Group 1: A-share IPO Market Overview - The number of new A-share IPOs in the first half of 2025 is expected to be 40, a year-on-year increase of 33.3%, but only 16.3% of the 245 IPOs in the first half of 2021 [1] - The total fundraising amount for A-share IPOs in the first half of 2025 is projected to be 32.75 billion yuan, which is only 15.5% of the 210.96 billion yuan raised in the same period of 2021 [1] - The current IPO issuance remains at a low level, with the absolute number of IPOs in 2025 being the lowest in five years [1] Group 2: Changes in Investment Banking Focus - Many securities firms are shifting towards enhancing comprehensive financial service capabilities and transforming into comprehensive financial service providers [3] - Companies like CITIC Securities and CICC are focusing on serving key clients related to national strategic initiatives and expanding their coverage of quality enterprises [3] - The trend in investment banking emphasizes the importance of professional capability enhancement and risk prevention [3] Group 3: Small and Medium-sized Securities Firms - Smaller securities firms are focusing on niche businesses that align with local industry needs, such as expanding debt business in specific regions [4] - There is a noticeable shift in the A-share IPO landscape, with regulatory support for technology companies and a reduction in the number of companies waiting for IPO approval [4][5] Group 4: Hong Kong IPO Market Dynamics - The Hong Kong IPO market is experiencing a significant recovery, with 42 IPOs in the first half of 2025 raising approximately 106.7 billion HKD, a year-on-year increase of about 708% [5] - The Hong Kong Stock Exchange has introduced reforms to attract more mainland companies to list, including allowing unprofitable tech companies to go public [5][6] - The competitive landscape for IPO sponsorship in Hong Kong is shifting, with Chinese securities firms gaining a stronger position [6] Group 5: Cross-border Capital Operations - Securities firms are actively expanding their cross-border capital operations, focusing on Hong Kong equity financing and overseas debt markets [6] - Companies are enhancing their cross-border service capabilities by collaborating with foreign institutions and developing cross-border business talent [6] - The anticipated increase in A-share companies listing in Hong Kong is expected to boost the revenue of leading investment banks in the region [6]

证券代码：601995 证券简称：中金公司 公告编号：临 2025-019 中国国际金融股份有限公司 关于全资子公司中国中金财富证券有限公司 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。 根据中国外汇交易中心暨全国银行间同业拆借中心的相关规定，中国国际金 融股份有限公司（以下简称"公司"）全资子公司中国中金财富证券有限公司（以 下简称"中金财富"）将于中国货币网（www.chinamoney.com.cn）披露其 2025 年半年度未经审计或审阅的资产负债表、利润表及净资本计算表。公司现将中金 财富 2025 年半年度未经审计或审阅的主要财务数据披露如下： 一、 中金财富 2025 年半年度未经审计或审阅的主要财务数据 截至 2025 年 6 月 30 日，中金财富总资产 193,369,850,729.00 元（人民币， 下同），净资产 20,200,427,240.40 元；2025 年 1-6 月实现营业收入 3,821,086,020.41 元（其中：手续费及佣金净收入 2,245,852,752. ...

Group 1 - The Hong Kong IPO market has seen a significant surge, with a record number of listings and a total fundraising amount of 1,067 million HKD in the first half of 2025, nearly eight times that of the same period last year [1][2] - Five companies, including Peak Technology and Blue Sky Technology, listed on the Hong Kong Stock Exchange on the same day, marking a historic moment with six gongs ringing simultaneously [1] - The number of IPOs in May and June accounted for 58.14% of the total listings in the first half of 2025, indicating a concentrated period of activity [1] Group 2 - Eight new stocks raised over 2 billion HKD, while 17 raised over 1 billion HKD, with the top five fundraising companies being CATL, Hengrui Medicine, Haitian Flavoring, Sanhua Intelligent Control, and Mixue Ice City [2] - As of July 17, 2025, the Hong Kong market recorded 51 IPOs and a total fundraising amount of 1,134 million HKD, surpassing the total for the entire year of 2024 and increasing by 217% compared to the same period last year [2] Group 3 - The revival of the Hong Kong IPO market has led to increased activity among investment banks, with a notable rise in the number of companies seeking to go public [3] - As of July 17, 2025, there are 232 companies in the queue to apply for H-share listings, indicating strong interest in the market [3] - The competition between domestic and foreign investment banks has intensified, with domestic banks gaining an advantage due to their understanding of local enterprises and improved international service capabilities [5] Group 4 - The Hong Kong IPO market has regained its position as the largest globally, driven by a surge in A+H listings, which have become a dominant trend [4][10] - A total of 50 A+H companies have submitted IPO applications in the first half of 2025, with several major firms already listed [10] - Predictions indicate that 90 to 100 companies are expected to raise between 200 billion to 220 billion HKD in 2025, with the second half typically being a peak period for IPOs [11] Group 5 - The top investment banks in the Hong Kong IPO market as of July 17, 2025, include CICC with 18 IPOs (16.67% market share), followed by Huatai Financial Holdings and CITIC with 10 IPOs each (9.26% market share) [6][8] - The market shows a clear "Matthew effect," where larger projects are predominantly led by top-tier investment banks, while many smaller banks have only participated in a single IPO [8] Group 6 - The A+H listing model is expected to drive significant fundraising, with estimates suggesting an 85% increase in total fundraising from A+H listings compared to the first half of 2024 [12] - The technology, biomedicine, and consumer sectors are anticipated to lead the IPO market in the second half of 2025, although an increase in supply may raise the failure rate to 35% [12]

中国国际金融股份有限公司 关于全资子公司中国中金财富证券有限公司 2025 年半年度主要财务数据的公告 证券代码：601995 证券简称：中金公司 公告编号：临 2025-019 二、风险提示 以上中金财富 2025 年半年度主要财务数据未经审计或审阅，最终财务数据 以公司正式披露的 2025 年半年度报告为准，敬请广大投资者注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 2025 年 7 月 18 日 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。 根据中国外汇交易中心暨全国银行间同业拆借中心的相关规定，中国国际金 融股份有限公司（以下简称"公司"）全资子公司中国中金财富证券有限公司（以 下简称"中金财富"）将于中国货币网（www.chinamoney.com.cn）披露其 2025 年半年度未经审计或审阅的资产负债表、利润表及净资本计算表。公司现将中金 财富 2025 年半年度未经审计或审阅的主要财务数据披露如下： 一、中金财富 2025 年半年度未经审计或审阅的主要财务数据 截至 20 ...

中金公司：全资子公司中金财富上半年净利9.87亿元 金十数据7月18日讯，中金公司公告，截至6月30日，全资子公司中国中金财富证券有限公司总资产 1933.7亿元，净资产202亿元；1-6月实现营业收入38.21亿元，归属于中金财富所有者的净利润9.87亿 元。 ...

Core Viewpoint - The A-share market shows mixed performance with slight increases in major indices, while individual stocks exhibit a broader decline, indicating a complex market sentiment [1][3]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.34% to 3528.9 points, the Shenzhen Component increased by 0.3% to 10905.91 points, and the ChiNext Index gained 0.26% to 2275.26 points [1]. - Over 3000 stocks in the market experienced declines, reflecting a challenging environment for investors [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.02 trillion yuan [3]. Sector Analysis - The rare earth permanent magnet sector saw significant gains, while coal mining, education, and liquor stocks also performed well [5]. - Conversely, sectors such as gaming, consumer electronics, photovoltaic, and CRO concepts faced declines [5]. Capital Flow - Main capital inflows were observed in sectors like non-ferrous metals, basic chemicals, and computers, while outflows were noted in electronics, pharmaceuticals, and light manufacturing [7]. - Specific stocks with notable net inflows included Northern Rare Earth (34.56 billion yuan), Wanhua Chemical (15.36 billion yuan), and China Oil Capital (14.10 billion yuan) [8]. - Stocks facing significant net outflows included BYD (5.66 billion yuan), Shenghong Technology (4.53 billion yuan), and Hongbo Shares (4.48 billion yuan) [9]. Institutional Insights - CICC's report highlights the maturation of AI Agent technology and its potential to create a complete commercial ecosystem by 2025, marking a pivotal year for the AI industry [11]. - CITIC Securities remains optimistic about the non-bank sector, citing macroeconomic stability and liquidity release as key factors for growth, alongside regulatory changes that could enhance revenue for brokerage firms [11].

Core Viewpoint - The article discusses the recent rise in bank stocks, exploring the underlying reasons and future sustainability of this trend, focusing on asset allocation, funding dynamics, and the stability of bank earnings [1][5]. Group 1: Recent Rise in Bank Stocks - The rise in Chinese bank stocks can be attributed to three main factors: balance sheet repair, profit improvement, and a leverage bull market. The current phase is characterized by balance sheet repair, driven by the progress in financial risk management [2][6]. - The improvement in asset quality is evident, with a notable decrease in the net bad debt generation rate, indicating healthier balance sheets and a corresponding increase in valuations [2][10]. - The market perception of bank stocks has shifted, recognizing their earnings stability rather than traditional cyclical volatility, which has led to increased investment from various financial institutions [3][4]. Group 2: Funding Dynamics and Asset Allocation - The "asset shortage" phenomenon has driven a shift in funding allocation towards high-dividend assets, including bank stocks, as investors seek to compensate for low yields in a low-interest-rate environment [3][4]. - Insurance companies and asset management companies are increasingly investing in bank stocks due to their stable dividend yields, which meet their asset allocation needs [4][9]. - The comparison of bank stocks with other sectors reveals that banks offer a unique combination of high dividend yields and large market capitalization, making them attractive to institutional investors [4][9]. Group 3: Future Sustainability and Growth Potential - The sustainability of the recent rise in bank stocks is supported by their current valuation levels, which remain below historical averages, suggesting that there is still room for growth [6][7]. - The convergence of dividend yields among different types of banks indicates a trend towards stability and reduced risk premiums, enhancing the attractiveness of bank stocks [6][12]. - The potential for further appreciation in bank stock prices is linked to successful debt restructuring and improved investor confidence in the sustainability of smaller banks [6][7]. Group 4: Stock Selection Criteria - Preference is given to H-shares over A-shares due to tax advantages for insurance investments and higher dividend yields in the Hong Kong market [9]. - Stocks with high and stable dividend yields, particularly from large banks, are favored for their consistent profit expectations [9]. - The selection of bank stocks should also consider performance stability, which is influenced by factors such as liability capacity and organizational efficiency [9].

Core Viewpoint - In the first half of 2025, a total of 74 companies in the A-share market terminated their IPO applications, indicating a significant trend in the market dynamics and investor sentiment [1]. Group 1: Termination Overview - Among the 74 terminated IPOs, 51 companies withdrew before the review meeting, 18 withdrew after the review, and 5 withdrew after submitting their registration [1]. - The breakdown by market segment shows that the Shanghai Main Board had 14 terminations, the Sci-Tech Innovation Board had 3, the Shenzhen Main Board had 9, the Growth Enterprise Market had 21, and the Beijing Stock Exchange had 27 [1]. Group 2: Specific Company Terminations - Notable companies that terminated their IPO applications include: - Qingdao Haiguan Chemical Co., Ltd. on June 20, 2025, for the Shanghai Main Board [2]. - Beijing Tianxing Medical Co., Ltd. on June 6, 2025, for the Sci-Tech Innovation Board [2]. - Qingdao Qinghe Artificial Turf Co., Ltd. on May 30, 2025, for the Shanghai Main Board [2]. - A total of 4 companies withdrew due to the actions of their sponsoring institutions, including: - Kaiyuan Securities Co., Ltd. and Beijing Tianxing Medical Co., Ltd. [4]. Group 3: Detailed Company List - The article provides a detailed list of companies that terminated their IPO applications, including their names, abbreviations, intended market segments, and termination dates [2][3]. - For example, companies like Jiangsu Yicheng Automotive Parts Co., Ltd. and Shenzhen Haobo Window Control Technology Co., Ltd. also appear in the termination list, indicating a diverse range of industries affected [2][3]. Group 4: Regulatory Context - The terminations are often linked to the actions of the sponsoring institutions, which play a crucial role in the IPO process, as seen in the cases of Beijing Tianxing Medical Co., Ltd. and Ningbo Zhongchun High-Tech Co., Ltd. [7][9]. - The regulatory framework governing these terminations is outlined in the Shanghai Stock Exchange's rules, emphasizing the importance of compliance and due diligence in the IPO process [7][9].

Core Insights - The core focus of the seminar is on how financial innovation can facilitate the transformation of urban villages through policy collaboration, tool innovation, and a closed-loop model to create a sustainable ecosystem [2][4][9] Group 1: Challenges and Opportunities - Urban village transformation is strategically valuable for new urbanization, economic and real estate transition, and social equity, but faces challenges such as slow progress, imbalanced responsibilities among participants, mismatched funding timelines, unclear land ownership, and lengthy approvals [4][5] - The need for a sustainable business model is emphasized as a prerequisite for breakthrough progress in urban village transformation [6][9] Group 2: Financial Tools and Policy Recommendations - Recommendations include exploring effective mechanisms for collective land market entry, transitioning from one-time compensation to diversified long-term benefits for residents, and establishing a national urban renewal guiding fund to attract long-term capital [6][7] - Financial innovation should be based on sustainable transformation models, with a focus on optimizing processes and policies [7][9] Group 3: Stakeholder Engagement and Implementation - The seminar highlighted the importance of engaging various stakeholders, including government, market participants, and residents, to enhance participation and ensure the successful implementation of urban village transformation projects [4][5] - It is suggested that financial support mechanisms should be tailored to regional differences, considering local real estate market expectations and fiscal capabilities [8]

Core Viewpoint - The CICC ESG rating system has been updated to version 2.0 in October 2023, integrating financial importance characteristics and industry research insights into its framework, while also reflecting domestic ESG development trends and international standards [3][10][12]. Overview of CICC ESG Rating - The CICC ESG rating system is built on a general process that incorporates industry and company understanding, with a focus on carbon neutrality and other hot topics [3][10]. - The rating system features three main characteristics: alignment with international ESG standards, comprehensive integration of ESG and industry research, and quantitative methods enhancing data resources and indicator systems [12][13]. 2025Q2 Update: Sample Overview - In 2025Q2, the ESG scores for A-shares showed a right-skewed distribution, with scores concentrated between 1.5 and 8, while Hong Kong stocks exhibited a multi-modal distribution with scores mainly between 4 and 9 [17][25]. - The average ESG score for A-shares was 4.10, and the median was 3.77, while for Hong Kong stocks, the average was 6.10 and the median was 6.33 [17][25]. Industry Perspective - The CICC ESG rating framework is structured based on GICS secondary industry characteristics, leading to differences in indicator frameworks and score distributions across industries [5]. - Leading companies in the ESG ratings within industries such as energy, telecommunications, and food and beverage have significant market capitalization effects, while stability in rankings is observed in insurance and consumer goods sectors [5][49]. Individual Stock Perspective - The CICC ESG rating includes total ESG scores and scores for environmental, social, and governance dimensions, with scores standardized within GICS secondary industries, ranging from 0 to 10 [7][56]. - The report provides a summary of ESG scores for A-shares and Hong Kong stocks, reflecting relative performance within their respective industries [7][56]. Rating Characteristics - The rating results indicate a positive correlation between market capitalization and ESG scores, with larger companies generally achieving higher scores [36]. - The analysis shows that stock price risk, measured by maximum drawdown and VaR, is positively correlated with ESG scores, suggesting that better ESG performance may help manage investment risks [45][47]. Conclusion - The CICC ESG rating system continues to evolve, reflecting both international standards and local characteristics, while providing valuable insights into the ESG performance of companies across different industries and market capitalizations [3][12][13].