Western Securities: Initiates "Buy" rating on CITIC Financial Assets, optimistic about the effectiveness of long-term equity investment strategy after the overall transfer to CITIC

Western Securities initiates coverage on CITIC Financial Assets with an "Overweight" rating. The company focuses on the main business of non-performing assets, has completed the disposal of its financial subsidiaries, and actively engages in long-term equity investments, holding shares in several high-quality listed companies. It is expected that long-term equity investments will provide stable returns for the company, smoothing out economic cycle fluctuations. CITIC Financial Assets is projected to recognize other income and net profit of 41.476 billion and 75.662 billion yuan respectively in 2023/2024, with a rebound in returns anticipated in the future