Group 1: LPR and Monetary Policy - The last LPR quote for the year shows no change in both 1-year and 5-year rates, with only one interest rate cut in 2025 [1] - The Federal Reserve has cut rates three times this year, totaling a reduction of 75 basis points, contributing to the appreciation of the RMB against the USD [2][12] - This situation has reduced barriers for international capital flow into China and indicates significant monetary policy space for the upcoming year [13] Group 2: M&A Activity - China International Capital Corporation (CICC) is set to absorb and merge with both Xinda and Dongxing Securities [3][14] - The merger involves a complex share exchange where 1 share of Dongxing will convert to 0.4373 shares of CICC, and 1 share of Xinda will convert to 0.5188 shares of CICC [15] - Current share prices indicate a discrepancy, with Dongxing's implied post-merger price at 15.77 CNY and Xinda's at 18.71 CNY, while their actual prices are 14.21 CNY and 17.85 CNY, respectively, showing a price difference of 9.89% and 4.6% [6][15] Group 3: Market Dynamics and Strategies - The price difference arises from two factors: uncertainty regarding the execution of the merger and the time required for regulatory approvals [7][16] - If the merger is successful, the share prices of Xinda and Dongxing are expected to converge towards their implied merger prices as the execution date approaches [16] - Investors can consider strategies such as buying Xinda or Dongxing while shorting CICC to lock in the price difference, although this involves risks if the merger fails [7][16] Group 4: Cash Exit Options - Shareholders of Xinda and Dongxing have the option to choose cash instead of shares if they do not wish to become shareholders of CICC, which is a protective measure for shareholders [18] - The cash exit prices are set at 34.8 CNY for CICC, 17.79 CNY for Xinda, and 13.13 CNY for Dongxing, with hidden cash exit prices calculated based on the share exchange ratios [19] - Various strategies can be employed around these cash exit prices, including buying below the cash exit price and selling at the hidden cash exit price [19]

智通财经APP获悉，香港联交所最新资料显示，12月18日，China International Capital Corporation Limited增持纳芯微(02676)6.72万股，每股作价113.4707港元，总金额约为762.52万港元。增持后最新持 股数目约为367.03万股，最新持股比例为19.24%。 ...

China International Capital Corporation Limited 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。 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22日 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 實施的第一次提示性公告，僅供參閱。 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 ...

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） 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 债券代码:175720 中国国际金融股份有限公司关于"21 中金 Y1" （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關於 「21中金Y1」提前贖回的第二次提示性公告，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22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。 债券简称:21 中金Y1 提前赎回 ...

Core Viewpoint - The A-share market has shown a strong recovery, with the Shanghai Composite Index returning to 3900 points, indicating a bullish sentiment among investors and a potential for growth in the coming months [1][6]. Market Performance - On December 22, the Shanghai Composite Index closed at 3917.36 points, up 0.69%, while the Shenzhen Component Index rose 1.47% to 13332.73 points, and the ChiNext Index increased by 2.23% to 3191.98 points. The total trading volume in the Shanghai and Shenzhen markets reached 188.22 billion yuan, an increase of 133.5 billion yuan from the previous trading day [6]. - Major Asian markets also saw gains, with the Nikkei 225 index up 1.81% to 50402.39 points and the Korean Composite Index rising 2.12% to 4105.93 points [6]. Commodity Futures - On the same day, domestic commodity futures saw most contracts rise, particularly in the precious metals sector, with silver reaching a new high and both platinum and palladium hitting the daily limit [7]. Fund Flows - Data from Choice indicates that the top ten stocks with net inflows on December 22 included companies like Wolong Electric Drive, Zhongji Xuchuang, and Industrial Fulian, with several of these being CPO concept stocks [8]. Institutional Insights - According to a report from China International Capital Corporation (CICC), the recent adjustments in the market may be nearing an end, suggesting that the current liquidity environment remains relatively loose, providing a good opportunity for investors to position themselves for a year-end rally [9]. - Huatai Securities noted that the recent rebound in A-shares is primarily due to improved liquidity conditions, with significant net inflows from allocation-type funds. They anticipate a potential spring rally in 2024, although the market is currently navigating a period of uncertainty regarding fundamentals and policy [9]. - UBS Wealth Management's CIO office highlighted that AI innovation and related expenditures are expected to drive significant profit growth in China's technology sector by 2026, suggesting favorable liquidity and reasonable valuations could further support the Chinese stock market [9].

2025.12. 22 作者 | 一财阿驴 12月22日，A股三大指数集体走强，截至收盘，沪指涨0.69%，深成指涨1.47%，创业板指涨 2.23%。 | 代码 | 名称 | | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | man | 1 | 3917.36c | 26.92 | 0.69% | | 399001 | 深证成指 | Jun | 3 | 13332.73c | 192.52 | 1.47% | | 399006 | 创业板指 | Vm | S | 3191.98c | 69.75 | 2.23% | 盘面上，海南自贸港概念股掀涨停潮；半导体产业链爆发，CPO、先进封装、硅片方向领涨；AI手 机、宇树机器人、智能驾驶题材活跃；医药商业指数回调明显。 具体来看，海南板块集体爆发，海南矿业、海南瑞泽、海南发展等超20股涨停。 | 代码 | 名称 | 涨幅4 | 现价 | | --- | --- | --- | --- | | 300189 | 神农种业 | +20.03% | ...

证券研究报告 金融行业周报 ——中金公司重组预案出炉，中央财办进一步明确政策导向 证券分析师 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年12月22日 1 1、中金公司"三合一"重大资产重组预案出炉。12月17日晚间，中金公司与东兴证券、信达证券同步披露重大资产重组预 案，中金公司换股吸收合并两家公司的交易定价与方案明晰。3家上市券商A股股票均于12月18日开市起复牌。本次合并后主 体有望在发挥原有中金公司投资银行、私募股权投资、机构业务、资产管理和国际化业务优势的基础上，吸收信达证券和东 方证券在企业纾困、并购重整、区域布局、零售客户上的特色资源，新主体资本金得到进一步补充的情况下，有望充分发挥 AMC产业优势和股东赋能，实现汇金系"投行+AMC资源"的深度协同，加快一流投资银行和投资机构建设进程。 2、中央财办详解2025年中央经济工作会议精神。12月16日，中央财办有关负责同志详解年中央经济工作会 ...

Group 1 - The overall market financing balance increased to 2.49 trillion yuan as of December 19, with a rise of 4.577 billion yuan compared to the previous trading day [1] - A total of 15 Shenwan first-level industries experienced net inflows of financing funds, with the electronics industry leading at a net purchase amount of 1.409 billion yuan [3] - Notable individual stocks with significant net financing purchases include China Ping An at 587 million yuan, followed by companies like Zhaoyi Innovation, Yonghui Superstores, and others [3] Group 2 - A total of 1,726 individual stocks received net financing purchases on the same day, with 22 stocks exceeding 100 million yuan in net purchases [3] - The top ten stocks by net financing purchase amounts included China Ping An, Zhaoyi Innovation, and others, indicating strong market interest in these companies [3]

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：财富管理32.58%，股票业务25.78%，固定收益13.38%，投资银行11.26%，其他8.87%，资产管理 4.21%，私募股权3.91%。 截至9月30日，中金公司股东户数11.89万，较上期减少4.10%；人均流通股24662股，较上期增加 4.28%。2025年1月-9月，中金公司实现营业收入207.61亿元，同比增长54.36%；归母 ...

Core Viewpoint - Zai Jian Pharmaceutical has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor, highlighting its focus on innovative therapies in oncology, autoimmune diseases, and hematology [1] Company Overview - Zai Jian Pharmaceutical is a comprehensive biopharmaceutical company dedicated to the discovery, research and development, and commercialization of innovative small molecules and biologics [1] - The company has a product portfolio that includes marketed drugs, late-stage clinical candidates, and early-stage discovery projects [1] Product Pipeline - Zai Jian Pharmaceutical currently has three marketed drugs: - Zepsu (Zepub) is the first domestically developed small molecule multi-target drug for first-line treatment of advanced liver cancer in China [1] - Zeppin (Zepping) is the first domestically developed innovative JAK inhibitor for the treatment of myelofibrosis in China [1] - Zeplin (Zepeling) is the only recombinant human thrombin developed and successfully commercialized using recombinant DNA technology in China [1]