中金公司（601995）(03908)发布公告，中国国际金融股份有限公司2023年面向专业机构投资者公开发 行公司债券(第四期)(品种一)，简称"23中金G7"，将于2025年12月22日(因遇2025年12月21日为休息日， 故顺延至下一个交易日)开始支付自2024年12月21日至2025年12月20日期间的利息。本期债券票面利率 (计息年利率)为2.85%，每手本期债券面值为1000.00元，派发利息为28.50元(含税)。 ...

格隆汇12月15日丨中金公司(03908.HK)公告，中国国际金融股份有限公司2023年面向专业机构投资者公 开发行公司债券(第四期)(品种一)，债券简称:23中金G7。将于2025年12月22日(因遇2025年12月21日为 休息日，故顺延至下一个交易日)开始支付自2024年12月21日至2025年12月20日期间的利息。 ...

China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 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。 （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2025 年面向專業投資者公開發行永續次級債券（第二期）發行結果公告，僅供參閱。 中国国际金融股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第二期）发行结果公告 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。 经中国证券监督管理委员会证监许可【2025】2290 号文批复，中国国际金融股份有 限公司（以下简称"中金公司"或"发行人"）获准面 ...

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2023 年面向專業機構投資者公開發行公司債券（第四期）（品種二）2025年付息公告，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12月15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、彼得 • 諾蘭先 生及周禹先生。 (第四期) (品种二) 2025年付息公告 本公司全体董事或具有同等职责 ...

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2023 年面向專業機構投資者公開發行公司債券（第四期）（品種一）2025年付息公告，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12月15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、彼得 • 諾蘭先 生及周禹先生。 债券代码:240416 债券简称:23 中金G7 中国国际金融股份有限公 ...

Core Viewpoint - The latest financial data from the central bank indicates a significant slowdown in the growth of RMB deposits in November, with non-bank deposits experiencing a year-on-year decrease for the second consecutive month, suggesting a potential continuation of the "deposit migration" trend towards capital markets [1][2]. Group 1: Deposit Trends - In November, non-bank deposits increased by 80 billion yuan, a year-on-year decrease of 100 billion yuan, indicating a trend of reduced deposits across various sectors including households, enterprises, and fiscal deposits [1]. - For the first eleven months of the year, financial institutions added a total of 24.73 trillion yuan in RMB deposits, with non-bank deposits showing a year-on-year increase of 980 billion yuan [2]. - The trend of "deposit migration" is expected to continue, driven by factors such as declining deposit rates and increasing risk appetite among residents [5][6]. Group 2: Future Projections - In 2026, approximately 171 trillion yuan in household deposits will mature, an increase of 18 trillion yuan compared to 2025, with a significant portion of these deposits expected to be reallocated due to changes in interest rates [6]. - A decrease in the savings rate by 1 percentage point could potentially release an additional 900 billion yuan into investment areas such as wealth management, funds, insurance, and real estate [7]. - The anticipated decline in long-term deposit options and the pressure on banks' interest margins may further accelerate the "deposit migration" trend in the coming years [5][6].

Core Insights - The 19th Huaxia Institutional Investor Annual Conference and Huaxia Financial (Insurance) Technology Forum was successfully held in Beijing, focusing on the theme "Vitality and Resilience, Innovation and Empowerment" [1] Group 1: Awards and Recognitions - Institutions awarded the "2025 Annual Green Finance Practice Typical Case" include Agricultural Bank of China, Bank of China Beijing Branch, Industrial Bank, China International Capital Corporation, Xinwang Bank, and Huatai Securities [3] - Institutions recognized for the "2025 Annual Financial Assistance for the Disabled Typical Case" are Agricultural Bank of China and Yunnan Trust [3] - Institutions awarded the "2025 Annual Smart Elderly Care Financial Typical Case" include China Minsheng Bank, CITIC Bank, Agricultural Bank of China Wealth Management, New China Life Insurance, Harmony Health, Beijing Bank, and others [3] - Institutions recognized for the "2025 Annual Green Finance Innovation Typical Case" include Agricultural Bank of China Credit Card, People's Insurance Company of China, and Ping An Group [3] - Institutions awarded the "2025 Annual ESG Practice Typical Case" include Yirun Zhike, Dajia Investment Holdings, China Life, and others [3] - Institutions recognized for the "2025 Annual Institutional Investor Education Content Creative Communication Typical Case" include Minsheng Jianyin Fund, Zhejiang Merchants Securities, and others [3] - Institutions awarded the "2025 Annual Financial Empowerment for Rural Revitalization Typical Case" include China Post Insurance, Tianjin Bank Beijing Branch, and others [3] - Institutions recognized for the "2025 Annual Inclusive Finance Digital Transformation Typical Case" include CITIC Baixin Bank, Lexin, and others [3] - Institutions awarded the "2025 Annual Intelligent Risk Control Technology Innovation Application Typical Case" include Foreign Trade Trust, Orange Data Science, and others [3][4] - Institutions recognized for the "2025 Annual Community Elderly Service Typical Case" include Industrial and Commercial Bank of China, ICBC-AXA Life Insurance, and Tianjin Binhai Rural Commercial Bank [5] - Institutions awarded the "2025 Annual Internet Medical Innovation Practice Case" include ZhongAn Insurance [5] - Institutions recognized for the "2025 Annual Technology Financial Typical Practice Case" include Changjiang Securities, Yixin, and others [5] - Institutions awarded the "2025 Annual Listed Company Board of Directors Typical Practice Case" include Annai'er, Bailian Co., Hai Liang Co., and Tianqi Lithium [5]

Group 1 - The core viewpoint of the article indicates a noticeable slowdown in the growth of residents' fixed deposits since 2024, while there is a rapid increase in demand for current deposits, bank wealth management products, and non-monetary funds, reflecting a shift in residents' asset allocation [1] - According to the analysis by the research department of CICC, the trend of residents entering the market can be observed through the changing dynamics of their savings [1] - The research department estimates that due to the growth of rights-based products, by 2026, wealth management institutions are expected to increase their equity asset allocation (stocks + mixed equity funds) by 0.8 percentage points to 2.3% [1] Group 2 - By 2027, with continued investment in research resources for equity products, the allocation is expected to further increase to 3.5%, potentially bringing nearly 1 trillion yuan of incremental funds to the capital market [1]

Core Insights - The "M&A Six Guidelines" have significantly transformed the capital market in 2025, with over 800 asset mergers and acquisitions (M&A) recorded, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase from the previous year [1][2] Group 1: Market Activity - In 2025, the Shanghai Stock Exchange saw 806 new asset restructurings, with major asset restructurings accounting for 90 cases, reflecting a growing market activity and participation [2][3] - The number of major asset restructurings in the Shanghai market reached 1,177 since the introduction of the "M&A Six Guidelines," indicating a robust trend towards M&A as a primary channel for capital market activities [2] Group 2: Policy Impact - The revised "Management Measures for Major Asset Restructuring of Listed Companies" by the China Securities Regulatory Commission in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the regulatory environment for M&A [2] - Local governments are actively promoting M&A, with cities like Shanghai implementing supportive policies that have led to a notable increase in both the quantity and quality of M&A activities [6] Group 3: Industry Trends - Over 50% of the major asset restructurings in 2025 were industry mergers, with a significant focus on sectors like semiconductors and the automotive industry, indicating a shift towards quality enhancement rather than mere scale expansion [3][7] - The trend of "stock optimization" is evident, with 77% of disclosed major asset restructurings involving industry mergers, reflecting a broader consensus on long-term value creation [6][7] Group 4: Notable Transactions - In 2025, significant transactions included the mergers of Guotai Junan with Haitong Securities and China Shipbuilding with China Shipbuilding Industry Corporation, each valued in the thousands of millions [5] - Innovative cross-border M&A transactions have emerged, such as the cash privatization of Hong Kong-listed companies and the cross-border share swap acquisitions, showcasing the evolving landscape of M&A strategies [5] Group 5: Future Outlook - The market is expected to deepen its understanding of M&A as a critical pathway for reshaping business structures and enhancing core competitiveness, contributing to a healthier M&A ecosystem [8]

Core Insights - The implementation of the "Merger Six Guidelines" has significantly increased the activity level of mergers and acquisitions (M&A) in the A-share market, with over 800 new asset mergers in 2025, marking an 11% year-on-year increase, and 90 major asset restructurings, a 55% increase [2][4] Group 1: M&A Activity and Trends - The majority of new mergers are focused on industrial acquisitions and shareholder injections, with over 50% of major asset restructurings being industrial mergers and 20% involving shareholder injections [2] - A significant 60% of the targets belong to new productivity sectors with strong hard technology attributes, particularly in the semiconductor and automotive industries [2] - The M&A landscape has seen the emergence of various landmark and innovative cases, including the first cross-border mergers, acquisitions of unprofitable assets, and diversified payment methods [5][6] Group 2: Policy and Regulatory Environment - The China Securities Regulatory Commission's revision of the "Major Asset Restructuring Management Measures" in May 2025 has shifted the focus from an "audit-oriented" to an "efficiency-oriented" and "industry-oriented" approach, enhancing the M&A market's activity [4] - Since the introduction of the new policies, the Shanghai Stock Exchange has recorded 1,177 new asset restructuring cases, with 125 being major asset restructurings, indicating a robust market response [4] Group 3: Long-term Value Focus - The current M&A wave emphasizes optimizing existing assets, with various stakeholders, including local governments and companies, shifting their focus towards quality improvement and long-term value [7] - Major state-owned enterprises and hard technology companies are increasingly prioritizing long-term effects in their M&A strategies, with 15 major asset restructurings completed by central state-owned enterprises in 2025 [7][8] - The trend of "stock integration" is evident, with 77% of disclosed major asset restructurings being industrial mergers, reflecting a growing consensus on the importance of long-term value enhancement [7]