According to the CITIC Securities Research Report, as of the end of August 2026, the CITIC Securities Research Department's market capitalization coverage of the Shanghai and Shenzhen 300, China Securities 500, China Securities 1000 and China Securities 2000 was 84.7%, 62.3%, 45.5%, and 17.6%, respectively, while the coverage rates of the coal, food and beverage and communications industries reached 94.1%, 88.2%, and 84.1%, respectively. CITIC Securities and the overall market coverage sample show that currently the more cost-effective direction is mainly focused on steel, coal, non-ferrous metals, commercial retail, non-bank finance, and some light industry, textile and garment industries. The total profit reported in 2026 continued to recover, but the breadth of improvements narrowed, and the economic advantages of resources, technology, and non-bank finance were outstanding. The current fundamentals are similar to the 2021 interim report. Historical experience suggests that emphasis should be placed on low accounts payable and cash cashout. Based on full-year expectations, mid-term performance, and the quality of economic performance, it is recommended to focus on non-bank finance and coal.

According to the CITIC Securities Research Report, as of the end of August 2026, the CITIC Securities Research Department's market capitalization coverage of the Shanghai and Shenzhen 300, China Securities 500, China Securities 1000 and China Securities 2000 was 84.7%, 62.3%, 45.5%, and 17.6%, respectively, while the coverage rates of the coal, food and beverage and communications industries reached 94.1%, 88.2%, and 84.1%, respectively. CITIC Securities and the overall market coverage sample show that currently the more cost-effective direction is mainly focused on steel, coal, non-ferrous metals, commercial retail, non-bank finance, and some light industry, textile and garment industries. The total profit reported in 2026 continued to recover, but the breadth of improvements narrowed, and the economic advantages of resources, technology, and non-bank finance were outstanding. The current fundamentals are similar to the 2021 interim report. Historical experience suggests that emphasis should be placed on low accounts payable and cash cashout. Based on full-year expectations, mid-term performance, and the quality of economic performance, it is recommended to focus on non-bank finance and coal.