Group 1 - The core point of the article is that China International Capital Corporation (CICC) has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds up to 20 billion yuan [1] - The bonds will be underwritten by Huatai United Securities and Industrial Securities, with a specific issuance scale of up to 3 billion yuan for the second phase of the bonds [1] - The coupon rate inquiry range for the bonds is set between 2.00% and 2.70%, with the final coupon rate determined at 2.34% based on investor inquiries [1]

中金公司（601995）(03908)公布，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)票面利率为 2.34%。 ...

智通财经APP讯，中金公司(03908)公布，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)票面利率为 2.34%。 ...

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2025 年面向專業投資者公開發行永續次級債券（第二期）票面利率公告，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。 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）票面 ...

Group 1 - The Federal Reserve is expected to lower interest rates by 25 basis points in December, but the number of officials opposing the rate cut has increased to two, indicating a higher threshold for further cuts [1] - Powell's statements are not strong, and the Fed's announcement to start purchasing short-term Treasury bills (T-bills) helps ease market concerns [1] - The reversal of previously priced-in "hawkish rate cuts" has increased market volatility, with expectations for continued rate cuts into 2026 due to economic and employment pressures [1] Group 2 - Since September, the CPI has been rising mainly due to three factors: reduced drag from food prices, price increases in some consumer goods and services under domestic demand expansion policies, and rising gold prices affecting jewelry costs [2] - Future CPI increases will depend on the easing of supply constraints in the vegetable market and the ongoing drag from pork prices, with a cautious outlook on food CPI [2] - The expansion of domestic demand policies is necessary to sustain the recovery of consumer goods and service prices, with a focus on enhancing the supply of quality consumer goods as a key support for the strategy [2] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index finding support around 3876 points and sectors like precious metals, retail, real estate, and education performing well [3] - The average P/E ratios for the Shanghai Composite and ChiNext are above the median levels of the past three years, indicating suitability for medium to long-term investments [3] - The current macroeconomic environment is in a mild recovery phase, with the potential for further upward movement in the market supported by policy improvements and capital conditions [3]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines a grand blueprint for the "15th Five-Year Plan" period, emphasizing the importance of financial work in supporting China's modernization and national rejuvenation efforts [1] Group 1: High-Level Opening and International Cooperation - The company recognizes the need for a capital bridge to facilitate the new domestic and international economic collaboration, positioning itself as a leader in this dual circulation [2] - The company has completed over 3 trillion yuan in overseas equity financing and over 4.2 trillion yuan in offshore bond financing, serving approximately 5,500 overseas institutional clients [2] - The company has introduced nearly 160 billion yuan in foreign capital this year, enhancing international cooperation and promoting efficient cross-border capital flow [2] Group 2: Capital Market Development - The company has actively promoted high-level capital market openness, assisting in the establishment of international consensus and facilitating cross-listings [3] - It has launched a 1 billion yuan investment fund for economic and trade development between China and Portugal, and participated in high-profile economic and financial forums in Japan and Singapore [3] - The company has supported the issuance of the first RMB bond in Central Asia and has been a leader in issuing RMB government bonds in Macau [3] Group 3: Financial Services for the Real Economy - The company is committed to enhancing financial services for the real economy, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [4][5][6] - It has supported technology innovation projects exceeding 1 trillion yuan and established multiple thematic funds totaling over 36 billion yuan [4] - The company has managed over 180 billion yuan in pension assets and has been recognized for its leadership in social security services [5] Group 4: Strategic Development and Future Goals - The company aims to align its strategy with the national "15th Five-Year Plan," enhancing its role as a leading international investment bank [7][8] - It will focus on serving the real economy, supporting technological innovation, and promoting green transformation [8] - The company plans to strengthen its global presence and act as a bridge for Chinese enterprises going abroad, enhancing its competitiveness in the international financial landscape [8][9] Group 5: Risk Management and Innovation - The company emphasizes the importance of risk management as a lifeline, developing a comprehensive risk management system to ensure stability in the financial market [9] - It aims to foster innovation and improve corporate governance, enhancing internal vitality through optimized incentives and talent development [9]

Market Overview - The market experienced a rebound with a trading volume of 1.78 trillion yuan, a decrease of 125.4 billion yuan compared to the previous trading day. The Hushen index fell by 0.23%, while the Shenzhen Component Index rose by 0.29% and the ChiNext Index fell by 0.02% [1] Federal Reserve Insights - CICC indicated that the Federal Reserve is likely to remain steady in January, with the next rate cut expected in March. The Fed's decision to cut rates by 25 basis points in December was met with increased opposition from officials, indicating a higher threshold for further cuts. The Fed's announcement of short-term Treasury bill purchases has alleviated market concerns, but the outlook remains cautious due to persistent inflation [2] PCB Industry Analysis - CITIC Construction Investment believes that the PCB industry will increasingly resemble the semiconductor sector, with value steadily increasing due to rising demand for orthogonal backplanes and Cowop process upgrades. Major tech companies like Amazon, META, and Google have weaker chip design capabilities compared to Nvidia, leading to higher material requirements and more elastic value. Continuous upgrades in PCB technology are expected to drive upstream industry enhancements, with domestic PCB companies gaining global market share [3] Two-Piece Can Market Outlook - Galaxy Securities reported that the domestic two-piece can market is expected to see an upward shift in profitability due to an optimized competitive landscape. The market size reached 44.7 billion yuan in 2023, with a compound annual growth rate of 8.3% from 2018 to 2023, projected to reach 77.6 billion yuan by 2030. The industry's pricing dynamics are closely tied to capacity digestion and market concentration, with expectations for improved profitability and value recovery as major players consolidate their market positions [4]

｜2025年12月11日星期四｜ NO.1中金：美联储明年1月可能按兵不动，下一次降息或在明年3月份 12月11日，中金公司（601995）研报指出，美联储如预期在12月会议上降息25个基点，但反对降息的官 员增至两人，显示进一步降息的门槛正在抬高。与此同时，鲍威尔的表态并不强硬，加之美联储宣布将 启动短期国库券(T-bills)购买操作，帮助缓和了市场的担忧。此前被充分计入的"鹰派降息"预期出现反 转，加剧了市场波动。展望未来，鉴于经济与就业仍面临下行压力，我们预计美联储或将在2026年继续 降息；但考虑到通胀粘性犹存，降息节奏趋于放缓。明年1月份可能按兵不动，下一次降息或在明年3月 份。 NO.2中金：2026年储能行业需求景气度仍然较高 中金认为2026年储能行业需求景气度仍然较高，主要原因为：1)储能需求增长逻辑不变，一方面是全球 能源转型趋势持续，风光装机占比提升需要依赖电网、储能建设，另一方面是AI数据中心缺电逻辑仍 在，预期明年或将涌现更多AI配储项目；2)国内、美国、欧洲三大主要市场大储招标、计划项目量较 大；中东、印度、澳洲、智利市场大储需求涌现；3)户储和工商储需求仍然强劲，新兴市场缺电逻 ...

Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that the Federal Reserve is expected to lower interest rates by 25 basis points in December, but the number of officials opposing the rate cut has increased to two, suggesting a higher threshold for further rate reductions [1] Group 1 - The Federal Reserve's decision to initiate short-term Treasury bill (T-bill) purchases has alleviated market concerns, despite a reversal of previously priced-in "hawkish rate cuts" leading to increased market volatility [1] - CICC forecasts that the Federal Reserve may continue to lower rates into 2026 due to ongoing economic and employment pressures, although the pace of rate cuts is expected to slow down because of persistent inflation [1] Group 2 - The report suggests that the Federal Reserve may remain inactive in January, with the next potential rate cut anticipated in March [1]

每日经济新闻 每经AI快讯，12月11日，中金公司研报指出，美联储如预期在12月会议上降息25个基点，但反对降息 的官员增至两人，显示进一步降息的门槛正在抬高。与此同时，鲍威尔的表态并不强硬，加之美联储宣 布将启动短期国库券（T-bills）购买操作，帮助缓和了市场的担忧。此前被充分计入的"鹰派降息"预期 出现反转，加剧了市场波动。展望未来，鉴于经济与就业仍面临下行压力，我们预计美联储或将在2026 年继续降息；但考虑到通胀粘性犹存，降息节奏趋于放缓。明年1月份可能按兵不动，下一次降息或在 明年3月份。 ...