First, first, first... Whenever CITIC Securities Company Limited (SH: 600030) is mentioned, it is invariably accompanied by a string of "number ones." It was the first domestic securities firm to surpass one trillion yuan in total assets, and it has ranked first in the industry for both revenue and net profit for many consecutive years. Its investment banking, wealth management, asset management, and financial market businesses have maintained market-leading positions for years. And the disclosure of operating results for the first half of 2026 delivered yet another round of "number one" achievements.

During the first half of the year, the company ranked first in the market for domestic equity financing, domestic debt financing, and M&A transactions in the Chinese market. It also ranked first among Chinese-funded securities firms in the underwriting scale of Chinese offshore bonds, and it led the market in the scale of completed global M&A deals for Chinese enterprises.

Worth highlighting is CITIC Securities' approach in the fintech sector. Using "investment + investment banking + research" as its engine, the firm has implemented a four-dimensional fintech practice covering expanded supply, extended services, deepened chains, and enriched scenarios. This approach delivers high-quality, differentiated, full-lifecycle integrated financial services to tech-innovative enterprises at various stages of development.

More importantly, while further consolidating its competitive edge, CITIC Securities has put forward three core strategic directions—"improve quality and efficiency, strengthen competitiveness, expand internationally." These are designed to benchmark comprehensively against global investment banks in terms of global networks, ecosystems, and product systems, as it advances toward its vision of becoming an "internationally first-class Chinese investment bank."

Leading Fundamentals Behind Multiple "Number One" Rankings

As shown in the interim report for the first half of 2026, CITIC Securities continued to hold its market-leading position. As of the end of June, its total assets reached 2.47 trillion yuan, an increase of 388.026 billion yuan, or 18.64%, compared with the end of 2025.

On the operating front, the company reported first-half operating revenue of 49.692 billion yuan, ranking first in the market, up 50.00% year-on-year. Net profit attributable to shareholders reached 23.343 billion yuan, also ranking first, up 69.60% year-on-year. Basic earnings per share stood at 1.53 yuan, up 71.91%, while the weighted average return on equity was 7.81%, an increase of 2.88 percentage points year-on-year.

All major business segments showed upward momentum. Brokerage business generated revenue of 13.142 billion yuan, up 41.02%. Asset management revenue reached 8.003 billion yuan, up 33.00%. Securities investment business contributed 19.854 billion yuan, up 36.96%, while securities underwriting revenue rose 41.92% to 2.914 billion yuan.

CITIC Securities' investment banking business maintained its leading position within the industry. In the first half of 2026, the company ranked first in the market for domestic equity financing, domestic debt financing, and M&A business in the Chinese market. Specifically, it completed 40 A-share lead underwriting projects with a total underwriting scale of 146.766 billion yuan, capturing a 30.56% market share. It served as the sole sponsor for the IPO of Lianxun Instrument, the "first stock for AI optical interconnect testing equipment," and for the largest cash private placement in the A-share market during the period for Air China.

The company underwrote 3,004 domestic bonds totaling 1.17 trillion yuan, representing 7.22% of the total market underwriting scale and 13.92% of the total underwriting scale by securities firms. It ranked first among peers in underwriting scales for financial bonds, corporate bonds, National Association of Financial Market Institutional Investors products, asset-backed securities, sci-tech innovation bonds, green bonds, and panda bonds.

In the M&A arena, CITIC Securities completed 24 transactions in the Chinese market with a combined deal value of 266.238 billion yuan, ranking first. This included seven major A-share asset restructuring deals totaling 215.822 billion yuan, commanding a 54.80% market share. Notable transactions included China Shenhua's private placement to acquire stakes in 13 companies including Guoyuan Electric Power, and SPIC Industry & Finance's private placement to acquire a 100% stake in SPIC Nuclear Power.

Its international expansion has also been noteworthy. In the first half of 2026, CITIC Securities completed 44 offshore equity projects with underwriting proceeds of US$4.218 billion. This included 31 Hong Kong IPO projects and 11 follow-on offerings with combined underwriting proceeds of US$4.105 billion. In debt underwriting, it completed 96 Chinese offshore bond projects with underwriting proceeds of US$1.988 billion, holding a 3.65% market share and ranking first among Chinese-funded brokers. Significant projects included offshore bonds for Tencent Holdings, Kuaishou Technology, and JD.com. The firm also completed projects such as Chubb Insurance's offshore RMB bonds and Natixis' panda bonds.

During the same period, CITIC Securities completed 28 global M&A projects for Chinese enterprises with a transaction value of US$22.875 billion, including cross-border deals such as Bain Capital's sale of Chindata Group's China business and Investcorp's sale of Shandong Jianuo.

Alongside sustained steady growth in operating results, CITIC Securities has maintained generous dividend payouts. On August 21, 2026, it announced its 2026 interim profit distribution plan, proposing a cash dividend of 4.27 yuan (pre-tax) per 10 shares, totaling 6.672 billion yuan (pre-tax), representing 29.39% of interim net profit attributable to shareholders. This marks the third consecutive year of interim dividends, with this period's payout up 55.23% year-on-year, further reinforcing the stability and predictability of its dividend policy. Since its A-share listing in 2003, the company has paid cash dividends for 24 consecutive years, with cumulative dividends exceeding 99 billion yuan, placing its payout ratio among the highest in the securities industry.

Four-Dimensional Tech-Finance Services Supporting the National Strategy for a Strong Science and Technology Sector

CITIC Securities' responsibilities extend well beyond steady profitability and generous dividends; they are also reflected in its dedicated service to the national strategy of building a strong science and technology sector. Leveraging its function as a direct financing "service provider" and a key "gatekeeper" of the capital markets, the company has strengthened its business layout in new technologies, new industries, and new business models. It provides more efficient financing support for new-quality productive forces enterprises and supports technology-driven companies through direct equity investments and private equity funds.

As outlined, CITIC Securities uses "investment + investment banking + research" as its engine and implements a four-dimensional fintech practice encompassing expanded supply, extended services, deepened chains, and enriched scenarios to provide high-quality, differentiated, full-lifecycle integrated financial services for sci-tech enterprises at varying stages of development.

The first dimension—expanding the supply of fintech services—places support for technological innovation and expanded financial supply at the forefront, directing increased capital to key areas of technological innovation through a higher volume of supply. Public data shows that from 2024 through June 2026, CITIC Securities made direct investments exceeding 21.8 billion yuan in technology companies in the primary market through equity investments and private equity funds, with more than 80% of its investments directed to tech firms. It completed 25 IPO projects on the STAR Market, ChiNext, and the Beijing Stock Exchange, with underwriting proceeds of 33.1 billion yuan, ranking first in the market. It also underwrote 1,254 bonds in the technological innovation sector, raising 474.4 billion yuan, ranking first in the industry.

The second dimension—broadening the coverage of fintech services—focuses on "hard tech," "three innovations and four newnesses," and "little giant" specialized and sophisticated enterprises. The company leverages its integrated financial services to accelerate the growth of technological innovation companies. In recent years, it has completed Hong Kong listings for Lens Technology, Luxshare Precision, and Longsys Electronics; a US$5.6 billion H-share placement for BYD; comprehensive financial services for United Imaging Healthcare; and STAR Market listings for Unitree Robotics, Moore Threads, Insta360, Scantech, Xi'an Yicai, and Enflame Technology. It also assisted YMTC in filing its IPO application, which was accepted for review, and actively expanded its fintech service coverage through sci-tech innovation bond underwriting and comprehensive sci-tech bond ETF services.

The third dimension—extending the fintech value chain—involves, on one hand, reinforcing its investment direction and stage focus on "investing early, investing small, investing long-term, and investing in hard technology." It has increased its investment layout in more frontier technology sectors such as semiconductors, artificial intelligence, and aerospace, investing in representative new-quality productive forces enterprises like Unitree Robotics and MetaX. The core of its investment value proposition centers on technological advancement and team leadership, with a greater focus on supporting long-term breakthroughs in key technology R&D. On the other hand, it actively promotes the integration of strategic emerging industries, leveraging its transaction matching and professional services capabilities. It has completed a series of benchmark M&A projects, including the full listing of AVIC Chengdu Aircraft, China Electronics Technology's issuance of shares to acquire assets, Haohua Technology's acquisition of Syngenta Lantian, and Mindray Medical's acquisition of Hytera Medical, providing strong support for strengthening and extending the industrial chains of tech enterprises.

The fourth dimension—enriching fintech scenarios—involves CITIC Securities launching its "AI+" strategy, using technology as a "productivity tool" to empower various fintech operations. Internally, it has introduced a series of AI applications, including "Super Researcher" and "Listed Company Business Assistant Capital-Link," which support multiple fintech business scenarios such as investment research, intelligent marketing, intelligent customer service, bond financing, risk management, and intelligent office operations. These initiatives drive the company's digital transformation and enhance its fintech service capabilities.

Three Major Measures Anchored on "International First-Class" Ambition

As a key financial intermediary, CITIC Securities not only serves the national strategy for a strong science and technology sector but also bears the mission of playing a leading role in the industry within the broader strategy of building a strong financial nation and accelerating the development of internationally first-class investment banks. Currently, "accelerating the building of a strong financial nation" has been incorporated into the 15th Five-Year Plan, and regulators have explicitly supported high-quality leading institutions in becoming stronger and larger. Meanwhile, two-way opening of the capital markets is steadily advancing. Against this backdrop, the securities industry is accelerating its shift from competing on "quantity" to competing on "quality," with differentiated, specialized, and globalized development emerging as the prevailing trend.

Practice has proven that over more than three decades, CITIC Securities has evolved from a small- and medium-sized broker into a leading domestic securities firm with comprehensive strength, maintaining top-tier profitability and further consolidating its core competitive advantages. Yet the company is clearly aware of its own position: "Compared with international first-class investment banks, the company still lags in asset scale, profitability, the variety of products and services, global footprint, and innovation capability, and must continue to strive and catch up."

In response to the current competitive landscape, CITIC Securities has proposed three core initiatives—"improve quality and efficiency, strengthen competitiveness, expand internationally"—to further consolidate its market competitive advantages.

On "improving quality and efficiency," the approach is to drive value creation through functional performance. The company will promote deeper integration between its institutional functions and client services, precisely target new-quality productive forces, continuously broaden client reach and deepen client engagement, build an integrated comprehensive service system, and solidify its client base through full-lifecycle services.

On "strengthening competitiveness," the focus is on enhancing capital returns through a balanced approach to asset-heavy and asset-light operations. The company will maintain balanced development between light-capital and heavy-capital businesses, expanding asset-light segments such as investment banking, wealth management, and asset management, and building differentiated competitiveness through professional service capabilities and client resources. It will also pursue high-quality development of its capital-intensive businesses, diversify trading strategies, increase the share of non-trend income, strengthen its ability to withstand market cyclical fluctuations, improve capital efficiency, and drive steady improvement in its ROE.

On "expanding internationally," the strategy is to broaden the space for value growth through a global footprint. CITIC Securities is transitioning from relying primarily on the domestic market to a dual-engine model driven by both domestic and international operations. In the first half of 2026, its business spanned 13 countries and covered more than 60 major financial markets, with international business revenue contribution rising to 23.72%. The revenue growth rate and profitability levels of its international operations both exceeded those of its domestic business, demonstrating strong growth potential and value-creation capability.

Notably, in the recent period, CITIC Financial Holdings completed a 16 billion yuan H-share private placement in CITIC Securities, with the first tranche of 10 billion yuan completed in August. This will effectively ease capital constraints on overseas business development, further strengthen the capital base for international expansion, and better position the company to compete with global investment banks.