★ 宏观动态 ★ 在今天（18日）下午召开的商务部例行新闻发布会上，新闻发言人何亚东针对稀土相关物项出口管制的最新进 展进行回应。商务部新闻发言人何亚东表示，对稀土相关物项实施出口管制以来，中方主管部门向中国出口商 进行了政策宣介，随着相关出口和合规经验的积累，部分中国出口商已初步达到申请通用许可的基本要求。据 我所知，目前已收到并批准了部分中国出口商提交的通用许可申请。 韩国计划孵化万家AI等硬科技初创企业 据新华社，韩国政府计划今后五年内在人工智能(AI)等硬科技领域孵化1万家初创企业，推动这些企业成长为 韩国经济发展的重要力量。韩联社报道说，韩国中小风险企业部12月18日会同有关部门发布"迈向全球四大创 投强国综合对策"并提出多个目标，包括孵化1万家AI等硬科技领域初创企业、打造50家独角兽和"十角兽"企 业、推动企业对接年规模约40万亿韩元（约合1904亿元人民币）的全球风险投资市场。 ★ 金融机构 ★ 中金公司：2025年半年度共计派发现金红利4.34亿元 国务院办公厅印发《关于全链条打击涉烟违法活动的意见》 国务院办公厅日前印发《关于全链条打击涉烟违法活动的意见》，提出一系列针对性政策举措，解决烟 ...

（来源：中国金融信息中心） CFIC导读 ◆中金公司、东兴证券均涨停价开盘，信达证券高开6.8%。 原标题："券商航母"合并预案出炉 中金、东兴涨停价开盘 中金公司、东兴证券均涨停价开盘，信达证券高开6.8%。 消息面上，备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。 12月17日，中金公司与东兴证券、信达证券同步披露重大资产重组预案，每股东兴证券、信达证券能换 取中金公司股票的比例，分别确定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 根据披露的预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方 中金公司作为存续主体，换股价格为36.91元／股，被吸收合并方东兴证券换股价格为16.14元／股，信 达证券换股价格为19.15元／股。该交易方案充分体现了两家公司资产价值，并有利于平衡各方股东利 益。 来源：市场资讯 微信编辑：胡闻哲 "国社之镜·世纪光影"新华社新闻摄影展 "国社之镜、世纪光影"新华社新闻摄影展由中国金融信息中心、新华社上海分社、中国图片社、上海证 券报、中经社上海总部、新华投控联合承办，欢迎社会各界组团参观。 展 ...

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 「21中金Y1」提前贖回的第一次提示性公告，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 债券简称:21 中金Y1 债券代码:175720 中国国际金融股份有限公司关于"21 中金 Y1" 提前赎回的第一次提示性公告 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。 中国国际金融股份有限公司(以下简称"公司 ...

China International Capital Corporation Limited 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。 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年票面利率調整公告，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12月18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:138842 债券简称:23 中金G2 中国国际金融股份 ...

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12月18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:138842 债券简称:23 中金G2 中国国际金融股份 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities marks a significant restructuring in the Chinese securities industry, aiming to create a "super investment bank" with enhanced capital strength and comprehensive financial services capabilities [1][2]. Summary by Sections Merger Details - The merger will be executed through a share swap, with CICC as the surviving entity, absorbing all assets, liabilities, and personnel from Dongxing and Cinda Securities [1]. - Following the merger, CICC's total assets are expected to exceed 1 trillion RMB, significantly enhancing its capital strength and positioning it among the top players in the industry [1][4]. Strategic Intent - This merger is a strategic move to align with national policies aimed at cultivating top-tier investment banks and enhancing the financial supply-side reform [2]. - The merger aims to transform scale advantages into comprehensive financial service capabilities, enhancing resilience and international competitiveness [2]. Share Exchange Mechanism - The share exchange prices are set at 36.91 RMB for CICC, 16.14 RMB for Dongxing, and 19.15 RMB for Cinda, reflecting a premium over previous closing prices [2][4]. - Approximately 3.096 billion new shares of CICC will be issued to complete the exchange [3]. Shareholder Protection Mechanisms - The merger includes multiple layers of shareholder protection, such as dissenting shareholder rights and lock-up periods for major shareholders [4]. - The exchange ratios for Dongxing and Cinda shareholders reflect premiums of approximately 23% and 7.6%, respectively, indicating consideration for minority shareholders [4]. Industry Impact - The merger is expected to create a leading "super" securities group, fundamentally reshaping the competitive landscape of the Chinese securities industry [5][7]. - CICC's financial and operational metrics will see a historic leap, setting new benchmarks for industry leaders [5]. Financial Projections - Post-merger, CICC's annualized revenue is projected to exceed 50 billion RMB, with net profits reaching around 15 billion RMB, positioning it among the top three in the industry [5]. - The merger will expand CICC's network to over 400 branches, enhancing its reach to more than 4 million retail clients [5]. Synergy and Operational Efficiency - The merger is expected to enhance capital efficiency and regional coverage, leveraging the strengths of each entity to create a comprehensive service platform [6][10]. - The integration aims to provide a full lifecycle of financial services, from startup to restructuring, enhancing client engagement and operational efficiency [10]. Strategic Vision - The merger aligns with national financial strategies, aiming to reduce the number of institutions while improving quality and service efficiency [12]. - The combined entity will focus on creating a unique ecosystem that integrates investment banking, asset management, and special asset operations [12]. Market Outlook - Analysts maintain a "buy" rating for CICC's A/H shares, citing the merger's potential to strengthen capital and enhance competitive positioning [13]. - The success of the merger will depend on the realization of synergies and the ability to transform from a physical merger to a value-creating entity [13].

Group 1 - The core development is the announcement of a significant asset restructuring plan by China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities, marking the first "three-in-one" merger in the brokerage industry [1][6] - The merger is part of a broader initiative by the China Securities Regulatory Commission (CSRC) to consolidate the industry, aiming to form around 10 high-quality leading institutions within five years and 2 to 3 internationally competitive investment banks by 2035 [3][8] - CICC will be the surviving entity in the merger, acquiring Dongxing Securities and China Cinda Securities through a share exchange, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, reflecting a 26% premium for Dongxing [3][8] Group 2 - Post-merger, the total assets of the combined entity are expected to exceed 1 trillion CNY, making it the fourth brokerage in China to reach this scale, following CITIC Securities, Guotai Junan Securities, and Huatai Securities [4][9] - CICC has strengths in investment banking and cross-border business, while Dongxing and Cinda have established retail networks in regions like Fujian and Liaoning, enhancing the overall service capability and customer reach after the merger [4][9] - Following the announcement, stocks of the three brokerages surged, with Dongxing Securities hitting the daily limit, CICC's A-shares rising by 3.70%, and Cinda Securities increasing by 2.47% [10]

Core Viewpoint - The merger of CICC, Dongxing Securities, and Cinda Securities marks a significant advancement in the securities industry, with expectations of creating a leading investment bank and enhancing competitive positioning in the market [1][2]. Group 1: Merger Details - CICC announced a major asset restructuring plan to absorb Dongxing Securities and Cinda Securities, with a share swap ratio set at 1:0.4373 for Dongxing and 1:0.5188 for Cinda [3]. - The share swap prices are determined based on the average price over the 20 trading days prior to the board resolution announcement, with CICC's price at 36.91 CNY, Dongxing's at 16.14 CNY, and Cinda's at 19.15 CNY [3]. - CICC plans to issue approximately 3.096 billion new A-shares as part of the merger, with Central Huijin maintaining a 24.44% stake post-merger [3][4]. Group 2: Strategic Implications - The merger aims to enhance CICC's comprehensive service capabilities across various business areas, including capital markets, wealth management, research, investment banking, and asset management [2][6]. - The combined entity is expected to become the fourth securities company in A-shares with total assets exceeding 1 trillion CNY, and projected revenues ranking third in the industry [1][6]. Group 3: Market Reactions and Future Outlook - Analysts predict that the merger will stabilize CICC's long-term return on equity (ROE) expectations and improve its competitive edge in the market [6]. - The merger is seen as a strategic move to enhance CICC's capital strength and market share, potentially benefiting from future regulatory relaxations and new business trials [6]. - The integration of resources from Dongxing and Cinda is expected to create significant synergies, particularly in wealth management and investment banking services [7][8]. Group 4: Operational Enhancements - Post-merger, CICC's number of service outlets will increase from 245 to 436, significantly enhancing its market presence, especially in Fujian and Liaoning [7]. - The retail client base is projected to exceed 14 million, representing a growth of over 50%, while the number of investment advisors will increase by over 40% [7]. - The asset management scale is expected to exceed 800 billion CNY, enhancing CICC's capabilities in managing public funds and optimizing its product offerings [7][8].

Group 1 - The Shanghai Composite Index rose by 0.16%, closing at 3876.37 points, while the Hang Seng Index increased by 0.12%, closing at 25498.13 points [1] - China International Capital Corporation (CICC) has an A/H premium of 105.65%, ranking 35th among A/H shares [1] - CICC's A-shares closed at 36.18 yuan, with a gain of 3.7%, and H-shares closed at 19.44 HKD, up by 2.53% [1] Group 2 - CICC was established in 1995 and has been involved in numerous pioneering transactions, contributing to China's economic reform and development [1] - The company aims to become a first-class investment bank with international competitiveness, providing high-quality financial services to a diverse client base [1] - CICC has developed a balanced business structure encompassing research and information technology, investment banking, equity business, fixed income, asset management, private equity, and wealth management [1]

Market Overview - The A-share market experienced mixed fluctuations, with the ChiNext index falling over 2%. Sectors such as AI healthcare, commercial aerospace, retail, and IP economy saw significant gains, while battery, lithium mining, Hainan, and PCB sectors faced notable declines [1][4]. - As of the close, the Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 1.29%, and the ChiNext Index dropped by 2.17% [4][5]. Sector Performance - AI healthcare concepts surged, with companies like Huaren Health and Sairui Medical hitting the daily limit [5]. - The commercial aerospace sector saw a strong performance, with stocks like Shengyang Technology and Tianjian Technology also reaching the daily limit [11]. - Retail and IP economy stocks rallied, with Baida Group achieving six consecutive trading limit ups [5]. - Conversely, computing hardware stocks declined, with companies like Shengyi Technology and Jingwang Electronics dropping over 5% [5]. Policy and Economic Outlook - The Central Financial Office emphasized that expanding domestic demand will be a top priority for next year, focusing on structural changes in consumption to stimulate demand from both supply and demand sides [1]. - The National Development and Reform Commission, along with five other departments, issued guidelines for the clean and efficient utilization of coal, tightening standards compared to the 2022 version, which may increase demand for high-quality coal [2]. Hong Kong Market - The Hong Kong market saw the Hang Seng Index close up by 0.12%, while the Hang Seng Tech Index fell by 0.73%. The aviation and resource sectors led the gains, while technology manufacturing and consumer sectors generally adjusted downwards [7][8]. Commodity Market - The domestic commodity futures market closed mostly higher, with palladium hitting the daily limit and coking coal rising by 6.07%. However, the shipping index (European line) fell by 3.06%, and polysilicon dropped by 2.60% [2][10]. Bond Market - The bond futures market saw an increase across the board, with the 30-year main contract rising by 0.52%, the 10-year contract by 0.07%, and shorter-term contracts also showing gains [3][10]. AI Healthcare Development - Ant Group launched the AI health assistant application "Ant Ai Fu," which has rapidly gained popularity, exceeding 15 million monthly active users. This reflects the significant market potential of integrating generative AI with health management [16]. - The increase in flu activity since November has boosted demand for related medications, further supporting the AI healthcare sector [15][16]. Commercial Aerospace Support - The Shanghai Municipal Government is focusing on commercial aerospace as a key area in its upcoming "14th Five-Year Plan," with plans to establish development funds to support this emerging strategic industry [11][13].