Silently making 27.6 billion! CITIC Securities' "proprietary money-printing machine" roars, "mysterious business" grows by over 200%

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On the evening of March 26, "Brokerage King" CITIC Securities released its annual report.

Data shows: For the full year 2025, CITIC Securities achieved operating revenue of 74.854 billion yuan, an increase of 28.79% year-on-year; net profit attributable to parent company shareholders was 30.076 billion yuan, up 38.58% year-on-year; total assets reached 2.08 trillion yuan, up 21.70% from the end of the previous year, demonstrating a stable overall performance.

Additionally, last year, CITIC Securities’ proprietary (securities investment) business performed impressively, directly booking 27.6 billion and driving strong growth in its performance.

This is not all of CITIC Securities’ annual report story. Analysis of the report reveals: The relatively "mysterious" "Other Business" has become the highlight of this brokerage giant’s income, not only seeing a huge increase but also contributing considerable operating profit and more.

"Other Business" Grows at Astonishing Speed

In 2025, CITIC Securities achieved operating revenue of RMB 74.854 billion, up 28.79% year-on-year. But the composition saw some "new elements."

Specifically, brokerage business still dominates, with annual revenue of 20.787 billion yuan, up 25.55% year-on-year; asset management recorded revenue of 14.294 billion yuan, up 24.59%; securities investment business recorded revenue of 27.605 billion yuan, up 14.83%; other business recorded revenue of 6.113 billion yuan, up 203.38% year-on-year.

It’s clear that securities investment business income ranks first among CITIC Securities’ core businesses, surpassing brokerage and other businesses. But the biggest highlight is the "uncategorized" other business income, with a year-on-year growth rate over 200%, becoming the most aggressively growing sector.

Securities Investment Booked 27.6 Billion Yuan

The securities investment business (commonly known as proprietary investment) of a brokerage can be a "bottom-drawer tool" for its own funds and a "profit amplifier."

Well-managed institutions turn this business into a "money printer," while less skilled ones make it a "minefield." In 2025, CITIC Securities is clearly the former.

The annual report shows: In 2025, CITIC Securities’ securities investment business achieved revenue of RMB 27.605 billion, up 14.83% year-on-year.

This brokerage revealed its proprietary investment strategies in the annual report:

Proprietary investment strengthens multi-asset allocation and multi-strategy iteration, continuously improves trading capabilities in bonds, forex, commodities, and various FICC derivatives.

Equities and alternative investment focus on large scale, multi-strategy, and low volatility, building a platform-based system and gradually optimizing equity market asset allocation.

Maintain focus on listed companies’ fundamentals, systematically allocate large blue-chip companies in Shanghai, Shenzhen, and Hong Kong, while also following industry trends to strengthen layout in emerging productive industries, improving investment returns; AI technology is also gradually integrated into strategy systems, and a Hong Kong cross-border investment platform has been initially established.

Wealth Management Base: Over 17 Million Clients

In recent years, CITIC Securities has accelerated the development of its wealth management business, making it a long-term strategic priority.

The annual report shows: By the end of 2025, the brokerage’s wealth management system had financial products under management totaling more than RMB 800 billion.

By period end, CITIC Securities’ customer numbers exceeded 17 million, up 10% from the previous year; client assets under custody exceeded RMB 1.5 trillion, up 24% from the end of last year.

It’s clear that, driven by the bull market over the past year, CITIC Securities’ wealth management clients grew by over a million.

Over 10 Billion Yuan Growth in Equity Investment

Analysis reveals: CITIC Securities also made breakthroughs in private equity.

The brokerage’s platform for raising and managing private equity funds, CITIC Jinshi, continued to leverage its own advantages on the fundraising side, in 2025 increased efforts in developing financial investors, added merger strategies and launched merger funds, registering new funds totaling RMB 11.05 billion.

Reportedly, CITIC Securities via this platform focused investments on hard technology and long-term projects in 2025, investing in multiple high-quality projects that meet the requirements for emerging productive forces, covering embodied intelligence, semiconductor equipment, domestic GPU, domestic server, and other key areas.

CITIC Jinshi’s wholly-owned subsidiary, CITIC Jinshi Fund, as the company’s real estate investment platform, by period end had established a total of about RMB 43.366 billion in real estate private equity funds. CITIC Jinshi Fund further enhanced its service to institutional investors such as insurance companies, increased investments in shopping centers and affordable rental housing, registering new funds totaling RMB 4.3 billion.

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