CITIC said it plans to buy out CITIC fund management, as part of the efforts to increase competitiveness and business expansion, The Standard reported. The brokerage said it plans to buy the 51 percent of CITIC Fund Management that it does not own for as much as 150 million yuan, said the paper. "More participation in the fund management industry will help diversify the businesses of CITIC Securities and boost revenue," said Yan Ji, an analyst with Haitong Securities in Shanghai. "There is still no fundamental improvement for steel stocks." China is encouraging bigger and financially stronger brokerages to take over competitors and introduce new products, seeking to boost financial innovation and sustain a stock market rally.