“Industrial Starlink” Initiative 
CITIC Limited has continued to advance the “Industrial Starlink” Initiative across its industrial businesses with three key operations—“Star Renewal”, “Star Creation” and “Star Exploration”. Through these programmes, we promoted the transformation and upgrading of our industrial subsidiaries towards high-end, intelligent and green development, accelerated the deployment of strategic emerging and future industries, and steadily shifted our business structure towards the mid- to high-end segments of the value chain, significantly enhancing innovation and technological capabilities of the company.
Industrial Upgrading
CITIC Metal’s practice in revitalising and upgrading traditional industries
Bulk commodity trading. The “Star Businesses” of niobium and copper achieved double-digit sales growth, continuously consolidating its industry-leading position. “Niobium Star” led the industry by adhering to the “technology-led sales” approach. CITIC Metal consolidated key clients in traditional sectors and strengthened expansion in emerging fields. The domestic market share remained above 80%, helping drive niobium consumption in the Chinese market to multiple new records. “Copper Star” demonstrated resilience in the face of multiple challenges such as US tariff policies, copper price fluctuations and power shortages in Africa. CITIC Metal adjusted its business plan and seized market opportunities, achieving annual sales of over 1.2 million metric tonnes of copper and maintaining a leading position in the copper trading sector.
Mining investments. Amid complex environments, CITIC Metal continued to strengthen its management to ensure the supply of critical mineral resources. The Las Bambas copper mine in Peru produced 410,834 metric tonnes of copper for the full year, representing a year-on-year increase of 27%. The Kamoa-Kakula copper mine of Ivanhoe Mines ranked among the world’s largest copper producers by annual output. The Kipushi zinc mine of Ivanhoe Mines commenced production ahead of schedule and has operated steadily. The Platreef mine of Ivanhoe Mines produced first concentrate from Phase 1 and accelerated its expansion. CITIC Metal focused on enhancing research capabilities by improving its investment research system, intensifying regional scanning, and continuously enriching its pipeline of domestic and overseas projects to lay the groundwork for future resource deployment.
CITIC Dicastal’s practice in expanding its presence emerging industries
Low-altitude economy. CITIC Dicastal has established a trinity lightweight capability encompassing “materials, process and design” to lay a foundational common technology for the development of the low-altitude economy industry. Leveraging cumulative experience in lightweight technologies, CITIC Dicastal has established an R&D framework centred on the low-altitude economy, encompassing three key segments: aluminium-magnesium alloys, carbon fibres and polymers. It has also carried out design and process development for a range of component products.
Embodied AI. CITIC Dicastal achieved breakthroughs in lightweight technologies for robotic skeletons and surface skins, accelerated the development of a standardised, modular R&D system for joint modules and fostered new growth drivers in embodied AI. CITIC Dicastal completed the development of robotic skeletal frame models and independently developed and manufactured carbon-fibre surface skins.
Advancing the “Star Renewal” operation to build new advantages
Champion businesses: The scale of our equipment manufacturing, auto components, special steel, niobium and copper businesses continued to expand steadily, with further strengthening of their market positions.
Specialised businesses: The low-altitude economy business continued to broaden application scenarios and achieved new breakthroughs. The publishing business consolidated its industry-leading position. The digital economy business and intelligent factory development achieved new breakthroughs, while the capability of resource and energy supply chains continued to improve.
Champion businesses: The scale of our equipment manufacturing, auto components, special steel, niobium and copper businesses continued to expand steadily, with further strengthening of their market positions.
Specialised businesses: The low-altitude economy business continued to broaden application scenarios and achieved new breakthroughs. The publishing business consolidated its industry-leading position. The digital economy business and intelligent factory development achieved new breakthroughs, while the capability of resource and energy supply chains continued to improve.
CITIC Dicastal lightweight automotive parts
Flagship projects: Landmark constructions were delivered in Saudi Arabia, the United Arab Emirates and other locations. In China, major projects including the Shanghai Yalong Project and the Shenzhen Dongjiaotou Project achieved breakthroughs in sales, while key infrastructure and real estate development projects progressed steadily, representing a series of demonstration in industry transformation and development.
Promoting the “Star Creation” and “Star Exploration” operations to create new growth engines and explore frontiers
Star Creation: To expand, complement and strengthen industrial value chains and facilitate developments of strategic emerging sectors, a reserve pool of investment and M&A projects has been established under CITIC’s industrial companies, investment platforms and financial resources. Due diligence on multiple key projects is underway.
Star Exploration: Closely following the development trends of new technologies such as AI to identify high-quality projects. CITIC Securities and CSC Financial have mapped niche sectors around AI and embodied AI, as well as manufacturing, advanced materials and energy for the future, and established a pipeline of shortlisted enterprises. Leveraging the advantages of their direct investment and fund businesses, they have added a total of more than 100 investments in the above-mentioned sectors.
Star Creation: To expand, complement and strengthen industrial value chains and facilitate developments of strategic emerging sectors, a reserve pool of investment and M&A projects has been established under CITIC’s industrial companies, investment platforms and financial resources. Due diligence on multiple key projects is underway.
Star Exploration: Closely following the development trends of new technologies such as AI to identify high-quality projects. CITIC Securities and CSC Financial have mapped niche sectors around AI and embodied AI, as well as manufacturing, advanced materials and energy for the future, and established a pipeline of shortlisted enterprises. Leveraging the advantages of their direct investment and fund businesses, they have added a total of more than 100 investments in the above-mentioned sectors.
CITIC Heavy Industries’ special material forging for the new energy field
Under the “Industrial Starlink” Initiative, we will establish a strategy-oriented resource allocation mechanism to enhance the multiplying effect of investments, concentrate resources on strategic emerging sectors and industries for the future, identify key areas and priorities, and rationally allocate investment budgets, serving as long-term and patient capital for the real economy.
Industrial Upgrading
CITIC Metal’s practice in revitalising and upgrading traditional industries
Bulk commodity trading. The “Star Businesses” of niobium and copper achieved double-digit sales growth, continuously consolidating its industry-leading position. “Niobium Star” led the industry by adhering to the “technology-led sales” approach. CITIC Metal consolidated key clients in traditional sectors and strengthened expansion in emerging fields. The domestic market share remained above 80%, helping drive niobium consumption in the Chinese market to multiple new records. “Copper Star” demonstrated resilience in the face of multiple challenges such as US tariff policies, copper price fluctuations and power shortages in Africa. CITIC Metal adjusted its business plan and seized market opportunities, achieving annual sales of over 1.2 million metric tonnes of copper and maintaining a leading position in the copper trading sector.
Mining investments. Amid complex environments, CITIC Metal continued to strengthen its management to ensure the supply of critical mineral resources. The Las Bambas copper mine in Peru produced 410,834 metric tonnes of copper for the full year, representing a year-on-year increase of 27%. The Kamoa-Kakula copper mine of Ivanhoe Mines ranked among the world’s largest copper producers by annual output. The Kipushi zinc mine of Ivanhoe Mines commenced production ahead of schedule and has operated steadily. The Platreef mine of Ivanhoe Mines produced first concentrate from Phase 1 and accelerated its expansion. CITIC Metal focused on enhancing research capabilities by improving its investment research system, intensifying regional scanning, and continuously enriching its pipeline of domestic and overseas projects to lay the groundwork for future resource deployment.
CITIC Dicastal’s practice in expanding its presence emerging industries
Low-altitude economy. CITIC Dicastal has established a trinity lightweight capability encompassing “materials, process and design” to lay a foundational common technology for the development of the low-altitude economy industry. Leveraging cumulative experience in lightweight technologies, CITIC Dicastal has established an R&D framework centred on the low-altitude economy, encompassing three key segments: aluminium-magnesium alloys, carbon fibres and polymers. It has also carried out design and process development for a range of component products.
Embodied AI. CITIC Dicastal achieved breakthroughs in lightweight technologies for robotic skeletons and surface skins, accelerated the development of a standardised, modular R&D system for joint modules and fostered new growth drivers in embodied AI. CITIC Dicastal completed the development of robotic skeletal frame models and independently developed and manufactured carbon-fibre surface skins.