Analysis of Growth Rate of CITIC Securities' Asset Management Business

Based on the latest public data, I have systematically sorted out the growth status of CITIC Securities’ asset management business for you.

CITIC Securities’ asset management business achieved revenue of

in 2024, representing a year-on-year growth of compared to RMB 10.852 billion in 2023 [1][2]. This growth rate indicates the steady development trend of the asset management business amid the current market environment, but it is lower than the company’s overall operating revenue growth rate of 6.20%, suggesting a slight decline in the contribution ratio of the asset management business.

As of December 31, 2024, CITIC Securities’ total asset management scale reached

, representing a year-on-year growth of compared to RMB 1,388.461 billion at the end of 2023 [1][2]. This growth rate is significantly higher than the industry average of 3.04%, reflecting CITIC Securities’ competitive advantages as an industry leader.

Product Type	2024 Scale (RMB billion)	2023 Scale (RMB billion)	Year-on-Year Growth Rate
Collective Asset Management Plan	343.243	297.704	15.30%
Single Asset Management Plan	908.982	841.715	7.99%
Special Asset Management Plan	290.221	249.042	16.53%
Total	1,542.446	1,388.461	11.09%

As can be seen from the data,

, reaching 16.53% and 15.30% respectively, which reflects CITIC Securities’ positive progress in active management transformation.

The management fee income of the asset management business in 2024 was

, representing a year-on-year growth of compared to RMB 2.093 billion in 2023 [2]. The growth rate of management fee income is lower than that of asset management scale, mainly due to the downward adjustment of fees caused by intensified industry competition.

CITIC Securities’ private asset management business (excluding pension business, public offering collective products, and asset-backed special plans) achieved a

, continuing to rank [1][2]. This market share has increased from approximately 12.5% in 2023, indicating that the company’s leading position in the private asset management field has been continuously consolidated.

Time Node	Total Managed Assets (RMB billion)	Public Offering Fund Management Scale (RMB billion)	Institutional and International Business Scale (RMB billion)
End of 2024	2,464.531	1,790.719	673.812
June 30, 2025	2,851.237	2,101.952	749.285
Growth Rate	15.69%	17.38%	11.21%

ChinaAMC achieved rapid scale growth in the first half of 2025, with the public offering fund management scale growing by 17.38% in particular. Its ETF scale maintained a leading position in the industry, and the scales of bond funds and money market funds also achieved strong growth.

As of June 30, 2025, the total asset management scale of CITIC Securities and CITIC Securities Asset Management reached

[3], representing a 0.89% increase compared to the end of 2024, continuing to maintain a stable growth trend. The market share of its private asset management business was 12.83%, still ranking first in the industry.

The main growth drivers of CITIC Securities’ asset management business include:

1. Deepened Active Management Transformation
   : The company has strengthened the professional, systematic, and refined development of investment research, promoted active management transformation, optimized the investment management model, and effectively improved the stability of investment performance.

2. Tiered Customer Operation
   : The company carries out tiered operation targeting diverse customer groups, achieves rapid scale growth, and continuously enriches its product portfolio.

3. International Development
   : The company promotes international development, builds a distinctive solution system, and has achieved remarkable results in expanding overseas customer groups and innovating product strategies.

4. Pension Finance Layout
   : The company fully focuses on pension finance business, and the management scale of its pension business maintains steady growth.

5. Digital Transformation
   : The application of various leading technologies effectively empowers business development, further enhancing the overall asset management scale.

Securities Brokerage	Asset Management Scale at the End of 2024 (RMB billion)	Year-on-Year Growth Rate
CITIC Securities	1,542.446	11.09%
Guotai Haitong Securities	588.430	8.35%
Huatai Securities	556.267	16.98%
Industry Average	-	3.04%

CITIC Securities ranks first in the industry with a scale of RMB 1.54 trillion, and its growth rate of 11.09% is significantly higher than the industry average.

CITIC Securities’ asset management business achieved steady growth in 2024, with a scale growth rate of 11.09%, which is significantly higher than the industry average of 3.04%. Through measures such as active management transformation, tiered customer operation, and international development, the company continues to consolidate its leading position in the industry. ChinaAMC, as its controlled subsidiary, also performed well, recording obvious scale growth in the first half of 2025. Looking forward, with the continuous deepening of public offering transformation and the layout of pension finance business, CITIC Securities’ asset management business is expected to continue its sound development momentum.

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[1] Securities Times - “CITIC Securities Achieves Steady Growth in 2024 Performance with Continuous Optimization of Business Layout” (https://www.stcn.com/article/detail/1618362.html)

[2] CITIC Securities 2024 Annual Report (https://www.cs.ecitic.com/newsite/tzzgx/cwbgyzy/cwbg/202503/P020250404025054446198.pdf)

[3] CITIC Securities 2025 Interim Report Summary (https://www.cs.ecitic.com/newsite/tzzgx/ggyth/gg/aggg/202508/P020250828660220719823.pdf)