Core Viewpoint - Dongxing Securities is undergoing a significant asset restructuring plan involving a share swap merger with China International Capital Corporation and Xinda Securities, which is expected to constitute a major asset reorganization but will not result in a reverse listing [1][3]. Company Announcements - Dongxing Securities issued its fifth phase of short-term financing bonds for 2025 on September 22, 2025, with a total issuance size of RMB 2 billion and a coupon rate of 1.69%, maturing in 143 days. The total principal and interest of these bonds was paid on February 12, 2026, amounting to RMB 2,013,242,191.78 [1][3]. - As of February 13, 2026, the company’s stock price closed at RMB 14.16, showing no change from the previous week, with a market capitalization of RMB 45.771 billion, ranking 24th in the securities sector and 445th among all A-shares [1].

Core Viewpoint - The stock price of Zhiyuan Technology, known as the "first stock of large models" in Hong Kong, surged over 138.68% within five trading days, indicating strong market interest and momentum for AI-related companies [2][3] Group 1: IPO Developments - Zhiyuan Technology has updated its A-share IPO guidance report, adding Guotai Junan Securities as a new advisor alongside CICC, enhancing its advisory team [3][5] - The company previously withdrew its IPO guidance submitted in April 2025 and is now aiming for a listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board [5][6] - The rapid re-initiation of A-share IPO guidance reflects Zhiyuan's commitment to establishing a dual capital platform ("A+H") [7] Group 2: Competitive Landscape - The competition among leading securities firms for IPO services in the AI sector is intensifying, with a focus on both speed and quality of submissions [3][12] - Guotai Junan Securities has a strong track record, having participated in 19 IPO projects on the Sci-Tech Innovation Board over the past three years, making it the top firm in terms of project count [8] - In contrast, CICC has been involved in 12 projects during the same period, highlighting the competitive dynamics between these top-tier firms [9] Group 3: Market Trends - The current environment allows unprofitable "hard tech" companies, including AI firms, to pursue IPOs, but the complexity of their technologies and business models leads to more rigorous scrutiny during the application process [14] - The collaboration between CICC and Guotai Junan Securities in past projects, such as the successful IPO of SMIC, showcases their established partnership in the hard tech sector [11][10]

Core Viewpoint - The article emphasizes the importance of understanding the evolution of the international monetary order and the opportunities it presents for China, as articulated by Dr. Miao Yanliang, a senior strategist at CICC [2][12]. Research Origin - The interest in the international monetary system began in 2005 during a class at Princeton University, where Dr. Miao was encouraged by Professor Peter Kenen, a leading expert in the field [4]. - Dr. Miao's career has been centered around the international monetary order, having worked at the International Monetary Fund and the State Administration of Foreign Exchange [4]. Research Development - In early 2023, Dr. Miao completed a book titled "The Game of Confidence: Modern Central Banks and Macroeconomics," which received positive feedback, prompting him to consider writing another book titled "The Order of Money" [5]. - The rapid changes in the global landscape, including the AI revolution and shifts in U.S. trade policy, have created a unique opportunity for research on the international monetary order [5][14]. Key Observations - In June 2025, Dr. Miao presented at a strategy meeting, stating that the forces driving the reconstruction of the international monetary order are significantly stronger than the basic fundamentals of any single country or market [6]. - He noted that the restructuring is moving towards fragmentation and diversification, with capital returning to its home countries, as evidenced by the decline in Chinese holdings of U.S. stocks from $383 billion to $329 billion [7]. Research Methodology - Dr. Miao's insights are based on extensive research and validation through interactions with central banks and investment institutions, including participation in high-level conferences [9][10]. - He emphasizes the importance of cross-verifying perspectives from academic, market, and policy viewpoints to strengthen his research conclusions [11]. Conclusion on Currency Competition - The article concludes that the highest form of competition among nations is currency competition, which relies on trust supported by economic, financial, institutional, and technological factors [13]. - The article highlights the significance of advancing the internationalization of the Renminbi, especially during strategic windows of opportunity [14][16]. Research Series Overview - The article lists a series of research reports focusing on various aspects of the international monetary system, including the role of the Renminbi, the dynamics of gold pricing, and the implications of de-dollarization [20].

Group 1: Market Overview - Recent market volatility, particularly the rapid pullback of Hengke, has raised concerns among investors about whether market logic and trends have been disrupted, especially regarding strong technology and non-ferrous sectors [3] - The recent underperformance of Hong Kong stocks is attributed to tightening liquidity concerns, structural drag, and weak macro fundamentals [3] - Looking ahead, the market may experience an overshoot, with potential short-term upward correction space after the pullback [3] Group 2: Earnings and Index Projections - In the baseline scenario, it is projected that Hong Kong stocks will see earnings growth of 3-4%, with sentiment recovery in the structural mainline potentially pushing the Hang Seng Index up to around 28,000-29,000 points [3] - A-shares are expected to be stronger in terms of fundamentals and liquidity, while Hong Kong stocks have advantages in structural characteristics [3] Group 3: Sector Focus - Short-term focus should be on essential retail, technology hardware, and new consumption sectors; financials, biotechnology, and non-ferrous sectors should wait for the right timing [3] Group 4: U.S. Policy Analysis - Trump's recent policy maneuvers have caused significant global market fluctuations, with gold and silver experiencing volatile trading patterns [7] - The underlying logic of Trump's unconventional operations is seen as a reactive measure to intensifying domestic social contradictions, rooted in long-term distribution imbalances caused by the neoliberal wave of the 1980s [7] - The normalization of Keynesian policies, originally intended for extraordinary times, is highlighted as a challenge in advancing post-Keynesian reforms in the U.S. [7] Group 5: Capital Account Opening - Concerns surrounding capital account opening stem from misconceptions about capital flows, exchange rate formation mechanisms, and related policy tools [9] - The current global monetary order's strategic window is maturing, making it increasingly feasible to advance capital account opening, which is crucial for China's transition from an economic power to a financial and monetary powerhouse [9] - The article aims to clarify common misconceptions about capital outflows, exchange rate determination, and foreign exchange management to provide a rational framework for enhancing capital account openness [9] Group 6: Consumption Insights - Evaluating consumption rates should involve both international comparisons and domestic supply capabilities, with improvements in supply capacity supporting China's potential growth [11] - Weak price levels indicate that actual growth is below potential growth, necessitating an increase in consumption to align actual growth with potential growth [11] - The article emphasizes that enhancing consumption is not only a short-term growth demand but also a driver of innovation, as consumer spending influences corporate profits and subsequently research and development investments [12]

Group 1 - The core point of the article is that Weimou Biotechnology (Zhejiang) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange on February 13, with China International Capital Corporation as the exclusive sponsor [1] Group 2 - The company is seeking to go public in Hong Kong, indicating a potential expansion and growth strategy [1] - The involvement of China International Capital Corporation suggests a strong backing and credibility for the listing process [1]

Core Viewpoint - Dongxing Securities announced that China International Capital Corporation (CICC) is planning a stock swap merger with Dongxing Securities and Xinda Securities, which is expected to constitute a significant asset restructuring but will not qualify as a restructuring listing [1] Group 1 - The board of Dongxing Securities approved the relevant proposal on December 17, 2025, and the A-share stock will resume trading the following day [1] - As of the announcement date, related auditing and other work have not been completed, and the board will convene again to review and follow regulatory procedures [1] - The transaction requires approval from various boards, shareholders, and regulatory agencies, indicating a level of uncertainty [1]

Core Viewpoint - The announcement indicates that Cinda Securities is planning a share swap merger with Dongxing Securities and China International Capital Corporation (CICC) through the issuance of A-shares to all shareholders of both companies [1] Group 1: Transaction Details - The transaction is expected to constitute a significant asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" but will not qualify as a restructuring listing [1] - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities as part of the share swap merger [1] Group 2: Current Status - As of the date of the announcement, the auditing and related work for the transaction has not been completed [1] - The company will convene a board meeting to review the relevant proposals for the transaction once the related work is finalized, and will fulfill subsequent legal and regulatory disclosure obligations [1]

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。 （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。 China International Capital Corporation Limited 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） 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 重大資產重組的進展公告，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。 证券代码：601995 证券简称：中金公司 公告编号：临 2026-010 中国国际金融股份有限公司 关于重大资产重组的进展公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者 ...

中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际金融股份有限公司 关于重大资产重组的进展公告 一、本次交易的基本情况 证券代码：601995 证券简称：中金公司 公告编号：临 2026-010 中国国际金融股份有限公司 三、风险提示 本次交易方案尚需吸收合并各方董事会再次审议通过、各方股东会批准及有 1 权监管机构的批准、核准、注册或同意后方可正式实施；本次交易能否取得相关 批准、核准、注册或同意，以及最终取得的时间均存在不确定性，公司于 2025 年 12 月 18 日披露的《中国国际金融股份有限公司换股吸收合并东兴证券股份有 限公司、信达证券股份有限公司预案》中详细披露了本次交易可能存在的风险因 素及尚需履行的程序，敬请广大投资者关注后续公告并注意投资风险。 特此公告。 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）与东兴证 券股份有限公司（以下简称"东兴证券"）、信达证券股份有限公司（以下简称 "信达证券"）正在筹划由公司通过向东兴证券全体 A 股换股股东发行 A 股股 票、向信达证 ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a positive outlook with projected significant profit growth for 2025, driven by its core business segments and market positioning [4]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, and it operates primarily in investment banking, securities trading, and asset management [3][7]. - The company was established on July 31, 1995, and went public on November 2, 2020, with its headquarters located in Beijing [7]. Financial Performance - For the period from January to September 2025, CICC reported a revenue of 20.76 billion yuan, reflecting a year-on-year growth of 54.36%, and a net profit attributable to shareholders of 6.57 billion yuan, which is a 129.75% increase compared to the previous year [8][9]. - The company anticipates a net profit for the year 2025 to be between 8.54 billion yuan and 10.53 billion yuan, indicating a growth rate of 50% to 85% compared to the previous year's profit of 5.69 billion yuan [4]. Shareholder and Market Activity - As of September 30, 2025, CICC had 118,900 shareholders, a decrease of 4.10% from the previous period, with an average of 24,662 shares held per shareholder, which is an increase of 4.28% [8]. - The stock has seen a net inflow of 21.43 million yuan today, with a total market capitalization of 167.46 billion yuan [1][5]. Business Segments - CICC's revenue composition includes wealth management (32.58%), equity trading (25.78%), fixed income (13.38%), investment banking (11.26%), and other services [7].