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 中國，北京 2025年11月5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 ...

Core Insights - China International Capital Corp (CICC) is strategically focusing on international growth, particularly in Southeast Asia and the Middle East, due to significant shifts in the global political and economic landscape [1] - The bank sees opportunities in Asia's wealth-management sector and the disruptive potential of artificial intelligence, which are expected to drive future business growth [1][3] Wealth Management Focus - CICC identifies wealth management in Asia as a key growth area, driven by the rapid increase in Asia's high-net-worth population [3] - The demand for family offices, cross-border tax planning, and wealth inheritance services is surging, prompting CICC to advance its 'Hong Kong+Singapore' dual-core strategy [4] - A global family-office team has been established in Hong Kong to provide comprehensive wealth solutions for entrepreneurs and ultra-high-net-worth clients [4] Expansion Plans - In Singapore, CICC's wealth-management office plans to expand into derivative trading and virtual assets, targeting high-net-worth clients across Southeast Asia [5] - The bank is deepening its wealth-management presence in the Greater Bay Area through the cross-boundary Wealth Management Connect 2.0 mechanism, promoting cross-border asset allocation [5] Market Trends - Wealthy families globally are using Hong Kong and Singapore as twin hubs for expansion in Asia, favoring real estate and private direct investments for long-term growth [6]

Core Insights - The report highlights the performance of Hong Kong's IPO market, indicating a total of 173 new listings over the past 24 months, with 98 in the last 12 months and 81 in the current year [1][6]. Group 1: IPO Statistics - In the past 24 months, 58 brokerage firms participated in the sponsorship of 172 new listings, excluding one simple transfer from GEM to the main board [1][6]. - The top three brokerage firms in terms of new listings sponsored over the past 24 months are: 中我公司 (50), 中信证券 (36), and 华泰国际 (28) [3][6]. - In the last 12 months, 39 out of the 58 brokerage firms sponsored 97 new listings, with 中金公司 leading with 50 listings [9][10]. Group 2: Brokerage Firm Rankings - The rankings of brokerage firms for the past 24 months show 中我公司 in first place, followed by 中信证券 and 华泰国际 [2][3]. - In the past 12 months, 中金公司 maintained the top position with a sponsorship rate of 29.1%, while 中信证券 and 华泰国际 followed with rates of 20.9% and 16.3%, respectively [9][10]. - For the current year, 中金公司 again leads with 27 listings, achieving a participation rate of 33.8% [14]. Group 3: Participation Rates - Among the 58 brokerage firms, 44.8% (26 firms) participated in only one listing in the past 24 months [8]. - In the last 12 months, 31.0% (18 firms) also participated in only one listing [12]. - The trend continues in the current year, with 31.0% (18 firms) participating in just one listing [15].

Group 1 - China Cinda Asset Management plans to reduce its stake in Founder Securities by up to 1%, amounting to approximately 82.32 million shares, which represents 1% of the total share capital [1] - Currently, China Cinda holds 593.05 million shares in Founder Securities, accounting for 7.2% of the total share capital, with shares acquired through a private transfer [1] - The reduction period is set from November 26, 2025, to February 25, 2026, and is attributed to China Cinda's operational needs [1] Group 2 - Two Brazil-focused ETFs have seen strong demand, with subscription rates exceeding 11% for both, indicating robust investor interest in emerging markets [2] - The total scale of cross-border ETFs has approached 900 billion, highlighting the growing trend of global asset allocation among ordinary investors [2] - This surge in interest may prompt fund companies to accelerate their offerings in emerging market products, benefiting related ETF management firms [2] Group 3 - The fund issuance market has seen a resurgence, with two "sunshine funds" launched in a single day, each raising over 3 billion, indicating increased market participation [3] - Year-to-date figures show significant growth in stock and mixed fund issuance, with increases of 43.86% and 76.04% respectively compared to the previous year [3] - The rapid sell-out of these funds may enhance the valuation expectations for related fund companies and leading brokerages [3] Group 4 - China International Capital Corporation (CICC) recorded five block trades on November 4, totaling approximately 360.86 million shares and nearly 1.3 billion in transaction value [4] - The average transaction price was 36 yuan, reflecting a discount of 0.96% compared to the closing price, indicating active trading among institutions [4] - The recent block trades suggest a potential shift in long-term institutional holdings, although the short-term impact on stock prices may be limited [5]

Core Insights - The "national team" has significantly increased its holdings in A-shares, with a total market value approaching 4 trillion yuan, focusing heavily on financial stocks [1][4] - The top ten holdings of the "national team" are predominantly from the financial sector, with the largest being the Bank of China, valued at over 1 trillion yuan [1][3] Holdings Overview - As of the end of Q3, the "national team" held over 222 A-share stocks, with a total market value of 3.911 trillion yuan, marking an increase from the previous quarter [4][5] - The top three holdings by market value are Bank of China (1.028 trillion yuan), Agricultural Bank of China (957.73 billion yuan), and Industrial and Commercial Bank of China (930.27 billion yuan) [2][3] Sector Focus - The "national team" remains heavily invested in financial stocks, with 9 out of the top 10 holdings being from this sector, accounting for over 83.9% of the total market value of the top ten stocks [3][4] - In addition to financial stocks, the "national team" is diversifying into sectors such as AI, semiconductors, and renewable energy, aligning with national strategic goals [3][4] ETF Investments - The "national team" has also increased its investment in ETFs, with holdings exceeding 40% of the total A-share ETF market, contributing to market stabilization [5][6] - The total market value of ETFs held by the "national team" reached approximately 1.55 trillion yuan, with significant gains from major ETFs like Huatai-PB CSI 300 ETF [6][7] Market Conditions - The current market environment is characterized by ample liquidity and favorable policy support, which is benefiting growth-oriented stocks, particularly in the technology sector [7]

Core Insights - E Fund Management Co., Ltd. increased its stake in China International Capital Corporation (CICC) by purchasing 4.6892 million shares at an average price of HKD 22.5864 per share, totaling approximately HKD 106 million [1][2] - Following this transaction, E Fund's total shareholding in CICC rose to 172,428,000 shares, increasing its ownership percentage from 8.81% to 9.06% [1][2] Summary by Category - **Transaction Details** - E Fund Management acquired 4.6892 million shares of CICC at an average price of HKD 22.5864 per share [1][2] - The total investment amounted to about HKD 106 million [1] - **Shareholding Changes** - E Fund's total shares held in CICC increased to 172,428,000 [1] - The ownership percentage increased from 8.81% to 9.06% [1]

中金公司11月4日大宗交易平台共发生5笔成交，合计成交量3608.60万股，成交金额12.99亿元。成交价 格均为36.00元，相对今日收盘价折价0.96%。从参与大宗交易营业部来看，机构专用席位共出现在5笔 成交的买方或卖方营业部中，合计成交金额为12.99亿元。 进一步统计，近3个月内该股累计发生8笔大宗交易，合计成交金额为13.83亿元。 证券时报•数据宝统计显示，中金公司今日收盘价为36.35元，下跌0.85%，日换手率为0.81%，成交额为 8.58亿元，全天主力资金净流入3290.33万元，近5日该股累计下跌4.44%，近5日资金合计净流出4.32亿 元。 （%） 买方营业部 卖方营业部 800.00 28800.00 36.00 -0.96 机构专用 机构专用 786.09 28299.24 36.00 -0.96 机构专用 机构专用 766.51 27594.36 36.00 -0.96 机构专用 机构专用 726.00 26136.00 36.00 -0.96 机构 专用 机构专用 530.00 19080.00 36.00 -0.96 机构专用 机构专用 注：本文系新闻报道，不构成投资建议 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5] Core Views - The company has shown continuous improvement in performance, with a significant year-on-year increase in ROE by 3.65 percentage points to 6.29% [1] - The company is expected to benefit as a leading brokerage firm amid increasing industry competition [2] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 20.76 billion yuan, a year-on-year increase of 54.4%, and a net profit attributable to shareholders of 6.57 billion yuan, up 129.8% [1] - Earnings per share (EPS) reached 1.24 yuan, reflecting a year-on-year growth of 154.8% [1] - The weighted average ROE improved significantly, indicating strong financial health [1] Business Segment Performance - Brokerage business net income increased by 76% year-on-year to 4.5 billion yuan, with Q3 showing a remarkable 135% increase year-on-year [1] - Investment banking revenue rose by 43% year-on-year to 2.9 billion yuan, with Q3 showing a 63% increase year-on-year [1] - Asset management revenue grew by 27% year-on-year to 1.1 billion yuan, benefiting from favorable market conditions [1] Credit and Proprietary Business - The credit business reported a narrowing net loss, with a net income of -1 billion yuan for the first three quarters, improving to -200 million yuan in Q3 [2] - Proprietary trading income increased by 47% year-on-year to 11 billion yuan, with Q3 showing a 16% increase year-on-year [2] Future Earnings Projections - The company is projected to have EPS of 1.81 yuan, 2.12 yuan, and 2.38 yuan for the years 2025, 2026, and 2027 respectively [2] - A target price of 40.85 yuan is set based on a 1.6x P/B ratio for 2025 [2]

Core Viewpoint - CICC's stock price has declined for four consecutive days, with a total drop of 6.87%, currently trading at 36.35 CNY per share, with a market capitalization of 175.47 billion CNY [1] Company Overview - China International Capital Corporation (CICC) was established on July 31, 1995, and listed on November 2, 2020. The company is headquartered in Beijing and operates in various financial services including investment banking, equity sales and trading, fixed income, commodities, currency, wealth management, and investment management [1] - CICC's revenue composition is as follows: Wealth Management 32.58%, Equity Business 25.78%, Fixed Income 13.38%, Investment Banking 11.26%, Other 8.87%, Asset Management 4.21%, and Private Equity 3.91% [1] Shareholder Analysis - The top circulating shareholder of CICC is the Huabao CSI All-Share Securities Company ETF (512000), which increased its holdings by 562.95 thousand shares in Q3, now holding 1,960.47 thousand shares, representing 0.41% of circulating shares [2] - The ETF has incurred a floating loss of approximately 607.75 thousand CNY today, with a total floating loss of 5,254.06 thousand CNY over the past four days [2] Fund Manager Performance - The fund managers of Huabao CSI All-Share Securities Company ETF are Hu Jie and Feng Chen Cheng, with total fund assets of 1,002.04 billion CNY and 701.02 billion CNY respectively. Their best and worst fund returns during their tenure are 175.19% and -98.01% for Hu Jie, and 111.61% and -19.14% for Feng Chen Cheng [3] Fund Holdings - Two funds under Huabao hold a total of 1,967.49 thousand shares of CICC, with a daily floating loss of 609.92 thousand CNY and a total floating loss of 5,272.87 thousand CNY over the past four days [4] - The Huabao CSI All-Share Securities Company ETF (512000) holds 1,960.47 thousand shares, accounting for 2.02% of the fund's net value, while the Huabao Securities ETF Link (006098) holds 70.20 thousand shares, accounting for 0.06% of the fund's net value [4]

Core Insights - The performance of 42 listed securities firms in the first three quarters of 2025 showed significant growth, with total operating revenue reaching 419.56 billion yuan and net profit attributable to shareholders at 169.05 billion yuan, marking increases of 42.55% and 62.38% respectively compared to the same period in 2024 [1][2] Revenue Breakdown - Brokerage business emerged as the fastest-growing segment, achieving revenue of 111.78 billion yuan, a year-on-year increase of 74.64%, driven by heightened market activity and increased trading commission income [2][6] - Proprietary trading followed with revenue of 186.86 billion yuan, up 43.83%, benefiting from improved investment returns in a rising A-share market [2] - Credit and investment banking businesses also saw growth, with revenues of 33.91 billion yuan and 25.15 billion yuan, reflecting increases of 54.52% and 23.46% respectively [2] - Asset management business growth was slower, with revenue of 33.25 billion yuan, only a 2.43% increase [2] Performance Disparities - There was notable performance differentiation among firms, with 11 firms exceeding 10 billion yuan in revenue, while Western Securities was the only firm to report a revenue decline of 2.17% [3][4] - Leading firms included CITIC Securities and Guotai Junan, with revenues of 55.81 billion yuan and 45.89 billion yuan, respectively, maintaining their positions in the top tier [2][3] Net Profit Analysis - Five firms reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed closely by Guotai Junan at 22.07 billion yuan [3] - Despite overall growth, Huatai Securities experienced a modest net profit increase of only 1.69% [3] Accounting Policy Changes - Zhejiang Securities exited the "100 billion club" with revenue of 6.79 billion yuan, down from 11.90 billion yuan in 2024, due to changes in accounting policies related to standard warehouse receipts [4][5] - The adjustments affected nearly 20 listed securities firms, including major players like CITIC Securities and Guotai Junan, indicating a widespread impact on the industry [5] M&A Impact on Growth - Mergers and acquisitions significantly influenced growth in the brokerage sector, with firms like Guolian Minsheng, Guotai Junan, and Guoxin Securities reporting year-on-year increases of 293.05%, 142.80%, and 109.30% in brokerage revenue, respectively [6][7] - The integration of acquired firms is progressing smoothly, with successful system transitions and customer migrations reported by Guolian Minsheng and Guotai Junan [7]