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） 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2024 年面向專業機構投資者公開發行公司債券（第一期）（品種二）（續發行）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 孫男 中國，北京 2025年10月16日 於本公告日期 ，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 以及獨立非執行董事為吳港平先生、陸正飛先生、彼得 • 諾蘭先生及周禹先生。 中国国际金融股份有限公司 2024 年面向专业机构投资者公开发行公司债券 （第一期）（品种二）（续发行） 发行公告 （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 ...

Core Viewpoint - The introduction of large models provides a new engine and opportunities for the restructuring of the securities industry paradigm [1][2]. Digital Transformation - Accelerating digital transformation is a crucial task for securities companies in the new era, with a historical trend of high integration between technology and business [4]. - The industry is undergoing a profound transformation from digitalization to intelligence, focusing on enhancing customer service and information decision-making efficiency through data and AI [4][5]. Value Creation - The key to transforming large models into a new productive force in the securities industry lies in achieving a qualitative change from efficiency improvement to value creation [5][6]. - The true value of AI is not merely in cost reduction but in providing intelligent products and services that seamlessly integrate into business systems, enhancing customer experience and driving revenue growth [5][6]. Practical Applications - Three areas for integrating large models with business are identified: reshaping service experience, innovating products, and empowering risk control [6]. - The development of a smart document review system addresses long-standing issues in information disclosure quality, achieving a semantic error detection rate of 90% and a grammar/spelling error detection rate of 85% [7]. Implementation Strategy - The core of applying AI in the securities industry is summarized as "value-oriented, scenario-driven" [9]. - A 12-character "secret" for selecting application scenarios is proposed: "small cuts, large depth, high density, and integration" [9]. - Emphasis is placed on integrating large models into existing workflows to enhance user experience and create an "integrated product" [9]. Future Outlook - AI is expected to create multiplier effects, generating new economic and social value, with the vision of equipping every client with an AI advisor and every employee with a digital twin assistant [10].

Core Insights - The company has a robust pipeline of investment banking projects for 2025, maintaining a leading market position across various business segments [1] - As of September 30, 2025, the company ranks first in A-share IPO underwriting amounts, having led the largest A-share IPO project of the year, showcasing significant advantages in top-tier projects [1] - The company also ranks first in both the scale and number of Hong Kong IPO sponsorship projects, as well as in the Chinese merger and acquisition market as a financial advisor, solidifying its competitive edge in investment banking [1] - The company plans to continue focusing on national strategic services, emphasizing key areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance to enhance its market leadership and capitalize on industry opportunities [1]

Core Viewpoint - The report from交银国际 maintains a leading rating for the securities industry, highlighting high investment value and potential opportunities due to short-term market fluctuations [1] Group 1: Earnings and Growth - The brokerage firms are expected to see a 20% quarter-on-quarter increase in profits for Q3, with year-on-year growth anticipated to remain above 50% [1] - In the first half of the year, listed brokerages reported a 51.5% year-on-year profit increase, with Q1 and Q2 showing growth rates of 53% and 50% respectively [1] - The average daily trading volume of A-shares for the first three quarters was 1.62 trillion RMB, reflecting a year-on-year increase of 104.6%, with Q3 expected to show a 208.8% year-on-year growth due to a low base [1] Group 2: IPO and Fundraising - The A-share IPO fundraising amount for the first three quarters reached 77.3 billion RMB, a 62% year-on-year increase, significantly higher than the 15% growth in the first half [2] - Total equity fundraising amounted to 896.2 billion RMB, a 3.4 times increase year-on-year, with 376.2 billion RMB (an 84% increase) when excluding the directed issuance by state-owned banks [2] - The top three firms in A-share IPO underwriting amounts were 中金, 国泰海通, and 华泰, while 中金 led in Hong Kong stock underwriting [2] Group 3: Market Performance and Valuation - The A-share market saw significant gains in Q3, with the CSI 300 index rising by 17.9% in the first three quarters, while small-cap indices, particularly the ChiNext and Sci-Tech 50 indices, exceeded 50% growth [2] - The current price-to-book ratio for the A-share securities industry index is 1.45, which is below the historical median of 1.51, indicating that the sector is still undervalued despite strong expected earnings growth [2]

Core Insights - The total M&A transaction value in mainland China reached $340.2 billion in the first three quarters of 2025, representing a year-on-year increase of 80.3% but a quarter-on-quarter decline of 29.9% [2] - The number of announced transactions was 3,791, which is a 10.5% increase year-on-year and a 9.3% increase quarter-on-quarter [2] Cross-Border M&A - The total value of outbound M&A from mainland China was $18.1 billion, marking a year-on-year increase of 29.6% [5] - Foreign acquisitions of mainland Chinese companies totaled $11.6 billion, a decrease of 28.2% compared to the previous year [5] - Domestic M&A transactions dominated with a scale of $300.5 billion, showing a significant year-on-year growth of 106.3% [5] Industry Distribution - The financial sector led the M&A market in mainland China with a market share of 25.7% and a total transaction value of $87.4 billion, reflecting a year-on-year increase of 270.2% [8] - The energy and power sector held a market share of 17.5%, with a year-on-year growth of 193.4% [8] - The high-tech sector followed closely with a market share of 16.1% ($54.9 billion), experiencing a year-on-year increase of 108% [8] Financial Advisor Rankings - CICC ranked first among financial advisors with a market share of 16.1% (involved in transactions worth $54.8 billion) in the first three quarters of 2025 [11] - CITIC Securities held the second position with a market share of 15.1%, while Goldman Sachs ranked third with a market share of 12.2% [11] - In terms of transaction volume, CICC, ICBC, and CITIC Securities were the top three [11] Legal Advisor Rankings - The top three law firms by transaction value in the first three quarters of 2025 were Yingke Law Firm, King & Wood Mallesons, and JY Law Firm [13] - In terms of transaction volume, Fangda Partners, King & Wood Mallesons, and JunHe Law Firm led the rankings [13]

Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of China International Capital Corporation (CICC), indicating a mixed sentiment in the market with a slight increase in stock price but a net outflow in financing activities [1] - On October 15, CICC's stock price rose by 0.80%, with a trading volume of 973 million yuan, while the financing buy-in amounted to 132 million yuan and financing repayment was 139 million yuan, resulting in a net financing outflow of 6.65 million yuan [1] - As of October 15, the total balance of margin trading for CICC was 2.559 billion yuan, with the financing balance accounting for 2.30% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in various sectors including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [2] - The revenue composition of CICC is as follows: wealth management 32.58%, equity business 25.78%, fixed income 13.38%, investment banking 11.26%, other 8.87%, asset management 4.21%, and private equity 3.91% [2] Group 3 - As of June 30, CICC had 124,000 shareholders, a decrease of 11.17% from the previous period, while the average circulating shares per person increased by 12.62% to 23,649 shares [3] - For the first half of 2025, CICC reported a net profit of 4.33 billion yuan, a year-on-year increase of 94.35%, while the total cash dividends distributed since its A-share listing amounted to 4.924 billion yuan [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 71.1662 million shares, an increase of 21.6325 million shares from the previous period, indicating growing institutional interest [3]

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index rising over 1% to return above 3900 points, and the ChiNext Index increasing over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.07 trillion, a decrease of 503.4 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 1.22%, the Shenzhen Component Index by 1.73%, and the ChiNext Index by 2.36% [1] Financial Data Analysis - CICC commented on September financial data, noting that new credit increased year-on-year but was less than expected; however, after adjusting for debt replacement effects, credit may not be as weak as the data suggests [2] - M1 growth significantly exceeded market expectations, indicating a mild policy push, with policy financial tools beginning to take effect [2] - The reasonable growth of financial aggregate indicators will still rely on increased fiscal policy support moving forward [2] Renewable Energy Sector - Huatai Securities recommended focusing on the wind power and photovoltaic industry chains following the National Development and Reform Commission's issuance of a draft implementation plan for renewable energy consumption targets [3] - The new mechanism aligns with the "whole economy" emission reduction approach from the September UN Climate Change Summit and aims to enhance green electricity connections and trading [3] - Key beneficiaries may include leading wind turbine manufacturers, offshore wind projects, low-cost silicon materials, and high-efficiency batteries/components [3] Robotics Sector - CITIC Construction Investment highlighted a positive outlook for the humanoid robotics sector in the fourth quarter, viewing it as a critical period for the anticipated changes and mass production of Tesla's third-generation Optimus [4] - The domestic supply chain is expected to see continuous news releases regarding capital operations, order shipments, and application scenarios in Q4 [4] - The firm remains optimistic about the sector, recommending investments in the T chain and faster-growing segments such as sensors, dexterous hands, and specialized applications [4]

Core Viewpoint - The analysis from China International Capital Corporation (CICC) indicates that while new credit in September showed a year-on-year decrease, the impact of debt adjustments suggests that the credit situation may not be as weak as the data implies. Additionally, the growth rate of M1 significantly exceeded market expectations, indicating a moderate policy response from the government [1]. Group 1: Credit and Financial Data - New credit in September decreased year-on-year, but adjustments for debt replacement may indicate a stronger underlying credit situation [1]. - The growth rate of M1 in September was notably higher than market expectations, suggesting a positive shift in monetary conditions [1]. Group 2: Policy Implications - Recent implementation of policy financial tools, which act as quasi-fiscal policies, has begun to take effect, contributing to the financial landscape [1]. - The rapid increase in fiscal deposits in September and the easing of real estate policies in first-tier cities have supported the resilience of medium to long-term loans for residents [1]. - Future reasonable growth in financial aggregate indicators will depend on further strengthening of fiscal policies [1].

Core Insights - The integration of large models in the securities industry is seen as a new engine and opportunity for paradigm reconstruction, emphasizing the shift from efficiency enhancement to value creation as a key transformation [1] - The application of artificial intelligence (AI) is recognized as a significant driving force for technological revolution and industrial transformation, essential for enhancing competitiveness and reshaping market dynamics [1] - Challenges in implementing large models include rapid technological iteration, high investment costs, talent requirements, and risks associated with hallucinations, with most applications currently limited to auxiliary business areas [1] Group 1 - AI can reshape service experiences, innovate products, and empower risk management by deeply integrating large models with business scenarios [2] - The approach to selecting specific scenarios involves a "12-character secret": small scope, deep impact, high density, and integration [3] - The focus should be on clearly defined goals that address specific problems, delivering significant functional improvements, and ensuring high value density in terms of customer reach and usage frequency [3] Group 2 - Alongside productivity enhancements, there is a need to innovate organizational structures and methods [4] - The future vision includes AI providing personalized advisory services for clients, digital twin assistants for employees, and human-machine collaborative teams for improved service quality and high-quality development [4]

Core Insights - The integration of large models in the securities industry is seen as a new engine and opportunity for paradigm reconstruction, emphasizing the shift from efficiency enhancement to value creation as a key transformation [1] - The application of artificial intelligence (AI) is recognized as a significant driving force for technological revolution and industrial transformation, essential for enhancing competitiveness and reshaping market dynamics [1] - Challenges in implementing large models include rapid technological iteration, high investment costs, talent requirements, and risks associated with hallucinations [1] Group 1 - AI can reshape service experiences, innovate products, and empower risk management by deeply integrating large models with business scenarios [2] - A 12-character "secret" for selecting specific scenarios includes focusing on small, impactful issues, ensuring high value density, and integrating large models into existing workflows to enhance user experience [3] Group 2 - Alongside productivity improvements, there is a need for innovation in organizational structures and methods, with AI expected to create multiplier effects and new economic and social value [4] - The vision for the future includes equipping every client with AI advisors, every employee with digital twin assistants, and creating human-machine teams for enhanced service quality and high-quality development [4]