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 中国国际金融股份有限公司 关于重大资产重组的进展公告 中国国际金融股份有限公司董事会及全体董事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法律责任。 一、本次交易的基本情况 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）与东兴证 券股份有限公司（以下简称"东兴证券"）、信达证券股份有限公司（以下简称 "信达证券"）正在筹划由公司通过向东兴证券全体 A 股换股股东发行 A 股股 票、向信达证券全体 A 股换股股东发行 A 股股票的方式换股吸收合并东兴证券、 信达证券（以下简称"本次交易"）。本次交易预计构成《上市公司 ...

公司于 2025 年 12 月 17 日召开第三届董事会第十三次会议，审议通过了《关 于<中国国际金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券 股份有限公司预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 公司刊登在上海证券交易所网站的相关公告。经向上海证券交易所申请，公司 A 股股票于 2025 年 12 月 18 日（星期四）开市起复牌。 2026 年 1 月 16 日、2026 年 2 月 14 日，公司披露了《中金公司关于重大资 产重组的进展公告》（公告编号：临 2026-001、临 2026-010）。 证券代码：601995 证券简称：中金公司 公告编号：临 2026-013 中国国际金融股份有限公司 关于重大资产重组的进展公告 中国国际金融股份有限公司董事会及全体董事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法律责任。 一、本次交易的基本情况 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）与东兴证 券股份有限公司（以下简称"东兴证券"）、信达证券股份有限公司（以下简称 "信达证券"）正在筹划由公司通过向东 ...

Core Viewpoint - The report highlights a significant increase in the underwriting of technology innovation bonds (科创债) by securities firms in 2025, with the total amount surpassing 1 trillion yuan, reflecting a 66.52% year-on-year growth [2][11]. Group 1: Underwriting Statistics - In 2025, 83 securities firms participated as lead underwriters for technology innovation bonds, an increase of 23 firms compared to the previous year [2][11]. - The total underwriting amount for technology innovation bonds reached 10,219.35 billion yuan in 2025, marking a substantial increase from 6,136.86 billion yuan in 2024 [11]. - The top five firms by underwriting amount for technology innovation bonds in 2025 were: CITIC Securities (1,904.72 billion yuan), CITIC Jinshi (1,598.90 billion yuan), Guotai Junan (1,166.17 billion yuan), China International Capital Corporation (700.49 billion yuan), and Huatai United Securities (641.18 billion yuan) [11][14]. Group 2: Bond Types and Underwriting Firms - The report includes various bond types under the statistics, such as green bonds, low-carbon transition bonds, and rural revitalization bonds, with technology innovation bonds leading in scale [3][4]. - In 2025, 58 firms acted as lead underwriters for green bonds, with a total amount of 175.72 billion yuan, while 32 firms underwrote low-carbon transition bonds totaling 21.03 billion yuan [4][5]. - For rural revitalization bonds, 54 firms managed 112 bonds/products, amounting to 66.36 billion yuan [6]. Group 3: Policy Impact - The increase in technology innovation bond underwriting is attributed to policy changes initiated in 2025, which established a specialized underwriting evaluation system and market-making mechanism [12]. - The regulatory framework for technology innovation bonds has evolved since its pilot in 2021, with significant enhancements made in 2024 to broaden the scope of eligible issuers [12][13].

Core Viewpoint - The technology innovation bond market in China is experiencing explosive growth driven by the national strategy of technological self-reliance and strength, with significant increases in both the number of participating securities firms and the total amount of bonds issued [1][2]. Group 1: Growth of Technology Innovation Bonds - In 2025, 83 securities firms acted as main underwriters for technology innovation bonds, underwriting a total of 998 bonds amounting to 10,219.35 billion yuan, marking a year-on-year growth of over 60% [2]. - The number of participating firms increased by nearly 40% from 60 in 2024 to 83 in 2025, indicating a robust expansion in the market [2]. - The issuance of technology innovation bonds has grown from less than 500 billion yuan in 2021 to over 10 trillion yuan in 2025, reflecting a 28.7-fold increase in underwriting scale over five years [3][4]. Group 2: Underwriting Firms and Rankings - The top three underwriters for technology innovation bonds are CITIC Securities, CITIC Construction Investment, and Guotai Junan, with underwriting amounts of 1,904.72 billion yuan, 1,598.90 billion yuan, and 1,166.17 billion yuan respectively [4]. - In 2024, only CITIC Securities surpassed the 1 trillion yuan mark in underwriting, highlighting its dominance in the market [4]. Group 3: Policy Support and Market Dynamics - The rapid expansion of technology innovation bonds is supported by continuous policy enhancements, including a joint announcement by the central bank and the securities regulatory commission in May 2025 to establish a special underwriting evaluation system for these bonds [5]. - This policy aims to inject strong momentum into the market by increasing the weight of technology innovation bond underwriting in the evaluation system of securities firms [5]. - The growth of technology innovation bonds is seen as beneficial for providing targeted financial support to "hard technology" enterprises, thereby optimizing the business structure of securities firms and enhancing the capital market's ability to serve national strategies [5]. Group 4: Strategic Importance of Technology Innovation - The government work report emphasizes the importance of technology innovation as a key driver for economic growth, aiming to foster new momentum and support high-level technological self-reliance [7]. - Analysts believe that the capital market will play a crucial role in supporting the development of new productive forces and facilitating the integration of technology and capital during the 14th Five-Year Plan period [7][8]. - The core theme of the technology strategy during this period is to achieve breakthroughs in foundational computing power and deep integration of AI across industries, which will accelerate the cultivation of new productive forces [8].

Core Viewpoint - The report highlights a significant increase in the underwriting of technology innovation bonds (科创债) by securities firms in 2025, with the total amount surpassing 1 trillion yuan, driven by new policies and an expanding market [2][12][13]. Group 1: Underwriting Statistics - In 2025, 83 securities firms participated as lead underwriters for technology innovation bonds, an increase of 23 firms year-on-year [2][12]. - The total underwriting amount for technology innovation bonds reached 10,219.35 billion yuan, representing a year-on-year growth of 66.52% [2][12]. - The top five firms by underwriting amount for technology innovation bonds in 2025 were: CITIC Securities (1904.72 billion yuan), CITIC Jiantou (1598.90 billion yuan), Guotai Junan (1166.17 billion yuan), China International Capital Corporation (700.49 billion yuan), and Huatai United Securities (641.18 billion yuan) [12][15]. Group 2: Bond Types and Underwriting Firms - The total number of securities firms underwriting green bonds was 58, with a total amount of 1757.17 billion yuan [4]. - For low-carbon transition bonds, 32 firms underwrote 38 bonds, totaling 210.27 billion yuan [5]. - The number of firms underwriting rural revitalization bonds was 54, with a total amount of 663.6 billion yuan [6]. - 28 firms participated in underwriting "Belt and Road" bonds, totaling 222.1 billion yuan [7]. - 47 firms supported small and micro-enterprise bonds, with a total of 277.32 billion yuan [8]. - 61 firms underwrote private enterprise bonds, totaling 5730.82 billion yuan [8]. - 72 firms participated in issuing local government bonds, with a total bid amount of 4543.78 billion yuan [9]. Group 3: Policy Impact - The increase in technology innovation bond underwriting is attributed to new policies introduced on May 7, 2025, which established a special underwriting evaluation system and market-making mechanism for these bonds [13]. - The development of technology innovation bonds has been supported since 2021, with significant growth in issuance from 324.45 billion yuan in 2021 to 3622.20 billion yuan in 2023 [13][14].

本公告不適於向(I)在美國境內的任何人士或地址；或(II)任何美國人士（如1933年美 國證券法S規例（經修訂）（「美國證券法」）所定義）派發。 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 部分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。 本公告僅供說明用途，並不構成收購、購買或認購證券的邀請或要約。本公告亦不 構成招攬購買證券的邀請或要約。 本公告所述證券並無亦不會根據美國證券法或向美國任何州份的任何證券監管機 構或其他司法權區登記，而除非已根據美國證券法或所適用的州份或當地證券法的 登記規定取得相關豁免或交易不受限於該等登記規定，否則本公告所述證券不得在 美國境內發售或出售，或向美國人士或代其或以其利益發售或出售。 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） 自願公告 根據一百億美元擔保中期票據計劃 發行 於二零二八年到期的2,000,000, ...

Group 1 - The core viewpoint of the article is the establishment and operational details of the 50 billion yuan Beijing-Tianjin-Hebei Venture Capital Guidance Fund, which aims to support early-stage and innovative technology companies [1] - The fund is managed by a wholly-owned subsidiary of CICC, focusing on "early investment, small investment, long-term investment, and hard technology" [1] - The fund employs a "sub-fund + direct investment project" approach to invest in seed and startup enterprises, aiming to foster original and disruptive technological innovations [1] Group 2 - As of now, the Beijing-Tianjin-Hebei Fund has signed investment agreements for 4 sub-funds and 1 direct investment project, completing its first capital contribution [1]

（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2026 年面向專業投資者公開發行永續次級債券（第三期）票面利率公告，僅供參閱。 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 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实、准确和完整承担个别及连带责任。 中国国际金融股份有限公司面向专业投资者公开发行不超过 200 亿元（含 200 亿元） 永续次级债券已获得中国证券监督管理委员会《关于同意中国国际金融股份有限公司向 专业投资者公开发行永续次级公司债券注册的批复》（证监许可【202 ...

Core Viewpoint - The article discusses the importance of international trade pricing power and how enhancing the pricing power of the Renminbi (RMB) can reduce exchange rate risks for Chinese economic entities. It emphasizes the need for China to leverage its manufacturing advantages and adapt to changing global economic conditions to increase the RMB's role in international trade pricing [3][5]. Group 1: International Trade Pricing Power - International trade pricing power is a rule-making authority that determines who bears the exchange rate risk in trade. Enhancing this power can lower the risks faced by domestic economic entities [3]. - The choice of pricing currency in international trade is influenced by three main factors: upstream intermediates, downstream competitors, and transaction costs. The dominant currency pricing (DCP) is a significant aspect of vehicle currency pricing (VCP) [4][14]. - The current international macroeconomic environment presents opportunities for enhancing RMB pricing power, which requires appropriate policy responses [5][12]. Group 2: Factors Influencing Pricing Currency Choice - The choice of pricing currency in international trade is determined by the interplay of upstream intermediates, downstream competitors, and transaction costs. This framework helps understand the dynamics of currency selection [14][21]. - Upstream intermediates influence the choice between producer currency pricing (PCP) and VCP. A complete domestic supply chain increases the likelihood of using PCP [18]. - Downstream competitors affect the choice between local currency pricing (LCP) and VCP. In competitive markets, firms are likely to adopt the same currency as their competitors to avoid price volatility [19][20]. Group 3: Enhancing RMB Pricing Power - To enhance RMB pricing power, China should focus on increasing PCP by leveraging its manufacturing advantages and expanding its supply chain capabilities [28][29]. - The rise of Direct-to-Consumer (DTC) business models can empower Chinese exporters to negotiate better pricing terms, allowing for greater use of RMB in pricing [34][35]. - Exploring RMB pricing mechanisms for key commodities where China has a competitive edge can also enhance its international pricing position [36]. Group 4: Reducing DCP and Becoming VCP - The restructuring of international trade and currency systems can weaken the dominance of the DCP, providing an opportunity for the RMB to increase its share as a VCP [45]. - The development of digital currencies and AI payment systems can lower transaction costs, making it easier for non-dominant currencies like the RMB to compete with the DCP [37][40]. - China's exploration of Central Bank Digital Currency (CBDC) and tokenized deposits can enhance the efficiency and security of RMB transactions, further supporting its international pricing power [42][43].

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2026 年面向專業投資者公開發行永續次級債券（第三期）信用評級報告，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 梁東擎 中國，北京 2026年3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、陸正飛先生及周禹先生。 ѣളള䱻䠇㷃㛗Գᴿ䲆ޢਮ 2026 ᒪ䶘ੇщѐᣋ䍺㘻ޢᔶਇ㺂 ≮㔣⅗㓝ٰδㅢпᵕεؗ⭞䇺㓝ᣛ ѣ䈐ؗള䱻ؗ⭞䇺 ...