Group 1: Core Views - Major brokerages are actively preparing for the 2026 strategy meetings, with expectations of a stable macroeconomic environment and a bullish outlook for the A-share market [3][4] - The market's driving force is anticipated to shift from valuation recovery to profit improvement, with a focus on fundamental performance [5][6] Group 2: Macroeconomic Outlook - Institutions predict that the domestic economy will maintain stability in 2026, with policies continuing to provide support [4] - Key indicators such as consumer demand, monetary liquidity, and the RMB's appreciation are expected to drive reasonable price recovery [4] - Expanding domestic demand is identified as a crucial theme, with strategies to balance supply and demand through various measures [4] Group 3: Market Trends - The market is expected to challenge ten-year highs, driven by economic transformation and capital market reforms [6] - Different institutions have varying views on market momentum, with some predicting a slow upward trend after a period of valuation recovery [5][6] Group 4: Investment Strategies - Technology remains a consensus investment direction, but there is a diversification of views on secondary lines and specific sectors [7] - A balanced allocation strategy is recommended to navigate market volatility, with a focus on both "old economy" and resource sectors [8] - Resource products are highlighted as a potential new mainline direction in the A-share market, alongside technology [9]

发行人本次债券采取分期发行的方式,其中中国国际金融股份有限公司2025年面向专业投资者公开发行 永续次级债券(第一期)(以下简称"本期债券")发行规模为不超过人民币30亿元(含30亿元)，本期债券简称 为25中金Y1,债券代码为244220。 中金公司（601995）(03908)发布公告，中国国际金融股份有限公司(以下简称"发行人"、"本公司"、"公 司"或"中金公司")面向专业投资者公开发行不超过人民币200亿元(含200亿元)永续次级债券(以下简 称"本次债券")已经中国证券监督管理委员会注册(证监许可【2025]2290号)。 ...

Core Points - China International Capital Corporation (CICC) has announced the issuance of perpetual subordinated bonds totaling up to RMB 20 billion, which has been registered with the China Securities Regulatory Commission [1] - The bonds will be issued in phases, with the first phase allowing for the issuance of up to RMB 3 billion, referred to as "25 CICC Y1" [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。 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） （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2025 年面向專業投資者公開發行永續次級債券（第一期）發行公告，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11月11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。 ѝഭഭ䱵䠁㶽㛑ԭᴹ䲀ޜਨ 2025 ᒤ䶒ੁуъᣅ䍴㘵ޜᔰਁ㹼≨㔝⅑㓗٪ࡨ ˄ㅜаᵏ˅ ޜ㹼ਁ ...

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 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2025 年面向專業投資者公開發行永續次級債券（第一期）募集說明書，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11月11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。 | 注册金额 | 200 亿元 | | --- | --- | | 本期发行金额 | 不超 ...

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。 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2022 年面向專業投資者公開發行公司債券（第一期）（品種一）2025年票面利率調整及債券回售 實施的第三次提示性公告，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 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） （股份代號：03908） 中國，北京 2025年11月11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。 债券代码:138664 债券简称:22 ...

Group 1 - The core point of the article is that Unicom Smart Network Technology Co., Ltd. has initiated the listing guidance process, with China International Capital Corporation serving as the advisory institution [1] - China United Network Communications Co., Ltd. directly holds 68.88% of the shares in Unicom Smart Network Technology Co., Ltd. [1] - Additionally, China United Network Communications Co., Ltd. holds an indirect stake of 0.33% through its wholly-owned subsidiary, Unicom Venture Capital [1]

Core Viewpoint - The appointment of Geng Shuaijun as the new Deputy General Manager of CICC Fund is seen as a strategic move to strengthen the company's capabilities in active quantitative and multi-asset investment [1][4][6]. Group 1: Management Changes - Geng Shuaijun will assume the role of Deputy General Manager on November 7, 2025, marking a significant enhancement of CICC Fund's core management team [1][3]. - Geng has extensive experience in quantitative investment and financial engineering, having previously held key positions at leading firms such as Guotai Junan Securities and CITIC Securities [4][6]. Group 2: Company Background - CICC Fund, established on February 10, 2014, is a wholly-owned subsidiary of China International Capital Corporation (CICC), benefiting from its strong brand reputation and resource synergies [7]. - As of September 30, 2025, CICC Fund's total assets under management reached CNY 233.45 billion, with non-monetary asset management at CNY 85.26 billion, ranking 53rd out of 162 [8]. Group 3: Future Outlook - Under the leadership of Geng Shuaijun and the core management team, CICC Fund is expected to leverage CICC's strengths in research, investment banking, and sales to enhance its competitive edge in the asset management industry [10]. - The recent appointment signals a commitment to strengthening technology-driven investment capabilities and differentiating investment strategies in a competitive market [10].

Group 1 - The A-share market is at a significant turning point, with the Shanghai Composite Index likely to consolidate around the 4000-point mark, indicating a potential for a balanced market style where cyclical and technology sectors may alternate in performance [2] - Short-term investment opportunities are suggested in the securities, consumption, banking, and photovoltaic equipment sectors, with a recommendation for balanced allocation strategies to capture structural opportunities [2] - The market is expected to maintain a steady upward trend in the short term, with investors advised to keep reasonable positions and avoid chasing highs or selling lows, while closely monitoring macroeconomic data and policy changes [2] Group 2 - The automotive industry is highlighted as having three investment directions: cyclical, growth, and overseas expansion, with a focus on the changing industry landscape and trends rather than total domestic demand [3] - Key growth areas in the automotive sector include intelligent driving, Robotaxi, and AI applications in robotics, with expectations for a revaluation of technology attributes in whole vehicle stocks and new growth opportunities in parts due to breakthroughs in robotics supply chains [3] Group 3 - The Hong Kong real estate market has shown signs of stabilization and recovery since the second quarter of this year, with potential for further market repair and a second upward opportunity in the sector as the dollar interest rate cut process is expected to deepen [4]

Core Viewpoint - The Hong Kong real estate market has shown signs of stabilization and recovery since the second quarter of this year, with expectations of a continued deepening of the dollar interest rate cut process, suggesting potential for further market recovery and opportunities for a second upward movement in the sector [1] Group 1 - The Hong Kong real estate market is experiencing initial signs of recovery since Q2 of this year [1] - The expectation of a continued deepening of the dollar interest rate cut process may support this recovery [1] - There is a recommendation to focus on the potential for further market repair and the possible second upward opportunities in the sector [1]