证券研究报告 2025 年 8 月 21 日│中国内地 动态点评 核心观点 年初以来市场交易活跃度显著提升，新开户需求旺盛。8 月 20 日财联社报 道，近期券商针对新客开户推出限时优惠，部分佣金费率低至万 0.8，ETF 交易佣金则低至万 0.5。2024 年行业经纪净收入占营业收入的比例约 26%， 但近年来行业净佣金率持续下行，当前已处于较低水平（测算 2024 年平均 净佣金率约万 2.0），继续大幅下行的空间相对有限。同时年初以来交易活 跃，A 股日均成交额 14,844 亿元，较 2024 年日均提升 40%，有望实现以 量补价。展望未来，财富管理转型是破局的关键，通过服务升级、工具创新、 买方投顾陪伴等，有望为券商财富管理业务注入新动能。 新开户活跃，券商降佣让利 近期市场交投活跃度显著攀升，新开户需求旺盛，券商通过降费让利、精细 化服务、多平台营销等加速获客。据 8 月 20 日财联社报道，近期新开户数、 开户咨询量、存量客户密码找回及交易权限开通量均呈上涨态势，券商针对 新客开户密集推出限时优惠活动，费率水平持续下探，部分券商佣金费率低 至万 0.8，ETF 交易佣金则低至万 0.5，降低投 ...

Market Overview - The market rebounded yesterday, with the Shanghai Composite Index, Shenzhen Component Index, and STAR Market Index reaching new highs for the year. The total trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking the sixth consecutive day of trading volume exceeding 2 trillion yuan. The Shanghai Composite Index rose by 1.04%, the Shenzhen Component Index increased by 0.89%, and the ChiNext Index gained 0.23% [1]. Fund Flow Insights - Huatai Securities noted that the trading activity remains high, with foreign and insurance capital likely to be the main sources of incremental capital moving forward. The trading volume in the A-share market exceeded 2 trillion yuan last week, with active trading by retail investors reaching a year-to-date high. The number of private fund registrations was also high, with 666 new products registered in early August, a 6% increase from July. Insurance capital's market entry ratio is expected to rise by the second quarter of 2025, with equity assets in life insurance exceeding the previous high in Q3 2024, although still below policy limits. Additionally, foreign capital trading activity has rebounded, but net inflows from foreign institutional investors have not yet formed a trend [2]. Technology Sector Developments - China International Capital Corporation (CICC) highlighted the rise of liquid cooling technology in server cooling solutions, driven by increasing computational power demands and chip power consumption. The global AI liquid cooling market is projected to reach $8.6 billion by 2026. Among the various liquid cooling methods, cold plate liquid cooling is currently the most mature due to its minimal impact on equipment and infrastructure while providing significant cooling efficiency. The market for liquid-cooled servers in China is expected to grow by 67% year-on-year in 2024, according to IDC [3]. Strategic Focus on Manufacturing - Guojin Securities emphasized the importance of developing new quality productivity tailored to local conditions, leveraging the advantages of a new type of national system. This includes enhancing basic research intensity and addressing key technology bottlenecks in integrated circuits, industrial mother machines, medical equipment, servers, instruments, basic software, industrial software, and advanced materials. The goal is to modernize the industrial system, upgrade traditional industries, and foster emerging industries while maintaining a reasonable share of manufacturing. The focus will be on technological innovation to drive high value-added and high-tech manufacturing, attracting quality resources to the sector, and enhancing brand development and protection to increase the manufacturing sector's value [4].

该公司拥有自研的汽车操作系统和全栈AI架构，是中国仅有的两家完全自研汽车操作系统的第三方供 应商之一。在智能座舱领域，斑马智行的AI大语言模型能力在中国顶级汽车AI公司中排名第一。 预计到2030年，中国智能座舱解决方案市场规模将达到3274亿元人民币，其中基于软件的座舱解决方案 市场增长更为迅速。 斑马智行已向港交所提交上市申请，德意志银行、中金公司（601995）、国泰君安国际为联席保荐人。 斑马智行是中国最大的以软件为核心的智能座舱解决方案供应商，并且在解决方案搭载量方面也排名第 一。 ...

Core Insights - The report from China International Capital Corporation (CICC) indicates that the demand for computing power is increasing due to the iterative updates of AI large models and their application deployment [1] - The report highlights that chip power consumption and computing power density are continuously rising, with liquid cooling technology accelerating its replacement of air cooling to become the mainstream solution [1] - CICC forecasts that the global AI liquid cooling market size is expected to reach $8.6 billion by 2026, indicating a rapid market growth [1] - Cold plate liquid cooling is anticipated to be the first to achieve large-scale implementation [1]

Group 1 - The core viewpoint is that the current market trend is supported by valuation increases and the influx of new capital, with potential for increased index volatility [1] - The recent strong performance of A-shares is influenced by several factors, including improved market attractiveness and a better capital structure among investors [1] - A forecasted positive growth in A-share earnings for 2025 has been raised to 3.5%, indicating a significant improvement compared to 2024 [1] Group 2 - The relative valuation of small-cap stocks has become high compared to large-cap stocks, suggesting a potential shift in market style if extreme values are reached [1] - The overall earnings growth rate for A-shares is expected to turn positive this year, providing support for index performance [1] - A decrease in short-term external uncertainties has been noted, which is better than market expectations [1]

Group 1 - The core viewpoint is that despite the recent rise in small-cap stock valuations, the trend of "small outperforming large" may not be over, and the current market environment remains favorable for small-cap stocks [1] - The analyst suggests focusing on sectors with high prosperity and performance verification, such as AI and computing power, innovative pharmaceuticals, military industry, and non-ferrous metals [1] - The brokerage and insurance industries are highlighted for their high earnings elasticity and potential benefits from increased retail investment [1] Group 2 - Regarding Hong Kong stock investment opportunities, the analyst notes that the market has advantages in new growth sectors like AI applications (gaming, short videos, software), innovative pharmaceuticals, and new consumption, as well as high dividend sectors [1] - The medium to long-term outlook for Hong Kong stocks remains strong and attractive [1]

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關於 「20中金Y1」贖回結果及摘牌的公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年8月19日 於本公告日期 ，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 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。 债券代码:175075 债券简称:20 中金Y1 中国国际金融股份有限公司 中国国际金融股份有限公司公开发行 2020年永续次级债券(面向 ...

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 03908 董事會會議通告 董事會秘書 孫男 中國，北京 2025年8月19日 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生；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。 中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年8月29日召 開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2025年6月30日 止六個月的中期業績公告，以及派發中期股息的建議（如有）。 承董事會命 中國國際金融股份有限公司 ...

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 03908 董事會會議通告 中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年8月29日召 開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2025年6月30日 止六個月的中期業績公告，以及派發中期股息的建議（如有）。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年8月19日 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生；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。 ...

Group 1 - The core viewpoint of the news highlights the performance of the securities industry, particularly the decline of the CSI All Share Securities Company Index by 0.97% as of August 19, 2025, while certain stocks like Huayin Securities and Great Wall Securities saw gains [1] - The recent week saw a cumulative increase of 8.26% in the securities ETF, indicating a positive trend in the market [1] - The securities ETF has reached a new high in scale at 28.22 billion yuan and a new high in shares at 44.95 billion, leading among comparable funds [1] Group 2 - China Aviation Securities notes that regulatory encouragement for industry consolidation is present, with mergers and acquisitions being effective means for securities firms to achieve external growth [2] - The consolidation within the industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development [2] - The industry consolidation is anticipated to increase concentration and create scale effects [2] Group 3 - The securities ETF (512000) passively tracks the CSI All Share Securities Company Index, encompassing 49 listed securities firms, with nearly 60% of its holdings concentrated in the top ten leading firms [4] - The ETF serves as an efficient investment tool that balances investments in leading firms while also considering the high growth potential of smaller securities firms [4]