Analysis of the Scale Growth of CITIC Securities' Margin Trading and Securities Lending Business

Based on search results, I have compiled detailed growth data on the scale of CITIC Securities’ margin trading and securities lending business for you:

• From 2022 to 2024, the CAGR of the balance of funds lent by CITIC Securities exceeded
  16%
• The scale reached RMB 138.3 billion at the end of 2024, hitting a record high
• The growth momentum continued in the first three quarters of 2025, reaching RMB 149.8 billion at the end of September

• As an industry leader, the scale of CITIC Securities’ margin trading and securities lending business remains among the top in the industry
• The balance of impairment provisions for funds lent increased from RMB 2.294 billion at the end of 2024 to RMB 2.449 billion at the end of June 2025, indicating sound risk control

• The average maintenance margin ratio for the margin trading and securities lending business rose from 277% at the end of 2024 to
  290%
  at the end of June 2025
• The fair value of collateral reached RMB 411.3 billion (data as of the end of 2024), enhancing business security

• The securities lending balance increased from RMB 16.5 billion at the end of 2024 to RMB 18.2 billion at the end of June 2025
• The securities lending business strictly complies with regulatory requirements, improving the ability to provide fair services to all types of investors

The market-wide margin trading and securities lending business saw substantial growth in 2025:

• The market-wide margin trading and securities lending balance reached RMB 2.5 trillion, up
  36%
  year-on-year
• The number of new margin trading and securities lending accounts opened throughout the year reached 1.5421 million, hitting a 10-year high
• CITIC Securities has seized a favorable position in the industry growth by virtue of its brand advantages and customer resources

According to a research report from Soochow Securities, CITIC Securities’ net profit attributable to parent company shareholders is projected to be RMB 30.1 billion, RMB 31.8 billion, and RMB 33.4 billion for 2025-2027 respectively. The company’s leading position is stable, and its margin trading and securities lending business is expected to continue to benefit from improved market activity.

• Soochow Securities - Commentary on CITIC Securities’ 2025 Performance Express Report
• CITIC Securities 2025 Corporate Bond Credit Rating Report
• CITIC Securities 2025 Third Quarter Report
• 21st Century Business Herald - The Top Broker Earns Over RMB 30 Billion in Net Profit