中金公司(03908.HK)公告，将于2025年8月29日召开董事会会议，藉以(其中包括)审议和批准刊发公司 及其附属公司截至2025年6月30日止6个月的中期业绩公告，以及派发中期股息的建议(如有)。 ...

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 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8月29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2025年6月30日 止六個月的中期業績公告，以及派發中期股息的建議（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8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。 ...

Core Viewpoint - China International Capital Corporation (CICC) shows a stable performance in financing activities, with a low financing balance relative to market capitalization, while the short-selling activities indicate a higher level of borrowing compared to the past year [1][2]. Financing Activities - On August 18, CICC had a financing buy-in amount of 291 million yuan and a financing repayment of 288 million yuan, resulting in a net financing buy of 2.685 million yuan [1]. - The total financing and securities lending balance for CICC reached 2.456 billion yuan as of August 18, with the financing balance accounting for 2.17% of the circulating market value, which is below the 50th percentile level over the past year [1]. - CICC's short-selling activities included a repayment of 2,500 shares and a short sale of 67,700 shares, with a total selling amount of approximately 2.6105 million yuan [1]. Company Overview - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in various sectors including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [2]. - The revenue composition of CICC is as follows: wealth management (32.73%), equity business (20.81%), fixed income (17.37%), investment banking (12.11%), other (8.25%), asset management (5.14%), and private equity (3.60%) [2]. Shareholder Information - As of March 31, CICC had 139,600 shareholders, a decrease of 9.70% from the previous period, while the average circulating shares per person increased by 10.77% to 21,000 shares [3]. - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed over the past three years [4]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings for some and decreases for others [4].

Core Viewpoint - The report from CICC indicates that the A-share market is currently in a reasonable valuation range, with no significant overvaluation observed despite recent valuation adjustments in blue-chip stocks [1] Valuation Metrics - The dynamic price-to-earnings (P/E) ratio of the CSI 300 is around 12.2 times, which is at approximately the 69th percentile historically since 2010, suggesting that A-share valuations are moderate compared to major global markets [1] - The total market capitalization of A-shares has reached around 100 trillion yuan, with the market capitalization to GDP ratio remaining at a relatively low level among major global markets [1] - The ratio of total market capitalization to M2 is about 33%, which is at the 60th percentile historically, indicating a moderate liquidity position [1] - The current dividend yield of the CSI 300 is 2.69%, which remains attractive compared to the yield on ten-year government bonds, suggesting that equity assets still hold relative appeal [1] Market Activity and Volatility - There is a need to monitor the rapid increase in trading volume, which may lead to heightened short-term volatility; on August 18, the total market trading volume exceeded 2.8 trillion yuan, with a turnover rate of over 5% based on free float market capitalization [1] - Historical experience indicates that during periods of increased trading activity, short-term index fluctuations may intensify, although this typically does not affect the medium-term market trend [1]

其次，公司坚持植根中国、拥抱国际化的均衡配置思路，立足超10年的科学系统化专业研究积淀和制度 体系建设，前瞻性把握利率下行、权益市场复苏、全球资产配置的大趋势。中金财富2024年积极布局粤 港澳大湾区"跨境理财通"业务并获首批试点资格，同时整合海外债券、股票、REITs及另类投资等跨市 场资产类别，助力投资者在全球范围内进行资产配置，把握跨境投资机遇，力求解决投资者"选品难"的 痛点。 最后，公司敏锐洞察客户需求，并给予有温度的陪伴服务。一方面，中金财富创新探索出了一套完整 的"顾问服务金字塔"体系，涵盖资讯顾问、产品顾问、行为顾问、规划顾问、心念顾问等五层次服务体 系，通过专业的心理陪伴和行为引导，帮助客户保持理性决策。另一方面，公司打造了线上线下结合、 总分联动，全渠道、多场景的客户陪伴服务体系，让客户充分感受到投顾服务近在身边。 在《中国证券业协会关于加强自律管理 推动证券业高质量发展的实施意见》（简称"证券业高质量发展 28条"）与《推动公募基金高质量发展行动方案》的政策带动下，财富管理行业正加速从"卖方销 售"向"买方投顾"转型。作为行业先行者，中金财富近期宣布其买方投顾资产保有规模突破1000亿元 ...

Core Viewpoint - Recent product launches and mass production by brands such as Xiaomi, Meta, and Rokid indicate a growing trend in the AI/AR glasses market, suggesting potential investment opportunities in this sector [1] Group 1: Industry Trends - The report highlights the expectation of more AI glasses equipped with display modules to enhance interaction efficiency [1] - There is a focus on dual-chip and dual-system architectures to extend battery life and improve spatial computing capabilities [1] - The development of these technologies is anticipated to create a new AI terminal interaction experience [1] Group 2: Investment Opportunities - The report suggests a strong emphasis on investment opportunities within the AI/AR glasses sector [1]

8月18日，沪深两融数据显示，中金公司获融资买入额2.91亿元，居两市第94位，当日融资偿还额2.88亿 元，净买入268.50万元。 最近三个交易日，14日-18日，中金公司分别获融资买入2.21亿元、3.65亿元、2.91亿元。 本文源自：金融界 作者：智投君 融券方面，当日融券卖出6.77万股，净卖出6.52万股。 ...

中金公司研报表示，混合储能快速发展，大型化趋势确立，长时储能有望在新能源装机规模大或资源禀 赋好的区域率先发展。1）锂电池混合其他长时路线的项目应用陆续出现，多种新型储能技术互补以适 用多元场景诉求；2）受到政策和经济性驱动，长时储能大型化趋势确立；3）新能源装机规模大或资源 禀赋好的区域，我们认为长时储能项目有望率先快速发展。 ...

中金公司研报表示，近期市场对美联储降息的定价大幅提升，美联储内部分歧加剧，既有赞同降息也有 主张观望的声音。美国总统特朗普和财政部长贝森特等人也在向美联储施压，呼吁大幅度降低利率。但 我们认为，现实条件并不支持大幅降息，当前美国面临的最大风险是"类滞胀"，而降息并不能解决这一 矛盾。货币政策仍应以稳定通胀（预期）为核心，而非追求短期增长或屈从于政治压力。因此我们判 断，美联储在降息决策上将保持谨慎，不会大幅宽松。就业放缓与通胀粘性并存，货币政策路径的变数 将大大提升。 ...

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]