Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

截至2025年12月31日，中金财富总资产人民币2040.5亿元，净资产人民币224.37亿元；2025年1-12月实 现营业收入人民币83.49亿元(其中：手续费及佣金净收入人民币53.4亿元，利息净收入人民币17.6亿 元，投资收益人民币9亿元，公允价值变动收益人民币3.18亿元)，营业支出人民币60.3亿元，营业利润 人民币23.2亿元，利润总额人民币22.8亿元，净利润人民币17.6亿元。追加内容 本文作者可以追加内容哦 ! 格隆汇1月19日丨中金公司(03908.HK)公告，根据中华人民共和国外汇交易中心暨全国银行间同业拆借 中心的相关规定，公司的全资附属公司中国中金财富证券有限公司将于中国货币网 (www.chinamoney.com.cn)披露其2025年度未经审计的母公司资产负债表、利润表及净资本计算表。上 述报表为中金财富未经审计的单体报表，不包括中金财富合并范围内的子公司数据。中金财富年度财务 报表所载中金财富于截至2025年12月31日止年度未经审计的母公司主要财务数据如下： ...

中金公司(03908)公布，截至2025年12月31日，中金财富总资产204,051,686,642.62元，净资产 22,437,196,926.77元;2025年1-12月实现营业收入约83.494亿元(其中：手续费及佣金净收入约53.425亿 元，利息净收入约17.61亿元，投资收益约9亿元，公允价值变动收益约3.18亿元)，营业支出约60.32亿 元，营业利润约23.17亿元，利润总额约22.825亿元，净利润约17.6亿元。 ...

中金公司(03908.HK)港交所披露全资子公司中金财富2025年度主要财务数据，中金财富2025年实现营收 83.49亿元，同比增25.42%；净利润17.6亿元，同比增47.4%。手续费及佣金净收入53.43亿元，同比增 37.21%；投资收益9亿元，同比增31.96%，公允价值变动收益3.18亿元；利息净收入17.61亿元，同比增 14.57%。截至2025年末，中金财富总资产2040.52亿元，较上年末增11.25%，净资产224.37亿元，较上 年末增16.57%。 ...

Core Viewpoint - CICC reported total assets of approximately 204.05 billion yuan and net assets of about 22.44 billion yuan as of December 31, 2025, indicating a strong financial position for the company [1] Financial Performance - For the year 2025, CICC achieved an operating income of approximately 8.35 billion yuan, with net commission and fee income contributing around 5.34 billion yuan, net interest income about 1.76 billion yuan, investment income approximately 900 million yuan, and fair value changes yielding around 318 million yuan [1] - The company's operating expenses were approximately 6.03 billion yuan, leading to an operating profit of about 2.32 billion yuan and a total profit of approximately 2.28 billion yuan, resulting in a net profit of around 1.76 billion yuan [1]

格隆汇1月19日丨中金公司(03908.HK)公告，中金财富年度财务报表所载中金财富于截至2025年12月31 日止年度未经审计的母公司主要财务数据如下：截至2025年12月31日，中金财富总资产人民币 204,051,686,642.62元，净资产人民币22,437,196,926.77元；2025年1-12月实现营业收入人民币83.49亿元 (其中：手续费及佣金净收入人民币5,342,514,362.43元，利息净收入人民币1,760,648,193.88元，投资收 益人民币900,086,358.15元，公允价值变动收益人民币317,872,239.08元)，营业支出人民币 6,032,073,198.07元，营业利润人民币2,317,327,985.93元，利润总额人民币2,282,517,503.85元，净利润人 民币17.6亿元。 ...

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 截至2025年12月31日，中金財富總資產人民幣204,051,686,642.62元，淨資產人民幣 22,437,196,926.77元；2025年1-12月實現營業收入人民幣8,349,401,184.00元（其中：手續費 及佣金淨收入人民幣5,342,514,362.43元，利息淨收入人民幣1,760,648,193.88元，投資收益 人民幣900,086,358.15元，公允價值變動收益人民幣317,872,239.08元），營業支出人民幣 6,032,073,198.07元，營業利潤人民幣2,317,327,985.93元，利潤總額人民幣2,282,517,503.85 元，淨利潤人民幣1,759,984,358.46元。 - 1 - 中金財富年度財務報表乃依照中國財政部頒佈的中國企業會計準則及相關 ...

二、风险提示 2025 年度主要财务数据的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国外汇交易中心暨全国银行间同业拆借中心的相关规定，中国国际金 融股份有限公司（以下简称"公司"）全资子公司中国中金财富证券有限公司（以 下简称"中金财富"）将于中国货币网（www.chinamoney.com.cn）披露其 2025 年度未经审计的母公司资产负债表、利润表及净资本计算表。上述报表为中金财 富未经审计的单体报表，不包括中金财富合并范围内的子公司数据。公司现将中 金财富 2025 年度未经审计的母公司主要财务数据披露如下： 一、中金财富 2025 年度未经审计的母公司主要财务数据 截至 2025 年 12 月 31 日，中金财富总资产 204,051,686,642.62 元（人民币， 下同），净资产22,437,196,926.77元；2025年1-12月实现营业收入8,349,401,184.00 元（其中：手续费及佣金净收入 5,342,514,362.43 元，利息净收入 1,760,64 ...

Core Viewpoint - The report from Kaiyuan Securities expresses optimism about the brokerage sector, highlighting the sustained growth of brokerage performance and the pressure on the funding side, indicating a significant lag in the brokerage sector [1] Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited opinions on the draft of the "Supervision and Management Measures for Derivative Transactions (Trial) (Draft for Comments)" [2] - The policy aims to strengthen the standardized management of the derivatives market, clarifying the CSRC's regulatory scope and emphasizing enhanced monitoring and cross-market regulation [3] - The policy supports the steady development of the derivatives market, encouraging risk management activities and limiting excessive speculation [3] Group 2: Impact on Brokerage Firms - The enhanced transparency in derivatives regulation is expected to benefit the long-term development of brokerage firms' derivatives business, providing a more stable operational framework for brokers and investors [4] - The derivatives business is highly concentrated, with top-tier brokers holding significant advantages; as of November 2023, the market share of the top five firms in swap and OTC options was 66% and 59%, respectively [4] - Top-tier brokers, such as CITIC Securities and Guotai Junan, can directly engage in stock hedging transactions, while secondary brokers are limited in their trading capabilities [4] Group 3: Market Stability and Investment Recommendations - Derivative tools are seen as beneficial for stabilizing market fluctuations, with the potential for relaxed scale restrictions favoring leading brokers [5] - The CSRC's commitment to a robust monitoring system for derivatives trading is expected to facilitate high-quality development in the derivatives business, contributing to market stability [5] - Investment recommendations include top brokers with strong international business and undervalued stocks, such as Huatai Securities and Guotai Junan, as well as firms with significant wealth management advantages like GF Securities [5]

Investment Rating - The report initiates coverage on Xinke Mobile (688387) with an "Outperform" rating and a target price of 22.61 CNY, based on a Sum-of-the-Parts (SOTP) valuation, indicating a potential upside of 18.9% [4]. Core Insights - Xinke Mobile is a leading player in the autonomous communication standard and system construction, with a strong technical foundation, having accumulated 17,170 patents by the end of 2024 and ranking tenth globally in effective 5G standard patents [4]. - The company is a core participant in satellite internet communication systems, leading the development of 21 5G NTN (Non-Terrestrial Network) standards, which account for about one-third of global initiatives [4]. - Xinke Mobile's satellite internet strategy includes a full-stack layout across the entire industry chain, enhancing its growth logic through advancements in phased array technology and payload value expansion [4]. - The company has established key patent licensing agreements with major overseas terminal manufacturers, including a $95 million patent licensing fee from Apple, showcasing its strong patent operation capabilities [4]. - The report highlights a significant difference in market perception, asserting that Xinke Mobile is a key payload supplier for satellite internet, poised to benefit from industry trends [4]. Revenue and Profit Forecast - The report forecasts revenues of 6.136 billion CNY, 6.227 billion CNY, and 8.012 billion CNY for the years 2025, 2026, and 2027, respectively, with net profits of -192 million CNY, 58 million CNY, and 330 million CNY for the same years [4]. - The expected EPS for 2025, 2026, and 2027 is -0.06 CNY, 0.02 CNY, and 0.10 CNY, respectively, with a CAGR of 289% from 2026 to 2027 [4]. Industry Overview - The global mobile communication industry is currently in the 5G phase, with significant advancements in standards and technology, including the establishment of the IMT-2020 (5G) promotion group in China [32]. - The integration of satellite and terrestrial networks is a key feature of the upcoming 6G era, with the report emphasizing the importance of satellite technology in enhancing communication coverage [37]. - The demand for low Earth orbit (LEO) satellite constellations is increasing, with significant improvements in download speeds and latency compared to traditional geostationary satellites [41]. - The report notes that the global satellite internet construction is entering a peak phase, driven by companies like SpaceX, which has significantly increased its satellite launch numbers [45]. - The Chinese government is actively supporting the commercial space sector, with policies aimed at fostering the development of satellite internet and related technologies [54].