Outstanding listed companies serve as both the "anchor" of the capital market and the "channel" for industrial upgrading, continually reinforcing the long-term confidence and robustness of market development. During visits to leading securities firms on the Shanghai exchange, it became clear that high-quality market participants, represented by these top brokers, are building solid support for the stable operation and high-quality growth of the A-share market through their dual roles and coordinated efforts.

As core blue-chip targets on the Shanghai exchange, leading securities firms provide the most direct fundamental support for capital market resilience through their steady business performance and sustained value creation. The primary confidence underpinning the market's ability to withstand cyclical fluctuations and stabilize expectations stems from a group of top-tier listed companies with solid operations, sound governance, and reliable returns. With over three decades of industry experience, Shanghai-based securities firms, represented by CITIC Securities, remain firmly in the first tier of domestic brokers, achieving steady growth in operating results, continuous optimization of business structures, and ongoing reinforcement of core competitiveness.

In terms of value returns, these companies consistently uphold a long-term philosophy. For instance, CITIC Securities has maintained cash dividends for 24 consecutive years, with dividend payouts intensifying in recent years. In 2025, total dividends reached a historic high, and the interim dividend for 2026 saw substantial year-on-year growth, solidifying the value of blue-chip assets through stable and abundant shareholder returns. Simultaneously, the company continues to advance technology finance, digital transformation, and internationalization strategies, achieving balanced development across asset-heavy and asset-light businesses while enhancing profitability resilience. Such high-quality listed entities, characterized by prudent management and sustained value creation, effectively mitigate short-term market volatility, stabilize expectations of medium- and long-term capital, and lay a solid fundamental foundation for the capital market.

The enduring vitality of the capital market relies not only on the stable development of existing entities but also on the quality and growth potential of incremental assets, as well as the ability to continuously attract outstanding enterprises that embody new quality productive forces and lead future industrial directions. As core intermediaries in the capital market, Shanghai's securities firms fully leverage their integrated strengths in investment banking, investment, and research, consistently identifying, nurturing, and channeling high-quality listed companies into the market, thereby injecting a steady stream of industrial momentum. Through a full-chain service system encompassing "investment banking plus investment plus research," leading securities firms adhere to the guidance of "investing early, investing small, and investing in hard technology," deeply empowering the entire lifecycle growth of sci-tech innovation enterprises.

From Moxin (Shanghai) Technology to SJ Semiconductor and Xi'an Yicai, a cohort of hard-tech companies in their startup and growth phases has overcome development bottlenecks, achieved industrial commercialization, and ultimately gone public, supported by corporate capital empowerment, industry connections, governance optimization, and capital operation guidance. These sci-tech enterprises, focused on semiconductors, artificial intelligence, and advanced manufacturing, feature premium tracks, robust technological capabilities, and outstanding growth prospects. They continuously improve the structure of listed companies on the Shanghai exchange, reshape the market valuation framework, and emerge as a new force for the high-quality development of the capital market.

Tides ebb and flow as a normal pattern in the capital market, yet through cycles of ups and downs, high-quality listed companies that emerge with clarity remain the market's most solid foundation. Leading securities firms, represented by CITIC Securities, embody the dual identity of "high-quality listed entity" and "professional capital intermediary." They solidify the existing market base through their own stable operations while continuously generating high-quality sci-tech innovation assets through industrial cultivation capabilities. This balance between stability and advancement persistently optimizes the market ecosystem and smooths the cycle of industrial capital. Over the long term, it is precisely these high-quality enterprises that traverse cycles and stay true to their core principles that continuously bolster capital market resilience, safeguarding the steady and enduring progress of both the market and the real economy.