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。 (第一期) 2025年付息公告 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。 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2024 年面向專業投資者非公開發行公司債券（第一期）2025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 2025年11月21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、 ...

Core Viewpoint - The A-share market experienced a significant decline on November 21, with over 5,000 stocks falling, leading to a 2.45% drop in the Shanghai Composite Index, which fell below 3,900 points, and a 4.02% drop in the ChiNext Index [1] Group 1: Market Performance - The securities sector followed the market trend, with the leading securities ETF (560090) dropping 3.45%, reflecting a bearish sentiment with two consecutive days of decline [1] - Despite the overall market downturn, the securities ETF (560090) attracted over 100 million yuan in capital inflow over the past five days, indicating active buying interest [1] Group 2: Securities Sector Analysis - Nearly all component stocks of the securities ETF (560090) experienced declines, with notable drops including over 5% for Industrial Securities and over 4% for Huatai Securities and GF Securities [3] - The securities sector has seen a slight decline of 0.79% year-to-date, but the net profit growth for the first three quarters reached 62%, highlighting its high growth potential despite current low valuations [5] Group 3: M&A Activity and Future Outlook - The recent merger activity, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), is expected to reignite investor interest in securities stocks [6][7] - Analysts are optimistic about the long-term growth potential and valuation recovery of the securities sector, driven by active market trading and a stable capital market environment [7][8]

Group 1: Company Developments - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities are planning a significant asset restructuring, with CICC set to merge with the other two through a share swap [2] - As of Q3 2025, CICC's total assets are reported at 764.9 billion yuan, ranking sixth among listed securities firms, while Xinda Securities and Dongxing Securities have total assets of 128.3 billion yuan and 116.4 billion yuan, respectively [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] Group 2: Industry Trends - The merger is part of a broader trend of consolidation within the securities industry, driven by policy support aimed at optimizing the supply-side structure and enhancing operational efficiency [2] - The integration of Xinda and Dongxing, which have differentiated strengths in investment banking and asset management, is anticipated to strengthen CICC's various business lines [2] - The merger will enhance CICC's network coverage in Liaoning and Fujian provinces, allowing for regional advantage complementarity [2] Group 3: Market Implications - The ongoing consolidation in the securities sector is expected to improve the fundamental performance of major firms, with investors encouraged to consider securities ETFs as a potential investment opportunity [2] - In the banking sector, 26 out of 42 listed banks have announced mid-term or Q3 dividends, totaling approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan the previous year [3] - The banking industry's net interest margin is under pressure but is expected to stabilize, maintaining a robust fundamental outlook for the sector [3]

Group 1 - The core viewpoint of the news highlights the decline of the China Securities Financial Technology Theme Index by 1.17% as of November 21, 2025, with mixed performance among constituent stocks [1] - Taxyou Co., Ltd. led the gains with an increase of 4.57%, while Shenzhou Information experienced the largest decline at 5.20% [1] - The Financial Technology ETF (516860) decreased by 1.28%, with a latest price of 1.39 yuan, but has seen a cumulative increase of 17.31% over the past six months [1] Group 2 - The liquidity of the Financial Technology ETF showed a turnover rate of 3.51% with a transaction volume of 75.6288 million yuan [1] - Over the past year, the average daily transaction volume of the Financial Technology ETF was 155 million yuan [1] Group 3 - On November 19, 2025, three brokerages, including CICC, Dongxing Securities, and Xinda Securities, announced a suspension of trading to plan a merger, which is a significant step in consolidating securities licenses under Central Huijin [1] - This merger is expected to create a new brokerage giant with total assets nearing 1 trillion yuan, marking another major consolidation in the securities industry following the merger of Guotai Junan and Haitong Securities [1] Group 4 - Dongwu Securities believes that the investment logic for the financial technology sector in 2026 is clear, driven by short-term and long-term factors, as well as macro policies and market dynamics [2] - The core drivers include ongoing policy support, stable market growth, active capital markets, and technological changes led by AI and financial innovation [2] Group 5 - The Financial Technology ETF has seen a significant growth of 393 million yuan in scale over the past three months [3] - Additionally, the ETF's share volume increased by 47.3 million shares in the same period [4] - The index closely tracks the performance of listed companies involved in financial technology, with the top ten weighted stocks accounting for 54.41% of the index as of October 31, 2025 [4]

证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，覆盖证券经纪、承销保荐、资产管理等核心业务领域，以反映证券 行业相关上市公司证券的整体表现。成分证券多为具备较强市场竞争力和较高市值的证券行业企业。 （文章来源：每日经济新闻） 消息面上，中金公司、信达证券、东兴证券公告筹划重大资产重组事项，三者均为汇金系券商。中金公 司将通过换股方式吸收合并信达证券与东兴证券。根据2025年三季报，中金公司总资产为7649亿元，在 上市券商中排名第六；信达证券、东兴证券总资产分别为1283亿元、1164亿元。若以简单加总方法估 算，三家合并后总资产将突破万亿元，位居行业第四。 相关机构表示，信达证券、东兴证券原为AMC系券商，在投行、资管等领域具备差异化特色，或可对 中金公司多个业务条线实现强化。合并后中金公司在辽宁、福建的网点覆盖密度将进一步提升，实现区 域优势的互补。此外，中金旗下中金基金、信达证券旗下信达澳亚、东兴证券旗下东兴基金或将迎来整 合。三家券商拟停牌不超过25个工作日，可持续关注合并进展与复盘后业绩表现。（仅用作行业分析， ...

（文章来源：每日经济新闻） 在控股三家基金公司引发合规议题的同时，更受市场关注的是：若推进整合，谁将成为吸收合并后的主 体？而据记者了解，目前中金吸收合并两家券商的相关事宜还没有到达旗下基金公司层面。 随着中金公司对东兴证券与信达证券的吸收合并逐步推进，又一个万亿级别券商将横空出世。不过，合 并后的中金公司或将同时控股三家公募基金公司，这与"一参一控一牌"的监管要求形成冲突。 ...

Core Viewpoint - The report from Shenwan Hongyuan emphasizes that mergers and acquisitions (M&A) will be a key investment theme throughout 2026, particularly in the brokerage sector, which has underperformed the market this year [1][2]. Investment Themes - Three main investment themes are highlighted: 1) The attractiveness of the equity market will benefit brokerage wealth and asset management businesses directly 2) The initiation of mergers and acquisitions by the Central Huijin Investment Co., benefiting from an optimized competitive landscape 3) Companies with significant advantages in overseas business [1]. M&A Activity - On November 19, China International Capital Corporation (CICC) announced a major asset restructuring plan, intending to merge with Dongxing Securities and China Cinda Securities through a share swap, with a suspension period not exceeding 25 trading days [1]. Future M&A Strategies - The 2026 strategy reiterates that M&A will remain a mid-term focus, summarizing four investment approaches: 1) Integration of brokerages under the same actual controller 2) Resolving competition issues between one controlling and one participating entity 3) Strengthening regional brokerages 4) Integration of state-owned and private brokerages [2]. Share Transfer and Integration - Previous share transfers of asset management companies (AMCs) to Central Huijin have paved the way for this merger, reducing internal integration difficulties. If successful, Central Huijin will have six brokerages under its umbrella [3]. Post-Merger Financial Metrics - If the merger proceeds smoothly, total assets will increase to 1,009.6 billion, elevating the industry ranking from 6th to 4th. The net profit is expected to rise to 9.5 billion, moving from 10th to 6th place in the industry [4]. Business Enhancement Opportunities - The merger will enhance capabilities in special asset investment banking and regional wealth management. Cinda Securities, as a leader in the non-performing asset sector, will provide unique advantages in asset management and debt restructuring. Dongxing Securities will leverage its strong bond financing foundation to create a differentiated asset management brokerage [5].

Group 1 - Chinese brokerage stocks experienced a widespread decline, with Dongfang Securities down 4.28% at HKD 6.94, China Merchants Securities down 4.11% at HKD 14.47, CITIC Securities down 3.67% at HKD 12.09, and Guolian Minsheng down 3.08% at HKD 5.35 [1] - The Federal Reserve's October monetary policy meeting minutes indicated significant disagreement among officials regarding potential interest rate cuts in December, amidst moderate economic expansion and a cooling labor market [1] - Analysts from CITIC Futures noted that the core drivers for major assets this week are the "anticipatory rush" following the U.S. government reopening and the strengthening expectations of increased liquidity [1] Group 2 - China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading to plan a merger, with CICC set to absorb the other two firms through a share swap [2] - Non-bank analyst Bo Xiaoxu from China Aviation Securities highlighted that regulatory encouragement for industry consolidation aligns with the trend of promoting high-quality development in the securities sector, making mergers and acquisitions an effective means for brokerages to achieve external growth [2] - The consolidation within the brokerage industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development, while also increasing industry concentration and creating economies of scale [2]

宏观修复与"双宽松"共振 岁末将至，市场的目光再次投向来年的A股。在深圳、北京，3场头部券商的资本市场年会前后登场， 给出了一个共同的预测：2026年，在更稳的宏观底盘、更清晰的产业方向和更友好的制度环境支撑下， A股市场奠定了"低波动慢牛"基础。与此同时，瑞银、高盛等国际投行也密集更新对中国股市的展望： A股在全球资产配置中的权重明显抬升。 在中信证券2026年资本市场年会上，中信证券总经理邹迎光表示，中国资本市场运行的积极动能正在不 断积累，奠定低波动慢牛的基础。从全球背景看，百年变局加速演进，中国的国际影响力、感召力、塑 造力正显著提升，参与全球治理与维护海外利益的能力也在持续增强。 产业格局方面，中国制造面对错综复杂的国际形势彰显出强大韧性，今年前三季度出口增长7.1%，全 产业链优势凸显。广大新兴市场与全球南方国家的发展诉求，成为中国企业走向全球的坚实保障。未来 将有更多本土龙头企业向跨国巨头转型，并将份额优势转化为定价权。 金融格局方面，伴随着全球产业力量对比的变化，全球金融秩序也将深刻重塑。中国资产价值的重估有 望持续提速。 5%附近的增速、4%左右的赤字率、需求端适度加力，这是中信证券给出的宏 ...

Group 1 - The core viewpoint of the article highlights the impact of the announcement by China International Capital Corporation (CICC) regarding the proposed stock swap merger with Xinda Securities and Dongxing Securities, which led to significant fluctuations in the brokerage sector [1] - Despite the brokerage sector's underperformance in the short term, there is a bullish outlook from a medium to long-term perspective, with expectations of a divergence between stock prices and earnings since 2025 [1] - The brokerage ETF (159842) saw a net inflow of 217 million yuan and an increase of 18.6 million shares, indicating investor interest despite the overall market downturn [1] Group 2 - The brokerage ETF (159842) tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities companies' stocks to reflect the overall performance of the industry [1] - The recent merger activity is viewed as a potential catalyst for market momentum, while long-term observations will focus on supply-side adjustments and their effects on the return on equity (ROE) of leading companies [1]