中国国际金融股份有限公司 独立非执行董事 2024 年度述职报告（陆正飞） 2024 年度（以下简称"报告期"），本人作为中国国际金融股份有限公司 （以下简称"公司"）的独立非执行董事，严格按照境内外监管规则和《中国国 际金融股份有限公司章程》（以下简称"《公司章程》"）《中国国际金融股份 有限公司独立董事工作制度》等内部制度的相关规定，独立审慎履行职责，在董 事会日常工作及决策中勤勉尽责，促进公司规范运作、稳健发展，切实维护公司 和全体股东特别是中小股东的合法权益。现将本人 2024 年度的履职情况报告如 下： 一、独立非执行董事的基本情况 作为独立非执行董事，本人与公司及主要股东不存在直接或间接利害关系， 或者其他可能影响本人进行独立客观判断的关系，不存在无法独立履行职责的情 形，独立性符合监管要求。本人的工作履历、专业背景以及主要兼职情况如下： 本人陆正飞，1963 年 11 月出生，自 2022 年 6 月起获委任为公司董事。本 人自 1999 年 11 月至今任北京大学光华管理学院会计系教授及博士生导师，期间 历任北京大学光华管理学院会计系副主任、主任、副院长，自 1988 年 7 月至 1999 ...

中国国际金融股份有限公司 独立非执行董事 2024 年度述职报告（吴港平） 报告期内，公司共召开股东大会 2 次、董事会 11 次。本人通过现场、电话 或书面投票方式，亲自出席了报告期内公司的全部股东大会和董事会，不存在缺 席情况。前述会议的具体召开情况和决议事项详见公司《2024 年年度报告》。 1 担任香港商界会计师协会荣誉顾问、香港中文大学 MBA 课程和会计学院咨询会 成员、香港中文大学（深圳）审计委员会成员及香港中文大学（深圳）教育基金 会理事。本人于 1981 年 12 月获得香港中文大学工商管理学士学位，于 1988 年 10 月获得香港中文大学工商管理硕士学位。 二、独立非执行董事年度履职概况 （一）出席股东大会及董事会情况 （二）出席董事会专门委员会情况 公司董事会现下设战略与 ESG 委员会、薪酬委员会、提名与公司治理委员 会、审计委员会、风险控制委员会及关联交易控制委员会。本人现担任审计委员 会主任委员、关联交易控制委员会主任委员，以及薪酬委员会委员、风险控制委 员会委员。本人合规、充分履行审计委员会、关联交易控制委员会主任委员的职 责，定期适时组织召开相关会议，并亲自出席任职的全部专门 ...

中国国际金融股份有限公司 独立非执行董事 2024 年度述职报告（彼得·诺兰） 作为中国国际金融股份有限公司（以下简称"公司"）的独立非执行董事， 2024 年度（以下简称"报告期"），本人严格按照相关监管规则和《中国国际 金融股份有限公司章程》（以下简称"《公司章程》"）《中国国际金融股份有 限公司独立董事工作制度》等内部制度的要求，独立勤勉履行职责，有效发挥参 与决策、监督制衡、专业咨询作用，促进公司规范运作和高质量、可持续发展， 切实维护公司和全体股东的合法权益。现将本人 2024 年度的履职情况报告如下： 一、独立非执行董事的基本情况 作为独立非执行董事，本人与公司及主要股东不存在直接或间接利害关系， 或者其他可能影响本人进行独立客观判断的关系，不存在无法独立履行职责的情 形，独立性符合监管要求。本人的工作履历、专业背景以及主要兼职情况如下： （二）出席董事会专门委员会情况 公司董事会现下设战略与 ESG 委员会、薪酬委员会、提名与公司治理委员 会、审计委员会、风险控制委员会及关联交易控制委员会。本人现担任薪酬委员 会主任委员、提名与公司治理委员会委员及关联交易控制委员会委员。报告期内， 本人勤勉尽责 ...

Financial Performance - The company reported a total revenue of RMB 10.5 billion for the fiscal year 2024, representing a year-on-year increase of 15%[31]. - The company reported a net profit of RMB 3.5 billion, a 20% increase compared to the previous fiscal year[31]. - The company's operating revenue for 2024 was RMB 21,333,435,595, a decrease of 7.21% compared to RMB 22,990,202,558 in 2023[66]. - The net profit attributable to shareholders for 2024 was RMB 5,694,343,080, down 7.50% from RMB 6,156,130,774 in 2023[66]. - The company's total revenue for 2024 was RMB 21,333,435,595, a decrease of 7.21% compared to the previous year, while total expenses were RMB 14,480,650,740, resulting in an operating profit margin of 32.12%[158]. - The company's revenue from the investment banking sector was RMB 2,583,137,478, down 20.33% year-on-year, while the operating profit margin increased by 5.56 percentage points to 16.37%[156]. - The company's revenue from wealth management was RMB 6,982,039,679, with a slight increase of 1.55% year-on-year, but the operating profit margin decreased by 5.74%[156]. Client and Market Growth - User data showed an increase in active clients by 20%, reaching a total of 1.2 million clients by the end of the fiscal year[31]. - The company is expanding its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[31]. - The wealth management business saw a significant increase, with over 1.7 million new accounts opened during the year[29]. - The company plans to implement a new customer loyalty program aimed at increasing client retention by 15% over the next year[31]. Strategic Initiatives - The company completed a strategic acquisition of a fintech startup for RMB 500 million, enhancing its digital service capabilities[31]. - CICC launched a proprietary AI research assistant for institutional clients, providing 24/7 dedicated research support, marking a new era in AI-driven investment research in the securities industry[30]. - The company has implemented seven "insurance + futures" projects since 2022, providing effective risk protection for over 9,200 farming households[31]. - CICC is committed to sustainable development, initiating a 780-acre ecological carbon-neutral forest project in 2024, planting 86,000 Qinghai spruce trees in the upper reaches of the Yangtze River[31]. Financial Technology and Innovation - The company aims to leverage financial technology advancements to better understand customer needs and expand its service capabilities[30]. - The company emphasizes advanced information technology as a core competitive advantage, continuously investing in talent and technology to enhance its service capabilities[97]. - The company is focused on talent development, particularly nurturing young leaders to enhance organizational vitality[32]. Awards and Recognition - China International Capital Corporation (CICC) recognized as the best investment bank in China and Hong Kong by multiple awarding bodies[54][55][56]. - The company has been recognized with multiple awards, including Best Investment Bank and Most Influential Research Institution in 2024[53]. - CICC's wealth management division received several awards, including Best Wealth Management Institution and Best Digital Wealth Management[56]. - CICC recognized for its ESG practices, winning awards for Best ESG Management and Best ESG Investment Bank[60][61]. Asset Management and Financial Stability - Total assets reached RMB 674.716 billion by the end of 2024, with net assets amounting to RMB 115.348 billion[25]. - The company's total assets as of December 31, 2024, amounted to RMB 674,715,821,446, reflecting an 8.07% increase from the previous year, while total liabilities rose by 7.64% to RMB 559,094,150,638[168]. - The company's net cash flow from operating activities for 2024 was RMB 41,874,117,905, a significant recovery from a negative cash flow of RMB -10,584,387,028 in 2023[66]. - The liquidity coverage ratio improved to 224.00% in 2024 from 201.13% in 2023, indicating better liquidity management[72]. Market Trends and Economic Outlook - In 2024, China's high-tech manufacturing investment is expected to grow by 7.0%, and high-tech service investment by 10.2%, both exceeding the overall fixed asset investment growth rates by 3.8 and 7.0 percentage points respectively[81]. - The average daily trading volume of A-shares in 2024 reached a historical high of 1.06 trillion yuan, marking a year-on-year increase of 21.2%[83]. - The issuance scale of credit bonds and asset securitization products is expected to increase by 7.5% to 20.41 trillion yuan in 2024[85]. Risk Management and Compliance - The company maintains a comprehensive risk management system, ensuring effective oversight and compliance across its domestic and international operations[96]. - The company has implemented technical measures to manage non-compliant accounts, ensuring a long-term mechanism for account compliance[199]. - The company adheres strictly to the requirements of judicial authorities for freezing and unfreezing customer accounts[200].

党的二十届三中全会强调要坚持和落实"两个毫不动摇"，鼓励、支持、引导非公有制经济发展，促进各 种所有制经济优势互补、共同发展。2025年2月召开的民营企业座谈会强调，民营经济发展前景广阔、 大有可为，要扎扎实实落实促进民营经济发展的政策措施，继续下大气力解决民营企业融资难融资贵问 题，促进民营经济健康发展、高质量发展。 新华财经北京3月28日电（记者闫鹏）近日，中金公司管理委员会成员王曙光接受记者采访时表示，中 金公司将继续秉持"植根中国、融通世界"的理念，充分发挥专业能力和国际化优势，积极服务国家发展 战略，持续助力科技创新，为民营经济和资本市场高质量发展贡献更多力量。 王曙光表示，民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。民营经济作为社会主 义市场经济的重要组成部分，不仅在稳定增长、促进就业、改善民生等方面发挥了关键作用，而且在创 新驱动发展战略中占据着越来越重要的位置。 根据统计，民营经济贡献了50%以上的税收，60%以上的国内生产总值，70%以上的技术创新成果， 80%以上的城镇劳动就业，90%以上的企业数量；在国家高新技术企业中，民营企业已达42万多家，占 比超92%。"因此，支持 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the importance of reducing positions during market peaks to avoid potential losses, as demonstrated by the case of the E Fund Anxin Return Fund in 2015 [2][4] - It highlights that absolute return products are not suitable for investors who frequently monitor net value fluctuations, advocating for a long-term investment perspective [5][6] - The report suggests that the recent adjustments in the bond market, driven by rising interest rates, have led to a decline in convertible bond valuations, necessitating cautious bottom-fishing strategies [9][11] Summary by Sections Market Strategy - In 2015, the E Fund Anxin Return Fund effectively reduced its position during the bull market, which helped mitigate losses during subsequent market corrections [2][4] - Investors should maintain a calm demeanor and provide clear communication regarding position adjustments, using historical data to build trust with clients [6] Fund Performance - In 2015, structured funds exhibited strong performance, particularly at market peaks, although they ultimately faced liquidation [7] - The key to success during this period was maintaining product consistency, with absolute return products reducing positions at high valuations [7] Market Indicators - A significant drop below the 20-day moving average is identified as a signal for potential market downturns, serving as a stop-loss indicator [8] - The report notes that the current market conditions suggest a need to lower positions to around 30% and focus on stocks with high value [10] Future Market Expectations - The report anticipates that the adjustment process in the convertible bond market will continue for about a month, with valuation compression potentially exceeding expectations [11]

Investment Rating - The report indicates a mixed investment outlook for the global consumer market, with strong resilience in high and middle-income consumer categories, while low-income consumers face weakened purchasing power [1][2]. Core Insights - The global consumer market shows significant differentiation, with high and middle-income categories demonstrating strong demand resilience, while low-income consumers are struggling [1][2]. - Essential consumer goods outperformed discretionary goods in Q4, driven by high inflation impacting low-income purchasing power, leading to a preference for cost-effective products [1][3]. - The global beauty market is expected to grow at around 4% in 2025, with emerging markets outperforming developed regions [1][12]. Summary by Sections Global Consumer Market Performance - The performance of global consumer goods companies in Q4 shows significant regional disparities, with North America experiencing flat overall demand and Europe outperforming [2]. - Japan's consumption growth is driven by inflation and inbound tourism, while Southeast Asia and India remain active markets [2]. Essential vs. Discretionary Goods - Essential goods performed better than discretionary goods in Q4 due to macroeconomic uncertainties, with leading companies in various sectors likely to show more pronounced performance [3]. Sportswear and Apparel Trends - The global sportswear industry saw strong growth in outdoor sports segments, while the mass apparel market remains competitive [4]. - U.S. holiday shopping season promotions boosted sales, but a slight decline is expected in 2025 due to macro uncertainties [4]. Beauty Market Dynamics - The beauty market varies significantly across regions, with North America facing pressure in mass cosmetics, while high-end fragrances continue to grow [7]. - The Chinese beauty market is facing challenges, with a projected retail sales decline in 2024 [8]. Food and Beverage Industry Outlook - The global food and beverage industry faces challenges from low-income consumer pressures in developed markets and slowing income growth in emerging markets [10]. - North American food demand is under pressure, while beverage demand remains relatively stable [10][11]. Future Projections - The beauty industry is expected to see a 4% growth rate in 2025, with emerging markets like India and Southeast Asia becoming key performance drivers for overseas beauty companies [12]. - The food and beverage sector is likely to experience a decline in revenue expectations but maintain earnings per share (EPS) stability due to effective cost management [10].

Investment Rating - The report maintains a cautious stance on the market, indicating that the cost-effectiveness of chasing high points is low, particularly around the 25,000 mark [2][3]. Core Insights - The current market exhibits extreme structural characteristics, with the technology sector driving index gains, while macro policies like monetary easing and fiscal policies are crucial for the expansion of other sectors [3][4]. - Southbound capital has become a significant driving force for the rebound in the Hong Kong stock market, with an expected inflow of nearly 200 billion HKD for the year, primarily from personal private equity and trend trading funds [3][11]. - The Hong Kong stock market's placement mechanism leads to almost unlimited chip supply, which can dilute the holdings of southbound capital, limiting its absolute pricing power [3][13]. - The U.S. stock market is influenced by AI, geopolitical issues, and policy uncertainties, with some bubbles already deflated, indicating a phase of bubble formation rather than a burst [3][14][15]. - The fiscal policy in 2025 will focus more on demand stimulation, particularly in the consumer sector, emphasizing the "investment in people" concept to enhance future supply potential and current consumption demand [3][25][34]. Summary by Sections Market Structure and Future Strategies - The market is characterized by a significant reliance on the technology sector, which constitutes about 40% of the Hang Seng Index, while the remaining 60% depends on macro policies [4]. - The performance of the new consumption sector in the Hong Kong market reflects structural opportunities and market sentiment recovery, benefiting from national trends and young consumer preferences [3][35][39]. Southbound Capital Dynamics - Southbound capital has seen a significant increase in inflow, averaging over 8 billion HKD daily since the Spring Festival, compared to over 3 billion HKD last year [11]. - Despite the increase in holdings, southbound capital does not possess absolute pricing power due to the open financial market and the stock placement mechanism [12][13]. U.S. Market Conditions - The U.S. stock market is currently facing several challenges, including AI-driven disruptions and policy uncertainties, which could affect the Federal Reserve's ability to lower interest rates [14][19]. - The valuation of the U.S. stock market remains high, but some bubbles have been deflated, making certain leading stocks' valuations more reasonable [15][17][23]. Consumer Sector Insights - The report highlights the importance of consumer demand in fiscal policy, with a focus on enhancing living standards through investments in education, healthcare, and social security [25][26][34]. - Recent policies aimed at boosting consumption have been comprehensive, addressing various factors affecting consumer behavior and emphasizing quality supply to stimulate demand [37][38]. New Consumption Trends - The new consumption sector in Hong Kong is expected to maintain rapid growth, driven by changing consumer preferences and the emergence of structural opportunities [35][36][39]. - The report suggests that the new consumption sector's performance is independent of traditional quality consumption factors, indicating a shift in market dynamics [35][36].

Investment Rating - The report provides a positive outlook on several sectors, particularly in chemicals, aviation, and refrigerants, indicating potential investment opportunities in leading companies like Baofeng and Wanhua [3][8]. Core Insights - The chemical sector has been in a downward cycle for over three years, but a significant decline in capital expenditure is expected in 2025, which may stabilize demand due to supportive domestic policies [3][5][6]. - The refrigerant sector is performing well, with rising market prices and expected profit increases in the second quarter [9]. - The aviation sector shows signs of recovery, with improving ticket prices and demand expected to rise during holiday periods [13][14]. - Companies like Manbang and China Civil Aviation Information Network are highlighted for their strong performance and optimistic growth forecasts [15][17]. Summary by Sections Chemical Sector - The chemical sector has faced a prolonged downturn, but capital expenditure is expected to decrease significantly in 2025, leading to a potential end to rapid capacity growth [3][5]. - Domestic demand is stabilizing as the real estate market's drag diminishes, supported by policies aimed at boosting consumption [6]. - High upstream energy costs, particularly for crude oil, continue to pressure midstream chemical companies, but a potential adjustment in oil prices could present investment opportunities [7][8]. Refrigerant Sector - The refrigerant market has shown strong performance, with both market and long-term prices on the rise, leading to improved profits for companies in this sector [9]. Aviation Sector - Recent trends indicate a recovery in the aviation sector, with domestic ticket prices showing a narrowing decline and expected demand increases during holiday seasons [13]. - Boeing's limited capacity recovery continues to tighten global aircraft supply, benefiting the aircraft leasing industry [14]. Company Performance - Manbang's performance exceeded expectations, with projected compound profit growth of over 30% for 2025 and 2026, supported by strong online transaction capabilities [15][16]. - China Civil Aviation Information Network is expected to see optimistic growth in 2025, with a low valuation and potential for value appreciation [17][18]. Fiberglass Sector - The fiberglass industry is experiencing demand growth driven by wind power and consumer electronics, with leading companies maintaining strong pricing power [19][20]. Cement Sector - The cement sector shows signs of recovery with improved shipment rates and stable demand, particularly in southern markets, suggesting potential for price increases [21]. Glass Industry - The float glass industry faces challenges but is seeing marginal improvements in production and sales rates, with specific companies like Xinyi Glass highlighted for their competitive advantages [22]. Non-Ferrous Metals - The non-ferrous metals market, particularly copper and aluminum, is experiencing upward trends due to supply constraints and increasing demand, indicating a potential reversal in market conditions [26]. Titanium Industry - The titanium industry is poised for growth due to strong domestic demand and reduced import supply, with companies like Hunan Gold being recommended for investment [27]. Bond Market Outlook - The bond market is expected to experience a downward trend in yields as monetary policy becomes more accommodative, indicating a favorable environment for bond investments [32].