证券代码：601995 证券简称：中金公司 公告编号：临 2025-036 中国国际金融股份有限公司 关于选举职工董事的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国国际金融股份有限公司（以下简称"公司"、"本公司"或"本集团"） 于 2025 年 10 月 31 日召开第三届职工代表大会第五次会议，选举田汀女士为公 司职工董事。田汀女士自 2025 年 10 月 31 日起就任公司职工董事，任期至公司 第三届董事会任期结束之日止，届时可以连选连任。田汀女士按其在公司工作岗 位的报酬领薪，不就履行董事职责从公司领取董事袍金、津贴或会议费，其参加 公司董事会、股东会会议及与履行董事职责相关所发生的费用由公司承担。田汀 女士的简历请见本公告附件。 田汀女士担任公司职工董事后，公司董事会中内部董事（是指在公司同时担 任其他职务的董事）总计未超过公司董事总数的二分之一，符合相关法律法规、 规范性文件及《中国国际金融股份有限公司章程》的规定。 田汀女士简历 田汀女士，1978 年 8 月出生，自 2025 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-034 中国国际金融股份有限公司 2025年第一次临时股东大会决议公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 中国国际金融股份有限公司（以下简称"公司"）2025 年第一次临时股东 大会（以下简称"本次会议"）是否有否决议案：无 一、本次会议召开和出席情况 (一)召开时间：2025 年 10 月 31 日 (二)召开地点：北京市朝阳区针织路 23 号国寿金融中心 30 层 3004 及 3005 会议室 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 731 | | --- | --- | --- | | 其中：A | 股股东人数 | 730 | | H | 股股东人数 | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | | 2,932,448,995 | | 其中：A | 股股份总数 | 2,049,160,356 | | H | 股股份总数 | 883,2 ...

会杜律师事务所 KING&WOD 十章古朝阳区东三环中路1 全顧中心办公停乐论 北京市金杜律师事务所( 以下简称本所 )接受中国国际金融股份有限公司( 以 下简称公司或中金公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共 和国境内（以下简称中国境内,为本法律意见书之目的,不包括中国香港特别行 政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章及 规范性文件和现行有效的《中国国际金融股份有限公司章程》（以下简称《公司 章程》）有关规定，指派律师出席了公司于 2025年 10 月 31 日召开的 2025 年第 一次临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具 本法律意见书。 h Floor Fast Tower, World Finar 北京市金杜律师事务所 关于中国国际金融股份有限公司 2025年第一次临时股东大会 之法律意见书 致:中国国际金融股份有限公司 为出具本法律意见书,本所律师审查了公司提供的以下文件,包括但不限 ...

中金公司公告称，第三届董事会第十一次会议选举王曙光担任公司副董事长，任期至本届董事会结束。 同时，同意调整董事会专门委员会构成，王曙光任战略与ESG、薪酬、风险控制委员会成员，田汀任战 略与ESG、风险控制委员会成员。此外，委任王曙光为《香港联交所证券上市规则》项下授权代表，与 周佳兴共同担任，董事长陈亮不再担任。以上人事安排均自董事会审议通过之日起生效。 ...

Core Points - The company announced the convening of the third employee representative assembly's fifth meeting on October 31, 2025, to elect Ms. Tian Ting as an employee director, with a term ending at the conclusion of the third board's term, and she is eligible for re-election [1] - Ms. Tian has been with the company since July 2000, holding multiple positions, and currently serves as the head of the finance and funding departments [1] - As of now, she does not hold any shares directly and has no connections with the company's senior management or major shareholders [1] - Following the election, the number of internal directors on the board will not exceed half of the total, which complies with regulations [1]

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Group 1: Global Technology Competition - The report outlines three potential scenarios for global technology competition over the next decade: baseline scenario (strategic equilibrium between China and the US), optimistic scenario (China becomes an innovation leader), and pessimistic scenario (China's industrial upgrade falls short) [6][7] - Key technologies are defined as frontier technologies (AI, semiconductors, quantum computing, biopharmaceuticals), advanced manufacturing, and critical infrastructure technologies (energy and advanced networks) [6][7] - The US focuses on invention and innovation, while China aims for large-scale innovation in key industries, with both countries undergoing reforms in their innovation systems [6][7] Group 2: Softcom Power (301236.SZ) - For the first three quarters of 2025, Softcom Power reported revenue of 25.38 billion yuan, a year-on-year increase of 14.30%, and a net profit of 0.99 billion yuan, up 30.21% [15][17] - The company is guided by four strategic directions: intelligence, autonomy, greening, and internationalization, with a focus on enhancing software and digital technology services [16][17] - Future revenue projections for Softcom Power are 35.9 billion yuan, 41.3 billion yuan, and 47.7 billion yuan for 2025-2027, with net profits expected to be 0.384 billion yuan, 0.526 billion yuan, and 0.855 billion yuan respectively [17] Group 3: Dingjie Smart (300378.SZ) - Dingjie Smart's revenue for the first three quarters of 2025 reached 1.614 billion yuan, a 2.6% increase year-on-year, with a net profit of 0.051 billion yuan, up 2.4% [19][21] - The company is experiencing short-term pressure in mainland China but is seeing stable performance in non-mainland markets, driven by deepening applications and market expansion [19][20] - Revenue projections for Dingjie Smart are 2.502 billion yuan, 2.726 billion yuan, and 2.989 billion yuan for 2025-2027, with net profits expected to be 0.191 billion yuan, 0.233 billion yuan, and 0.301 billion yuan respectively [21] Group 4: Hai Tian Wei Ye (603288.SH) - Hai Tian Wei Ye reported a revenue increase of 6.02% to 21.628 billion yuan for the first three quarters of 2025, with a net profit of 5.322 billion yuan, up 10.54% [22][24] - The company experienced a slowdown in revenue growth in Q3, with a 2.48% increase to 6.398 billion yuan, while net profit rose by 3.40% to 1.408 billion yuan [23][24] - The company is focusing on creating new growth points and enhancing efficiency through digital production [24] Group 5: Guizhou Moutai (600519.SH) - Guizhou Moutai's revenue for the first three quarters of 2025 was 130.904 billion yuan, a 6.32% increase, with a net profit of 64.627 billion yuan, up 6.25% [26][28] - The company reported stable sales performance for its flagship Moutai liquor, while other series faced pressure [27][28] - Future earnings per share (EPS) projections for Guizhou Moutai are 72.87 yuan, 77.31 yuan, and 82.70 yuan for 2025-2027, maintaining a "buy" rating [28] Group 6: Xian Cai Co., Ltd. (600095.SH) - Xian Cai Co., Ltd. reported a significant increase in net profit of 203.39% for the first three quarters of 2025, reaching 0.442 billion yuan [46][47] - The company's revenue for Q3 was 0.655 billion yuan, a 43.77% increase year-on-year, driven by a surge in commission income [47][48] - The company is expected to achieve a net profit of 0.608 billion yuan for 2025, reflecting a 456.6% increase [48]

（文章来源：第一财经） 中金公司研报表示，宽松周期中，企业投资价值逐步向拓展下游需求的买方倾斜。在2021-2025年的天 然气紧平衡周期，资源成本优势是天然气企业的核心竞争力，具备资源成本优势的一体化企业如昆仑能 源股价跑赢。向前看，若2026年起全球天然气供需重新进入新一轮宽松周期，我们认为天然气产业链公 司的投资价值天平或逐步向具备较强下游需求拓展能力的买方倾斜。 ...

Core Insights - The company reported significant growth in revenue and net profit for the first three quarters of 2025, with operating income reaching 20.76 billion yuan, a year-on-year increase of 54.36%, and net profit attributable to shareholders at 6.57 billion yuan, up 129.75% [1] - The company's earnings per share (EPS) increased by 154.82% to 1.24 yuan, and return on equity (ROE) improved by 3.65 percentage points to 6.29% [1] Group 1: Self-Investment - The company achieved investment income of 10.97 billion yuan in Q3 2025, reflecting a year-on-year growth of 47% [1] - As of the end of Q3 2025, the company's financial investment scale reached 416.3 billion yuan, a quarter-on-quarter increase of 6.9% [1] - The diversification strategy in financial investments has effectively mitigated risks while contributing to revenue growth [1] Group 2: Investment Banking - The investment banking segment generated revenue of 2.94 billion yuan in Q3 2025, marking a year-on-year increase of 42.55% [2] - The equity financing scale for 2025 reached 869.1 billion yuan, more than quadrupling year-on-year, with IPO financing at 76 billion yuan, up 67% [2] - The company is focusing on new productive forces, which lays a foundation for future business development [2] Group 3: Wealth Management - The brokerage business revenue in Q3 2025 was 4.52 billion yuan, a year-on-year increase of 76.31% [2] - The company’s wealth management product scale reached a historical high of nearly 400 billion yuan, with buy-side advisory products also achieving record growth [2] Group 4: Asset Management - The asset management business generated revenue of 1.06 billion yuan in Q3 2025, reflecting a year-on-year growth of 26.6% [3] - The total assets under management (AUM) for the company stood at 586.7 billion yuan, showing a slight year-on-year increase [3]

Core Viewpoint - The company is experiencing significant growth in investment banking and brokerage services, leading to an optimistic outlook for future profitability and valuation recovery, referred to as a "Davis Double Play" [1] Group 1: Financial Performance - In Q1-Q3 2025, the company reported total revenue of 20.76 billion and net profit of 6.57 billion, representing year-on-year increases of 54% and 130% respectively, with revenue meeting expectations but net profit slightly below [1] - The annualized weighted ROE is 8.4%, up by 4.9 percentage points year-on-year, with a leverage ratio of 5.31 times, an increase of 0.26 times year-on-year [1] - The company has revised its profit forecasts for 2025-2027 to 10.4 billion, 14.1 billion, and 16.9 billion, reflecting year-on-year growth of 83%, 35%, and 20% respectively [1] Group 2: Brokerage Business - Brokerage net income for the first three quarters reached 4.5 billion, a year-on-year increase of 76%, with Q3 alone generating 1.86 billion, up 135% year-on-year [2] - The average daily trading volume in the stock market for Q1-Q3 was 19.6 trillion, a 112% increase year-on-year, with Q3 reaching 25 trillion, up 212% year-on-year [2] - Client margin deposits at the end of the period were 138.8 billion, reflecting a year-on-year increase of 35% [2] Group 3: Investment Banking - Investment banking net income for Q1-Q3 was 2.94 billion, up 43% year-on-year, with Q3 alone generating 1.3 billion, a 63% increase year-on-year [2] - The company completed 5 A-share IPO projects in Q1-Q3, with an underwriting scale of 12.5 billion, a significant year-on-year increase of 325% [2] - The overseas investment banking revenue for Q1-Q3 was estimated at 1.1 billion, a 39% increase year-on-year, with Q3 alone generating 500 million [2] Group 4: Proprietary Investment - Proprietary capital business revenue for Q1-Q3 was 10.3 billion, a year-on-year increase of 66%, with proprietary investment income reaching 11.3 billion, up 53% year-on-year [3] - The annualized proprietary investment return rate was 4.8% for Q1-Q3, with Q3 proprietary income at 3.9 billion, a 4% increase from the previous quarter [3] - The company’s trading financial assets and other investments showed a growth trend, with significant increases in various asset categories [3]