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2026 年面向專業投資者公開發行科技創新公司債券（第一期）發行結果公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 代行董事會秘書 梁東擎 中國，北京 2026年1月26日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 孔令岩先生及田汀女士；以及獨立非執行董事為吳港平先生、陸正飛先生、彼得 • 諾蘭先 生及周禹先生。 经中国证券监督管理委员会证监许可【2025】2264 号文批复，中国国际金融股份 ...

上证报中国证券网讯（记者 宋薇萍）胡润研究院1月26日发布《2025胡润未来独角兽：中国猎豹企业 榜》，榜单列出了成立于2000年之后，五年内（即到2030年底）最有可能达到独角兽级十亿美金估值的 高成长性企业。本次榜单估值计算的截止日期为2025年10月31日。 | | | 中国猎豹企业总部城市TOP 20 | | | --- | --- | --- | --- | | | 城市 | 猎豹数量 | 代表企业 | | 1- | 上海 | 65 (-3) | 防警科技、科州制药、警创科技 | | 2- | 北京 | 60 (+4) | 博视像元、当红齐天、辉羲智能 | | 3- | 深圳 | 35 (0) | 大族思特、库博能源、灵明光子 | | 4- | 杭州 | 34 (0) | 蓝能氢能、启函生物、瑞莱谱医疗 | | 5- | T TH | -111123 -31 | 健齿生物、微远基因、智光储能 | | 51 | | かか INA CHE 23 (-2) | 艾利特机器人、鼎科医疗、心擎医疗 | | 7- | | 南京 中国结 9 (0) @ | 硅基智能、江行智能、芯视界微电子 | | 8- | 尤锡 ...

Core Insights - The 19th Asian Financial Forum (AFF) was held in Hong Kong, co-organized by the HKSAR Government and HKTDC, marking a significant financial event for the region in 2026 [1] - The theme of the AFF was "Co-creating New Horizons amid an Evolving Landscape," featuring over 100 global leaders and experts discussing the changing economic landscape [2] Company Insights - Wang Shuguang, Vice Chairman of CICC, highlighted the complexities of global geopolitics and its impact on economic globalization, while also noting the advancements in AI as a driving force for economic growth [3] - CICC has played a crucial role in connecting global capital with China's markets, successfully facilitating landmark transactions such as the Hong Kong IPOs of CATL and Sanhua Intelligent Controls, and the share placement of Xiaomi Group [4] - In 2025, CICC completed approximately US$6 billion in financing transactions across Belt and Road regions, including significant cross-border deals like the Jiaxin International Resources project and the issuance of RMB 2 billion in offshore bonds by the Development Bank of Kazakhstan [5] - CICC aims to continue providing top-tier integrated financial services and fostering new growth drivers in collaboration with global partners, having supported the AFF for 14 consecutive editions [6] - Founded in 1995, CICC seeks to be a first-class investment banking institution with international competitiveness, leveraging its extensive network and cross-border capabilities [7]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.2%, while the Central Enterprises Dividend Index rose by 1.08% [1] - Among the constituents of the Central Enterprises Dividend Index, China Merchants Energy surged over 6%, China Railway increased by over 5%, and China National Offshore Oil, China National Building Material, and China Shenhua all rose by over 4% [1] - The Tianhong Central Enterprises Dividend ETF (159281) recorded a trading volume exceeding 63 million yuan, with a net subscription of 22 million shares during the session [1] Group 2 - CICC indicated that the dividend sector presents phase-specific and structural opportunities amid increasing external uncertainties or a pullback in growth styles, highlighting a "seesaw" effect between dividend and technology growth styles [2] - Demand for capital allocation is expected to support the dividend sector, including the shift of long-term funds from insurance and bank wealth management towards equity assets, as well as the transition of household deposits to dividend assets [2] - The overall dividend payout ratio in the A-share market has increased to 45%, providing fundamental support for the dividend style, alongside continuous encouragement from capital market policies for dividend-oriented strategies [2]

每经AI快讯，1月26日，北京同仁堂（600085）医养投资股份有限公司向港交所提交IPO申请，保荐人 为中金公司（601995）。 ...

Market Overview - On January 26, the Shanghai Composite Index rose by 0.12%, while the ChiNext Index fell by 0.86%. Gold stocks, oil and gas, and basic metals led the gains, with insurance and brokerage sectors also performing well. Financial technology and AI application concepts experienced a pullback [1] Regulatory Changes - On January 23, the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China released new guidelines for the performance comparison benchmarks of publicly offered securities investment funds, effective from March 1. The new regulations aim to address industry issues such as ambiguous benchmarks and style drift, establishing a comprehensive control system that links performance benchmarks to fund manager compensation [1] Fund Performance and Fees - The Financial Technology ETF Huaxia (516100) announced a fee reduction starting January 22, aligning its management fee rate with the Securities ETF Huaxia at 0.15%, and a custody fee rate of 0.05%, making it the lowest among comparable funds [1] - The Securities ETF Huaxia tracks the CSI All Share Securities Companies Index, which has a current price-to-earnings ratio (PE-TTM) of 17.15, placing it in the 6.05% percentile over the past year, indicating a historical low valuation [2] Top Holdings - As of December 31, 2025, the top ten weighted stocks in the CSI All Share Securities Companies Index include: - Dongfang Caifu (14.12%) - CITIC Securities (13.50%) - Guotai Junan (11.19%) - Huatai Securities (6.64%) - GF Securities (3.13%) - China Merchants Securities (2.98%) - Dongfang Securities (2.75%) - Industrial Securities (2.47%) - Shenwan Hongyuan (2.29%) - CICC (1.97%) - The top ten stocks account for a total of 61.15% of the index [2][3]

Core Viewpoint - CICC reports a decrease in stock positions among public funds in Q4, with an increase in A-shares and a continued decline in Hong Kong stocks [2] Group 1: Public Fund Position Changes - In Q4, the overall stock position of public funds decreased, while A-share positions increased and Hong Kong stock positions continued to decline [2] - The Shanghai Composite Index rose by 2.2% in Q4, with the ChiNext Index down by 1.1% and the STAR Market down by 10.1% [2] - The median return of actively managed equity public funds dropped to -1.5%, marking the lowest quarterly return of the year [2] Group 2: Asset Scale and Composition - The total asset value of public funds increased from 38.1 trillion yuan to 39.5 trillion yuan in Q4, with stock assets slightly rising to over 9 trillion yuan [3] - The proportion of equity assets decreased by 0.7 percentage points to 22.9%, while bond assets increased by 0.6 percentage points to 53.4% [3] Group 3: Active Equity Fund Characteristics - The total value of actively managed equity funds decreased from 3.1 trillion yuan to 3 trillion yuan, with stock asset scale declining to 2.6 trillion yuan [4] - A-share positions rose from 71.7% to 72.3%, remaining at a relatively low level over the past decade [4] - The net redemption scale of actively managed equity funds decreased to 128.2 billion yuan in Q4 [4] Group 4: Heavyweight Stock Configuration - The concentration of holdings in leading companies decreased, with the market value of the top 100 companies held by actively managed equity funds dropping from 60.3% to 58.8% [5] - The top 50 companies' market value share fell from 47.7% to 46.7% [5] - The positions in the ChiNext increased by 1.2 percentage points to 24.9%, while the STAR Market positions decreased by 1.1 percentage points to 16.7% [5] Group 5: Sector Adjustments - Increased allocations were seen in sectors such as non-ferrous metals, communication, and non-bank financials, while reductions occurred in consumer electronics and innovative pharmaceuticals [6][7] - Non-ferrous metals saw a 2.3 percentage point increase in positions, supported by strong industry fundamentals [6] - The communication sector's position rose by 2 percentage points, while consumer electronics saw a decrease of 2.5 percentage points [7] Group 6: ETF Fund Developments - The total asset value of public ETFs rose from 6.6 trillion yuan to 7.1 trillion yuan, with stock assets accounting for 65% [8] - The total asset value of stock ETFs reached 3.8 trillion yuan, reflecting a slight increase [8] Group 7: Future Market Outlook - The A-share market is expected to show a "long-term" and "steady" trend, supported by multiple factors including industry hotspots and improved liquidity [9] - The market is anticipated to perform strongly at the beginning of the year, with trading volumes reaching new highs [9] Group 8: Investment Recommendations - Suggested areas for investment include AI technology, overseas expansion opportunities, cyclical reversals, high dividend stocks, and sectors with promising annual report highlights [10]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Group 1 - The core management positions at CICC have undergone a significant adjustment, with Wang Shuguang appointed as the financial officer and Liang Dongqing as the board secretary [2][4][6] - The changes come at a critical time as CICC is in the process of merging with Dongxing Securities and Xinda Securities, which is expected to enhance the company's organizational readiness for deeper business integration [2][10] - The transition of key financial and information disclosure roles has been smooth, with the company confirming that the adjustments are part of normal internal rotations and have not impacted governance or financial operations [3][4] Group 2 - Wang Shuguang, who has a 27-year career at CICC, is seen as a key figure in leading the company's financial operations, leveraging his extensive experience in investment banking [6][7] - Liang Dongqing, the youngest member of the management committee, brings a diverse background in wealth management and cross-border business, which is expected to enhance communication and governance [5][8] - The merger with Dongxing and Xinda Securities is projected to significantly increase CICC's net assets to over 170 billion yuan and annual revenue to approximately 27.39 billion yuan, positioning it as a leading player in the industry [10][11] Group 3 - The merger is characterized by strong complementarity, allowing CICC to expand its retail client network significantly, thus achieving a balanced business model [10] - The adjustments in management roles are aimed at ensuring effective capital allocation and communication during this complex integration process, which is crucial for the company's future competitiveness [11] - The ongoing consolidation in the investment banking sector is expected to enhance industry concentration, with CICC positioned favorably for future competition [11]