中信证券，重磅发声

Core Viewpoint - The merger and restructuring of brokerages present both challenges and opportunities for CITIC Securities, emphasizing the need to maintain strategic focus amidst competitive pressures [1] Financial Performance - In 2024, CITIC Securities achieved revenue of 63.789 billion yuan, a year-on-year increase of 6.20%, and a net profit attributable to shareholders of 21.704 billion yuan, up 10.06% [2] - Total assets reached 1.710711 trillion yuan, growing by 17.71%, while net assets attributable to shareholders increased by 9.03% to 293.109 billion yuan [2] Understanding of a First-Class Investment Bank - The core understanding of a first-class investment bank includes eight key aspects: serving national strategies, prioritizing people-centered values, having a comprehensive business system, a strong global client network, secure financial infrastructure, strong resource allocation and risk management capabilities, robust profitability, and an excellent corporate culture [3] International Development - CITIC Securities' international business reported revenue of 2.26 billion USD and net profit of 530 million USD in 2024, reflecting growth of 41% and 116% respectively [4] - The company aims to enhance its global business layout and cross-border financial services, focusing on three main areas: serving capital market openness, improving Hong Kong business competitiveness, and enhancing cross-border service levels [5] Value Creation and Market Management - The company emphasizes value creation for shareholders and has implemented a mid-year dividend policy, distributing a total of 3.557 billion yuan in cash dividends [6] - CITIC Securities aims to balance internal growth and external expansion while solidifying its domestic leadership and strengthening international operations [6] Future Vision - The vision for CITIC Securities is to become the most trusted domestic leader and international first-class Chinese investment bank, focusing on three core functions: direct financing service provider, capital market gatekeeper, and social wealth manager [7]