Source: Investment Watch

On November 12, CITIC Securities’ 2025 Capital Market Annual Conference opened with the theme of “Standing at the Starting Line”.

Zou Yingguang, who just took up the post of General Manager of CITIC Securities, delivered a keynote speech at the opening of the forum. He said that the capital market ecosystem is undergoing a fundamental reshaping, the quality of listed companies has significantly improved, and investor returns have gradually improved. China's capital market has stood at the starting line of a new reform.

Many chief analysts of CITIC Securities also shared their latest judgments on the macro economy and capital market. Yang Fan, chief macro and policy analyst of CITIC Securities, believes that "lighten the load" may be the core idea of ​​this round of economic policy. Through the "three steps" of risk mitigation, fiscal expansion, and deepening reform, China's economy will be stabilized, rebounded, and its structure optimized, and social expectations will be significantly improved.

"A-shares may experience a round of annual-level increases in 2025, and now we are standing at the starting line of this marathon market." Qin Peijing, chief strategy analyst of CITIC Securities, made it clear at the beginning of his speech that the stabilization of housing prices in core cities and the recovery of social financing growth will become the starting gun. The domestic credit cycle, macro prices, and A-share earnings will all usher in a new starting point for the upward cycle. The investment and financing ecology, investor ecology, and product ecology of A-shares have also reached a new starting point.

However, what is interesting is that on the evening of November 12, Yuexiu Capital issued an announcement stating that the board of directors passed a relevant proposal to approve the company and its subsidiaries to sell no more than 1.00% of CITIC Securities' total share capital through the secondary market. The announcement also showed that as of November 12, Yuexiu Capital had sold 28 million shares of CITIC Securities.

In Yuexiu Capital's development strategy, investing in CITIC Securities has brought it considerable returns for many years. In the first half of 2024 alone, the confirmed investment income was 903 million yuan, and Yuexiu Capital's net profit attributable to the parent company in the first half of the year was 1.016 billion yuan.

Regarding the reduction of holdings in CITIC Securities, Yuexiu Capital stated that the transaction plan can bring good investment returns, and the recovered funds will help the company optimize its asset structure and promote green transformation.