Xin Lang Cai Jing·2025-12-31 08:52Core Viewpoint - The report highlights the achievements and strategic initiatives of CITIC Securities in 2025, emphasizing its role in supporting the modernization of the industrial system and contributing to high-quality economic development through various financial services [3][81]. Group 1: IPO and Underwriting Achievements - CITIC Securities ranked second in the market for IPO underwriting scale in 2025, successfully sponsoring four of the top ten IPOs in the market [5][83]. - The company sponsored the first A-share natural uranium stock, China Uranium Industry, which filled a gap in the A-share uranium and radioactive mineral resources sector [6][84]. - CITIC Securities successfully sponsored the IPO of Zhongce Rubber, raising 4.066 billion yuan, solidifying its position as a leading player in the Chinese tire market [8][86]. - The company also sponsored Tian You Wei's IPO, raising 3.740 billion yuan, making it the leading domestic supplier of automotive instruments and intelligent cockpits [9][87]. - Strong Yi Co., the first A-share probe card company, was successfully listed on the Sci-Tech Innovation Board, breaking the monopoly of foreign manufacturers [10][88]. Group 2: Major Asset Restructuring - CITIC Securities completed 12 major asset restructuring projects, ranking first in the market with a total transaction amount of 104.8 billion yuan, and second in terms of transaction scale [12][90]. - The company served as an independent financial advisor for China Shipbuilding's acquisition of China Shipbuilding Industry Corporation, which was the largest licensed merger and restructuring project in A-share history [12][90]. - The restructuring of Saily's acquisition of a global benchmark smart electric vehicle digital factory amounted to 8.164 billion yuan, marking the first A-share merger and restructuring project in the new energy vehicle industry after the "Six Merger" policy was released [13][91]. - The restructuring of Yuanda Environmental Protection, with a transaction scale of 27.2 billion yuan, was a significant move in implementing the national energy strategy [15][93]. Group 3: Bond Issuance and Financial Services - CITIC Securities underwrote over 5,000 bonds, with a total underwriting scale exceeding 1.7 trillion yuan, ranking first in the market [17][95]. - The company acted as the lead underwriter for Geely Holding Group's technology innovation corporate bonds, raising funds for strategic transformation and upgrades [18][96]. - The issuance of technology innovation bonds by the Industrial and Commercial Bank of China, totaling 20 billion yuan, was the largest scale of technology innovation bonds since the establishment of the "Technology Board" [106][106]. Group 4: Support for Technological Innovation - CITIC Securities sponsored the IPO of Angrui Micro, a leading domestic RF and analog manufacturer, which achieved large-scale production of its 5G L-PAMiD high-integration module products [20][98]. - The company also sponsored the IPO of Hengkang New Materials, the first A-share company focused on integrated circuit photolithography materials, breaking the foreign monopoly on key materials for 12-inch integrated circuits [22][100]. - The acquisition of Hengsu Huawai by Huahai Chengke, which became the second-largest global supplier of semiconductor epoxy encapsulants, was facilitated by CITIC Securities [23][101]. Group 5: Green Finance Initiatives - CITIC Securities supported the issuance of dual-currency green bonds by China Resources Land, raising 4.3 billion yuan and 300 million USD [39][117]. - The company facilitated the issuance of green bonds by the Hefei Rail Transit Group, which is the first rail asset REIT project in the country [40][119].