中信建投业绩说明会 3000 字实录：谈及自营投资、投行战略和国际化布局

On the afternoon of April 2, brokerage giant CSC held a performance briefing.

The 2025 annual report shows that as of December 31, 2025, the company's total assets reached 676.816 billion yuan, a year-on-year increase of 19.49%; it achieved operating income of 23.322 billion yuan, a year-on-year increase of 22.41%; and realized a net profit attributable to the parent company of 9.439 billion yuan, a year-on-year increase of 30.68%.

In response to the above performance, core executives of CSC addressed questions of concern to investors from various sectors via live broadcast, covering a series of topics such as the long-term strategy for the investment banking business, overseas business layout, AI deployment, and the positioning of proprietary investments.

Zishitang has summarized the key points of the briefing as follows for our readers.

Positioning of Proprietary Equity Investment

In terms of proprietary business, the company actively serves national strategies and the real economy, achieving good progress in fields such as fixed income, derivatives, equity investment, and venture capital investment.

The fixed income business continues to strengthen its investment capabilities, optimize asset allocation, and consolidate its foundation in the domestic bond market while expanding into overseas bond investments. The derivatives business is expanding its market-making service scope, promoting the development of over-the-counter (OTC) derivatives business, and enhancing product design and cross-border business capabilities.

Equity investment adheres to an absolute return orientation, strengthens fundamental research and multi-strategy allocation, and controls volatility risks. Venture capital investment focuses on technological innovation and new quality productive forces, with layouts in fields such as semiconductors, artificial intelligence, and advanced manufacturing, while also making forward-looking layouts in directions like the low-altitude economy, quantum computing, and biotechnology.

In the future, the company will rely on its research and investment capabilities to continuously optimize investment strategies and asset allocation, serve the needs of domestic and overseas clients, and promote the high-quality development of the capital market.

Long-Term Investment Banking Strategy

We recognize that the securities industry is undergoing a comprehensive reshaping of its development philosophy, models, and ecosystem.

To build a value-oriented investment bank, three shifts are required. First, in terms of value orientation, shifting from single commercial value to creating diversified value for the country, shareholders, society, and employees. Second, in terms of management philosophy, shifting from focusing on the short term to a unification of the short and long term, with more emphasis on risk-adjusted long-term value. Third, in terms of the development model, shifting from focusing on scale to emphasizing both quality and quantity to achieve high-quality development. The company will adhere to the unification of functionality and profitability, persist in intrinsic growth, and uphold long-termism.

Building a "new quality" investment bank means comprehensively promoting innovation. Centering on the requirements for developing new quality productive forces and serving the overall national development, we will clarify our business and development orientations. The core is to achieve three aspects: first, innovate to serve new quality productive forces, achieving breakthroughs in this field to become a main force and vanguard. Second, innovate to serve national strategies, exploring new methods and models in serving national strategies, including integrating into regional development strategies and strengthening cooperation with local governments. Third, cultivate new drivers in the development model through business innovation, product innovation, and service innovation to enhance the ability to serve the real economy.

In this process, we aim to discover, cultivate, and empower new quality productive forces within their development, while transforming ourselves into an investment bank that is better adapted to the development of new quality productive forces. Relying on research advantages, we will increase research efforts into emerging and future industries to enhance cognitive capabilities. Combining investment banking professional capabilities, investment capabilities, and industrial research capabilities, we will support tech enterprises in obtaining matching financial services at different stages of development and provide comprehensive financial services throughout their entire lifecycle.

In terms of internal transformation, this also includes building systems and tools in risk control and products that are compatible with new quality productive forces. By utilizing technologies such as AI, we will promote the construction of a digital investment bank, empowering employees and management to enhance efficiency and management levels.

Overseas Business Shows Significant Growth

In 2025, CSC's international business, with Hong Kong as the hub, became an important growth point.

On one hand, this benefited from the improvement of the capital market environment, including institutional reforms, technological breakthroughs, and the return of global capital, which drove activity in the Hong Kong stock market. Trading volume hit record highs, and IPO financing scale returned to the top spot globally. On the other hand, the company seized opportunities from the market recovery. As a frontier platform, CSC International persisted in integrated management and forward-looking layouts, achieving breakthroughs in both revenue and profit.

In 2025, CSC International's operating income increased by 103% year-on-year, and net profit increased by 177% year-on-year, significantly higher than the industry average. Data from the Hong Kong Securities and Futures Commission (SFC) showed that the industry's net profit growth rate was 62%, meaning the company's performance was notably above the industry average. Simultaneously, the company completed a HK$1.5 billion capital increase for CSC International, raising its registered capital to HK$5.5 billion to provide support for business development.

In recent years, the company has also been continuously advancing its international layout, including conducting investigations along the Belt and Road, expanding overseas investment research coverage, and strengthening cooperation with overseas regulators, exchanges, and financial institutions to explore long-term cooperation opportunities. Regarding licenses, it is pushing for a full-license layout, having obtained Southeast Asian business qualifications and acquired derivatives trading qualifications from the Singapore Exchange as well as relevant business qualifications from the Hong Kong Stock Exchange.

In 2026, the company will increase resource investment and promote international development around the goal of becoming a world-class investment bank.

First, strengthen the Hong Kong platform. As an international bridgehead, it will enhance the coordination of domestic and overseas resources, deepening the layout in terms of customers, products, channels, and synergy, while establishing a mechanism for cross-line services to strategic clients to improve comprehensive service capabilities.

Second, expand the global layout. Based in Hong Kong, the company will gradually extend its reach to regions such as the Asia-Pacific and the Middle East, forming a pattern of phased development while prudently responding to geopolitical and market risks.

Third, strengthen back-office construction and talent reserves. This involves improving the compliance and risk control system, enhancing technological empowerment, and improving risk management capabilities to solidify the foundation for international development.

Overall, the company will focus on opportunities arising from the country's high-level opening up to promote the implementation of its internationalization strategy and enhance its cross-border financial service capabilities.

Computing Power Infrastructure Layout

In recent years, CSC has closely followed the digital finance strategy, taking digital capability construction as a key lever for enhancing core competitiveness and promoting the deep integration of technology and business. The company has made a series of advancements in building technological capabilities, mainly reflected in capability system construction and application implementation.

In terms of capability system construction, the company has completed a systematic layout from computing power infrastructure to the application ecosystem, building a relatively complete digital foundation. At the infrastructure level, it has built its own large model computing power resource pool, with domestic computing power accounting for over 40%, and achieved refined management through a computing power scheduling platform. At the technical foundation level, it has formed a hybrid architecture combining large models with specialized small models, and continues to optimize model performance using existing data.

At the platform level, it has created an AI capability middle platform and an agent development platform to support the operation of hundreds of workflows. Regarding the knowledge system, it has built an enterprise-level large model knowledge management platform to achieve the accumulation and sharing of knowledge across multiple business lines.

In terms of security, it has established a multimodal large model security protection system to ensure that model applications are compliant and controllable, forming an integrated AI capability system of computing power, platform, knowledge, and security.

How AI is Applied to Core Brokerage Businesses

Building on this, the company's AI applications upgraded from single-point breakthroughs to full-chain empowerment in 2025, with comprehensive implementation in fields such as investment banking, marketing, investment research, investment, investment advisory, fixed income, customer service, and data R&D.

In the investment banking business, centering on gatekeeper responsibilities, the company built an intelligent platform covering the entire project lifecycle. In the field of risk control, it constructed a financial fraud attribution analysis system to achieve risk identification and quantitative judgment. In the due diligence phase, by combining image recognition with large models, it achieved automatic parsing of cash flows, identification of abnormal transactions, and verification of suspicious points, significantly improving efficiency.

In marketing, an intelligent marketing platform was built around serving long-tail customers and mining business opportunities for listed companies. Inclusive services cover millions of customers, with outreach efficiency and conversion rates improved through AI outbound calls, intelligent coaching, and customer service platforms. The activity and customer scale of relevant platforms have both grown, while labor costs have been reduced.

In investment research, the company constructed a macro asset allocation platform covering the entire process from macro analysis to portfolio management. It integrates factor libraries, strategy research, and intelligent fund selection capabilities, closing the research-investment-management loop to serve a large number of institutional clients. A digital investment research foundation was established to achieve the integration of data processing, content generation, and compliance monitoring, enhancing research efficiency and knowledge reuse.

In the investment business, the company made layouts for both individual and institutional clients. For the individual side, it launched an AI investment platform that enables natural language generation of strategy code, forming a closed loop for pre-investment, during-investment, and post-investment. For the institutional side, it built an intelligent investment trading engine, achieving millisecond-level inference and real-time risk control to serve tens of thousands of institutional clients.

In investment advisory, a dedicated large model and multi-agent platform were created to achieve full-process coverage of stock analysis, strategy recommendations, and post-investment services. It supports 24/7 service with a Q&A accuracy rate exceeding 97%, improving customer service efficiency and reducing costs.

In trading and platforms, an intelligent platform covering both primary and secondary markets was built, supporting functions such as recommendations, trading, Q&A, and data queries, with a data query accuracy rate reaching 93%. Meanwhile, a multi-agent collaborative system was constructed for synergistic applications in high-frequency scenarios, with relevant achievements selected for top international academic conferences for two consecutive years.

In customer service, an intelligent service system covering pre-, during-, and post-service was built, with annual service volume reaching millions of calls. The problem resolution rate increased to 95% and customer satisfaction reached 99%, significantly reducing manual labor.

In data management, an intelligent data query platform was launched to enable data retrieval via natural language, shortening efficiency from days to minutes and improving analysis efficiency by over 80%.

In R&D, an engineering-grade AI programmer agent was created to achieve automatic code generation, completion, and Q&A, with automatically generated code accounting for over 30%, effectively shortening the R&D cycle.

Overall, the company has formed an AI development pattern with a controllable technical foundation, comprehensive application penetration, and continuous release of business value. In the future, the company will continue to advance its artificial intelligence strategy, build AI-native systems around core business scenarios, and continue to release digital dividends to create long-term steady value for investors.

Company's Cumulative Dividends Total 20.475 Billion Yuan

The company adheres to the principles of continuity, stability, and reasonableness when formulating profit distribution policies, coordinating the company's long-term development with the overall interests of shareholders. It does not blindly pursue short-term dividend scale and fully protects the legitimate rights and interests of shareholders. The formulation and execution of profit distribution policies, especially cash dividends, strictly follow the company's articles of association and relevant deliberation procedures, with clear dividend standards, explicit proportions, and standardized, complete decision-making mechanisms.

Following the first implementation of interim dividends in 2024, the company has continued to improve the interim dividend mechanism. The interim dividend for 2025 has again been implemented and completed. According to the plan deliberated by the board of directors and proposed for submission to the shareholders' meeting for approval, the final cash dividend for late 2025 is proposed to be 1.357 billion yuan, bringing the total dividend for the year to 2.637 billion yuan, a year-on-year increase of 33%. Since its H-share listing in 2016, including this final dividend, the company's cumulative dividend total has reached 20.475 billion yuan.

Looking forward, the company will continue to enhance the stability and sustainability of its dividend policy. On the basis of coordinating development plans, cash flow status, and shareholder return needs, it will continue to fulfill its responsibilities as a listed company and promote positive interaction between the enterprise and its shareholders.

Regarding market value management, the company formulated a market value management system in 2025 and promoted the orderly implementation of related work. Based on improving its own quality, the company aims to achieve continuous value creation by clarifying development strategies, improving corporate governance, enhancing operational management capabilities, and cultivating core competitiveness. It also uses capital operations, information disclosure, and investor relations management to ensure the company's value is reasonably reflected in the capital market.