The businesses they operate are different. Futures are derivatives, while securities are institutions that operate stock brokerage business and help enterprises to go public for financing. CITIC Securities is the parent company of CITIC Futures.

CITIC Futures is a member of CITIC Group. The company was restructured and established in 1999 by Shenzhen Nonferrous Metals Exchange, the first futures exchange in New China in 1993, and its headquarters is in Shenzhen. Address: China Merchants Bank Building, No.788 Shennan Avenue, Futian District, Shenzhen, Guangdong Province

CITIC Group is a wholly state-owned enterprise owned by the central government and one of the four state-owned enterprises directly managed by the State Council.

CITIC Securities Co., Ltd. is a company mainly engaged in investment banking, wealth management, asset management, financial markets and other related financial services.

citic securities maintains or obtains a leading position in several business areas. Focusing on serving the real economy, the company further improves the five roles of financing arranger, wealth manager, transaction service and liquidity provider, important market investor and risk manager, and constantly reshapes and consolidates its core competitiveness.

Company * * * shares or holds 97 companies, including 6 wholly-owned subsidiaries and 1 joint venture subsidiary. The business scope covers securities, futures, asset management, private equity fund and equity investment. Relying on the largest shareholder, CITIC Bank, CITIC Trust, Prudential Life Insurance and other companies to form a comprehensive business model of CITIC Holdings, and provide customers with comprehensive financial services at home and abroad together with CITIC International Financial Holdings.

CITIC's business is mainly divided into five business segments: brokerage, investment banking, asset management, credit and self-operation. In addition, the international promotion of the company's business is also worthy of attention.

1. Brokerage business

After 215, the activity of China stock market decreased significantly, and the market transaction volume decreased. At the same time, other businesses of the company developed more rapidly, which made the income and proportion of brokerage business of the company decrease continuously. The brokerage business decreased from 18.4 billion yuan in 215 to 9.5 billion yuan in 219, and the proportion of brokerage business income decreased from 33% in 215 to 17% in 219.

The company began to shift the focus of its brokerage business to wealth management and service institutional clients with higher added value. In 216 and 218, the company realized that institutional customers bought and sold securities on behalf of more than individual customers. Brokerage business is greatly influenced by the market environment and investor sentiment. Institutional customers have higher professional level, greater advantages in all aspects and longer investment period than individual customers. Focusing on institutional customers can help brokerage business to accept the impact of market fluctuations. At the same time, with the advantage of high proportion of medium and high-rate institutional customers, CITIC can still lead the market average commission rate of 3.2/1 with a commission rate of 4.9/1 under the background of general commission reduction in the industry.

2. Investment banking

Investment banking has always been the dominant business of the company. In 219, CITIC underwritten 191.1 billion yuan of equity and 635.7 billion yuan of creditor's rights, ranking first in the industry.

investment banking is greatly influenced by regulatory policies. Since 216, the Audit Committee of the China Securities Regulatory Commission has intensified its examination of IPO reporting enterprises, and the overall investment banking income of the industry has declined. CITIC's investment banking business has also decreased from 5.4 billion yuan in 216 to 3.6 billion yuan in 218. In July 219, science and technology innovation board enterprises began to issue shares, and the company's investment banking income began to rebound. In 219, the investment banking income exceeded 4 billion. By May 31, 22, the number of companies reporting in science and technology innovation board was 11, second only to 12 of CITIC Jiantou. At the same time, the number of reserve projects was also in the forefront of the industry, which was enough to support the follow-up business. The company began to pursue profit diversification in debt underwriting, focusing on public offering of REITs, supply chain financial asset securitization and other innovative investments to enhance its competitiveness in the asset securitization market. At the same time, it grabbed a lot of local government debt underwriting from banks, and the company's debt underwriting ability was also increasing.