智通财经APP获悉，高盛发布研报称，维持中金公司(03908)H股"买入"评级，目标价由22.9港元升至 25.1港元。该行予A股"中性"评级，目标价由42.03元人民币升至46.05元人民币。 中金公布2025年第三 季度业绩，净收入和净利分别为80亿元和22亿元人民币(下同)，较该行预期分别高出9%和6%。各业务 板块表现基本符合预期，惟投资银行业务收入表现亮眼，达13亿元，较该行预期大幅高出45%。该行预 期投资者关注焦点将集中于公司对2026年资本市场展望;投行收入强劲增长的驱动因素，尤其香港业务 及交易落实速度;成本控制指引。 该信息由智通财经网提供 ...

Core Viewpoint - CICC's stock price has experienced a decline of 6.1% over the past three days, closing at 36.65 CNY per share with a market capitalization of 176.92 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] Fund Holdings - Two funds under Harvest Fund hold a total of 277,900 shares of CICC, resulting in a floating loss of approximately 5.56 thousand CNY based on the current stock price [2] - The Harvest CSI All-Share Securities Company ETF (562870) holds 275,900 shares, accounting for 2.01% of the fund's net value, and has incurred a floating loss of about 65.66 thousand CNY over the past three days [2] - The Harvest CSI All-Share Securities Company ETF Initiated Link A (016842) reduced its holdings by 152,000 shares in the third quarter, now holding only 2,000 shares, which represents 0.02% of the fund's net value [2]

高盛发布研报称，维持中金公司（601995）(03908)H股"买入"评级，目标价由22.9港元升至25.1港元。 该行予A股"中性"评级，目标价由42.03元人民币升至46.05元人民币。 中金公布2025年第三季度业绩，净收入和净利分别为80亿元和22亿元人民币(下同)，较该行预期分别高 出9%和6%。各业务板块表现基本符合预期，惟投资银行业务收入表现亮眼，达13亿元，较该行预期大 幅高出45%。该行预期投资者关注焦点将集中于公司对2026年资本市场展望;投行收入强劲增长的驱动 因素，尤其香港业务及交易落实速度;成本控制指引。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | | 1 RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | | 1 RMB | | 1,903,714,428 | | 2. 股份分 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國國際金融股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03908 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,903,714,428 | RMB | | | 1 RMB | | 1,903,714,428 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,903,714,428 | RMB | | | 1 RMB | | 1,903,714,428 | | 2. 股份分 ...

国联安证券ETF（159848）成立日期2021年2月9日，最新规模1.5亿。今年以来收益7.05%，同类排名 3823/4216；近一年收益7.4%，同类排名3570/3894；成立以来收益23.45%。 国联安证券ETF（159848）基金经理为黄欣、章椹元。 截至发稿，黄欣累计任职时间15年206天，现任基金资产总规模425.87亿元，任职期间最佳基金回报 192.96%， 任职期间最差基金回报-35.8%。 来源：新浪基金∞工作室 11月3日，中金公司跌0.54%，截至发稿，报36.65元/股，成交9.05亿元，换手率0.85%，总市值1769.19 亿元。中金公司股价已经连续3天下跌，区间累计跌幅6.1%。 资料显示，中国国际金融股份有限公司位于北京市建国门外大街1号国贸大厦2座6层、26层、27层及28 层,香港中环港景街1号国际金融中心第1期29楼，成立日期1995年7月31日，上市日期2020年11月2日， 公司主营业务涉及中国国际金融股份有限公司主要从事投资银行、股本销售及交易、固定收益、大宗商 品及货币、财富管理及投资管理业务。该公司通过六大分部运营业务。投资银行分部从事提供投资银行 服务 ...

Group 1: Company Performance - On October 31, CICC's stock price decreased by 1.68%, with a trading volume of 1.338 billion yuan [1] - As of October 31, CICC's total margin trading balance reached 2.893 billion yuan, accounting for 2.68% of its market capitalization, which is above the 90th percentile of the past year [1] - For the first nine months of 2025, CICC reported a net profit of 6.567 billion yuan, representing a year-on-year increase of 129.75% [3] Group 2: Shareholder and Dividend Information - 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] - As of September 30, 2025, the number of CICC shareholders was 118,900, a decrease of 4.10% from the previous period [3] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 51.425 million shares to 123 million shares [4]

点评： 总体而言，前三季度公司ROE 提升明显，杠杆倍数、ROA 及净利润率均有提升。前三季度市场利率维 持低位震荡，公司整体负债成本率亦下降明显，明显提升了公司净利润率。公司报告期内ROE 为 5.7%，同比+3.1pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：5.08 倍，同比+0.39倍，环比+0.5 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收入后）为3.5%，同比 +0.9pct。 机构：华创证券 研究员：徐康/刘潇伟 事项： 中金公司发布2025 年三季报。剔除其他业务收入后营业总收入：207 亿元，同比+54.5%。 归母净利润：65.7 亿元，同比+129.8%。 3）公司报告期内净利润率为31.7%，同比+10.4pct。 自营权益类证券及其衍生品/净资本为46.5%，较上期+7.5pct（预警线为80%）。 自营非权益类证券及其衍生品/净资本为344%，较上期-11.2pct（预警线为400%）。 2）信用业务：公司利息收入为61.9 亿元。两融业务规模为622 亿元，环比+168.8亿元。两融市占率为 2.6%，同比+0.22 ...

Core Viewpoint - The report highlights a significant increase in profitability and asset expansion for China International Capital Corporation (CICC) in the first three quarters of 2025, driven by strong performance in brokerage and investment businesses [1][2]. Financial Performance - CICC achieved a net profit attributable to shareholders of 6.57 billion yuan, representing a year-on-year increase of 129.8% [1]. - The company reported total revenue of 20.76 billion yuan, with a growth rate of 54.4%, and revenue excluding other businesses was 20.71 billion yuan, growing at 55.3% [1]. - Total assets and net assets attributable to shareholders reached 764.94 billion yuan and 115.5 billion yuan, respectively, with year-on-year growth of 16.7% and 6.2% [1]. - The operating leverage increased to 5.5x, up by 0.3x year-on-year [1]. Revenue Structure - The revenue structure is balanced, with significant contributions from brokerage and investment businesses [1]. - In the first three quarters of 2025, CICC's revenue from brokerage, investment banking, asset management, net interest, and net investment was 4.52 billion, 2.94 billion, 1.06 billion, -1.02 billion, and 11.43 billion yuan, respectively [1]. - The proportion of revenue from brokerage, investment banking, and asset management in light capital businesses was 22%, 14%, and 5%, showing slight year-on-year changes of +2.7, -1.2, and -1.1 percentage points [1]. - In capital businesses, net investment and net interest accounted for 55% and -5%, with year-on-year changes of +0.1 and +4.0 percentage points [1]. Growth Drivers - The growth in performance is primarily driven by improvements in the market environment and increased client activity, leading to significant revenue growth across all business segments [2]. - Revenue from brokerage, investment banking, asset management, net interest, and net investment grew by 76.3%, 42.6%, 26.6%, 14.5%, and 54.7% year-on-year, respectively [2]. - Brokerage and investment businesses are identified as the key engines for revenue growth [2]. Investment Outlook - Given the overall increase in market trading activity, CICC expects net profit attributable to shareholders to reach 8.5 billion, 9.4 billion, and 10.6 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 49%, 11%, and 13% [2]. - The corresponding price-to-book ratios are projected to be 0.7, 0.7, and 0.6 times for the respective years [2].

Core Viewpoint - CICC reported strong financial performance for the first three quarters of 2025, with significant increases in both revenue and net profit, driven by robust growth in fee-based and capital-based businesses [1][2]. Financial Performance - For the first three quarters of 2025, CICC achieved revenue of 20.76 billion yuan, up 54.4% year-on-year, and a net profit attributable to shareholders of 6.57 billion yuan, up 129.8% year-on-year [1]. - The weighted average return on equity (ROE) increased by 3.65 percentage points to 6.29% [1]. - The company's leverage, excluding client funds, was 5.31x, an increase of 5.0% year-on-year [1]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 4.52 billion, 2.94 billion, 1.06 billion, and 11.03 billion yuan, respectively, with year-on-year growth rates of 76.3%, 42.6%, 26.6%, and 47.7% [1]. - The average daily trading volume for equity funds was 1.93 trillion yuan, up 109.5% year-on-year, while brokerage revenue increased by 76.3% [2]. Internationalization and Market Position - CICC is actively expanding its international business, maintaining a leading position in cross-border trading and enhancing its market presence in developed Asian markets [2]. - The company ranked first in the execution of H-share full circulation projects and provided market-making services for all 24 RMB dual-counter stocks on the Hong Kong Stock Exchange [2]. Underwriting and Asset Management - CICC led the market in Hong Kong IPO financing with a scale of 31.82 billion HKD, up 56.8% year-on-year, and ranked first in A-share IPO and refinancing scales, with year-on-year increases of 325% and 262%, respectively [3]. - The company's financial asset scale reached 416.3 billion yuan, up 18.0% year-on-year, with an investment return rate of 3.73%, an increase of 0.90 percentage points year-on-year [3]. Future Outlook - The company is expected to maintain a competitive advantage in brokerage, investment banking, asset management, and trading, with projected net profits of 8.68 billion and 9.48 billion yuan for 2025 and 2026, respectively [3].