Group 1 - The core viewpoint of the news is that China Chengxin International has assigned a "AAA" rating to CITIC Securities Co., Ltd. for its public bond issuance aimed at professional institutional investors in 2025, reflecting the company's strong capital strength and industry position [1] - CITIC Securities has a robust capital structure, strong shareholder support, and a comprehensive business system, which contribute positively to its overall operational and credit standing [1] - The company faces challenges such as increasing competition in the securities market, external uncertainties, and volatility that may impact its operational stability and profit growth [1] Group 2 - CITIC Securities was established on October 25, 1995, with an initial registered capital of RMB 300 million, primarily owned by CITIC Group with a 95% stake [2] - The company underwent several capital increases and restructuring, including a public offering of A-shares in 2002 and H-shares in 2011, leading to a registered capital of RMB 12.117 billion by the end of 2019 [2] - The credit level of CITIC Securities is expected to remain stable over the next 12 to 18 months according to China Chengxin International [3]