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關於 「21中金Y1」提前贖回的第一次提示性公告，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 债券简称:21 中金Y1 债券代码:175720 中国国际金融股份有限公司关于"21 中金 Y1" 提前赎回的第一次提示性公告 本公司全体董事或具有同等职责的人员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相 应的法律责任。 中国国际金融股份有限公司(以下简称"公司 ...

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。 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18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:138842 债券简称:23 中金G2 中国国际金融股份 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 25.32 亿元 | +8733.76 万元 | | 小米集团-W(01810) | 20.44 亿元 | +3.49 亿元 | | 长飞光纤光缆(06869) | 17.85 亿元 | +2.51 亿元 | | 中国移动(00941) | 14.10 亿元 | -8.13 亿元 | | 腾讯控股(00700) | 13.48 亿元 | -2.61 亿元 | | 中国海洋石油(00883) | 13.09 亿元 | -2.25 亿元 | | 中芯国际(00981) | 11.32 亿元 | -3627.61 万元 | | 盈富基金(02800) | 10.27 亿元 | -10.22 亿元 | | 中金公司(03908) | 9.47 亿元 | -1033.08 万元 | | 农业银行(01288) | 6.37 亿元 | +2.12 亿元 | 深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年12月18日当天，阿里巴巴-W(09988)、小米集团-W(01810)、长飞光纤光 ...

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年債券回售實施公告，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18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:138842 债券简称:23 中金G2 中国国际金融股份 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities marks a significant restructuring in the Chinese securities industry, aiming to create a "super investment bank" with enhanced capital strength and comprehensive financial services capabilities [1][2]. Summary by Sections Merger Details - The merger will be executed through a share swap, with CICC as the surviving entity, absorbing all assets, liabilities, and personnel from Dongxing and Cinda Securities [1]. - Following the merger, CICC's total assets are expected to exceed 1 trillion RMB, significantly enhancing its capital strength and positioning it among the top players in the industry [1][4]. Strategic Intent - This merger is a strategic move to align with national policies aimed at cultivating top-tier investment banks and enhancing the financial supply-side reform [2]. - The merger aims to transform scale advantages into comprehensive financial service capabilities, enhancing resilience and international competitiveness [2]. Share Exchange Mechanism - The share exchange prices are set at 36.91 RMB for CICC, 16.14 RMB for Dongxing, and 19.15 RMB for Cinda, reflecting a premium over previous closing prices [2][4]. - Approximately 3.096 billion new shares of CICC will be issued to complete the exchange [3]. Shareholder Protection Mechanisms - The merger includes multiple layers of shareholder protection, such as dissenting shareholder rights and lock-up periods for major shareholders [4]. - The exchange ratios for Dongxing and Cinda shareholders reflect premiums of approximately 23% and 7.6%, respectively, indicating consideration for minority shareholders [4]. Industry Impact - The merger is expected to create a leading "super" securities group, fundamentally reshaping the competitive landscape of the Chinese securities industry [5][7]. - CICC's financial and operational metrics will see a historic leap, setting new benchmarks for industry leaders [5]. Financial Projections - Post-merger, CICC's annualized revenue is projected to exceed 50 billion RMB, with net profits reaching around 15 billion RMB, positioning it among the top three in the industry [5]. - The merger will expand CICC's network to over 400 branches, enhancing its reach to more than 4 million retail clients [5]. Synergy and Operational Efficiency - The merger is expected to enhance capital efficiency and regional coverage, leveraging the strengths of each entity to create a comprehensive service platform [6][10]. - The integration aims to provide a full lifecycle of financial services, from startup to restructuring, enhancing client engagement and operational efficiency [10]. Strategic Vision - The merger aligns with national financial strategies, aiming to reduce the number of institutions while improving quality and service efficiency [12]. - The combined entity will focus on creating a unique ecosystem that integrates investment banking, asset management, and special asset operations [12]. Market Outlook - Analysts maintain a "buy" rating for CICC's A/H shares, citing the merger's potential to strengthen capital and enhance competitive positioning [13]. - The success of the merger will depend on the realization of synergies and the ability to transform from a physical merger to a value-creating entity [13].

Group 1 - The core development is the announcement of a significant asset restructuring plan by China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities, marking the first "three-in-one" merger in the brokerage industry [1][6] - The merger is part of a broader initiative by the China Securities Regulatory Commission (CSRC) to consolidate the industry, aiming to form around 10 high-quality leading institutions within five years and 2 to 3 internationally competitive investment banks by 2035 [3][8] - CICC will be the surviving entity in the merger, acquiring Dongxing Securities and China Cinda Securities through a share exchange, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, reflecting a 26% premium for Dongxing [3][8] Group 2 - Post-merger, the total assets of the combined entity are expected to exceed 1 trillion CNY, making it the fourth brokerage in China to reach this scale, following CITIC Securities, Guotai Junan Securities, and Huatai Securities [4][9] - CICC has strengths in investment banking and cross-border business, while Dongxing and Cinda have established retail networks in regions like Fujian and Liaoning, enhancing the overall service capability and customer reach after the merger [4][9] - Following the announcement, stocks of the three brokerages surged, with Dongxing Securities hitting the daily limit, CICC's A-shares rising by 3.70%, and Cinda Securities increasing by 2.47% [10]

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, with a total net purchase of HKD 12.57 billion on December 18, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Northbound Capital Inflows and Outflows - The net buying from northbound capital was primarily driven by Xiaomi Group-W (01810), Meituan-W (03690), and Yangtze Optical Fibre and Cable (06869) [1]. - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), China Mobile (00941), and CNOOC (00883) [1]. Group 2: Individual Stock Performance - Xiaomi Group-W saw a net inflow of HKD 9.03 billion, supported by a Goldman Sachs report highlighting its rapid development in AI infrastructure and applications [4]. - Yangtze Optical Fibre and Cable (06869) received a net inflow of HKD 3.69 billion, with plans to use approximately 80% of the proceeds from a recent share placement for overseas business development [5]. - Agricultural Bank of China (01288) had a net inflow of HKD 2.11 billion, following an increase in shareholding by Ping An Asset Management [5]. Group 3: Market Trends and Predictions - The market is experiencing a divergence in chip stocks, with SMIC (00981) receiving a net inflow of HKD 92.94 million, while Hua Hong Semiconductor (01347) faced a net outflow of HKD 201 million [5]. - The outlook for the Hong Kong stock market suggests potential recovery as southbound capital returns and IPO supply pressures ease, with expectations of profit recovery and improved overseas liquidity [7].

Core Viewpoint - The Hong Kong stock market experienced significant net inflows and outflows from northbound trading, with a total net buy of HKD 12.57 billion on December 18, 2023, driven by specific stocks like Xiaomi and Meituan, while others like the Tracker Fund of Hong Kong faced substantial net sell-offs [1]. Group 1: Northbound Trading Activity - Northbound trading saw a net buy of HKD 12.57 billion, with HK Stock Connect (Shanghai) recording a net sell of HKD 10.95 billion and HK Stock Connect (Shenzhen) a net buy of HKD 23.53 billion [1]. - The most bought stocks included Xiaomi Group-W (01810), Meituan-W (03690), and Yangtze Optical Fibre and Cable (06869) [1]. - The most sold stocks were the Tracker Fund of Hong Kong (02800), China Mobile (00941), and CNOOC (00883) [1]. Group 2: Individual Stock Performance - Xiaomi Group-W (01810) received a net buy of HKD 9.03 billion, supported by a Goldman Sachs report highlighting its rapid development in AI infrastructure and applications [4]. - Yangtze Optical Fibre and Cable (06869) saw a net buy of HKD 3.69 billion, with plans to use approximately 80% of the proceeds from a recent share placement for overseas business development [5]. - Agricultural Bank of China (01288) had a net buy of HKD 2.11 billion, with a recent increase in shareholding by Ping An Asset Management [5]. Group 3: Market Sentiment and Future Outlook - The Tracker Fund of Hong Kong (02800) faced a net sell of HKD 14.22 billion, attributed to recent market weakness and concerns over IPO financing and liquidity [6]. - Meituan-W (03690) and Tencent (00700) recorded net buys of HKD 4.34 billion and HKD 1.07 billion, respectively, indicating positive sentiment towards these stocks [6]. - The overall market outlook suggests potential recovery as southbound capital returns and IPO supply pressures ease [6].

Core Viewpoint - The merger of CICC, Dongxing Securities, and Cinda Securities marks a significant advancement in the securities industry, with expectations of creating a leading investment bank and enhancing competitive positioning in the market [1][2]. Group 1: Merger Details - CICC announced a major asset restructuring plan to absorb Dongxing Securities and Cinda Securities, with a share swap ratio set at 1:0.4373 for Dongxing and 1:0.5188 for Cinda [3]. - The share swap prices are determined based on the average price over the 20 trading days prior to the board resolution announcement, with CICC's price at 36.91 CNY, Dongxing's at 16.14 CNY, and Cinda's at 19.15 CNY [3]. - CICC plans to issue approximately 3.096 billion new A-shares as part of the merger, with Central Huijin maintaining a 24.44% stake post-merger [3][4]. Group 2: Strategic Implications - The merger aims to enhance CICC's comprehensive service capabilities across various business areas, including capital markets, wealth management, research, investment banking, and asset management [2][6]. - The combined entity is expected to become the fourth securities company in A-shares with total assets exceeding 1 trillion CNY, and projected revenues ranking third in the industry [1][6]. Group 3: Market Reactions and Future Outlook - Analysts predict that the merger will stabilize CICC's long-term return on equity (ROE) expectations and improve its competitive edge in the market [6]. - The merger is seen as a strategic move to enhance CICC's capital strength and market share, potentially benefiting from future regulatory relaxations and new business trials [6]. - The integration of resources from Dongxing and Cinda is expected to create significant synergies, particularly in wealth management and investment banking services [7][8]. Group 4: Operational Enhancements - Post-merger, CICC's number of service outlets will increase from 245 to 436, significantly enhancing its market presence, especially in Fujian and Liaoning [7]. - The retail client base is projected to exceed 14 million, representing a growth of over 50%, while the number of investment advisors will increase by over 40% [7]. - The asset management scale is expected to exceed 800 billion CNY, enhancing CICC's capabilities in managing public funds and optimizing its product offerings [7][8].

Group 1 - The Shanghai Composite Index rose by 0.16%, closing at 3876.37 points, while the Hang Seng Index increased by 0.12%, closing at 25498.13 points [1] - China International Capital Corporation (CICC) has an A/H premium of 105.65%, ranking 35th among A/H shares [1] - CICC's A-shares closed at 36.18 yuan, with a gain of 3.7%, and H-shares closed at 19.44 HKD, up by 2.53% [1] Group 2 - CICC was established in 1995 and has been involved in numerous pioneering transactions, contributing to China's economic reform and development [1] - The company aims to become a first-class investment bank with international competitiveness, providing high-quality financial services to a diverse client base [1] - CICC has developed a balanced business structure encompassing research and information technology, investment banking, equity business, fixed income, asset management, private equity, and wealth management [1]