Core Insights - The Chinese wealth management industry is increasingly pivotal in serving the real economy and enhancing residents' wealth, amidst profound changes in wealth allocation [1] - The transition from a product-selling model to a service-oriented approach is establishing a solid foundation for the buyer advisory model, particularly in the context of rising market uncertainties [1] - CICC's buyer advisory service has achieved significant growth, surpassing 120 billion yuan in assets under management, with the "China 50" product generating over 10.1 billion yuan in cumulative client returns since its launch in 2019 [1] Group 1 - CICC's Chief Strategist highlighted that technological breakthroughs and resilient manufacturing upgrades are enhancing China's market appeal, leading to a global capital flow rebalancing [1] - The wealth management industry is undergoing a transformation to better address the complexities faced by investors, emphasizing the importance of client-centric services [1] - CICC's wealth planning department emphasizes the need for emotional acceptance, proactive planning, and professional guidance to navigate the low-interest-rate environment [1] Group 2 - The buyer advisory model is viewed as a promising area with vast potential, focusing on enhancing investor satisfaction and adhering to the mission of serving the public [2] - CICC's international wealth management division aims to facilitate high-quality inbound and outbound investments, acting as a bridge for international investors to engage with the Chinese capital market [2] - CICC International Wealth Management has gained significant recognition in the international market, with an asset management scale reaching 2.2 billion USD [2]

Core Insights - The event "2025 CICC Wealth Management 1018 Conference" was held on October 18, focusing on high-quality development in the wealth management industry, showcasing CICC Wealth's advancements in buyer advisory, AI, and inclusive finance [1] Group 1: Buyer Advisory Model - CICC Wealth's buyer advisory model has surpassed 1200 billion yuan, reflecting a shift from "selling products" to "providing services" in wealth management [2][3] - The "China 50" product, launched in 2019, has generated over 10.1 billion yuan in returns for clients, with over 98% of clients achieving positive returns [3] Group 2: AI Integration - CICC Wealth is actively integrating AI into wealth management, aiming to enhance client experience and operational efficiency through AI-driven tools and a digital platform [5][6] - The upgraded CICC Wealth App 12.0 features AI capabilities, including a digital financial advisor named Jinn, which combines insights from numerous experts and vast financial data [7] Group 3: Inclusive Finance - CICC Wealth emphasizes its commitment to inclusive finance by providing low-threshold, high-liquidity investment products and enhancing investor education [8][9] - The company collaborates with Renmin University to focus on wealth management and financial health, aiming to publish a white paper on financial health in capital markets [9]

Core Viewpoint - CICC maintains its total gaming revenue forecast for Macau in 2025 while raising the forecast for 2026, expecting a year-on-year growth of 9% and 5% respectively, recovering to 84% and 88% of 2019 levels [1] Group 1: Revenue Forecasts - Total gaming revenue is expected to grow by 9% in 2025 and 5% in 2026, reaching 84% and 88% of 2019 levels [1] - Mass gaming revenue is projected to increase by 7% and 6% in the next two years, recovering to 119% and 126% of 2019 levels [1] - VIP gaming revenue is anticipated to grow by 19% in 2025 but decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2: Industry EBITDA - The industry EBITDA for the third quarter is expected to reach $2.108 billion, representing a year-on-year growth of 9% and a quarter-on-quarter increase of 2%, recovering to 91% of the 2019 level [1] - Total gaming revenue remains resilient; however, increased market competition and rising reinvestment rates are expected to pressure EBITDA [1] Group 3: Company Outlook - CICC is optimistic about MGM China (02282) and Sands China (01928), forecasting adjusted EBITDA for the third quarter to be HKD 2.352 billion and USD 590 million, reflecting a year-on-year increase of 19% and 1% respectively [1] - Target prices for MGM China and Sands China are set at HKD 19.8 and HKD 23.8, both rated as "outperform the industry" [1]

文 |《瞭望》新闻周刊记者 张翊飞 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。 中国国际金融股份有限公司（以下简称"中金公司"）自诞生之日起，便肩负着探索中国资本市场发展路 径、服务国家改革开放的重要使命。 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大 三十年来，中金公司既是中国改革开放的见证者与推动者，也是这一伟大进程的受益者。公司始终秉 持"以国为怀"的初心，将服务国家战略、促进资本市场健康发展作为根本任务，在融入国家改革发展大 局中不断成长壮大。 三十而立，新程已启。立足新的历史节点，中金公司正以更加坚定的步伐，迈向更高质量的发展新阶 段，为金融强国建设注入强劲动能。 资本市场的"国家队" 中金公司的成立具有鲜明的时代烙印。20世纪90年代，中国正处于建立现代企业制度、深化国有企业改 革的关键时期。设立中金公司填补了我国专业投资银行的空白，其以投行业务为主导的发展模式，与当 时以经纪业务为主的券商形成鲜明对比，凸显其服务国家战略的独特定位 ...

中金公司所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：证金汇金、中特估、参股基 金、H股、金融科技等。 截至6月30日，中金公司股东户数12.40万，较上期减少11.17%；人均流通股23649股，较上期增加 12.62%。2025年1月-6月，中金公司实现营业收入0.00元；归母净利润43.30亿元，同比增长94.35%。 分红方面，中金公司A股上市后累计派现49.24亿元。近三年，累计派现26.07亿元。 机构持仓方面，截止2025年6月30日，中金公司十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股7116.62万股，相比上期增加2163.25万股。华泰柏瑞沪深300ETF（510300）位居第四大流 通股东，持股2078.57万股，相比上期增加181.53万股。国泰中证全指证券公司ETF（512880）位居第五 大流通股东，持股1804.31万股，相比上期减少185.91万股。易方达沪深300ETF（510310）位居第六大 流通股东，持股1485.19万股，相比上期增加146.02万股。华宝中证全指证券公司ETF（512000）位居第 七大流通股东，持股1397.52万股 ...

Core Viewpoint - Chinese brokerage stocks in Hong Kong experienced a collective rebound on October 21, with significant gains across major firms [1] Group 1: Stock Performance - CITIC Securities (03908.HK) rose by 5.4%, reaching HKD 22.26 [1] - CITIC Construction Investment Securities (06066.HK) increased by 4.16%, trading at HKD 13.77 [1] - Huatai Securities (06886.HK) saw a rise of 3.79%, priced at HKD 20.82 [1] - China Galaxy Securities (06881.HK) gained 3.56%, with a price of HKD 11.63 [1]

Core Insights - The Chinese wealth management industry is undergoing a historic transition from scale expansion to quality enhancement, driven by the deepening of the buy-side advisory model and the comprehensive empowerment of artificial intelligence technology [1][2] - The industry is shifting from a product sales-oriented "sell-side model" to a client-centric "buy-side advisory model," which is reshaping the industry value chain and significantly impacting the way services are provided to the real economy and the wealth appreciation of residents [1][2] - A recent industry seminar themed "Gathering Strength, Moving Forward" brought together experts from financial institutions, technology companies, and academic institutions to discuss macro trends, buy-side advisory, global allocation, financial technology, and inclusive finance, revealing the development trends and future directions of the Chinese wealth management industry [1] Industry Transformation - The core of the industry transformation is a fundamental shift from "selling products" to "providing services," driven by changes in the macro environment that lay a solid foundation for the flourishing development of the client-centric buy-side advisory model [2] - The arrival of a low-interest-rate era has accelerated this transformation, prompting individuals to prepare from emotional acceptance, pre-planning, and professional companionship perspectives [2] - The complexity of the market environment has raised the demand for professional advisory services, with public fund assets expected to reach 35.08 trillion yuan and product numbers to reach 13,000 by July 2025 [2] Buy-Side Advisory Model - The buy-side advisory model represents not only an innovation in service models but also a reconstruction of the industry's business logic [4] - CICC Wealth has taken the lead in the buy-side advisory transformation, establishing a service system that includes "China 50," "Micro 50," "Public Fund 50," "Stock 50," and "ETF 50," focusing on long-term value and detailed customer needs [4] - As of July this year, the scale of CICC Wealth's buy-side advisory has surpassed 100 billion yuan, recently breaking through 120 billion yuan, with the "China 50" product generating over 10.1 billion yuan in cumulative returns for clients [4][5] Core Competencies - The core competency of the buy-side advisory is its configuration capability, built on the "5A Configuration Model," which includes Appetite, Asset, Attribution, Alpha, and Assessment [5] - CICC Wealth continuously improves its buy-side advisory model, aiming to achieve the goal of "thinking what clients think, discovering good assets, and obtaining good returns" [6] AI Integration - AI technology is deeply reshaping the service model and ecological landscape of the wealth management industry, with CICC Wealth actively promoting its AI strategy [8] - The AI-enabled service system includes tools for stock diagnosis, account inspection, wave trading, and hot investment, providing professional advisory services with both breadth and depth [7][8] - CICC Wealth's digital platforms, such as E-Space and RITAS, leverage AI to enhance client interactions and investment decision-making processes [9][10] Global Asset Allocation - The ongoing deepening of China's financial market opening is making global asset allocation an important development direction for the wealth management industry [12] - CICC Wealth's international investment management center has an asset management scale of 2.2 billion USD, reflecting the progress of Chinese institutions in the internationalization process [12] - The industry faces challenges such as information asymmetry and a lack of appropriate investment tools for investors engaging in global allocation [12] Inclusive Finance - Inclusive finance is becoming a common focus for wealth management institutions, transitioning from "whether" to "how good" [13] - CICC Wealth is enhancing its inclusive finance practices by providing low-threshold, high-liquidity investment products and utilizing digital tools to make professional asset allocation logic accessible to the public [13][14] - The collaboration with Renmin University aims to improve financial health and wealth management for residents and small enterprises [14][15]

Core Viewpoint - Recently, China International Capital Corporation (CICC) announced the approval of its application to publicly issue technology innovation corporate bonds with a total face value of no more than 10 billion yuan [1] Group 1: Company Actions - CICC's bond issuance is part of a broader trend where securities firms are becoming active players in issuing technology innovation bonds since the new policy was introduced in May [1] - On the same day, Financial Street Securities successfully issued the first technology innovation subordinated bond with a term of 3 years and a coupon rate of 2.39% [1] Group 2: Market Trends - As of October 20, 43 securities firms have issued technology innovation bonds, with a total scale of nearly 60 billion yuan [1] - Additionally, 6 listed securities firms have announced the approval to issue technology innovation bonds, with a total quota of 114.8 billion yuan [1] - The issuance of technology innovation bonds is characterized by large-scale offerings from leading securities firms, a predominance of short to medium-term products, and relatively low coupon rates [1] Group 3: Expert Analysis - According to Tian Lihui, Director of the Financial Development Research Institute at Nankai University, the observed phenomena reflect a precise resonance between policy dividends and market rules [1] - There is an expectation that the maturity of technology innovation bonds may extend to 5-10 years in the future to better align with the research and development cycles of hard technology [1]

Core Insights - The issuance of technology innovation bonds by securities firms has become increasingly active since the new policy was introduced in May [1][3] - As of now, six listed securities firms have announced approval to issue a total of 114.8 billion yuan in technology innovation bonds, with 43 firms having issued 59.87 billion yuan [2][3] Summary by Category Issuance Overview - The technology innovation bonds mainly include "technology innovation corporate bonds" issued on stock exchanges and "technology innovation bonds" issued in the interbank market, regulated by the CSRC and the central bank respectively [3] - Since the policy was introduced, six listed securities firms have received regulatory approval to issue a total of 114.8 billion yuan in technology innovation bonds over the next two years [3][4] Characteristics of Issuance - The issuance of technology innovation bonds shows three main characteristics: a wide range of issuers, a flexible term structure, and low interest rates [5][6] - The leading issuer is China Merchants Securities with a scale of 10 billion yuan, followed by CITIC Securities (9.7 billion yuan) and Guotai Junan Securities (5.9 billion yuan) [6][7] Term Structure and Interest Rates - The term structure of the issued bonds includes 1-year, 2-year, 3-year, 5-year, and 10-year bonds, with nearly 50% being 3-year bonds [8] - The interest rates for the issued bonds range from 1.64% to 2.29%, primarily concentrated in the 1.7% to 2.0% range, which is lower than the average rate of 1.88% for ordinary corporate bonds issued this year [8] Market Participation - The funds raised from the issuance of technology innovation bonds are mainly used to support businesses in the technology innovation sector, with significant participation from mainstream investment institutions [8] - The recent listing of the second batch of technology innovation bond ETFs has attracted additional funds to some of the newly issued bonds [9]

Core Viewpoint - The article highlights the active role of securities firms in issuing technology innovation bonds since the new policy was introduced in May, with significant participation from major firms and a total issuance of 598.7 billion yuan in technology innovation bonds so far this year [1][2][3]. Group 1: Issuance Overview - As of now, six listed securities firms have announced approval to issue a total of 114.8 billion yuan in technology innovation bonds, with 43 firms having issued 598.7 billion yuan in total [3][4]. - The issuance includes both "technology innovation corporate bonds" regulated by the CSRC and "technology innovation bonds" regulated by the central bank, reflecting a broad response from various financial institutions [3][4]. Group 2: Characteristics of Technology Innovation Bonds - The issuance of technology innovation bonds shows three main characteristics: a wide range of issuers, a flexible term structure, and low interest rates [5][6]. - Major securities firms lead in issuance scale, with China Merchants Securities issuing 100 billion yuan, followed by CITIC Securities at 97 billion yuan and Guotai Junan Securities at 59 billion yuan [6][7]. - The term structure of the bonds is primarily short to medium-term, with nearly 50% being three-year bonds, and some firms issuing bonds with terms of up to ten years [6][8]. Group 3: Interest Rates and Market Response - The coupon rates for the issued technology innovation bonds range from 1.64% to 2.29%, with most concentrated between 1.7% and 2.0%, indicating lower financing costs compared to the average rate of 1.88% for ordinary corporate bonds [9]. - The funds raised from these bonds are primarily aimed at supporting technology innovation businesses, with strong participation from mainstream investment institutions [9]. - The recent listing of the second batch of technology innovation bond ETFs has attracted additional investment into these bonds, with significant increases in holdings observed [9].