Financial Performance - The company reported a total revenue of RMB 10.5 billion for the fiscal year 2024, representing a year-on-year increase of 15%[31]. - The company reported a net profit of RMB 3.5 billion, a 20% increase compared to the previous fiscal year[31]. - The company's operating revenue for 2024 was RMB 21,333,435,595, a decrease of 7.21% compared to RMB 22,990,202,558 in 2023[66]. - The net profit attributable to shareholders for 2024 was RMB 5,694,343,080, down 7.50% from RMB 6,156,130,774 in 2023[66]. - The company's total revenue for 2024 was RMB 21,333,435,595, a decrease of 7.21% compared to the previous year, while total expenses were RMB 14,480,650,740, resulting in an operating profit margin of 32.12%[158]. - The company's revenue from the investment banking sector was RMB 2,583,137,478, down 20.33% year-on-year, while the operating profit margin increased by 5.56 percentage points to 16.37%[156]. - The company's revenue from wealth management was RMB 6,982,039,679, with a slight increase of 1.55% year-on-year, but the operating profit margin decreased by 5.74%[156]. Client and Market Growth - User data showed an increase in active clients by 20%, reaching a total of 1.2 million clients by the end of the fiscal year[31]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[31]. - The wealth management business saw a significant increase, with over 1.7 million new accounts opened during the year[29]. - The company plans to implement a new customer loyalty program aimed at increasing client retention by 15% over the next year[31]. Strategic Initiatives - The company completed a strategic acquisition of a fintech startup for RMB 500 million, enhancing its digital service capabilities[31]. - CICC launched a proprietary AI research assistant for institutional clients, providing 24/7 dedicated research support, marking a new era in AI-driven investment research in the securities industry[30]. - The company has implemented seven "insurance + futures" projects since 2022, providing effective risk protection for over 9,200 farming households[31]. - CICC is committed to sustainable development, initiating a 780-acre ecological carbon-neutral forest project in 2024, planting 86,000 Qinghai spruce trees in the upper reaches of the Yangtze River[31]. Financial Technology and Innovation - The company aims to leverage financial technology advancements to better understand customer needs and expand its service capabilities[30]. - The company emphasizes advanced information technology as a core competitive advantage, continuously investing in talent and technology to enhance its service capabilities[97]. - The company is focused on talent development, particularly nurturing young leaders to enhance organizational vitality[32]. Awards and Recognition - China International Capital Corporation (CICC) recognized as the best investment bank in China and Hong Kong by multiple awarding bodies[54][55][56]. - The company has been recognized with multiple awards, including Best Investment Bank and Most Influential Research Institution in 2024[53]. - CICC's wealth management division received several awards, including Best Wealth Management Institution and Best Digital Wealth Management[56]. - CICC recognized for its ESG practices, winning awards for Best ESG Management and Best ESG Investment Bank[60][61]. Asset Management and Financial Stability - Total assets reached RMB 674.716 billion by the end of 2024, with net assets amounting to RMB 115.348 billion[25]. - The company's total assets as of December 31, 2024, amounted to RMB 674,715,821,446, reflecting an 8.07% increase from the previous year, while total liabilities rose by 7.64% to RMB 559,094,150,638[168]. - The company's net cash flow from operating activities for 2024 was RMB 41,874,117,905, a significant recovery from a negative cash flow of RMB -10,584,387,028 in 2023[66]. - The liquidity coverage ratio improved to 224.00% in 2024 from 201.13% in 2023, indicating better liquidity management[72]. Market Trends and Economic Outlook - In 2024, China's high-tech manufacturing investment is expected to grow by 7.0%, and high-tech service investment by 10.2%, both exceeding the overall fixed asset investment growth rates by 3.8 and 7.0 percentage points respectively[81]. - The average daily trading volume of A-shares in 2024 reached a historical high of 1.06 trillion yuan, marking a year-on-year increase of 21.2%[83]. - The issuance scale of credit bonds and asset securitization products is expected to increase by 7.5% to 20.41 trillion yuan in 2024[85]. Risk Management and Compliance - The company maintains a comprehensive risk management system, ensuring effective oversight and compliance across its domestic and international operations[96]. - The company has implemented technical measures to manage non-compliant accounts, ensuring a long-term mechanism for account compliance[199]. - The company adheres strictly to the requirements of judicial authorities for freezing and unfreezing customer accounts[200].

Core Insights - The company reported a net profit growth of 83.03% year-on-year for the fourth quarter, with revenue increasing by 42.73% [1] - The company served 28 global IPO projects for Chinese enterprises, raising a total of $4.424 billion, ranking first in the market [1][5] - The operating cash flow for the fourth quarter was 17.5 billion yuan, reflecting a year-on-year increase of 13.34% [1] Financial Performance - In Q4, the company achieved revenue of 7.884 billion yuan, a 42.73% increase compared to the previous year [3] - The net profit attributable to shareholders for Q4 was 2.836 billion yuan, up 83.03% year-on-year [3] - For the full year 2024, the company reported total revenue of 21.333 billion yuan, a decrease of 7.21% from 2023 [4] - The net profit attributable to shareholders for 2024 was 5.694 billion yuan, down 7.50% year-on-year [4] Business Development - The investment banking sector maintained a leading position, with 28 global IPO projects and a total financing scale of $4.424 billion [5] - The company completed 6 A-share and 19 Hong Kong stock IPOs, with underwriting amounts of 3.590 billion yuan and $3.835 billion respectively [5] - In the debt financing sector, the domestic bond underwriting scale reached 7,112.24 billion yuan, a slight increase of 0.4%, while the overseas bond underwriting scale surged to $5.266 billion, marking a significant increase of 61.5% [5] - The asset management business saw substantial growth, with total assets under management reaching 552.034 billion yuan, and public fund management scale increasing to 207.33 billion yuan, a 63% year-on-year growth [5]

党的二十届三中全会强调要坚持和落实"两个毫不动摇"，鼓励、支持、引导非公有制经济发展，促进各 种所有制经济优势互补、共同发展。2025年2月召开的民营企业座谈会强调，民营经济发展前景广阔、 大有可为，要扎扎实实落实促进民营经济发展的政策措施，继续下大气力解决民营企业融资难融资贵问 题，促进民营经济健康发展、高质量发展。 新华财经北京3月28日电（记者闫鹏）近日，中金公司管理委员会成员王曙光接受记者采访时表示，中 金公司将继续秉持"植根中国、融通世界"的理念，充分发挥专业能力和国际化优势，积极服务国家发展 战略，持续助力科技创新，为民营经济和资本市场高质量发展贡献更多力量。 王曙光表示，民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。民营经济作为社会主 义市场经济的重要组成部分，不仅在稳定增长、促进就业、改善民生等方面发挥了关键作用，而且在创 新驱动发展战略中占据着越来越重要的位置。 根据统计，民营经济贡献了50%以上的税收，60%以上的国内生产总值，70%以上的技术创新成果， 80%以上的城镇劳动就业，90%以上的企业数量；在国家高新技术企业中，民营企业已达42万多家，占 比超92%。"因此，支持 ...

过去一段时间，港股市场这种剧烈的上下起伏已经不是第一次出现。2月底以来，虽然市场多次由短期情绪和资金涌入催化快 速上冲，但始终无法"有效突破"我们早前给出的点位。我们在2月16日与2月24日连续发布《 中国资产的重估？ 》与《 再论中 国资产的重估前景 》两篇专题报告， 测算恒指中枢23,000-24,000点，乐观情形25,000点，建议在这一区间附近观望不必追 高，如果不选择获利可以适度调仓至红利。 回过头来看，这一观点是有效的。实际上，尽管活跃的市场给人一种持续火热的感觉， 但如果投资者是选择从2月底以来加仓 龙头个股或者恒指与恒生科技的话，过去一个月大概率持平甚至是亏损的。 那么，走到这一步，中国资产的重估到哪里了？ 接下来走向如何，该如何配置？有哪些节点需要重点关注？ 一、重估到哪一步了？叙事驱动的极致"结构市"，当前估值相对合理 图表：上周MSCI中国指数下跌1.7%，电信服务与房地产领跌，而公用事业与能源逆势上涨 点击小程序查看报告原文 资料来源：FactSet，中金公司研究部 过去一周港股市场大幅波动，周初恒指一度逼近我们给出的乐观情形25,000点，随即再度大幅回撤，恒生科技周四周五连续两 ...

中金公司 全球资产重估 20250320 摘要 Q&A 过去一年全球市场发生了哪些变化？中金公司的资产配置观点有何调整？ 去年（2024 年）6 月，中金公司发布了大类资产下半年的展望报告，标题为 "守正待时"。报告的核心观点是防守，因为当时全球市场面临三个重要因素 的影响：首先，中国处于弱复苏状态，对风险情绪有一定压制；其次，美国虽 然投资者热情较高，但经济数据显示出下行趋势；最后，美国和欧洲即将迎来 关键选举，增加了政策的不确定性。这些因素叠加，使得我们在资产配置上采 取更稳健的策略，建议坚守黄金和债券等安全资产。事后来看，这一策略是正 确的，因为黄金价格持续上涨，中国债券表现良好，而美国债券在 7、8 月份也 因经济下行压力而表现突出。 除了防守，我们还关注权益资产，尤其是中国股 票。去年 6 月市场情绪较为悲观，有人将中国与 80 年代的日本进行对比，担心 中国股票可能会经历长期低迷。然而，我们通过研究发现，在过去 100 年中， • 全球宏观环境复杂多变，建议保持稳健的资产配置策略，适度增加权益类 资产，特别是中国股票的配置比例，因其估值相对较低且具有反弹潜力， 同时关注新兴市场机会。 • 中金公司 ...

Investment Rating - The report indicates a positive outlook for the securities sector, with a current PB valuation of 1.47x, suggesting a high safety margin compared to historical averages [39]. Core Insights - The securities sector has shown a recovery, with a weekly increase of 2.86%, outperforming the broader market by 1.28% [5]. - The average stock price increase for listed brokerages was 3.2% during the week, with notable performers including China Galaxy and Xinda Securities, which saw gains exceeding 10% [11]. - The report emphasizes the ongoing support from national policies aimed at stabilizing growth and boosting the capital market, which is expected to enhance the sector's performance in the medium to long term [42]. Summary by Sections Market Review - The securities sector's performance has improved, with a year-to-date decline of only 2.02% as of March 14, 2025, compared to the gains of the CSI 300 and other indices [5]. - The sector has outperformed 25 other primary industries during the recent week [5]. Important Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) has emphasized the importance of implementing policies that support market stability and growth, particularly in light of recent national meetings [14][15]. - A notification from the Ministry of Natural Resources and the Ministry of Finance outlines the use of local government special bonds to support land reserves, which may indirectly benefit the securities market [16][17]. Key Market Data - The A-share market remains active, with an average daily trading volume of 1.75 trillion yuan, reflecting an 82.44% year-on-year increase [25]. - A total of 35.1 billion yuan was raised through equity financing in the A-share market during the week, with significant contributions from IPOs [31]. Valuation and Investment Recommendations - The current PB valuation of the securities sector is 1.47x, which is below the historical average of 1.85x, indicating potential for growth [39]. - Investment recommendations focus on leading brokerages with strong fundamentals, those likely to benefit from mergers and acquisitions, and firms excelling in wealth management [42].

中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年3月28日召 開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2024年12月31 日止年度的年度業績公告，以及派發末期股息的建議（如有）。 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3月18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。 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 03908 董事會會議通告 ...

Core Viewpoint - The economic performance in January-February 2025 shows stable growth despite a slight decline in production growth rates compared to December 2024, influenced by high base effects from the previous year and the timing of the Spring Festival. Investment is improving at a faster rate than consumption, but uncertainties remain in the real estate and export sectors, necessitating continued policy support [1][2][3]. Economic Performance - January-February industrial added value and service production index grew by 5.9% and 5.6% year-on-year, respectively, down 0.3 and 0.9 percentage points from December 2024 [1][2]. - Fixed asset investment and retail sales grew by 4.1% and 4.0% year-on-year, respectively, with increases of 1.9 and 0.3 percentage points compared to December 2024 [1][3]. - The demand structure indicates that investment is improving more significantly than consumption, with high growth in categories supported by the old-for-new policy, such as home appliances and furniture [1][3]. Real Estate Sector - The real estate sector shows signs of recovery in land acquisition in key cities, with land transaction area and value improving from December 2024's declines to -2.6% and 39.2% year-on-year, respectively [4]. - However, new construction starts have seen a significant decline of 29.6% year-on-year, indicating ongoing weakness in the sector [4][29]. - The sales of new homes have turned negative, with a 5.1% year-on-year decline in sales area, while second-hand home sales remain resilient, growing by 23% [28][29]. Investment Trends - Broad infrastructure investment grew by 9.9% year-on-year, with public utilities and transportation showing strong growth rates of 25.4% and 2.7%, respectively [5][40]. - Manufacturing investment remains robust, driven by prior export improvements and equipment upgrades, with significant increases in automotive and food manufacturing investments [6]. Consumer Market - The retail sales growth rate for January-February was 4.0%, with notable improvements in essential goods and certain discretionary categories, driven by consumption policies [35][36]. - The catering sector saw a 4.3% year-on-year increase, reflecting the impact of the Spring Festival [3][33]. - The introduction of the "Consumption Promotion Action Plan" aims to stimulate demand across various sectors, including maternal and child products [37][45]. Financial Sector - The financial data for February indicates a slight decline in new loans and a weak recovery in credit demand, highlighting the need for further monetary policy support [23][24]. - Government debt issuance has accelerated, contributing to a year-on-year increase in social financing [24][25]. Agricultural Sector - The agricultural sector is experiencing a gradual recovery, with leading companies expanding their market share through improved cost control and operational efficiency [49]. - The overall consumption of agricultural products remains stable, with expectations for a gradual increase in birth rates potentially benefiting the maternal and infant product market [45][46].

半年内两度因IPO撤否项目收罚单 中金公司被罚释 放哪些警示信号？ 半年内两度因IPO撤否项目收罚单 中金公司被罚释放哪些警示信号？ IPO项目撤材料后，仍难逃严查与处罚。这是新"国九条"以来IPO全流程严监管的重要体现之一。 如今，又有券商投行因撤否企业吃下罚单。 日前，中金公司因在保荐青岛科凯电子研究所股份有限公司(下称"科凯电子")创业板首次公开发行 中未勤勉尽责，被深交所出具罚单。 具体而言，中金公司被指存在三大问题：未充分核查发行人研发投入内部控制的有效性，未充分关 注发行人收入确认、采购管理内部控制不规范，未充分核查发行人生产成本核算的规范性。 在某券商资深保代看来，这些问题的核心在于企业内控质量不合格。"对于未上市企业来说，按 IPO标准看存在一些内控问题是正常的，如果企业愿意整改，待内控问题全部出清以后再行上市，仍然 存在可能。但如果企业急于求成，则易'竹篮打水一场空'。" 值得注意的是，科凯电子曾于四年内两次冲刺IPO并双双折戟。其2020年登陆科创板时的保荐机构 为中信证券；2023年转战创业板时保荐机构已经变为中金公司，2024年4月15日撤回材料。 研发投入内控缺陷 在受访保代看来，科 ...

Investment Rating - The report indicates a cautious outlook on the industry, highlighting the need for close monitoring of credit demand and economic recovery trends. Core Insights - The growth of social financing in February was primarily driven by government bonds, accounting for 70% of the total, reflecting the government's fiscal support for the economy, while RMB loans were weak at 650 billion, indicating insufficient internal momentum in the real economy [2][5][18] - Despite an increase in deposits year-on-year, market liquidity remains tight, with a decline in M1 growth, suggesting that the increase in deposits has not effectively translated into liquidity for the real economy [2][4][13] - The credit structure shows divergence, with corporate loans experiencing positive growth while long-term loans to households decreased, linked to changes in commodity housing sales, indicating insufficient recovery in consumption [2][6][7] Summary by Sections Social Financing and Credit Data - In February, social financing data was 2.2 trillion, a year-on-year increase of 700 billion, but still below market expectations of 3 trillion. Total loans were 1 trillion, also below the expected 1.2 trillion, primarily due to strong government bond issuance [3][18] - Government bonds and infrastructure loans contributed significantly to social financing growth, with a notable trend of front-loading government bond issuance [5][18] Deposit and Liquidity Analysis - February saw a year-on-year increase in deposits of 3.5 trillion, totaling 4.4 trillion, closely related to the normal cash flow post-Spring Festival. However, M1 growth declined from 0.4% to 0.1% due to cash returning to bank accounts [11][13] - The decline in deposit rates has intensified financial disintermediation, with funds flowing towards fixed-income products, leading to a significant increase in wealth management products [12][13] Credit Structure and Banking Behavior - The credit structure in the first quarter shows significant differences between large and small banks, with large banks relying on bill discounting for growth while small banks benefited from stronger credit demand [8][9][10] - The role of bill discounting in overall credit growth has been substantial, with large banks being the main players, indicating a less than ideal credit demand environment [10][18] - Small banks have maintained a robust deposit base, actively purchasing bonds, while large banks face liquidity pressures, leading to bond sell-offs [16][15] Future Outlook - The current tight liquidity situation is primarily due to large banks' funding shortages, with expectations of potential reserve requirement ratio cuts in the next 1-2 months to alleviate these pressures [17][18]