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公開 發行2021年公司債券（面向專業投資者）（第三期）（品種二）2025年付息公告，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8月11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:188576 债券简称:21中金G6 中国国际金融股份有限公司 公开发行 2021年公 ...

Group 1 - The core viewpoint of the articles highlights the performance and market position of China International Capital Corporation (CICC), noting its stock price increase and financial metrics [1][2] - As of August 11, CICC's stock closed at 36.4 yuan, with a rolling price-to-earnings (PE) ratio of 27.04 times and a total market capitalization of 175.71 billion yuan [1] - In comparison to the industry, CICC's PE ratio is below the average of 31.73 times and the median of 25.97 times, ranking 27th among its peers [1][2] Group 2 - CICC reported a significant increase in its financial performance for Q1 2025, achieving operating revenue of 5.721 billion yuan, a year-on-year growth of 47.69%, and a net profit of 2.042 billion yuan, up 64.85% year-on-year [1] - The company has a diverse range of main business activities, including investment banking, equity sales and trading, proprietary investment and trading, wealth management, and investment management [1] - As of March 31, 2025, CICC had 139,215 shareholders, a decrease of 14,989 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

Core Viewpoint - Multiple securities firms have become significant shareholders in the top ten circulating shareholders of listed companies, indicating a strong interest in sectors such as non-ferrous metals and power equipment [2][3]. Group 1: Securities Firms as Major Shareholders - As of August 11, several listed companies, including Western Mining and Xiangdian Co., have securities firms among their top ten circulating shareholders [4]. - The top shareholders include Guotou Securities, Shenwan Hongyuan Securities, and others, with notable holdings in companies like Western Mining (21.98 million shares) and Xiangdian Co. (18.26 million shares) [5][6]. - Shenwan Hongyuan and China Merchants Securities increased their holdings in Cangge Mining by 2.96 million shares and 72,000 shares, respectively, by the end of Q2 [5][6]. Group 2: Changes in Holdings - Guotou Securities has newly become the sixth largest shareholder in Huate Dain and the tenth in Western Mining, holding 3.80 million shares [6]. - Shanghai Securities has entered as the sixth largest shareholder in Taijia Co. with 1.80 million shares, while Huatai Securities is now the tenth largest shareholder in Kaimete Gas with 2.72 million shares [6]. - Some firms, like Shenwan Hongyuan, have reduced their holdings, selling approximately 522,800 shares of Xiangdian Co. in Q2 [7]. Group 3: Securities Firms' Proprietary Business Performance - In 2024, the total proprietary business income of securities firms exceeded 174 billion yuan, marking a year-on-year growth of over 40% [8]. - Six firms, including CITIC Securities and Huatai Securities, reported proprietary business net income exceeding 10 billion yuan [8]. - The first quarter of 2024 saw significant growth in proprietary income for several firms, with Changjiang Securities increasing by over 23 times to 872 million yuan [8]. Group 4: Market Outlook and Analyst Insights - Analysts suggest that the securities sector is poised for a stable recovery in valuation, supported by favorable liquidity, strong mid-year performance, and potential for mergers and acquisitions [10].

Core Viewpoint - The report from China International Capital Corporation (CICC) highlights a new policy from Beijing's housing authorities that allows eligible families to purchase an unlimited number of residential properties outside the Fifth Ring Road starting from August 9, 2025, which may create investment opportunities in the real estate and property management sectors [1] Group 1: Policy Changes - The Beijing Municipal Commission of Housing and Urban-Rural Development and the Beijing Housing Provident Fund Management Center issued a notice to optimize and adjust real estate policies [1] - From August 9, 2025, eligible families can buy an unlimited number of commercial housing units outside the Fifth Ring Road [1] - Single adults will be subject to the same housing purchase restrictions as families [1] Group 2: Market Outlook - Despite the current weak performance of the industry fundamentals, the Politburo meeting has maintained a stable stance on real estate policies [1] - The current valuations in the real estate sector show resilience, suggesting potential for improvement in overall market liquidity, which could drive the sector forward [1]

中金公司研报表示，2025年8月8日，北京市住房和城乡建设委员会、北京住房公积金管理中心发布《关 于进一步优化调整本市房地产相关政策的通知》，宣布自2025年8月9日起，符合条件的居民家庭在五环 外购买商品住房不限套数，成年单身人士按照居民家庭执行商品住房限购政策，并对公积金贷款的套数 认定、贷款额度、最低首付比例等进行调整。关注地产及物管板块投资机会。尽管近期行业基本面表现 偏弱，政治局会议对地产政策取态平稳，但考虑到当前估值具备韧性，未来整体市场流动性改善或对板 块有潜在驱动。 ...

Core Viewpoint - In July, the "anti-involution" policy led to a narrowing of the PPI month-on-month decline to -0.2%, driven by key industries controlling volume and raising prices, alongside new funding allocations, the fading of promotional disturbances, and rising gold prices [1] Group 1: PPI and CPI Analysis - The year-on-year decline of PPI remains at a two-year low of -3.6%, while CPI has shifted from an increase to stability [1] - Core CPI has rebounded for the third consecutive month, indicating improvements in industrial consumer prices [1] Group 2: Future Outlook - The fading of tailing factors may lead to improvements in PPI year-on-year and CPI year-on-year in the fourth quarter, starting from August [1] - To effectively drive inflation back to historical averages, stronger policy measures and a focus on expanding domestic demand are crucial [1]

Group 1 - The article discusses the rankings of various securities firms in different sectors, highlighting their performance and market positioning [2][4][5] - It provides a list of top securities firms in categories such as banking, non-bank financials, real estate, and food and beverage, indicating their competitive standings [6][7][8] - The rankings reflect the firms' capabilities in sectors like healthcare, technology, and energy, showcasing their influence in the investment banking landscape [9][10][11] Group 2 - The article emphasizes the importance of sector-specific expertise among securities firms, suggesting that firms with strong sector knowledge tend to perform better [12][13] - It notes the dynamic nature of the market, where firms must adapt to changing economic conditions and investor preferences to maintain their rankings [14][15][16] - The analysis includes insights into how firms are leveraging technology and innovation to enhance their service offerings and client engagement [17][18][19]

Summary of Key Points Core Viewpoint The article highlights the recent fundraising activities in the investment sector, showcasing a total of 14 fundraising events that collectively exceed 250 billion RMB, indicating a robust investment climate and a focus on strategic sectors such as technology, renewable energy, and automotive industries [2]. Group 1: Fund Establishments - The GaoTou YiDa ZhanXin Soft Information Fund has been established with a scale of 1 billion RMB, focusing on early-stage and growth-stage enterprises in the software and information services sector in Nanjing [5][6]. - The CICC Private Equity and Renault Group have signed a partnership agreement to establish a strategic fund for the new energy vehicle industry, marking a significant collaboration in the automotive sector [9][10]. - The ChengTong KeChuang (Jiangsu) Fund has been signed with a target size of 10 billion RMB, aimed at integrating technological innovation with industrial development in Jiangsu [11][12]. - The ZhongKe ChuangXing Pioneer Venture Capital Fund has completed its first closing at 2.617 billion RMB, focusing on early-stage hard technology projects, particularly in the "Artificial Intelligence+" domain [14][15]. - The national-level sub-fund Dongfang Jiafu (Ordos) has officially settled in Ordos with an initial closing of 1.6 billion RMB, targeting small and medium enterprises in strategic sectors [16]. Group 2: Fund Collaborations and Investments - SISPARK has signed new fund agreements with Fengwu Capital, Kaifeng Venture Capital, and Yongxin Ark, enhancing collaboration in the AI sector [17][18]. - KKR has launched its first onshore RMB fund in Shanghai, with a scale exceeding 400 million RMB, marking a significant entry into the Chinese market [20]. - The Changjiang Industry Group has established a 5 billion RMB specialized vehicle fund to support the transformation and upgrading of the automotive industry [21][22]. - Renhe Capital has announced the establishment of its 21st private equity fund, focusing on key technology sectors [23]. - The Kaihui (Dassault) Digital Industrial Fund has been established in Jing'an, aimed at promoting digital transformation in the industrial sector [24][25][26]. Group 3: Fund Performance and Future Outlook - Changshi Capital has completed a fundraising of 728 million RMB for its third phase hard technology fund, supported by various industry leaders and financial institutions [27]. - Shenzhen Investment Control Capital has successfully launched two AIC pilot funds, contributing to the local economy and innovation ecosystem [28][29]. - The Kaihui Smart Energy Fund II has been established with a scale of 1 billion RMB, continuing the successful model of its predecessor to drive innovation in the renewable energy sector [30].

Core Viewpoint - The article outlines the agenda for a two-day training event hosted by CICC, focusing on macroeconomic analysis, market strategies, and various industry research frameworks. Group 1: Day 1 Agenda - The first day includes sessions on macroeconomic analysis led by Zhang Wenlang, Chief Macro Analyst at CICC, and discussions on A-share market strategies by Li Qiuxu, Chief Domestic Strategy Analyst [5][6]. - Other topics include overseas assets and Hong Kong market research, global asset allocation frameworks, and industry-specific analyses such as banking and insurance [5][6]. - The day concludes with insights into the transportation industry and a discussion on the stability and changes within this sector [6]. Group 2: Day 2 Agenda - The second day features sessions on cloud reconstruction and AI evolution, presented by Jia Shunhe, Chief Hardware Analyst at CICC [7][8]. - Discussions will also cover the internet industry, pharmaceutical industry research frameworks, and the impact of healthcare reforms on investment opportunities [7][8]. - Additional topics include consumer research frameworks, retail and beauty industry analysis, and the emerging pet economy [8].

Core Viewpoint - The company intends to use remaining raised funds to permanently supplement its working capital, which is expected to enhance the efficiency of fund utilization and reduce financial costs [1][4][6]. Fundraising Overview - The company raised a total of RMB 1,890,120,000.00 through the issuance of 57 million shares at RMB 33.16 per share, with a net amount of RMB 1,732,678,854.04 after deducting related issuance costs [1][2]. - The total amount of over-raised funds is RMB 1,132,121,954.04 [2]. Use of Over-raised Funds - The company has approved the use of RMB 339,636,000.00 from over-raised funds to permanently supplement working capital, which does not exceed 30% of the total over-raised funds [3][5][6]. - This decision was made in meetings held on November 15, 2021, October 26, 2022, and October 24, 2023, with the respective shareholder meetings following [3][4][5]. Plan for Using Remaining Over-raised Funds - The company plans to use RMB 16,241.60 million of the remaining over-raised funds for permanent working capital, ensuring that it does not affect the funding needs of investment projects [5][6]. - The company commits to not engaging in high-risk investments or providing financial assistance to entities outside of its controlling subsidiaries within 12 months after the fund supplementation [5][6]. Board and Sponsor Opinions - The board of directors has agreed to the use of remaining over-raised funds for working capital, subject to shareholder approval [7]. - The sponsor institution has confirmed that the use of these funds will improve fund utilization efficiency and will not harm shareholder interests, complying with relevant regulations [7].