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2025 年半年度報告（A股），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8月29日 於本公告日期 ，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 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。 2025 半年度报告 中國國際金融股份有限公司 （ 于中华人民共和國註冊成立的股份有限公司 ） 股份代號：601995 中国国际金融股份有限公司 半年 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a net profit growth of nearly 50%, driven primarily by self-operated and brokerage businesses [1] - The company reported a total revenue of 137.5 billion yuan in H1 2025, with an adjusted year-on-year increase of 37.7% and a net profit of 64.9 billion yuan, reflecting a year-on-year growth of 47.9% [7] - The brokerage business saw significant revenue growth, with a 45.3% year-on-year increase, contributing to 26.7% of total revenue [7] - Investment income (including fair value) reached 74.0 billion yuan, up 50.2% year-on-year, indicating strong performance in proprietary trading [7] - The investment banking business revenue increased by 18.9% year-on-year, with a notable recovery in equity underwriting [7] - The asset management business maintained growth, with revenue increasing by 17.5% year-on-year [7] - The report projects net profits for 2025-2027 to be 130 billion, 140 billion, and 149 billion yuan respectively, with a year-on-year growth of 30%, 7%, and 7% [7] Financial Summary - For 2025, the company is expected to generate total revenue of 27.706 billion yuan, a decrease of 21.89% year-on-year, while net profit is projected at 13.041 billion yuan, reflecting a growth of 30.01% [1] - The latest diluted EPS is forecasted to be 1.19 yuan for 2025, with a P/E ratio of 13.31 [1] - The company's total assets are projected to reach 762.203 billion yuan by 2025, with a debt-to-asset ratio of 81.56% [6][16]

Core Viewpoint - CITIC Securities reported strong half-year performance for 2025, achieving a revenue of 33.04 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 13.72 billion yuan, up 29.80%, marking the best mid-year performance in its history [1] Group 1: Financial Performance - Total assets reached 1.81 trillion yuan, an increase of 5.67% compared to the end of the previous year [1] - Net assets attributable to shareholders amounted to 305.43 billion yuan, growing by 4.20% from the end of last year [1] Group 2: A-Share Market Insights - The A-share market has shown resilience and increased activity due to government policies aimed at stabilizing and invigorating the capital market [2] - Daily trading volume and turnover have significantly increased year-on-year, with the total market capitalization of listed companies surpassing one trillion yuan [2] Group 3: Investment Strategy - The company adheres to a customer-driven asset allocation philosophy, focusing on long-term and value investments while maintaining a prudent approach to risk management [3][4] - The investment portfolio primarily consists of financing, fixed income, and stocks that hedge client demand, resulting in favorable asset allocation outcomes [3] Group 4: Stock Cost and Management - The decline in stock cost is attributed to the maturity of certain perpetual bond holdings and a decrease in the scale of stock return swap transactions [5] - The company plans to continue proactive risk management and adjust asset allocation strategies in response to market changes to ensure stable returns [5] Group 5: Profit Distribution - The board approved a mid-term profit distribution plan, proposing a cash dividend of 2.90 yuan per 10 shares, totaling 4.298 billion yuan, which represents 32.53% of the net profit attributable to shareholders [7][8] - This marks the second consecutive year of mid-term dividends, with the payout amount increasing from 2.40 yuan to 2.90 yuan per 10 shares, reflecting a year-on-year growth of over 20% [8] Group 6: International Strategy - CITIC Securities has strengthened its international strategy, achieving revenue of 1.49 billion USD in the first half of 2025, a 53% increase, and a net profit of 390 million USD, up 66% [9] - The company aims to become the preferred investment bank for Chinese clients "going out" and foreign clients "coming in," enhancing its global business footprint and cross-border financial services [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved significant growth in net profit attributable to shareholders, driven primarily by its proprietary trading and brokerage segments [7] - The report highlights a robust increase in total revenue and net profit for the first half of 2025, with total revenue reaching 3.86 billion yuan, up 44.3% year-on-year, and net profit attributable to shareholders at 1.11 billion yuan, up 144.2% year-on-year [7] - The brokerage business saw a substantial revenue increase of 56.7%, benefiting from active market trading, while investment income also rose significantly by 71.5% [7] Financial Performance Summary - Total revenue projections for the company are as follows: 6,730 million yuan in 2023, 6,664 million yuan in 2024, and an estimated 7,853 million yuan in 2025, reflecting a year-on-year growth of 17.39%, -0.98%, and 17.84% respectively [1] - Net profit attributable to shareholders is projected to be 1,718 million yuan in 2023, 1,670 million yuan in 2024, and 2,414 million yuan in 2025, with year-on-year growth rates of 43.41%, -2.80%, and 44.51% respectively [1] - The report anticipates earnings per share (EPS) to be 0.46 yuan in 2023, 0.45 yuan in 2024, and 0.65 yuan in 2025 [1] Business Segment Performance - The brokerage segment contributed 32.2% to total revenue, with a notable increase in trading volume leading to higher income [7] - Investment banking revenue decreased by 13.8%, with a significant drop in equity underwriting but a strong performance in bond underwriting, which increased by 40.8% [7] - Asset management revenue grew by 45.2%, with total asset management scale reaching 161 billion yuan, up 7.2% from the beginning of the year [7] Market Position and Outlook - The company is expected to benefit from ongoing capital market reforms and a gradual economic recovery, with a slight increase in market share in the brokerage sector [7] - The report projects net profit attributable to shareholders for 2025-2027 to be 2,414 million yuan, 2,563 million yuan, and 2,781 million yuan respectively, indicating a growth trajectory [7]

Core Viewpoint - The report highlights that despite a high base effect, the company is expected to achieve single-digit growth in performance for the second half of 2025, with a "buy" rating maintained for the stock [1][3]. Financial Performance - In the first half of 2025, the company reported operating revenue of 10.52 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 5.19 billion yuan, also up 9.2% year-on-year [1]. - The second quarter saw operating revenue of 5.81 billion yuan, reflecting a year-on-year increase of 9.6% and a quarter-on-quarter increase of 23.2% [1]. - The company's earnings per share (EPS) stood at 0.56 yuan, with a return on equity (ROE) of 4.2%, up 0.1 percentage points year-on-year [1]. Business Segments - The brokerage business experienced significant growth, with revenue reaching 3.73 billion yuan in the first half of 2025, a year-on-year increase of 44.9%, accounting for 36% of total operating revenue [1]. - The investment banking segment saw a substantial increase in revenue, totaling 400 million yuan, up 41.4% year-on-year, with a main underwriting scale of 24.74 billion yuan, a 107% increase [2]. - Asset management revenue also rose to 440 million yuan, reflecting a year-on-year increase of 29.3%, although the total asset management scale decreased by 16.1% to 253.5 billion yuan [2]. Market Activity - The average daily trading volume in the market increased by 63.3% year-on-year to 1.5703 trillion yuan [1]. - The company's margin financing and securities lending balance remained stable at 95.3 billion yuan, maintaining a market share of 5.2% [1]. Future Outlook - The company has adjusted its profit forecast upwards, expecting net profits of 12.5 billion yuan, 13.1 billion yuan, and 14 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21%, 4%, and 7% [3]. - The report emphasizes that ongoing capital market reforms and a gradual economic recovery will benefit larger brokerages, enhancing their risk management capabilities and allowing them to better capitalize on policy dividends [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant improvement in Q2 performance, with a year-on-year revenue increase of 9.6% and a net profit increase of 9.2% [8] - The company is expected to experience single-digit growth in the second half of the year due to a high base effect [1] - The report highlights a strong performance in brokerage and investment banking services, driven by increased market activity and a recovery in refinancing [8] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 25,213 million yuan, representing a year-on-year growth of 20.68% [1] - The net profit attributable to shareholders is expected to reach 12,516 million yuan in 2025, with a year-on-year growth of 20.51% [1] - The earnings per share (EPS) for 2025 is forecasted at 1.44 yuan, with a price-to-earnings (P/E) ratio of 13.42 [1] Business Segment Performance - Brokerage business revenue for the first half of 2025 was 37.3 billion yuan, up 44.9% year-on-year, accounting for 36% of total revenue [8] - Investment banking revenue increased by 41.4% year-on-year, with a significant rise in equity underwriting [8] - Asset management revenue also saw a 29.3% increase year-on-year, although the total asset management scale decreased by 16.1% [8] Market Position and Outlook - The company maintains a strong market position with a market share of 5.2% in margin financing [8] - The report anticipates continued benefits from capital market reforms and a gradual economic recovery, enhancing the company's risk management capabilities [8]

Core Insights - CITIC Securities reported a revenue of approximately 33.04 billion yuan for the first half of 2025, representing a year-on-year growth of 20.44% [1] - The net profit attributable to shareholders reached approximately 13.72 billion yuan, with a year-on-year increase of 29.8% [1] Revenue Breakdown - Brokerage business generated approximately 9.32 billion yuan, up 21.11% year-on-year [1] - Asset management business achieved revenue of about 6.02 billion yuan, growing by 22.32% year-on-year [1] - Securities investment business reported revenue of approximately 14.50 billion yuan, reflecting an 8.15% year-on-year increase [1] - Securities underwriting business earned about 2.05 billion yuan, with a year-on-year growth of 19.16% [1] - Other businesses contributed approximately 1.15 billion yuan [1] Financial Position - As of June 30, 2025, CITIC Securities' total assets exceeded 1.8 trillion yuan, marking a year-on-year growth of 5.67% [1] - The net assets attributable to shareholders surpassed 300 billion yuan, with a year-on-year increase of 4.2% [1] Market Context - The company noted that the Chinese capital market reforms are deepening, with improved mechanisms for long-term funds such as insurance and pension funds entering the market [1] - The normalization of market stabilization mechanisms is enhancing the effectiveness of services for technological innovation and the real economy [1] - There is an increasing focus on investor returns from listed companies [1] Company Valuation - CITIC Securities is the largest company by market capitalization in the A-share securities sector, with a total market value exceeding 466.8 billion yuan as of the close on August 28 [2]

Group 1 - The Ministry of Finance and the State Taxation Administration announced a halving of the securities transaction stamp duty starting from August 28, 2023, to boost investor confidence and activate the capital market [1] - The cumulative reduction in stamp duty for investors is estimated to exceed 250 billion yuan over the two years from September 2023 to July 2025 [1] - The adjustment of the stamp duty has historically played a positive role in reducing transaction costs and stimulating market activity [1] Group 2 - The implementation of the stamp duty reduction has led to increased trading activity in the A-share market, significantly boosting investor confidence [2] - From January to July 2023, the stamp duty revenue reached 2.559 billion yuan, a year-on-year increase of 20.7%, with securities transaction stamp duty at 936 million yuan, up 62.5% [2] - The rapid growth of the stamp duty is attributed to the recovery of capital market value and active trading, reflecting the positive trend in the national economy [2] Group 3 - The significant increase in securities transaction stamp duty indicates a marked rise in trading activity, showcasing the ongoing improvement in China's economy [3] - The impact of the stamp duty reduction is expected to grow as trading volumes and frequencies increase, suggesting continued robust growth in stamp duty revenue [3] - The growth in stamp duty also reflects an optimizing capital market ecosystem and increasing resilience, with enhanced investment confidence anticipated as market reforms deepen [3]

Core Viewpoint - The implementation of a 50% reduction in securities transaction stamp duty aims to activate the capital market and boost investor confidence, with an estimated cumulative reduction of over 250 billion yuan for investors over two years [1]. Group 1: Policy Impact - The reduction in securities transaction stamp duty has significantly enhanced investor confidence and improved market expectations, leading to increased efficiency in capital market resource allocation [1]. - The policy, along with other reforms such as lowering the minimum settlement reserve ratio for stock-related businesses and reducing transaction fees, has collectively driven higher market trading activity [2]. Group 2: Financial Data - From January to July 2023, the total stamp duty collected was 255.9 billion yuan, a year-on-year increase of 20.7%, with securities transaction stamp duty reaching 93.6 billion yuan, up 62.5% year-on-year [2]. - In July 2023 alone, the securities transaction stamp duty amounted to 15.1 billion yuan, reflecting a year-on-year growth of 125% and a month-on-month increase of 29% [2]. Group 3: Economic Context - The significant growth in securities transaction stamp duty indicates a marked increase in trading activity, reflecting the ongoing improvement in China's economy [3]. - The reduction in stamp duty is expected to further enhance its impact as trading volumes and frequencies increase, suggesting a continued rapid growth trajectory for the stamp duty [3].

Group 1 - The core viewpoint of the articles highlights the positive performance of the CSI 500 Quality Growth Index and its constituent stocks, indicating a favorable market outlook for A-shares driven by various supportive factors [1][2]. - The CSI 500 Quality Growth ETF has seen a significant increase in scale, reaching 505 million yuan, marking a recent high, with a notable growth of 9 million shares in the past two weeks [1][2]. - The top ten weighted stocks in the CSI 500 Quality Growth Index account for 20.47% of the index, with notable performers including East Wu Securities and Kaiying Network [2][4]. Group 2 - The positive changes in domestic fundamentals, liquidity, and overseas liquidity are identified as key pillars for the market's upward trend, with all three factors currently showing improvement [2]. - The CSI 500 Quality Growth Index is composed of 100 stocks selected for their high profitability, sustainable earnings, and strong cash flow, providing diverse investment options for investors [2]. - The recent inflow of 12.65 million yuan into the CSI 500 Quality Growth ETF over the last ten trading days reflects growing investor interest [1].