“Technological Rock” Initiative 
In 2025, CITIC Limited has launched the “Technological Rock” Initiative to establish a technology innovation system with CITIC’s distinctive characteristics and build a “2+4+N” technology innovation cluster, vigorously advancing breakthroughs in core technologies in key fields and promoting the deep integration of technology innovation and industrial innovation.
Top-level design continuously strengthened
The “2+4+N” technology innovation cluster moved ahead
The foundation for technology development continuously solidified
A Group-level “Three Centres, One Platform, One Cloud1” digital and intelligent infrastructure has been established, significantly enhancing centralised management and autonomous control. The two data centres in Haidian and Changping Districts, Beijing, achieved “Same City Redundancy2” for business continuity. The Intelligent Computing Centre deployed 36 mainstream LLMs and traditional AI models, providing full-stack intelligent computing services to the headquarters and 22 subsidiaries. The Cybersecurity Operations Platform covers all CITIC enterprise network units, with thousands of internet assets under routine monitoring and penetrating oversight. The Private Cloud provides autonomous cloud services, further safeguarding data security.
A paradigm shift in research methodologies, the CAS Panshi Scientific Foundational Model was introduced for subsidiaries with access to scientific literature review and research tools. One Group-level agent development platform was established for rapid construction and cross-institutional reuse. Six subsidiaries obtained DCMM certification, with CITIC Bank and CITIC Securities achieving Level 5, where CITIC Bank was the first among joint-stock banks. Nanjing Steel Group was selected for the National Data Administration’s first Trusted Data Spaces pilot.
“Operation Galaxy” further advanced
We intend to fully unleash the innovation and creativity of our technological talents, with the aim of building a team of experts who master core technologies in key fields and lead technological innovation. The first cohort of Chief Scientists, Senior Experts and Young Technological Innovation Talents was selected, establishing a talent structure of “strategic leaders, core backbones and high-potential reserves”. The inaugural technology talent meeting was convened for systematic deployment. We focused on strengthening technological talent teams in key enterprises and critical sectors, CITIC Bank, CITIC Pacific Special Steel, CITIC Heavy Industries and CITIC Dicastal were selected as pilot companies with detailed implementation plans. And the pilot collaboration with key universities to cultivate postgraduate engineering talents in AI, new materials and biological breeding is progressing well.
Technological Innovation
CITIC Bank’s “Cang Qiong Project” built the core technological foundation for digital transformation. Following its “Ling Yun Project” in 2020 and the “Inclusive Finance Digital Innovation Ecosystem” project in 2022, CITIC Bank has won the first prize in the People’s Bank of China’s Financial Technology Development Awards for the third time with its “Cang Qiong Project” which was constructed based on the cloud-native, financial technology middle platform system. This achievement makes it the joint-stock commercial bank with the most first prizes. The “Cang Qiong Project” provides robust technological support for rapid product delivery and stable business operations, both essential for digital transformation of enterprises. It has achieved multiple domestic firsts in technology and application, and has been granted 11 invention patents. Based on cloud-native technologies such as service mesh and containers, this project enables modular development, out-of-the-box shared capabilities, refined service governance, agile application delivery and intensive resource utilisation, creating a new ecosystem for R&D and operations covering the entire application lifecycle. This shared technical architecture now supports over 500 systems, resulting in a cost reduction of over RMB200 million and a replicable practice case for the industry.
CSC Financial developed the “Gatekeeper” smart integrated business platform for investment banking. This project is the first representative initiative in the securities industry’s investment banking business system to win the first prize in the FinTech Development Awards. By constructing a unified data foundation, integrated process management and a suite of intelligent applications, it promoted a transformation in the investment banking compliance and risk control system from traditional “human intervention” to “technical detection” and “intelligent control”. Its core breakthrough lies in the deep integration of new technologies such as AI models into more than 10 key scenarios that relied on manual effort, including financial fraud verification, potential related party screening and fund flow verification. This significantly enhances investment banking professionals’ capabilities to identify fraud, information disclosure defects and compliance vulnerabilities. It helps CSC fulfil its core function as a “gatekeeper” of the capital market efficiently. The platform has supported the full-cycle progression of over 10,000 investment banking projects, saving CSC more than RMB72 million and has formed a replicable and scalable industry-level comprehensive solution.
Top-level design continuously strengthened
Adhering to the strategic direction of the “Four Orientations” and the quest for excellence, we have specifically formulated the Technology Innovation Plan and the Digital and Intelligent Development Plan for the 15th Five-Year Plan period. A “1+11” technology innovation system has been established, comprising one toplevel policy and a series of supporting implementation rules to cover the entire chain of technology innovation activities including platform management, project management and commercialisation. The Implementation Opinions on Advancing the State Council’s “AI+” Initiative was issued and targeted initiatives were rolled out to foster AI innovation. A refined assessment and incentive mechanism has been implemented based on principal objectives and key results for technology innovation and a special policy treatment on the I&T expenditure of subsidiaries.
In 2025, CITIC Limited’s R&D investment totalled HK$23.2 billion in 2025, with an R&D intensity of 3.0%.
The “2+4+N” technology innovation cluster moved ahead
Focusing on key areas and weak links in the modernisation of industrial development and targeting high-value technology sectors, we have established a three-tiered “2+4+N” technology innovation cluster. This comprises two state key laboratories in intelligent mining heavy equipment and digital steel as the leading forces, four Group-level technology innovation centres in seed industry, fintech, advanced materials and lightweight technology as the backbone, and N sectorallevel R&D centres as the foundation, with the first batch focusing on cutting-edge fields such as AI and specialised robotics. We actively promoted collaboration between industries, universities and research institutes, joining forces with renowned institutions including the Institute of Automation of Chinese Academy of Sciences, the Institute of Computing Technology of Chinese Academy of Sciences, Beihang University, Tianjin University, The Hong Kong Polytechnic University and The University of Hong Kong. Joint research efforts are directed towards areas such as AI for Science, financial digital twins, embodied AI, virtual reality, synthetic biology, multi-agent systems and data mining.
As at the end of 2025, eight technology innovation platforms were fully established. The CITIC HK AI Technology Innovation Center entered the substantive research phase.
CITIC hosted a forum on innovation and development of technology, industry and finance at the World AI Conference 2025
The CITIC HK AI Technology Innovation Center unveiled
The foundation for technology development continuously solidified
A Group-level “Three Centres, One Platform, One Cloud1” digital and intelligent infrastructure has been established, significantly enhancing centralised management and autonomous control. The two data centres in Haidian and Changping Districts, Beijing, achieved “Same City Redundancy2” for business continuity. The Intelligent Computing Centre deployed 36 mainstream LLMs and traditional AI models, providing full-stack intelligent computing services to the headquarters and 22 subsidiaries. The Cybersecurity Operations Platform covers all CITIC enterprise network units, with thousands of internet assets under routine monitoring and penetrating oversight. The Private Cloud provides autonomous cloud services, further safeguarding data security.
A paradigm shift in research methodologies, the CAS Panshi Scientific Foundational Model was introduced for subsidiaries with access to scientific literature review and research tools. One Group-level agent development platform was established for rapid construction and cross-institutional reuse. Six subsidiaries obtained DCMM certification, with CITIC Bank and CITIC Securities achieving Level 5, where CITIC Bank was the first among joint-stock banks. Nanjing Steel Group was selected for the National Data Administration’s first Trusted Data Spaces pilot.
“Operation Galaxy” further advanced
We intend to fully unleash the innovation and creativity of our technological talents, with the aim of building a team of experts who master core technologies in key fields and lead technological innovation. The first cohort of Chief Scientists, Senior Experts and Young Technological Innovation Talents was selected, establishing a talent structure of “strategic leaders, core backbones and high-potential reserves”. The inaugural technology talent meeting was convened for systematic deployment. We focused on strengthening technological talent teams in key enterprises and critical sectors, CITIC Bank, CITIC Pacific Special Steel, CITIC Heavy Industries and CITIC Dicastal were selected as pilot companies with detailed implementation plans. And the pilot collaboration with key universities to cultivate postgraduate engineering talents in AI, new materials and biological breeding is progressing well.
1
“Three Centres” refers to two group-level data centres and one intelligent computing centre; “One Platform” refers to the cybersecurity operations platform; and “One Cloud” refers to CITIC private cloud.
2
“Same City Redundancy” means two data centres in the same city operate simultaneously as mutual backups; when one data centre is interrupted due to failure or maintenance, the other can immediately take over business operations.
Technological Innovation
Empowering management efficiency through digital and intelligent technologies
CITIC Limited has completed the construction of ”Pioneering Platform”, a group-level digital and intelligent management platform. Horizontally, it has covered 38 management functions at the headquarters. Vertically, it has achieved penetrating management of tier-one subsidiaries with 14 key use cases, including financial budgeting, human resources and office operations. This allows the management to “see clearly, calculate accurately and manage effectively” the operation of subsidiaries, thereby enhancing overall management efficiency. Seizing the trend of AI agents, we deployed digital employees to improve office efficiency. The headquarters has launched its first six digital employees, including regulatory, meeting and writing assistants, to share basic and repetitive tasks of our staff. CITIC Securities now has 27 digital employees on board, demonstrating value across various business scenarios such as intelligent investment research, intelligent investment banking and wealth management. Related technologies have been granted 12 national invention patents.
CITIC Limited has completed the construction of ”Pioneering Platform”, a group-level digital and intelligent management platform. Horizontally, it has covered 38 management functions at the headquarters. Vertically, it has achieved penetrating management of tier-one subsidiaries with 14 key use cases, including financial budgeting, human resources and office operations. This allows the management to “see clearly, calculate accurately and manage effectively” the operation of subsidiaries, thereby enhancing overall management efficiency. Seizing the trend of AI agents, we deployed digital employees to improve office efficiency. The headquarters has launched its first six digital employees, including regulatory, meeting and writing assistants, to share basic and repetitive tasks of our staff. CITIC Securities now has 27 digital employees on board, demonstrating value across various business scenarios such as intelligent investment research, intelligent investment banking and wealth management. Related technologies have been granted 12 national invention patents.
AI digital employee team of CITIC Securities
Emergence of a number of industry-leading scientific and technological achievements
In 2025, CITIC Limited and its subsidiaries received 97 national, provincial, ministerial and industry-recognised technological awards. We secured 18 awards in the People’s Bank of China’s 2024 Financial Technology Development Awards, including 2 first prizes, remaining the enterprise with the most accolades; over half of the winning projects were achievements in artificial intelligence. In the national finals of the “Data Elements ×” competition, jointly organised by the National Data Bureau and multiple departments, we won 4 awards, including first prize, ranking among the top enterprises by number of awards. Nanjing Steel Group was selected for the first batch of pioneer-level smart factory cultivation list by the Ministry of Industry and Information Technology (MIIT), representing the highest level of intelligent manufacturing in China. CITIC Heavy Industries and CITIC Pacific Special Steel saw 4 projects included in the MIIT’s list of excellent-level smart factories, bringing the total number of excellent-level smart factories within CITIC Limited to 6. As at the end of 2025, we held nearly 13,800 intellectual property rights and over 9,300 valid patents.
In 2025, CITIC Limited and its subsidiaries received 97 national, provincial, ministerial and industry-recognised technological awards. We secured 18 awards in the People’s Bank of China’s 2024 Financial Technology Development Awards, including 2 first prizes, remaining the enterprise with the most accolades; over half of the winning projects were achievements in artificial intelligence. In the national finals of the “Data Elements ×” competition, jointly organised by the National Data Bureau and multiple departments, we won 4 awards, including first prize, ranking among the top enterprises by number of awards. Nanjing Steel Group was selected for the first batch of pioneer-level smart factory cultivation list by the Ministry of Industry and Information Technology (MIIT), representing the highest level of intelligent manufacturing in China. CITIC Heavy Industries and CITIC Pacific Special Steel saw 4 projects included in the MIIT’s list of excellent-level smart factories, bringing the total number of excellent-level smart factories within CITIC Limited to 6. As at the end of 2025, we held nearly 13,800 intellectual property rights and over 9,300 valid patents.
Nanjing Steel Group was selected for the first batch of pioneer-level smart factory cultivation list by the MIIT
Two projects were awarded the first prize in the PBOC’s 2024 Financial Technology Development Awards 
CITIC Bank’s “Cang Qiong Project” built the core technological foundation for digital transformation. Following its “Ling Yun Project” in 2020 and the “Inclusive Finance Digital Innovation Ecosystem” project in 2022, CITIC Bank has won the first prize in the People’s Bank of China’s Financial Technology Development Awards for the third time with its “Cang Qiong Project” which was constructed based on the cloud-native, financial technology middle platform system. This achievement makes it the joint-stock commercial bank with the most first prizes. The “Cang Qiong Project” provides robust technological support for rapid product delivery and stable business operations, both essential for digital transformation of enterprises. It has achieved multiple domestic firsts in technology and application, and has been granted 11 invention patents. Based on cloud-native technologies such as service mesh and containers, this project enables modular development, out-of-the-box shared capabilities, refined service governance, agile application delivery and intensive resource utilisation, creating a new ecosystem for R&D and operations covering the entire application lifecycle. This shared technical architecture now supports over 500 systems, resulting in a cost reduction of over RMB200 million and a replicable practice case for the industry.
CSC Financial developed the “Gatekeeper” smart integrated business platform for investment banking. This project is the first representative initiative in the securities industry’s investment banking business system to win the first prize in the FinTech Development Awards. By constructing a unified data foundation, integrated process management and a suite of intelligent applications, it promoted a transformation in the investment banking compliance and risk control system from traditional “human intervention” to “technical detection” and “intelligent control”. Its core breakthrough lies in the deep integration of new technologies such as AI models into more than 10 key scenarios that relied on manual effort, including financial fraud verification, potential related party screening and fund flow verification. This significantly enhances investment banking professionals’ capabilities to identify fraud, information disclosure defects and compliance vulnerabilities. It helps CSC fulfil its core function as a “gatekeeper” of the capital market efficiently. The platform has supported the full-cycle progression of over 10,000 investment banking projects, saving CSC more than RMB72 million and has formed a replicable and scalable industry-level comprehensive solution.
CITIC Pacific Special Steel contributed to the opening of the “World’s Highest Bridge”
In September 2025, the Huajiang Canyon Bridge in Guizhou was officially opened to traffic. This bridge, ranking first in the world “vertically and horizontally”, has set new world records for both bridge span and height, with a breathtaking height of 625m from the bridge deck to the water surface and a main span of 1,420m. The complex geological conditions and extreme climate of the Huajiang Canyon demands exceptionally high strength and toughness of the bridge’s cable materials. The research team at Qingdao Special Steel, a subsidiary of CITIC Pacific Special Steel, hence developed ultra-high-strength wire rods. By precisely adjusting the alloy composition and optimising both the controlled rolling and cooling process, the wire rods exhibit excellent high strength and plasticity in their hot-rolled state. The bridge cables of this technology possess greater strength and single-wire load-bearing capacity, enabling them to easily withstand immense tensile forces and ensure the safety and stability of the bridge under harsh conditions such as strong winds and heavy loads.
In September 2025, the Huajiang Canyon Bridge in Guizhou was officially opened to traffic. This bridge, ranking first in the world “vertically and horizontally”, has set new world records for both bridge span and height, with a breathtaking height of 625m from the bridge deck to the water surface and a main span of 1,420m. The complex geological conditions and extreme climate of the Huajiang Canyon demands exceptionally high strength and toughness of the bridge’s cable materials. The research team at Qingdao Special Steel, a subsidiary of CITIC Pacific Special Steel, hence developed ultra-high-strength wire rods. By precisely adjusting the alloy composition and optimising both the controlled rolling and cooling process, the wire rods exhibit excellent high strength and plasticity in their hot-rolled state. The bridge cables of this technology possess greater strength and single-wire load-bearing capacity, enabling them to easily withstand immense tensile forces and ensure the safety and stability of the bridge under harsh conditions such as strong winds and heavy loads.
Researchers conducting field work
CITIC Agriculture conquered rice blast, the “Cancer of Rice”
Rice blast is a major factor limiting rice yields. Discovering broad-spectrum resistance genes for rice blast and cultivating resistant varieties is not only the most economical and effective measure to control the disease but also a significant theoretical and technical challenge in crop breeding. Since 2007, Longping High-Tech, a subsidiary of CITIC Agriculture, has collaborated with the CAS Center for Excellence in Molecular Plant Sciences. Utilising molecular breeding tech for rice blast resistance, they improve the blast resistance of high-yield and high-quality varieties with targeted insertion of Pigm gene. This effort has created a batch of parent lines with excellent comprehensive traits such as blast resistance, high quality and high yield, and has bred new rice varieties with blast resistance, including Zhenliangyou 8612, Zhenliangyou 5438 and Longliangyou 3189. During the 14th Five-Year Plan period, the promotion area for Longping High-Tech’s blast-resistant rice varieties reached 11.26 million mu, reducing pesticide application by 670,000kg and generating revenue of RMB700 million, achieving significant economic and social benefits. The project outcome, in collaboration with the CAS team, was awarded the First Prize of the 2024 Shanghai Science and Technology Progress Award.
Rice blast is a major factor limiting rice yields. Discovering broad-spectrum resistance genes for rice blast and cultivating resistant varieties is not only the most economical and effective measure to control the disease but also a significant theoretical and technical challenge in crop breeding. Since 2007, Longping High-Tech, a subsidiary of CITIC Agriculture, has collaborated with the CAS Center for Excellence in Molecular Plant Sciences. Utilising molecular breeding tech for rice blast resistance, they improve the blast resistance of high-yield and high-quality varieties with targeted insertion of Pigm gene. This effort has created a batch of parent lines with excellent comprehensive traits such as blast resistance, high quality and high yield, and has bred new rice varieties with blast resistance, including Zhenliangyou 8612, Zhenliangyou 5438 and Longliangyou 3189. During the 14th Five-Year Plan period, the promotion area for Longping High-Tech’s blast-resistant rice varieties reached 11.26 million mu, reducing pesticide application by 670,000kg and generating revenue of RMB700 million, achieving significant economic and social benefits. The project outcome, in collaboration with the CAS team, was awarded the First Prize of the 2024 Shanghai Science and Technology Progress Award.
“Zhenliangyou” 8612 rice variety