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2026 年面向專業投資者公開發行科技創新公司債券（第一期）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 代行董事會秘書 梁東擎 中國，北京 2026年1月26日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；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。 经中国证券监督管理委员会证监许可【2025】2264 号文批复，中国国际金融股份 ...

上证报中国证券网讯（记者 宋薇萍）胡润研究院1月26日发布《2025胡润未来独角兽：中国猎豹企业 榜》，榜单列出了成立于2000年之后，五年内（即到2030年底）最有可能达到独角兽级十亿美金估值的 高成长性企业。本次榜单估值计算的截止日期为2025年10月31日。 | | | 中国猎豹企业总部城市TOP 20 | | | --- | --- | --- | --- | | | 城市 | 猎豹数量 | 代表企业 | | 1- | 上海 | 65 (-3) | 防警科技、科州制药、警创科技 | | 2- | 北京 | 60 (+4) | 博视像元、当红齐天、辉羲智能 | | 3- | 深圳 | 35 (0) | 大族思特、库博能源、灵明光子 | | 4- | 杭州 | 34 (0) | 蓝能氢能、启函生物、瑞莱谱医疗 | | 5- | T TH | -111123 -31 | 健齿生物、微远基因、智光储能 | | 51 | | かか INA CHE 23 (-2) | 艾利特机器人、鼎科医疗、心擎医疗 | | 7- | | 南京 中国结 9 (0) @ | 硅基智能、江行智能、芯视界微电子 | | 8- | 尤锡 ...

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]

Core Insights - The report highlights that the short-term changes in broad-based ETF shares are impacting weighted stocks, while long-term regulatory changes are constraining deviations in benchmarks [1][5]. Group 1: Market Performance - As of January 24, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The CSI 300 Index fell by 0.62%, and the ChiNext Index decreased by 0.34% [10]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan, reflecting a 19% decrease compared to the previous period [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with marginal improvements in long-term interest spreads. The 10-year government bond yield was 1.83%, down 1 basis point from the previous week, indicating a stable economic outlook [11][14]. - The insurance sector is benefiting from regulatory changes that enhance asset-liability management capabilities, which are expected to support high growth in 2026. Key stocks to watch include China Ping An, China Life, and New China Life [14][15]. Securities Sector - The report notes a significant decline in broad-based ETF shares, with the CSI 1000 dropping by 42%, the SSE 50 by 25%, and the CSI 300 by 23%. This decline is expected to have a direct impact on the trading volumes of associated leading stocks [15][19]. - The China Securities Regulatory Commission has introduced new guidelines for public fund performance benchmarks, effective March 1, 2026, aimed at enhancing stability and protecting investor interests [24][28]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 68.40 CNY, with a target value of 85.17 CNY, indicating a buy rating. The expected EPS for 2025 is 8.91 CNY, with a PE ratio of 7.68x [6]. - New China Life (601336.SH) is rated as a buy with a target value of 94.21 CNY, and an expected EPS of 14.04 CNY for 2025, reflecting a PE ratio of 4.96x [6]. - China Pacific Insurance (601601.SH) is also rated as a buy, with a target value of 52.44 CNY and an expected EPS of 6.09 CNY for 2025, resulting in a PE ratio of 6.88x [6].

Group 1 - The core management positions at CICC have undergone a significant adjustment, with Wang Shuguang appointed as the financial officer and Liang Dongqing as the board secretary [2][4][6] - The changes come at a critical time as CICC is in the process of merging with Dongxing Securities and Xinda Securities, which is expected to enhance the company's organizational readiness for deeper business integration [2][10] - The transition of key financial and information disclosure roles has been smooth, with the company confirming that the adjustments are part of normal internal rotations and have not impacted governance or financial operations [3][4] Group 2 - Wang Shuguang, who has a 27-year career at CICC, is seen as a key figure in leading the company's financial operations, leveraging his extensive experience in investment banking [6][7] - Liang Dongqing, the youngest member of the management committee, brings a diverse background in wealth management and cross-border business, which is expected to enhance communication and governance [5][8] - The merger with Dongxing and Xinda Securities is projected to significantly increase CICC's net assets to over 170 billion yuan and annual revenue to approximately 27.39 billion yuan, positioning it as a leading player in the industry [10][11] Group 3 - The merger is characterized by strong complementarity, allowing CICC to expand its retail client network significantly, thus achieving a balanced business model [10] - The adjustments in management roles are aimed at ensuring effective capital allocation and communication during this complex integration process, which is crucial for the company's future competitiveness [11] - The ongoing consolidation in the investment banking sector is expected to enhance industry concentration, with CICC positioned favorably for future competition [11]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and a comprehensive coverage of more than 1,800 stocks [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 utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Content - Daily updates on research focus and timely article selections are provided through the "CICC Morning Report" [4]. - The platform features live broadcasts where senior analysts interpret market hotspots [4]. Group 3: Data and Frameworks - CICC Insight includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive industry data [10]. - The platform also features an AI search function for efficient information retrieval and intelligent Q&A capabilities [10].

Core Viewpoint - The official launch of commercial real estate REITs marks a new phase for China's REITs market, presenting significant development opportunities [1] Group 1: REITs Impact on Real Estate Companies - REITs can help real estate companies reduce debt and mitigate risks, creating a virtuous cycle [1] - The transition towards "light asset operation" is facilitated by the implementation of REITs [1] Group 2: Market Environment and Investment Opportunities - In a low interest rate environment, REITs assist in the revaluation of quality assets [1] - REITs provide new investment channels for investors [1]

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The new regulation, titled "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," aims to enhance the quality of public fund development by strengthening benchmark constraints and establishing a clear implementation timeline and transition period [2][3][5]. - The formal version of the regulation has further reinforced external constraints compared to the draft, optimizing specific provisions and clarifying the timeline for implementation, which is set to begin on March 1 [5]. - The regulation addresses previous shortcomings in the industry, such as the lack of specialized and systematic regulations, inadequate internal control mechanisms, and significant deviations of some actively managed equity funds from benchmarks, which have affected investor confidence [5]. Summary by Sections Regulatory Changes - The new regulation emphasizes the importance of performance comparison benchmarks, ensuring they align with the core elements and investment styles specified in fund contracts, and prohibits arbitrary changes once established [5]. - It introduces enhanced external constraints, including the requirement for custodians to ensure compliance with benchmark disclosures and incorporating benchmark usage into the classification evaluation of fund sales institutions [5]. Investment Recommendations - The report suggests that the brokerage sector will benefit from the resonance of capital inflows and performance elasticity, with a favorable outlook for high-quality leading firms and those with wealth management characteristics [5]. - It is anticipated that the influx of medium to long-term capital will stimulate retail participation, further driving the performance of brokerages, which are expected to gradually release their earnings [5]. - The report recommends increasing holdings in quality leading brokerages that will benefit from the influx of new capital, specifically highlighting Huatai Securities and CICC [5][6].

Group 1 - The retail industry is shifting towards consumer-centric approaches, focusing on brand and academic integration, driven by aging population demands for health solutions [2] - The "14th Five-Year Plan" strategy is structured around a "one body, two wings" framework, with each of the three listed companies focusing on different core areas: consumer health, prescription drugs, and silver-haired health [3] - The company aims to drive growth through both internal and external strategies, focusing on management, brand, and product line synergies while pursuing acquisitions in key areas [4] Group 2 - The CHC business has surpassed 10 billion in revenue during the "14th Five-Year Plan," with significant achievements in market expansion and brand development [5] - The sales expense ratio is expected to remain stable, with the prescription drug business benefiting from collaborative synergies post-acquisition [6][7] - The company is currently in a strategic adjustment phase, focusing on channel restructuring and brand building to reduce reliance on prescription drugs [8]