商中，中资券商32间(占60.4%)，外资券商13间 ...

Core Insights - Hong Kong has welcomed 209 new listed companies in the past 24 months, with 53 brokerage firms participating in the sponsorship of 207 of these listings [1][5]. Group 1: Sponsorship Participation - CICC ranked first with 70 sponsored listings, accounting for a participation rate of 33.8% [6]. - CITIC Securities and Huatai International followed with 46 and 34 sponsored listings, representing participation rates of 22.2% and 16.4%, respectively [6]. - Among the 53 brokerage firms involved, 32 were Chinese firms (60.4%), 13 were foreign firms (24.5%), and 8 were Hong Kong firms (15.1%) [2]. Group 2: Recent Trends in Sponsorship - In the past 12 months, 44 of the 53 brokerage firms participated in the sponsorship of 132 new listings [9]. - CICC again led with 51 listings and a participation rate of 38.6%, followed by CITIC Securities with 34 listings (25.8%) and Huatai International with 25 listings (18.9%) [10]. - In the last 6 months, 36 firms participated in the sponsorship of 83 new listings, with CICC leading again with 31 listings (37.3%) [12]. Group 3: Additional Insights - A total of 16 brokerage firms only participated in one listing, making up 30.2% of all firms [8]. - The trend of participation rates and the number of listings sponsored by top firms indicates a competitive landscape among brokerage firms in Hong Kong [6][10][12].

Core Viewpoint - The current adjustment in the real estate cycle has lasted over four years, and with recent changes in supply and policy, it is believed that housing prices in Beijing and Shanghai are likely to stabilize this year, indicating a gradual beta market for the real estate sector [1][34]. Group 1: Market Conditions - The core reason for the current real estate cycle adjustment is inventory, particularly the inventory of second-hand homes, which directly affects marginal pricing [2][7]. - The downward trend in the number of second-hand homes listed for sale in Beijing and Shanghai since the second half of 2025 has led to a return to a reasonable inventory cycle, suggesting that housing prices may stabilize [2][16]. - The recent decline in listing volumes is attributed to a decrease in the willingness to sell rather than an acceleration in transactions, indicating a natural bottoming out of social inventory [21][34]. Group 2: Policy Changes - The policy environment has shifted to emphasize "de-inventory," with potential for unexpected progress in housing stockpiling, such as the pilot program for second-hand home stockpiling in Shanghai [2][23]. - Adjustments to purchase restrictions in Beijing and Shanghai, although moderate, may act as catalysts for positive price expectations in the context of stabilizing social inventory [2][23]. Group 3: Inventory Dynamics - The inventory level is a key variable in predicting housing price trends, with the second-hand home inventory being particularly critical [8][12]. - The current high inventory issue is more complex than in previous cycles, with both second-hand and new homes contributing to the problem [10][12]. - The second-hand home inventory is expected to determine marginal pricing, and monitoring the inventory cycle is essential for understanding market dynamics [12][34]. Group 4: Investment Strategies - Investors are advised to consider three types of investment strategies: 1) allocate to stable assets with clear beta characteristics; 2) invest in structurally growing real estate development companies with strong product capabilities and high-quality inventory; 3) identify opportunities in private enterprises that may experience significant revaluation due to oversold valuations [1][35]. Group 5: Future Outlook - The real estate sector is expected to transition from a policy-driven environment to a beta market, with core city housing prices potentially leading to a gradual recovery in the sector [36][34]. - The average discount of market value to revalued net asset value (RNAV) for key covered real estate companies is currently 37%, indicating potential for significant valuation recovery [36].