Core Viewpoint - Delmar announced the replacement of its continuous supervision sponsor representative due to internal work adjustments at the sponsoring institution, China International Capital Corporation (CICC) [1] Group 1 - Delmar received a notice from CICC regarding the change of its continuous supervision sponsor representative [1] - The previous representative, Ms. Ding Ding, will no longer serve in this role [1] - Mr. Ni Yaoqing has been appointed to take over the responsibilities of continuous supervision [1]

Core Viewpoint - The wealth management performance of securities firms has shown significant growth in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [1][3]. Group 1: Brokerage Business Performance - In the first half of 2025, 42 listed securities firms generated a total of 74.563 billion yuan in brokerage fee income, representing a year-on-year growth of approximately 50% [1][3]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][3]. - The brokerage income of mid-sized and small securities firms showed strong growth, with firms like Guojin Securities and Guoyuan Securities experiencing increases of over 60% [5][6]. Group 2: Revenue Structure and Growth - The core revenue source for brokerage business remains the agency trading of securities, which accounted for about 84% of total brokerage income, growing approximately 55% year-on-year [8]. - The income from selling financial products also saw a 30% increase, indicating progress in the wealth management transformation of securities firms [7][9]. Group 3: Client Acquisition and High-Net-Worth Focus - Securities firms are increasingly targeting high-net-worth clients, with firms like Guotai Junan reporting significant growth in their high-net-worth client base and assets under management [12]. - The number of new clients for several firms has increased, with CITIC Securities adding over 830,000 new clients in the first half of 2025 [11]. Group 4: Institutional Business Development - Expanding institutional business is a key strategy for securities firms to diversify their revenue sources, with firms like Caifutong Securities reporting significant growth in institutional client assets [13][14]. - The focus on providing comprehensive services to institutional clients is evident, with firms enhancing their offerings in areas like equity incentives and share buybacks [14]. Group 5: Growth in Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services [16][17]. - For instance, Huatai Securities reported a fund advisory business scale of 21.037 billion yuan, indicating a robust demand for these services [17]. Group 6: International Market Expansion - The trend of large and medium-sized securities firms expanding into overseas markets continues, with CITIC Securities making strides in global wealth management [19]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [19].

Core Viewpoint - Chinese exporters appear to have strong bargaining power in trade with the U.S., bearing only 9% of the cost burden from tariffs imposed by President Trump earlier this year, contrary to U.S. officials' claims of a victorious stance in the global tariff situation [1][3]. Group 1: Cost Distribution Analysis - U.S. importers are caught in the middle of the supply chain, unable to fully pass on costs to the end market or exporters, leading them to compress profit margins as a response [3]. - A regression analysis comparing shipping volumes, tariff rates, and changes in U.S. import prices indicates that from April to July, the average price of goods imported from China decreased by 2.4%, while actual tariffs increased by 27 percentage points [3][6]. - The estimated cost burden on Chinese exporters is significantly lower than the global average of 40%, with U.S. importers expected to bear half of the costs and U.S. consumers covering the remaining 8% to 10% [5]. Group 2: Comparative Tariff Burden - ASEAN, Japan, and the EU are expected to bear a much larger share of tariff costs, with ASEAN and Japan estimated to shoulder 20% and 37% respectively [6]. - The 9% tariff rate on Chinese goods is considerably lower than the 66% rate reported by some U.S. retail giants to their Chinese suppliers, indicating that Chinese firms have managed to limit their share of the tariff burden [6]. Group 3: Future Implications - The tariff costs are projected to gradually impact U.S. consumer inflation as measured by the Consumer Price Index (CPI), with estimates suggesting a potential CPI increase of about 1 percentage point and a core CPI increase of approximately 1.1 percentage points if actual tax rates remain between 16% and 17% [6]. - The main factors influencing future cost distribution will be whether exporters can further reduce prices and whether importers can continue to absorb cost pressures [6].

Group 1 - The company conducted a specific investor survey on September 1, 2025, discussing key issues such as the 2025 semi-annual performance and cement price dynamics with ten institutions including CICC and Guotai Junan [1] - In the first half of 2025, the company achieved an operating income of 11.76 billion yuan, a year-on-year increase of 4.8%, with cement and clinker revenue at 9.18 billion yuan, aggregates at 750 million yuan, and hazardous waste disposal at 360 million yuan [1] - The company's net profit attributable to shareholders was -150 million yuan, but it reduced losses by approximately 650 million yuan, achieving a loss reduction rate of 80.9% [1] Group 2 - The company is steadily advancing capacity replacement and addressing overproduction, with local provincial announcements completed for several plants [2] - Following a price decline due to high temperatures and rainy seasons in July and early August, the company expects a nationwide price increase for cement starting in September, particularly in key regions [2]

Currency and Economic Outlook - Citic Securities predicts that the RMB exchange rate may require more catalysts to break the 7 level, despite a recent appreciation driven by external and internal factors [1] - Goldman Sachs expects an acceleration in trading activity in France despite political turmoil, indicating that France remains an attractive investment destination [2] - MUFG analysts believe that the current political situation in France is unlikely to disrupt the upward trend of the euro [3] - Deutsche Bank reports that the UK 30-year government bond yield has reached its highest level since 1998, raising concerns about public finance sustainability [3] Inflation and Interest Rates - CICC forecasts that the US inflation rate may continue to rise, impacting the bond market dynamics [4] - Huatai Securities emphasizes that a potential rate cut by the Federal Reserve could drive down real interest rates in the US, benefiting gold investments [5] - The analysis suggests that unless the US economy returns to a high-growth, low-inflation scenario, the current gold buying strategy may persist [5] Investment Opportunities - The report highlights that typical gold companies currently have favorable valuations and are expected to benefit significantly from rising gold prices and increased production [5] - The narrowing gold-silver ratio is anticipated to occur after a period of monetary easing, suggesting potential investment opportunities in silver if the economy stabilizes post-rate cuts [5]

9月2日，中金公司作为牵头全球协调人及交割行，成功协助哈萨克斯坦开发银行（Development Bank of Kazakhstan JSC，"DBK"）完成20亿元3年期离岸人民币债券的发行和上市，票息3.35%。本次发行创下 多项市场首单纪录，既是哈萨克斯坦发行人在全球公开发行及上市的首单人民币债券、中亚地区发行人 首单公开发行的人民币债券，也是中亚地区发行人首笔在香港交易所挂牌的人民币债券。在 2025 年上 海合作组织峰会召开背景下，本次债券发行为"一带一路"倡议下的中哈产能合作项目提供了跨境融资的 创新模式，也为高质量共建"一带一路"背景下的跨国金融合作与产能协同树立了新标杆。 本次债券发行受到全球投资者的广泛关注，账簿峰值高达50亿元人民币。债券以最终价格3.35%定价， 较初始价格指引大幅收窄40个基点，为中亚企业发行离岸人民币债券树立了标杆。本次发行吸引了包括 超主权基金、商业银行、保险及资产管理机构等多元化国际投资者踊跃认购，充分体现了市场对人民币 资产及中哈两国合作前景的高度认可。 本次点心债成功发行，不仅彰显了哈萨克斯坦开发银行对离岸人民币资本市场的认可，也是中哈两国在 深化金融合作、 ...

Group 1 - The listing of Aux Electric Co., Ltd. on the Hong Kong Stock Exchange marks the largest IPO project in the Hong Kong market this year, excluding A-share companies issuing H-shares [2] - The total issuance scale is approximately HKD 41.50 billion before the green shoe option and approximately HKD 47.73 billion after the green shoe option, assuming full exercise [2] - CICC acted as the sole sponsor and lead coordinator for the project, leveraging its deep understanding of Aux Electric's business to highlight its investment value and potential [2] Group 2 - Aux Electric is a leading and rapidly growing professional air conditioning provider, ranking among the top five in the global air conditioning market and first in the Chinese mass air conditioning market [5] - The company utilizes an innovative "online and offline integration" model to capture growth opportunities, particularly in lower-tier markets in China [5] - Aux Electric operates in over 150 countries, with more than 50% of its revenue coming from overseas, enhancing its market share through high cost-performance products and quality delivery [5] Group 3 - CICC's involvement in this project exemplifies its commitment to supporting Chinese manufacturing enterprises in enhancing their competitiveness through capital operations [3] - The company aims to continue its mission of "rooted in China, connecting with the world," leveraging its professional capabilities and international business advantages to assist Chinese enterprises in improving global competitiveness [3]

（编辑 张昕） 本次点心债（在香港发行的人民币计价债券）成功发行，不仅彰显了哈萨克斯坦开发银行对离岸人民币 资本市场的认可，也是中哈两国在深化金融合作、推动资本市场互联互通的重大进展。本次债券的成功 落地，即为"一带一路"共建国家基础设施项目提供稳定的人民币融资渠道，助力区域经济一体化进程。 作为最早布局中亚市场的中资投行，中金公司于2018年成为首家获得阿斯塔纳国际金融中心及阿斯塔纳 国际交易所的远程会员资质的中资机构，并于2022年与阿斯塔纳国际交易所签署合作备忘录，共同推动 人民币计价产品的发行与交易，助力阿斯塔纳国际金融中心离岸人民币市场建设，持续探索中哈跨境投 融资需求。中金公司本次牵头完成的债券发行具有里程碑意义，凭借对中国及国际资本市场，尤其是中 亚地区的深刻理解，显著提升了认购质量与市场影响力，探索并实践了"一带一路"倡议下的中哈产能合 作项目的跨境融资创新模式。未来，中金公司将秉持"植根中国，融通世界"的理念，依托丰富的境内外 资本市场经验，持续为高质量共建"一带一路"注入金融专业动能，助力构建全球金融合作新格局。 本报讯 （记者周尚伃）9月2日，中金公司作为牵头全球协调人及交割行，成功协助 ...

Core Viewpoint - The A-share IPO market is showing signs of marginal recovery since the implementation of the "827 New Policy" by the China Securities Regulatory Commission, but the fast-paced IPO era is unlikely to return [1][19]. IPO Market Overview - As of August 31, 2023, a total of 67 companies have gone public this year, an increase of 8 companies year-on-year, raising a total of 656.13 billion yuan, which is a 55.23% increase compared to the previous year [2][4]. - The number of newly accepted IPO applications has surged to 180 this year, a significant increase of 462.5% from 32 last year [3][18]. - However, the number of companies under review and those that have terminated their reviews has continued to decline, indicating a phase of "digesting existing stocks and controlling pace" [3][19]. New Stock Performance - The first-day return for new IPOs has reached 169.7% as of August 27, 2023, with no IPOs experiencing a first-day drop, marking a 56% increase year-on-year and 4.6 times the return rate of the same period in 2023 [3][18]. Underwriting and Financing - The Shanghai Stock Exchange has seen 15 IPOs this year, raising 342.33 billion yuan, while the Shenzhen Stock Exchange has had 8 IPOs raising 43.78 billion yuan, and the ChiNext has had 24 IPOs raising 148.87 billion yuan [4][5]. - 12 brokerage firms have reported underwriting revenues exceeding 100 million yuan, with Huatai United leading at 382 million yuan [8]. Broker Performance - The top three brokers in terms of IPO underwriting numbers are Guotai Junan (27), CITIC Securities (23), and CITIC Jianzhong (14), collectively accounting for 35.16% of total underwriting [12][13]. - A significant portion of the market is dominated by leading brokers, with over two-thirds of firms underwriting fewer than three IPOs, indicating intense competition and a trend of resource concentration among top firms [13][19]. Future Outlook - Despite the recovery in the IPO market, experts believe that the fast-paced IPO environment will not return, as the current market conditions necessitate a more measured approach to IPO approvals [19][20]. - The overall sentiment suggests that the IPO review process will gradually warm up, but it will take time to reach previous levels of activity [19].

中金公司透露，本次债券发行受到全球投资者广泛关注，账簿峰值高达50亿元人民币。债券以最终价格 3.35%定价，较初始价格指引大幅收窄40个基点，为中亚企业发行离岸人民币债券树立了标杆。 本次发行吸引了包括超主权基金、商业银行、保险及资产管理机构等多元化国际投资者踊跃认购。(完) 据悉，本次发行既是哈萨克斯坦发行人在全球公开发行及上市的首笔人民币债券、中亚地区发行人首笔 公开发行的人民币债券，也是中亚地区发行人首笔在香港交易所挂牌的人民币债券。 业内认为，在上合组织天津峰会举行的背景下，本次债券发行为"一带一路"倡议下的中哈产能合作项目 提供了跨境融资的创新模式，也为高质量共建"一带一路"背景下的跨国金融合作与产能协同树立了新标 杆。 中新社天津9月2日电 (记者 夏宾)记者2日从中金公司获悉，该公司作为牵头全球协调人及交割行，协助 哈萨克斯坦开发银行完成20亿元人民币3年期离岸人民币债券的发行和上市，票息3.35%。 ...