Dong Wu Securities: Maintaining a "buy" rating on Citic Securities, Yat Xiu Capital plans to reduce its stake with relatively limited practical impact.

Dongwu Securities research report pointed out that Yuexiu Capital plans to reduce its stake in CITIC Securities by 1%, with the actual impact relatively limited. It is expected that Yuexiu Capital's willingness to reduce its stake is low at the current position. Furthermore, the net profit generated by Yuexiu Capital's reduction this time will not exceed 50% of the net profit attributable to the mother in 2024, and the probability of reducing to the maximum limit is low. Yuexiu Capital is also simultaneously increasing its holdings in Beijing Holdings. It is expected that its reduction of CITIC Securities is mainly due to investment income considerations, rather than fundamental considerations for CITIC Securities. Since 2026, the market trading sentiment has been hot, combined with the company's 2025 performance report, maintaining the previous profit forecast. The company's leading position is solid, with profitability far exceeding the industry average, stable operations, and all business segments ranking at the forefront of the industry, and should enjoy a certain valuation premium. Maintaining a "buy" rating.