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 實施的第二次提示性公告，僅供參閱。 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 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24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 ...

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities is fairly priced and aligns with policy direction, significantly enhancing CICC's capital strength, business network, and overall competitiveness, providing strong momentum for its long-term development strategy [1] Group 1: Financial Impact - The merger will substantially increase CICC's capital and asset scale, with total assets expected to exceed 1 trillion yuan and a projected 48% increase in net assets attributable to shareholders [1] - Following the merger, CICC's industry ranking will rise to the 4th position [1] Group 2: Strategic Goals - CICC's development plan aims to become a "full-factor, global, and all-capable" comprehensive modern investment bank by 2025, focusing on customer-centric services and integrating human resources, capital, and data (including AI) [1] - The merger is a key catalyst for accelerating CICC's progress towards its 3.0 strategic goals, significantly enhancing its comprehensive competitiveness and international influence [1] Group 3: Market Outlook - Considering the positive factors of capital enhancement, business synergy, and strategic advancement, the company maintains an "outperform the market" rating [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][61]. Core Viewpoints - The merger of CICC with Dongxing Securities and Xinda Securities is expected to significantly enhance CICC's capital strength, business network, and overall competitiveness, aligning with policy directions and creating long-term value [1][11]. - Post-merger, CICC's total assets are projected to exceed 1 trillion yuan, with a 48% increase in net assets attributable to shareholders, elevating its industry ranking to 4th place [1][12]. - The merger is anticipated to boost CICC's revenue by approximately 32% and net profit by about 45% by 2025, improving its industry rankings to 3rd and 6th respectively [1][12]. Summary by Relevant Sections Mergers and Acquisitions - The merger is seen as a strategic move to consolidate resources and enhance long-term value through reasonable valuation, advantageous pricing, and potential synergies [7][11]. - The integration is expected to create significant operational synergies, particularly in capital utilization, wealth management, and investment banking [2][21]. Financial Projections - Revenue projections for CICC are as follows: 22,990 million yuan in 2023, 21,333 million yuan in 2024, and an estimated 26,901 million yuan in 2025, reflecting a growth rate of 26.1% [4]. - Net profit is expected to rise from 6,156 million yuan in 2023 to 8,233 million yuan in 2025, marking a growth of 44.6% [4]. Business Synergies - The merger will enhance wealth management capabilities, increasing the number of business outlets by approximately 80% to over 400, and expanding the customer base by over 50% to more than 14 million [2][37]. - The investment banking team will grow by over 300 personnel, allowing for better coverage of leading enterprises and international business [2][46]. Strategic Goals - CICC aims to become a comprehensive modern investment bank by 2025, focusing on integrating human resources, capital, and data to enhance global reach and service capabilities [3][61]. - The merger is a critical catalyst for accelerating CICC's strategic goals and significantly improving its competitive edge and international influence [3][61].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][61]. Core Viewpoints - The merger of CICC with Dongxing Securities and Xinda Securities is expected to significantly enhance CICC's capital strength, business network, and overall competitiveness, aligning with policy directions and creating long-term value [1][11]. - Post-merger, CICC's total assets are projected to exceed 1 trillion yuan, with a 48% increase in net assets attributable to shareholders, elevating its industry ranking to 4th place [1][12]. - The merger is anticipated to boost CICC's revenue by approximately 32% and net profit by about 45% by 2025, improving its industry rankings to 3rd and 6th respectively [1][12]. Summary by Relevant Sections Mergers and Acquisitions - Mergers create value through reasonable valuation, advantageous pricing, and potential synergy from integration [7][10]. - The merger aligns with national policies aimed at developing leading investment banks and enhancing resource integration capabilities [11]. Financial Performance and Projections - CICC's revenue is expected to grow from 22.99 billion yuan in 2023 to 43.56 billion yuan by 2027, reflecting a compound annual growth rate [4][63]. - Net profit is projected to increase from 6.16 billion yuan in 2023 to 15.40 billion yuan by 2027, with a significant growth rate of 44.6% in 2025 [4][63]. Business Synergies and Integration - The merger will enhance capital utilization efficiency, with CICC's leverage potentially increasing from an average of 5.4 times to a higher level post-merger [2][21]. - Wealth management is identified as a key area for synergy, with an expected increase in the number of business outlets by approximately 80%, reaching over 400 [2][37]. - The investment banking and asset management sectors will benefit from the integration of teams and resources, enhancing overall capabilities [2][46]. Strategic Development - CICC aims to become a comprehensive modern investment bank by 2025, focusing on customer-centric services and global expansion [3][61]. - The merger is seen as a catalyst for accelerating CICC's strategic goals and enhancing its competitive edge and international influence [3][61].

Group 1 - Over 60% of the top 10 domestic securities firms in China have chosen Tencent Cloud to build a new generation of domestic big data platforms [1] - Major institutions such as CITIC Securities, Guotai Junan, GF Securities, Galaxy Securities, CITIC Construction Investment, and CICC have partnered with Tencent Cloud's big data platform TDBS [1] - The collaboration aims to support the upgrade of data infrastructure in the AI era [1]

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to create a leading brokerage firm in terms of asset scale, net capital, and business coverage, potentially reshaping the competitive landscape of the industry and accelerating the development of a first-class investment bank [1][3]. Group 1: Merger Details - The merger involves a share swap with CICC as the surviving entity, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting a 26% premium for Dongxing Securities [2]. - The share swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC expected to issue approximately 3.096 billion new A-shares [2]. - Major shareholders, including Central Huijin and China Orient, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [2]. Group 2: Financial Impact - Post-merger, the total assets of the new entity are projected to reach 1,009.58 billion CNY, marking the emergence of a trillion-level brokerage firm in China [2]. - As of Q3 2025, the combined total assets of CICC, Dongxing Securities, and Xinda Securities are reported as 764.94 billion CNY, 116.39 billion CNY, and 128.25 billion CNY, respectively [5]. - The three firms achieved revenues of 20.76 billion CNY, 3.61 billion CNY, and 3.02 billion CNY, with net profits of 6.57 billion CNY, 1.60 billion CNY, and 1.35 billion CNY for the first three quarters of 2025 [6]. Group 3: Strategic Advantages - The merger is expected to create significant synergies, enhancing resource integration and capital strength, thereby improving the overall service capability and resilience against market fluctuations [4]. - CICC's strengths in investment banking and private equity will complement Dongxing and Xinda's regional presence and retail client base, leading to a comprehensive service system [4]. - The merger aligns with national strategies to build a strong financial sector and is seen as a response to the call for enhancing the quality of small financial institutions [4].

每经AI快讯，12月24日，中金公司（601995）研报表示，家纺行业增长驱动已从婚庆、地产转向以日 常更换为主的需求，同时线上渠道销售占比快速提升。市场环境的变迁与消费者对睡眠健康关注的提 升，为以功能性细分单品为核心策略的新品牌提供了发展机遇，其迅速崛起亦带动了传统家纺品牌加速 产品创新与迭代。传统品牌在高端供应链和全渠道布局上具备优势，而新品牌在消费者洞察和营销创新 上更敏捷，我们认为两者有望共同推动行业依靠产品创新获得持续的健康增长。 ...

Core Insights - Tencent Holdings (00700), Alibaba-W (09988), and Hong Kong Exchanges (00388) ranked as the top three in net inflow of southbound funds, with net inflows of 1.114 billion, 1.047 billion, and 309 million respectively [1] - China Mobile (00941), Luoyang Molybdenum (03993), and CICC (03908) led the market in net outflows, with net outflows of -1.055 billion, -179 million, and -177 million respectively [1] Net Inflow Summary - Tencent Holdings (00700) had a net inflow of 1.114 billion, representing a 10.22% increase in share price to 614.000 [2] - Alibaba-W (09988) saw a net inflow of 1.047 billion, with a 10.23% increase in share price to 145.300 [2] - Hong Kong Exchanges (00388) recorded a net inflow of 309 million, with a 23.18% increase in share price to 407.000 [2] Net Outflow Summary - China Mobile (00941) experienced the highest net outflow of -1.055 billion, with a -42.32% change in share price to 83.900 [2] - Luoyang Molybdenum (03993) had a net outflow of -179 million, with a -24.13% change in share price to 18.770 [2] - CICC (03908) recorded a net outflow of -177 million, with a -20.14% change in share price to 20.340 [2] Net Inflow Ratio Summary - Southern Hong Kong Stock Connect (03432) had a net inflow ratio of 100.00% with a net inflow of 10.7 million [3] - Southern East-West Select (03441) recorded a net inflow ratio of 82.25% with a net inflow of 5.2606 million [3] - Sinopec Kantons Holdings (00934) had a net inflow ratio of 63.87% with a net inflow of 3.9369 million [3] Net Outflow Ratio Summary - 361 Degrees (01361) had the highest net outflow ratio of -76.65% with a net outflow of -17.4897 million [3] - Ark Health (06086) recorded a net outflow ratio of -58.86% with a net outflow of -3.4293 million [3] - iFlytek Medical Technology (02506) had a net outflow ratio of -57.58% with a net outflow of -3.3443 million [3]

Core Viewpoint - The recent regulatory changes in China, particularly the revised "Major Asset Restructuring Management Measures" and the "Six Merger Policies," are designed to stimulate the merger and acquisition (M&A) market, shifting the focus from approval to efficiency and industry orientation [1][2] Regulatory Changes - The China Securities Regulatory Commission (CSRC) implemented new rules in May 2023 to simplify the M&A process and enhance regulatory inclusivity, marking a significant shift in the regulatory landscape [1] - The "Six Merger Policies" released on September 24, 2024, are seen as the most robust support for M&A in the past decade, emphasizing stronger inclusivity and market-driven transactions [1] Macro Perspective - China's economy is transitioning towards high-quality development, necessitating a shift from extensive capital expansion to more refined resource allocation, with M&A being a key tool for industry integration and upgrading [1] Micro Perspective - For listed companies, M&A is becoming an essential strategy to adapt to industry changes and seek new growth avenues, with many companies reporting immediate positive market responses following successful acquisitions [2] - Companies like Liyuanheng and Taili Technology are actively exploring M&A opportunities to enhance their technological capabilities and market reach [2] Trends in M&A - A notable trend is the shift of listed companies from being "hunters" to "prey," with many now positioned as targets for acquisition [3] - Significant transactions are anticipated in 2025, including major mergers among securities firms and innovative cross-listing strategies [4] Absorption Mergers - Absorption mergers are gaining traction as they allow companies to eliminate competition with less financial strain compared to traditional M&A methods [5] - The market is expected to see an increase in absorption mergers, although challenges such as tax implications and the value of "shell" companies remain [5] Local Government Involvement - Local state-owned enterprises are increasingly acquiring listed companies to quickly gain access to mature industry platforms and capital tools, moving away from traditional investment attraction methods [6] Market Dynamics - The active acquisition of listed companies is crucial for maintaining market vitality, with a significant number of major asset restructuring plans being terminated in 2025 compared to previous years [8] - The rise of cross-border M&A is also noted, with over 60 such transactions disclosed this year, although many have faced termination due to various challenges [8] Regulatory Scrutiny - There is a growing concern over potential insider trading and speculative behaviors in the M&A market, prompting calls for stricter regulatory oversight [9][10] - The CSRC emphasizes the importance of maintaining regulatory integrity, particularly in preventing insider trading during M&A activities [10] Future Outlook - The M&A landscape is expected to evolve, with a focus on industry logic and market-driven transactions becoming more prevalent, potentially leading to a more mature A-share M&A market by 2026 [11][12][13] - The generational shift among entrepreneurs is opening up new opportunities for control transfers, which may lead to a significant increase in M&A activities [12][13]

（原标题：阿布扎比投资办公室与中金加强合作） Zawya网站12月10日消息，阿布扎比投资办公室（ADIO）与中国国际金融股份有限公司（中金公 司）合作设立投资走廊，以促进阿布扎比与中国之间的双向投资。双方将合作助力阿布扎比的机构投资 者直接进入中国资本市场，并甄选有意在阿布扎比扩张的中国企业。中金公司计划将把其区域投行业务 设在阿布扎比。 ...