CITIC Securities: Focus on securities companies with strong investment banking capabilities and abundant project reserves.

The research report of CITIC Securities pointed out that the optimization of this refinancing measure has significantly increased the policy coverage and market synergy. Unlike previous reforms focusing on specific sectors such as the science and technology innovation board, this time the Beijing Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange simultaneously introduced a package of measures, forming a multi-level, whole-market coordinated reform framework. In terms of specific orientation, the measures precisely focus on two core groups: high-quality listed companies with market representation and standardized governance, supporting their development of a "second growth curve" through optimized review; and technology innovation enterprises in different development stages, meeting their reasonable financing needs through inclusive arrangements. This design, which supports the growth of mature and high-quality enterprises while also considering innovative small and medium-sized enterprises in their growth phase, fully embodies a systemic thinking of supporting both excellence and science, ensuring that both large and small businesses are taken into account. This is an important practice in improving the investment and financing functions of the capital market and promoting coordinated development of investment and financing. In terms of investment themes, during the "13th Five-Year Plan" period, China's economic structural transformation and upgrading resonated with the deepening reform of the financial system, opening up broad strategic opportunities for securities firms' investment banking business. It is recommended to pay attention to securities firms with strong investment banking capabilities and abundant project reserves.