Core Viewpoint - The appointment of Wang Shuguang as Vice Chairman of CICC is expected to enhance the synergy between the investment banking business and other operations, thereby improving the company's ability to serve national strategies [1][5]. Group 1: Personnel Changes - Wang Shuguang has been elected as Vice Chairman of CICC, following his recent appointment as President just two months prior [1][5]. - The board of directors unanimously approved the election of Wang Shuguang, who will assist the Chairman in his duties and take over if the Chairman is unable to perform his responsibilities [5]. - Wang Shuguang will also serve as the authorized representative under the Hong Kong Stock Exchange listing rules, working alongside co-secretary Zhou Jiaxing [5]. Group 2: Career Development - Wang Shuguang's career at CICC spans nearly 30 years, showcasing the company's talent cultivation system [7]. - His career can be divided into four key stages: starting from a basic position in the investment banking department (1998-2010), becoming a general manager and holding significant roles (2010-2022), leading the investment banking department (2022-2025), and finally being appointed as President and now Vice Chairman (2025-present) [7]. - He has led numerous milestone capital market projects, including IPOs for major companies across various market segments [7][8]. Group 3: Strategic Insights - Wang Shuguang has articulated a deep understanding of the significance of the newly established Sci-Tech Growth Tier in the STAR Market, which aligns with national strategies for technological innovation [10]. - The introduction of the Sci-Tech Growth Tier is seen as a critical institutional supply to support high-tech enterprises with significant R&D investments and long profit cycles [10]. - Wang emphasized the role of investment banking in supporting national strategies, particularly in fostering hard-tech companies that possess key technologies and global competitiveness [11].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 26.15 HKD, compared to the current price of 21.14 HKD [4][10]. Core Insights - The company reported a significant increase in net profit for the first three quarters, with a year-on-year growth of 130%. This growth is attributed to improvements across various business segments [2][10]. - The company's return on equity (ROE) improved to 5.7%, up by 3.1 percentage points year-on-year. Key financial metrics such as leverage ratio, return on assets (ROA), and net profit margin also showed positive trends [2][10]. - The overall revenue for the reporting period reached 207 billion CNY, reflecting a year-on-year increase of 54.5%. The net profit attributable to shareholders was 65.7 billion CNY, up by 129.8% [7][10]. Financial Performance Summary - The company's total assets, excluding client funds, amounted to 587.3 billion CNY, an increase of 764.3 billion CNY year-on-year. The net assets reached 115.5 billion CNY, up by 66.9 billion CNY [8]. - The company’s interest-bearing liabilities increased to 312 billion CNY, with a quarter-on-quarter rise of 255.1 billion CNY [8]. - The self-operated business income totaled 109.7 billion CNY, with a quarterly self-operated yield of 1.2%, showing a slight decrease compared to the previous quarter but an increase year-on-year [8][9]. Business Segment Performance - Brokerage business revenue was 45.2 billion CNY, with a significant year-on-year increase of 135.5%. The average daily trading volume in the market rose to 21,119.5 billion CNY, up by 67.1% [9]. - Investment banking revenue showed slight recovery, reaching 29.4 billion CNY, with a year-on-year increase of 4.9 billion CNY [9]. - Asset management revenue was reported at 10.6 billion CNY, with a year-on-year increase of 1 billion CNY [9]. Future Earnings Projections - The company’s earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.87, 1.97, and 2.13 CNY respectively, reflecting an upward revision from previous estimates [10][11]. - The current price-to-earnings (PE) ratios for the respective years are estimated at 10.6, 10.1, and 9.3 times [10][11]. Valuation Metrics - The report suggests a price-to-book (PB) ratio of 1.1 times for the 2026 earnings, indicating a favorable valuation outlook based on historical performance and current market conditions [10].

Core Viewpoint - CICC announced the appointment of Wang Shuguang as Vice Chairman, enhancing the company's governance structure and strategic decision-making capabilities [2][4]. Group 1: Personnel Changes - Wang Shuguang has been appointed as Vice Chairman of CICC, just two months after becoming President [2]. - He will also serve as the authorized representative under the Hong Kong Stock Exchange listing rules, working alongside co-secretary Zhou Jiaxing [3]. - The board unanimously approved Wang's election as Vice Chairman during its recent meeting [2]. Group 2: Strategic Implications - The appointment is expected to strengthen the synergy between CICC's investment banking and other business sectors, enhancing its ability to serve national strategies [4]. - Wang's extensive experience in investment banking and management is anticipated to inject new vitality into CICC's governance and strategic decision-making [4]. Group 3: Career Background - Wang Shuguang's career at CICC exemplifies the company's talent cultivation system, having joined in 1998 and progressed through various roles over 27 years [5][6]. - His career can be divided into four key stages, culminating in his recent appointments as President and Vice Chairman [6]. - Wang has led significant capital market projects, including IPOs and mergers, showcasing his comprehensive experience in the field [6][7]. Group 4: Insights on Capital Market Reform - Wang emphasized the significance of the newly launched Sci-Tech Innovation Board's growth tier, which aligns with national strategies for technological innovation [8]. - He outlined three strategic dimensions of the reform: enhancing support for tech innovation, improving capital formation, and strengthening investor protection mechanisms [8][9]. - Wang reiterated the mission of investment banking in supporting national strategies, particularly in fostering hard-tech enterprises through capital markets [9].

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 individual stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform features daily updates on research focuses and timely article selections, enhancing the accessibility of market insights [4]. - It provides over 3,000 complete research reports covering macroeconomics, industry research, and commodities [9]. Group 2: Data and Frameworks - The platform includes more than 160 industry research frameworks and over 40 premium databases, facilitating comprehensive industry data analysis [10]. - CICC Insight incorporates advanced AI search capabilities, allowing users to filter key points and engage in intelligent Q&A [10].

Core Viewpoint - China International Capital Corporation (CICC) is a leading investment bank in China, with a strong focus on investment banking, equity sales and trading, and wealth management, facing challenges in profitability and debt levels compared to industry averages [1][3]. Financial Performance - In Q3 2025, CICC reported revenue of 20.761 billion yuan, ranking 6th in the industry, with the top competitor, CITIC Securities, generating 55.815 billion yuan [2]. - The net profit for the same period was 6.565 billion yuan, placing CICC 10th in the industry, while CITIC Securities led with 23.916 billion yuan [2]. Financial Ratios - CICC's debt-to-asset ratio stood at 81.18% in Q3 2025, an increase from 80.24% year-on-year, significantly higher than the industry average of 68.82%, indicating higher debt pressure [3]. - The gross profit margin was reported at 37.01%, up from 23.26% year-on-year, but still below the industry average of 42.78%, suggesting weaker profitability [3]. Executive Compensation - Chairman Chen Liang's compensation for 2024 was 1.438 million yuan, a significant increase of 1.155 million yuan from 2023 [4]. - President Wang Shuguang received 1.659 million yuan in 2024, a decrease of 0.125 million yuan from the previous year [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.11% to 118,500, while the average number of shares held per shareholder increased by 4.28% to 24,700 [5]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in shareholdings among the top ten shareholders [5]. Business Highlights - CICC's brokerage business showed strong growth, with the wealth management segment surpassing 120 billion yuan in scale [6]. - Investment banking revenues increased significantly, with 80 IPO projects in the pipeline, ranking 3rd in the industry [6]. - Asset management revenues expanded, and proprietary trading showed impressive growth [6]. - Credit income improved, with margin financing growth leading the market [6].

Core Insights - The establishment of the Sci-Tech Growth Tier is a significant reform aimed at providing crucial financing support for unprofitable but innovative tech companies with substantial R&D investments and promising commercial prospects [1][2] Group 1: Policy and Market Impact - The introduction of the Sci-Tech Growth Tier is seen as a timely and profound measure that aligns with national strategies for technological innovation and the development of new productive forces [1][2] - As of October 28, the Sci-Tech Board has gathered 592 quality tech companies, with a cumulative financing scale exceeding 930 billion yuan [2] Group 2: Support for Innovation - The Sci-Tech Growth Tier enhances the precision of support for tech innovation enterprises by implementing differentiated supervision for unprofitable companies, serving as a "testing ground" for more inclusive policies [3] - It broadens financing channels for companies in the R&D phase, while also providing a clear and efficient exit mechanism for early-stage capital, fostering a positive cycle between technology, industry, and finance [3] Group 3: Investor Protection - The establishment of a special "U" identifier to reveal risks, along with measures to ensure smooth transitions for companies exiting standards, enhances investor protection and market transparency [3] Group 4: Institutional Commitment - The company emphasizes its commitment to supporting hard-tech enterprises with core technologies to achieve rapid development through capital markets, aligning with national goals for financial strength and modernization [4]

◎记者 闫刘梦 近日，科创成长层迎来首批新注册企业，标志着科创板"1+6"改革进一步实质性落地。对此，中金公司 党委副书记、总裁王曙光在接受上海证券报记者专访时表示，科创成长层的设立是推动科技强国建设 的"及时雨"与"加速器"，充分彰显了中国特色现代资本市场服务实体经济高质量发展的使命担当。 王曙光认为，在此背景下，科创成长层的设立，正是资本市场以制度创新响应国家战略的生动实践，是 打通科技、产业与金融循环堵点的关键一招。这一制度为那些"研发投入高、技术壁垒深、盈利周期 长"的硬科技企业架起了通往资本市场的坚实桥梁。 深化资本市场改革的重要里程碑 从资本市场改革全局看，王曙光表示，科创成长层的推出标志着我国多层次资本市场体系实现了历史性 跃升。 在他看来，当众多处于技术攻坚期的前沿科技企业因传统盈利门槛而不得不对A股市场"望而却步"时， 科创成长层精准补上了硬科技企业全生命周期融资链条中的关键一环，不仅定位更加清晰、立意更为高 远，更彰显了资本市场改革的效率与决心。 服务国家战略的关键举措 今年6月，中国证监会正式推出科创板深化改革"1+6"政策体系，设置科创成长层为改革核心举措之一， 为尚未盈利但具备重大技 ...

Core Points - China International Capital Corporation (CICC) announced the election of Wang Shuguang as Vice Chairman and adjustments to the board's specialized committees on October 31, 2025 [1][3][4] - The board meeting was conducted in compliance with relevant laws and regulations, with all nine participating directors voting in favor of the proposals [2][5] - The changes aim to enhance corporate governance and decision-making efficiency, aligning with the company's long-term development needs [6] Meeting Details - The board meeting was convened via written notice, and all directors agreed to waive the notification period [2] - A total of nine directors participated in the voting, confirming the meeting's compliance and validity [2] Election of Vice Chairman - Wang Shuguang was elected as Vice Chairman with unanimous support from the board [3] - His term will last until the end of the current board's tenure, and his position will automatically terminate if he ceases to be a director [3] Adjustment of Specialized Committees - The board approved adjustments to the specialized committees, with Wang Shuguang joining the Strategy and ESG Committee, Compensation Committee, and Risk Control Committee [4] - Tian Ting was also elected to the Strategy and ESG Committee and the Risk Control Committee [4][5] Change of Authorized Representative - The board approved the appointment of Wang Shuguang as the authorized representative under the Hong Kong Stock Exchange Listing Rules [6] - Wang will serve alongside the co-secretary, while the current chairman, Chen Liang, will no longer hold this position [6]

Core Viewpoint - CICC announced the election of Ms. Tian Ting as the employee director during the upcoming employee representative assembly scheduled for October 31, 2025 [2] Group 1 - CICC will hold its third employee representative assembly for the fifth time on October 31, 2025 [2] - Ms. Tian Ting has been nominated for the position of employee director [2]

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《中國國際金 融股份有限公司信息披露管理制度》《中國國際金融股份有限公司投資者關係管理辦法》 《中國國際金融股份有限公司內幕信息知情人登記備案管理制度》《中國國際金融股份有限 公司募集資金管理辦法》及《中國國際金融股份有限公司董事及高級管理人員持有及變動 本公司股份管理辦法》，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10月31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 ...