**Reflection of Capital Market Recovery**

On the evening of August 28, China's leading securities firm CITIC Securities disclosed its half-year report. The announcement showed that in the first half of 2025, operating revenue reached 33.039 billion yuan, up 20.44% year-on-year; net profit attributable to shareholders was 13.719 billion yuan, up 29.80% year-on-year; and basic earnings per share stood at 0.89 yuan per share.

Analysis of this half-year report reveals that CITIC Securities' investment business became the "top priority" for profitability.

**Enhanced Profitability Across Core Business Lines**

In the first half of 2025, CITIC Securities achieved operating revenue of 33.039 billion yuan, up 20.44% year-on-year. Among the business segments, brokerage business generated revenue of 9.319 billion yuan, up 21.11% year-on-year; asset management business achieved revenue of 6.017 billion yuan, up 22.32% year-on-year; securities investment business realized revenue of 14.497 billion yuan, up 8.15% year-on-year; securities underwriting business generated revenue of 2.054 billion yuan, up 19.16% year-on-year; and other businesses achieved revenue of 1.152 billion yuan.

In terms of profitability, CITIC Securities' various business segments showed different performance levels in the first half of the year.

Securities investment business recorded the highest operating profit margin at 74.26%, significantly outperforming other segments and demonstrating its dominant position in the company's overall profit structure. Asset management and brokerage businesses both maintained profit margins around 39%, representing mid-tier levels and reflecting their stable "cash cow" characteristics. Securities underwriting business, limited by its operating model and issuance rhythm, achieved a profit margin of 21.94%, but as the crown jewel among all business lines, it still holds important driving value.

Overall, the company's profit sources mainly depend on high returns from investment business, while relying on stable contributions from brokerage and asset management businesses, jointly supporting an overall operating profit margin of 53.52%.

**Investment Income Doubles**

In the first half of 2025, CITIC Securities' investment income performance was outstanding, becoming the core driver of overall results. The interim report disclosed that investment income reached 20.899 billion yuan in the first half, compared to 9.21 billion yuan in the same period last year, representing a substantial increase of 126.9%.

The company explained that this was mainly due to increased investment income from holding and disposing of financial instruments. This demonstrates from another perspective the importance of comprehensive business capabilities for a leading securities firm. Typically, a large securities firm has multiple teams and focuses on various asset classes in proprietary investment, including directional active equity and fixed income investments, as well as relatively neutral derivatives investment and arbitrage businesses.

**Huaxia Fund Data Revealed**

As a public fund controlled by CITIC Securities, Huaxia Fund continued to maintain its absolute advantage in the public fund industry in the first half of this year. Its equity ETF scale maintained the industry's leading position, money market fund scale achieved rapid growth, and it actively promoted the three-pillar pension business.

As of the end of June this year, Huaxia Fund's headquarters managed assets totaling 2.85 trillion yuan. Among these, public fund management scale reached 2.1 trillion yuan, and institutional and international business asset management scale was 749.285 billion yuan.

**Investment Banking Performance Results**

The interim report disclosed that in the first half of 2025, CITIC Securities completed 36 A-share lead underwriting projects with an underwriting scale (cash and asset categories) of 148.528 billion yuan, capturing a market share of 19.19% and ranking first in underwriting scale.

CITIC Securities underwrote 2,821 domestic bonds with an underwriting scale of 1.04 trillion yuan, up 11.61% year-on-year, accounting for 6.65% of the total market underwriting scale and 14.15% of securities companies' total underwriting scale.

The company completed 6 A-share major asset restructuring transactions with a transaction scale of 37.005 billion yuan, capturing a market share of 16.09% and ranking first in the number of transactions.

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