Group 1 - The core viewpoint emphasizes that wealth management is fundamentally about serving people and understanding their long-term needs, which vary significantly between different customer segments [1] - The common pain points faced by clients in the investment process are summarized as the "three difficulties": difficulty in product selection, difficulty in holding investments, and difficulty in achieving profits [1] - The key to overcoming these challenges lies in shifting from a "sell-side sales" approach to a "buy-side service" model, aligning the interests of the company with those of the clients [1] Group 2 - Under the guidance of a buy-side advisory philosophy, the company provides customized allocation plans based on different risk preferences, funding attributes, and investment goals [2] - The company has established a comprehensive product research system and a mature investment system, supported by a multi-asset layout to explore diverse revenue streams [2] - Recent achievements indicate the effectiveness of the company's buy-side advisory transformation, with product scale surpassing 450 billion yuan and buy-side advisory asset retention exceeding 130 billion yuan [2]

Investment Rating - The report maintains a "Positive" investment rating for the industry [13] Core Insights - The brokerage investment banking business has experienced a contraction from 2022 to 2024, but is expected to see a recovery starting in 2025, with significant improvements in both business volume and revenue [2][7] - The recovery is influenced by the resurgence of the Sci-Tech Innovation Board (STAR Market), which is anticipated to enhance the profitability of brokerage firms through underwriting and follow-on investments [2][10] - Leading brokerage firms such as Guotai Junan, CITIC Securities, and CICC are expected to leverage their resource and scale advantages to maintain competitive edges in the market [2][10] Summary by Sections Investment Banking Business Recovery - The brokerage investment banking sector is projected to recover in 2025 after three years of contraction, with a notable increase in business volume and revenue [7][21] - A-share IPO and refinancing volumes for 2025 are expected to reach CNY 1,253 billion and CNY 9,347 billion, respectively, representing year-on-year increases of 86.1% and 318.9% [21][28] Market Concentration - The concentration of A-share IPOs has significantly increased, with the top five firms (CR5) accounting for 71.5% of the total IPO volume in 2025, up 15.9 percentage points from 2024 [28] - The concentration in bond underwriting has also risen, with CR5 at 52.3% [28] Sci-Tech Innovation Board Follow-On Investment - The follow-on investment returns from the Sci-Tech Innovation Board have improved significantly, with total follow-on investment amounting to CNY 11.2 billion in 2025 and first-day returns reaching 261% [9][30] - Major firms like CITIC, Huatai, and Guotai Junan have reported substantial first-day follow-on investment returns, contributing significantly to their annual profit growth [9][30] 2026 Outlook - The report anticipates a robust project pipeline for the Sci-Tech Innovation Board in 2026, with a total planned issuance of CNY 675 billion from 40 companies [36] - Under optimistic scenarios, follow-on investment returns could drive profit growth for leading brokerage firms by up to 10% in 2026 [10][42]

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2023 年面向專業投資者公開發行公司債券（第一期）（品種二）2026年票面利率調整及債券回售 實施的第三次提示性公告，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12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。 债券代码:138842 债券简称:23 ...

Group 1 - The core viewpoint of the article indicates that the US dollar index has returned to around 98, with market liquidity significantly weakened during the Christmas week, despite the US Q3 GDP data exceeding expectations. Concerns about the US labor market persist, supporting high expectations for Federal Reserve rate cuts [1][18] - Non-US currencies experienced overall appreciation last week, with significant gains in commodity currencies such as the Australian dollar (up 1.57%), New Zealand dollar (up 1.37%), Norwegian krone (up 1.34%), and Canadian dollar (up 0.95%). The British pound rose by 0.88%, while the euro saw a modest increase of about 0.5% [1] - The Japanese yen reversed previous losses after the Bank of Japan's dovish rate hike in December, ultimately appreciating by 0.75% last week. The Chinese yuan also accelerated its appreciation, with the offshore rate briefly surpassing 7.0 due to a weak dollar and increased year-end settlement demand [1][10] Group 2 - Looking ahead, the market is expected to remain relatively stable during the last three trading days of 2025, with liquidity likely to remain weak due to many traders being on holiday. Attention will be focused on the Chinese yuan exchange rate, which may face upward pressure as year-end settlement pressures are released [2] - The prediction range for USD/CNY is set between 7.00 and 7.03. Last week, the yuan maintained a moderate appreciation trend, although the pace of appreciation was limited by the steady exchange rate policy [3][10] - The yuan's appreciation is supported by seasonal factors, but the central bank's steady exchange rate policy has constrained the rate of appreciation. The central bank's recent signals emphasize the need to prevent excessive fluctuations in the exchange rate [11][16] Group 3 - The euro experienced a rise early last week but faced resistance around 1.18, ultimately closing with a weekly gain of about 0.5%. The market's focus on the Federal Reserve's dovish expectations may continue to influence the euro's performance [17] - Concerns about the US labor market persist, with Q3 GDP growth recorded at 4.3%, surpassing expectations. However, weekly unemployment claims data indicates a weakening employment growth momentum, maintaining high expectations for Federal Reserve rate cuts [18] - The European Central Bank (ECB) is perceived to have ended its current rate cut cycle, as indicated by the OIS market, which reflects a relatively calm European market during the Christmas holiday [21]

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 extensive market coverage [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," integrates the wisdom of research analysts and offers a one-stop service for research reports, conference activities, and fundamental databases [1]. - The platform covers over 1,800 individual stocks, showcasing a deep accumulation of research [1]. - It utilizes advanced model technology to enhance the research service experience for clients [1]. Group 2: Research Content - The platform provides daily updates on research focuses and selects timely articles for users [4]. - It features live broadcasts where senior analysts interpret market hotspots, enhancing real-time engagement [4]. - The platform includes over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. Group 3: Data and Frameworks - CICC Insight offers more than 160 industry research frameworks and over 40 premium databases, providing comprehensive data resources [10]. - The platform includes a sophisticated data dashboard and AI search capabilities for efficient information retrieval [10].

Core Viewpoint - Over 80% of public REITs products experienced an increase this week, with the China Securities REITs Total Return Index rising by 1.56% from December 22 to 26, 2023 [2][5] Market Performance - The China Securities REITs Total Return Index saw a slight decline of 0.18% on December 26, closing at 1014.80 points. During the week, 67 out of 79 listed public REITs recorded a rise, with the highest increase being 7.86% for the Zhongjin Chongqing Liangjiang REIT [5][6] - The top-performing REITs included Zhongjin Chongqing Liangjiang REIT (7.86%), Huaxia Fund Huayun REIT (5.99%), and Bosera Jinkai Industrial Park REIT (5.94%). Conversely, 10 products experienced declines, with one falling over 5% [5][6] New Developments - The highly anticipated Xinjiang first hydropower REIT, Huaxia Zhongke Clean Energy REIT, successfully concluded its issuance, attracting over 1616 billion yuan in subscription funds, with a public investor subscription multiple of approximately 392 times [3][8][9] - The underlying asset of Huaxia Zhongke Clean Energy REIT is the Bopona Hydropower Station, the largest in the Hotan region, which has maintained stable revenue and power generation for over 14 years [9] Market Insights - Analysts suggest that the recent price fluctuations in the public REITs market are largely unrelated to the underlying fundamentals, but rather influenced by discussions surrounding the accounting treatment of OCI principal and interest [5][7] - The market is still in a policy dividend period, and it is recommended to gradually focus on low-priced opportunities in relatively stable projects [7]

Group 1 - The Shanghai Stock Exchange has approved China International Capital Corporation to provide primary market-making services for the Huabao CSI Hong Kong Stock Connect Automotive Industry Thematic ETF starting from December 29, 2025 [1] - The approval aims to enhance market liquidity and ensure stable operation of the Hong Kong Stock Connect Automotive Industry ETF [1] Group 2 - The announcement is documented under the Shanghai Stock Exchange notice number 2682 for the year 2025 [1] - The date of the announcement is December 26, 2025 [3]

来源：进出口银行 12月24日，进出口银行党委书记、董事长陈怀宇与中国国际金融股份有限公司（以下简称中金公司）党 委书记、董事长陈亮在京举行会谈，双方就进一步巩固和深化同业合作深入交流。进出口银行党委委 员、副行长王康参加会谈。 来源：进出口银行 12月24日，进出口银行党委书记、董事长陈怀宇与中国国际金融股份有限公司（以下简称中金公司）党 委书记、董事长陈亮在京举行会谈，双方就进一步巩固和深化同业合作深入交流。进出口银行党委委 员、副行长王康参加会谈。 陈怀宇董事长对陈亮董事长一行的来访表示欢迎。他表示，中金公司是进出口银行的重要合作伙伴，双 方工作联系密切、合作前景广阔。进出口银行将深入贯彻落实"十五五"规划建议关于扩大高水平对外开 放等方面的重要部署，继续聚焦主责主业，与中金公司建立长效合作机制，在培育新质生产力、拓展获 客渠道、支持境外股权投资等方面加强联动，共同将党中央决策部署落地落实。 陈亮董事长对进出口银行的支持和信任表示感谢，并介绍了中金公司各版块业务情况和发展规划。他表 示，希望双方保持各层级密切沟通，发挥各自比较优势，探索多种合作模式，携手提供更高质量的金融 服务，推动更多务实成果落地，实 ...

Core Insights - The wealth management industry is transitioning towards a client-centric model, emphasizing long-term relationships and tailored services to meet diverse investor needs [2][5][7] Regulatory Environment - The China Securities Regulatory Commission (CSRC) is advocating for a more inclusive and adaptable capital market system, focusing on investor-centric wealth management and a multi-layered market structure [2] Industry Trends - The industry is shifting from product-driven sales to a buy-side advisory model, which aligns the interests of financial institutions with those of their clients [5][6] - The transformation is seen as essential for serving the real economy and promoting shared prosperity [2][5] Client Needs - There are distinct needs among clients, with mass-market clients seeking simple, transparent, and accessible financial products, while high-net-worth clients require comprehensive solutions covering various investment dimensions [3] - Common challenges faced by clients include difficulties in selecting products, maintaining investments, and achieving stable returns in a low-interest-rate environment [3][4] Company Strategy - The company has been committed to a buy-side advisory model since 2019, focusing on client service rather than sales volume, thereby fostering long-term asset growth [5][6] - The company integrates its asset management and research capabilities to provide customized investment solutions, addressing the common challenges faced by clients [5][6] Performance Metrics - As of recent reports, the company's product scale has surpassed 450 billion yuan, with buy-side advisory assets exceeding 130 billion yuan, demonstrating stability and resilience amid market fluctuations [6] Technological Integration - The company is leveraging AI technology to enhance client service quality and expand its reach in the wealth management market, aiming to create a competitive edge through AI-enabled advisory services [6][7] - The goal is to provide each client with an AI financial advisor and each investment advisor with a digital assistant, improving overall client satisfaction [6][7] Future Outlook - The company aims to align with national financial strategies and contribute to high-quality industry development, focusing on wealth preservation and growth for clients [7]

Core Viewpoint - CICC has played a pivotal role in the development of China's capital markets over the past 30 years, aligning its mission with national strategies and contributing to the high-quality development of the real economy and capital market reforms [1][2]. Group 1: Company Development and Strategy - CICC announced the acquisition of Dongxing Securities and Xinda Securities, which will strengthen its position as a leading institution in the industry and support high-quality development during the 14th Five-Year Plan [2]. - The company emphasizes its commitment to integrating industry resources and enhancing comprehensive service capabilities, showcasing strategic foresight and execution ability in a complex market environment [2]. - CICC aims to leverage its "investment + investment banking + research" synergy to support strategic emerging industries and provide exceptional financial services to clients [3][4]. Group 2: Talent and Core Competitiveness - CICC views talent as a core strategic resource, building a professional team that understands international rules and Chinese practices, which has been crucial for navigating complex geopolitical environments [3]. - The company has successfully executed significant IPOs, such as the $5.25 billion IPO for CATL, demonstrating its professional capabilities and long-term value creation [3][4]. Group 3: Financial Risk Management - CICC has established a specialized debt restructuring team to address financial risks, focusing on corporate relief and industry restructuring [6]. - The company has successfully managed over 30 high-profile bankruptcy restructuring projects, effectively mitigating debt risks and supporting the transformation of the real economy [6]. Group 4: Green Finance Initiatives - CICC is actively promoting green finance strategies, supporting financing for industries such as renewable energy and environmental protection, and has raised over 120 billion yuan for green-themed funds since 2021 [7]. - The company plans to enhance its role in supporting green industry financing and participate in the formulation of green finance standards [7]. Group 5: Wealth Management and Digital Transformation - CICC is transforming its wealth management approach by focusing on long-term client relationships and providing tailored investment solutions, thereby creating a differentiated competitive advantage [8][9]. - The company is committed to leveraging digital finance to enhance service quality and operational efficiency, aiming to build an integrated digital financial service system [9]. Group 6: Future Goals and Vision - CICC's core development goal during the 14th Five-Year Plan is to establish itself as an internationally leading investment bank, aligning its capabilities with national strategies and enhancing its competitive edge [10]. - The company aims to leave a significant impact on China's capital markets, the real economy, and the global financial landscape by fostering innovation and supporting sustainable development [10].