Core Insights - As of September 30, 2025, the company has a total of 118,897 shareholders, with 118,543 being A-shareholders and 354 being H-shareholders [1] Summary by Category - **Shareholder Composition** - Total shareholders: 118,897 - A-shareholders: 118,543 - H-shareholders: 354 [1]

Group 1 - The core point of the news is the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, which will result in a combined entity with over 1 trillion yuan in total assets, making it the fourth largest brokerage in A-shares by total assets [1][2][11] - The merger is aimed at creating a "first-class investment bank" through the integration of investment banking operations, leveraging the strengths of each firm in different areas of the investment banking business [3][9] - As of the end of Q3 2025, the total assets of CICC, Dongxing Securities, and Xinda Securities were approximately 1.01 trillion yuan, with net profits totaling 95.2 billion yuan for the same period, ranking sixth in the industry [2][4] Group 2 - CICC reported a 42.55% year-on-year increase in investment banking revenue for the first three quarters of 2025, amounting to 29.40 billion yuan, while Dongxing Securities and Xinda Securities reported revenues of 3.71 billion yuan and 0.84 billion yuan, respectively [4][5] - The merger will allow the combined entity to offer a comprehensive service system that includes traditional high-end investment banking, small IPOs, and specialized advisory services, thus enhancing revenue stability [9][11] - The merger is expected to improve capital strength and client resource integration for CICC, further solidifying its leading position in the securities industry and enhancing its service capabilities for national strategies [11] Group 3 - The merger will also likely lead to the integration of the asset management arms of the three firms, with CICC Fund, Dongxing Fund, and Xinda Australia Fund potentially consolidating to address resource dispersion and overlapping positioning [10] - CICC Fund has the largest management scale among the three, with over 230 billion yuan, while Xinda Australia Fund focuses more on active equity investments, creating a complementary product structure [10] - The combined brokerage will rank third in the industry in terms of the number of branches, enhancing regional coverage and operational efficiency [10]

Core Points - The announcement from Jucheng Co., Ltd. regarding the change in its continuous supervision representative for its initial public offering [2] Group 1 - Jucheng Co., Ltd. announced that CICC is the sponsor for its initial public offering [2] - Due to a job change, Mr. Xing Ke will no longer serve as the continuous supervision representative [2] - Mr. Zeng Qinglin has been appointed to replace Mr. Xing Ke to ensure the orderly conduct of continuous supervision [2]

Market Performance - The Shanghai Composite Index rose by 0.38% while the Shenzhen Component Index fell by 0.05% and the ChiNext Index decreased by 0.52% [1] - Over 3,000 stocks declined across both markets, with a total trading volume of 1.11 trillion yuan [1] Sector Performance - The consumer sectors, including tourism, hotels, food, and retail, showed weakness, with significant declines in stocks such as Shuiyang Co., Nanjing Shanglv, and Yike Food [3] - The banking sector performed strongly, with China Bank and Industrial and Commercial Bank reaching historical highs [3] - The lithium battery supply chain was active, with stocks like Baichuan Co. hitting the daily limit [3] - The photolithography concept continued to show strength, with Guofeng New Materials achieving two consecutive trading limits [3] Corporate Actions - China International Capital Corporation, Dongxing Securities, and Xinda Securities announced a suspension of trading due to plans for a major asset restructuring, involving a share swap merger [3] Economic Indicators - The probability of the Federal Reserve lowering interest rates by 25 basis points in December is estimated at 32.7% [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights the merger of CICC, Dongxing Securities, and Xinda Securities, which is expected to create a combined total asset exceeding 1 trillion yuan, ranking it fourth in the industry [7][8]. - The merger is anticipated to enhance regional resource complementarity and improve competitive strength in core business areas, particularly in wealth management and asset management [7]. - The report suggests that the scarcity of quality targets in the industry may accelerate the pace of mergers and acquisitions, with a focus on business or regional complementarity [7]. Summary by Sections Investment Highlights - CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring plan on November 19, 2025, involving a share swap merger [7]. - The restructuring follows a series of equity transfers to Central Huijin, which laid the groundwork for this merger [7]. - The combined total assets of the three firms are projected to reach 10,096 billion yuan, elevating their ranking in the industry [8]. - The merger is expected to enhance the overall profitability, with a projected combined net profit of 95 billion yuan, ranking sixth in the industry [8]. Regional Resource Complementarity - Dongxing Securities has a strong presence in the Southeast region, while Xinda Securities is well-established in Northeast China, and CICC focuses on major cities and overseas markets [7]. - This merger is expected to improve customer coverage in second and third-tier markets and enhance high-end wealth management services [7]. Competitive Strength Enhancement - The merger will allow CICC to leverage the experience of Dongxing and Xinda in areas such as asset management and debt restructuring, broadening its investment banking capabilities [7]. - The integration of resources is expected to optimize risk management and improve overall profitability [7]. Industry M&A Trends - The successful merger of Guotai Junan and Guolian Minsheng serves as a reference for future industry consolidations [7]. - The report anticipates that the ongoing mergers will lead to an optimized industry structure and improved resource efficiency [7].

Group 1 - The Federal Reserve officials show significant disagreement on whether to further cut interest rates in December due to moderate economic expansion and a cooling labor market [1] - Some officials believe that current inflation levels are close to the Fed's target, while others argue that inflation remains persistently above the target with little sign of a timely return to the 2% goal [1] Group 2 - The Chinese government is preparing a new round of support policies for the real estate market, including interest subsidies for new personal housing loans and tax deductions [2] - Major cities like Beijing and Shanghai may relax residency restrictions for home purchases, indicating the government's commitment to stabilize the real estate market [2] Group 3 - The Guangzhou Futures Exchange has announced adjustments to trading fees and limits for lithium carbonate futures contracts, aiming to curb speculative trading and prevent irrational price fluctuations [3] Group 4 - North American technology stocks experienced a significant decline, with the Nasdaq Composite Index dropping 2.2% after an initial rise, influenced by concerns over high valuations in AI companies [4] - Nvidia's stock fell 3.15% despite reporting strong quarterly earnings, resulting in a market capitalization loss of approximately $142.9 billion [4] Group 5 - Concerns have been raised about Nvidia's financial health, with a significant increase in accounts receivable and inventory, leading to predictions of a potential downgrade in early 2026 [5] Group 6 - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities through a share swap, which will position the new entity as the third-largest in the industry by revenue [7] Group 7 - The public fund issuance market in China has seen a resurgence, with 1,332 new public funds launched this year, totaling over 1.03 trillion units, marking a three-year high [8] - The average subscription period for new funds has decreased significantly, indicating heightened investor interest [8] Group 8 - The concentration of fund issuance is increasing among leading institutions, with the top four firms accounting for over 18% of the total issuance scale [9] - Smaller fund companies are struggling, with many launching fewer than five new products this year, leading to a significant disparity in market presence [9] Group 9 - Several QDII funds have suspended or limited large subscriptions, particularly in the US stock index category, due to high performance and significant inflows [10][11] - The tightening of QDII quotas has led to a structural shortage of available investment capacity among top institutions [11] Group 10 - Manner Coffee is considering an IPO in Hong Kong, potentially raising hundreds of millions of dollars with a valuation of up to $3 billion [12] - The company has over 2,000 stores in China and is backed by major investors, indicating strong growth potential [12]

Core Viewpoint - The company, Zhongjin Company, announced a non-public issuance of corporate bonds aimed at professional investors, with a total issuance amount of 2 billion yuan and a coupon rate of 2.05% [1] Summary by Relevant Sections - **Bond Details** - The bonds are referred to as "24 Zhongjin F1" and will start paying interest on November 28, 2025, covering the period from November 28, 2024, to November 27, 2025 [1] - Each bond will yield a payment of 20.5 yuan (including tax) per hand [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of a non-public corporate bond for professional investors, with a total amount of 2 billion yuan and a coupon rate of 2.05% [1] Group 1 - The bond, referred to as "24 CICC F1," will start paying interest on November 28, 2025, covering the period from November 28, 2024, to November 27, 2025 [1] - Each bond unit will yield an interest payment of 20.5 yuan (including tax) [1]

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。 (第一期) 2025年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏,并对其内容的真实性、准确性和完整性承担相 应的法律责任。 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2024 年面向專業投資者非公開發行公司債券（第一期）2025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 孫男 中國，北京 2025年11月21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、 ...

Group 1: Company Developments - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities are planning a significant asset restructuring, with CICC set to merge with the other two through a share swap [2] - As of Q3 2025, CICC's total assets are reported at 764.9 billion yuan, ranking sixth among listed securities firms, while Xinda Securities and Dongxing Securities have total assets of 128.3 billion yuan and 116.4 billion yuan, respectively [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] Group 2: Industry Trends - The merger is part of a broader trend of consolidation within the securities industry, driven by policy support aimed at optimizing the supply-side structure and enhancing operational efficiency [2] - The integration of Xinda and Dongxing, which have differentiated strengths in investment banking and asset management, is anticipated to strengthen CICC's various business lines [2] - The merger will enhance CICC's network coverage in Liaoning and Fujian provinces, allowing for regional advantage complementarity [2] Group 3: Market Implications - The ongoing consolidation in the securities sector is expected to improve the fundamental performance of major firms, with investors encouraged to consider securities ETFs as a potential investment opportunity [2] - In the banking sector, 26 out of 42 listed banks have announced mid-term or Q3 dividends, totaling approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan the previous year [3] - The banking industry's net interest margin is under pressure but is expected to stabilize, maintaining a robust fundamental outlook for the sector [3]