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10月21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 本公司及董事会全体成员保证公告 ...

Core Viewpoint - Jushuitan Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 21, with a post-green shoe issuance scale of approximately $308 million, marking a significant milestone in the e-commerce SaaS ERP industry in the Hong Kong market [2] Group 1: Company Overview - Jushuitan provides a comprehensive range of SaaS products and services that assist clients in seamlessly upgrading their business capabilities, improving performance, and developing cross-platform operations while significantly reducing deployment and operational costs [3] Group 2: Investment Banking Support - CICC acted as the joint sponsor, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager for Jushuitan's IPO, leveraging its deep understanding of the company's business to highlight investment strengths recognized by the capital market [2] - The IPO is noted as the largest SaaS enterprise IPO in China since 2022, showcasing CICC's commitment to supporting leading companies in the SaaS and technology sectors [2] - CICC plans to continue providing high-quality capital market solutions to Chinese enterprises, promoting high-quality development of the real economy [2]

Core Insights - The A-share market has shown strong performance this year, primarily driven by a decrease in risk premium, indicating a significant improvement in market expectations for the future [1] Group 1: Market Performance - The strong performance of the A-share market is attributed to a decline in risk premium [1] - The improvement in market expectations has been notable since September of last year [1] Group 2: Policy and Investment Shifts - Changes in macroeconomic policies since last September have contributed to the shift in investment towards stocks and other risk assets [1] - The emergence of DeepSeek has also played a role in directing funds towards the technology sector [1]

Core Insights - The Chinese wealth management industry is increasingly pivotal in serving the real economy and enhancing residents' wealth, amidst profound changes in wealth allocation [1] - The transition from a product-selling model to a service-oriented approach is establishing a solid foundation for the buyer advisory model, particularly in the context of rising market uncertainties [1] - CICC's buyer advisory service has achieved significant growth, surpassing 120 billion yuan in assets under management, with the "China 50" product generating over 10.1 billion yuan in cumulative client returns since its launch in 2019 [1] Group 1 - CICC's Chief Strategist highlighted that technological breakthroughs and resilient manufacturing upgrades are enhancing China's market appeal, leading to a global capital flow rebalancing [1] - The wealth management industry is undergoing a transformation to better address the complexities faced by investors, emphasizing the importance of client-centric services [1] - CICC's wealth planning department emphasizes the need for emotional acceptance, proactive planning, and professional guidance to navigate the low-interest-rate environment [1] Group 2 - The buyer advisory model is viewed as a promising area with vast potential, focusing on enhancing investor satisfaction and adhering to the mission of serving the public [2] - CICC's international wealth management division aims to facilitate high-quality inbound and outbound investments, acting as a bridge for international investors to engage with the Chinese capital market [2] - CICC International Wealth Management has gained significant recognition in the international market, with an asset management scale reaching 2.2 billion USD [2]

Core Viewpoint - China International Capital Corporation (CICC) has played a significant role in China's reform and opening-up over the past thirty years, serving national strategies and promoting the healthy development of capital markets while growing alongside these processes [1][2]. Group 1: Historical Context and Mission - CICC was established during a critical period in the 1990s, filling the gap in professional investment banking in China and contrasting with brokerage firms focused on agency business, highlighting its unique positioning in service to national strategies [2]. - The company has been a key player in the reform of state-owned enterprises, leading significant IPOs and restructuring efforts in major industries such as telecommunications, oil, and banking [2]. Group 2: Recent Innovations and Contributions - CICC has introduced long-term funds in projects like CATL, breaking traditional pricing patterns in the Hong Kong stock market and supporting its position as the largest IPO globally in 2023 [3]. - The company has engaged in various financial innovations, including the establishment of the Science and Technology Innovation Board and participation in public REITs pilot programs, aligning with national strategic goals [2][3]. Group 3: Financial Services and Research - CICC has developed a new financial service model focusing on specialized and innovative enterprises, assisting over 7,200 such companies and facilitating nearly 4 billion yuan in credit [3]. - The establishment of the CICC Research Institute aims to address long-term economic and financial issues, providing valuable insights for government and enterprises [3][4]. Group 4: Global Expansion and Internationalization - CICC has established a global presence with branches in major financial centers, ranking first among Chinese investment banks in various cross-border transactions and maintaining a leading position in QFII services for 22 consecutive years [5][6]. - The company actively participates in the Belt and Road Initiative, expanding its business in Southeast Asia and the Middle East, and has completed significant projects related to this initiative [6][7]. Group 5: Future Directions and Technological Integration - CICC is committed to digital transformation, having developed a comprehensive technology empowerment system and focusing on integrating technology with financial services [10][12]. - The company is exploring the application of AI in various business areas, enhancing its capabilities in investment research and risk management [11][12].

中金公司所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：证金汇金、中特估、参股基 金、H股、金融科技等。 截至6月30日，中金公司股东户数12.40万，较上期减少11.17%；人均流通股23649股，较上期增加 12.62%。2025年1月-6月，中金公司实现营业收入0.00元；归母净利润43.30亿元，同比增长94.35%。 分红方面，中金公司A股上市后累计派现49.24亿元。近三年，累计派现26.07亿元。 机构持仓方面，截止2025年6月30日，中金公司十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7116.62万股，相比上期增加2163.25万股。华泰柏瑞沪深300ETF（510300）位居第四大流 通股东，持股2078.57万股，相比上期增加181.53万股。国泰中证全指证券公司ETF（512880）位居第五 大流通股东，持股1804.31万股，相比上期减少185.91万股。易方达沪深300ETF（510310）位居第六大 流通股东，持股1485.19万股，相比上期增加146.02万股。华宝中证全指证券公司ETF（512000）位居第 七大流通股东，持股1397.52万股 ...

Core Viewpoint - Chinese brokerage stocks in Hong Kong experienced a collective rebound on October 21, with significant gains across major firms [1] Group 1: Stock Performance - CITIC Securities (03908.HK) rose by 5.4%, reaching HKD 22.26 [1] - CITIC Construction Investment Securities (06066.HK) increased by 4.16%, trading at HKD 13.77 [1] - Huatai Securities (06886.HK) saw a rise of 3.79%, priced at HKD 20.82 [1] - China Galaxy Securities (06881.HK) gained 3.56%, with a price of HKD 11.63 [1]

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential recovery in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) rose by 5.4% to HKD 22.26 - CITIC Securities increased by 4.16% to HKD 13.77 - Huatai Securities saw a rise of 3.79% to HKD 20.82 - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings upgrade, projecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65%, surpassing last year's total profit [1] - Dongguan Securities, a non-listed brokerage, expects total operating revenue for the first three quarters to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [1] - The anticipated net profit for Dongguan Securities is projected to be between CNY 862 million and CNY 953 million, indicating a year-on-year growth of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in brokerages due to a high trading environment, with net profit growth in the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, highlighting a mismatch between current valuations and improving earnings [1] - There is significant room for valuation upgrades in the brokerage sector, as the current valuations do not align with the expected performance improvements [1]

Core Viewpoint - Chinese brokerage stocks are experiencing a collective rebound, with significant increases in share prices for major firms, indicating a positive market sentiment and potential growth in the sector [1] Group 1: Stock Performance - China International Capital Corporation (CICC) shares rose by 5.4% to HKD 22.26 [1] - CITIC Securities increased by 4.16% to HKD 13.77 [1] - Huatai Securities saw a rise of 3.79% to HKD 20.82 [1] - China Galaxy Securities gained 3.56% to HKD 11.63 [1] Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit of CNY 2.748 billion to CNY 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [1] - Dongguan Securities projected total operating revenue for the first three quarters of this year to be between CNY 2.344 billion and CNY 2.591 billion, reflecting a growth of 44.93% to 60.18% compared to the same period last year [1] - The expected net profit for Dongguan Securities is between CNY 862 million and CNY 953 million, indicating a year-on-year increase of 77.77% to 96.48% [1] Group 3: Market Analysis - Founder Securities noted a clear trend of fundamental recovery in the brokerage sector due to high trading activity, with net profit growth for the sector expected to accelerate to 70% in the third quarter [1] - The overall net profit for the brokerage sector is projected to grow by 54% year-on-year for the entire year [1] - Current valuations of brokerages do not align with the improving earnings, suggesting ample room for valuation adjustments [1]

Core Insights - The Chinese wealth management industry is undergoing a historic transition from scale expansion to quality enhancement, driven by the deepening of the buy-side advisory model and the comprehensive empowerment of artificial intelligence technology [1][2] - The industry is shifting from a product sales-oriented "sell-side model" to a client-centric "buy-side advisory model," which is reshaping the industry value chain and significantly impacting the way services are provided to the real economy and the wealth appreciation of residents [1][2] - A recent industry seminar themed "Gathering Strength, Moving Forward" brought together experts from financial institutions, technology companies, and academic institutions to discuss macro trends, buy-side advisory, global allocation, financial technology, and inclusive finance, revealing the development trends and future directions of the Chinese wealth management industry [1] Industry Transformation - The core of the industry transformation is a fundamental shift from "selling products" to "providing services," driven by changes in the macro environment that lay a solid foundation for the flourishing development of the client-centric buy-side advisory model [2] - The arrival of a low-interest-rate era has accelerated this transformation, prompting individuals to prepare from emotional acceptance, pre-planning, and professional companionship perspectives [2] - The complexity of the market environment has raised the demand for professional advisory services, with public fund assets expected to reach 35.08 trillion yuan and product numbers to reach 13,000 by July 2025 [2] Buy-Side Advisory Model - The buy-side advisory model represents not only an innovation in service models but also a reconstruction of the industry's business logic [4] - CICC Wealth has taken the lead in the buy-side advisory transformation, establishing a service system that includes "China 50," "Micro 50," "Public Fund 50," "Stock 50," and "ETF 50," focusing on long-term value and detailed customer needs [4] - As of July this year, the scale of CICC Wealth's buy-side advisory has surpassed 100 billion yuan, recently breaking through 120 billion yuan, with the "China 50" product generating over 10.1 billion yuan in cumulative returns for clients [4][5] Core Competencies - The core competency of the buy-side advisory is its configuration capability, built on the "5A Configuration Model," which includes Appetite, Asset, Attribution, Alpha, and Assessment [5] - CICC Wealth continuously improves its buy-side advisory model, aiming to achieve the goal of "thinking what clients think, discovering good assets, and obtaining good returns" [6] AI Integration - AI technology is deeply reshaping the service model and ecological landscape of the wealth management industry, with CICC Wealth actively promoting its AI strategy [8] - The AI-enabled service system includes tools for stock diagnosis, account inspection, wave trading, and hot investment, providing professional advisory services with both breadth and depth [7][8] - CICC Wealth's digital platforms, such as E-Space and RITAS, leverage AI to enhance client interactions and investment decision-making processes [9][10] Global Asset Allocation - The ongoing deepening of China's financial market opening is making global asset allocation an important development direction for the wealth management industry [12] - CICC Wealth's international investment management center has an asset management scale of 2.2 billion USD, reflecting the progress of Chinese institutions in the internationalization process [12] - The industry faces challenges such as information asymmetry and a lack of appropriate investment tools for investors engaging in global allocation [12] Inclusive Finance - Inclusive finance is becoming a common focus for wealth management institutions, transitioning from "whether" to "how good" [13] - CICC Wealth is enhancing its inclusive finance practices by providing low-threshold, high-liquidity investment products and utilizing digital tools to make professional asset allocation logic accessible to the public [13][14] - The collaboration with Renmin University aims to improve financial health and wealth management for residents and small enterprises [14][15]