Core Insights - The bond financing activities of securities firms in China have significantly increased this year, with a total issuance exceeding 1 trillion yuan [4][2]. - As of September 19, 2023, 71 securities firms have issued 657 bonds, marking a year-on-year growth of 64.25% [4]. - The total bond issuance scale for the year has reached 1.18 trillion yuan, representing a year-on-year increase of 69.93% [4]. Group 1: Bond Issuance Data - The top 10 securities firms by bond issuance scale as of 2025 include China Galaxy (107.9 billion yuan), Huatai Securities (93.7 billion yuan), and Guotai Junan (75.8 billion yuan) [5]. - Other notable firms in the top 10 include GF Securities (68.52 billion yuan) and China Merchants Securities (62.7 billion yuan) [5][6]. Group 2: Bond Holding Data - As of September 19, 2023, the total bond holding scale of 76 securities firms is 2.96 trillion yuan [7]. - The top 10 firms by bond holding scale include Guotai Junan (252.6 billion yuan), China Galaxy (188.6 billion yuan), and Huatai Securities (188 billion yuan) [7][8]. Group 3: Recent Approvals for Bond Issuance - In September, several securities firms, including Guotai Junan and CITIC Securities, received approval to issue bonds to professional investors [9]. - CITIC Securities has been approved to issue bonds with a face value of up to 60 billion yuan [13].

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 1800 stocks [1]. Group 1: Research Services - CICC's digital investment research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform features daily updates on investment research focuses and timely article selections, enhancing the accessibility of market insights [4]. - CICC provides over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. Group 2: Data and Frameworks - The platform includes more than 160 industry research frameworks and over 40 premium databases, facilitating in-depth industry analysis [10]. - CICC Insight incorporates advanced AI search capabilities, allowing users to filter key points and engage in intelligent Q&A [10].

Core Viewpoint - Recent positive factors have collectively strengthened the RMB, with the exchange rate rising since mid-August and aligning closer to the central parity. Weak US labor market data and expectations of interest rate cuts have contributed to this trend. The RMB's appreciation is expected to continue in the context of a potential new round of US dollar depreciation driven by fiscal and monetary policies under the "Trump Reset" initiative [2][10]. Group 1: RMB Strengthening Factors - The RMB exchange rate has strengthened since mid-August, with the onshore rate approaching 7.10 and the offshore rate surpassing 7.10, marking new highs since November 2024 [4]. - Weak US labor market data, including significant downward revisions to non-farm employment and lower-than-expected job openings, have led to increased market expectations for interest rate cuts [4][5]. - China's exports have shown resilience, with a cumulative year-on-year growth of 5.9% from January to August 2025, exceeding market expectations [4]. Group 2: Impact of Weak Dollar on Emerging Markets - A weak dollar typically boosts global investment demand and economic growth in emerging markets, benefiting the profitability of export-oriented companies [3]. - The weak dollar enhances capital flows into emerging markets, improving their balance sheets and encouraging capital expenditures, which in turn supports economic recovery [12][21]. - Historical data indicates that a one standard deviation depreciation of the dollar index leads to a 0.16% increase in monthly capital inflows to emerging market equities [21]. Group 3: A/H Share Market Dynamics - The weak dollar and loose monetary conditions are expected to improve the profitability, valuation, and liquidity of A/H shares [26]. - A weak dollar typically leads to increased foreign capital inflows into the A/H market, with significant inflows observed in 2025, contrasting with net outflows in the previous year [35]. - The Hang Seng Index has shown greater elasticity to the dollar index compared to the CSI 300, with respective elasticities of -2.5 and -1.2, indicating a stronger response to dollar depreciation [40]. Group 4: Sector Performance under Currency Fluctuations - The appreciation of the RMB is expected to favor growth sectors in the A/H market, particularly in information technology and materials [50]. - Under a weak dollar scenario, A-share growth and value styles have shown average monthly returns of 3.6% and 2.6%, respectively, while the corresponding figures for Hong Kong stocks are 3.4% and 2.2% [51]. - Specific sectors such as consumer staples, materials, finance, and information technology are anticipated to perform well during periods of RMB appreciation [28][50].

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 various research teams and advanced technology [1]. Group 1: Platform Features - CICC's digital investment research platform integrates insights from over 30 professional teams and covers more than 1,800 individual stocks [1]. - The platform offers a variety of research outputs, including research reports, conference activities, fundamental databases, and research frameworks [1]. - It utilizes large model technology to enhance the efficiency and accuracy of research services provided to clients [1]. Group 2: Research Offerings - The platform features daily updates on investment research focuses and timely article selections [4]. - It includes access to over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - The platform provides more than 160 industry research frameworks and 40 premium databases, along with a data dashboard for enhanced data visualization [10]. Group 3: User Engagement - Users can experience live interpretations of market hotspots by senior analysts through public live broadcasts [4]. - The platform encourages user engagement through features like email verification to unlock upgraded functionalities [8]. - It offers intelligent search capabilities, allowing users to ask questions and receive tailored responses [10].

Core Viewpoint - China Shipbuilding Technology Co., Ltd. announced a change in the independent financial advisor responsible for the ongoing supervision of its major asset restructuring project, with the previous advisor no longer able to continue due to work arrangements [1]. Group 1 - The company received a notice from China International Capital Corporation (CICC) regarding the change in the independent financial advisor for the asset restructuring project [1]. - CICC has been serving as the independent financial advisor for the company's major asset restructuring project completed in 2023, and the supervision period has now expired [1]. - The previous independent financial advisors, including Ye Ping, are being replaced, with Kang Pan, Luo Xiang, and Wang Xiong now taking over the supervisory responsibilities [1].

Group 1 - The company Shenghong Technology (300476) announced a private placement of 7.6607 million shares at a price of 248.02 yuan per share [1] - The total amount raised from this issuance is 1.899 billion yuan, with a net amount of 1.876 billion yuan [1] - The final recipients of the issuance are 10 entities, including Xingzheng Global Fund, which received 3.1046 million shares worth 770 million yuan, and China International Capital Corporation (601995), which received 1.0604 million shares worth 263 million yuan [1]

Core Viewpoint - The report "Interpretation of China's Statistical Indicators: Concepts, Methods, and Implications" by CICC systematically organizes key macroeconomic statistical indicators in China, covering six major areas: economic activities, income, foreign economy, monetary finance, prices, and population and employment [1][10]. Economic Activities - Key indicators include GDP calculated by production, income, and expenditure methods, with the income method being predominant annually. There is a noted underestimation of self-owned housing value [1][11]. - The industrial added value above designated size includes enterprises with annual main business income exceeding 20 million yuan, calculated monthly using PPI [1][11]. - PMI is divided into official and Caixin PMI, with the former being more representative due to a larger sample size [1][11]. - Fixed asset investment is subject to overestimation, as seen in 2016 when some provinces reported investments exceeding GDP [1][11]. - Retail sales of consumer goods include online retail and differentiate between surveyed units above and below a certain threshold [1][11]. Income - Income indicators encompass corporate profits (operating surplus, industrial enterprise profits) and resident income (average wages in urban units, average monthly income of migrant workers, per capita disposable income), with the latter facing issues of underreporting high-income groups [1][11]. - Fiscal revenue and expenditure are categorized into narrow (general public budget) and broad (including four types of revenue and expenditure) [1][11]. Foreign Economy - Foreign economic indicators include customs trade in goods (exports calculated on FOB, imports on CIF), FDI and ODI, balance of payments, and foreign exchange reserves controlled by the central bank [1][11]. Monetary Finance - Monetary indicators consist of money supply (M0, M1, M2), new loans, total social financing, and various monetary policy tools such as benchmark interest rates and reserve requirements [1][11]. - Interest rate indicators include repo rates, Shibor, and government bond yields, along with onshore and offshore RMB exchange rates [1][11]. Prices - Price indicators include CPI (covering 262 basic categories with a high weight on food), PPI (covering over 50,000 industrial enterprises), GDP deflator, and housing prices in 70 large and medium-sized cities [1][11]. Population and Employment - Population indicators include total population, age structure (reflected by dependency ratios), employment numbers, urban new employment, and survey unemployment rates, which have been published monthly since 2013 for more accuracy [1][11].

Group 1 - The company announced the non-public issuance of corporate bonds (Phase II, Type I) aimed at professional investors, with a total issuance amount of 2 billion yuan and a coupon rate of 2.89% [1] - The bonds will be fully redeemed on September 18, 2025, with the corresponding interest for the period from September 18, 2024, to September 17, 2025, also being paid [1] - The bonds, referred to as "23 CICC F3," will be delisted from the Shanghai Stock Exchange on September 30, 2025, following the full redemption [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the full redemption of its non-publicly issued corporate bonds (Phase II, Type I) due to full buyback and no resale [1] Group 1: Bond Details - The total issuance amount of the bonds is 2 billion yuan, with a coupon rate of 2.89% [1] - The remaining principal and corresponding interest for the bonds will be paid on September 18, 2025, for the period from September 18, 2024, to September 17, 2025 [1] - The bonds, referred to as "23 CICC F3," will be delisted from the Shanghai Stock Exchange on September 30, 2025 [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。 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2023 年面向專業投資者非公開發行公司債券（第二期）（品種一）2025年提前摘牌公告，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9月19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。 债券代码:252379 债券简称:23 中金F3 2、债券简称:23 中金F3。 ● 资金兑 ...