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 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永續次級債券（第一期）票面利率公告，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 2026年1月8日 （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。 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。 中国国际金融股份有限公司 2026 年面向专业投资者公开发行永 续次级债券（第一期）票面利率 ...

中金公司（601995）(03908)发布公告，公司于2021年1月29日完成"21中金Y1"的发行工作，2026年1月 29日为本期债券第5个计息年度付息日。根据《中国国际金融股份有限公司公开发行2021年永续次级债 券(面向专业投资者)(第一期)募集说明书》有关发行人赎回权条款的约定，公司决定行使"21中金Y1"发 行人赎回权，对赎回登记日登记在册的"21中金Y1"全部赎回。"21中金Y1"的赎回价格为人民币104.68 元/张(含当期利息，且当期利息含税)。 ...

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 實施「21中金Y1」贖回的公告，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 本公司全体董事或具有同等职责的人员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相 应的法律责任。 重要内容提示: 中国国际金融股份有限公司(以下简称"公司"、"本公司"、"发行人") 于 2021 年 1 月 29 日完成"21 中金Y1"的发行工作,2026年 1 月 29 ...

Core Insights - The Chinese capital market is experiencing a significant rebound in equity financing, with a projected total of 10,222.68 billion yuan in 2025, marking a substantial recovery from previous years [3][5] - The role of securities firms is crucial as they act as intermediaries between enterprises and capital, driving market vitality and stability [2] - The trend of shrinking equity financing observed from 2021 to 2024 has reversed, indicating a renewed interest and willingness among market participants to engage in financing activities [3][5] Equity Financing Recovery - A-share equity financing reached a peak of 17,900 billion yuan in 2021 but fell to 3,135 billion yuan in 2024, a decrease of 82.51% from the peak [2] - In 2025, the total equity financing amount rebounded to 10,222.68 billion yuan, with 315 financing events, an increase of 38 events and a growth of 226.10% year-on-year [3][5] Underwriting Performance of Securities Firms - The top 20 securities firms in underwriting for 2025 show a strong performance, with CITIC Securities maintaining its leading position with 61 underwriting cases [6] - Notable improvements were seen in firms like Shenwan Hongyuan, which jumped from 54th to 9th place in underwriting cases, reflecting a significant competitive shift [8] IPO Market Dynamics - The IPO market in 2025 saw 112 projects, an increase of 10 from the previous year, with a total financing amount of 1,308.35 billion yuan, up 97.40% year-on-year [5][12] - Guotai Junan led the IPO underwriting with 19 projects, while CITIC Securities followed closely with 17 projects, indicating a clear tiered structure among leading firms [12][13] Underwriting Amount Rankings - The underwriting amount rankings show CITIC Securities at the top with 2,416.68 billion yuan, followed by Guotai Junan at 1,506.59 billion yuan, indicating a strong concentration of resources among top firms [9][14] - The disparity in underwriting amounts among the top firms highlights a strategic focus on larger financing projects by leading institutions [14] Market Outlook - The recovery in equity financing and the competitive landscape among securities firms suggest a more dynamic and layered competition in the market, with both large and small firms vying for opportunities [15] - As market financing willingness continues to improve, the competition among securities firms is expected to intensify, emphasizing the need for professional capabilities to maintain leadership in the capital market [15]

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a decline in stock price and trading volume, indicating potential challenges in the market environment [1][4]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, and it operates as a "Zhongzi" stock, indicating its ties to central state-owned enterprises [3][4]. - The company was established on July 31, 1995, and went public on November 2, 2020. Its main business areas include investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [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%. The net profit attributable to shareholders was 6.57 billion yuan, showing a significant increase of 129.75% [8]. - CICC has distributed a total of 5.36 billion yuan in dividends since its A-share listing, with 3.04 billion yuan distributed over the past three years [9]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders decreased by 4.10% to 118,900, while the average number of circulating shares per person increased by 4.28% to 24,662 shares [8]. - The stock has seen a net outflow of 155 million yuan from major investors today, with a total net outflow of 1.03 billion yuan over the past 10 days [5][4]. Technical Analysis - The average trading cost of CICC shares is 36.13 yuan, with the current stock price approaching a support level of 35.44 yuan. A breach of this support level could lead to further declines [6].

Core Insights - In 2025, the A-share IPO market saw a significant recovery, with 112 companies successfully issuing shares, an increase of 10 from 2024, representing a year-on-year growth of 9.8% [1] - The total funds raised through these IPOs reached 130.835 billion yuan, nearly doubling from 66.280 billion yuan in 2024, marking a year-on-year increase of 97% [1] - Leading brokerage firms played a crucial role in this IPO financing process, with Guotai Junan Securities leading the way by underwriting 19 projects [1][2] Brokerage Distribution - The top five underwriters in terms of the number of IPOs were Guotai Junan (19), CITIC Securities (17), CITIC Jianzhong (12), China Merchants Securities (10), and Huatai United (9) [2] - The ranking of underwriters based on the amount raised shows CITIC Securities at the top with 24.654 billion yuan from 17 IPOs, followed by Guotai Junan with 19.535 billion yuan from 19 IPOs [3] Notable Performances - China Merchants Securities made a notable leap in its ranking, underwriting 10 IPOs and achieving a significant increase in underwriting amounts, now ranking sixth in the industry [4] - An example of a successful IPO is Nanguang Digital, which raised 2.714 billion yuan and achieved the fastest listing record since the implementation of the registration system, taking only 144 days from acceptance to listing [4] - The rapid IPO process is attributed to supportive government policies aimed at accelerating the digital transformation of the energy sector, reflecting the commitment of brokerage firms like China Merchants Securities to enhance their financial services [4][5]

与此同时，1月7日沪深两市成交额2.85万亿元，较上一个交易日放量476亿元，成交额连续2个交易日超 2.8万亿元。 在此火热行情之下，多家券商机构对2026年股票市场表现表达乐观预期。其中，中信证券预计，2026年 万得全A全年涨幅5%—10%。同时，科技主线或仍将表现，其中AI叙事将向纵深演绎，持续主导科技板 块价值重塑。 A股全年或上行VS宽基指数波动率下行 展望2026年全年，机构普遍看好A股市场。 中信证券认为，国际方面，2026年中美关系有望维持阶段性平衡。国内方面，"十五五"期间中国经济增 长中枢或达4.8%左右。 "我们认为，政策聚焦构建现代化产业体系，有望实现'一子落而满盘活'的效果，科技创新、产业升级 以及综合整治'内卷式'竞争有望取得显著成效。"中信证券展望2026年，预计中国宏观经济呈现结构分 化下的温和修复态势，全年经济增速或达4.9%，出口保持韧性，投资逐步回暖，商品消费短期承压。 中经记者 罗辑 北京报道 2026年1月7日，上证指数创下十四连阳，盘中触及4098.78点，极端逼近4100点整数关口。 在此判断下，A股市场表现方面，中信证券预计，2026年万得全A全年涨幅5%—1 ...

融券方面，中金公司1月7日融券偿还9300.00股，融券卖出3.74万股，按当日收盘价计算，卖出金额 134.64万元；融券余量9.65万股，融券余额347.40万元，超过近一年80%分位水平，处于高位。 融资方面，中金公司当日融资买入2.56亿元。当前融资余额30.78亿元，占流通市值的2.92%，融资余额 超过近一年90%分位水平，处于高位。 分红方面，中金公司A股上市后累计派现53.58亿元。近三年，累计派现30.41亿元。 1月7日，中金公司跌1.13%，成交额12.65亿元。两融数据显示，当日中金公司获融资买入额2.56亿元， 融资偿还2.36亿元，融资净买入1997.30万元。截至1月7日，中金公司融资融券余额合计30.81亿元。 资料显示，中国国际金融股份有限公司位于北京市建国门外大街1号国贸大厦2座6层、26层、27层及28 层,香港中环港景街1号国际金融中心第1期29楼，成立日期1995年7月31日，上市日期2020年11月2日， 公司主营业务涉及中国国际金融股份有限公司主要从事投资银行、股本销售及交易、固定收益、大宗商 品及货币、财富管理及投资管理业务。该公司通过六大分部运营业务。投资银行 ...

Group 1 - The core viewpoint of the report is that in 2026, residents are expected to add approximately 2-4 trillion yuan of activated funds flowing into non-deposit investment areas, following the trend of deposit migration in 2025 [1] - In 2026, the maturity schedule of deposits will be more front-loaded, with 32 trillion yuan of long-term fixed deposits maturing, an increase of 4 trillion yuan year-on-year; 61% of these deposits are expected to mature in the first quarter, compared to 51%-58% in 2023-2025 [1] - The company is optimistic about the overall space for fund activation in the first quarter due to the expanding re-pricing of bank deposits [1] Group 2 - The company is optimistic about the incremental demand for insurance, particularly from the transformation of the bancassurance channel; the trend of increased premium income has already been confirmed since the beginning of the year [2] - The outlook for fixed income + products is promising, as the low interest rate environment and deepening capital market reforms are expected to enhance their cost-effectiveness [2] - The demand for money market funds is expected to continue due to the reduced liquidity compensation for fixed deposits [3]

Core Insights - The report from China International Capital Corporation (CICC) anticipates a steady increase in the fundraising scale of private placements, with competitive projects expected to reach 165 billion yuan by 2026 [1][4]. Group 1: Market Overview - In 2025, the private placement market saw an increase in scale, with a total fundraising amount of 714.13 billion yuan, including 520 billion yuan raised by state-owned banks [2]. - The average discount for projects completed in 2025 was 12.7%, slightly down from the previous year, indicating a recovery in pricing competition [2]. - The average return on projects in 2025 improved to 36.3%, attracting more investors to the private placement market [2]. Group 2: Revenue Breakdown - The revenue from private placement projects in 2025 primarily came from issuance discount gains and market returns during the lock-up period [2]. - The average discount return rate for 2025 was 15.8%, contributing significantly to the overall project returns [2]. - The excess performance of individual stocks during the lock-up period contributed positively, with a return rate of approximately 2.6% for projects issued in 2025 [2]. Group 3: Investor Preferences - The participation rate of various investors in private placement projects has remained relatively stable, with public funds being the main source of capital [3]. - In 2025, public funds, foreign capital, and securities institutions showed a preference for projects with higher discount rates [3]. Group 4: 2026 Outlook - CICC expects the fundraising scale for private placements in 2026 to remain steady, with competitive projects projected to reach around 165 billion yuan [4]. - The expected return from private placement projects in 2026 could provide a safety margin of approximately 10 percentage points [4]. - The revenue components for 2026 are expected to include issuance discount gains, market returns during the lock-up period, and excess returns from individual stocks, with historical data suggesting an average discount rate of about 13.8% [4].