Core Viewpoint - The Hong Kong Financial Secretary, Paul Chan, announced plans to appropriately expand the "Cross-Border Wealth Management Connect" program with support from central authorities to enhance market vitality [1] Group 1: Program Expansion - The expansion will include an increase in the geographical scope, product types, and participant groups [1] - Regulatory bodies from both regions are currently researching and discussing the optimization of the Cross-Border Wealth Management Connect 3.0 version, with a draft expected by the end of this year [1] Group 2: Market Expectations - Industry professionals, such as the head of international wealth management at CICC, expressed strong anticipation for the optimized 3.0 version, particularly the inclusion of major cities beyond the Greater Bay Area, specifically Beijing and Shanghai [1] - There is a significant demand from investors in these first-tier cities for overseas asset allocation [1]

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Core Viewpoint - The People's Bank of China (PBOC) has established a new evaluation mechanism for primary dealers in the open market, which will be implemented in 2025, aiming to enhance the transmission of monetary policy and adapt to the evolving financial market [1]. Group 1: Evaluation Mechanism - The PBOC's evaluation mechanism for primary dealers was first established in 2004 and adjusted in 2018 to support smooth open market operations [1]. - The new evaluation method will focus on optimizing and simplifying assessment indicators, categorizing institutions for evaluation, and strengthening the linkage with bond market makers [1]. - The list of primary dealers for the year 2025 will remain unchanged, and any dealer exhibiting inappropriate behavior during the evaluation period may be suspended from participating in open market operations [1]. Group 2: Institutions Involved - A comprehensive list of institutions that will be evaluated includes major banks such as Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, among others [3][4]. - The evaluation will consider factors such as stable lending, reasonable pricing, market performance during tight funding periods, and compliance with operational standards [3].

Core Viewpoint - The Hong Kong Mortgage Corporation Limited (HKMC) has signed a Memorandum of Understanding (MoU) with China International Capital Corporation Limited (CICC) to enhance cooperation in Infrastructure Financing and Securitisation (IFS) [1][2]. Group 1: Partnership Objectives - The collaboration will focus on capital market opportunities related to infrastructure assets, expanding the investor base, and exploring renminbi-denominated options for infrastructure loan securitisation [2]. - The partnership aims to strengthen Hong Kong's position as an infrastructure financing hub and support investment and financing flows in the sector [2]. Group 2: Statements from Executives - Colin Pou, Executive Director and CEO of HKMC, highlighted the significant growth of the IFS platform and the importance of collaboration with industry participants to develop the market [2]. - Chen Liang, Chairman of CICC, emphasized the potential of the partnership to enhance China's role in global finance and improve relationships with international clients and investors [3].

Core Viewpoint - China Power Construction Corporation announced a change in the representative for the ongoing supervision of its non-public A-share issuance project, with Meng Jiao replacing Qiao Xiaowei due to the latter's work relocation [1] Group 1 - The company received a letter from its sponsor, China International Capital Corporation (CICC), regarding the change of the supervising representative for the non-public A-share issuance project [1] - Qiao Xiaowei will no longer serve as the supervising representative for the 2022 non-public A-share issuance project [1] - Meng Jiao has been appointed to ensure the continuity of the supervisory work [1]

Core Viewpoint - The securities brokerage sector is experiencing a recovery, with significant increases in trading volume, mergers and acquisitions, and a strong performance of the broker ETF, indicating a positive outlook for the industry [1][2][3]. Group 1: Market Performance - As of September 11, 2025, the broker ETF has seen a net value increase of 58.74% over the past year [2]. - The broker ETF's latest scale reached 33.63 billion, marking a new high since its inception and ranking second among comparable funds [1]. - The broker ETF has recorded continuous net inflows over the past 11 days, totaling 3.78 billion, with an average daily net inflow of 343 million [1]. Group 2: Mergers and Acquisitions - The China Securities Regulatory Commission has issued guidelines to strengthen the regulation of securities companies and public funds, aiming to establish 2 to 3 internationally competitive investment banks by 2035 [2]. - The pace of mergers and acquisitions among brokerages has accelerated, with notable combinations such as Guotai Junan + Haitong Securities and others currently in progress [2]. Group 3: Industry Trends - The overall equity market has shown a steady upward trend since the beginning of the year, with increased trading activity and recovery in key indicators such as transaction volume and margin financing balance [3]. - Regulatory support for industry consolidation is expected to enhance overall competitiveness and optimize resource allocation within the sector [3].

Core Viewpoint - The investment banking sector is experiencing a recovery with significant internal differentiation, as evidenced by a reduction in the number of loss-making firms and a notable performance improvement among leading brokerages [1][6][12]. Group 1: Profitability Trends - The number of brokerages reporting losses in investment banking has decreased from 20 in 2024 to 10 in 2025, indicating a recovery in profitability [1][6]. - Leading brokerages such as CICC and CITIC Securities have turned profitable, with CICC's investment banking revenue soaring by 149.70% year-on-year, reaching 1.445 billion yuan [1][12]. - Despite the overall improvement, some brokerages like Guojin Securities and Zhongtai Securities have reported significant losses, with Guojin Securities losing 98.07 million yuan [1][7]. Group 2: Market Shifts - In response to the changing IPO landscape in the A-share market, leading brokerages are increasingly focusing on the Hong Kong market, with CICC International's underwriting volume reaching 22.582 billion yuan in the first eight months of the year [2][18]. - The profit margins for these brokerages have declined to around 20%, significantly lower than the pre-"827 New Policy" levels of over 50% [2][15]. - The competitive environment in the Hong Kong market has led some brokerages to adopt aggressive pricing strategies to gain market share, impacting overall profitability [2][17]. Group 3: Performance of Specific Brokerages - CICC and CITIC Securities have shown remarkable recovery, with profits of 276 million yuan and 180 million yuan respectively in the first half of 2025 [7][12]. - Guojin Securities, despite a high revenue of 377 million yuan, has seen its losses expand significantly, becoming the largest loss-maker in the investment banking sector [7][9]. - Zhongtai Securities transitioned from a profit of 139 million yuan in 2024 to a loss of 37.5935 million yuan in 2025, highlighting the volatility in performance among mid-tier brokerages [6][8]. Group 4: Future Outlook - The ongoing adjustments in the IPO rhythm and the strategic shift towards Hong Kong IPOs are expected to continue influencing the performance of brokerages, particularly as they adapt to new market conditions [8][17]. - The competitive landscape is evolving, with domestic brokerages rapidly enhancing their competitiveness in the Hong Kong market, as evidenced by their presence in the top five IPO underwriters [2][18].

Core Viewpoint - The investment banking sector is experiencing a recovery with significant internal differentiation, as evidenced by a reduction in the number of loss-making firms and a notable performance improvement among leading brokerages [1][4]. Group 1: Profitability Trends - The number of brokerages reporting losses in investment banking has decreased from 20 in 2024 to only 10 in 2025, indicating a significant improvement in profitability [1][4]. - Leading brokerages such as CICC and CITIC Securities have turned losses into profits, with CICC's investment banking revenue soaring by 149.70% year-on-year, reaching 1.445 billion yuan [1][10]. - Despite the overall improvement, some brokerages, including Guojin Securities and Zhongtai Securities, have reported substantial losses, with Guojin Securities losing 98.07 million yuan [1][5]. Group 2: Market Shifts - In response to the changing IPO landscape in the A-share market, leading brokerages are increasingly focusing on the Hong Kong market, with CICC International achieving a substantial underwriting scale of 22.582 billion yuan in the first eight months of the year [2][11]. - The competitive environment in the Hong Kong market has led to a decline in profit margins for many brokerages, with average profit margins dropping to around 20%, significantly lower than the pre-"827 New Policy" levels of over 50% [2][13]. Group 3: Performance of Specific Brokerages - CICC has shown remarkable recovery, with its investment banking profit reaching 276 million yuan in the first half of the year, a significant turnaround from a loss of 784 million yuan in the previous year [10][11]. - Guojin Securities, despite high revenue of 377 million yuan, has seen its losses expand to 98.07 million yuan, highlighting the challenges faced by some brokerages in the current market [5][7]. - Zhongtai Securities has also experienced a shift from profit to loss, with a reported loss of 37.59 million yuan in the first half of 2025, down from a profit of 139 million yuan in the same period last year [4][5]. Group 4: Competitive Landscape - The competitive landscape in the Hong Kong IPO market is intensifying, with domestic brokerages capturing four of the top five spots in underwriting amounts, showcasing their growing competitiveness [2][16]. - The shift in focus towards the Hong Kong market has led to increased collaboration between A-share and Hong Kong brokers, as they work together to secure IPOs for companies looking to list in Hong Kong [14][15].

Core Insights - The report from China International Capital Corporation (CICC) indicates that the U.S. Consumer Price Index (CPI) rose by 0.4% month-on-month in August, with a year-on-year increase of 2.9%, while core CPI increased by 0.3% month-on-month and 3.1% year-on-year, aligning with market expectations [1] Inflation Analysis - Core goods prices, driven by automobiles, saw a year-on-year increase of 1.5%, marking the highest growth since May 2023, indicating a shift from deflation to inflation in the core goods sector for 2023-2024 [1] - The impact of tariffs on prices outside of automobiles appears limited, suggesting that companies face challenges in passing on tariff costs [1] - Service inflation has essentially stagnated, with notable rebounds in previously weak airline and hotel prices during the first half of the year [1] Economic Implications - Overall, the inflation data is not mild; however, due to ongoing weakness in employment data, the Federal Reserve may need to lower interest rates in response [1] - In the context of supply contraction, the stimulative effects of rate cuts are likely to manifest more as price increases rather than output expansion, indicating that the scope for rate cuts may be constrained and highlighting the risk of "stagflation" in the economy [1]

Core Viewpoint - The article emphasizes the significance of the Guangdong-Hong Kong-Macao Greater Bay Area in enhancing wealth management and financial cooperation, highlighting the opportunities for regional economic growth and the role of CICC in leading the transformation of the wealth management industry [4][6][15]. Group 1: Event Overview - The CICC 2025 Guangdong-Hong Kong-Macao Greater Bay Area Wealth Management Summit successfully gathered over 400 representatives to discuss key topics such as the achievements of the Greater Bay Area, the development of the wealth management industry, and capital market ecology [4]. - The summit featured a welcome address by CICC Chairman Chen Liang, who underscored the strategic importance of the Greater Bay Area in national development and the summit's role in promoting high-quality development in wealth management [6]. Group 2: Government and Economic Insights - Hong Kong's Financial Secretary, Paul Chan, highlighted the challenges and opportunities faced by Hong Kong as an international financial center, emphasizing the importance of the Greater Bay Area in driving wealth management development [9]. - CICC's Chief Economist, Peng Wensheng, delivered a keynote speech on the transition from scale economy to innovation economy, noting China's leading advantages in green industries and artificial intelligence [11]. Group 3: Discussions and Innovations - Nearly 30 speakers from various sectors engaged in discussions on topics such as building resilient portfolios, the transformation of China's consumer industry, and innovations in financial infrastructure [13]. - The summit integrated digitalization and green development elements, showcasing CICC's digital investment research platform "CICC Insight" to enhance the investment research experience for global institutional investors [15]. Group 4: Future Directions - The summit aimed to explore how to leverage opportunities in the wealth management sector within the Greater Bay Area, with CICC committed to contributing to the long-term development opportunities for residents and global partners [15].