调研核心内容解读 中收来源拓宽：公司零售两端发力，财富管理与新兴业务双轮驱动 登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 活动概况 本次投资者关系活动类别为特定对象调研，采用电话会议形式，于2026年1月28日在苏州银行总行12楼 会议室及10楼会议室举行。 参与机构与接待人员 参与本次调研的机构包括中信证券、华泰证券、国寿资产、平安养老、中庚基金、Point 72、鹏华基 金、嘉实基金、上海东方证券资管、深圳市凯丰投资、Pleiad Investment Advisors Limited、国寿安保基 金、中信保诚基金、中邮人寿保险、安联保险资管、北京诚盛投资、长城证券、国任财产保险、国信证 券、上海乾惕投资、星泰投资、银河基金、浙商证券、中加基金等24家机构。 上市公司接待人员包括董事会秘书朱敏军、董事会办公室副主任杨礼英、风险管理部副总经理朱爱林、 计划财务部总经理助理沈若弢及董事会办公室相关人员。 资本补充规划：内源性增长与政策跟踪并重 在资本补充规划方面，截至2025年9月末，苏州银行集团核心一级资本充足率9.79%，一级资本充足率 11.55%，资本充足率13.57%，各项指标均 ...

Core Viewpoint - CITIC Securities has established itself as a leading player in the domestic securities industry, achieving significant growth over the past decade, but still faces challenges in comparison to international investment banks like Goldman Sachs [1][7][17]. Financial Performance - In 2024, CITIC Securities reported revenues of approximately 640 billion yuan and a net profit attributable to shareholders of over 217 billion yuan, marking a growth of about 118.47% and 91.44% respectively since 2014 [2][3]. - The company's net capital increased by 221.50% to 1,424.86 billion yuan, while total assets grew by 256.68% to 17,107.11 billion yuan over the same period [2]. - The net income from asset management surged by 144.45%, reaching 105.06 billion yuan, indicating a strong performance in this segment [2]. Business Segments - The securities investment income saw a notable increase, generating 240.4 billion yuan in 2024, a year-on-year growth of 23.95% [4]. - Despite a decline in IPO activities affecting the investment banking sector, CITIC Securities maintained its leading position in underwriting, with a market share of 26.25% and an underwriting amount of 548.07 billion yuan [5][6]. - The brokerage business showed signs of recovery, achieving a revenue of 165.57 billion yuan in 2024, an increase of 8.92% compared to the previous year [4]. Market Position and Competition - CITIC Securities' international revenue reached 109.48 billion yuan in 2024, accounting for 17.16% of total revenue, reflecting progress in its internationalization efforts [12]. - The company faced increased competition from consolidating peers, such as the merger of Guotai Junan and Haitong Securities, which could narrow the gap between CITIC Securities and its competitors [22][23]. - The net assets of CITIC Securities grew to 2,931.09 billion yuan, but the gap with major banks remains significant, indicating ongoing challenges in scaling compared to the banking sector [20][21].