Good morning. Thank you for joining us at CITIC Securities' 2023 annual results announcement. To facilitate communication of global investors, we are live streaming this session both offline and online, in both Chinese and English. I will introduce to you the management here today. We have the Chairman of China CITIC Securities, Mr. Zhang Youjun; President, Mr. Yang Minghui; CFO, Mr. Zhang Hao; member of the executive committee, Chairman of CLSA, Mr. Li Chunbo; Head of Accounting Department, Ms. Xi Zhiying. Also, for this announcement, we have invited Mr. Zhang Changyi, independent director, Xi Zhiying, and also non-exec director, Zhang Lin, Mr. Zhang Lin Fang, and Zhao Xianxin, and also our supervisor, Zhang Geping, at the event, and the Secretary of the Board, I am Wang Junfeng. First, I will invite Mr. Xi Zhiying, Head of Accounting Department, to introduce to you our 2023 business review, and then the management will take your questions. Distinguished investors and analysts, now I will introduce to you the 2023 business review of the company. There will be three parts in my presentation. The first part is capital market movement to 2023, followed by financial indicators of 2023, and then business review of 2023. The first part, capital markets movement. In 2023, the major stock indexes in Hong Kong and mainland China have been very volatile. SSE Composite, negative 4%, Shenzhen Component, negative 13.5%, Hang Seng, negative 13.8%. In terms of ADTV, for A-share, it's CNY 991.7 billion, 3% decline. For H-share, it's CNY 105 billion, and a drop of 16%. For the margin trading, both margin financing and the security lending show different trends. For margin financing, the full year, a growth of 9%, CNY 1.58 trillion. For security lending, decline of 25%, CNY 71.6 billion. In terms of the IPO issuance for the year 2023, A-share 356.5 billion, 39% decrease. For A-share, a negative growth of 55% to 42 billion. While for the bond market indices, for the year 2023, ChinaBond Composite has increased by 4.7%, and ChinaBond Treasury up by 4.9%. ChinaBond Corporate AAA, up by 5.1%. USD Asia ex-Japan China in Q4 showed significant growth. For the full year, it was up by 4.1%. The second part of my presentation is the major financial indicators of the company. Let's take a look at the profitability. In 2023, revenue is CNY 60.1 billion, -7.7% year-over-year, and the CAGR for the previous five years is 8.6%. Profits, CNY 19.7 billion, CAGR, 12.7%, year-over-year, -7.5%. ROE is about 7.81%. Earnings per share, CNY 1.3, CAGR, 6.5% year-on-year, a decline of -8.5%. Now, let's take a look at the profit mix. In terms of the revenue contribution by segment, we see a diversified segment, and all these segments remain stable. In terms of the profit contribution, we can see that the capital and different business, they're in a very balanced shape. We can see that the parent company stabilizes the overall business in terms of revenue and the profit contribution, 59% and 62%. And also, China AMC accounts for 30% and 10% for revenue and profit contribution. CSI, 11% and 9% for revenue and profit contribution. Now, let's move on and take a look at our financial situation. By end of 2023, total assets exceeded CNY 1.45 trillion, 11% year-to-date growth, and five-year CAGR, 16%. Total liabilities, CNY 1.18 trillion, CAGR 17% year to date, 12% growth. Net assets, CNY 268 billion. Year-to-date growth 6%, CAGR 14%. In the year 2023, our leverage ratio now returns to 4 and above. By the end of the year, it's 4.27 times multiple. Now, let's take a look at the industry share. We've listed here four major financial indicators over the past five years, and how they are performing in terms of industry share. We can see that for revenue and profit for these recent five years, the industry share is above 12%. For total assets, it's 11.8%. Net assets is around 8.43%. Although there are fluctuations in different years, but overall, they are on the uptrend. The third part of my presentation is the 2023 business review. Let's take a look at wealth management. The company proactively promote Inclusive Finance and provide the customers a comprehensive financial solution. In the year 2023, for the wealth management business, revenue is CNY 10.2 billion, 8% decrease. This is because of the market activity level, while for the brokerage business, it has reduced. But our trading volume market share has increased from 7.56% - 7.6% in 2023. Client assets under custody ten point five trillion, year-to-date growth of 4%. Public funds in the money market, we rank industry number one. End of 2023, CNY 190.2 billion, up by 10% versus earlier in the year. And wealth management customers 160,000, and year-to-date, 3%. Wealth management clients' assets, CNY 1.96 trillion, up by 2%. We also see that, for the wealth allocation business, it has increased, dramatically. By the end of 2023, this part of the business is close to CNY 30 billion, up by 20%, versus 2022. And we also have invested heavily in financial technology. We have launched the Xinyitou app, version 5.0, to upgrade the user experiences. To accelerate global layout of, our businesses, we've established CITIC Securities Enterprise Office, Hong Kong service brand, and also launched the wealth management platform in Singapore. We strengthened services to high net worth clients and accelerated the further transformation of wealth management businesses through the service model. And, the overseas sales revenue, have, grown by threefold with our effort. In the year 2023, investment banking business revenue is CNY 6.3 billion, down by 27%. It's mostly because equity investment revenue has decreased. In terms of domestic underwriting volume, we can see for equity is 277.9 billion, down by 26%. For debt, is CNY 1.9 trillion, up by 21%, and we have outperformed in these two aspects in the industry. For IPO and financing debt, and M&A, we'll rank top. For A-share IPO underwriting, CNY 50 billion. Market share, 14.03%. A-share refinancing underwriting, CNY 227.9 billion. Market share, 29.29%. Debt underwriting, CNY 1.91 trillion. Market share, 6.85%. A-share M&A, CNY 118.1 billion. Market share, 39%. For investment banking business, we also accelerate international layout. We altogether have 18 projects for Hong Kong equity underwriting, with a size of CNY 889 million. European GDR, 7 projects, underwriting size CNY 445 million. Offshore bonds issued by Chinese enterprises, 134 projects, underwriting CNY 22.4 billion. And we also implement proactively national strategies, green bonds, technology innovation bonds. The underwriting size are CNY 71.6 billion and CNY 73.6 billion respectively, top ranking. Strategic emerging industries, equity financing underwriting size CNY 161 billion, number one in the industry. We also proactively promote rural revitalization bonds, and the underwriting of which is CNY 3.6 billion. We rank number two in the industry. Let's take a look at asset management. Right now, we have built public funds, futures management and a diversity of business for this segment. And what's worth mentioning is that, in November 2023, CITIC Securities subsidiary for asset management, we are now in the process of application of the certificate and license. And for the asset management, the revenue is CNY 9.8 billion, down by 10%. In terms of the AUM, it's 1.3 trillion, and for the private, it's 13.71%, rank number one. For overseas AM AUM, by the end of 2023 versus 2022, an increase of 63%. China AMC AUM, 1.8 trillion, up by 6%. Public funds have increased dramatically by 16%. This is mainly due to the index products contribution. Let's take a look at the financing business of the company. In the year 2023, this segment we have recorded CNY 9.5 billion, down by 3%. Margin and other finance, CNY 7.6 billion, and then Stock Pledge Repo, CNY 1.54 billion, up by 29%. In terms of the scale, by end of 2023, for the domestic financing is CNY 133.6 billion, and for the margin financing increased by 11%. While securities lending, this decline of 28%. Market share of both number one. For stock, for these two segments, we are in line with the market trend. Our Stock Pledge Repo continued to increase by end of 2023, CNY 39.4 billion, up 34%. And our financing business, the risks are well under control. For margin financing and the securities lending, the average margin ratio is 275%. The average performance guarantee ratio for stock pledge repo business is 223%. This shows that we have very good quality of the assets for this financing business. And now I want to talk about FICC. In the year 2023, our investment to both home and abroad have increased versus previous year. Our scale remained very stable. Combined together, CNY 2.21 trillion, up 6%. Counter and OTC, then we also rank number one. For the counter products, it's year to date 9%. For OTC derivatives, CNY 552 billion, up by 3%. The company has become the first business for the northbound investment and for foreign exchange and alternative fixed income. We have secured the execution of the first orders, promoting all these innovative businesses development. Now, equity derivative business, we continue to expand the market. In 2023, home and abroad, we've signed 3,100 customers, up by 18%. For domestic derivative scale, we have an 18% increase. We also have enriched our market-making products. For ETF market-making, 679 products. At STAR MM, 110 products. Market share are 77% and 53% respectively. For options market-making, 44 products. Market share, 85%. And, our EQD business capability has been well-recognized by the market. We have received awards from the Shanghai Stock Exchange, the Shenzhen Stock Exchange, as well as the CFFEX. Then let's look at direct investment and PE. For our investment platforms, CITIC Goldstone Investment has been actively promoting national strategies. We invest in semiconductors, new energy, new materials, advanced intelligent manufacturing, and modern services. We support company development for the industries. The CITIC Goldstone Investment principal investment balance has exceeded CNY 25 billion. Let's look at our PE management. For our investment platforms in the year of 2023, Goldstone has the filing of new fundings for 16.8%. It's an increase of 103%. And for our fund management, CITIC Goldstone Funds, by the end of 2023, the cumulative management scale of private equity funds reached CNY 35 billion. It is an increase of 13% year to date. And in our private investment, we have improved our brand awareness and influences. Then let's go to overseas business. CSI business has grown steadily. We have achieved CNY 1.6 billion of revenue, an increase of 13%, profit up by 97% to CNY 246 million. Our business scale continues to grow. Among that, wealth management sales has reached CNY 2.5 billion. It's an increase of 140%. Cross-border OTC derivative trading scaled up by 22%. And for the northbound and southbound, we have achieved successful increase. In addition to that, our wealth management derivative asset management have all improved our product varieties, so that we have new offerings emerging in different segments. Coming up, I would like to talk about our risk management. The company has established a comprehensive risk management approach, and also three layers of matrix. We have provided a lot of monitoring and management for all indicators. In the year of 2023, we have improved control of indicators and to improve our control mechanisms. We have elevated the broadness and the depth of our risk management. We have continually improved warning standards. In the year of 2023, all indicators have been better compared to the regulatory requirement. Then I would like to talk about the ESG development of the company. The company has been insisting on green development. We actively fulfill social responsibility. In terms of green bond underwriting, we have finished 150 projects, fundraising CNY 377.4 billion. Overseas ESG bonds, 40 projects, fundraising $113.3 billion. We also support equity financing for green industries. We completed a material asset restructuring of a green clean energy power company, and raised supporting funds. In ESG product innovation, the company has issued Shanghai Clearing House carbon neutral bond index linked OTC options. We have achieved about eight hundred deals. Nominal principal amount, CNY 78.4 billion. CDB green bond linked OTC options, 429 deals with the principal amount, CNY 91.1 billion. We also have achieved the first batch of carbon asset transactions, the first carbon asset repurchase, and first carbon asset swap transactions. We also fulfill social responsibilities. Our donations' total amount have reached CNY 55.15 million. People benefited, 669,700. The company have been working on poverty alleviation and rural revitalizations. We participate in poverty alleviation and rural revitalizations with a total amount of CNY 54.23 million. In all, we have been sticking to our ESG principles and immerse this principle to our business practices. This is my presentation for the business review of the year of 2023. Thank you very much. Thank you, Ms. Xi. Coming up, we will have the Q&A session with the guidance of the Shanghai Stock Exchange. To protect the investors' interest, we have already gathered some information and questions. First, we would like to ask one question for the management. I would like to invite my colleagues to read that out. The Central Financial Committee has meetings talking about sticking to the road of development with Chinese characteristics. So in this context, how do we fulfill our responsibility to build the country? Okay. Thank you very much to your question. The Central Committee's financial meeting has mentioned about financial industries serving the development of the country, so it makes clear that this is the, one of the most important target for all financial companies. We need to shoulder our responsibility as the financial intermediaries. This is a big responsibility that also raise higher requirement for high quality development. In this process, we have researched on some key points. As securities companies, when we shoulder our responsibility to build up the country and to promote development, we need to emphasize on our functionality. CITIC Securities should continue to be shareholder-centered, and to play our role of our intermediaries and focus on core operating businesses. We need to provide a variety of financial services and products to our customers. We need to stick to the core business and emphasize on green, pension, and inclusive finance. In terms of fintech, we need to also be able to discover values to promote new technology, new industries, and new kind of businesses. To provide higher quality of financing services, we need to allocate more resources and funding to the core industries to actually promote the good circulation of technology and economy. In terms of green development, we need to guide more social funding to developed strategies related to green finance, and also to sustainable development. In terms of inclusive development, we will improve our professionalism, and to improve the wealth management product development, we need to develop inclusive finance product, to developed leading funding portfolios, to provide comprehensive integrated services to our customers. In pension fund, we'll improve our management capabilities and continue to improve our management skills for pension funds, to improve risk management, and to enrich the varieties of product. We will continue to improve our social security fund and pension fund investment strategies, and also we'll continue to build on fintech. We'll use AI and big data to empower our business and to make use of the dataset we generate. When we build financial industry, we are looking at a nation, national-level strategy, so our role is to serve the industry and to further serve the national strategy. When we look at the national requirement on the financial industries, we'll continue to shoulder our responsibility, lay solid foundation, and make our contribution. Thank you very much, Chairman. Coming up, we will invite the questions from analysts and investors. First, we would like to invite on-site questions. Before you ask your questions, please identify yourself. ... including your company and your name. You may ask up to 2 questions, please. Thank you, management. I'm from UBS. I'm an analyst, Cao Xuefeng. I have two questions for the management. First, the chairman mentioned that there are a lot of regulatory documents given to the securities industries. It brought opportunities to CITIC Securities. We saw some documents talking about building the leading first-class IB business in China. So how do you think of the first-class investment banking business? What are the approaches that you would take, and what are the measures that you would take? In addition to the target of building as a first-class investment banks, we can see CSRC also have other documents. The theme is to conduct strict monitoring and supervision. So I would like to understand the impact on CITIC Securities, and what are your measures? Thank you. Thank you very much. To your first questions about building the first-class investment banks, I'll get Mr. Yang to answer your question. Thank you very much for the question. CSRC recently issued document about building the first-class investment banks and also securities companies. We have studied such documents and papers and reviewed our business practices. Our vision at CITIC Securities is to become a securities company that is trusted by our investors and customers, and to be first class. So what are the characteristics, and how is it reflected in our business? In the summary, we have nine methods and nine interpretations. I would like to elaborate on that. First, as a strong securities company, when we serve the national economy development, we are an enabler. Second, we will be comprehensive in our licenses and to provide comprehensive and balanced development in all segments. And when we conduct business, we need to cross different geographic locations, different products, so that we can provide integrated financial services to all customers. And third, we have strong investment capabilities. We have a strong professional asset management and wealth management team. We also have very comprehensive financial offerings in other segment. So in this way, we can provide multi-layered services to high-net-worth client as well as retail clients. We can provide long-term, sustainable financial income. And the fourth interpretation is that we have a comprehensive global coverage. We have teams available in different part of the world. We can serve the clients with our network, and we can also source good target. We can also do matchmakings. And the fifth interpretation, the fifth characteristic, is that we have strong risk mitigation capabilities. We can provide countercyclical investment. We can offer such products and services. And the sixth, we are very internationalized. We have international competitiveness in terms of equity, debt, M&A. We have high market shares all over the world. Seventh, we have self-controlled, highly efficient financial infrastructure. We also have high innovative capabilities. Just as the chairman mentioned, we provide digital finance. We enabled empowered finance with technologies. We also have very advanced clearing and settlement system. Eight, we have international, diversified, and strong talent pool all over the world. We are investment banks, we are investment companies, so we emphasize on building the talent pool to support the business development. We have the best-in-class talent in the industry. And the ninth one is also, all very important. We are tested by the market. We have a very strong company culture. This culture has been well-recognized by the society, and we also have a very strong brand image. So these nine interpretations are what we have summarized, and you can also take a look. We think that building the first-class investment bank and investment company is a long-term target. We also need to lay the solid foundation for the whole financial industry in China. So for us, for CITIC Securities, in the future, high-quality development will be a must, and it also give us great opportunities. So we'll continue to exercise these principles, we'll stick to our principle, and we'll also think in a high level for the world. We will continue to provide high-quality development, and we'll also enrich and enhance our capabilities to build such a first-class investment bank. Thank you so much, Mr. Yang. You mentioned about the ... supervision regulation question, I will have the chairman answering question. Indeed, the CSRC recently have released the policy documents, and this involves improved list of companies' quality, strengthen supervision, protecting small and medium investors, and building the first-class investment bank and institutions. So, because all these efforts are very strong approaches taken, and it also shows that this very strengthened supervision of the CSRC, and it also will help to promote the high-quality development of the financial market. And it will provide the right tools for the long-term and good quality development of the whole industry. Also, it raises high requirements for us and made our forward pathways clearer. And for us, functionality is the most important. We're the goalkeeper, and as a high-quality listed company, it is the cornerstone of the capital market. Securities companies need to provide high-class professional services and to be a goalkeeper of the capital markets. We also would follow closely the development directions of the real economy, strengthening our products and services, and also to safeguard and champion the industry standards and rules. We also will support and service the national strategies and those best quality products and companies. And also from the root cause, we will improve the quality of the listed company. And also for CITIC Securities, we will benchmark with the top standards of a first-class investment bank. The CSRC has raised very clear requirements, especially in terms of the functionality, operation principles. All the framework and timeline are very clear, and we would like to become the first class and the leading investment bank domestically and internationally with strong market influence. So according to the regulators' requirements, we will play a good role of the gatekeeper and also continuously improve our capabilities, strengthen our efforts in culture, team building, capability building to further improve our competence. Also, the company will continue to adopt the investor-centric approach to provide better quality services for the investors and value for the shareholders. We'll continue to study and implement the authorities' principles and also spirit. We also would facilitate the whole capital market to achieve a high quality development. Looking at the national strategies will guide us through all this work we do. We also accelerate the steps of building first-class investment bank and institution, and we'll work very hard to make our contribution to build a strong financial powerhouse. Thank you, Chairman. We will have the next question. Thank you, management, for giving me this opportunity. I am the analyst, Shi Hua from Founder Securities. First of all, congratulations because of your very good achievement, despite of the difficult markets. All of your business segments have remained top ranking in the industry. I have two questions to ask the management. The first one is for margin financing and security lending, and the second question is about team building. Recently, we see that CSRC have proposed clearly to strengthen these adjustments of margin financing and security lending. Actually for CITIC Securities, for these two business, you are always a leader, leader in this segment. Going forward, how is this going to impact your business, and how are you going to respond? Do you think it's gonna have some negative impact on your business? The second question, Mr. Yang mentioned that a first-class investment bank requires first-class talents and teams. In the past 2-3 years, as CITIC Securities, you have been expanding your size of employees, and you are recruiting people for all the different business segments. Right now, there is this countercyclical adjustment from the authorities, and how do you make sure that your teams and talents are motivated? Also, what is your plan going forward in terms of talents? Okay, the first question about margin financing and securities lending, we will have Mr. Zhang Hao taking your question. Thank you for that. Since last year, the margin financing, we can see the total demand returning, and, for the securities lending, the demand decreased in H2. And, for our company, the development trend is in line with the market. Last year, margin financing up by 11%, securities lending down by 28%. So for both businesses, is, combined is 3% increase. Recently, the regulators have proposed new guidelines for these businesses, and they have optimized the detailed rules for these businesses. For these guidances and rules, they will be able to protect the stable development of the businesses and also improve the compliance level. So CITIC Securities responds proactively, and we support the relevant guidelines and rules. We always adhere to compliance and set it as a priority. We proactively fulfill our social responsibilities. You talked about this reverse cycle adjustments and this impact. Here is our thinking. First, we want to stay focused and play the tool of margin financing and securities lending, and provide reasonable financing services for the real economy. We will also take into consideration investors' requirements. We provide a one-stop, customized, and differentiated, and comprehensive financial services to really play the tools of these two businesses and to better allocate resources. We also want to continuously strengthen the credit work. We also follow closely the public opinion and to do the stress test in a timely manner, and we will have a irregular and a regular review, of the positions of the customers, so that we can identify the risks in advance to make sure that these businesses can develop in a healthy manner. Thank you very much, Mr. Zhang Hao. For the team-building talent, development, we'll have the chairman answer this question. That's a very good question you have raised. Company's development relies heavily on people, and, China's CITIC Securities have been around for 29 years. And from our experience, we know that, talent is a huge asset we have in the company. But, to really build a good quality talent team, you need to have the right and scientific mechanism and system to support it. For CITIC Securities, since the establishment of the company, we've built this market-based management system, and we've expanded the depth and breadth of our teams. In 2003, we take reference from the experiences of international investment banking, and this mechanism and system has been working very well for us. This shows that the talent system is now market-based and helps us to recruit and maintain all these talents we have. We also continuously deepen and implement comprehensive planning, comprehensive assessment, and also to put more resources to the front line and to have a shared responsibility, accountability, and also that the people and talents will be used in the right positions. We also make sure that all the talents can compare in a equitable and fair manner. For us, the talent development, we rely more on internal and then less so heavily on external recruitment. And we've made huge investments building the teams, and we've built the key development systems covering most of the people. We also now have used a lot of young people and put them in the very important positions. We now have a lot of people born after '80s and '90s, and taking very important roles, management roles in the company. To build a first-class investment bank and institution, well, there's still some problems or areas for improvement. For example, the structural problems in terms of the certain expertise areas, we need to introduce and build more talents, so that we can lay the good foundation to build first-class investment. We also will continue to optimize the talent mechanism to cultivate and develop people that are bold, innovative, and that and also have teamwork spirit. We also would continue to communicate our company cultures to build a strong, winning team. With the high-quality development of our people, we will have the right fundamentals to build further and first-class investment bank and institution. Question from the next analyst, please. Thank you. From Bank of America Securities, Michael, I have two questions. First question is about the investment bank. The IPO issuance standards are now more stringent, and it of course, it will help with the long-term development of capital markets. But short-term, since H2 last year, IPO numbers have reduced, and, for your IPO, the business revenue has also reduced. Although you have performed better than your peers, but still is under pressure. So this year, what kind of growth will help to fill that gap? Equity and also debt, M&A, which one would be your focus and priority? The second question is about CSI. I see from the slides, the CSI last year, both revenue and profit have increased, especially profit. Also for CSI last year, what were your highlights of the business? What were the business that was driving the growth of top and bottom line, and what is your plan this year? And thank you so much. The first question about investment bank, Mr. Yang, we will take your question. Thank you so much for that question. In the year 2023, for the investment banking business, Ms. Shi has already shared with you the numbers. Just as you mentioned, the CSRC recently have launched a series of initiatives, you know, strengthening the regulation. And all these regulation measures are very beneficial for the long-term development of our company, will help the securities companies to stay compliant and also to play a good gatekeeper role, and also will help to mitigate some major financial risks to really protect the investors. The registration-based IPO also requires higher requirements. Risk control and compliance capabilities are the core competitive capabilities for securities companies. So, as securities companies with very strong risk control capabilities, will enjoy more business opportunities and good quality project resources in this strengthened regulated environment. So for CITIC Securities, we see more opportunities for future development, and also to improve listed companies' quality and strengthen the regulatory policies will also bring opportunities for incremental business. The regulation, there are so many different measures which will activate the M&A market, so that's one opportunity, M&A to improve quality of listed companies. And the regulators also support M&A projects and to improve the quality of listed companies. So M&A business will be one big driver going forward. And also, the authority would like to improve the quality of the listed company. So companies that have very strong capabilities will enjoy more business opportunities. Companies will play a major entity role, and this means that securities companies, when it comes to valuation, pricing, underwriting, sponsoring, risk control, these companies all need to have a very strong and comprehensive capability. In the third area, the regulators continue to promote high-quality opening for the market. So for the international financing for the Chinese companies, we see opportunities here as well. The regulator also issued a new regulation supporting qualified companies to list in overseas market, so more and more Chinese companies opt to choose European market to issue GDR. And also we can see some red-chipped Chinese companies coming back to Asia. All these are opportunities. So in the context of all these new regulations and opportunities, CITIC Securities will continue to work actively, be compliant with the new regulations, and to be customer-centric, providing higher quality services for our customers. So first, we serve real economy. We need to serve the financing need of companies, and also we need to be investor-centric on the other hand. We need to be responsible for the return for the investors. So this is our considerations. This is our approach to be customer-centric, to provide comprehensive services for all customers. We need to use our advantage to improve quality of the project, and also we need to explore new businesses and to improve our international business scope to enhance business, development in overseas market. All these are our considerations and interpretation on the opportunities brought by the new regulations. Thank you very much for the question again. Thank you, Mr. Yang. To the second questions about international business, we would like to invite Mr. Chen Guo. Thank you. Ms. Xi Zhiying also talked about this, including all the business segment in the presentation. For CSI and also our international business, we have already elaborate on that. On top of that, I would like to mention that CSI has good business development in the year of 2023, because we always deepened our business, and also we improved the core business in Hong Kong, including northbound and southbound, and also other overseas business product. Also, we worked on Australia, South Korea, India, all these market. In the market shares, we have seen the rebound, and also in wealth management segment in Hong Kong, we ranked quite well. We have improvement in ranking. So in the face of the shrinkened trading volume, and also in the face of higher interest rate, we continue to perform well in terms of revenue and profit. Also, we continue to introduce innovative product. In Europe, our institutional business have... All the new products, including algorithms and quantitative, in 2022, we issued the private offered funds, growth funds, and also in 2023, we have several rounds of funding. Financing AUM has been improving, and with the approval of SFC, we have two new public offered products. So with all these efforts, you can see we continue to offer new services, new product, and new capabilities. In the mid to long- term, we continue to improve our customer-serving capabilities, including the overseas customers. We'll continue to enhance our customers, and also we will continue to deepen business development in different trading platforms. In 2023, you can see that the market was volatile, but again, in this context, we achieved good growth in funding. In fund services, you can see we continue to work with more wealth management companies. We provide one-stop solutions in asset management. We also mentioned that the customer base and also scale have improved. In 2023, we also have the new business lines in the wealth management team. We also want to use the financial balance sheet of CLSA and CSI to provide more channels for customers. Of course, we can see that we are benchmarking against other investment banks. We still have a long way to go to meet their level. As Mr. Yang mentions, that we still need to stick to higher demand for our own team. We need to build better customer connections to build our talent pool, to optimize our business operation, to be leading in the world. In both the management team and also in the execution team, we'll continue to use our resources to improve international capabilities. This is our internal consensus. We hope that in the future, we'll be able to provide better financial return and also business development. Thank you, Mr. Chen Guo. Time is limited. We'll invite the last question from the floor. Thank you. Thank you, management. I'm Zhu Weihao from Southern Fund. The first question is related to wealth management. You mentioned wealth management in the slide. However, my question is that, on the one hand, we see that we focus more for investors, and the investment risk preferences have changed in the market. And in this broad spectrum, you can see the fees are on the downturned trajectory. So how do you think of the transformation of this business segment? And do you have any indicators to evaluate? And second, in terms of risks, the volatile market has been seen by all of us. For security lendings and also for margin financing, you can see that the market has shown some concern. So what about your monitoring? How do you evaluate risks, and how do you control risks? And year-to-date, for all these businesses, how is that performing? Thank you to your questions. The first questions related to wealth management, I'd like to invite Mr. Yang Minghui. Thank you. As you mentioned, in 2023, the market faced challenges. Especially for wealth management, we can see big challenges. For our business at CITIC Securities, we have some highlights, as Ms. Xi Zhiying mentioned in the presentation. I'd like to supplement some data for you. CITIC Securities' wealth management scale has achieved a positive achievement. We outperformed the market. By the end of 2023, our wealth management, the total volume, meaning our customers, is over CNY 10 trillion. Also, in this market, in the A-share, our market share is 13%. For the non-monetary public offered fund, our allocation to the customers, for the existing part, we have CNY 190 billion. The balance of margin financing is CNY 13 billion, as we mentioned in the presentation. The newly opened account exceed 1 million. The market share of all these indicators have improved, is at 4%, so it is a new height again in our historical number. The customers have been over 14 million, the active customers of this number. Of course, for the buy side advisory services, last year, we also refined our business in terms of strategy, design, capabilities. We focused on improving our capabilities. Right now, we have established a low-threshold public offer fund for some retail clients, and also we'll allocate FOF for high-threshold SAM. We'll provide multilayered, buy-side investment advisory, so we have different layers of services. This is our comprehensive service framework. We can cover our customers with different risk preferences to better satisfy their investment need, and we look at the differentiations of customers' pools. Also, in the third areas, we have some new products in wealth management. Last year, we have the corporate version of trust service. We also provide family wealth management. We have professional services. We also provide services toward households and also together with the comprehensive solutions. So when we continue to improve wealth management business transformation, CITIC Securities continue to be investor-centric. We focus on preserving and enhancing the wealth of our customers instead of the return to us. So our KPI is customer-centric. When we conduct the transformations, you can see that we provide long-term sustainable return. Second, we enrich our product portfolio to meet the preservation need of our customers and serve them in different scenarios. And third, we provide comprehensive capabilities. We have investment team, we also provide advisory and consultant. This is a whole holistic framework. We also empowered our frontline staff to improve their capabilities so that they have more sense of achievement. So in summary, we are customer-centric, investor-centric. We focus on consolidating and solidifying our business. Going back to the core of our business, we serve investors, we enhance investors, we empower investors and get them more confidence in investings. This is the guidance internally. We will set foot on the great potential of Chinese market, and also we'll enhance risk management. We'll enhance our buy-side advisory service, and to provide better supporting mechanisms to support the demand of our investors. And in this way, we can promote common prosperity and to show that the responsibility of an SOE, and also as an investment advisory and investment institution. We serve demands. We will, in this way, play the role of the securities functionality of a securities company. We also leverage modern tools to improve our business development mechanism and to optimize customer experience. We would continue to discover the customer's demand, and also to accompany investors in this journey, so that our customers can discover and to acquire value, and they also play the role of value discovery. This is our interpretation of wealth management. Thank you. Thank you, Mr. Yang. The second question's about risk management. Mr. Zhang Hao, please. Thank you to the question. Securities companies need to counter the cyclical change of the market. We need to control different risk indicators. In 2023, our risk management system has been continued to enhance. To successfully counter the risks of the year of 2023, we have several measures. One, we continue to improve the risk preferences mechanism, and second, we have forward-looking indicators. And third, we continue to improve risk control and management and monitoring system. So to your question, in terms of financing business, of course, it fluctuates in the market. However, what about the risk profile of the company? For CITIC Securities, we continue to be strict and stringent in risk management. We will monitor the risk indicators proactively. In the financing business and securities lending business, the guarantee ratio is two hundred and twenty-seven percent. Also, we have the covered ratio - coverage ratio of two hundred and twenty-three percent, so we are quite solid. We are able and capable in countering the risk in the market. In terms of the other part of your questions, we will continues to mitigate and to treat the risks of our portfolio. Last year, we have good improvement in dealing with the risk profile. In some project, in financing business, the provisions have actually been positive. We have actually get some assets back. For other asset loss, it was CNY 8.2 million. It was not significant. In terms of, if the risk to our asset, this ratio continued to decrease, so the asset quality of the company continues to consolidate and solidify. Thank you. Okay, time's limited. We would like to invite the analyst from online conference. We would like to connect the next question. Hi. Please press star to raise your question. If you hear the beep, please raise your question. Hong Xining from Zhongshan Securities. Can you hear me? Yes, please. Thank you for giving me this opportunity. I'm from Zhongshan Securities. My name is Hong Xining. I have two questions for the management. The first question is, the government has promoted to build the New Quality Productive Forces, and how CITIC Securities are going to support this initiative? And the second question, the management just talked about your achievements in the international business. So the question is, how do you think about Middle East markets, the Japan market and the Southeast Asia market? What is the potential of these markets, and what are your plans? So the first question is on New Quality Productive Forces, and our Chairman will answer this question. ... Thank you for the question. Regarding the New Quality Productive Forces, I should say, CITIC Securities, how are we gonna support to develop this New Quality Productive Forces? This is a very important lever to drive high quality development nationally. To support this initiative means that we are trying to service and drive high quality development for the country. Since the proposal of this idea, we have systematically studied the guidelines requirements from the government, and how to service the development of the new forces. We have really done the thinking, and think in the year 2023, we have strengthened our support in this area to satisfy innovative technology companies' financial needs. We also have Three Innovations and Four New, and Small Giant companies' initiatives to help them achieve high quality development. We service the STAR Market altogether CNY 66.3 billion in terms of financing. In terms of equity investment, through CITIC Securities Investment and Goldstone Investment, we have made a huge investment in the key areas such as new energy and new technology, et cetera. Long-term wise, driving the development of New Quality Productive Forces is an important lever. The CSRC recently have elaborated on how to service real economy and drive these new productive forces. First, in terms of IPO, it has to be more tolerating and adaptable to the new productive forces, and those who are already listed, new and more tools will be used to drive the growth of these companies. And thirdly is to optimize the financial, capital system, to continue to improve the quality of these productive forces. We will follow the CSRC's guidelines in terms of direct financing, equity, investment, et cetera, and, further adapt to the needs of, new quality productive forces, and continue to expand the variety of ways of servicing these forces. Thank you. Thank you, Chairman. The second question is on our overseas plans. Mr. Chunbo will answer this question. Indeed, those overseas markets are very important to us. And recently, Middle East has drawn so much attention global-wide. Middle East has a strong capital and active, environment. Many of them, they are already our strategic partners and our investment customers. Capital market also has very good valuation and price performance. Many listed companies were attracted to that region. The major countries in the Middle East, such as Saudi Arabia, UAE, they have announced programs and plans to develop non-oil industries for example, supply chain management, information technology, tourism, et cetera. As UAE and Saudi Arabia joins the alliance, there will be a strengthened communication and development, so that will provide potential business opportunities for us. We are now study the feasibility of Middle East market. For the Japanese market also it was a highlight in 2023. They have recorded very good growth, and we're also optimizing our layout in the Japanese market. We're gonna increase our investment in this market to identify synergy, identify customers' needs, and to provide more local products. And in terms of the Southeast Asia markets, in the past 30 years, in Singapore, Malaysia, Thailand, and other Southeast Asia countries, we have been expanding our businesses. And the customers, and banks, and government have highly recognized our efforts in 2023. We also have very good achievements in this area, and we have outperformed the market in those countries. And for investment business, we also are top ranking, and we have completed some flagship projects in Southeast Asia. We're going to continue to expand our business in these markets, and to service Chinese companies to expand overseas, and also satisfy the Chinese investors' requirement to allocate their resources on a global level. We will have the last question from the small and medium-sized investors on the Shanghai Securities Roadshow Center. CSRC proposed that for the best performing companies, there will be dividend paid out multiple times. Any adjustments on your dividend policy? Our CFO, Zhang Hao, will take this question. Thank you for that question. CITIC Securities always want to give a return to our shareholders, create value for our shareholders. So we want to have a very stable cash dividend policy to strengthen the confidence of the shareholders. In recent years, our payout ratio remained at 30% above, which is top ranking in the industry. For the future development of the company and also shareholder interests in 2023, our plan is for every 10 shares, we will distribute CNY 4.75, including tax, a total of a payout of CNY 7.04 billion. For the 2023 consolidated statements, is 36.67%, which is 1.79% higher than last year. This dividend proposal is going to be reviewed and approved by the board. The regulator said that, with the initial proposal of multiple dividend payouts, we would like to provide long-term returns for our shareholders and fulfill our social responsibilities. We'll follow closely the regulators' policies and guidelines, and if there's any progress in this regard, we will announce in a timely manner to the market and investors. Okay, thank you so much, Mr. Zhang Hao. Thank you so much, all the audience, for your time at our announcement, and we look forward to receive more support and continuous support from all of you. If you have any other questions, you can raise them through our email and also the Shanghai Securities Roadshow Center. That's all we have for this announcement. Thank you.