Group 1 - The core point of the news is that CITIC Securities Co., Ltd. has initiated a short-term corporate bond project with a total registration amount of up to 50 billion yuan, which has been accepted as of September 1, 2025 [1] - The fundraising plan indicates that after deducting issuance and related costs, 21 billion yuan will be used to repay corporate bonds, while 29 billion yuan will be allocated to supplement working capital for debt structure adjustment and daily operational needs [1]