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2023 年面向專業投資者公開發行公司債券（第一期）（品種二）2026年債券回售實施結果公告， 僅供參閱。 ᄯޝڳڳࠡకךڂပຫ٤ഓ 2023 ભੋᅥྜᆇრ٤֟٤ഓႯ௪ďԛྡྷĐďଶᄵ֝Đ ف٤ڴࠒಬಠݍભႯ௪ 2026 ྡྷc·Ⴏ௪ݍԈޚெࣣఢຏġ 1cႯ௪ӝ৲ġ138842.SHd 2cႯ௪߅ыġ23 ᄯࠡ G2d 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 2026年1月15日 於本公告日期，本公司執行董 ...

中金公司公告称，公司正筹划换股吸收合并东兴证券、信达证券，预计构成重大资产重组。2025年12月 17日，公司董事会已审议通过交易预案相关议案。公司A股股票于2025年12月18日开市起复牌。截至公 告披露日，交易相关审计等工作未完成。本次交易尚需各方董事会、股东会及监管机构批准，存在不确 定性，提醒投资者关注后续公告及风险。 ...

Core Insights - The 2026 Global and China Capital Market Outlook Forum was held on January 15, focusing on wealth logic in the AI era and the future of capital markets [1][6]. Market Outlook - The target index for Hong Kong stocks in 2026 is set between 28,000 and 29,000 points, with a core principle of "structure over market" and a focus on four key sectors [2][7]. - The 2025 market performance was satisfactory, with a previous target of 26,000 points for the Hang Seng Index being met [2][7]. - The expectation for 2026 is based on the assessment that Hong Kong's earnings growth may lag behind that of A-shares, but this outlook could change with significant fiscal policy support [2][7]. Sector Analysis - The four key sectors for investment in Hong Kong stocks are dividends, internet, new consumption, and innovative pharmaceuticals, which are seen as having unique advantages [2][7]. - AI remains a primary investment theme, with A-shares focusing on hardware and Hong Kong stocks on application sectors, indicating a complementary market strategy [3][8]. - The cyclical sector is highlighted as a focus for the first quarter, including copper, aluminum, chemicals, engineering machinery, and real estate-related tools, supported by U.S. demand and favorable domestic policies [3][8]. - The consumer sector lacks overall fundamental support, suggesting a selective approach to stock picking based on deep value [3][8]. Investment Strategy - The investment strategy revolves around "following credit expansion," with funds naturally gravitating towards areas of credit growth, even considering opportunities from overseas credit expansion [3][8]. - The analysis emphasizes the importance of structural investment over market timing, particularly in sectors with strong credit expansion dynamics [3][8].

Group 1 - The stock of UCloud (688158.SH) closed at 29.17 yuan, with a decline of 4.95%, currently in a state of breaking issue [1] - UCloud was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 20, 2020, with an initial offering price of 33.23 yuan per share [1] - The total number of shares issued by UCloud during its IPO was 58.5 million, raising a total of 1.944 billion yuan, with a net amount of 1.840 billion yuan after deducting issuance costs [1] Group 2 - The total issuance costs for UCloud amounted to 104 million yuan, including underwriting and sponsorship fees of 88.31 million yuan [1] - In a follow-up investment, China International Capital Corporation's wholly-owned subsidiary acquired 1.8056 million shares, amounting to 60 million yuan, representing 3.09% of the total shares issued [1] - UCloud's IPO and subsequent private placement raised a total of 2.644 billion yuan [3]

专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未 来。 中金公司研究部董事总经理、海外与港股策略首席分析师刘刚发表主旨演讲。 刘刚指出，过去一两年为什么A股、港股所有的板块包括各种赛道轮动那么剧烈？而且容易透支？本质 上就是过剩的流动性在不断地追逐大家认可的稀缺回报资产。 资金扮演了一个很重要的角色。带来的是轮动非常剧烈，港股去年四个季度，一个季度一个风格，一季 度互联网，二季度新消费，三季度创新药，如果大家正好买在每个季度末买那个板块，完全可以做到在 牛市里亏钱。 展望2026年，两个问题，第一，流动性环境破坏了没有？这个很容易回答，暂时没有。但是主要的原因 是宏观的流动性依然充裕。海外流动性大家稍微悠着点，因为全球央行宽松的比例不可能再高，现在已 经快90%。 MACD金叉信号形成，这些股涨势不错！ 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。 ...

专题：2026全球与中国资本市场展望论坛 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未 来。 中金公司研究部董事总经理、海外与港股策略首席分析师刘刚发表主旨演讲。 对于美股，刘刚认为无需过度悲观，甚至需警惕过热风险。从细分维度看，美股AI领域尚未达到泡沫 程度，即便未来走向泡沫，也不应过早离场，当前市场对AI的预期偏高，需等待基本面跟进；财政方 面，2026年美国财政扩张幅度虽小于2025年，但存在超预期空间，特朗普为中期选举推动的非国会批准 资金及实物投资计划，将在一季度拉动强周期板块需求。综合来看，美股估值虽有争议，但盈利端仍有 10%-15%的增长空间，整体保持积极判断。 美元走势方面，刘刚认为不会大幅走弱，甚至可能小幅走强，核心逻辑仍锚定信用周期与基本面。黄金 则补充了新视角：若金价涨至5500美元，将形成两套势均力敌的信用派生体系，"去美元化"不应被无限 外推，部分国家增持美债与黄金的行为，正体现了信用体系的多元选择，而香港作为窗口的价值，将随 外部环境收紧愈发凸显。 新浪声 ...

Core Insights - The 2026 Global and China Capital Market Outlook Forum highlighted the theme of "following the direction of credit expansion" as the core narrative for global and Hong Kong markets in 2026, emphasizing that excess liquidity is intensifying structural differentiation in the market [1][2] Group 1: Market Dynamics - The fundamental logic of the current market remains unchanged, driven by three main factors: valuation, economic direction, and capital, with capital playing an increasingly critical role leading to significant sector rotation [1] - In the Hong Kong stock market, 2025 is expected to exhibit a "one style per quarter" characteristic, with sectors like internet, new consumption, and innovative pharmaceuticals taking turns, indicating that misjudging the timing could lead to losses even in a bull market [1][2] Group 2: Credit Cycle and Asset Performance - The credit cycle framework is essential for understanding market changes over the past three years, with 2024 focusing on dividend assets for stable returns, 2025 seeing a rise in sectors driven by an upward credit cycle, and 2026 expected to show a "mixed bag" where the strength of the credit cycle will dictate capital flows [2] - From a global perspective, the impact of credit expansion is pervasive, with the M7 sector in the US stock market showing significant gains closely tied to capital expenditure expectations, and the dollar's performance linked to fiscal expansion expectations in Europe and the US [2]

Core Insights - The 2025 China Enterprise ESG "Golden Responsibility Award" was launched to recognize companies making significant contributions to ESG practices in China [1][4] - Over 5,000 companies participated in the award selection process, which lasted for more than three months, evaluating ESG performance, professional scoring, and online voting [5] Group 1: Award Overview - The award aims to promote responsible corporate behavior in environmental, social, and governance aspects, encouraging more companies to enhance their ESG development [1][4] - The award is based on principles of fairness, justice, and openness, utilizing an authoritative ESG rating database [1][4] Group 2: Award Recipients - The award for Best Responsible Investment Securities Company was given to several firms, including Guotai Junan, Industrial Securities, Orient Securities, CITIC Securities, Huatai Securities, and China International Capital Corporation [2][5] - The award committee expressed hopes that these leading companies will inspire others to improve their ESG capabilities and contribute to high-quality development in China [2][5] Group 3: ESG Rating Center - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, promoting sustainable development and responsible investment [3][6] - The center aims to establish ESG evaluation standards suitable for China's characteristics and enhance corporate ratings [3][6]

Core Viewpoint - The company, China International Capital Corporation (CICC), experienced a decline in stock price and trading volume, indicating potential market challenges and investor sentiment shifts [1]. Company Overview - CICC is a state-owned enterprise with its ultimate controller being Central Huijin Investment Ltd [3]. - The company operates in various sectors including investment banking, equity sales and trading, fixed income, wealth management, and asset management, with its main revenue sources being wealth management (32.58%), equity business (25.78%), and fixed income (13.38%) [7]. Financial Performance - For the period from January to September 2025, CICC reported a revenue of 20.76 billion yuan, representing a year-on-year growth of 54.36%, and a net profit attributable to shareholders of 6.57 billion yuan, which is a 129.75% increase compared to the previous year [8]. - The company has distributed a total of 5.36 billion yuan in dividends since its A-share listing, with 3.04 billion yuan distributed over the last three years [9]. Shareholder Structure - As of September 30, 2025, CICC had 118,900 shareholders, a decrease of 4.10% from the previous period, with an average of 24,662 shares held per shareholder, an increase of 4.28% [8]. - The top shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings from some institutional investors [10]. Market Activity - On January 15, 2023, CICC's stock price fell by 1.29%, with a trading volume of 1.044 billion yuan and a turnover rate of 1.01%, leading to a total market capitalization of 169.63 billion yuan [1]. - The stock has shown a net outflow of 87.79 million yuan from major investors, indicating a lack of clear trend in investor sentiment [4][5].

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies and institutions that have made significant contributions to ESG initiatives in China, reflecting a shift from voluntary practices to compliance requirements in ESG performance [1][18]. Group 1: Award Categories and Winners - The award includes ten categories: Best Environmental Responsibility Award, Best Social Responsibility Award, Best Corporate Governance Responsibility Award, Best Responsibility Initiative Award, Annual Sustainable Development Award, Best Responsible Investment Bank Award, Best Responsible Investment Securities Company Award, Best Responsible Investment Insurance Company Award, Best Responsible Investment Fund Company Award, and Best Responsible Investment Asset Management Institution Award [1][18]. - The Best Environmental Responsibility Award winners include: Sungrow Power Supply, Industrial Fulian, Kweichow Moutai, Geely Automobile, Haier Smart Home, Hisense Visual Technology, Linyang Electronics, Tongwei Co., Weichai Power, and Luxshare Precision [10][28]. - The Best Social Responsibility Award winners include: China Shenhua, China General Nuclear Power, China Resources Sanjiu, Sinopec, Shougang, Wuliangye, Yangtze Power, China Telecom, China Oilfield Services, and LONGi Green Energy [10][28]. - The Best Corporate Governance Responsibility Award winners include: Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, Sany Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [10][28]. - The Best Responsibility Initiative Award winners include: FiberHome Technologies, Wens Foodstuff Group, Haitian Flavoring and Food, Aier Eye Hospital, Yunnan Baiyao, Anker Innovations, Kingfa Sci. & Tech., Huatai Securities, Silex, and Hainengda [11][28]. - The Annual Sustainable Development Award winners include: China General Nuclear Power, Sungrow Power Supply, Kweichow Moutai, Contemporary Amperex Technology, Zijin Mining, Hikvision, Yili, Baosteel, Chint Electric, and China Mobile [11][28]. Group 2: Responsible Investment Awards - The Best Responsible Investment Bank Award winners include: Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank, Industrial Bank, and Bank of China [11][28]. - The Best Responsible Investment Securities Company Award winners include: Guotai Junan, Everbright Securities, CITIC Securities, Huatai Securities, and CICC [12][28]. - The Best Responsible Investment Insurance Company Award winners include: China Life Insurance, China Ping An, China Pacific Insurance, China Re, Sunshine Insurance, and China Life [13][28]. - The Best Responsible Investment Fund Company Award winners include: Bosera Funds, Southern Fund, China Asset Management, Penghua Fund, Huitianfu Fund, and E Fund [14][28]. - The Best Responsible Investment Asset Management Institution Award winners include: China Life Asset Management, Huaxia Wealth Management, Xingyin Wealth Management, Taikang Asset, Taikang Asset, and Galaxy Investment [15][28]. Group 3: ESG Development Context - By 2025, China's ESG development has transitioned from "setting standards" to "strengthening regulations," with a comprehensive disclosure standard system being established [1][18]. - The ESG performance of enterprises is now a compliance requirement, linking commercial value with social value [1][18]. - The ESG rating center aims to promote sustainable development and responsible investment, enhancing the ESG performance of listed companies [17][34].