Core Viewpoint - 中金公司 reported a significant increase in total revenue and net profit for the first half of 2025, indicating strong operational performance and growth potential in the investment banking sector [1][2]. Financial Performance - Total revenue (excluding other business income) reached 12.8 billion RMB, a year-on-year increase of 44.1%, with a quarterly revenue of 7.1 billion RMB, up by 1.39 billion RMB quarter-on-quarter [1]. - Net profit attributable to shareholders was 4.33 billion RMB, a year-on-year increase of 94.4%, with a quarterly net profit of 2.29 billion RMB, up by 250 million RMB quarter-on-quarter [1]. - Return on equity (ROE) improved significantly, with a reported ROE of 3.6%, up by 1.5 percentage points year-on-year [1]. Asset and Liability Overview - Total assets (excluding client funds) amounted to 544.3 billion RMB, an increase of 60.89 billion RMB year-on-year, with net assets of 118.8 billion RMB, up by 13.15 billion RMB [2]. - The company maintained a stable leverage ratio of 4.58 times, with interest-bearing liabilities at 286.4 billion RMB, down by 6.27 billion RMB quarter-on-quarter [2]. Business Segments - Heavy capital business net income totaled 6.4 billion RMB, with a quarterly income of 3.52 billion RMB, reflecting a quarter-on-quarter increase of 640 million RMB [2]. - Proprietary business income was 7.25 billion RMB, with a quarterly income of 3.86 billion RMB, up by 460 million RMB quarter-on-quarter [2]. - Margin financing business scale reached 45.3 billion RMB, with a market share of 2.45%, up by 0.21 percentage points year-on-year [3]. Investment Banking and Asset Management - Investment banking revenue was 1.67 billion RMB, with a quarterly income of 1.26 billion RMB, reflecting a quarter-on-quarter increase of 860 million RMB [3]. - Asset management revenue was 680 million RMB, with a quarterly income of 370 million RMB, up by 60 million RMB quarter-on-quarter [3]. Regulatory Metrics - Risk coverage ratio stood at 204.5%, down by 14.6 percentage points from the previous period, with net capital at 46.4 billion RMB, down by 2.3% [3]. - The company’s capital leverage ratio was 12.7%, slightly down by 0.1 percentage points [3]. Future Outlook - The company is expected to benefit from industry supply-side reforms, with projected EPS for 2025, 2026, and 2027 at 1.55, 1.63, and 1.77 RMB respectively [4]. - The target price is set at 24.11 HKD, with a recommendation for investment based on the current market conditions and company performance [4].

Group 1 - In the second half of 2025, CICC successfully launched two milestone projects in Kazakhstan, including the exclusive sponsorship of Jiaxin International Resources for simultaneous listings in Hong Kong and Astana, making it the first RMB-denominated stock in Central Asia, and assisting the Development Bank of Kazakhstan in issuing its first offshore RMB bond, setting multiple market records [1] - Since the Belt and Road Initiative was proposed in 2013, it has become the largest and most extensive international economic cooperation platform globally, with financial institutions, especially securities firms, playing an increasingly important bridging role [3] - CICC has completed 20 Belt and Road-related projects in 2024, with a transaction scale exceeding $33 billion, covering various sectors such as energy, consumption, technology, and infrastructure [4] Group 2 - CICC has been deeply involved in the green development practices of the Belt and Road Initiative, assisting in green-related transactions exceeding 450 billion yuan in 2024 and establishing green investment funds exceeding 37 billion yuan [4] - The company has established an international network covering major financial hubs, including Hong Kong, New York, London, Singapore, Frankfurt, Tokyo, Vietnam, and Dubai, with a new branch in Dubai opening in May 2025 [4] - CICC's internationalization strategy focuses on "professionalization, internationalization, and localization," combining local recruitment with headquarters dispatch to build a composite team and actively participating in local market development [5]

（来源：中金量化及ESG） Abstract 摘要 前言：投资风格，业绩归因，能力评价与策略开发 在历史研究中，我们搭建起纯债基金投资研究体系，涵盖投资风格识别，业绩来源归因，投资能力评价 等环节。本篇我们从历史数据经验转而研究未来收益预测，搭建量化视角下的纯债基金策略开发与组合 构建框架。 一、从需求出发：纯债基金在组合中承载怎样的功能？ 从需求出发，纯债基金在组合中所承载的功能主要包括：底仓功能，配置功能，以及现金管理功能。 1）底仓：基金组合相比股票组合的调仓频率往往更低，因此，底仓型纯债基金产品往往充当组合压舱 石作用，通过长期配置即可获得稳定可靠的回报。2）配置：除了纯债基金底仓以外，尤其在债券静态 收益压缩的背景下，我们还会依据市场择时观点，进行短期波段交易操作，从而放大组合回报，具体操 作方式如通过长久期利率债基落地利率择时信号，或通过重仓二永的产品捕捉信用利差机会等。3）现 金管理：债券市场的特性即在于"慢涨急跌"，为了应对负债端赎回、市场系统性回撤等突发事件，组合 往往需要留有一部分仓位配置现金管理类产品，从而避免组合遭遇极端流动性冲击。 二、从逻辑出发：纯债基金应当具备哪些能力或特质？ 底 ...

Group 1 - Jiangbolong (SZ 301308) announced it will accept a research meeting with CICC on September 8, 2025, from 10:30 to 11:30 AM, with investor relations manager Huang Qi and senior supervisor Su Yangchun participating in the reception [1] - For the year 2024, Jiangbolong's revenue composition is 100.0% from the storage industry [1] - As of the report, Jiangbolong's market capitalization is 38.6 billion yuan [1]

中金公司（601995）(03908)发布公告，中国国际金融股份有限公司(以下简称"发行人"、"本公司"、"公 司"或"中金公司")面向专业投资者公开发行不超过人民币200亿元(含200亿元)公司债券(以下简称"本次 债券")已经中国证券监督管理委员会注册(证监许可【2023】2429号)。 发行人本期债券每张面值为100元，发行价格为100元/张。 本期债券品种一的票面利率询价区间为1.30%-2.30%(含上下限)，品种二的票面利率询价区间为 1.40%-2.40%(含上下限)。本期债券最终票面利率将由主承销商根据簿记建档结果在票面利率询价区间 内协商确定。 发行人本次债券采取分期发行的方式，其中中国国际金融股份有限公司2025年面向专业机构投资者公开 发行公司债券(第三期)(以下简称"本期债券")发行规模为不超过人民币40亿元(含40亿元)，本期债券品种 一简称为25中金G4，债券代码为243780;品种二简称为25中金G5，债券代码为243781。 ...

发行人本次债券采取分期发行的方式，其中中国国际金融股份有限公司2025年面向专业机构投资者公开 发行公司债券(第三期)(以下简称"本期债券")发行规模为不超过人民币40亿元(含40亿元)，本期债券品种 一简称为25中金G4，债券代码为243780;品种二简称为25中金G5，债券代码为243781。 发行人本期债券每张面值为100元，发行价格为100元/张。 本期债券品种一的票面利率询价区间为1.30%-2.30%(含上下限)，品种二的票面利率询价区间为 1.40%-2.40%(含上下限)。本期债券最终票面利率将由主承销商根据簿记建档结果在票面利率询价区间 内协商确定。 智通财经APP讯，中金公司(03908)发布公告，中国国际金融股份有限公司(以下简称"发行人"、"本公 司"、"公司"或"中金公司")面向专业投资者公开发行不超过人民币200亿元(含200亿元)公司债券(以下简 称"本次债券")已经中国证券监督管理委员会注册(证监许可【2023】2429号)。 ...

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。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 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2025 年面向專業機構投資者公開發行公司債券（第三期）信用評級報告，僅供參閱。 中國，北京 2025年9月10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。 ѣളള䱻䠇㷃㛗Գᴿ䲆ޢਮ 2025 ᒪ䶘ੇщѐᵰᶺᣋ䍺㘻ޢᔶਇ㺂 ޢਮٰδㅢпᵕεؗ⭞䇺㓝ᣛ 㕆ਧ˖CCXI-2 ...

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2025 年面向專業機構投資者公開發行公司債券（第三期）募集說明書，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9月10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。 | 注册金额 | 200 亿元 | | --- | --- | | 本期发行金额 | 不超过 40亿元(含 40亿 ...

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2025 年面向專業機構投資者公開發行公司債券（第三期）發行公告，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9月10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。 中国国际金融股份有限公司 2025 年面向专业机构投资者公开发行公司债券 （第三期） 发行公告 中国国际金融股份有限 ...

Group 1 - The company recently held a targeted research activity with participation from three institutions: CICC, Hangyin Wealth Management, and Hanxin Private Equity [1] - The event focused on the company's growth expectations and advantages, highlighting its core intellectual property and technology capabilities, with the company ranking third in China's enterprise SATA SSD total capacity in 2024, leading among domestic brands [5] - The TCM model's progress was discussed, showcasing the company's collaboration with SanDisk, which emphasizes its leading capabilities in main control chip, firmware development, and packaging and testing manufacturing [5] Group 2 - The company's main control chip technology and planning were highlighted, with its series of main control chips utilizing leading foundry processes and self-developed core IP and firmware algorithms, resulting in performance and power consumption advantages [5] - The storage price trend was analyzed, indicating a substantial recovery in semiconductor storage market demand since the end of March 2025, driven by AI server shipments and increased mobile storage capacities [5] - The company noted that the CFM flash memory market is expected to see upward price movement in the third quarter due to supply strategies from storage wafer manufacturers [5]