Core Viewpoints - The article discusses the impact of recent U.S. tariffs on China, indicating that while there may be short-term disruptions in global assets, the medium-term trend of asset revaluation in China remains unaffected [1][6]. Credit Market - In September, M2 growth was 8.4%, down 0.4 percentage points from August, while M1 increased by 7.2%, up 1.2 percentage points from August, indicating a narrowing gap between M1 and M2 [3]. - New RMB loans in September were 1.29 trillion yuan, below the market expectation of 1.46 trillion yuan, reflecting a decrease of approximately 300 billion yuan compared to the same period last year [3]. Equity Market - Traditional manufacturing in China is poised to gain global pricing power due to a shift in capital expenditure structures and a slowdown in domestic capital spending [5]. - High-dividend blue-chip stocks and high-growth stocks are highlighted as key investment opportunities for the fourth quarter, with a focus on sectors like banking and utilities for stable returns, and new energy and AI for long-term growth potential [7]. Industry Research - The rebound in inbound tourism in China is expected to significantly boost the tourism sector, with total inbound tourism revenue projected to grow from $94 billion in 2024 to $525 billion by 2034 [11]. - The coal industry is anticipated to rebound in the fourth quarter due to supply constraints and increased demand, with expectations of higher coal prices supported by improved supply-demand dynamics [12]. - The non-ferrous metals sector is identified as a strong performer, driven by global political factors and trade disruptions, presenting investment opportunities in related resource sectors [13]. Macro and Fixed Income - The bond market is entering a recovery phase, with increased attractiveness for low-risk assets amid a declining risk appetite in the market [18]. - The bond market is expected to perform well in the fourth quarter, supported by a weak domestic demand environment and potential monetary policy easing [19]. - Interest rates are projected to remain low and volatile, influenced by economic recovery dynamics and the real estate market's stabilization [20]. Asset Allocation - The stock market is viewed positively in the long term, but caution is advised in the short term, with a focus on undervalued sectors and credit bonds offering yield spread opportunities [22].

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2024 年面向專業機構投資者公開發行公司債券（第一期）（品種二）（續發行）發行價格公告，僅 供參閱。 承董事會命 ᵜޜਨ৺㪓һՊޘփᡀઈ؍䇱ޜᇩнᆈ൘㲊ۇٴ䇠䖭ǃ䈟ሬᙗ䱸䘠ᡆ㘵䟽བྷ䚇 ┿ˈᒦሩަᇩⲴⵏᇎǃ߶⺞઼ᆼᮤᣵњ࡛৺䘎ᑖ䍓ԫDŽ 㓿к⎧䇱ࡨӔ᱃ᡰᇑṨ਼ˈᒦ㓿ѝഭ䇱ࡨⴁⶓ㇑⨶ငઈՊ⌘˄䇱ⴁ䇨ਟǏ2023ǐ 2429 ਧ˅ˈѝഭഭ䱵䠁㶽㛑ԭᴹ䲀ޜਨ˄ԕлㆰ〠ਁ㹼Ӫ˅㧧߶䶒ੁуъᵪᶴᣅ䍴㘵ޜ ᔰਁ㹼䶒٬ᙫ仍н䎵䗷 200 ӯݳⲴޜ ...

Core Insights - The event "2025 CICC Wealth 1018 Conference" focused on macro research, buy-side advisory, global allocation, fintech, and inclusive finance, highlighting the unique attractiveness of the Chinese market driven by technological breakthroughs and resilient manufacturing upgrades [1] - The wealth management industry is transitioning from a "product-selling" model to a "service-oriented" model, with CICC Wealth leading the buy-side advisory transformation, achieving over 120 billion yuan in assets under management by July 2023, and recently surpassing 120 billion yuan [1][2] Group 1: Buy-Side Advisory Transformation - CICC Wealth has developed a buy-side advisory service system, including "China 50" and "Micro 50," focusing on long-term value and detailed customer needs [1] - The company has constructed over 11,000 different strategy lines across equity assets, alternative assets, and global assets to address clients' asset allocation challenges in a low-interest-rate environment [2] - CICC Wealth is innovating its trading business model to be more client-centric, integrating research, multi-product trading, and exclusive execution services [2] Group 2: AI and Global Investment Opportunities - The introduction of cross-border investment channels like Stock Connect and Wealth Management Connect has expanded product choices and investment tools for investors [3] - CICC Wealth aims to provide a comprehensive service framework for global asset allocation, leveraging its global network and deep research capabilities [3] - The application of AI technology is accelerating the transformation of the wealth management industry, with discussions on how AI can enhance client experience in wealth management [3]

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aiming to provide efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 stocks globally [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform is designed to leverage advanced model technology to enhance the quality and efficiency of research services provided to clients [1]. Group 2: Research Focus and Updates - The platform features daily updates on research focuses and timely push notifications of selected articles, ensuring that users stay informed about market trends [4]. - CICC provides live broadcasts where senior analysts interpret market hotspots, enhancing the accessibility of expert insights [4]. Group 3: Data and Frameworks - The platform includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive data resources for users [10]. - CICC Insight also features an AI search function that allows users to filter key points and engage in intelligent Q&A, facilitating a more interactive research experience [10].

Core Insights - The Global Wealth Management Forum 2025 is being held in Shanghai on October 18-19, highlighting the significance of AI in the financial sector [1] - AI is identified as the largest impact on the economy since digitalization, with widespread applications and strong market interest [1] - However, challenges such as data security, lack of oversight, and ambiguous valuations are also noted, alongside issues like "inaccurate model reasoning" and "difficulties in controlling behavioral boundaries" [1] - The financial sector is urged to prioritize market stability, particularly in terms of policies and frameworks, to ensure the wealth effectiveness of long-term funds like social security and pensions [1]

格隆汇10月18日｜全球财富管理论坛·2025上海苏河湾大会10月18日至19日在上海市静安区举办。中金 公司原总裁兼首席执行官、清华大学管理实践访问教授朱云来出席大会并发表演讲。朱云来指出，AI 应该是数字化影响经济以来最大的冲击，其应用领域广泛且成为市场追捧的投资对象，但同时也带来数 据安全、审核缺位、估值模糊等问题，甚至存在"模型推理不精准""难以控制行为边界"等核心挑战。因 此，这要求金融领域在拥抱AI机遇时，必须优先重视金融市场的稳定性，尤其是政策与框架的稳定， 以保障社保、养老等长期资金的财富效益。 ...

Core Insights - The article emphasizes the significant transformation in the wealth management industry, driven by macroeconomic changes and a shift from product selling to service-oriented approaches, particularly in the context of the "14th Five-Year Plan" [1][4] - The company, CICC Wealth, has successfully transitioned to a buyer advisory model, achieving a scale of over 120 billion in assets under management for its buyer advisory services [2][4][5] Wealth Management Transformation - The wealth management industry is undergoing profound changes, moving from a product-centric model to a service-oriented approach, which lays a solid foundation for the growth of the buyer advisory model [4] - CICC Wealth has developed a comprehensive buyer advisory service system, including products like "China 50," which has generated over 10.1 billion in cumulative client returns since its launch in 2019 [4][5] Buyer Advisory Model - CICC Wealth's buyer advisory model is built on the "5A Configuration Model," focusing on client preferences, asset allocation, strategy attribution, alpha generation, and risk assessment [5][6] - The company aims to enhance client experience and investment outcomes by continuously refining its buyer advisory approach and providing tailored asset allocation strategies [6][8] Global Asset Allocation - The importance of global asset allocation is highlighted, with CICC Wealth positioning itself as a partner for clients navigating international investment opportunities [9][10] - The company has established a robust international business framework, managing assets worth 2.2 billion USD and receiving multiple international awards for its investment management capabilities [10][11] AI Integration in Wealth Management - The integration of AI technology is a key focus, with CICC Wealth leveraging AI to enhance client experience and operational efficiency [12][13] - The company has developed AI-driven platforms and tools to provide personalized investment solutions and streamline advisory processes [14][16] Commitment to Inclusive Finance - CICC Wealth is dedicated to promoting inclusive finance by offering accessible investment products and enhancing financial literacy among investors [18][19] - The company is actively involved in supporting small and medium-sized enterprises (SMEs) through tailored financial services and partnerships with academic institutions [19][20] Future Outlook - CICC Wealth aims to continue its mission of "Finance for the People," focusing on high-quality development in wealth management and expanding its global reach [20][21]

Core Insights - The wealth management industry is undergoing significant transformation, shifting from a product-selling approach to a service-oriented model, which lays a solid foundation for the growth of the client-centered buy-side advisory model [3][5][7] - China International Capital Corporation (CICC) Wealth Management is actively enhancing its buy-side advisory capabilities, achieving a scale of over 120 billion in assets under management, with its flagship product "China 50" generating over 10.1 billion in cumulative client returns since its launch [2][3][4] Group 1: Buy-Side Advisory Development - CICC Wealth Management's buy-side advisory model has seen its assets under management surpass 120 billion, reflecting a successful six-year development of its investment methodology [3][4] - The "China 50" product has provided positive returns for over 98% of its clients, with an average holding period of approximately 2.5 years [3][4] - The "5A Configuration Model" has been established to enhance asset allocation capabilities, focusing on client preferences, asset allocation, strategy attribution, alpha generation, and risk assessment [4] Group 2: Market Adaptation and Client Support - In response to increasing market uncertainties and changing wealth allocation, CICC Wealth Management is committed to helping investors navigate the low-interest-rate environment through comprehensive asset allocation strategies [5][6] - The company has developed over 11,000 different strategy lines across equity, alternative, and global assets to support client investment needs [5] - CICC Wealth Management emphasizes a long-term partnership with clients, aiming to enhance investor satisfaction and adapt to the evolving landscape of wealth management [5][6] Group 3: Internationalization and Global Asset Allocation - CICC Wealth Management is focused on facilitating global asset allocation for investors, addressing challenges such as information asymmetry and the lack of appropriate investment tools [7][8] - The company aims to serve as a bridge for international investors to access the Chinese capital market while assisting Chinese enterprises in expanding their global reach [8][9] - The international asset management scale has reached 2.2 billion USD, establishing CICC as a professional benchmark in the field [8] Group 4: AI Integration in Wealth Management - CICC Wealth Management is leveraging AI technology to enhance client experiences and improve service efficiency, marking a significant shift in the industry [10][11] - The introduction of AI-driven tools aims to provide personalized investment solutions and streamline advisory processes, enhancing the overall client engagement [10][11][12] - The company's digital platforms are being upgraded to incorporate AI capabilities, allowing for tailored investment strategies based on real-time market conditions [11][12] Group 5: Commitment to Inclusive Finance - CICC Wealth Management is dedicated to promoting inclusive finance by providing accessible investment products and enhancing financial literacy among investors [13][14] - The company is actively developing passive investment products like ETFs and index funds to attract long-term capital and share economic growth benefits with investors [13][14] - Collaborations with academic institutions aim to further research and implement strategies that enhance financial health and accessibility for a broader audience [15]

Group 1 - The core viewpoint of the article is the formal application of the Yifangda Guangxi Beitou Expressway REIT, marking it as the first public REIT project in Guangxi [2][4] - The project is initiated by Guangxi Beibu Gulf Investment Group, a state-owned enterprise responsible for a significant portion of transportation infrastructure in Guangxi, including 70% of design and 30% of construction in the region [4] - The Guangxi Beitou Group has invested in 44 projects totaling 3,226 kilometers with a total investment of 442.9 billion yuan, of which 282.5 billion yuan has been completed [4] Group 2 - The market for public REITs has seen a decline, with the CSI REITs Total Return Index dropping by 1.44% during the week of October 13-17, with 90% of products experiencing a decrease [7][8] - The trading activity in the secondary market has decreased, with the average turnover rate dropping from 0.9% in September to 0.45% in October [9][10] - Despite the overall downturn, some REITs have shown positive annual growth, with over 90% of products having a positive year-to-date return, and 14 products exceeding a 20% increase [10][11] Group 3 - Several public REITs have made progress, including the acceptance of the second expansion of the Huaxia Huayuan Commercial REIT and updates on the Huaxia Fund Huayuan Youchao REIT [5][6] - The Huaxia Zhonghai Commercial REIT reported a subscription amount nearing 160 billion yuan, indicating strong investor interest [6] - The week also saw a significant number of REITs experiencing price declines, with only 7 out of 77 listed products recording an increase [8][9]

本次"税惠赋能·护航出海"活动，是湘江新区税务局深化"税路通·湘连企"服务品牌建设、持续优化税收 营商环境的又一务实举措。新区税务局党委委员、副局长肖静琳表示，企业是市场经济的主体，服务企 业国际化发展是税务部门的重要职责。湘江新区税务局将不断优化税收营商环境，做企业出海路上最坚 定的同行者，帮助企业提升合规经营能力，在国际市场上行稳致远，为湘江新区打造内陆地区改革开放 高地、建设全球研发中心城市贡献更坚实的税务力量。(熊沁琬) 中国国际金融股份有限公司副总经理何璐、"专精特新"企业服务中心出海业务负责人李可以及中国出口 信用保险公司湖南分公司高级经理田建东等专家从宏观经济形势入手，向大家深入浅出分析全球市场变 化格局，为企业全球化布局提供了前瞻性的视野。活动现场气氛热烈，与会企业代表纷纷表示，此次培 训解决了他们在跨境经营中遇到的许多现实困惑，对税务部门提供的精准服务和专家们的专业指导表示 感谢。 把握时代机遇，护航企业出海。10月14日，由国家税务总局湖南湘江新区税务局主办、中国国际金融股 份有限公司湖南分公司协办的"税惠赋能·护航出海"——"税路通·湘连企"跨境税费服务品牌赋能活动成 功举办。本次活动旨 ...