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]

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a projected significant increase in net profit for the first quarter of 2025, with expectations of a growth rate between 50% to 70% compared to the previous year [3]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, and it operates primarily in investment banking, wealth management, and asset management [2][3]. - The company was established on July 31, 1995, and listed on November 2, 2020, with its main business segments including investment banking, equity sales and trading, fixed income, wealth management, and investment management [7]. Financial Performance - For the first half of 2025, CICC reported a net profit of 4.33 billion yuan, representing a year-on-year increase of 94.35% [8]. - The projected net profit for the period from January 1, 2025, to March 31, 2025, is estimated to be between 1.858 billion yuan and 2.106 billion yuan, compared to 1.239 billion yuan in the same period last year [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 11.17% to 124,000, while the average number of circulating shares per person increased by 12.62% to 23,649 shares [8]. - The company has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed over the past three years [9]. Institutional Holdings - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 21.63 million shares, and Huatai-PB CSI 300 ETF, which also saw an increase in holdings [10].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 24.11 [2][10]. Core Insights - The company's net profit increased by 94% year-on-year, with significant improvements across various business segments [2][7]. - Return on Equity (ROE) rose to 3.6%, up by 1.5 percentage points year-on-year, indicating enhanced profitability [2]. - The company reported a total revenue of HKD 128 billion, a year-on-year increase of 44.1% [7]. Financial Performance Summary - **Return on Equity (ROE)**: 3.6%, up 1.5 percentage points year-on-year; quarterly ROE at 1.9%, up 1 percentage point year-on-year [2]. - **Net Profit Margin**: 33.8%, up 8.7 percentage points year-on-year; quarterly net profit margin at 32.3%, up 12.6 percentage points year-on-year [2]. - **Total Assets**: HKD 544.3 billion, an increase of HKD 608.9 billion year-on-year [8]. - **Net Assets**: HKD 118.8 billion, up HKD 131.5 billion year-on-year [8]. - **Leverage Ratio**: 4.58 times, stable compared to previous periods [2][8]. Business Segment Performance - **Proprietary Business Revenue**: HKD 72.5 billion, with a quarterly revenue of HKD 38.6 billion, showing a quarter-on-quarter increase [3]. - **Credit Business**: Interest income of HKD 39.9 billion, with a quarterly income of HKD 20 billion [3]. - **Brokerage Business Revenue**: HKD 26.5 billion, a year-on-year increase of 44.2% [9]. - **Investment Banking Revenue**: HKD 16.7 billion, with a significant increase in underwriting amounts for IPOs and refinancing [9]. Earnings Forecast - Expected Earnings Per Share (EPS) for 2025, 2026, and 2027 are projected at RMB 1.55, RMB 1.63, and RMB 1.77 respectively, with corresponding Price-to-Earnings (PE) ratios of 12.3, 11.6, and 10.7 [10][11].

融资方面，中金公司当日融资买入1.27亿元。当前融资余额27.44亿元，占流通市值的2.54%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，中金公司9月9日融券偿还900.00股，融券卖出4.70万股，按当日收盘价计算，卖出金额 173.43万元；融券余量6.90万股，融券余额254.61万元，超过近一年60%分位水平，处于较高位。 资料显示，中国国际金融股份有限公司位于北京市建国门外大街1号国贸大厦2座6层、26层、27层及28 层,香港中环港景街1号国际金融中心第1期29楼，成立日期1995年7月31日，上市日期2020年11月2日， 公司主营业务涉及中国国际金融股份有限公司主要从事投资银行、股本销售及交易、固定收益、大宗商 品及货币、财富管理及投资管理业务。该公司通过六大分部运营业务。投资银行分部从事提供投资银行 服务。股本销售及交易分部从事提供股本销售及交易服务。固定收益分部从事金融产品交易以及提供产 品结构化设计、固定收益销售及期货经纪服务。财富管理分部从事提供财富管理产品及服务。投资管理 分部从事设计及提供资产管理产品及服务。其他分部从事其他业务及后台支持业务。主营业务收入构成 为： ...

Group 1 - CICC has initiated coverage on CIMC with an "outperform" rating, setting a target price of 10.00 CNY / 11.00 HKD, indicating a potential upside of 27% / 36% from current stock prices [1] - The WTO forecasts a 3% growth in global merchandise trade volume by 2025, which will benefit CIMC's container business due to stable replacement demand as containers typically have a lifespan of 12-15 years [1] - CIMC's market share in the container business is steadily increasing, supported by trends of "re-globalization" and replacement demand [1] Group 2 - The offshore oil and gas investment is recovering, with Rystad Energy projecting a CAGR of 10% for global offshore oil and gas capital expenditure from 2024 to 2027 [1] - Clarkson anticipates that the average annual orders for FPSOs will rise to 12 vessels from 2025 to 2027, a 100% increase compared to the 6 vessels expected from 2022 to 2024 [1] - CIMC is one of the few domestic companies with full-chain design and construction capabilities for FPSO/FLNG, with a backlog of offshore engineering orders amounting to 6.92 billion USD, reflecting a 27% year-on-year growth [1]

Company Overview - Company Name: Xingchen Technology Co., Ltd [5] - Stock Code: 301536.SZ [5] - IPO Application Date: June 23, 2022 [5] - Listing Date: March 28, 2024 [5] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [5] - IPO Sponsoring Institution: China International Capital Corporation [5] Performance Evaluation - Average Days from Application to Listing: 629.45 days; Xingchen Technology's listing cycle is 644 days, which is above the average [3] - Underwriting and Sponsorship Fees: 34.027 million yuan, with a commission rate of 5.00%, lower than the average of 7.71% [4] - First Day Stock Performance: Stock price increased by 197.65% compared to the issue price [4] - Three-Month Stock Performance: Stock price increased by 117.45% compared to the issue price [7] Financial Metrics - Issuance Price-Earnings Ratio: 15.34 times, which is 54.17% of the industry average of 28.32 times [8] - Expected Fundraising Amount: 3.099 billion yuan, with actual fundraising amount of 681 million yuan, a decrease of 78.04% [9] - Revenue Growth: 2024 revenue increased by 16.49% year-on-year; net profit attributable to shareholders increased by 25.18% year-on-year; non-recurring net profit increased by 0.42% year-on-year [10] Additional Information - Abandonment Rate: 0.18% [11] - Total Score for IPO Project: 84.5 points, classified as B-level; negative factors include the need for improved information disclosure quality, long listing cycle, significant reduction in actual fundraising amount, and abandonment rate [11]

Core Viewpoint - Xianlin 3D Technology Co., Ltd. is planning to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange, with China International Capital Corporation as the advisory broker [1] Company Overview - Xianlin 3D is a technology innovation enterprise focused on the research and application of high-precision 3D visual software and hardware technology, primarily engaged in the R&D, production, and sales of high-precision 3D scanners and software [1] Financial Performance - In the first half of 2025, Xianlin 3D achieved operating revenue of 688 million yuan, representing a year-on-year growth of 31.52% - The net profit attributable to the parent company was 177 million yuan, showing a significant year-on-year increase of 121.95% [1]

Group 1 - The report from CICC suggests that liquidity expectations are improving, highlighting mid to long-term advantages in sectors such as communication equipment, semiconductors, electronic hardware, solid-state batteries, innovative pharmaceuticals, national defense and military industry, and robotics [1] - China's manufacturing advantages are becoming more prominent, with a focus on foreign trade growth and companies that have established overseas production capacity in sectors like white goods, construction machinery, and power grid equipment [1] - The recovery in capital market sentiment is expected to boost financial performance, with attention on insurance and brokerage firms [1] Group 2 - The "anti-involution" trend is guiding supply contraction in industries, with policy efforts expected to catalyze demand stabilization, particularly in the photovoltaic sector [1] - There may be differentiation within dividend sectors, with a focus on quality cash flow, volatility, and dividend certainty, particularly in telecommunications and banking [1]

Core Viewpoint - The medium-term upward trend of the index remains intact despite potential short-term volatility risks, with the key to determining the end of the current market cycle lying in whether the underlying logic has changed [1] Group 1: Market Dynamics - The current global monetary order reconstruction is still in its early stages, and China's innovation momentum and industrial chain advantages continue to strengthen [1] - A-shares and Hong Kong stocks are still undervalued, indicating that there is still room for revaluation of Chinese assets [1] Group 2: Short-term Factors - Short-term liquidity is benefiting from residents' "deposit migration" and emotional recovery, but caution is advised regarding non-linear volatility caused by "animal spirits" [1] Group 3: Policy Implications - The effectiveness of fiscal, monetary, and structural policies in countering low inflation and weakening credit is crucial for repairing corporate and household balance sheets, stabilizing profits and employment, and reinforcing optimistic expectations to drive sustained market inflows [1]