中国国际金融股份有限公司 已审财务报表及审计报告 2025年度 中国国际金融股份有限公司 已审财务报表及审计报告 2025年度 | 内容 | 页码 | | | | --- | --- | --- | --- | | 审计报告 | 1 - | 4 | | | 合并及公司资产负债表 | 5 - | 10 | | | 合并及公司利润表 | 11 - | | 14 | | 合并及公司现金流量表 | 15 - | | 18 | | 合并及公司股东权益变动表 | 19 - | | 21 | | 财务报表附注 | 22 - | | 160 | 审计报告 安永华明（2026）审字第70019547_A01号 中国国际金融股份有限公司 中国国际金融股份有限公司全体股东： 一、审计意见 我们审计了中国国际金融股份有限公司（以下简称"中金公司"）的财务报表，包括2025年12 月31日的合并及公司资产负债表，2025年度的合并及公司利润表、现金流量表和股东权益变动表以 及相关财务报表附注。 我们认为，后附的中金公司的财务报表在所有重大方面按照企业会计准则的规定编制，公允反 映了中金公司2025年12月31日的合并及公司财务状况以及 ...

中国国际金融股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 2025 年度 关于中国国际金融股份有限公司 非经营性资金占用及其他关联资金往来情况的专项说明 安永华明（2026）专字第70019547_A03号 中国国际金融股份有限公司 中国国际金融股份有限公司董事会： 我们审计了中国国际金融股份有限公司（以下简称"中金公司"）的2025年度财 务报表，包括2025年12月31日的合并及公司资产负债表，2025年度的合并及公司利润 表、股东权益变动表和现金流量表以及相关财务报表附注，并于2026年3月30日出具 了编号为安永华明（2026）审字第70019547_A01号的无保留意见审计报告。 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求，中金公司编制了后附的2025年度非经营性资金占用及其他关联资金往来情况汇 总表（以下简称"汇总表"）。 如实编制和对外披露汇总表，并确保其真实性、合法性、完整性是中金公司的责 任。我们对汇总表所载资料与我们审计中金公司2025年度财务报表时所复核的会计资 料和经审计的财务报表的相关内容进行了核对，在所有重大方面没有发现不一致之 ...

2025年12月31日 中国国际金融股份有限公司 内部控制审计报告 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意见， 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变化 可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审计结 果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 安永华明（2026）专字第70019547_A01号 中国国际金融股份有限公司 中国国际金融股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了中 国国际金融股份有限公司（以下简称"中金公司"）2025年12月31日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 二、注册会计师的责任 我们认为，中金公司于2025年12月31日按照《企业内 ...

Core Viewpoint - The article discusses the impact of the Middle East conflict on oil prices and its implications for China's export dynamics, highlighting both negative supply-side shocks and potential positive demand-side effects [1]. Group 1: Total and Structural Impact on Exports - The Middle East conflict leads to a negative supply shock for China's exports due to rising oil prices, but there may be a positive demand effect that could increase China's export share [1]. - The demand transfer effect suggests that demand may shift from China's competitors to China, potentially increasing the export share of high-energy-consuming products like steel, aluminum, and chemicals [1]. - The demand creation effect indicates that economies heavily impacted by rising oil prices may accelerate their transition to renewable energy, benefiting China's exports of new energy and electrical equipment [1]. Group 2: Comparison of Energy Supply Shocks - The article compares the 2022 Russia-Ukraine conflict with the anticipated 2026 US-Iran conflict, noting that both have negative impacts on global energy supply but differ in their mechanisms and affected regions [3]. - The 2026 US-Iran conflict is expected to have a more severe impact on global oil and LNG supplies compared to the 2022 Russia-Ukraine conflict, particularly affecting Asian economies [3]. - The 2022 conflict primarily disrupted European gas supplies, while the 2026 conflict may block oil and gas supplies globally, especially through the Strait of Hormuz [3]. Group 3: Impact on China's Export Dynamics - The current oil price increase is expected to exert a "stagflation" effect on the global economy, with a 10% rise in energy prices potentially increasing global inflation by 40 basis points and slowing economic growth by 0.1%-0.2% [20]. - A 20% increase in oil prices could reduce China's export volume by 0.8 percentage points over the next 12 months [20]. - High-energy-consuming products may see an increase in export share, as evidenced by the 2022 Russia-Ukraine conflict, which allowed China to gain market share in Europe due to reduced competition from energy-intensive industries [22]. Group 4: Sector-Specific Export Opportunities - The article identifies specific high-energy-consuming products where China could increase its export share, including steel, aluminum, and chemicals, with significant export values recorded in 2022 [30]. - The analysis highlights that Japan and South Korea's industries may face competition from China in high-energy sectors, particularly in metals and chemicals [32]. - The potential for China's export share to increase in these sectors is supported by the observation that other Asian economies are more reliant on Middle Eastern energy supplies than China [12][14]. Group 5: Renewable Energy Export Growth - The article notes that the energy supply shock may accelerate the energy transition in overseas economies, leading to increased demand for China's renewable energy products [41]. - China's exports of renewable energy-related products to the EU rose significantly from $67.5 billion in 2021 to $107.7 billion in 2022, with further growth expected in 2023 [44]. - The demand for China's renewable energy products is projected to increase by 10.5% due to the current energy supply shock, contributing an estimated 1.3 percentage points to overall export growth [52].

Core Viewpoint - The article discusses the impact of the Middle East conflict on global markets, highlighting the resilience of the A-share market amidst significant fluctuations in global asset prices since the conflict began on February 28. [2][3] Market Performance - Since the outbreak of the conflict, Brent crude oil prices have risen by 45.2%, the US dollar index has increased by 2.6%, and the yield on 10-year US Treasury bonds has risen by 47 basis points to 4.44%. In contrast, COMEX gold has seen a significant decline of 15.2%. Major global stock indices, particularly in the Asia-Pacific region, have faced pressure, with the Korean Composite Index down 12.9%, the Nikkei 225 down 9.3%, the S&P 500 down 7.4%, and the Hang Seng Index down 6.3%. The Shanghai Composite Index has shown relative resilience with a decline of 6.0%. [2] Market Sentiment Shift - The market's trading logic has shifted from an initial expectation of a "short-term controllable conflict" to concerns about "rising global inflation" and the potential for weakening global growth. Historical analysis of past geopolitical conflicts indicates that initial market reactions are often characterized by emotional shocks and increased risk premiums, leading to a shift of funds from equity assets to safe-haven assets. [3] Industry Analysis - Since the conflict began, the A-share market has focused on "defensive and safe-haven" sectors and "energy substitution." As of March 27, sectors such as utilities, coal, banking, and power equipment have seen gains, while other sectors, particularly non-ferrous metals and defense industries, have experienced declines. The oil and petrochemical sectors have faced increased volatility due to short-term news and long-term demand concerns. [4] Impact of Rising Oil Prices - Rising oil prices are expected to exert short-term valuation pressure on the A-share market, with mid-term implications for corporate profitability. The conflict has disrupted global energy infrastructure and transportation routes, leading to concerns about sustained high oil prices. [6] Supply Chain and Inflation Concerns - The high oil prices are expected to impact global supply chains and macroeconomic conditions, with potential implications for corporate profit margins. The article emphasizes the importance of monitoring how rising energy and transportation costs affect corporate profitability, particularly if the conflict prolongs. [7][8] Profitability Channels - Oil prices influence corporate profitability through three main channels: 1. Cost shocks and profit redistribution within the supply chain, benefiting upstream oil and gas extraction and coal sectors while pressuring industries sensitive to fuel and logistics costs. [8] 2. Supply substitution and potential increases in export shares for certain domestic industries due to reduced Middle Eastern supply. [9] 3. The importance of long-term energy security and the reshaping of global competitive dynamics, with China's energy self-sufficiency projected to reach 84.4% by 2025, enhancing its competitive position. [10] Economic and Market Outlook - The sustained high oil prices are likely to affect China's economic and A-share profit expectations, necessitating attention to potential policy responses. Historical data suggests that when oil prices remain above $80 per barrel, A-share non-financial sectors may face profitability pressures. [11][12][13] Investment Strategy - The article suggests focusing on sectors with high growth potential and strong earnings certainty, such as AI technology, energy, and materials, while also considering high dividend opportunities in the current market environment. [16][17]

Core Viewpoints - Geopolitical risks are shifting the logic of safe assets towards hard assets that enhance national resilience, with global funds moving from US stocks to non-US markets and cyclical sectors [5] - The Chinese yuan is expected to appreciate across the board, potentially approaching 6.7 against the US dollar, supported by strong export pricing power and a favorable trade balance [21] Economic Performance - In the first two months, industrial enterprises in China saw a profit increase of 15.2% year-on-year, with total profits reaching 10,245.6 billion yuan, driven by a recovery in domestic demand and supportive growth policies [3] - The mining sector's profits rose by 9.9%, while the manufacturing sector's profits increased by 18.9%, indicating a transition from passive destocking to active restocking [3] Equity Market Insights - CICC emphasizes a redefinition of safe assets, suggesting that Chinese assets may benefit from global asset reallocations due to their relative safety [5] - Wells Fargo highlights that price increase trades are becoming a core focus, driven by major project rollouts and rising oil prices, suggesting a favorable environment for cyclical sectors [6] - Zhonggeng Fund identifies six major investment themes based on the 14th Five-Year Plan, including modern industrial systems and green low-carbon initiatives [7] Industry Research - Huatai Securities projects significant growth in green electricity demand, estimating a need for 6.59 trillion kWh by 2035, which will benefit green electricity operators [12] - China Europe Fund notes that advancements in AI are expected to drive demand across various sectors, including large model APIs and security software [13] - Huaxia Fund recommends gradually accumulating positions in Hong Kong tech stocks, as current pessimism may have overshot, presenting long-term investment opportunities [14] Macro and Fixed Income - Bosera Fund anticipates that the internationalization of the yuan will enhance the attractiveness of yuan-denominated bonds, especially in a rising interest rate environment [22] - Guotai Fund warns that gold's safe-haven appeal is under pressure due to liquidity shocks, but its long-term value remains significant amid concerns over dollar credibility [23] Asset Allocation Strategies - Jiashi Fund advises investors to build a diversified and dynamic asset allocation strategy to navigate increased global economic volatility and achieve stable long-term growth [25]

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry but provides specific recommendations for various sectors and companies within the industry [4]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 3.98%, underperforming the CSI 300 index by 2.57 percentage points. The banking sector, however, showed resilience with a decline of only 0.71%, outperforming the CSI 300 index by 0.7 percentage points [10][1]. - The insurance sector reported significant profit growth driven by investments, although Q4 results were impacted by stock market volatility. The long-term fundamentals of the insurance industry remain intact, suggesting potential for valuation and performance recovery [1][17]. - The brokerage sector saw a 3.61% decline, with 14 listed brokerages reporting a combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan, reflecting year-on-year increases of 37.7% and 54.8%, respectively [2][18]. - The banking sector's performance showed marginal improvement, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest income is expected to stabilize, contributing to a more favorable outlook for 2026 [3][21]. Summary by Sections Insurance Sector - The insurance sector index fell by 5.52%, underperforming the CSI 300 index by 4.11 percentage points. The annual reports of listed insurance companies showed significant profit growth driven by investments, with notable Q4 declines due to market fluctuations [1][14]. - The net profit growth for major insurers was led by China Taiping (+221%), followed by China Life (+44%) and New China Life (+38%). The new business value (NBV) also saw substantial increases across the board [14][17]. - Recommendations include China Ping An, China Taiping, and New China Life, with a focus on long-term value recovery in the sector [4][17]. Brokerage Sector - The brokerage sector index decreased by 3.61%, with a reported combined revenue of 271.68 billion yuan and a net profit of 109.02 billion yuan from 14 listed brokerages, indicating strong recovery driven by market conditions [2][18]. - The return on equity (ROE) for these brokerages improved by 1.56 percentage points to 7.5%. The report suggests that the brokerage sector is experiencing a significant recovery in profitability [18][19]. - Recommended stocks include Guotai Junan, Huatai Securities, and Xingye Securities, focusing on firms with strong fundamentals and potential for mergers and acquisitions [4][19]. Banking Sector - The banking sector index fell by 0.71%, with 13 listed banks reporting revenue and net profit growth of 0.85% and 1.08%, respectively. The net interest margin is expected to stabilize, contributing to a positive outlook for 2026 [3][21]. - The report highlights that the asset quality remains stable, with a slight decrease in the non-performing loan ratio to 1.21% and an average provision coverage ratio of 232% [22][24]. - Recommended banks include Hangzhou Bank and Bank of China (H), with a focus on banks with high dividend yields and strong earnings potential [4][24].

Core Viewpoints - The non-bank financial industry is experiencing a positive trend in its fundamentals due to deepening capital market reforms, with a projected 30% profit growth over the next 25 years [5][10] - The average daily trading volume in the Shanghai and Shenzhen markets is 21.1 trillion CNY, reflecting a 4.5% decrease week-on-week [5] - The net profit of 150 securities companies is expected to reach 219.439 billion CNY in 2025, representing a year-on-year increase of 31.2% [5] Group 1: Industry Performance - As of March 28, 2026, the Shanghai Composite Index is at 3913.72 points, down 1.09%, while the Shenzhen Component Index is at 13760.37, down 0.76% [10] - The non-bank financial sector indices have seen declines of 3.55% and 5.72% for securities and insurance, respectively [10] Group 2: Insurance Sector Insights - The insurance sector's annual reports show a slowdown in growth due to changes in the market environment in Q4, but the long-term trend remains positive [16] - The net profit growth for insurance companies is expected to be in double digits for the year, despite a high base in 2024 [16] - Key stocks to watch in the insurance sector include China Pacific Insurance, Ping An Insurance, and China Life Insurance [16] Group 3: Securities Sector Developments - The introduction of a "light asset, high R&D" recognition standard has been expanded to the main board, enhancing the inclusivity of the capital market [17][18] - The new standards aim to improve the flexibility of refinancing rules and guide funds towards key technology sectors [18] - The adjustments to the standards include raising the R&D investment ratio for the ChiNext board from 3% to 5%, reinforcing the board's positioning [21] Group 4: Investment Recommendations - The report suggests focusing on companies with strong quarterly performance catalysts, including CITIC Securities, Huatai Securities, and China Merchants Securities [5] - In the insurance sector, recommended stocks include China Taiping, New China Life, and AIA Group [16] - For Hong Kong stocks, quality dividend stocks such as China Shipbuilding Leasing and Hong Kong Exchanges are highlighted [5]

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 Focus and Updates - Daily updates on research focus and timely push of selected articles are provided through the "CICC Morning Report" [4]. - Senior analysts are available for live interpretations of market hotspots, enhancing real-time engagement with clients [4]. Group 3: Research Reports and Data - The platform features over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. - It includes more than 160 industry research frameworks and 40 premium databases, providing extensive data resources for analysis [10].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry, specifically focusing on the international business of brokerage firms [1]. Core Insights - Multiple driving forces are converging, marking a strategic opportunity period for brokerage firms to expand internationally. This includes policy empowerment, market expansion, and profit optimization [5][11]. - The international business of brokerage firms is steadily advancing, with significant growth potential as contributions from overseas operations increase [30]. - Long-term growth opportunities remain abundant, with various business lines collaborating to unlock growth ceilings [11][30]. Summary by Sections 1. Multiple Driving Forces Converging - **Policy Empowerment**: National strategies and improved regulatory frameworks are solidifying the foundation for brokerage firms' international expansion. The central financial work conference emphasizes the necessity of cultivating first-class investment banks as a core task for building a financial powerhouse [11][12]. - **Market Expansion**: The Hong Kong IPO market is significantly expanding due to ongoing reforms, with 117 companies listed in 2025, raising HKD 286.3 billion, a 224.8% year-on-year increase [14][15]. - **Profit Optimization**: Overseas operations exhibit a notable return on equity (ROE) advantage compared to domestic businesses. For instance, in the first half of 2025, the ROE for major brokerage firms' overseas subsidiaries was significantly higher than their overall company ROE [25][26]. 2. Accelerated International Business Layout - **Contribution from Overseas Operations**: The contribution from international business is steadily increasing, with a compound annual growth rate of 20% from 2018 to 2024 for overseas revenue among selected listed brokerage firms [30]. - **Investment Income Dominance**: The revenue structure of overseas operations is primarily driven by investment income, supported by wealth management and investment banking services [30]. 3. Long-term Growth Potential - **Comparison with International Peers**: Chinese brokerage firms' international business revenue is currently only 25% of Goldman Sachs' overseas revenue, indicating substantial growth potential [11][30]. - **Development Opportunities Across Business Lines**: Various business lines are poised for development, with increasing demand for cross-border investment banking and wealth management services as Chinese enterprises expand internationally [11][30]. 4. Investment Recommendations - The report recommends focusing on leading brokerage firms with strong international business capabilities, such as CITIC Securities, CICC, Huatai Securities, and others, which are expected to benefit significantly from the internationalization trend [5][30].