Core Viewpoint - The company, China International Capital Corporation (CICC), experienced a decline in stock price and trading volume, indicating potential market volatility and investor sentiment concerns [1]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, operating primarily in investment banking, securities trading, fixed income, wealth management, and asset management [3][7]. - The company was established on July 31, 1995, and went public on November 2, 2020, with its main business segments contributing to revenue as follows: wealth management (32.58%), equity business (25.78%), fixed income (13.38%), investment banking (11.26%), other (8.87%), asset management (4.21%), and private equity (3.91%) [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, up 129.75% year-on-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 past three years [9]. Shareholder and Market Activity - 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 stock's main trading activity showed a net outflow of 112 million yuan today, with no significant trend in major shareholder movements [4][5]. Technical Analysis - The average trading cost of CICC shares is 36.13 yuan, with the current stock price fluctuating between resistance at 36.51 yuan and support at 34.95 yuan, suggesting potential for short-term trading strategies [6].

Core Viewpoint - The steel industry is expected to experience a structural transformation by 2026, with potential improvements in real estate dragging down or stabilizing, while infrastructure work may accelerate. However, overseas demand is likely to remain suppressed, leading to challenges in supply adjustments for steel mills under high operational pressure. The industry is anticipated to seek a new price equilibrium, with structural opportunities emerging, particularly in special steel as domestic substitution accelerates, potentially enhancing profitability and valuation levels [1][2][3]. Group 1 - The black steel prices are expected to seek a new equilibrium downward, with projected price centers for rebar, hot-rolled, and cold-rolled sheets at 2960, 3050, and 3850 yuan respectively by 2026 [2]. - The profit margins for rebar, hot-rolled, and cold-rolled sheets are estimated to be 127, 66, and 346 yuan per ton respectively, showing year-on-year increases of 77, 18, and 29 yuan, although these figures are below the ten-year median margins [2]. Group 2 - The steel industry is entering a new phase of "reduction and quality enhancement," with increasing differentiation among companies. Leading firms are expected to emerge from the industry downturn, driven by stricter capacity replacement policies and new industry standards focusing on low emissions and green production [3]. - The special steel sector is projected to benefit from high domestic manufacturing demand and increased investment in advanced manufacturing, leading to a significant shift towards high-value-added areas and improved competitiveness for special steel companies [3].

Group 1 - CICC's stock price showed strong performance, closing at 22.24 yuan with a daily increase of 8.70% and a trading volume of 1.38 billion yuan, reflecting a positive sentiment in the market, particularly in the brokerage sector [1][6] - The overall Hong Kong stock market also performed well, with the Hang Seng Index rising by 1.38%, and major Chinese brokerage stocks like CITIC Securities and China Galaxy seeing significant gains [1][6] - CICC's stock continued to rise on the following day, increasing by 3.42% to reach 23 yuan [1] Group 2 - Technical indicators present a mixed signal for CICC, with several momentum indicators showing bullish signals, such as the MACD indicating a buy signal and the CCI at 108.85, suggesting the stock may have entered a strong zone [2] - However, the RSI has reached a high of 79, indicating an overbought condition, which historically suggests potential short-term correction pressure [2][10] - The overall technical analysis reflects a tug-of-war between market exuberance and rationality, with a sell signal being generated despite a strong momentum rating of 10 [2][4] Group 3 - CICC is facing important resistance at the current price of 22.24 yuan, close to the first resistance level of 23.8 yuan, with potential to challenge the second resistance level of 36 yuan if it breaks through [5] - Key support levels are identified at 14.6 yuan for the short term and 8.5 yuan for the medium term, with moving averages indicating a generally positive trend [5] - A "golden cross" pattern has formed, where the 10-day moving average has crossed above the 20-day moving average, typically seen as a bullish signal [5] Group 4 - The current market environment is favorable for the brokerage sector, with the A-share market reaching a ten-year high, leading to increased trading activity and benefiting firms like CICC [6] - The rise in market activity has resulted in higher commission income and improved sales of financial products, contributing to the profitability of CICC [6] - CICC's diversified business model across investment banking, wealth management, and institutional business positions it well to benefit from increased capital market activity [6] Group 5 - For investors seeking higher risk-reward ratios, derivative instruments such as CICC's call warrants are available, offering leverage options [7] - Specific call warrants mentioned include one with an exercise price of 29.18 yuan expiring in May 2026, providing approximately 4 times leverage, and another with an exercise price of 23.88 yuan offering about 10.8 times leverage, expiring on January 23 [7]

Market Overview - The Hang Seng Index has shown significant improvement, rising to around 26,700 points, marking a recent high after fluctuating around 26,000 points in December [1][2] - The trading volume has reached approximately 250 billion, indicating a robust market atmosphere [1] - The A-share market has also reached a ten-year high, contributing to a positive sentiment in both markets [1] Investment Opportunities - The Hong Kong stock market experienced nearly a 30% increase last year, making it one of the best-performing years in recent times, with expectations for continued momentum into 2026 [2] - Key sectors to watch include chip stocks, technology shares, and resource stocks, particularly precious metals, which are gaining attention due to rising prices driven by geopolitical tensions [2] Specific Stocks - Zijin Mining (02899) has been performing well, with its stock price reaching recent highs. Investors are encouraged to consider related products, such as a call warrant with a strike price of 48.6 HKD [7] - Jiangxi Copper (00358) has also seen strong performance, with its stock price peaking at 45.96 HKD, benefiting from high copper prices and a portion of revenue from gold [8][9] - China International Capital Corporation (3908) has shown significant gains, rising 8% to 22.3 HKD, with expectations for continued interest in brokerage stocks due to increased trading volumes [10] - Guotai Junan (2611) has also performed well, with a 7.6% increase to 18.41 HKD, reflecting positive sentiment in the brokerage sector [11] Consumer Sector - Li Ning (2331) has seen its stock price rise to nearly 20 HKD, supported by government policies aimed at stimulating domestic consumption [12] - Investors are advised to consider related products, such as a call warrant with a strike price of 23.33 HKD, which offers significant leverage [12]

Core Viewpoint - The spring market trend in A-shares is expected to continue, with a focus on growth sectors and cyclical industries benefiting from policy support and market dynamics [1][2]. Industry Configuration Insights 1) Energy and Basic Materials - Demand expectations for thermal coal have weakened, leading to a price drop of 17% in December, while coking coal and coke prices increased by 4% and 8% respectively [11]. - The supply-demand mismatch, combined with monetary easing, has resulted in significant price increases for precious metals and industrial metals, with copper, aluminum, and lithium carbonate prices rising by 12%, 5%, and 26% respectively [13]. 2) Industrial Products - Domestic demand is structurally differentiated, with strong performance in emerging markets for manufacturing exports. Excavator sales increased by 19% year-on-year in November, while electric grid investment rose by 6% [4]. 3) Consumer Products - Traditional consumer sectors are facing challenges, with home appliance sales declining significantly in November, including a 25% drop in air conditioner sales [5]. - The central economic work conference emphasized expanding domestic demand as a priority, with specific policies aimed at increasing income and optimizing supply [5]. 4) Technology - Innovations in AI applications are emerging, with the semiconductor industry showing strong performance, as global semiconductor sales grew by 25% year-on-year in October [6]. - The demand for consumer electronics remains mixed, with smartphone sales up by 5% but declines in laptop and computer hardware sales [6]. 5) Financial Sector - Banks are attracting long-term capital due to their high dividend yields and stable earnings, with insurance premiums increasing by 7.6% year-on-year in November [7]. - The stock market's sentiment is stabilizing, with an average daily trading volume of 1.88 trillion yuan in December [7]. 6) Real Estate - The real estate sector is under pressure, with a 27% year-on-year decline in sales area for commercial housing in December, despite a 45% month-on-month increase [7]. - The central economic work conference highlighted the need to stabilize the real estate market and manage local government debt risks [7].

Group 1 - The A-share market opened positively on January 5, 2026, with major indices rising, and the Guozhen Free Cash Flow Index increasing by approximately 0.4% [1] - Notable stocks such as Fenghuo Communication reached the daily limit, with others like Yaxiang Integration, Salt Lake Co., and China Aluminum also seeing gains [1] - The largest free cash flow ETF (159201) experienced a net inflow of over 450 million yuan in the last 10 trading days, bringing its total size to 8.596 billion yuan, indicating significant capital inflow [1] Group 2 - CICC's strategy team defined 2026 A-shares as "riding the momentum," highlighting the strengthening logic of international monetary order reconstruction and the critical application phase of the AI revolution [1] - The performance of China's innovative industries is expected to continue supporting asset performance, with the importance of fundamentals in A-shares increasing after a period of valuation repair [1] - The free cash flow ETF (159201) and its linked funds are designed to closely track the Guozhen Free Cash Flow Index, selecting stocks with positive and high free cash flow, indicating high quality and strong risk resistance suitable for long-term investment [1]

Core Viewpoint - China International Capital Corporation (CICC) has announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance amount of RMB 3.9 billion and a coupon rate of 3.60% [1] Group 1 - The bonds will start paying interest on January 13, 2026, covering the period from January 13, 2025, to January 12, 2026 [1] - The bonds are referred to as "22 CICC Y1," with a face value of RMB 1,000 per bond, resulting in an interest distribution of RMB 36.00 (including tax) per bond [1]

Core Viewpoint - China International Capital Corporation (CICC) has announced the issuance of perpetual subordinated bonds aimed at professional investors, with the first phase set to begin interest payments in January 2026 [1] Group 1: Bond Issuance Details - The total issuance amount for the bonds is RMB 3.9 billion [1] - The coupon rate for the bonds is set at 3.60% [1] - Each bond has a face value of RMB 1,000, resulting in an interest payment of RMB 36.00 (including tax) per bond [1]

Core Viewpoint - China International Capital Corporation (CICC) has announced the issuance of perpetual subordinated bonds aimed at professional investors, with specific details regarding interest payments and rates [1] Group 1: Bond Issuance Details - CICC is issuing perpetual subordinated bonds (Phase 1) with the bond code 185245, set to start interest payments on January 13, 2026 [1] - The coupon rate for this bond is 3.60%, with a face value of 1,000.00 yuan per bond, resulting in an interest distribution of 36.00 yuan (including tax) [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2022 年面向專業投資者公開發行永續次級債券（第一期）2026年付息公告，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6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。 债券代码:185245 债券简称:22 中金Y1 中国国际金融股份有限公司 2022 ...