Core Viewpoint - The financial performance and trading activities of China International Capital Corporation (CICC) indicate a mixed outlook, with significant net profit growth but low financing balance and high short-selling activity. Financing Activities - On August 20, CICC had a financing buy-in of 117 million yuan and a financing repayment of 151 million yuan, resulting in a net financing outflow of 33.91 million yuan [1] - As of August 20, the total financing and securities lending balance for CICC was 2.407 billion yuan, with the financing balance at 2.404 billion yuan, accounting for 2.15% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low position [1] Short Selling Activities - On August 20, CICC repaid 100 shares in short selling and sold 4,600 shares, amounting to a selling value of 175,700 yuan based on the closing price [1] - The remaining short-selling volume was 98,800 shares, with a short-selling balance of 3.7742 million yuan, which exceeds the 70th percentile level over the past year, indicating a high position [1] Company Overview - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in investment banking, equity sales and trading, fixed income, commodities, currency, wealth management, and investment management [2] - The revenue composition of CICC includes 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 March 31, CICC had 139,600 shareholders, a decrease of 9.70% from the previous period, with an average of 21,000 circulating shares per shareholder, an increase of 10.77% [3] - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed in the last three years [4] Institutional Holdings - As of March 31, 2025, the top ten circulating shareholders of CICC included Hong Kong Central Clearing Limited as the third-largest shareholder, holding 49.5336 million shares, an increase of 1.1353 million shares from the previous period [4] - Other notable shareholders include Guotai Junan CSI Securities Company ETF and Huatai-PB CSI 300 ETF, with varying changes in their holdings [4]

Group 1 - The Hong Kong stock market opened slightly higher on August 21, with the Hang Seng Index at 25,216 points, up 0.20%, while the Hang Seng Tech Index was at 5,528 points, down 0.23% [1] - Hong Kong Exchanges and Clearing (HKEX) reported record high revenue and net profit for the first half of 2025, with total revenue of HKD 14.076 billion, a year-on-year increase of 33%, and net profit of HKD 8.519 billion, up 39% [3] - The increase in trading volume in the cash market, derivatives market, and Stock Connect was attributed to the recovery of the Hong Kong stock market and growing global investor interest in non-USD assets [3] Group 2 - HKEX CEO Charles Li indicated that the exchange will explore a 24-hour trading mechanism, which positively impacted the stock price, reaching a high of HKD 447, up 1.31% [4] - Domestic brokerage stocks saw a significant rise, with Guotai Junan International up over 5% and Guotai Haitong up over 2%, while other firms like Zhongzhou Securities and China Galaxy also experienced gains [4] - Various cross-border ETFs, including the Hong Kong Stock Connect Innovative Drug ETF and Hong Kong Securities ETF, showed strong performance, with increases of over 1% [5]

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].

Group 1 - Company Zhibo Intelligent has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CICC, and Guotai Junan International as joint sponsors [1] - Zhibo Intelligent is the largest software-centric intelligent cockpit solution provider in China and ranks first in terms of solution deployment [1] - The company possesses a self-developed automotive operating system and a full-stack AI architecture, being one of only two third-party suppliers in China with a fully self-developed automotive operating system [1] Group 2 - In the intelligent cockpit sector, Zhibo Intelligent's AI large language model capabilities rank first among top automotive AI companies in China [1] - It is projected that by 2030, the market size for intelligent cockpit solutions in China will reach 327.4 billion RMB, with software-based cockpit solutions expected to grow at a faster rate [1]

Core Insights - The report from CICC indicates that with the updates and applications of AI large models, the demand for computing power is continuously increasing, leading to a rise in chip power consumption and computing density [1] - Liquid cooling technology is accelerating its replacement of air cooling as the mainstream solution due to its high cooling efficiency and deployment density [1] - The global AI liquid cooling market is expected to reach $8.6 billion by 2026 [1] - Among the various liquid cooling technologies, cold plate liquid cooling is currently the most mature solution due to minimal changes required to equipment and infrastructure while providing significant cooling effects [1] - The entire industry chain is actively positioning itself, indicating a broad market space [1] - According to IDC, the Chinese liquid cooling server market is projected to grow by 67% year-on-year in 2024 [1]

Core Insights - The demand for computing power is increasing due to the updates and applications of AI large models, leading to higher chip power consumption and computing density [1] - Liquid cooling technology is rapidly replacing air cooling as the mainstream solution due to its high cooling efficiency and deployment density [1] - The global AI liquid cooling market is expected to reach $8.6 billion by 2026 [1] Market Trends - Liquid cooling technologies include cold plate, immersion, and spray cooling, with cold plate cooling being the most mature solution due to minimal changes required to equipment and infrastructure while providing significant cooling effects [1] - The industry chain is actively positioning itself, indicating a broad market space [1] - According to IDC, the Chinese liquid cooling server market is projected to grow by 67% year-on-year in 2024 [1]

Key Points - The top three stocks with net inflows from southbound funds on August 18 are China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [1][2] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [1][2] - In terms of net inflow ratio, the top three are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [1][2] - The top three stocks with the highest net outflow ratios are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [1][2] Net Inflow Rankings - The top ten stocks by net inflow include China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [2] - Other notable stocks in the top ten include CICC (03908) with 471 million and CITIC Securities (06030) with 411 million [2] Net Outflow Rankings - The top ten stocks by net outflow include the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [2] - Other significant outflows include Kuaishou-W (01024) with -381 million and Geely Automobile (00175) with -305 million [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [2][3] - Additional stocks with high net inflow ratios include Daxin Financial (00440) at 50.35% and Shougang Resources (00639) at 47.08% [3] Net Outflow Ratio Rankings - The top three stocks by net outflow ratio are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [3] - Other notable stocks with significant outflow ratios include Tuhu-W (09690) at -46.99% and Ansteel (00347) at -46.67% [3]

Group 1 - The core viewpoint is that the current market trend is supported by valuation increases and the influx of new capital, with potential for increased index volatility [1] - The recent strong performance of A-shares is influenced by several factors, including improved market attractiveness and a better capital structure among investors [1] - A forecasted positive growth in A-share earnings for 2025 has been raised to 3.5%, indicating a significant improvement compared to 2024 [1] Group 2 - The relative valuation of small-cap stocks has become high compared to large-cap stocks, suggesting a potential shift in market style if extreme values are reached [1] - The overall earnings growth rate for A-shares is expected to turn positive this year, providing support for index performance [1] - A decrease in short-term external uncertainties has been noted, which is better than market expectations [1]

Group 1 - The core viewpoint is that despite the recent rise in small-cap stock valuations, the trend of "small outperforming large" may not be over, and the current market environment remains favorable for small-cap stocks [1] - The analyst suggests focusing on sectors with high prosperity and performance verification, such as AI and computing power, innovative pharmaceuticals, military industry, and non-ferrous metals [1] - The brokerage and insurance industries are highlighted for their high earnings elasticity and potential benefits from increased retail investment [1] Group 2 - Regarding Hong Kong stock investment opportunities, the analyst notes that the market has advantages in new growth sectors like AI applications (gaming, short videos, software), innovative pharmaceuticals, and new consumption, as well as high dividend sectors [1] - The medium to long-term outlook for Hong Kong stocks remains strong and attractive [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關於 「20中金Y1」贖回結果及摘牌的公告，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8月19日 於本公告日期 ，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 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:175075 债券简称:20 中金Y1 中国国际金融股份有限公司 中国国际金融股份有限公司公开发行 2020年永续次级债券(面向 ...