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年債券回售實施結果公 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15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 重要内容提示: 一、本期债券回售登记情况 2017 45 @ ...

港交所：腾讯将在中金公司的H股持股比例从6.07%降至5.92%。 ...

Company Overview - The company is named Meixin Technology Co., Ltd., with the stock code 301588.SZ, and it operates in the rubber and plastic products industry [6]. IPO Information - The IPO application date was March 31, 2022, and the listing date was March 13, 2024, with an average listing cycle of 629.45 days, while Meixin Technology's cycle was 713 days, exceeding the average [3][6]. - The underwriting and sponsorship fees amounted to 39.62 million yuan, with a commission rate of 9.20%, higher than the overall average of 7.71% [4]. - The initial public offering (IPO) price-to-earnings (P/E) ratio was 20.90 times, which is 96.49% of the industry average of 21.66 times [9]. Market Performance - On the first day of trading, the stock price increased by 157.86% compared to the issue price [5]. - After three months of trading, the stock price rose by 75.38% from the issue price [8]. - The actual fundraising amount was 431 million yuan, which represents a decrease of 58.10% from the expected fundraising of 1.028 billion yuan [10]. Financial Performance - In 2024, the company's operating revenue increased by 5.03% year-on-year, while the net profit attributable to the parent company decreased by 22.90%, and the net profit excluding non-recurring gains and losses dropped by 26.49% year-on-year [11]. Evaluation and Scoring - The total score for Meixin Technology's IPO project was 78.5 points, classified as grade C. Negative factors affecting the score include the need for improved information disclosure quality, a lengthy listing cycle, high issuance cost ratio, significant reduction in actual fundraising amount, and a decline in net profit in the first accounting year [12].

Group 1 - Market expectations for the Federal Reserve to restart interest rate cuts have increased significantly, with probabilities exceeding 90% for September and over 70% for October and December [1] - The Federal Reserve began its rate cut cycle in September 2024, with three cuts planned for that year, but has not cut rates since 2025 due to various uncertainties [1] Group 2 - The impact of the Federal Reserve's rate cuts on Chinese assets can be analyzed through three main aspects: easing external constraints on China's monetary policy, potential depreciation of the dollar leading to a stronger yuan, and global capital reallocation [2] - A weaker dollar may affect export-oriented companies and those with dollar-denominated debts, but it could also reduce repayment pressures for companies with dollar loans [2] - The combination of dollar depreciation and a shift in global monetary order may drive a bullish trend in Chinese equity markets, benefiting from the fragmentation and diversification of the global monetary system [2]

Group 1 - The Federal Reserve is expected to restart interest rate cuts in September 2024, with three cuts anticipated in 2024, but no cuts have occurred in 2025 due to various uncertainties [2][4] - Recent U.S. inflation data shows a slight increase, with the August CPI rising to 2.9% year-on-year and core CPI at 3.1%, compared to the previous month's figures of 2.7% and 3.0% respectively [2][4] - Employment data indicates a weaker job market, with only 22,000 jobs added in August, falling short of market expectations, and a significant downward revision of 911,000 jobs in the initial employment statistics from April 2024 to March 2025 [2][3] Group 2 - The Fed's interest rate cuts may alleviate external constraints on China's monetary policy, as China has already implemented two rate cuts since the Fed's current easing cycle began [6] - A weaker U.S. dollar is anticipated as a result of the Fed's cuts, with the dollar to RMB exchange rate declining from approximately 7.3 at the beginning of 2025 to around 7.1 recently, impacting export-oriented companies and those with dollar-denominated debts [6] - The Fed's rate cuts typically lead to a global reallocation of funds, potentially benefiting Chinese assets, especially in the context of a restructuring global monetary system [6] Group 3 - Historical analysis of past Fed rate cut cycles shows that growth-oriented stocks in A-shares and Hong Kong stocks tend to perform well, while dividend-focused stocks lag behind [7] - In the first 11 weeks following the Fed's cuts, non-bank financial sectors in both A-shares and Hong Kong stocks have shown strong performance, while sectors like coal, utilities, and transportation have underperformed [7] - Over a 20-week period, sectors such as computer, electronics, and communication in A-shares, as well as hardware, semiconductors, and environmental protection in Hong Kong stocks, have seen significant gains [7]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 individual stocks [1]. Group 1: Research Services - CICC's digital research platform offers a comprehensive suite of services including research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform features daily updates on research focuses and timely article selections through CICC Morning Report [4]. - It includes live broadcasts where senior analysts interpret market hotspots [4]. Group 2: Data and Frameworks - The platform provides access to over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - It boasts more than 160 industry research frameworks and over 40 premium databases, along with a premium data dashboard [10]. - The platform incorporates AI search capabilities for efficient information retrieval and intelligent Q&A features [10].

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in China International Capital Corporation (CICC) by purchasing 4.6084 million shares at an average price of HKD 20.8268 per share, resulting in a total investment of approximately HKD 95.98 million [1] - Following this transaction, E Fund's total shareholding in CICC has risen to 154,791,200 shares, increasing its ownership percentage from 7.89% to 8.13% [1][2]

Core Insights - The public fund sales retention scale among the top 100 fund distribution institutions showed a steady growth trend in the first half of 2025, with significant performance differentiation among different types of funds and institutions [1][3][17] Group 1: Fund Performance - As of the end of the first half of 2025, the total retention scale of equity funds among the top 100 fund distribution institutions reached 51,374 billion yuan, a quarter-on-quarter increase of 5.89% [1][3] - The retention scale of non-monetary market funds was 101,993 billion yuan, with a quarter-on-quarter growth of 6.95% [1][3] - The bond and other funds reached 50,619 billion yuan, reflecting a quarter-on-quarter increase of 8.05% [1][3] - Stock index funds performed the best, with a total retention scale of 19,522 billion yuan and a quarter-on-quarter growth rate of 14.57%, becoming the core driver of public fund distribution growth [1][3] Group 2: Institutional Performance - Among the top 100 institutions, brokerage firms stood out with 57 firms listed, accounting for nearly half of the rankings [4][6] - The quarter-on-quarter growth rates for non-monetary funds, equity funds, and stock index funds for brokerage firms were 9.43%, 6.48%, and 9.94%, respectively [4][6] - Brokerage firms dominated the stock index fund market, holding over 55% market share, showcasing their absolute advantage [4][6] Group 3: Regulatory Impact - The revised "Securities Company Classification Evaluation Regulations" introduced on August 27, 2025, added specific indicators for fund advisory and equity fund sales retention scale, guiding brokerages to focus on long-term asset appreciation rather than just initial offerings [2][17] - The new mechanism is expected to shift industry resources towards equity fund sales, accelerating the optimization of wealth management business structures [2][17] Group 4: Competitive Landscape - The competition among leading brokerages remains intense, with notable ranking changes; Guotai Junan and other firms have shown significant improvements in their rankings [7][10] - The differentiation in fund distribution strategies among brokerages reflects their varying preferences and market positioning [7][8] - The retention scale of equity funds for leading brokerages like CITIC Securities and Huatai Securities remains robust, with significant absolute values [10][14]

Core Insights - The China Securities Investment Fund Industry Association has released data on the public fund sales scale for the first half of 2025, showing a continued rise of brokerage firms in the market [1][2] Group 1: Fund Sales and Market Trends - A total of 57 brokerage firms made it to the top 100 fund sales institutions, an increase of one from the end of last year [1][3] - The combined scale of equity funds held by the top 100 fund sales institutions reached 5.14 trillion yuan, a growth of 5.89% compared to the second half of 2024 [2] - Non-monetary market funds reached a scale of 10.199 trillion yuan, increasing by 6.95% from the previous period [2] - Stock index funds saw the most significant growth, with a scale of 1.95 trillion yuan, up 14.57% from the second half of 2024 [2] Group 2: Market Share and Competition - The top ten institutions in equity fund holdings accounted for nearly 59% of the total scale of the top 100 [2] - Among the top 100, there are 57 brokerages, 24 banks, 15 internet and third-party fund sales institutions, 3 public funds, and 1 insurance company [2] - While banks remain the main force in fund sales, their market share has decreased from over 50% in previous years to just over 40% currently [2] Group 3: Brokerage Performance - In the brokerage channel, the leading firm, CITIC Securities, holds an equity fund scale of 142.1 billion yuan and a non-monetary market fund scale of 239.7 billion yuan [3] - Huatai Securities ranks second with an equity fund scale of 126.6 billion yuan and a non-monetary market fund scale of 175.2 billion yuan [3] - The merger of Guotai Junan and Haitong Securities has propelled them to the third position among brokerages [3] Group 4: Growth in Non-Monetary Market Funds - Many leading sales institutions have seen a higher growth rate in non-monetary market funds compared to equity funds, indicating a shift in focus [4] - CITIC Securities reported a 14.8% quarter-on-quarter growth in non-monetary market funds, while equity funds only grew by 4.72% [4] Group 5: Dominance in Stock Index Funds - Brokerages dominate the stock index fund market, holding 55% of the total scale [5] - Among brokerages, six firms have stock index fund holdings exceeding 50 billion yuan, with CITIC Securities leading at 122.3 billion yuan [5] Group 6: Future Outlook - Analysts suggest that the brokerage sector has unique advantages in the stock index fund market, and the ongoing reforms in public funds are expected to enhance market trading sentiment [6] - The future may see a strengthening of the "Matthew Effect," with large internet platforms and leading brokerages gaining more market power [6]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the distribution channels are experiencing a Matthew effect, which may intensify due to the recent fee reduction policies [9] - The report indicates that the non-bank financial sector is expected to outperform the overall market, driven by strong performance in fund sales channels [9] - The report emphasizes the increasing concentration in the distribution channels, with top institutions maintaining stable rankings while showing differentiation in performance across active equity, stock index, and bond fund sales [9] Summary by Relevant Sections Distribution Channel Performance - The top 100 distribution institutions' equity and non-cash holdings increased to 51.4 trillion and 102 trillion yuan respectively, reflecting a growth of 6% and 7% year-to-date [4] - The market share of banks in non-cash and equity categories has decreased, while the share of third-party and brokerage firms has increased [4][5] - The report notes that the market concentration (CR5) for equity and non-cash funds has risen to 44.2% and 41.3% respectively [5][9] Fund Performance - As of July 2025, the total AUM for equity and non-cash funds reached 87.5 trillion and 204.6 trillion yuan, marking a year-to-date increase of 9.9% and 6.5% [24] - The report indicates that the net redemption trend for active equity funds has eased, with a 12% increase in unit net value for active equity funds compared to an 8% increase for stock ETFs [5][24] Key Institutions - Ant Group, China Merchants Bank, and retail brokers are noted for their high growth rates in fund sales, with Ant Group's equity AUM reaching 8.229 trillion yuan, a 11% increase [7][12] - China Merchants Bank's equity AUM increased by 20% to 4.920 trillion yuan, driven by successful initiatives [6][12] - The report highlights the performance of top brokerage firms, with CITIC Securities, Huatai Securities, and Guotai Junan showing significant growth in equity AUM [8][12] Regulatory Impact - The report discusses the recent regulatory changes aimed at restructuring the competitive landscape of fund distribution, particularly affecting banks and brokerages that rely on front-end fees [9]