Recently, Moody's Ratings upgraded the long-term issuer ratings of 4 brokerage firms from Baa1 to A3. The 4 brokerage firms are: CICC, CICC International, CITIC Securities, and Cathay Pacific Haitong Securities. Furthermore, a few days ago, the international rating agency S&P raised the rating of China's securities industry. Moody's Ratings said that the rating actions against the above brokerage firms reflect Moody's belief that these companies are more likely to receive official support if necessary. These companies are becoming increasingly strategically important for China to achieve the country's economic and financial policy goals, and they also play an important role in the operation and development of China's capital market. A number of leading brokerage firms have responded to this. CITIC Securities said it will use this rating increase as an opportunity to further broaden overseas financing channels, reduce cross-border capital costs, continue to enhance international credibility and brand influence, accelerate the construction of first-class investment banks and investment institutions, continue to empower the real economy, and help build a strong financial nation.

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