Core Insights - The article emphasizes three investment themes to focus on during the third quarter earnings reports, highlighting the relatively subdued internal growth expectations and increased external uncertainties due to the escalation of US-China tariffs [1] Group 1: Earnings Highlights - Key areas to watch in the third quarter earnings include sectors such as gold, TMT (Technology, Media, and Telecommunications) benefiting from high AI demand, and non-bank financials [1] - Investors are encouraged to identify structural highlights through the earnings reports, particularly in sectors with low correlation to economic cycles and external risks [1] Group 2: High-Growth Opportunities - High-growth opportunities include the AI industry chain and sectors with significant overseas capacity layout that cater to non-US economic trade, such as white goods, construction machinery, and power grid equipment [1] - The article suggests focusing on industries that have achieved supply-side clearing in a moderately recovering environment, including industrial metals, lithium batteries, innovative pharmaceuticals, commercial vehicles, and rail and road equipment [1]

Core Points - China International Capital Corporation (CICC) announced the issuance of a bond for professional institutional investors, referred to as the "2024 CICC Bond (Phase 2) (Continuation Issuance)" [1] - The bond is a continuation of the previously issued "2024 CICC Bond (Phase 1) (Type 2)" and is designated as "24 CICC G2" with a bond code of 240635 [1] - The bond has a term of 5 years, with an interest rate of 2.44%, and includes options for interest rate adjustment at the end of the third year and investor redemption [1] - The issuance scale for this bond is capped at RMB 2.2 billion [1] - The final issuance price was determined to be RMB 102.436 based on the results of the book-building process conducted on October 17, 2025 [1]

Core Viewpoint - Qingtian Quan Tax has submitted a listing application to the Hong Kong Stock Exchange, with CICC and ICBC International as joint sponsors [1] Company Overview - Qingtian Quan Tax holds the first position in China's cross-border enterprise intelligent tax and financial solutions market with a market share of 1.7% in 2024, and ranks second in the cross-border enterprise financial and tax digital solutions market with a market share of 1.2% [1] - Since its establishment in 2012, the company has reached nearly 420,000 foreign trade export and cross-border e-commerce enterprises, serving approximately 160,000 users with over 2 million service instances [1] - The company has over 60,000 active users in 2024, with around 27,000 being paying customers, indicating high customer stickiness and repurchase rates [1] Market Presence - Qingtian Quan Tax's business covers multiple provinces and cities, including Jiangsu, Shanghai, and Guangdong, with a significant advantage in the Yangtze River Delta region, achieving a market penetration rate of approximately 10% [1]

Core Viewpoint - Minglue Technology has passed the Hong Kong Stock Exchange main board listing hearing, with China International Capital Corporation (CICC) as its sole sponsor [1] Company Summary - According to Frost & Sullivan data, Minglue Technology is the largest data intelligence application software provider in China by total revenue in 2024 [1] - The company offers data intelligence products and solutions that cover marketing and operational intelligence, serving industries such as consumer goods, automotive, and offline retail [1] Industry Summary - The Chinese data intelligence application software market is projected to grow from RMB 32.7 billion in 2024 to RMB 67.5 billion by 2029, representing a compound annual growth rate (CAGR) of 15.6% [1]

Core Viewpoints - The article discusses the impact of recent U.S. tariffs on China, indicating that while there may be short-term disruptions in global assets, the medium-term trend of asset revaluation in China remains unaffected [1][6]. Credit Market - In September, M2 growth was 8.4%, down 0.4 percentage points from August, while M1 increased by 7.2%, up 1.2 percentage points from August, indicating a narrowing gap between M1 and M2 [3]. - New RMB loans in September were 1.29 trillion yuan, below the market expectation of 1.46 trillion yuan, reflecting a decrease of approximately 300 billion yuan compared to the same period last year [3]. Equity Market - Traditional manufacturing in China is poised to gain global pricing power due to a shift in capital expenditure structures and a slowdown in domestic capital spending [5]. - High-dividend blue-chip stocks and high-growth stocks are highlighted as key investment opportunities for the fourth quarter, with a focus on sectors like banking and utilities for stable returns, and new energy and AI for long-term growth potential [7]. Industry Research - The rebound in inbound tourism in China is expected to significantly boost the tourism sector, with total inbound tourism revenue projected to grow from $94 billion in 2024 to $525 billion by 2034 [11]. - The coal industry is anticipated to rebound in the fourth quarter due to supply constraints and increased demand, with expectations of higher coal prices supported by improved supply-demand dynamics [12]. - The non-ferrous metals sector is identified as a strong performer, driven by global political factors and trade disruptions, presenting investment opportunities in related resource sectors [13]. Macro and Fixed Income - The bond market is entering a recovery phase, with increased attractiveness for low-risk assets amid a declining risk appetite in the market [18]. - The bond market is expected to perform well in the fourth quarter, supported by a weak domestic demand environment and potential monetary policy easing [19]. - Interest rates are projected to remain low and volatile, influenced by economic recovery dynamics and the real estate market's stabilization [20]. Asset Allocation - The stock market is viewed positively in the long term, but caution is advised in the short term, with a focus on undervalued sectors and credit bonds offering yield spread opportunities [22].

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）發行價格公告，僅 供參閱。 承董事會命 ᵜޜਨ৺㪓һՊޘփᡀઈ؍䇱ޜᇩнᆈ൘㲊ۇٴ䇠䖭ǃ䈟ሬᙗ䱸䘠ᡆ㘵䟽བྷ䚇 ┿ˈᒦሩަᇩⲴⵏᇎǃ߶⺞઼ᆼᮤᣵњ࡛৺䘎ᑖ䍓ԫDŽ 㓿к⎧䇱ࡨӔ᱃ᡰᇑṨ਼ˈᒦ㓿ѝഭ䇱ࡨⴁⶓ㇑⨶ငઈՊ⌘˄䇱ⴁ䇨ਟǏ2023ǐ 2429 ਧ˅ˈѝഭഭ䱵䠁㶽㛑ԭᴹ䲀ޜਨ˄ԕлㆰ〠ਁ㹼Ӫ˅㧧߶䶒ੁуъᵪᶴᣅ䍴㘵ޜ ᔰਁ㹼䶒٬ᙫ仍н䎵䗷 200 ӯݳⲴޜ ...

Core Insights - The event "2025 CICC Wealth 1018 Conference" focused on macro research, buy-side advisory, global allocation, fintech, and inclusive finance, highlighting the unique attractiveness of the Chinese market driven by technological breakthroughs and resilient manufacturing upgrades [1] - The wealth management industry is transitioning from a "product-selling" model to a "service-oriented" model, with CICC Wealth leading the buy-side advisory transformation, achieving over 120 billion yuan in assets under management by July 2023, and recently surpassing 120 billion yuan [1][2] Group 1: Buy-Side Advisory Transformation - CICC Wealth has developed a buy-side advisory service system, including "China 50" and "Micro 50," focusing on long-term value and detailed customer needs [1] - The company has constructed over 11,000 different strategy lines across equity assets, alternative assets, and global assets to address clients' asset allocation challenges in a low-interest-rate environment [2] - CICC Wealth is innovating its trading business model to be more client-centric, integrating research, multi-product trading, and exclusive execution services [2] Group 2: AI and Global Investment Opportunities - The introduction of cross-border investment channels like Stock Connect and Wealth Management Connect has expanded product choices and investment tools for investors [3] - CICC Wealth aims to provide a comprehensive service framework for global asset allocation, leveraging its global network and deep research capabilities [3] - The application of AI technology is accelerating the transformation of the wealth management industry, with discussions on how AI can enhance client experience in wealth management [3]

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 stocks globally [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform is designed to leverage advanced model technology to enhance the quality and efficiency of research services provided to clients [1]. Group 2: Research Focus and Updates - The platform features daily updates on research focuses and timely push notifications of selected articles, ensuring that users stay informed about market trends [4]. - CICC provides live broadcasts where senior analysts interpret market hotspots, enhancing the accessibility of expert insights [4]. Group 3: Data and Frameworks - The platform includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive data resources for users [10]. - CICC Insight also features an AI search function that allows users to filter key points and engage in intelligent Q&A, facilitating a more interactive research experience [10].

Core Insights - The Global Wealth Management Forum 2025 is being held in Shanghai on October 18-19, highlighting the significance of AI in the financial sector [1] - AI is identified as the largest impact on the economy since digitalization, with widespread applications and strong market interest [1] - However, challenges such as data security, lack of oversight, and ambiguous valuations are also noted, alongside issues like "inaccurate model reasoning" and "difficulties in controlling behavioral boundaries" [1] - The financial sector is urged to prioritize market stability, particularly in terms of policies and frameworks, to ensure the wealth effectiveness of long-term funds like social security and pensions [1]

格隆汇10月18日｜全球财富管理论坛·2025上海苏河湾大会10月18日至19日在上海市静安区举办。中金 公司原总裁兼首席执行官、清华大学管理实践访问教授朱云来出席大会并发表演讲。朱云来指出，AI 应该是数字化影响经济以来最大的冲击，其应用领域广泛且成为市场追捧的投资对象，但同时也带来数 据安全、审核缺位、估值模糊等问题，甚至存在"模型推理不精准""难以控制行为边界"等核心挑战。因 此，这要求金融领域在拥抱AI机遇时，必须优先重视金融市场的稳定性，尤其是政策与框架的稳定， 以保障社保、养老等长期资金的财富效益。 ...