Making a Fortune Silently: 27.6 Billion! CITIC Securities Co., Ltd.'s "Proprietary Printing Press" Roars, "Mysterious Business" Growth Exceeds 200%

On the evening of March 26, the "top-tier brokerage" CITIC Securities Co., Ltd. disclosed its annual report.

Data shows that in 2025, CITIC Securities Co., Ltd. achieved operating income of 74.854 billion yuan, a year-on-year increase of 28.79%; net profit attributable to parent company shareholders was 30.076 billion yuan, a year-on-year increase of 38.58%; total assets reached 2.08 trillion yuan, an increase of 21.70% from the end of the previous year, showing overall stable performance.

In addition, CITIC Securities Co., Ltd.'s proprietary (securities investment) business performed brilliantly last year, directly bringing in 27.6 billion yuan, driving the company's strong performance growth.

This is not the entire story of CITIC Securities Co., Ltd.'s annual report. Zishi Tang's interpretation of this annual report found that the relatively "mysterious" "other business" has become an income highlight for this brokerage giant, not only showing huge growth but also contributing considerable operating profit.

"Other Business" Shows Astonishing Growth

In 2025, CITIC Securities Co., Ltd. achieved operating income of RMB 74.854 billion, a year-on-year increase of 28.79%. However, its composition showed significant "new developments."

Specifically, brokerage business still accounted for the largest share, achieving an income of 20.787 billion yuan for the full year, a year-on-year increase of 25.55%; asset management business achieved an income of RMB 14.294 billion, a year-on-year increase of 24.59%; securities investment business achieved an income of RMB 27.605 billion, a year-on-year increase of 14.83%; and other businesses achieved an income of RMB 6.113 billion, a year-on-year increase of 203.38%.

It can be seen that the scale of income from securities investment business ranks first among CITIC Securities Co., Ltd.'s main businesses, surpassing other businesses including brokerage. However, the biggest highlight is the "unspecified" other business income, with a year-on-year growth rate of over 200%, making it the most "vigorous" business in terms of growth.

Securities Investment "Brings In" 27.6 Billion Yuan

A brokerage firm's securities investment business (commonly known as proprietary investment) is a "trump card" for managing its own funds and a "profit amplifier."

Institutions that manage this business well turn it into a "money-printing machine," while those that don't can turn it into a "minefield." CITIC Securities Co., Ltd. in 2025 is clearly the former.

The annual report shows that CITIC Securities Co., Ltd.'s securities investment business achieved an income of RMB 27.605 billion in 2025, a year-on-year increase of 14.83%.

The brokerage firm disclosed its specific proprietary investment strategies in the annual report:

Proprietary investments strengthen multi-asset allocation and multi-strategy iteration, continuously enhancing trading capabilities in bonds, foreign exchange, commodities, and various FICC derivatives.

Equity and alternative investment businesses aim for large capacity, multi-strategy, and low volatility, building a platform-based system and gradually optimizing equity market asset allocation.

Adhering to a focus on the fundamentals of listed companies, through systematic allocation to large blue-chip companies in Shanghai, Shenzhen, and Hong Kong, while also following industry trends to strengthen the layout of new quality productive forces industries to enhance investment returns; artificial intelligence technology is also gradually integrated into the strategy system, and a Hong Kong cross-border investment platform has been initially established.

Wealth Management Customer "Base" Exceeds 17 Million Accounts

In recent years, CITIC Securities Co., Ltd. has accelerated the development of its wealth management business and made it a long-term strategic focus.

The annual report shows that as of the end of 2025, the company's wealth management system had a financial product balance of over RMB 800 billion.

As of the reporting period, CITIC Securities Co., Ltd.'s total customer number exceeded 17 million, an increase of 10% from the end of the previous year; the scale of entrusted customer assets exceeded RMB 15 trillion, an increase of 24% from the end of the previous year.

It is evident that driven by the bull market conditions of the past year, CITIC Securities Co., Ltd.'s wealth management customers have increased by over one million.

Equity Investment Incremental Capital Exceeds 10 Billion Yuan

Zishi Tang found that CITIC Securities Co., Ltd. has also made breakthroughs in the private equity field.

CITIC Goldstone, the platform for raising and managing private equity investment funds by this brokerage firm, continues to leverage its advantages in fundraising. In 2025, it increased its efforts in developing financial investors, added an M&A strategy, launched an M&A fund, and completed new fund filings totaling RMB 11.05 billion.

It is reported that through this platform, CITIC Securities Co., Ltd. focuses on investing in hard technology and long-term investments. In 2025, it invested in several high-quality projects that meet the development requirements of new quality productive forces, covering key areas such as embodied intelligence, semiconductor equipment, domestic GPUs, and domestic servers.

CITIC Goldstone Fund, a wholly-owned subsidiary of CITIC Goldstone, serves as the company's real estate investment platform. As of the reporting period, it has established cumulative real estate private equity funds totaling approximately RMB 43.366 billion. CITIC Goldstone Fund has further strengthened its services for institutional investors, particularly insurance companies, increasing investments in shopping malls and affordable rental housing, completing new fund filings totaling RMB 4.3 billion.