“Financial Core” Initiative 
CITIC Limited has been steadily advancing its “Financial Core” Initiative. Leveraging the CITIC Financial Holdings platform, we introduced innovative models for comprehensive financial services, promoted the expansion of comprehensive financial service scenarios and continuously optimised our client mix. By strengthening holistic risk management and capital management capabilities, CITIC Limited has solidified the foundation for high-quality development. Its principal financial subsidiaries have focused on key areas to deliver improved operational performance and stronger growth momentum.
Focusing on “Five Major Tasks” in finance to support the real economy
We led our financial subsidiaries in formulating an implementation plan to set priorities and establish a coordination mechanism. We launched an information service platform to support the “Five Major Tasks” in finance and conducted a “Five-Legged” special operation1, gradually forming a comprehensive financial practice model with distinctive CITIC characteristics. Technology finance: We launched a dedicated techfin task force to serve over 15,000 enterprises among the first six batches of national-level specialised and sophisticated enterprises and the first eight batches of single-product champions in manufacturing, achieving full coverage of services.
Technology finance: We launched a dedicated techfin task force to serve over 15,000 enterprises among the first six batches of national-level specialised and sophisticated enterprises and the first eight batches of single-product champions in manufacturing, achieving full coverage of services.
Green finance: We deepened our comprehensive “Five-Sphere” green finance service system that integrates green financing, investment, consulting, living and carbon management. The balance of green loans exceeded RMB750 billion, representing an increase of 25.4%2 as compared to the end of 2024. The underwriting scale of green bonds reached RMB166 billion, ranking first in the market. Our carbon repo business also ranked first among peers. We completed 25 flagship projects that are either the first or the largest in the market, including the first A+H IPO in the photovoltaic cell industry and the largest equity acquisition in the environmental protection industry in 2025.
Inclusive finance: We built a “Five-Dimensional” service system encompassing inclusive services for small and micro enterprises, rural revitalisation, consumption stimulus, wealth management and public convenience. The balance of agriculture-related loans exceeded RMB500 billion, earning the “Excellence” rating in the rural revitalisation assessment by the PBOC and NFRA. The underwriting scale of rural revitalisation bonds exceeded RMB26 billion, ranking first in the market and providing stable financial support for agricultural and rural projects.
Pension finance: We deepened our efforts in three key areas of pension funds, elderly care services and pension industry, strengthening six supporting systems encompassing products, services, channels, platforms, teams, and investment and financing, to build a quality pension service ecosystem. Our investment management scale for the three pension pillars exceeded RMB1 trillion. The enterprise annuity management scale reached RMB1.4 trillion, representing an increase of 16.15% as compared to the end of 2024. The sales of personal pension-related products amounted to RMB27.9 billion, representing a year-on-year increase of 253%. Innovating the service model, we introduced the “bank+insurance+trust+industry” trust-based elderly care service. To support industry financing, we issued the first pension-themed corporate bond and the first debt financing instrument for the pension industry in China.
Digital finance: We leveraged AI-powered digital intelligence to build a new paradigm for business development. By the end of 2025, we established over 1,400 AI application use cases, an increase of 49% compared to the end of the previous year. These applications served 107,000 internal users, an increase of 209% compared to the end of the previous year. Based on CITIC Fortune Plaza, an open service system across subsidiaries was created, enabling the reuse of nine capabilities including asset view, wealth information and point benefits of the Fortune Plaza.
Focusing on value creation and enhancing the wealth management framework
Guided by the principles of “platform development, mechanism establishment, rule formulation, coordination enhancement and risk management”, we continuously unlocks the potential of our full-suite of licences to deliver comprehensive financial services.
Capitalising on the supportive role of the wealth committee framework. In 2025, CITIC Financial Holdings continuously improved the “1+4+7” operation mechanism of the Wealth Management Committee, further implemented the dual rotating chairmanship system of its sub-committees, strengthened the driving force of the sub-committees, mobilised the initiative and enthusiasm of financial subsidiaries to a greater extent and facilitated its subsidiaries in maintaining domestic market leadership in areas such as equity financing, bond underwriting and public REITs in terms of scale.
Innovating the comprehensive financial service model: CITIC Financial Holdings continued to advance integrated services and developed tailored dedicated service plans for major clients, delivering flagship projects including the largest IPO in Hong Kong stock market in recent years and the largest M&A restructuring transaction on the A-share market. It enhanced the “People-Family-Enterprise-Society” service system of the CITIC Entrepreneurs Office and established a total of 19 regional centres. It formulated 12 comprehensive solutions such as supporting enterprises in “going global” and organised the “CITIC Wealth Cup” Comprehensive Financial Service Model Case Competition. Eight types of models including “integration of asset management and wealth advisory” and “integrated client services” were distilled, providing references for replication and promotion.
Building the “international version” of comprehensive finance. CITIC Financial Holdings deeply engaged in cross-border finance and established a cross-border service system underpinned by overseas investment banking leadership, trade settlement support, and integrated domestic and overseas linkage. The cross-border loan scale of CITIC Bank reached a new high. CITIC Securities developed a global one-stop investment and trading service system, with the trading volume of foreign exchange and interest rate businesses surging more than threefold year on year. It deeply participated in the “Connect” schemes, achieving breakthroughs and multiple market-leading positions in areas including cross-boundary wealth management connect, bond connect, Shanghai-Hong Kong & Shenzhen-Hong Kong Stock Connect, and cross-border wealth management.
Focusing on risk mitigation and value creation to strengthen risk management
CITIC Financial Holdings is establishing a cross-entity risk management system tailored to its financial holding business needs, continually enhancing risk management quality and effectiveness. Leveraging the strengths of integrated industry and finance, it provides systematic solutions to defuse risks in key areas. Financial subsidiaries have proactively improved their digital and intelligent risk control capabilities and intensified efforts to mitigate risks in key sectors. The overall asset quality remains sound, major risk indicators have improved and the ability to manage on- and off-balance-sheet risks has been continuously enhanced.
Optimising risk management mechanisms. CITIC Financial Holdings intensified efforts to reduce institutional risks by reinforcing the role of risk appetite and revising subsidiary’s customised key monitoring indicators on a “one-company-one-policy” basis, strengthening risk monitoring on subsidiaries, and implementing penetrating management of key risks. It improved the concentration limit management plan for the comprehensive financial services segment, strengthened rigid control over limits and promoted the implementation of the consolidated limits management mechanism at subsidiaries.
Effective risk control in key areas. CITIC Financial Holdings capitalised on favourable real estate policy windows to expedite the resolution of key risk projects. By seizing opportunities presented by the implicit debt swap policy, CITIC Financial Holdings intensified its efforts to tackle existing risks. It improved its overseas risk prevention and control mechanism and enhanced risk response capabilities. It replicated and promoted the Dongjiadu risk resolution model, promoted the substantive risk resolution of more real estate projects and expanded the scope of risk resolution work. It established and improved mechanisms including elevated promotion, regional task forces, and assessment and incentives.
Technology Finance
As one of the first licensed financial holding companies in China, CITIC Financial Holdings integrates all licence resources from its financial subsidiaries and pioneers in building a unique, diversified interconnected service support system featuring “direct investment-oriented with integration of equity, loans, bonds and insurance”, forming an interconnected service mechanism of investment-loan, investment-insurance and investment-securities, which can use financial “liquidity” to precisely empower technological innovation and accelerate the cultivation of new quality productive force.
Equity: Be patient capital
with technology innovation 
Loan: Targeted lending of
technology loans 
Bond: Consolidating market
leading position 
Insurance: Enhancing service
capacity with innovation
Cross-Border Finance
CITIC Financial Holdings pools its financial resources to build a full-spectrum service matrix spanning banking, securities, trust and beyond. Using Hong Kong as a core hub, it leverages CITIC’s its strengths in cross-sector resource integration and full-chain services for the real economy along Belt and Road countries, advancing RMB internationalisation and corporate globalisation to create an “international edition” of comprehensive finance.
Full-chain services for Chinese enterprises going global
CITIC Financial Holdings joined the MIIT SME Overseas Service Alliance as the sole vice chair unit from the financial sector. It formulated overseas service plans for SMEs and the auto industry, focusing on core scenarios such as funding, capital markets, sales and supply chains, providing full-chain services to facilitate corporate globalisation. It also organised a series of “Into HKEX” events, reaching over 100 listed companies.
Strengthening cross-border financing
Leveraging onshore and offshore “dual markets and expertise”, we sponsored landmark transactions on HKEX—including firsts and record-sized deals such as CATL IPO, BYD’s lightning placement and Lens Technology IPO—building a bridge for cross-border capital connectivity.
Enriching cross-border asset allocation
Deep participation in financial interconnectivity
We ranked among industry leaders in Bond Connect Northbound market-making, Swap Connect Northbound market-making, Stock Connect trading services and Cross-boundary Wealth Management Connect fund-transfer volumes. Our Southbound Bond Connect custody volume ranked first among custodian and clearing banks, providing critical support for RMB asset investment management and market liquidity. We received honours including “Bond Connect Outstanding Market Maker”, “Bond Connect Market Promotion Award” and “Cross-Border Subscription Excellence Award” for multiple consecutive years.
Financials Synergy
CITIC Limited has aggregated the professional strengths of its affiliated financial institutions, as the synergetic value of these institutions has become even more prominent in joint client development, co-creation of products, risk resolution, talent development and brand co-building.
Strengthening coordination in client services
We have consolidated the internal coordination mechanism, provided integrated solutions tailored to client needs, and built an integrated financial service system featuring the “commercial banking+investment banking+private banking+investment+think tank” model. The “CITIC Equity Investment Alliance” has further refined its client referral mechanism.
Accelerating product co-creation
We have integrated the channel and client resources of all subsidiaries, driving the issuance of “CITIC Premium Products” to RMB162.8 billion, a year-on-year increase of 74%. The issuance of “CITIC Innovation Product” rose by RMB15 billion. The average performance of fixed-income “CITIC Premium Products” outperformed the performance benchmark by 33 basis points and equity “CITIC Premium Products” have ranked among the top 32% of their peers since their launch.
Focusing on “Five Major Tasks” in finance to support the real economy
We led our financial subsidiaries in formulating an implementation plan to set priorities and establish a coordination mechanism. We launched an information service platform to support the “Five Major Tasks” in finance and conducted a “Five-Legged” special operation1, gradually forming a comprehensive financial practice model with distinctive CITIC characteristics. Technology finance: We launched a dedicated techfin task force to serve over 15,000 enterprises among the first six batches of national-level specialised and sophisticated enterprises and the first eight batches of single-product champions in manufacturing, achieving full coverage of services.
Technology finance: We launched a dedicated techfin task force to serve over 15,000 enterprises among the first six batches of national-level specialised and sophisticated enterprises and the first eight batches of single-product champions in manufacturing, achieving full coverage of services.
The balance of general purpose loans to technology enterprises reached RMB545.1 billion, representing an increase of 28.7% as compared to the end of 2024, with the growth rate ranking among the top of peers.
CITIC Securities and CSC Financial maintained the No 1 position in terms of equity underwriting scale on the STAR Market, ChiNext and Beijing Stock Exchange, and provided comprehensive financial services to emerging enterprise such as Moore Threads.
Green finance: We deepened our comprehensive “Five-Sphere” green finance service system that integrates green financing, investment, consulting, living and carbon management. The balance of green loans exceeded RMB750 billion, representing an increase of 25.4%2 as compared to the end of 2024. The underwriting scale of green bonds reached RMB166 billion, ranking first in the market. Our carbon repo business also ranked first among peers. We completed 25 flagship projects that are either the first or the largest in the market, including the first A+H IPO in the photovoltaic cell industry and the largest equity acquisition in the environmental protection industry in 2025.
Inclusive finance: We built a “Five-Dimensional” service system encompassing inclusive services for small and micro enterprises, rural revitalisation, consumption stimulus, wealth management and public convenience. The balance of agriculture-related loans exceeded RMB500 billion, earning the “Excellence” rating in the rural revitalisation assessment by the PBOC and NFRA. The underwriting scale of rural revitalisation bonds exceeded RMB26 billion, ranking first in the market and providing stable financial support for agricultural and rural projects.
Pension finance: We deepened our efforts in three key areas of pension funds, elderly care services and pension industry, strengthening six supporting systems encompassing products, services, channels, platforms, teams, and investment and financing, to build a quality pension service ecosystem. Our investment management scale for the three pension pillars exceeded RMB1 trillion. The enterprise annuity management scale reached RMB1.4 trillion, representing an increase of 16.15% as compared to the end of 2024. The sales of personal pension-related products amounted to RMB27.9 billion, representing a year-on-year increase of 253%. Innovating the service model, we introduced the “bank+insurance+trust+industry” trust-based elderly care service. To support industry financing, we issued the first pension-themed corporate bond and the first debt financing instrument for the pension industry in China.
Digital finance: We leveraged AI-powered digital intelligence to build a new paradigm for business development. By the end of 2025, we established over 1,400 AI application use cases, an increase of 49% compared to the end of the previous year. These applications served 107,000 internal users, an increase of 209% compared to the end of the previous year. Based on CITIC Fortune Plaza, an open service system across subsidiaries was created, enabling the reuse of nine capabilities including asset view, wealth information and point benefits of the Fortune Plaza.
1
One action plan, one SOP, one CITIC team, one series of achievements and one suite of business cases.
2
Data sources for the “Financial Core” Initiative section: compiled from publicly available data released by Wind and other third-party data providers.
Focusing on value creation and enhancing the wealth management framework
Guided by the principles of “platform development, mechanism establishment, rule formulation, coordination enhancement and risk management”, we continuously unlocks the potential of our full-suite of licences to deliver comprehensive financial services.
Capitalising on the supportive role of the wealth committee framework. In 2025, CITIC Financial Holdings continuously improved the “1+4+7” operation mechanism of the Wealth Management Committee, further implemented the dual rotating chairmanship system of its sub-committees, strengthened the driving force of the sub-committees, mobilised the initiative and enthusiasm of financial subsidiaries to a greater extent and facilitated its subsidiaries in maintaining domestic market leadership in areas such as equity financing, bond underwriting and public REITs in terms of scale.
Consolidating the strengths in AUM: CITIC Financial Holdings coordinated product innovation, research sharing, investment collaboration, and risk prevention and control through the Asset Allocation Sub-Committee and the Asset Management Work Group. In 2025, the AUM of CITIC’s comprehensive financial services segment approached RMB11 trillion, representing an increase of 27% as compared to the end of the previous year, outperforming the industry average growth rate. The cumulative number of individual and corporate clients served exceeded 200 million. Our subsidiaries ranked among the industry leaders in segmented sectors including bank wealth management, securities asset management and public funds, while the asset management trust scale achieved rapid growth.
Official Commencement of New Ecosystem in Global Asset Allocation
Building the “international version” of comprehensive finance. CITIC Financial Holdings deeply engaged in cross-border finance and established a cross-border service system underpinned by overseas investment banking leadership, trade settlement support, and integrated domestic and overseas linkage. The cross-border loan scale of CITIC Bank reached a new high. CITIC Securities developed a global one-stop investment and trading service system, with the trading volume of foreign exchange and interest rate businesses surging more than threefold year on year. It deeply participated in the “Connect” schemes, achieving breakthroughs and multiple market-leading positions in areas including cross-boundary wealth management connect, bond connect, Shanghai-Hong Kong & Shenzhen-Hong Kong Stock Connect, and cross-border wealth management.
Focusing on risk mitigation and value creation to strengthen risk management
CITIC Financial Holdings is establishing a cross-entity risk management system tailored to its financial holding business needs, continually enhancing risk management quality and effectiveness. Leveraging the strengths of integrated industry and finance, it provides systematic solutions to defuse risks in key areas. Financial subsidiaries have proactively improved their digital and intelligent risk control capabilities and intensified efforts to mitigate risks in key sectors. The overall asset quality remains sound, major risk indicators have improved and the ability to manage on- and off-balance-sheet risks has been continuously enhanced.
Optimising risk management mechanisms. CITIC Financial Holdings intensified efforts to reduce institutional risks by reinforcing the role of risk appetite and revising subsidiary’s customised key monitoring indicators on a “one-company-one-policy” basis, strengthening risk monitoring on subsidiaries, and implementing penetrating management of key risks. It improved the concentration limit management plan for the comprehensive financial services segment, strengthened rigid control over limits and promoted the implementation of the consolidated limits management mechanism at subsidiaries.
Effective risk control in key areas. CITIC Financial Holdings capitalised on favourable real estate policy windows to expedite the resolution of key risk projects. By seizing opportunities presented by the implicit debt swap policy, CITIC Financial Holdings intensified its efforts to tackle existing risks. It improved its overseas risk prevention and control mechanism and enhanced risk response capabilities. It replicated and promoted the Dongjiadu risk resolution model, promoted the substantive risk resolution of more real estate projects and expanded the scope of risk resolution work. It established and improved mechanisms including elevated promotion, regional task forces, and assessment and incentives.
Technology Finance
As one of the first licensed financial holding companies in China, CITIC Financial Holdings integrates all licence resources from its financial subsidiaries and pioneers in building a unique, diversified interconnected service support system featuring “direct investment-oriented with integration of equity, loans, bonds and insurance”, forming an interconnected service mechanism of investment-loan, investment-insurance and investment-securities, which can use financial “liquidity” to precisely empower technological innovation and accelerate the cultivation of new quality productive force.
Equity: Be patient capitalwith technology innovation
The CITIC Equity Investment Alliance continued to expand, connecting with technology companies to meet equity financing needs and deepening the integration of technology, industry and finance. In 2025, 13 portfolio companies completed IPOs, of which 12 were sponsored by CITIC Securities or CSC Financial, reinforcing investment-to-investment banking synergy.
In 2025, the Alliance established 16 new funds, with total AUM exceeding RMB340 billion (over RMB20 billion added during the year). Cumulatively invested in and incubated more than 1,200 tech enterprises.
Loan: Targeted lending oftechnology loans
CITIC Bank optimised credit approval with a focus on forward-looking indicators such as patents and research achievements, launching innovative products including loans for the commercialisation of sci-tech achievements, Torch Loans and IP financing, establishing a distinctive portfolio of technology-focused financial products. It piloted M&A loans for technology enterprises in Anhui and Hubei, creating role models. The Alliance strengthened investment-lending synergy and client referral to CITIC’s financial subsidiaries. Service coverage rate was over 88%.
Bond: Consolidating marketleading position
CITIC Securities and CSC Financial underwrote technology innovation bonds of over RMB430 billion, ranking first in the market, helping clients reduce financing costs through consolidated internal investment resources, cross-institutional coordination and broadened funding sources. Following the launch of bond market’s “Sci-Tech Board” in China, CITIC Bank covered over 40% for the first batch of 36 projects. CITIC Securities and CSC Financial secured issuance quotas of RMB15.0 billion and RMB8.0 billion respectively.
Flagship transactions included the first and largest-scale sci-tech innovation bonds, the first medium- to long-term sci-tech “Panda Bonds” in the interbank market and the first sci-tech “Belt and Road” energy supply corporate bonds.
Insurance: Enhancing servicecapacity with innovation
CITIC-Prudential Life launched tailored group insurance for 176 specialised and sophisticated enterprises, enhancing employee benefits and providing comprehensive protection for employees and their families. Through risksharing partnerships with local governments and guarantee institutions, it introduced “Industry and Information e-Loan” and “Songhu Loan”, broadening financing channels for early-stage enterprises.
Cross-Border Finance
CITIC Financial Holdings pools its financial resources to build a full-spectrum service matrix spanning banking, securities, trust and beyond. Using Hong Kong as a core hub, it leverages CITIC’s its strengths in cross-sector resource integration and full-chain services for the real economy along Belt and Road countries, advancing RMB internationalisation and corporate globalisation to create an “international edition” of comprehensive finance.
Full-chain services for Chinese enterprises going global
CITIC Financial Holdings joined the MIIT SME Overseas Service Alliance as the sole vice chair unit from the financial sector. It formulated overseas service plans for SMEs and the auto industry, focusing on core scenarios such as funding, capital markets, sales and supply chains, providing full-chain services to facilitate corporate globalisation. It also organised a series of “Into HKEX” events, reaching over 100 listed companies.
Strengthening cross-border financing
Leveraging onshore and offshore “dual markets and expertise”, we sponsored landmark transactions on HKEX—including firsts and record-sized deals such as CATL IPO, BYD’s lightning placement and Lens Technology IPO—building a bridge for cross-border capital connectivity.
We completed flagship deals such as the privatisation of Hong Kong-listed companies by A-share-listed offerors. Through professional services, CITIC Securities achieved a 12% market share in M&A in Asia (ex-Japan) to support industry upgrade and optimise global resource allocation. CITIC Bank ranked first among joint-stock banks in cross-border loan balance growth. The underwriting volume of Chinese offshore bonds held firmly at first place in the market. Panda bond underwriting volume ranked third in the market, continuously broadening financing channels for overseas issuers in China.
In 2025, our Hong Kong IPO underwriting volume accounted for 24% of the market, ranking first for the first time.
Enriching cross-border asset allocation
We built a comprehensive and efficient platform for global asset allocation and crossborder capital flows. We established a strong presence in both QDII and QFII businesses. China AMC (Hong Kong) continued to see growth in its assets under management, launched digital asset and renminbi money market products, expanding its China-linked products into 11 markets worldwide. CITIC Futures’ Hong Kong operations ranked first among Chinese institutions by business volume.
As at the end of 2025, CITIC Bank ranked first among joint-stock banks in QDII custody scale, while CITIC Securities served QFII institutions with a market share exceeding 35%.
10 financial subsidiaries in Hong Kong served approximately 97% of top public QDII fund clients.
We ranked among industry leaders in Bond Connect Northbound market-making, Swap Connect Northbound market-making, Stock Connect trading services and Cross-boundary Wealth Management Connect fund-transfer volumes. Our Southbound Bond Connect custody volume ranked first among custodian and clearing banks, providing critical support for RMB asset investment management and market liquidity. We received honours including “Bond Connect Outstanding Market Maker”, “Bond Connect Market Promotion Award” and “Cross-Border Subscription Excellence Award” for multiple consecutive years.
Financials Synergy
CITIC Limited has aggregated the professional strengths of its affiliated financial institutions, as the synergetic value of these institutions has become even more prominent in joint client development, co-creation of products, risk resolution, talent development and brand co-building.
Strengthening coordination in client services
We have consolidated the internal coordination mechanism, provided integrated solutions tailored to client needs, and built an integrated financial service system featuring the “commercial banking+investment banking+private banking+investment+think tank” model. The “CITIC Equity Investment Alliance” has further refined its client referral mechanism.
We have integrated the channel and client resources of all subsidiaries, driving the issuance of “CITIC Premium Products” to RMB162.8 billion, a year-on-year increase of 74%. The issuance of “CITIC Innovation Product” rose by RMB15 billion. The average performance of fixed-income “CITIC Premium Products” outperformed the performance benchmark by 33 basis points and equity “CITIC Premium Products” have ranked among the top 32% of their peers since their launch.
Promoting the synergistic risk resolution model
CITIC’s unique collaborative risk management system provides systematic solutions for real estate and local government financing vehicle debt risks and expands conventional disposal to “integrated operation of special assets”. In 2025, we revitalised RMB31.3 billion and recovered RMB16.7 billion from disposals. This model is being replicated nationwide. The Shenzhen Xinyuewan Project, jointly undertaken by CITIC Bank and CITIC Urban Development & Operation, exceeded RMB10 billion in pre-sale volume within two hours of launch.
CITIC’s unique collaborative risk management system provides systematic solutions for real estate and local government financing vehicle debt risks and expands conventional disposal to “integrated operation of special assets”. In 2025, we revitalised RMB31.3 billion and recovered RMB16.7 billion from disposals. This model is being replicated nationwide. The Shenzhen Xinyuewan Project, jointly undertaken by CITIC Bank and CITIC Urban Development & Operation, exceeded RMB10 billion in pre-sale volume within two hours of launch.
Promoting the synergistic risk resolution model
Enhancing the brand value of “CITIC Wealth”
We hosted “The 2nd CITIC Wealth Management Conference” with 42 leading onshore and offshore asset management firms, co-creating a global asset allocation ecosystem. The CITIC Wealth brand matrix was further advanced, with growing influential sub-brands. It appeared at the 5th China International Consumer Products Expo, the 3rd China International Supply Chain Promotion Expo and the 2025 World Artificial Intelligence Conference.
We hosted “The 2nd CITIC Wealth Management Conference” with 42 leading onshore and offshore asset management firms, co-creating a global asset allocation ecosystem. The CITIC Wealth brand matrix was further advanced, with growing influential sub-brands. It appeared at the 5th China International Consumer Products Expo, the 3rd China International Supply Chain Promotion Expo and the 2025 World Artificial Intelligence Conference.
Enhancing the brand value of “CITIC Wealth”