大赚近130%！中金公司“秀肌肉”

Core Viewpoint - The report highlights the significant growth in CICC's financial performance for the first three quarters of 2025, driven by robust business lines and strategic alignment with national policies [1][2]. Financial Performance - CICC achieved operating revenue of 20.761 billion yuan, a year-on-year increase of 54.36% [1][2]. - The net profit attributable to shareholders reached 6.567 billion yuan, reflecting a year-on-year growth of 129.75% [1][2]. - The weighted average return on equity (ROE) rose to 6.29%, an increase of 3.65 percentage points compared to the previous year [1][2]. Quarterly Breakdown - In Q3, CICC reported operating revenue of 7.93 billion yuan, a substantial year-on-year increase of 74.78% [2]. - The net profit attributable to shareholders for Q3 was 2.236 billion yuan, showing a remarkable year-on-year growth of 254.93% [2]. - Compared to Q2, Q3 revenue increased by 11.62% [2]. Business Line Performance - CICC's investment banking business showed significant advantages, with net income from investment banking fees reaching 2.940 billion yuan, a year-on-year increase of 42.55% [3]. - The brokerage business benefited from favorable market conditions, with net income from brokerage fees at 4.516 billion yuan, up 76.31% year-on-year [4]. - Asset management business also performed well, with net income from asset management fees at 1.062 billion yuan, a year-on-year growth of 26.61% [4]. Strategic Initiatives - CICC has been actively supporting high-level opening-up and initiatives like the Belt and Road, contributing to the internationalization of the RMB [4]. - The company has made strides in international business development, achieving notable successes in various sectors [3]. Shareholder Composition - The report noted the presence of Brunei Investment Agency and Allianz Insurance Asset Management products among CICC's top ten shareholders, indicating growing institutional interest [5]. - As of the end of Q3, Brunei Investment Agency held 10.3183 million shares, representing 0.21% of the total shares [5]. - Allianz's two products held 9.576 million shares, accounting for 0.2% [5].