Summary of Conference Call Notes Industry and Company Involved - **Industry**: Chinese Brokerage Industry - **Key Companies Mentioned**: - China International Capital Corporation (CICC) - CITIC Securities - China Galaxy Securities - GF Securities - Huatai Securities - Orient Securities Core Insights and Arguments 1. **Supportive Measures for A-share Market**: - CSRC Chairman Wu Qing's speech on December 6 indicated a policy direction to build a first-class investment bank through mergers and acquisitions and sector consolidation, alongside relaxing capital requirements for selective brokers [1][5] 2. **Performance Assessment Guidelines**: - New guidelines announced by the Asset Management Association of China aim to align mutual fund managers' incentives with long-term fund performance, requiring significant reinvestment of performance-based compensation [2][5] 3. **Earnings Growth Expectations**: - China brokers are expected to deliver robust earnings growth of 43% in 2025 and 14% in 2026, with projected ROE of 9.2% and 9.7% respectively, driven by strong A-share market performance [5] 4. **Leverage and Fee Stabilization**: - Higher leverage ratios and stabilizing fee rates post-sector consolidation are anticipated to provide further upside to brokers' ROE, potentially leading to a re-rating of their valuations [5] 5. **Market Correction and Valuation**: - Covered H-share China brokers have seen a correction of -11% since the end of October, currently trading at 0.77x 2026 P/B, which is viewed as attractive given the expected ROE of 9.3% in 2026 [5] 6. **Top Picks**: - Orient Securities is highlighted as a top pick due to its high leverage ratio and potential benefits from capital ratio relaxation [1][5] Other Important but Possibly Overlooked Content 1. **Incentive Structures for Fund Managers**: - Fund managers are now required to reinvest over 40% of their performance-based compensation into their own funds, with a holding period of more than one year, emphasizing long-term performance [2] 2. **Salary Adjustments Based on Performance**: - Fund managers who underperform their benchmarks by more than 10% for three consecutive years face salary cuts of over 30%, which discourages excessive risk-taking [2] 3. **Impact on Dividend Payouts**: - Fund management companies with poor investment performance are required to lower their dividend payout ratios and frequency, which could affect investor returns [2] 4. **Long-term Performance Indicators**: - Long-term indicators are mandated to contribute significantly to the KPIs of fund managers and senior management, reinforcing a focus on sustainable performance [2] This summary encapsulates the key points from the conference call, highlighting the implications for the Chinese brokerage industry and the specific companies involved.

每经AI快讯，12月12日，中金公司发布造纸行业2026年展望称，展望2026年，消费需求仍在温和修复 阶段，各类纸种供给变化各异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动力，浆 纸一体化龙头有望继续获得超额利润；箱板瓦楞纸产能已基本收尾，有望率先走出本轮供需失衡周期， 迎来产能利用率修复，吨纸价格中枢同比抬升的业绩修复行情。 （文章来源：每日经济新闻） ...

Group 1 - The domestic brain-computer interface companies are expected to gradually achieve commercialization due to technological advancements and supportive policies [2] - Recent milestones in medical research for rehabilitation, communication, and hearing restoration have been noted in the brain-computer interface sector [2] - The National Medical Insurance Administration has initiated a separate pricing project for new brain-computer interface technologies, paving the way for clinical application [2] Group 2 - The global Solid Oxide Fuel Cell (SOFC) market is entering an accelerated expansion phase, driven by power shortages in the U.S. and the need for reliable power supply in data centers [3] - SOFC's low redundancy configuration and power tracking advantages make it suitable for the fluctuating demands of data centers [3] - The Levelized Cost of Electricity (LCOE) for SOFC is approaching that of gas power generation, indicating potential cost advantages with further scale [3] Group 3 - The pulp and paper industry is expected to see continued excess profits for integrated pulp-paper leaders as demand gradually recovers [4] - The supply-demand dynamics for various paper types are changing, with the pulp-paper segment remaining relatively loose [4] - The production capacity for corrugated box paper has nearly concluded, which may lead to a recovery in capacity utilization and an upward adjustment in paper prices [4]

智通财经12月12日讯，市场昨日震荡调整，沪深两市成交额1.86万亿，较上一个交易日放量786亿。板 块方面，商业航天、次新股等板块涨幅居前，福建、房地产等板块跌幅居前。截至昨日收盘，沪指跌 0.7%，深成指跌1.27%，创业板指跌1.41%。 天风证券认为，受到电源建设周期及电网输电能力限制，美国电力紧缺给SOFC发展带来新机遇。数据 中心负荷波动极大，对供电可靠性要求极高。SOFC的低冗余配置、功率跟踪优势，使其更适配数据中 心需求。SOFCLCOE已接近燃气发电，天风证券认为随着规模化降本成本优势有望进一步体现。全球 SOFC进入加速扩产阶段。 中金公司：浆纸一体化龙头有望继续获得超额利润 中金公司发布造纸行业2026年展望称，展望2026年，消费需求仍在温和修复阶段，各类纸种供给变化各 异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动力，浆纸一体化龙头有望继续获得 超额利润；箱板瓦楞纸产能已基本收尾，有望率先走出本轮供需失衡周期，迎来产能利用率修复，吨纸 价格中枢同比抬升的业绩修复行情。 中信建投：国内脑机接口公司有望逐步实现商业化应用 中信建投认为，脑机接口产业链上中游的技术进步带来下游 ...

Group 1: Commercial Aerospace - The establishment of commercial aerospace companies and the three-year plan for commercial aerospace development highlight the government's emphasis on this sector [1] - China's commercial aerospace has begun to form a complete ecosystem covering upstream manufacturing, midstream launch and operation, and downstream application services, indicating significant investment opportunities [1] Group 2: Pulp and Paper Industry - CICC forecasts that the pulp and paper industry will see moderate recovery in consumer demand by 2026, with varying supply changes across different paper types [2] - The pulp-paper integrated leaders are expected to continue generating excess profits, as pulp prices become a key driver for inventory adjustments [2] - The production capacity for corrugated box paper has nearly concluded, which is likely to lead to improved capacity utilization and a recovery in paper prices [2] Group 3: Brain-Computer Interface - CITIC Securities reports that advancements in the midstream technology of the brain-computer interface industry are leading to breakthroughs in downstream applications [3] - Recent milestones in medical fields such as motor recovery, language communication, and hearing restoration have been achieved, supported by favorable policies at the national and regional levels [3] - The National Medical Insurance Administration has initiated a separate pricing project for new brain-computer interface technologies, paving the way for clinical application and service fee pathways [3]

人民财讯12月12日电，中金指出，资本市场方面，近两年印度股权市场融资持续活跃，考虑到印度经济 特点，看好消费、金融、信息技术、基础设施、钢铁水泥等板块的投资潜力。随着2024年摩根大通将印 度债券纳入指数，印度债券的知名度提高，可作为多元化配置与提升收益的选项，重点关注政府债券和 优质企业债券的投资价值。 ...

人民财讯12月12日电，中金公司（601995）发布造纸行业2026年展望称，展望2026年，消费需求仍在温 和修复阶段，各类纸种供给变化各异：浆纸系纸种供需仍然宽松，浆价成为行业补库、及去库关键推动 力，浆纸一体化龙头有望继续获得超额利润；箱板瓦楞纸产能已基本收尾，有望率先走出本轮供需失衡 周期，迎来产能利用率修复，吨纸价格中枢同比抬升的业绩修复行情。 ...

中金公司研报认为，中央经济工作会议客观分析了中国经济面临的发展形势，不回避困难挑战，我们认 为会议突出问题导向、目标非常清晰，直接回应了市场和社会对消费、投资、房地产、企业账款、市场 竞争秩序等一系列热点问题的广泛关切。在政策工具的选择上，本次会议体现出更加注重质效的导向、 工具的选择范围也更丰富。明年的政策取向是"稳中求进、提质增效"。其中"提质增效"是今年的新要 求，或意味着明年宏观政策会更加注重落地的效果，而不是仅强调总量扩张。 （文章来源：第一财经） ...

Core Viewpoint - The strategic partnership between Abu Dhabi Investment Office (ADIO) and China International Capital Corporation (CICC) aims to establish an Abu Dhabi-China investment corridor to accelerate bilateral capital flows [1] Group 1: Partnership Objectives - The collaboration will identify high-growth Chinese companies and assist them in leveraging Abu Dhabi's strategic location, advanced infrastructure, and regulatory framework [1] - The investment corridor will support the newly launched "Financial Technology, Insurance, Digital and Alternative Assets" (FIDA) cluster in Abu Dhabi, directing capital towards key industries and expanding diversified financial products [1] Group 2: Investment Structures and Services - ADIO and CICC will design exclusive investment structures for Abu Dhabi institutional investors to access the Chinese capital market [1] - CICC plans to promote structured products, customized wealth management, and family office services from its regional hub [1] Group 3: ESG and Talent Development - The partnership will also focus on ESG financing, building thought platforms, and collaborating on green bonds, transition loans, and sustainable private equity funds [1] - Additionally, the collaboration includes the establishment of a financial innovation talent development system in partnership with universities and research institutions [1] Group 4: Vision and Ambition - ADIO's Director General, Badr Al-Olama, emphasized that this partnership showcases Abu Dhabi's ambition to build a future-oriented financial ecosystem [1]

格隆汇12月11日丨中金公司(03908.HK)公告，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【2025】2290号)。本次债券由华 泰联合证券有限责任公司和兴业证券股份有限公司承销，其中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)发行规模为不超过人民币30亿元(含30亿元)。本期债券票面利 率询价区间为2.00%-2.70%。本期债券票面利率将根据网下询价簿记结果，由簿记管理人按照国家有关 规定协商一致在利率询价区间内确定。 本文作者可以追加内容哦 ! 2025年12月11日，主承销商在网下向投资者进行了票面利率询价。根据网下投资者询价结果，最终确定 本期债券的票面利率为2.34%。追加内容 ...