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。 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年票面利率調整及債券回售 實施的第三次提示性公告，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 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） 中國，北京 2025年11月11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:138664 债券简称:22 ...

Group 1 - The core point of the article is that Unicom Smart Network Technology Co., Ltd. has initiated the listing guidance process, with China International Capital Corporation serving as the advisory institution [1] - China United Network Communications Co., Ltd. directly holds 68.88% of the shares in Unicom Smart Network Technology Co., Ltd. [1] - Additionally, China United Network Communications Co., Ltd. holds an indirect stake of 0.33% through its wholly-owned subsidiary, Unicom Venture Capital [1]

Core Viewpoint - The appointment of Geng Shuaijun as the new Deputy General Manager of CICC Fund is seen as a strategic move to strengthen the company's capabilities in active quantitative and multi-asset investment [1][4][6]. Group 1: Management Changes - Geng Shuaijun will assume the role of Deputy General Manager on November 7, 2025, marking a significant enhancement of CICC Fund's core management team [1][3]. - Geng has extensive experience in quantitative investment and financial engineering, having previously held key positions at leading firms such as Guotai Junan Securities and CITIC Securities [4][6]. Group 2: Company Background - CICC Fund, established on February 10, 2014, is a wholly-owned subsidiary of China International Capital Corporation (CICC), benefiting from its strong brand reputation and resource synergies [7]. - As of September 30, 2025, CICC Fund's total assets under management reached CNY 233.45 billion, with non-monetary asset management at CNY 85.26 billion, ranking 53rd out of 162 [8]. Group 3: Future Outlook - Under the leadership of Geng Shuaijun and the core management team, CICC Fund is expected to leverage CICC's strengths in research, investment banking, and sales to enhance its competitive edge in the asset management industry [10]. - The recent appointment signals a commitment to strengthening technology-driven investment capabilities and differentiating investment strategies in a competitive market [10].

Group 1 - The copper and aluminum industry is expected to see further growth in performance in Q4 2025 due to improved macro expectations and risk appetite, with the Federal Reserve's continued interest rate cuts and potential balance sheet expansion enhancing market liquidity [1] - The occurrence of accidents among overseas copper and aluminum leading companies is likely to disrupt global supply, increasing price elasticity for these metals [1] Group 2 - The automotive industry is identified as having three investment directions: cyclical growth, expansion, and overseas opportunities, with a recommendation to focus on industry dynamics and trends rather than domestic demand expectations for 2026 [1] - Commercial vehicles are highlighted for their undervalued and stable dividend attributes, while growth is anticipated in smart driving, Robotaxi, and AI applications in robotics, which may reshape valuations for whole vehicle stocks [1] - The automotive parts sector is expected to benefit from breakthroughs in robotics and supply chain developments, opening new growth opportunities [1] Group 3 - The Hong Kong real estate market has shown signs of stabilization and recovery since Q2 of this year, with expectations of further deepening due to the anticipated interest rate cuts in the US [2] - There is a recommendation to focus on the potential for further market recovery and the possibility of a second upward movement in the sector [2]

Group 1 - The A-share market is at a significant turning point, with the Shanghai Composite Index likely to consolidate around the 4000-point mark, indicating a potential for a balanced market style where cyclical and technology sectors may alternate in performance [2] - Short-term investment opportunities are suggested in the securities, consumption, banking, and photovoltaic equipment sectors, with a recommendation for balanced allocation strategies to capture structural opportunities [2] - The market is expected to maintain a steady upward trend in the short term, with investors advised to keep reasonable positions and avoid chasing highs or selling lows, while closely monitoring macroeconomic data and policy changes [2] Group 2 - The automotive industry is highlighted as having three investment directions: cyclical, growth, and overseas expansion, with a focus on the changing industry landscape and trends rather than total domestic demand [3] - Key growth areas in the automotive sector include intelligent driving, Robotaxi, and AI applications in robotics, with expectations for a revaluation of technology attributes in whole vehicle stocks and new growth opportunities in parts due to breakthroughs in robotics supply chains [3] Group 3 - The Hong Kong real estate market has shown signs of stabilization and recovery since the second quarter of this year, with potential for further market repair and a second upward opportunity in the sector as the dollar interest rate cut process is expected to deepen [4]

Core Viewpoint - The Hong Kong real estate market has shown signs of stabilization and recovery since the second quarter of this year, with expectations of a continued deepening of the dollar interest rate cut process, suggesting potential for further market recovery and opportunities for a second upward movement in the sector [1] Group 1 - The Hong Kong real estate market is experiencing initial signs of recovery since Q2 of this year [1] - The expectation of a continued deepening of the dollar interest rate cut process may support this recovery [1] - There is a recommendation to focus on the potential for further market repair and the possible second upward opportunities in the sector [1]

Core Viewpoint - Hengli Hydraulic announced a change in the designated sponsor representative for its non-public stock issuance project, with Chen Yida replacing Shang Linzheng due to work changes [2]. Group 1 - Hengli Hydraulic received a letter from China International Capital Corporation (CICC) regarding the change of the continuous supervision sponsor representative for its non-public stock issuance project [2]. - The previous sponsor representative, Shang Linzheng, will no longer serve in this role due to work changes [2]. - CICC appointed Chen Yida to take over the responsibilities and obligations related to the continuous supervision of Hengli Hydraulic's non-public stock issuance project [2].

Core Viewpoint - Softcare Limited has officially listed on the Hong Kong Stock Exchange, marking the first IPO focused on emerging markets like Africa and Latin America in the Hong Kong market [2] Group 1: Company Overview - Softcare Limited specializes in the development, manufacturing, and sales of hygiene products, including baby diapers, training pants, sanitary napkins, and wet wipes, targeting rapidly developing emerging markets [5] - According to Frost & Sullivan data, Softcare ranks first in the African baby diaper and sanitary napkin markets by sales volume projected for 2024 [5] Group 2: IPO Details - The IPO raised $310 million initially, with a potential total of $350 million if the greenshoe option is fully exercised [2] - 71% of the funds raised will be used to expand Softcare's production capacity and upgrade production lines in emerging markets, which is crucial for solidifying its market position and increasing market penetration [2] Group 3: Role of CICC - CICC served as the lead sponsor and coordinator for the IPO, leveraging its deep understanding of Softcare's business and extensive experience in the consumer sector to attract high-quality cornerstone investors [3] - The company successfully converted orders from top sovereign wealth funds and global long-term funds during the issuance process, ensuring the smooth completion of the IPO [3] Group 4: Strategic Importance - The project exemplifies CICC's commitment to supporting national strategies and facilitating high-quality development for Chinese enterprises abroad, particularly in the context of the Belt and Road Initiative [5] - CICC aims to continue leveraging its professional capabilities and international advantages to inject sustainable financial momentum into Chinese enterprises' global development [5]

Group 1 - The core view of the report highlights that the securities industry experienced active trading and significant growth in the equity market in 2025, with a notable increase in daily trading volume and high margin financing balances [2][14][24] - The report indicates that the total operating income of 50 listed securities firms reached 452.2 billion yuan, a year-on-year increase of 41%, while the net profit attributable to shareholders increased by 62% to 183.1 billion yuan [2][25] - The report emphasizes the transformation trend in asset management, with a continuous decline in channel-type asset management scale and an increase in the proportion of collective asset management, indicating a shift towards active management [2][19] Group 2 - The report discusses the historical performance of securities firms, noting that their earnings are highly sensitive to market conditions, with traditional channel models making them vulnerable during market downturns [2][38] - It highlights the high beta characteristic of securities stocks, indicating a strong correlation with market performance, although this correlation has weakened since 2021 [2][34][38] - The report suggests that the future of equity wealth management is promising, as securities firms are positioned to benefit from the growth in this area due to their strengths in investment capabilities and research [2][3][28] Group 3 - The investment recommendation section suggests that securities firms are well-positioned to benefit from market rebounds, with low holdings and significant upside potential in performance [2][4] - The report identifies key securities firms for investment, including CITIC Securities, GF Securities, Huatai Securities, and others, based on their favorable market positions and growth potential [2][4] - It notes that the concentration in the industry is expected to increase, leading to a Matthew effect where larger firms benefit disproportionately from market improvements [2][4]

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing positive growth projections for 2025, with expected net profit increases and a strong position in the financial services sector [2][8]. Financial Performance - CICC's estimated net profit for the period from January 1, 2025, to June 30, 2025, is projected to be between 3.453 billion yuan and 3.966 billion yuan, representing a growth of 55% to 78% compared to the previous year's net profit of 2.228 billion yuan [2]. - As of September 30, 2025, CICC reported a net profit of 6.567 billion yuan, marking a year-on-year increase of 129.75% [8]. Company Overview - CICC, established on July 31, 1995, operates in various financial sectors, including investment banking, wealth management, and asset management, with its main revenue sources being wealth management (32.58%), stock trading (25.78%), and fixed income (13.38%) [7]. - The company is classified as a state-owned enterprise, with its ultimate controller being Central Huijin Investment Ltd. [2][3]. Market Activity - On November 10, CICC's stock price increased by 0.41%, with a trading volume of 990 million yuan and a market capitalization of 175.567 billion yuan [1]. - The stock has shown a recent trend of net outflow from major investors, with a net outflow of 47.2849 million yuan on the latest trading day [4][5]. Shareholder Information - As of September 30, 2025, CICC had 118,900 shareholders, a decrease of 4.10% from the previous period, with an average of 24,662 shares held per shareholder, an increase of 4.28% [8]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional interest [10].