Group 1 - The establishment of Hangzhou Zhongjin Renault Amper Venture Capital Partnership (Limited Partnership) has been officially registered, with a capital contribution of 1 billion RMB [1] - The executive partner is Zhongjin Private Equity Investment Management Co., Ltd., indicating a strong backing from a reputable investment firm [1] - The business scope includes equity investment and venture capital, highlighting the focus on funding innovative startups and growth companies [1] Group 2 - The partnership is co-funded by several entities, including Hangzhou High-tech Venture Capital Co., Ltd., Zhongjin Company’s private equity arm, Yiwu Zhongjin Hongsheng Equity Investment Fund Partnership (Limited Partnership), and Zhejiang Green New Energy Vehicle Equity Investment Partnership (Limited Partnership) [1] - This collaboration among multiple investment firms suggests a strategic approach to pooling resources and expertise in the venture capital space [1]

| 中国国际金融股份有限公司 | | | | --- | --- | --- | | 关于汉桑（南京）科技股份有限公司 | | | | 保荐机构名称：中国国际金融股份有限公司 | | 被保荐公司简称：汉桑科技（301491） | | 保荐代表人姓名：尚林争 | 联系电话：010-65051166 | | | 保荐代表人姓名：徐石晏 | 联系电话：010-65051166 | | | 一、 保荐工作概述 | | | | 项目 | 工作内容 | | | （1）是否及时审阅公司信息披露文件 | 是 | | | （2）未及时审阅公司信息披露文件的次数 | 不适用 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | | 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | | | 管理制度、内控制度、内部审计制度、关联交易 | | | | 制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | （1）查询公司募集资金专户次数 | 1次 | | | （2）公司募集资金项目进展是否与信息披露文件 | | | | 是 | | | | 一致 | | | | （1）列席 ...

Core Viewpoint - The report highlights the recent trading performance and financial metrics of China International Capital Corporation (CICC), indicating a mixed sentiment in the market with significant financing activities and a notable increase in net profit year-on-year [1][3]. Financing Activities - On September 2, CICC experienced a decline of 1.10% in stock price with a trading volume of 1.49 billion yuan - The financing buy-in amount for the day was 205 million yuan, while the financing repayment was 207 million yuan, resulting in a net financing outflow of 2.02 million yuan - As of September 2, the total financing and securities lending balance was 2.617 billion yuan, with the financing balance accounting for 2.32% of the circulating market value, indicating a high level compared to the past year [1]. Securities Lending - On the same day, CICC repaid 14,900 shares in securities lending and sold 13,300 shares, amounting to 512,200 yuan based on the closing price - The remaining securities lending volume was 45,900 shares, with a balance of 1.7676 million yuan, which is below the 50th percentile of the past year, indicating a relatively low level [1]. Company Overview - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in various sectors including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management - The revenue composition is as follows: wealth management (32.73%), equity business (20.81%), fixed income (17.37%), investment banking (12.11%), other (8.25%), asset management (5.14%), and private equity (3.60%) [2]. Shareholder Information - As of June 30, the number of shareholders was 124,000, a decrease of 11.17% from the previous period, while the average circulating shares per person increased by 12.62% to 23,649 shares - For the first half of 2025, CICC reported zero operating revenue but a net profit attributable to shareholders of 4.33 billion yuan, representing a year-on-year growth of 94.35% [3]. Dividend Distribution - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed over the past three years [4]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 71.1662 million shares, an increase of 21.6325 million shares from the previous period - Other notable shareholders include Huatai-PB CSI 300 ETF, which increased its holdings by 1.8153 million shares, and Guotai CSI All-Share Securities Company ETF, which decreased its holdings by 1.8591 million shares [4].

截至2025年9月3日 10:54，证券ETF(159841)盘中换手3.65%，成交2.76亿元。跟踪指数成分股长城证券、锦龙股份上涨。 从资金净流入方面来看，截至9月2日，证券ETF(159841)近7天获得连续资金净流入，最高单日获得3.01亿元净流入，合计"吸金"12.03亿元。 证券ETF(159841)最新规模达73.52亿元，创成立以来新高。证券ETF(159841)最新份额达62.52亿份，创近1月新高。 数据显示，杠杆资金持续布局中。证券ETF(159841)连续7天获杠杆资金净买入，最高单日获得5112.17万元净买入，最新融资余额达3.63亿元。 深市最大的证券ETF(159841)密切跟踪中证全指证券公司指数，该指数聚焦了A股的大市值证券龙头，而且既有传统证券龙头，也有金融科技龙头。证券 ETF(159841)同时配置场外证券ETF联接基金（A：008590，C：008591）。 消息面上，9月2日，上交所发布的新开户数据显示，今年8月A股新开户数达265.03万户，较今年7月的新开户数196.36万户环比增长34.97%，同比增长 165.21%，新开户数远超去年同期水平，去年8月A ...

长江商报消息 ●长江商报记者 徐佳 空缺16个月后，中金公司（601995.SH、03908.HK）总裁人选终于落定。 日前，中金公司宣布，公司董事会同意提名王曙光为公司执行董事候选人，并聘任王曙光为公司总裁。自2025年8 月29日起，王曙光正式任职公司总裁。 王曙光此番履新，意味着中金公司空缺16个月的总裁职位终于补齐。 资料显示，2020年11月，中金公司在A股上市。2023年11月，中金公司同时更换一、二把手，原银河证券董事长 陈亮加入中金公司成为董事长，吴波获聘为中金公司副董事长、总裁。2024年4月，吴波卸任中金公司总裁。 值得一提的是，中金公司同步交出了一份亮眼成绩单。 长江商报记者注意到，作为已经为中金公司效力27年的"投行老兵"，王曙光此番履新，意味着中金公司空缺16个 月的总裁职位终于补齐，王曙光正式成为中金公司二把手。 财报显示，2025年上半年，中金公司实现营业收入128.28亿元，同比增长43.96%；归属于母公司股东的净利润 （净利润，下同）43.3亿元，同比增长94.35%。其中，二季度中金公司净利润22.88亿元，同比增长131.28%，连 续三个季度业绩回升。 按业务条线划分 ...

丨证券研究报告丨 港股研究丨公司点评丨中金公司（3908.HK） [Table_Title] 中金公司 2025 年中报点评：公司业绩随市高增， 国际化业务持续深化 %% %% research.95579.com 1 报告要点 [Table_Summary] 各项业务共同推动公司 2025 年半年度业绩实现高增。长期内我们继续看好中金公司凭借优秀 的收费类业务和资产负债表运用能力，在经纪、投行、资管和交易等方面建立竞争优势，并通 过客需业务和财富管理业务实现 ROE 稳步抬升。 分析师及联系人 [Table_Author] 吴一凡 程泽宇 SAC：S0490519080007 SAC：S0490524090001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% 中金公司（3908.HK） cjzqdt11111 [Table_Title 中金公司 2022] 5 年中报点评：公司业绩随市高 增，国际化业务持续深化 [Table_Summary2] 事件描述 中金公司发布 2025 年半年报，报告期内实现营业收入 128.3 亿元，同比+44.0%，实现归母净 利润 43.3 亿元，同比+94 ...

Core Viewpoint - The Chinese capital market is experiencing a high level of bilateral opening, with overseas markets becoming a crucial area for Chinese securities firms to expand their business and seek performance growth [1] International Business Performance - In the first half of 2025, 12 out of 15 A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [1] - Leading firms like CICC achieved overseas business revenue of 4.024 billion yuan, a year-on-year increase of 75.66% [2] - Smaller firms such as Guoyuan Securities also showed rapid growth, with international business revenue reaching 178 million yuan, up 65.05% year-on-year [2] - Notable performances from international subsidiaries include CITIC Securities International with revenue of 1.492 billion USD, a 52.8% increase, and net profit of 387 million USD, up 65.85% [2] Expansion of Overseas Services - Chinese securities firms are accelerating their overseas layout to enhance international competitiveness [3] - First Capital plans to invest up to 500 million HKD to establish a wholly-owned subsidiary in Hong Kong for various licensed activities [3] - Western Securities intends to invest an equivalent of 1 billion RMB to set up a wholly-owned subsidiary in Hong Kong to serve cross-border financing needs [3] Future Strategies - CITIC Securities aims to strengthen integrated management between domestic and international operations, focusing on a multi-product and multi-channel strategy for overseas business growth [4] - Huatai Securities plans to enhance its cross-border integrated financial service system to support more Chinese enterprises in their internationalization efforts [4] - Innovations in business and niche markets are expected to be key breakthroughs for Chinese securities firms in expanding overseas [4] Emerging Market Opportunities - The rapid growth of financial demand in emerging markets like Southeast Asia and the Middle East presents significant business potential for Chinese securities firms [5] - There is a growing demand for customized wealth management services targeting high-net-worth clients for cross-border asset allocation [5]

由华安基金管理有限公司申请，并经上海证券交易所确认，华安恒生港股通科技主题交易型开放式指数 证券投资基金（以下简称"本基金"；基金简称"华安恒生港股通科技主题ETF"；交易代码：520840）自 2025年9月3日起，新增中国国际金融股份有限公司为申购赎回代办证券公司（以下简称"一级交易 商"）。投资者可通过中国国际金融股份有限公司各营业网点办理本基金的申购、赎回等业务。 截至2025年9月3日，本基金的一级交易商包括： 爱建证券有限责任公司，渤海证券股份有限公司，东莞证券股份有限公司，东海证券股份有限公司，东 吴证券股份有限公司，东兴证券股份有限公司，方正证券股份有限公司，广发证券股份有限公司，国金 证券股份有限公司，国盛证券有限责任公司，国泰海通证券股份有限公司，国投证券股份有限公司，国 信证券股份有限公司，华宝证券股份有限公司，华泰证券股份有限公司，华鑫证券有限责任公司，江海 证券有限公司，联储证券股份有限公司，平安证券股份有限公司，山西证券股份有限公司，申万宏源证 券有限公司，申万宏源西部证券有限公司，西部证券股份有限公司，西南证券股份有限公司，湘财证券 股份有限公司，兴业证券股份有限公司，中国银河证 ...

Core Insights - The international business revenue of leading securities firms has significantly increased in the first half of the year, with all top firms reporting a rise in net profit compared to the previous year [1][2]. Group 1: Revenue and Profit Growth - CITIC Securities International led with a revenue of $1.492 billion (approximately HKD 11.615 billion) and a net profit of $387 million (approximately HKD 3.016 billion), showing year-on-year growth rates of 52.8% and 65.38% respectively [2]. - CICC achieved a revenue of HKD 6.877 billion, a year-on-year increase of 30.1%, with a net profit of HKD 2.634 billion, reflecting a substantial growth of approximately 169% [2]. - Guotai Junan Financial Holdings reported a revenue of HKD 4.376 billion, up 19.36% year-on-year, and a net profit of HKD 958 million, which is a 47.84% increase [2]. - Huatai International's revenue remained unchanged year-on-year at HKD 3.762 billion, but its net profit rose by 25.6% to HKD 1.145 billion [2]. Group 2: Contribution to Parent Company - The contribution of international business to the parent company's net profit is steadily increasing, with CITIC Securities International contributing approximately 20% of the net profit in the first half of the year, up from 15.7% in the same period last year [3]. - CICC's international business accounted for about half of the company's net profit, indicating its growing importance as a core growth engine for the group [3]. Group 3: Market Conditions and Drivers - The strong recovery of the Hong Kong stock market is identified as the main driver for the growth of securities firms' international business, particularly in investment banking and trading services [4]. - In the first half of the year, the equity financing issuance scale in the Hong Kong stock market reached $41.992 billion (approximately HKD 327.2 billion), a year-on-year increase of 490.96% [4]. - The IPO issuance scale was $13.703 billion (approximately HKD 106.8 billion), reflecting a remarkable year-on-year growth of 673.95% [4]. - The average daily trading volume in the Hong Kong stock market increased by 82% to HKD 240 billion, further driving the development of brokerage services [4]. Group 4: Strategic Initiatives - CITIC Securities International played a crucial role in the overseas capital operations of Chinese enterprises, including sponsoring the H-share listing of Chifeng Jilong Gold Mining and assisting BYD in H-share placements [5]. - CICC's investment banking business showed significant advantages, ranking first in the market for underwriting scale [5]. - Huatai International focused on cross-border business to create a comprehensive cross-border financial service platform, leveraging differentiated advantages to seize opportunities in the Hong Kong stock market [5]. - Galaxy Securities reported an international business revenue of RMB 1.099 billion (approximately HKD 1.2 billion), a year-on-year increase of 4.71%, with a net profit of RMB 163 million (approximately HKD 178 million) [5].

Core Viewpoint - The article highlights the significant growth of international business for Chinese securities firms, driven by the ongoing high-level opening of China's capital markets and the increasing importance of overseas markets for business expansion and performance enhancement [1] Group 1: International Business Growth - In the first half of 2025, 12 out of 15 A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [1] - Leading firms like CICC achieved overseas business revenue of 4.024 billion yuan, a year-on-year increase of 75.66% [2] - Smaller firms such as Guoyuan Securities also showed rapid growth, with international business revenue reaching 178 million yuan, up 65.05% year-on-year [2] Group 2: Performance of International Subsidiaries - Major securities firms' international subsidiaries reported impressive results, with CITIC Securities International generating revenue of 1.492 billion USD, a 52.8% increase year-on-year, and a net profit of 387 million USD, up 65.85% [2] - Huatai International's net profit was 1.145 billion HKD, reflecting a year-on-year growth of 25.55% [2] - Guotai Junan International achieved revenue of 2.825 billion HKD, a 30% increase, with net profit soaring by 182.05% to 550 million HKD [2] Group 3: Expansion of Overseas Networks - Chinese securities firms are accelerating their overseas expansion to enhance international competitiveness, with several firms planning to establish international subsidiaries [3] - First Capital plans to invest up to 500 million HKD to set up a wholly-owned subsidiary in Hong Kong for regulated financial activities [3] - Western Securities announced plans to invest the equivalent of 1 billion RMB to establish a wholly-owned subsidiary in Hong Kong to support international business development [3] Group 4: Future Strategies - CITIC Securities aims to strengthen integrated management between domestic and international operations, focusing on a multi-product, multi-channel, and multi-scenario strategy for overseas business growth [4] - Huatai Securities plans to enhance its cross-border integrated financial service system to support the internationalization of more outstanding Chinese enterprises [4] - The article suggests that innovative and niche business areas, such as green finance and digital asset trading, are expected to provide significant opportunities for securities firms in overseas markets [5]