5年狂赚超86亿，中信证券成越秀资本“提款机”

Core Viewpoint - Yuexiu Capital is planning to reduce its stake in CITIC Securities by up to 1% through the secondary market, aiming to realize significant investment gains from its holdings [1][3][12]. Group 1: Investment Gains from CITIC Securities - Yuexiu Capital's investment in CITIC Securities has yielded substantial returns, totaling approximately 8.634 billion yuan from 2020 to mid-2025 [1][4]. - The company plans to sell shares worth about 4.136 billion yuan based on current stock prices, allowing it to convert paper profits into actual cash [1][3]. - The investment in CITIC Securities has been accounted for using the equity method, resulting in most gains being reflected as unrealized profits on the balance sheet [4][10]. Group 2: Recent Investment Activities - Since 2025, Yuexiu Capital has increased its investments in Beijing Holdings and New Energy, with expected one-time gains of approximately 2.022 billion yuan and 298 million yuan, respectively [1][6]. - The company has also been actively investing in the commercial aerospace sector, with stakes in Zhongke Aerospace and Weina Star, contributing to a stock price increase of over 27% this year [2][8]. Group 3: Financial Performance and Future Outlook - Yuexiu Capital's net profits from 2020 to 2025 have shown fluctuations, with significant contributions from investment gains, while other financial services have underperformed [7][10]. - The company has made substantial investments in renewable energy, totaling 66.433 billion yuan over two and a half years, but the returns have been relatively low [11]. - To improve liquidity, Yuexiu Capital is reducing its stake in CITIC Securities, which will help in cash flow management amid rising short-term borrowings [12].