On September 24, major news emerged from CITIC Securities, the leading brokerage firm. According to reports, CITIC Group's significant personnel adjustment plan has decided to postpone Zhang Youjun's retirement by one year. During this extended period, Zhang Youjun will be assigned to CITIC Securities International to undertake permanent working responsibilities.

Looking back at the development of CITIC Securities International, in 2012, CITIC Securities spent $1.252 billion to complete the acquisition of CLSA, subsequently renaming it CITIC CLSA. In 2015, CITIC Securities further promoted resource integration by merging CITIC CLSA with CITIC Securities International. In 2016, Zhang Youjun personally took charge, serving as Chairman of CITIC Securities International. It wasn't until the second half of 2022 that he handed over this position to Li Chunbo, a member of CITIC Securities' Executive Committee.

According to available information, Zhang Youjun serves as Party Secretary, Executive Director, and Chairman of CITIC Securities. Mr. Zhang joined CITIC Securities when the company was established in 1995 and was appointed as Executive Director and Chairman of CITIC Securities on January 19, 2016. Mr. Zhang previously served as Assistant Manager, Deputy General Manager, General Manager, and Director of the company, General Manager of Changsheng Fund, General Manager and Chairman of CITIC Securities, Director of CITIC Group's Board Office, and Chairman of CITIC Securities International. Mr. Zhang also served as Assistant General Manager of CITIC Group, CITIC Limited and CITIC Corporation, Vice Chairman of CITIC Financial Holdings, and Chairman of China Asset Management. Mr. Zhang obtained a Bachelor's degree in Economics from Renmin University of China in 1987 and a Master's degree in Economics from Central University of Finance and Economics in 1990.

**Zhang Youjun's Compensation Significantly Reduced from 5.04 Million to 2.3 Million Yuan, 2.9 Times the Company's Average Employee Salary**

In 2024, Zhang Youjun's annual salary was 2.3033 million yuan, ranking first among CITIC Securities' directors, supervisors, and senior executives. However, Zhang Youjun's 2024 compensation was less than half of his 2023 annual salary of 5.0472 million yuan, representing a reduction of more than 50%.

Wind data shows that in 2024, the average employee compensation at CITIC Securities was 780,000 yuan, making Zhang Youjun's compensation 2.9 times the company's average employee salary.

Reviewing the 9-year period from 2016 to 2024, Zhang Youjun's cumulative compensation totaled 41.9668 million yuan.

**CITIC Securities' Net Profit Overtaken by Guotai Junan-Haitong, but Market Share Increased**

In recent years, CITIC Securities has maintained its leading position in the securities industry through strong competitiveness centered on proprietary trading business, consistently outpacing most domestic peers across multiple key business areas and maintaining its position at the top of the securities industry.

However, with the accelerating consolidation wave in the securities industry, the competitive landscape is undergoing significant reshaping. The merger between Guotai Junan and Haitong Securities has undoubtedly disrupted the previously stable competitive situation. Under the influence of this industry variable, CITIC Securities, which had long "sat securely" at the top of the industry, has seen its traditional leading advantage challenged, and its position as the industry leader is no longer secure.

In the first half of 2025, Guotai Junan-Haitong's net profit of 15.737 billion yuan exceeded CITIC Securities' net profit of 13.719 billion yuan for the same period. However, Guotai Junan-Haitong's operating revenue of 23.872 billion yuan in the first half remained lower than CITIC Securities' operating revenue of 33.039 billion yuan.

Looking back at 2015, before Zhang Youjun became Chairman of CITIC Securities, securities companies achieved total annual operating revenue of 575.155 billion yuan, with CITIC Securities generating revenue of 56 billion yuan, accounting for 9.736% of the industry's total revenue. In 2015, the securities industry's total annual net profit was 244.763 billion yuan, with CITIC Securities' attributable net profit of 19.7998 billion yuan, representing 8.089% of the industry's net profit.

In the first half of 2025, CITIC Securities' operating revenue was 33.039 billion yuan, while the total revenue of the brokerage industry was 251.036 billion yuan, giving CITIC Securities a revenue market share of 13%. In the first half of 2025, the securities industry achieved a total net profit of 112.280 billion yuan, with CITIC Securities' net profit of 13.719 billion yuan accounting for 12.22% of the industry's net profit.

This means that although CITIC Securities' net profit was overtaken by Guotai Junan-Haitong, compared to before Zhang Youjun assumed the chairmanship, CITIC Securities' share of industry revenue and net profit has increased.