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 乃 中 信 建 投 証 券 股 份 有 限 公 司（「本公司」）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 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 之《中 信 建 投 証 券 股 份 有 限 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年本息 兌 付 及 摘 牌 公 告》《中 信 建 投 証 券 股 份 有 限 公 司2022年面向專業投資者公 開 發 行 公 司 債 券（第 一 期）（品 種 二）2025年 付 息 公 告》《中 信 建 投 証 券 股 份 有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 公 司 債 券（第 一 期）（品 種 三）2025 年 付 ...

Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit attributable to shareholders for 2025-2027 to be 19.989 billion, 24.800 billion, and 27.928 billion yuan respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65 times, and recommends a "buy" rating based on the company's industry position, growth potential, and low-cost advantages [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 145.485 billion yuan and a net profit attributable to shareholders of 14.280 billion yuan, representing a year-on-year increase of 72.61%, setting a new historical high for the same period [2] - In Q3 2025, the net profit attributable to shareholders was 5.608 billion yuan, showing a year-on-year growth of 96.40% and a quarter-on-quarter increase of 18.69% [2] Group 2: Production and Projects - The company reported a significant increase in copper production, with a total output of 543,400 tons in the first three quarters of 2025, a year-on-year growth of 14.14%, achieving a historical high for the same period [3] - The company plans to invest no more than 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding an average of 100,000 tons of copper metal annually upon reaching full capacity [3] Group 3: Pricing Trends - In Q3 2025, the average spot price of LME copper increased by 2.9% from Q2 to 9,797 USD per ton, with other key minerals also experiencing price increases [4] Group 4: Cost Management - The company achieved a 10.94% year-on-year decrease in operating costs in the first three quarters of 2025, while simultaneously increasing production and sales [5] Group 5: Market Outlook - Luoyang Molybdenum received the largest export quota from the Democratic Republic of Congo, with a remaining export limit of 6,500 tons for the rest of 2025, accounting for 35.9% of the total quota [6] - The tightening supply in the cobalt market is expected to push prices higher, with a projected export volume of only 96,600 tons over the next two years, leading to a shift from surplus to a shortage in the market [6]

Core Viewpoint - CITIC Securities projects Luoyang Molybdenum's net profit for 2025-2027 to be 19.989 billion, 24.800 billion, and 27.928 billion CNY respectively, with corresponding PE ratios of 16.28, 13.12, and 11.65, recommending a "buy" rating due to the company's industry position, growth potential, and low-cost advantages [1] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 145.485 billion CNY and a net profit attributable to shareholders of 14.280 billion CNY, marking a year-on-year increase of 72.61% and surpassing the previous year's total [2] - The net profit for Q3 reached 5.608 billion CNY, reflecting a year-on-year growth of 96.40% and a quarter-on-quarter increase of 18.69% [2] Production and Projects - The company reported a significant increase in copper production, with a total output of 543,400 tons in the first three quarters of 2025, representing a year-on-year growth of 14.14% [3] - The company plans to invest up to 1.084 billion USD in the KFM Phase II project, expected to commence production in 2027, adding an average of 100,000 tons of copper metal annually once fully operational [3] Commodity Prices - In Q3 2025, the average LME copper spot price increased by 2.9% from Q2 to 9,797 USD per ton, with other key minerals also experiencing price increases [4] Cost Management - The company achieved a 10.94% year-on-year reduction in operating costs during the first three quarters of 2025, driven by refined management and technological innovations [5] Cobalt Market Outlook - Luoyang Molybdenum received the largest export quota from the Democratic Republic of Congo, with a remaining export limit of 6,500 tons for 2025, which is 35.9% of the total quota [6] - The tightening supply in the cobalt market is expected to push prices higher, with a projected reduction in supply leading to a shift from surplus to a shortage of approximately 30,000 tons [6]

Group 1 - The core viewpoint indicates that while the production and sales data for the "Golden September and Silver October" period is performing well, market sentiment regarding short-term rush purchases is dampened due to factors such as the increase in purchase tax next year and uncertainties in subsidy policies [1] - Tesla's third-quarter report guidance reveals that the Robotaxi fleet has accumulated 1 million kilometers of driving, with plans to expand to 8-10 metropolitan areas by the end of the year and gradually remove safety drivers [1] - The expectation for next year includes the production of models without steering wheels and pedals, reflecting a strong outlook for high-end and technology-driven structural growth in the industry [1] Group 2 - The industry is closely monitoring the release of the L3 autonomous driving national standard, advancements in the Robotaxi sector, and the export of competitive complete vehicles [1]

Core Viewpoint - Liu Cheng, Chairman of CITIC Securities, emphasized the transition of economic growth drivers from the traditional "land-finance" cycle to a new cycle of "industrial innovation-technology innovation-finance" during the 2025 Financial Street Forum [1] Group 1: Economic Growth Transition - The shift in economic growth drivers is identified as moving towards "industrial innovation-technology innovation-finance" [1] - The need to adapt financial support to better align with the new cycle of innovation is highlighted [1] Group 2: Pain Points in Financial Support - Government and public institutions face challenges in balancing early investment risks with the preservation and appreciation of state-owned capital [1] - The commercial interests of projects must be balanced with their positive external effects on regional economies [1] - Enterprises and market institutions struggle with innovating financial supply to meet the characteristics of new industry demands [1] Group 3: Financial Industry Directions - The financial industry should adopt an open orientation to accelerate financial internationalization and the establishment of a unified international market [1] - A digital orientation is necessary to promote the integration of digital finance with the digital economy [1]

Group 1 - The core viewpoint of the report indicates that the passenger car market shows positive data during the "Golden September and Silver October" period, but market expectations are becoming dull. The focus remains on high-end, intelligent, and overseas expansion trends [1] - The commercial vehicle sector benefits from subsidy implementation and increased exports, with significant characteristics of low valuation and high prosperity. Leading companies are expected to experience a "Davis Double" effect [1] - The progress and mid-term expectations of the humanoid robot industry chain remain optimistic. The "14th Five-Year Plan" emphasizes technological self-reliance and new productivity development, suggesting that AI-related industries, represented by humanoid robots, are likely to benefit and continue to show value before the realization of industry trends [1]

Core Viewpoint - The speech emphasizes the need to transition the economic growth model from a "land-finance" cycle to an "industry innovation-technology innovation-finance" cycle during the 14th Five-Year Plan period [1] Group 1: Financial Support for Technological Innovation - The main pain points for government and public institutions in the tech finance sector include balancing early investment risks with the need for state capital preservation and appreciation, as well as balancing commercial interests with positive external effects on regional economies [1] - For enterprises and market institutions, the challenges lie in innovating financial supply to meet the characteristics of new industry demands, balancing short-term capital returns with long-term funding needs, and collaborating with social capital to form a virtuous cycle [1] Group 2: Financial Industry Directions - The financial industry should adhere to an open orientation, accelerating the promotion of financial internationalization and the construction of a unified international market [1] - There is a need to maintain a digital orientation to promote the integration of digital finance with the digital economy [1]

Core Viewpoint - Jin Chuang Group (603680.SH) is currently experiencing a significant decline in stock price, closing at 11.08 yuan with a drop of 7.82%, resulting in a total market capitalization of 8.684 billion yuan, indicating the stock is in a state of loss since its IPO price was 32.69 yuan per share [1] Group 1: Company Overview - Jin Chuang Group was listed on the Shanghai Stock Exchange on February 27, 2018, with an initial offering price of 32.69 yuan per share [1] - The company raised a total of 1.37298 billion yuan through its initial public offering (IPO), with a net amount of 1.321814333 billion yuan after deducting related issuance costs [1] - The IPO was approved by the China Securities Regulatory Commission under document number [2017]618 [1] Group 2: Dividend Policies - On July 25, 2018, Jin Chuang Group announced a dividend plan, proposing a bonus issue of 4 shares for every 10 shares held and a pre-tax dividend of 3 yuan [1] - On July 5, 2019, the company revealed another dividend plan, offering a bonus issue of 3 shares for every 10 shares held and a pre-tax dividend of 2 yuan [1]

Group 1 - The core viewpoint is that HSBC Holdings (00005) demonstrates clear advantages in high ROTE and high dividend yield, indicating significant investment value [1] - The projected revenue growth rates for HSBC from 2025 to 2027 are 2.3%, 2.4%, and 3.4%, while the net profit growth rates are expected to be 6.3%, 2.2%, and 2.7% respectively [1] - Current valuation is at 1.4 times the 2025 PB and 1.5 times the 2025 PTB, with a target valuation of 1.6 times the 2025 PB (1.7 times P/TB), leading to a target price of 120 HKD [1] Group 2 - HSBC's Q3 2025 revenue and profit continue to exceed expectations, with an upgraded ROTE guidance for 2025 to a mid-teens level, potentially exceeding 15% [2] - The bank's net interest income guidance for the year has been raised to 43 billion USD, supported by stable net interest margins and strong non-interest income growth, particularly in wealth management [2] - Despite some pressure on commercial real estate asset quality in Hong Kong, the overall impact is manageable, with credit costs remaining stable at 40 bps [2] Group 3 - Long-term, HSBC is positioned favorably with a 3% terminal policy rate, indicating ample loan pricing and investment return opportunities, alongside robust credit demand and strong asset quality [3] - The restructuring of global supply chains and the outbound expansion of Chinese enterprises are expected to accelerate, benefiting HSBC as a key player in this environment [3] - HSBC's extensive presence in key regions positions it as a core beneficiary in the evolving landscape of globalization 2.0, particularly with the trend of asset allocation among affluent retail clients in Asia [3]

Core Viewpoint - HSBC Holdings demonstrates clear advantages in high ROTE and high dividend yield, indicating significant investment value [1] Financial Performance - HSBC's revenue and profit for Q3 2025 continue to exceed expectations, with an upgraded ROTE guidance to mid-double digits and a forecasted ROTE above 15% for 2025 [2] - The bank's net interest income guidance for the year has been raised to $43 billion, supported by stable net interest margins and strong non-interest income growth, particularly in wealth management, which saw a 30% year-on-year increase [2] - Credit costs remain stable at 40 basis points, indicating effective cost management and a resilient financial position [2] Long-term Outlook - The bank is positioned favorably in a robust operating environment, benefiting from a 3% terminal policy interest rate, strong credit demand, and improved asset quality [3] - HSBC is expected to be a key beneficiary of the ongoing restructuring of global supply chains and the trend of Chinese enterprises expanding overseas, despite challenges posed by U.S. tariff policies [3] - The bank's extensive presence in key regions positions it well to capitalize on the global asset allocation trends among affluent retail clients in Asia [3]