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%。 ...

Core Insights - The overall compensation in the brokerage industry has increased, with over 80% of brokerages reporting growth in total compensation and a rebound in average compensation per employee [1][2] Group 1: Top Brokerage Performance - CITIC Securities remains the leader in total compensation, reaching 11.123 billion yuan in the first half of 2025, a year-on-year increase of 13.58% [1][3] - China International Capital Corporation (CICC) and Huatai Securities follow, with total compensations of 5.572 billion yuan and 5.137 billion yuan, reflecting year-on-year growths of 27.53% and 21.46% respectively [1][3] - CITIC Construction Investment is the only top brokerage to report a decline, with total compensation of 3.076 billion yuan, down 14.41% year-on-year, and an average compensation of 239,300 yuan, a decrease of 9.46% [1][3] Group 2: Regional Brokerage Performance - Brokerages in East China showed strong performance, with Guotai Junan and Haitong Securities reporting total compensations of 8.805 billion yuan, a significant increase of 118.29%, and an average compensation of 422,200 yuan, up 56.20% [1][3] - In South China, Guangfa Securities reported a total compensation of 4.553 billion yuan, growing by 20.92%, while China Merchants Securities reached 3.561 billion yuan, an increase of 13.92% [1][3] Group 3: Mid and Small Brokerage Performance - Smaller brokerages like Huaxi Securities and Guohai Securities have shown significant compensation growth, with Huaxi's total compensation reaching 1.067 billion yuan, up 42.61%, and an average compensation of 263,300 yuan, increasing by 48.67% [2] - Guohai Securities reported a total compensation of 703 million yuan, a year-on-year increase of 36.30%, with an average compensation of 209,900 yuan, reflecting a growth of 45.97% [2] - Conversely, brokerages such as Changcheng Securities and Caitong Securities experienced declines in average compensation, indicating substantial disparities within the industry [2]

Core Insights - The wealth management performance of securities firms has shown significant improvement in the first half of 2025, with a notable increase in brokerage fee income and a shift towards wealth management services [2][4]. 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% [2]. - The top ten securities firms accounted for over 60% of the total brokerage income, with CITIC Securities leading at nearly 8 billion yuan [2][6]. - The brokerage income of 21 listed firms exceeded 1 billion yuan, with significant growth rates observed among mid-sized firms such as Guojin Securities and Guoyuan Securities, which saw increases of over 60% [5][8]. Group 2: Revenue Structure and Wealth Management Transition - The traditional trading business remains the primary revenue source for securities firms, but the wealth management transformation is showing early signs of success, with a 30% increase in income from selling financial products [3][10]. - The income from selling financial products reached 5.568 billion yuan in the first half of 2025, marking a 30% year-on-year increase [12]. - The proportion of income from selling financial products is relatively low at about 7.5%, indicating room for growth in this area [11]. Group 3: High Net Worth and Institutional Client Focus - Securities firms are increasingly targeting high net worth clients, with notable growth in client numbers and assets. For instance, CITIC Securities reported a 12.98% increase in new clients [15]. - Institutional business is also gaining importance, with firms like Caifutong Securities reporting a 23.4% increase in institutional client asset scale [18]. - The expansion of services for institutional clients is evident, with firms enhancing their offerings in areas such as equity incentives and wealth management [19]. Group 4: Buy-side Advisory Services - The buy-side advisory business is experiencing positive changes, with several firms reporting growth in their fund advisory services. For example, Dongfang Securities reported a fund advisory business scale of 14.925 billion yuan [20]. - CITIC Jiantou noted a significant increase in their buy-side customized business, with a year-on-year growth of 161.62% [22]. Group 5: International Market Expansion - Large and mid-sized securities firms are continuing to expand their presence in international markets, with CITIC Securities focusing on global wealth management and establishing centers in Hong Kong and Singapore [23]. - The sales scale and income from overseas wealth management products for CITIC Securities doubled year-on-year in the first half of 2025 [24]. - Guangfa Securities also reported growth in its overseas business, transitioning towards wealth management [25].

Core Insights - The appointment of Wang Shuguang as the new president of CICC highlights the company's commitment to continuity in its core investment banking business [1][2] - CICC reported a significant increase in both revenue and net profit for the first half of 2025, with net profit growing over 90%, which is rare among leading brokerages [1][2] Financial Performance - CICC achieved operating revenue of 12.828 billion yuan, a year-on-year increase of 43.96% [2] - The net profit attributable to shareholders reached 4.33 billion yuan, reflecting a year-on-year growth of 94.35% [2] - The weighted average return on equity (ROE) was 4.16%, up from 2.12% in the first half of 2024 [2] - As of June 30, 2025, CICC's total assets amounted to 699.764 billion yuan, with net assets attributable to shareholders at 118.783 billion yuan [2] Business Segments - The investment banking division generated revenue of 1.445 billion yuan, a year-on-year increase of 149.7%, driven by market fluctuations and increased commission income [3] - The stock business division reported revenue of 3.307 billion yuan, up 106.43%, benefiting from a recovering stock market [3] - The wealth management division's revenue reached 4.179 billion yuan, a growth of 41.11%, primarily due to increased commission income [3] Market Position - CICC led the market in global IPOs for Chinese enterprises, completing 21 deals with a total financing scale of 11.144 billion USD [6] - The company was the top underwriter for A-share IPOs and refinancing projects, showcasing its strong market presence [6] - CICC's bond underwriting in the domestic market reached 415.784 billion yuan, a year-on-year increase of 33.7% [7] Wealth Management - CICC's wealth management business saw its product retention scale grow to nearly 400 billion yuan, with buy-side advisory products nearing 100 billion yuan, both achieving historical highs [8] - The company has innovated its service model to meet diverse asset allocation needs, managing approximately 3.4 trillion yuan in total account assets [8] - CICC's subsidiary, CICC Wealth, has pioneered a buy-side advisory service model, enhancing client investment experiences [8][9] Technological Innovation - CICC Wealth is leveraging AI technology to enhance its buy-side advisory services, aiming to provide personalized client experiences [9] - The RITAS digital platform has been developed to integrate all buy-side advisory services, promoting inclusive finance and improving service quality [9]

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。 免责声明：此文内容为本网站刊发或转载企业宣传资讯 ...

Group 1 - The core viewpoint of the report is the assessment of the sponsorship work conducted by China International Capital Corporation (CICC) for Shenzhen Yibo Technology Co., Ltd, highlighting the compliance and oversight measures taken [1] - CICC has reviewed the company's information disclosure documents timely, with no instances of delayed reviews [1] - The company has established and effectively executed relevant regulations, including those to prevent related party transactions and manage raised funds [1] Group 2 - CICC conducted monthly checks on the company's fundraising special account, confirming that the project progress aligns with the disclosed information [1] - The report indicates that CICC attended one supervisory board meeting and reviewed meeting documents beforehand [1] - CICC issued two special opinions during the review process, with no non-consent opinions raised [1] Group 3 - There were no significant issues identified by CICC regarding the company's external investments or financial support [1] - The company and its shareholders have fulfilled their commitments, with no reasons for non-fulfillment reported [1] - CICC plans to conduct training in the second half of 2025, with no training sessions held to date [1] Group 4 - CICC has appointed a new representative, Li Jinhua, to continue the ongoing supervision of the company, ensuring no disruption in oversight [2] - The report mentions a regulatory warning received by CICC from the Shenzhen Stock Exchange due to insufficient verification of internal controls related to R&D investments and revenue recognition [2] - CICC is actively working on rectifying the issues highlighted in the regulatory warning [2]

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