CITIC Securities | This Week's Selected In-Depth Research Reports

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We believe that as the Chinese medicine industry shifts from quantity to quality, traditional Chinese medicine companies will face development challenges. Future industry growth will occur alongside adjustments. Looking ahead to 2026, short-term pressure from base effects is expected to gradually ease, with a focus on improving industry fundamentals; in the long term, attention should be paid to policies like the essential drug list and progress in industry transformation and upgrading. Overall, the industry is bottoming out and recovering; it is recommended to focus on leading companies with stable operations.

Report Source

Securities Research Report Title: “Review of Five Bull Markets in A-shares and Hong Kong Stocks — New Framework for Asset Allocation (13)”

Publication Date: March 13, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Zhou Junzhi SAC No.: S1440524020001

Mao Chen SAC No.: S1440523030002

Securities Research Report Title: “State-Owned Enterprise Venture Capital Fund Operations and Industry-Finance Collaboration — Series Five of SOE Reform”

Publication Date: March 13, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Zhang Yulong SAC No.: S1440518070002

SFC No.: BPW299

Wang Dalin SAC No.: S1440520110002

Securities Research Report Title: “Review and Outlook of the Chinese Medicine Industry: From Quantity to Quality, Growth and Adjustment in Parallel”

Publication Date: March 15, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Yuan Qinghui SAC No.: S1440520030001

SFC No.: BPW879

Liu Ruofei SAC No.: S1440519080003

SFC No.: BVX723

He Juying SAC No.: S1440517050001

SFC No.: ASZ591

Yuan Quan SAC No.: S1440523070006

Shen Xingxi SAC No.: S1440525070009

Securities Research Report Title: “Analyzing the Russia-Ukraine Impact: Adding Power Equipment and New Energy”

Publication Date: March 15, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Zhu Yue SAC No.: S1440521100008

SFC No.: BTM546

Xu Lin SAC No.: S1440522110001

SFC No.: BVU271

Lei Yunze SAC No.: S1440523110002

Chen Sitong SAC No.: S1440522080006

Zheng Boyuan SAC No.: S1440524080004

Hu Ying SAC No.: S1440524050002

Wang Jiying SAC No.: S1440521120004

Securities Research Report Title: “Profitability Improvement Breaks the Deadlock, Valuation Bottoming and Starting a New Chapter — In-Depth Study of Lithium Iron Phosphate Cathode Industry”

Publication Date: March 16, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Xu Lin SAC No.: S1440522110001

Zhu Yue SAC No.: S1440521100008

Securities Research Report Title: “Spring Breeze and Warm Currents, 6F/VC as the Best”

Publication Date: March 16, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Xu Lin SAC No.: S1440522110001

Xue Lu SAC No.: S1440525090001

Securities Research Report Title: “North America Power Shortage Difficult to Reverse: Energy Storage and Grid Construction to Soon Replicate Gas Turbine Boom”

Publication Date: March 18, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Zhu Yue SAC No.: S1440521100008

SFC No.: BTM546

Lei Yunze SAC No.: S1440523110002

Securities Research Report Title: “Outlets Industry Resilience Highlights, Favoring Leading Operators and REITs — Real Estate Asset Securitization Series (IV)”

Publication Date: March 19, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Huang Xiaotian SAC No.: S1440520070013

Securities Research Report Title: “Cognitive Revolution: The Capability Ladder and Value Rebuilding of AI Investment Research (L1-L5)”

Publication Date: March 20, 2026

Published by: CITIC Securities Co., Ltd.

Analysts:

Yao Ziwei SAC No.: S1440524040001

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