12月17日，上交所发布关于中国国际金融股份有限公司2025年面向专业投资者公开发行永续次级债券 （第二期）上市的公告。 依据《上海证券交易所公司债券上市规则》等规定，上交所同意中国国际金融股份有限公司2025年面向 专业投资者公开发行永续次级债券（第二期）于2025年12月18日起在上交所上市，并采取匹配成交、点 击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25中金Y2"，证券代码 为"244366"。 来源：市场资讯 ...

市场昨日震荡调整，三大指数集体低开低走。沪深两市成交额1.72万亿，较上一个交易日缩量493亿。 板块方面，零售、教育、乳业、多元金融等板块涨幅居前，贵金属、影视院线等板块跌幅居前。截至昨 日收盘，沪指跌1.11%，深成指跌1.51%，创业板指跌2.1%。 在今天的券商晨会上，华泰证券表示，消费领域建议关注国货崛起、AI+消费、情绪消费、低估值高股 息白马龙头等结构性机会；中信建投指出，中央经济工作会议提出"着力稳定房地产市场"，稳楼市态度 明确；中金公司发布2026年展望：继续看好银行股的绝对收益与相对收益表现。 中信建投：中央经济工作会议提出"着力稳定房地产市场"，稳楼市态度明确 中信建投认为，11月单月全国商品房销售面积同比下降17.3%，降幅较10月收窄1.5个百分点，销售有较 大降幅。房价下行压力持续，9-11月连续三个月份70个大中城市的二手住宅价格均出现环比下跌；新建 住宅价格环比上涨的城市数量偏少。中央经济工作会议提出"着力稳定房地产市场"，延续了前期的政策 定调，稳楼市态度明确；更加积极的财政政策、适度宽松的货币政策，也有望推动经济增长与房地产市 场稳定。11月单月投资及开竣工面临较大的下行 ...

Core Viewpoint - The petrochemical industry has been in a downturn for approximately 3.5 years, with capital expenditure continuing to decline and outdated overseas capacity exiting the market, leading to a low growth phase for industry capacity. The industry is expected to see a cyclical turning point due to favorable supply-side factors and rapid growth in demand from sectors like new energy [1][2]. Group 1: Industry Performance - The chemical price index and profit margins are currently at low levels, with a 10.3% decline in China's chemical product price index from early 2025, placing it at the 10.4% percentile since 2012. The profit margin for chemical raw materials and products was only 4.14% from January to October 2025, the lowest since 2017 [1]. - The capital expenditure of petrochemical companies is projected to decrease by 18.3% in 2024 and 10.1% in the first three quarters of 2025, with construction projects down by 13.2% year-on-year in Q3 2025 [2]. Group 2: Supply and Demand Dynamics - The exit of outdated overseas capacity, particularly in Europe and Japan, is expected to alleviate global supply-demand imbalances for related products [2]. - The demand growth for bulk chemical products remains resilient, with expectations that the real estate sector will have a diminishing impact on chemical product demand growth by 2026 [2]. Group 3: Key Segments and Future Outlook - Early-cycle products such as chemical fibers are expected to see rapid consumption growth from 2020 to 2024, with chemical fibers projected to be among the fastest-growing bulk chemical products by 2026 [3]. - The industry is anticipated to experience a turning point in the capacity cycle, driven by favorable supply-side factors and rapid growth in demand for materials in the new energy sector [3]. - The company is optimistic about leading chemical firms with low valuations and expects significant profit growth in the chemical fiber supply chain, as well as in sectors like lithium battery materials and emerging industries related to AI and robotics [3].

Group 1 - The core viewpoint of the report indicates that the recent weak performance of the A-share market is influenced by both internal and external factors, with external factors playing a dominant role. Despite this, the underlying logic of the current upward trend remains intact, suggesting a positive mid-term outlook for the A-share market [1][2][3] Group 2 - The report highlights three main investment themes for the current market conditions: 1) Growth sectors such as computing power, optical modules, and cloud computing infrastructure are expected to present opportunities, particularly in domestic markets. Applications in robotics, consumer electronics, intelligent driving, and software are also noted. Additionally, sectors like innovative pharmaceuticals, energy storage, and solid-state batteries are entering a growth cycle [1][6] 2) External demand is identified as a relatively certain growth opportunity, with recommendations to focus on sectors like home appliances, construction machinery, commercial buses, power grid equipment, gaming, and globally priced resources such as non-ferrous metals [1][6] 3) The report suggests monitoring cyclical reversals, particularly in industries approaching supply-demand improvement points or benefiting from policy support, such as chemicals, aquaculture, and new energy [1][6] Group 3 - The report emphasizes that the underlying drivers of the market's upward trend have not changed, with the macro policy shift since last year providing a foundation for stabilizing and recovering the market. Factors such as low interest rates, increased household deposits, and regulatory support for capital markets are highlighted as conducive to market growth [3][4] Group 4 - The report notes that the current market correction may provide a favorable opportunity for positioning ahead of the anticipated market performance in the first half of 2026. Despite limited positive catalysts in the short term, the overall valuation of the A-share market remains attractive compared to global peers and other asset classes [5][6]

（文章来源：第一财经） 中金公司研报认为，石化化工行业下行周期已持续约3年半时间，随着行业资本开支持续下降及海外落 后产能加快退出，我们认为行业产能将进入低增长阶段，同时以行业自律为主的反内卷也加快了相关产 品盈利修复。随着供给端利好因素持续累积及新能源等领域需求的快速增长，我们预计化工行业周期拐 点有望到来。 ...

Core Viewpoint - Enhancing China's global pricing power is crucial for its position and competitiveness in the global financial system, directly impacting its voice in resource allocation and rule-making [1]. Group 1: Global Pricing Power - The competition for global pricing power is a deep-seated struggle for institutional discourse, rule dominance, and value assessment systems [1]. - Historical experience shows that controlling key assets, core technologies, and strategic resources grants the ability to shape global economic rules and direct international capital flows [1]. - The success of the IPO of Ningde Times on the Hong Kong Stock Exchange, which became the largest globally in 2023, demonstrates the attractiveness of Chinese core assets to global capital [2]. Group 2: Role of Chinese Investment Banks - Chinese investment banks have transitioned from being "channel-type intermediaries" to global comprehensive financial service providers [1]. - The total scale of domestic and foreign direct financing facilitated by the company since its establishment has exceeded 67 trillion yuan, providing a value basis for asset pricing [1]. - The company has developed an innovative bond assessment framework in Hong Kong that aligns with the Sustainable Finance Common Classification Directory, contributing Chinese wisdom to global sustainable finance standards [2]. Group 3: Strategic Development - The competition for global pricing power is a long-term, systemic, and ecological battle that tests institutional resilience, professional depth, and strategic determination [2]. - Chinese investment banks must deeply integrate into high-level institutional openness in capital markets and articulate the long-term development logic of the Chinese economy to global investors [2]. - There is a need to enhance international business capabilities, transitioning from "follow-up service" to "proactive leadership" [2]. Group 4: Talent and Internationalization - Strengthening the pricing power of Chinese assets and supporting the internationalization of the renminbi is essential [3]. - The company should maintain reasonable valuations in cross-border capital operations of Chinese enterprises and actively develop offshore renminbi financial products [3]. - Attracting professionals with global market experience and expertise in domestic and foreign regulatory environments is crucial for high-quality development [3].

Group 1 - The core viewpoint emphasizes the importance of securities companies in meeting the financing needs of the real economy, particularly in fostering innovation, matching investment and financing needs, and supporting industrial mergers and acquisitions [1] - Securities companies are encouraged to focus on the demands of the real economy by directing more resources into key areas such as technological innovation, industrial upgrading, green development, and support for small and medium-sized enterprises [1] - The goal is to cultivate new productive forces and enhance the vitality of high-quality development [1] Group 2 - Securities companies are positioned to serve the wealth management and asset allocation needs of residents, leveraging their expertise in equity investment, price discovery, and risk management [1] - There is a growing need for securities companies to provide diverse products and high-quality services to meet the increasingly complex asset allocation demands of retail clients [1] - This approach aims to help residents preserve and increase their wealth, thereby expanding domestic demand and unleashing consumption potential [1] Group 3 - The article highlights the role of securities companies in actively supporting high-level opening up, as domestic enterprises expand their overseas presence and the importance of Chinese assets increases globally [1] - Securities companies are encouraged to leverage their advantages in cross-border and cross-market operations to guide long-term capital into the market [1] - They should facilitate connections between various domestic and foreign enterprises and institutions, while continuously promoting the narrative of China [1]

Core Viewpoint - The collaboration between Abu Dhabi Investment Office (ADIO) and China International Capital Corporation (CICC) aims to establish a new investment channel to enhance bilateral capital flow between Abu Dhabi and China [1] Group 1: Investment Channel Establishment - ADIO and CICC will create a financial structure that allows Abu Dhabi institutional investors to directly participate in the Chinese capital market [1] - The partnership will assist Chinese companies looking to expand their business in the Middle East to enter Abu Dhabi [1] Group 2: Additional Services and Financial Instruments - The collaboration includes consulting services for mutual market access and financing tools linked to ESG, such as green bonds, transition loans, and sustainable private equity [1] - CICC will establish its regional investment banking operations in Abu Dhabi, aligning with the newly launched Financial Technology, Insurance, Digital Economy, and Alternative Assets (FIDA) industry cluster [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 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16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。 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」提前贖回的公告，僅供參閱。 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" 《中国国际金融股份有 ...

Core Viewpoints - The report emphasizes the importance of improving efficiency and optimizing the industry structure in the securities sector, projecting a strong performance relative to the market for 2026 [1] Market Review - The securities sector has demonstrated a prominent Beta attribute, with significant attention on the shift in funding styles. Historical analysis indicates that periods of excess returns for brokerages typically require a confluence of policy, liquidity, and market conditions [4][9] - From January to November 2025, the securities index underperformed the CSI 300 index by 12.9 percentage points, attributed to factors such as technology style preferences and the diversion of funds towards low-valuation H-shares [4][43] - Despite this, the brokerage sector achieved a notable excess return from April to August 2025, particularly H-share brokerages, which saw a cumulative increase of 43.9% for the year, outperforming the CSI 300 index by 25.4 percentage points [4][43] Fundamental Outlook - The equity market is experiencing high prosperity, with a strong certainty of profit growth. In the first three quarters of 2025, listed brokerages reported a year-on-year net profit growth of 63.4% and a revenue increase of 13.0% [4][20] - The revenue structure for the first three quarters of 2025 shows significant growth in brokerage, investment banking, and proprietary trading, with net income growth rates of 68%, 16%, and 42% respectively [4][20] - The wealth management sector is positioned to capitalize on internationalization trends, with Hong Kong emerging as a preferred fundraising destination for Chinese enterprises, leading to a 146% increase in IPO fundraising compared to the entire year of 2024 [4][20] Investment Recommendations - The report suggests that as capital market reforms deepen, the securities industry is expected to maintain steady growth in 2026, benefiting particularly head brokerages through mergers and acquisitions [4][20] - Recommended stocks include CITIC Securities and CICC, which are expected to benefit from their strong comprehensive service capabilities and balanced business structures [4][20] - Other notable mentions include Guosen Securities, Industrial Securities, and Dongfang Securities, which are anticipated to perform well due to their advantages in financial products and services [4][20] Valuation Insights - The current price-to-book (P/B) ratio for the securities industry stands at 1.35x, which is below the historical average of 1.71x, indicating potential for valuation recovery [4][50] - The report highlights that the industry P/B valuation is at the 27.7% historical percentile, suggesting that there is room for improvement in valuations relative to historical performance [4][50]