Group 1 - The core point of the article is that China International Capital Corporation (CICC) has successfully completed the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of 3 billion yuan and a coupon rate of 2.23% [1] - The bond issuance was well-received, achieving a subscription multiple of 3.22 times, indicating strong demand from investors [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of up to 3 billion yuan [1] Group 1: Issuance Details - The issuance scale of the perpetual subordinated bonds is set at no more than 3 billion yuan, including 3 billion yuan [1] - The bonds were issued at a price of 100 yuan per bond, following the inquiry and allocation method for professional investors as per relevant regulations [1] - The issuance process was completed on November 14, 2025, with a final issuance scale of 3 billion yuan and a coupon rate of 2.23% [1] Group 2: Subscription Metrics - The subscription multiple for the bonds was recorded at 3.22 times, indicating strong demand from investors [1]

Core Viewpoint - China International Capital Corporation (CICC) has successfully completed the issuance of perpetual subordinated bonds aimed at professional investors, with a total issuance size of 3 billion yuan and a coupon rate of 2.23% [1] Group 1 - The issuance work for the first phase of the perpetual subordinated bonds was concluded on November 14, 2025 [1] - The subscription multiple for the bonds was 3.22 times, indicating strong demand from investors [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。 （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2025 年面向專業投資者公開發行永續次級債券（第一期）發行結果公告，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14日 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 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。 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（第一期）发行 ...

Core Viewpoint - The company, China International Capital Corporation (CICC), is experiencing a decline in stock price while projecting significant profit growth for the upcoming year, driven by its core business in investment banking and asset management [2][8]. Financial Performance - CICC's estimated net profit for the period from January 1, 2025, to June 30, 2025, is projected to be between 3.453 billion yuan and 3.966 billion yuan, representing a growth of 55% to 78% compared to the previous year's net profit of 2.228 billion yuan [2]. - As of September 30, 2025, CICC reported a net profit of 6.567 billion yuan, marking a year-on-year increase of 129.75% [8]. Company Overview - CICC, established on July 31, 1995, operates in various sectors including investment banking, equity sales and trading, fixed income, wealth management, and asset management [7]. - The company's revenue composition includes wealth management (32.58%), equity business (25.78%), fixed income (13.38%), investment banking (11.26%), and other services [7]. 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 has seen a net outflow of 56.3 million yuan today, with a total market capitalization of 170.933 billion yuan [1][5]. Institutional Holdings - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 123 million shares, an increase of 51.425 million shares from the previous period [10].

Core Viewpoint - The report highlights the recent trading performance and financial metrics of China International Capital Corporation (CICC), indicating a strong net buying position in margin trading and significant growth in net profit year-on-year. Group 1: Trading Performance - On November 13, CICC's stock rose by 1.13% with a trading volume of 565 million yuan [1] - The margin trading data shows that CICC had a financing buy-in of 117 million yuan and a repayment of 113 million yuan, resulting in a net buying of 3.64 million yuan [1] - As of November 13, the total margin trading balance for CICC was 2.957 billion yuan, with the financing balance accounting for 2.82% of the circulating market value, indicating a high level compared to the past year [1] Group 2: Shareholder and Financial Metrics - As of September 30, CICC had 118,900 shareholders, a decrease of 4.10% from the previous period, while the average circulating shares per person increased by 4.28% to 24,662 shares [3] - For the period from January to September 2025, CICC reported a net profit of 6.567 billion yuan, reflecting a year-on-year growth of 129.75% [3] - CICC has distributed a total of 4.924 billion yuan in dividends since its A-share listing, with 2.607 billion yuan distributed in the last three years [4] Group 3: Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders of CICC included Hong Kong Central Clearing Limited, which increased its holdings by 51.425 million shares to 123 million shares [4] - The Guotai CSI All-Share Securities Company ETF ranked as the fourth largest circulating shareholder, increasing its holdings by 12.167 million shares to 30.2098 million shares [4] - The Huatai-PineBridge CSI 300 ETF, ranked fifth, saw a decrease in holdings by 869,400 shares to 19.9163 million shares [4]

Core Viewpoint - The company plans to issue convertible bonds to raise funds for the development of an ASIC chip testing system, with a total fundraising amount not exceeding RMB 74,947.51 million [2][3]. Group 1: Convertible Bond Details - The company intends to issue up to 7,494,751 convertible bonds, each with a face value of RMB 100, and a maturity period of six years from the date of issuance [2]. - The initial conversion price will be determined based on the average trading price of the company's stock over the twenty trading days prior to the announcement of the prospectus, adjusted for any stock splits or dividends [2]. - The specific issuance method will be determined by the board of directors and authorized personnel in consultation with the lead underwriter [3]. Group 2: Fund Utilization - The net proceeds from the bond issuance will be allocated to the research and innovation project based on the self-developed ASIC chip testing system, with a total investment amount of RMB 75,888 million [4]. - The company will prioritize the allocation of convertible bonds to existing shareholders [4]. Group 3: Regulatory and Advisory Aspects - The company will engage a credit rating agency to provide a credit rating report for the bond issuance, and the bonds will not be guaranteed [4]. - The lead underwriter for this issuance is China International Capital Corporation, with designated representatives [4].

Core Viewpoint - The article emphasizes that the high-quality development of the capital market will provide critical support for the "14th Five-Year Plan" period, enabling Chinese securities firms to embark on a journey towards becoming first-class investment banks [9][10]. Group 1: High-Quality Development of Capital Markets - The capital market is positioned as a crucial hub for modern economy and finance, facilitating precise resource allocation to strategic sectors, promoting technological innovation, and enhancing wealth accumulation for residents [3][4]. - The "14th Five-Year Plan" highlights the need for a financial powerhouse, advocating for the development of technology finance, green finance, inclusive finance, pension finance, and digital finance [3][4]. - The focus during the "14th Five-Year Plan" will be on three main directions: the dual expansion of quality assets and funds, steady advancement of high-level institutional openness, and continuous optimization of market ecology under strong regulation [4][5]. Group 2: Asset and Fund Expansion - The article notes that the demand for quality investment and financing tools will continue to grow, with a focus on nurturing a group of quality listed companies and enhancing the direct financing of equity and bonds [5][6]. - Specific measures include deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, improving the identification and pricing mechanisms for technology innovation enterprises, and developing private equity and venture capital funds [5][6]. Group 3: High-Level Institutional Openness - The article discusses the ongoing emphasis on openness in China's capital market, with significant achievements during the "13th Five-Year Plan" period, such as the removal of foreign ownership limits and the optimization of the Qualified Foreign Institutional Investor system [6][7]. - The "14th Five-Year Plan" aims to further expand institutional openness, supporting the coordinated development of onshore and offshore markets and enhancing the international competitiveness of China's capital market [6][7]. Group 4: Regulatory Environment - The article highlights that a precise and efficient regulatory framework is essential for the stable operation of the capital market, with a focus on enhancing financial regulation and risk prevention mechanisms [7][8]. - The "14th Five-Year Plan" proposes a comprehensive strengthening of financial regulation, emphasizing the need for collaboration between central and local regulatory bodies [7][8]. Group 5: Opportunities for Securities Firms - The high-quality development of the capital market is expected to provide significant opportunities for Chinese securities firms, enabling them to transform their business models and expand their operational scope [9][10]. - The article suggests that the dual expansion of quality assets and funds will drive the transformation of securities firms, while high-level openness will help them break through local boundaries [9][10].

Core Viewpoint - Securities firms are optimistic about the industry outlook for 2026, focusing on valuation recovery and structural opportunities, with a shift in market drivers from valuation to earnings fundamentals [2][4]. Group 1: Industry Development Trends - The securities industry is expected to see core growth areas in wealth management, investment banking, internationalization, and technology empowerment [2]. - Wealth management is entering an upward trend, with strong new account openings and record-high financing balances, while A-share daily trading volume is projected to stabilize at 2 trillion yuan [2]. - The construction of product platforms is crucial for the transformation of wealth management, requiring alignment of product supply and sales channels [2]. Group 2: International Business Development - Developing international business is essential for securities firms to become leading investment banks, driven by increasing demand from overseas investors for Chinese assets [3]. - The international business revenue of securities firms has seen significant growth, with historical highs in the first half of 2025, supported by strong cross-border investment demand [3]. - The focus on AI technology applications and cross-border business will enhance service efficiency and asset pricing capabilities, helping to escape the homogenization of competition [3]. Group 3: Valuation Recovery Potential - The current valuation of the securities sector remains relatively low, with a projected net asset return of around 7.2% for 2026, indicating significant room for valuation recovery [4]. - The capital market is undergoing profound changes, with increased attractiveness of equity assets in a low-interest-rate environment, suggesting a positive development cycle ahead [4]. - Improved liquidity and favorable policies are expected to further enhance the valuation of securities stocks as the market improves [5]. Group 4: Investment Opportunities - The securities sector is anticipated to undergo a reshaping of its landscape, with a focus on leading firms with international capabilities and comprehensive service advantages [5]. - Mid-sized and large securities firms that can achieve leapfrog development through mergers and acquisitions are also expected to present investment opportunities [5].

Market Performance - On November 13, the securities sector rose by 1.03%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 13.12, up 4.13% with a trading volume of 729,200 shares and a turnover of 938 million [1] - Huaxi Securities (002926) closed at 66.6, up 2.67% with a trading volume of 485,400 shares [1] - Zhongyin Securities (601696) closed at 13.86, up 2.67% with a trading volume of 549,300 shares [1] - Huatai Securities (601688) closed at 22.84, up 2.42% with a trading volume of 1,895,800 shares [1] - Other notable stocks include Guangfa Securities (000776) and Dongfang Fortune (300059), which also saw increases in their closing prices [1] Capital Flow Analysis - The securities sector experienced a net inflow of 328 million from institutional investors, while retail investors saw a net outflow of 124 million [1] - Dongfang Fortune (300059) had a significant net inflow of 460 million from institutional investors, despite a net outflow of 309 million from retail investors [2] - Dongxing Securities (601198) saw a net inflow of 126 million from institutional investors, with retail investors showing a net outflow of 14.89% [2]