China International Capital Corporation (CICC) forecasts that Hong Kong's initial public offering (IPO) market will remain vibrant through 2026, fuelled by listings from high-end manufacturing and technology firms, even as the bull run in the A-share market draws some issuers back to the mainland. "We believe the heat in Hong Kong's IPO market will continue next year, particularly in sectors aligned with national priorities such as robotics and advanced manufacturing," Shi Qi, deputy head of capital market ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-038 中国国际金融股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 预征集提问安排：投资者可于 2025 年 11 月 14 日（星期五）至 11 月 20 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 investorrelations@cicc.com.cn 进行提问 召开时间：2025 年 11 月 21 日（星期五）16:00-17:00 召开地点：上海证券交易所上证路演中心（roadshow.sseinfo.com） 召开方式：网络互动 三、投资者参加方式 （一）投资者可在 2025 年 11 月 21 日（星期五）16:00-17:00，通过登录上 证路演中心网站在线参与本次业绩说明会。 中国国际金融股份有限公司（以下简称"公司"）已在上海证券交易所网站 （www.sse.com.cn）披露了《2025 年第三 ...

Core Viewpoint - The integration of technology, industry, and finance is essential for technology companies to grow, generate solid profits, and maintain stable cash flows, attracting long-term patient capital [1] Group 1: Technology and Industry Integration - Connecting technology, industry, and finance can help technology companies become stronger and more profitable [1] - Long-term patient capital is crucial for the growth of technology firms, as it focuses on sustainable returns [1] Group 2: Market Dynamics - A market filled with long-term patient capital can reduce volatility caused by short-term speculation, leading to a stable environment conducive to innovation [1] - The capital market can continuously empower the long-term development of the country's new productive forces, providing ongoing momentum [1]

Core Viewpoint - The 2025 Annual Investment Strategy Conference hosted by CICC is themed "Ride the Momentum, Seek New Opportunities," gathering over 500 executives from listed companies and numerous experts from government, industry, and academia for in-depth discussions on various emerging themes [1]. Group 1: Conference Overview - The conference takes place from November 12 to 14, featuring a total theme day on the first day and ten thematic sub-forums over the following two days [1]. - Key discussion topics include new supply, new technology, new consumption, new finance, new intelligent driving, new medicine, new applications, new materials, and new energy [1]. Group 2: Key Participants - Notable speakers include Wang Shuguang, Vice Chairman and President of CICC [3], Liu Shijun, Chief Advisor of the China Council for International Cooperation on Environment and Development [5], Dr. Teh Kok Peng, Chairman of the East Asian Institute at National University of Singapore [7], Peng Wensheng, Chief Economist and Head of Research at CICC [8], and Miao Yanliang, Executive Head of the Research Department at CICC [9].

Group 1 - The Shanghai Stock Exchange International Investor Conference was held on November 12, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and M&A" [3] - The conference aimed to create a communication platform for foreign institutional investors, regulatory agencies, exchanges, listed companies, and financial institutions, promoting deep integration of international capital with the Chinese capital market [3] - Zhang Yiming from CICC highlighted the successful completion of CATL's Hong Kong IPO in May, raising $5.3 billion, showcasing international investors' recognition of high-quality Chinese technology and production assets [3][4] Group 2 - Zhang emphasized that patient capital is crucial for driving technological innovation, as long-term investments can stabilize market expectations and provide continuous momentum for new productive forces [4] - He outlined three key experiences: leveraging the synergy of investment, banking, and research to support early-stage tech companies; breaking down barriers in financial sub-industries; and ensuring smooth exit mechanisms for long-term capital [4] - Zhang noted that the global tech sector has shown a pattern of "synchronous resonance and alternating peaks," driven by breakthroughs in AI technology, which have led to record capital expenditures by tech giants [4] Group 3 - The future strategy for CICC includes deepening the "bringing in" and "going out" approach, utilizing capital market strengths to support high-quality Chinese enterprises in global expansion and providing ongoing financial support for technological innovation [5]

Core Viewpoint - The report highlights the recent trading performance and financial metrics of China International Capital Corporation (CICC), indicating a significant increase in net profit and a high level of financing balance, suggesting strong investor interest and market positioning [1][3]. Financing Performance - On November 11, CICC experienced a financing buy-in of 137 million yuan, with a net financing buy of 5.32 million yuan, while the total financing balance reached 29.41 billion yuan, accounting for 2.81% of the circulating market value [1]. - The financing balance is noted to be above the 90th percentile of the past year, indicating a high level of activity [1]. Securities Lending - On the same day, CICC repaid 3,800 shares in securities lending and sold 8,000 shares, with the selling amount calculated at 286,200 yuan [1]. - The remaining securities lending balance was 128.45 million yuan, which is below the 40th percentile of the past year, indicating a relatively low level of short selling [1]. Company Overview - CICC, established on July 31, 1995, and listed on November 2, 2020, operates in various sectors including investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [2]. - The revenue composition shows wealth management contributing 32.58%, equity business 25.78%, fixed income 13.38%, investment banking 11.26%, and other segments making up the remainder [2]. Shareholder and Profit Metrics - As of September 30, CICC had 118,900 shareholders, a decrease of 4.10%, while the average circulating shares per person increased by 4.28% to 24,662 shares [3]. - For the first nine months of 2025, CICC reported a net profit of 6.567 billion yuan, marking a year-on-year increase of 129.75% [3]. Dividend Distribution - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed over the past three years [4]. Institutional Holdings - As of September 30, 2025, major institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 51.425 million shares, and several ETFs with varying changes in their holdings [4].

Group 1 - The core viewpoint of the article is that global manufacturing is undergoing a multi-centralization trend, with significant shifts in manufacturing centers, particularly focusing on the re-industrialization process in the United States [2][5][20] - By 2024, the manufacturing value added shares are projected to be 27.7% for China, 20.6% for the US-Mexico-Canada Agreement (USMCA), 17.9% for the EU and the UK, and 4.7% for ASEAN [2][4] - The article highlights that while the US manufacturing sector's contribution to GDP is declining, this is attributed to faster overall economic growth rather than a decline in manufacturing itself [3][14] Group 2 - The US manufacturing sector is characterized by high value-added production, but it faces challenges due to a relative lack of actual production capacity [4][19] - The US has transitioned from being a net exporter of intermediate goods to a net importer since 2000, indicating a growing reliance on foreign supply chains [28][29] - The manufacturing trade deficit in the US has been expanding, with net imports accounting for 46% of manufacturing GVA in 2023, contrasting with other major manufacturing nations [20][24] Group 3 - The article discusses the "hollowing out" phenomenon of US manufacturing, where high-value sectors are not matched by corresponding production levels [19][28] - The US's dependency on foreign intermediate goods has increased, with 40% of its manufacturing value added coming from imports in 2023 [28][29] - The high-tech manufacturing sector in the US shows significant reliance on imports, particularly in electronics and electrical equipment, with dependency rates of 69% and 59% respectively [34][35] Group 4 - The US manufacturing sector's structure is heavily driven by research and development, with a high proportion of mid-to-high-tech manufacturing [35][36] - In 2021, the US's manufacturing R&D expenditure as a percentage of manufacturing GDP was 14.1%, significantly higher than that of China, Japan, and Germany [40] - The article emphasizes that the US excels in high-value segments of the manufacturing value chain, particularly in R&D and design, while actual production remains relatively low [35][39]

Economic Outlook - Multiple institutions predict that China's economic growth will remain stable in 2026, with targets around 5% [2][3] - China International Capital Corporation (CICC) expects a GDP growth of approximately 4.9% in 2026, supported by fiscal expansion and improved local government finances [2][3] - UBS anticipates that domestic economic activities will maintain resilience, with a potential "low at the beginning, high at the end" growth pattern for 2026 [2][3] Policy and Fiscal Measures - CICC forecasts that supply-side policies will focus on enhancing quality consumption while reducing inefficient capacity [3] - Fiscal policies are expected to remain proactive, with local special bonds and ultra-long-term special government bonds increasing in scale [3] - Monetary policy may include two reserve requirement ratio cuts totaling about 100 basis points and one to two interest rate cuts of 10 basis points each [3] A-Share Market Dynamics - The A-share market is transitioning from domestic-focused companies to global multinational corporations, indicating a shift towards a mature market [4] - Earnings for A-shares are projected to recover, with non-financial A-share growth expected to reach around 10% [4] - The market is likely to experience a more balanced style in 2026, driven by cyclical industries approaching supply-demand equilibrium [5] Industry Trends - Key industry themes include the upgrading of traditional manufacturing, the globalization of Chinese enterprises, and the expansion of AI applications [5] - The "new economy" sectors are expected to grow faster than other economic sectors from 2026 to 2030, with their GDP contribution increasing by 3 percentage points by 2030 [3] - The macroeconomic environment and innovation trends are favorable for growth styles, with a potential shift in market dynamics due to past capacity reduction cycles [5]

Group 1 - The Hong Kong IPO market has seen 87 new listings this year, raising over 240 billion HKD, making it the leading exchange globally for IPO fundraising [1][2] - A total of 16 A-share companies have successfully listed on the Hong Kong Stock Exchange this year, with over 80 more in the pipeline, indicating a significant trend of A+H listings [1][3] - The successful listings are predominantly from leading companies in their respective industries, with most having a market capitalization exceeding 20 billion HKD [3][4] Group 2 - Notable companies like CATL, Heng Rui Pharmaceutical, and Sai Lisi have raised substantial funds, with CATL alone accounting for over 30% of the total fundraising from A+H listed companies [4][5] - The majority of the A+H listed companies are concentrated in the technology and consumer sectors, reflecting a strategic focus on these core areas [4][9] - The performance of newly listed companies has been strong, with 12 out of 16 stocks rising or remaining stable on their first trading day [4][10] Group 3 - There has been a notable trend of H-shares trading at a premium over A-shares for some leading companies, indicating strong international investor confidence [5][9] - A record 302 companies have submitted IPO applications to the Hong Kong Stock Exchange this year, highlighting a robust interest in the market [6][8] - The influx of A-share companies seeking to list in Hong Kong is expected to enhance the quality and liquidity of the Hong Kong market [9][11]

Group 1: Core Views - Major brokerages are actively preparing for the 2026 strategy meetings, with expectations of a stable macroeconomic environment and a bullish outlook for the A-share market [3][4] - The market's driving force is anticipated to shift from valuation recovery to profit improvement, with a focus on fundamental performance [5][6] Group 2: Macroeconomic Outlook - Institutions predict that the domestic economy will maintain stability in 2026, with policies continuing to provide support [4] - Key indicators such as consumer demand, monetary liquidity, and the RMB's appreciation are expected to drive reasonable price recovery [4] - Expanding domestic demand is identified as a crucial theme, with strategies to balance supply and demand through various measures [4] Group 3: Market Trends - The market is expected to challenge ten-year highs, driven by economic transformation and capital market reforms [6] - Different institutions have varying views on market momentum, with some predicting a slow upward trend after a period of valuation recovery [5][6] Group 4: Investment Strategies - Technology remains a consensus investment direction, but there is a diversification of views on secondary lines and specific sectors [7] - A balanced allocation strategy is recommended to navigate market volatility, with a focus on both "old economy" and resource sectors [8] - Resource products are highlighted as a potential new mainline direction in the A-share market, alongside technology [9]