Net, RMB 1.9 billion, up by 25%. From this business scale, we can also see that the total scale of these two segments, RMB 142.3 billion, up by 3%. Also, the financing business scale, RMB 140.6 billion, an increase of 17%. The bond and equity business scale, RMB 1.6 billion. As for the business scale, we can see it continued to grow by 5%. As for the equity business and financing business, we can see the rapid increase, and so is the quality of the assets. We can see that the business fulfillment, it has hit the target of 259%. Also, check the FICC business. As for the fixed income business scale, we maintain the leading position. The product sales scale, RMB 2.15 trillion, up by 2%. The investment advisory business increased rapidly with a scale of RMB 580 billion, up by 26%. FICC business capabilities continue to elevate with better product design and transaction capabilities. Moreover, in terms of bond and also alternative fixed income, we have also covered different areas, including bond, note, ABS, ETF, and interest rate derivative, and the public REITs, etc. We have also witnessed rapid development in terms of foreign exchange business with an increase of over three-fold. In terms of commodities, we continue to cover more derivatives and the precious metal transaction with a breakthrough of RMB 1.6 trillion. Let's look at the EQD. We continue to enhance innovation and to expand our business. Our system is continuing to be improved. The domestic OTC derivatives daily average nominal principal down by 9%. You can see that we are number one in ETF market making number and also STAR Market making number one. We are also continuing to enhance our market coverage and product diversity. We have offered our business in North America, Asia, and we offer comprehensive coverage across major products, including equities, futures, and indices listed options, equity index futures, equity futures, GDR. We provide cross-market one-stop services. Now let's look at equity investment. We continue to focus on new quality productivity. We focus on strategic industries, and we focus on new energy equipment, information technology, advanced manufacturing, new materials, and biotechnology. By the end of 2024, principal balance exceeded RMB 24 billion. Let's look at GoldStone AUM. We continue to support national strategies, addressing bottleneck issues. We invested a series of industries, including advanced manufacturing, new energy equipment, information technology, new materials, and biotechnology. Our GoldStone AUM up by 11% and overseas private fund AUM was about $4.8 billion, up by 10%. Now let's look at our CSI revenue and profit are showing an upward trend. You can see that we have revenue up by 41%, and our profit up by 116%, and our total asset up by 46%, and our net asset up by 84%. The total assets and the net assets are increasing because of our completion of additional investment of RMB 960 million. Our overseas equity derivatives trading volume has increased by 116%. Our FICC market making trading volume up by 88%, and wealth management product sales volume up by 151%. We continue to expand new business and new markets. We have officially launched commodities trading desk in Hong Kong. We have also promoted EQD issued warrants and CBBCs in Hong Kong and accelerated business development in Asia Pacific, Europe, and Middle East. In Toronto, Middle East, and Frankfurt, we have also promoted our establishment there. Now let's look at our risk management. In 2024, we have focused on risk management by optimizing our risk management capacity so that we can have the similar risk preference domestically and internationally. We enhance our efforts in risk management, both internationally and domestically. We can see that our parent company's risk control indicators are superior to warning standards. Now let's look at our ESG development. In 2024, we are actively fulfilling our social responsibilities, and our donation is about RMB 34.5 million, benefiting 113,000 people. We also are dedicated to rural revitalization and the Revolutionary Base Area bonds. The underwriting volume is about RMB 9.7 billion. For three consecutive years, ESG rating has been upgraded to AA. We have also been awarded by listed companies, associations, and the media. We are actively applying ESG philosophies in our practices and operations, contributing our part to ESG. This is my report about CITIC Securities 2024 annual results. Now let's move on to the Q&A session. We would now like to open the floor to investors and analysts. Please identify yourself before you raise the question, your name, and your association. Please raise only two questions. Now we would like to invite questions from the floor. Good morning. I am Nelson from Guojin International. I'm Wu Kai. I have two questions. One is about the Five Major Articles in the finance sector. The third plenary session of the 20th CPC Central Committee has raised a series of requirements. CITIC Securities as a leading institute in finance, how do you implement the policies regarding the Five Major Articles? Also, our company is dedicated to develop itself into the first-class investment bank. Over the past years, how have you applied this idea, and what kind of measures have been taken to realize your goal as a first-class investment bank? Now we would like to invite Mr. Zhang Youjun to answer your first question. Thank you very much for your first question regarding the five major articles in finance. This topic is very important for all the financial institutes. The third plenary session of the 20th CPC Central Committee has put forward that we need to promote high-quality development of a capital market and a financial institute to develop China into a country strong in finance. In February this year, CSRC has also issued the measures for implementing the five major articles policies. We need to focus on science, innovation, advanced manufacturing, low carbon, and green development, and inclusive life. We need to increase the capacities for the financial institutions to implement these five major articles policy. This is very important to serve the real economy, and also it is important for the capital market to give a full play to its role in managing risk and promoting innovative capital. Over the past year, we have been dedicated to finance for the country and finance for the people. We have also given play to the financial services function of the capital market to support the high-quality development of the real economy. We have given full play to our strengths in investment banking, investment, and research to support new business and new technology so that we can support the enterprises along the entire industrial chain so that we can have a science industry and a finance benign cycle. In 2024, our equity underwriting scale on the Science and Tech Innovation Board and Beijing Stock Exchange reached about RMB 12.7 billion, while Technology Innovation Fund underwriting totaled about RMB 146.7 billion. In terms of green finance, we continue to diversify green financing products to introduce more social capitals to invest in sustainable development. In 2024, we continue to provide green financing solutions, and the underwriting of green bonds reached RMB 51.7 billion. Our ESG financing has been leading in the industry, and we have completed the first blue convertible bonds, and also domestically the first science and innovation low carbon transformation Belt and Road Corporate Bonds. We also support new energy transformation and the repurchase transaction of carbon assets repurchase. In 2024, CITIC Securities Asset Management passed RMB 4 trillion, and we would like to provide more inclusive products to serve the diversified investment demands from the people. We also optimized our Insurance + Futures services, and the underwriting volume is more than RMB 2 billion. In terms of our pension finance, we have also participated in China's multi-layer multi-pillar pension system by providing quality pension finance products. We also serve the long-term and the mid-term markets so that we can create a favorable investment environment for pension finance business. In 2024, in the three pillars of the pension business, the assets management volume is about RMB 850 billion. We will also continue our efforts in digital finance to embrace digital transformation and data governance. In 2024, we have developed the AI + platform to better perfect our digital finance product and services. In the future, we will continue to use the systematic approach to implement the five major article policies to contribute our part to serving the high-quality development of the social and socioeconomic development of China. We would like to invite Zou Yingguang to answer the second question. Thank you for your question. As you know, CITIC Securities is dedicated to become the most reliable and domestically leading and internationally first-class Chinese investment bank. We have been reflecting on what kind of qualities and strengths that we should have as a first-class investment bank. I would like to share with you some of my personal understanding. First, we need to serve the national strategies. Second is that we need to put people first. We need to be people-oriented. The second, that we need to provide comprehensive service systems, full license, and balanced structures, a mix. We need to provide diversified professional financial services and products. Fourth is that we need to have a global clients network and a strong international competitiveness. Fifth is that we need to have financial infrastructure that is controllable and safe. Sixth is that we need to have a strong resource allocation and hedging capacities to mitigate global financial risks. Seventh is that we need to be strong in the profitability. The eighth is that we need to have an excellent corporate culture. To become the first-class investment bank has become our vision. Under this vision, we continue to improve our efficiency in serving the real economy. Our business has been leading in the industry. In terms of serving the country, we have been supporting the real economy. Our equity financing has been number one in the industry, and our bond underwriting volume has exceeded RMB 2 trillion. The second is that we have increased our quality and efficiency in operations. The financial indicators are stable and positive, and we have balanced the revenue mix domestically and internationally. Second is that we will continue our globalization efforts. We will be focusing on Hong Kong, Asia Pacific, Europe, and North America. We also continue to optimize the business layout globally. The international business revenue reached a new high. Fourth, we continue to consolidate our leading position and also enhance competitiveness in the market. We also try to expand the regional markets with multiple measures to elevate the market influence as well as competitiveness. We optimize the structure of the company as well as the talent optimization. We also continue to have the integrated management, focusing on the key business and also improve the corporate governance, improve the efficiency. Going forward, we will continue to have the finance to serve the nation as well as the people. We also have the three core functions of the service provider and the gatekeeper of the capital market and the manager of the social wealth. We will also continue to enhance the core competitiveness in the business, the client market, as well as operation management. We will continue to play a pivotal role in terms of stabilizing the economy as well as finance. Thank you. I would like to hand over to the next speaker. Thank you. Thank you for giving me this chance. I am Susi e from Bank of America Merrill Lynch. I have two questions. The first one is about the overseas business. Just now you mentioned that you have reached a new high in terms of the overseas business, and the profit share has also been increasing from 3% in 2021 to 17% last year. We can see that the achievement of the internationalization strategy is also notable. We would like to ask what is the achievement that we have made in different phases, and what is your target and plan for the future? The second question is related to how you serve the private economy. We have also witnessed the rollout of the policies from the nation to support the private economy. About your company, what will be the effort in the future? Thank you. The first one is about the internationalization strategy. I would like to hand over to Chairman Zhang. Thank you for your question. Just like what we have released, the annual results show that in 2024, the share of the overseas business continued to elevate. We have also reached a new high either from the perspective of revenue as well as profits. I should say that it has a lot of contributors. First of all, because of the inclusive policy and also the opening up policy of the nation, we have a lot of support. With the deepening of the financial opening up, as well as the facilitation of the cross-border investment and financing, we have very good external conditions. Moreover, we will also enhance our competitiveness and also give full play to the foundation of the clients at home and abroad, and also give full play to the human talent capital, and also the business system. Therefore, we can have the first-class cross-border financial services. That is why we improve the efficiency as well as the outcome of our business operation, and also the profitability of the overseas business continues to enhance. We also need to see that CITIC Securities, compared with other investment banks, still has more room to further develop. We also have the strong momentum to have the internationalization strategy. We would like to focus on three areas. The first one is we focus on the two-way opening up of the capital markets. First of all, we just follow the trend of the cross-border capital flow and continue to fulfill the needs of the Chinese companies, institutions, and the individual clients. Moreover, we will see the opportunities from the long cycle of investing in China and give full play to the business advantages as well as the product and innovation capabilities. We just better serve the Chinese clients to go global and introduce the overseas investment. We will also continue to optimize the financial markets globally and have a three-step strategy, enhance the competitiveness of Hong Kong business, and also implement the measures for the product as well as financial services. Moreover, apart from the elevation of the share of Hong Kong business, we would also like to expand the share in other markets. Thirdly, we will also elevate the cross-border business financial services capabilities and also have the synergy of different markets. We will diversify the portfolio of the business and also optimize the mechanism, provide integrated solutions. Going forward, with the opening up of the capital markets of the nation, we may also see more needs from the domestic and the overseas clients for the cross-border investments. Therefore, we would like to work together with the investors to inject more impetus for the high-quality development of China. The second question is related to the private economy. We would like to hand over to General Manager Zou. Thank you for your question. In February this year, PBOC, ACFIC, NFRA, CSRC, as well as SAFE, have already hosted the symposium for the high-quality development to support the private economy. The specific measures have also been rolled out to support the private economy. I also represent the company to attend this symposium. We can also see that our company has stayed committed to the instruction from the third plenary session of the 20th CPC Central Committee. We highly emphasize the private economy. Therefore, I should say that we have been the partner and friends of them. We learned so much from them in terms of the advanced management expertise. We just follow the guidelines from the central government, strengthen the support to the private economy, and also give full play to the global layout of the financial business. First of all, we just diversified the financing system and made the financing affordable and accessible to the private economy. In 2024, we completed 27 domestic equity financing, 389 domestic bonds projects with an underwriting scale of over RMB 90 billion. Kutesmart, CNC, and other leading companies have also completed the options financing. We also completed the bond coverage of the digital economy company and also ABS and other innovative bond projects. In the overseas markets, we also supported Mengj inyuan as well as XtalPi Holding Company to have listed in Hong Kong and also serve Meituan and ANTA to have the bond financing and also completed multiple cross-border M&A projects. Moreover, we also give full play to the function of long-term capital and patient capital and support the private economy for the high-quality development. For example, we supported over 30 private high-tech companies. Strategically, we also assist the enterprises to optimize the strategy and identify the development pathway, improve the operation management efficiency. In the spectrum of industry chain, we also empower the private company to optimize the upstream supply chain. In terms of technology, we also enhance our R&D input in the key technologies and empower the private companies for the translation of the technologies. Thirdly, we also established a platform to empower the private economy for the industrial upgrading. CITIC Securities also established the research system to better provide the services to the relevant parties. We also study the industrial trend, the technology frontier, as well as the market demand. We have forced the forward-looking industrial insights, from the early stage to the financing support, as well as the counseling after the listing. We have the whole chain financial service model to better support the private economy. Going forward, we continue to provide the support to them and also provide diversified financing channels and make the financing accessible and also convenient so that we can contribute our part to the healthy and high-quality development of the private economy. Next question. Please use the mic. I have a question to ask. CSI. Last year, you had a rapid development of the business. What are the highlights and what are the contributors in particular about the synergy from the overseas market and the domestic market? In 2025, we can also see that as far as the share, either the transaction and also the financing, we have witnessed a notable recovery. What is your expectation for the future? I would like to hand over to Li Chunbo. Thank you for your question. Just like the Chairman and also General Manager have already introduced the international business. According to the Hong Kong Financial Report rules, we can see that last year we had a business revenue of $2.26 billion and a net profit of $530 million. Compared with 2023, we had increased by 41% and 116% respectively, reaching a new high either in revenue or profits. You can see that the core business in the overseas market continued to climb and also reached a new high. We have consolidated our competitiveness in the Hong Kong market. Now I would like to share some highlights of our business with you. First of all, just like what you have mentioned, we have elevated our asset scale as well as the ability which supported the steady development of our business. In June last year, we have also increased the investment of RMB 960 million. This also increased our capital and improved the liquidity. Moreover, we have also had the option derivatives, etc. This can also provide solid support for the capital. We have continued the improved system for the global products to better serve our global clients. For example, we have the warrant as well as the other new business and also have the fund business in Singapore, etc. We have also got the option, the future, the swap, SFISF. This has been a very good platform for us to provide the financial services and also enhance comprehensive competitiveness. CITIC Securities continue to go global. We just built the strength in the Hong Kong business and also expand our global footprint. First of all, we just elevate our ranking in the Hong Kong markets. In terms of IPO guarantee, we can say that we elevate to the top three in the market. In terms of financing, we maintain number one and the offshore bond market number one. In India, Philippines, Malaysia, and Indonesia, we have also had a lot of benchmark projects. We also consolidate our position in the Southeast Asian market and South Asia, etc. Also in Europe, in the United States, we have also had the bond market-making business and also launched the OTC derivative option transaction business in Europe, etc. Moreover, in Singapore and London, we also established the Asia Promotion Events so that we can also contribute to the two-way opening up. I believe that the CSI's development is dependent on the synergy of the product services, the IT system, etc. We have enhanced the allocation of the resources, capabilities, and also enhanced our insights into the needs of the clients for the cross-border business. We have strengthened our partnership between different teams. That is why we can have more recognition and satisfaction from our clients. Going forward, we would like to enhance our partnership with different parties so that we can provide the one-stop financial solutions to our clients. Now we can see that the global investors pay more attention to the Chinese assets and the Asia-Pacific markets. We believe that we have a very good outlook in terms of business competitiveness and financial performance. Thank you. Now, next question. The first row. Thank you for giving me this chance to raise questions. My name is Huang from JP Morgan. In terms of the trend of building international first-class investment bank, we can also see a lot of the M&A and other cases, just like Guotai Junan Securities as well as Haitong Securities. How do you look at the M&A trend and its impact? Facing with the intense competition, how can we also solidify our leading position with the specific strategies? The second question is about dividends. In 2024, CITIC has put forward the policy for dividends. In 2025, I wonder whether we will also continue the midterm dividends allocation and what will be the policy for that? For the first question about M&A, we would like to invite Yubing. Thank you for your question. China's securities industry has experienced a 30-year development and has become an important part of China's financial system. In March 2024, CSRC made it very clear that it supports top institutes to grow in strength by M&A and organizational innovation. By 2035, there should be at least two to three internationally competitive and market-leading investment banking and investment institutes. According to our standing, M&A can help us to better integrate market resources, expand our scale, and to have more complementarities, and also to increase our business capacities and market competitiveness. It is also an important way to develop ourselves into first-class investment banking. You can see that many top institutes have made substantial achievements by M&A. Over the past years, we have also witnessed some companies in the industry have also conducted M&A. For our company, M&A represents opportunities and challenges. We understand the pressures from market competition, but we still need to be strategically stable. This is our foundation to win the competition in the market. We need to follow our development strategies that we have already set. We need to pursue our vision by multiple measures and to increase our competitiveness and advantages in many different fronts. In business, we need to increase our capacity to innovate business models, product systems, and the services scenarios to provide more financial business to our clients. For clients, we need to increase our services for them. In terms of commodities and effects, we need to provide more solutions for clients in the capital market. On the client end, we also need to rely on our global business network and regional centers to increase our comprehensive financial services capacities. In management, we need to increase our management and risk control capacity and to increase our management efficiency. We need to focus on our business development and risk management. In Beijing headquarters, we need to be able to manage our global business. In the future, we will continue to pursue our organic development and also extended growth in the international market. We need to solidify our leading position domestically and also expand our international business to develop ourselves into a first-class investment bank. Now we would like to invite CFO to answer the dividend question. Our company is dedicated to creating value for shareholders by providing our stable performance and the state of dividends. Since 2003, since its Asia listing in 2003, the company has maintained uninterrupted cash dividends for 22 consecutive years with cumulative dividend payments exceeding RMB 84.5 billion. Over the past three years, our cash dividend payout rate has remained above 30%, ranking among the highest in the industry. We also have followed the national dividend payout policy. We have implemented our first-ever interim dividend in 2024, distributing RMB 3.57 billion in cash dividends, representing 34.89% of its net profit attributable to ordinary shareholders for the period. For 2024, including the interim dividend, the company plans to distribute RMB 7.707 billion in total cash dividends, equivalent to 36.88% of its annual net profit attributable to shareholders, an increase of 0.21 percentage points year on year. We will continue to stabilize our dividend payout and also its sustainability and predictability. We will take into consideration the future development of the company and also the interests of the shareholders. We will timely conduct cash dividend payout to provide long-term stable returns for our investors and to fulfill our social responsibilities. Now I would like to invite more questions from the floor. Second row. Thank you for the opportunity for raising questions. I am Xu Yishan from Founder Securities. I have two questions. The first question is about the 2024 performance. We can see that there is a rapid development of revenue. For fixed income derivatives and commodities and also margin finance, do you have any highlights? For 2025, in terms of major assets allocations, what is your prospect? The second question is for Chunbo. Just now you mentioned the business in Hong Kong is developing very rapidly. How about business outside Hong Kong? We have witnessed some progress. Could you elaborate on that, especially your next step work? Zou Yingguang, please answer the first question. Thank you for your question. Shi Benliang have already introduced our performance in different business segments. I would like to tell you more about our strategies and the measures for achieving these results. We have been focusing on risk management and also international needs. In terms of fixed income, commodities, EQD, and securities finance, we have made greater results. Our assets under management is increasing stably. In 2025, in terms of fixed income, we have seized opportunities, optimized mix and investment strategies. We have capitalized on rotational opportunities across asset classes and achieved balanced growth in proprietary trading, market-making, FX business, and investment advisory services. We have made breakthroughs in OTC options and precious metal market-making. We also focus on major market-making categories and explore cross-border transactions to increase our cross-market product supply. While we are expanding our market, we are also improving our business. We focus on developing more markets. Our financing business and stock pledge business have been developing healthily. Since this year, China's economy has developed rapidly with positive signals. The capital market is also developing in a healthy way. This has laid a great foundation for the capital business of our company. In the two sessions of this year, it was mentioned that we need to improve consumption and to increase returns on investment. It was the first time that stabilizing the real estate market and stock markets have been included into work reports of government. Against this backdrop, we need to seize our opportunities to develop our markets and to increase our business. We will be focusing on the demands from the market, focusing on fixed income and EQDs and the financing business. We will continue to improve our services in the cross-border investment and relevant derivatives. Thank you. Thank you for your questions. Our company has been focusing on Hong Kong, Asia Pacific, and Europe and North America. We have our business in all these different regions. In the Asia Pacific region, over the past three years, our company in the Philippines, Malaysia, Indonesia, and Thailand, Southeast Asian countries, we have been developing our business in investment in many different aspects. We have received recognition from the local governments. Last year, you know that in India, Japan, and we have a rapid increase of our business. In transaction, we also have seen a rapid increase of our commissions. We have also completed many local IPO and refinancing projects. We will continue to expand our Southeast Asian market, especially in the Belt and Road countries, to meet the demands of global asset allocation of Chinese institutional investors. We will continue to provide more financial services for local enterprises, institutions, and high net value clients. In Malaysia, we have provided more derivatives. We have been approved to release more products. By then, we will tell you more information about that. In recent years, the Middle East has become a very attractive newly emerging market. It has strong financial strengths and also sovereign funds with active investment activities. For example, in UAE and Saudi Arabia, they have released plans to introduce industries like finance, tourism, supply management, and information technology. As Saudi Arabia and UAE's inclusion into the BRICS group, we will continue to provide support for bilateral trading and investment between the Middle East and Asia. The Middle East efforts to develop its capital market have provided opportunities for our company to increase our income and revenue. We will actively expand our business in the Middle East. In Europe and the U.S., we have established our network there in 2024. We have completed our U.S. in the U.S. market, we have completed our IPO listings, followed on equity offerings, and convertible bond insurance projects. In Europe, we completed one M&A transaction, local bank bond insurance. We have breakthrough initiatives in Europe, including launching client-facing trading operations in the U.K., establishing OTC equity derivatives services in Europe. We will continue to become the first Chinese financial institution to provide European clients with OTC equity derivatives linked to global market underlines. Now we would like to invite questions from online. 6116, please raise your question. Thank you. I am GF Securities. I am Chen Fu from GF Securities. I would like to raise a question about SFISF. What are the active impacts using SFISF? Another question is about market value management. Could you introduce relevant system and execution and implementation? Thank you. For SFISF, Zhang Hao, please answer the question. Thank you for your question. At the National Financial Work Meeting and also relevant policies, the capital market has embraced a series of transformations. In September 24, 2024, SFISF was introduced. This is very important for stabilizing the capital market, increasing financial resilience, and improving market confidence. On October 10, the central bank released relevant policies and CITIC Securities acted actively. It has become the first company that has been qualified to execute SFISF. In the future, we will continue to conduct our SFISF business under the supervision of relevant departments to increase the stability of the capital market. From the market feedback, the launch of SFISF, we can see that we have gotten notable achievements from this incremental policy because we now have the mid and long-term capital input as well as the M&A. So far, we can also see that the market sentiment has been improved and the market has also been boosted with more confidence. Also, during the two sessions, Chairman Wu Qing of CSRC mentioned that the mid and long-term capital will be the stabilizer of the market capital. Since September last year, we have also witnessed a notable increase in the liquidity of A-share with the insurance capital as well as the pension capital. We can see it increased by RMB 290 billion. Going forward, we will continue to help the capital market to optimize the resource allocation. In terms of the market cap management system, I would like to give you this response. Since 2024, our company has already followed the State Council guidelines as well as the guidance of the market cap management by the CSRC. First of all, in 2024, we just launched this specific action plan to help us to improve efficiency and also optimize the dividend payout policy. We have also provided a dividend payout of RMB 3.5 billion. We have also won the recognition of the investors and also gained a lot of attention. Second, we continue to optimize the market cap system and improve our functionality, improve the refined management, etc. Since 2024, we can see that in terms of the key investors, we just respond to the questions of the investors through the SSE interactive platform, responded to over 160 questions, and also listened to the phone calls of investors. Over 3,500 phone calls have been received. We have the hybrid mode to have the communication with the global investors. Over 30 sessions of the communication have also been organized. Moreover, we will continue to explore the best practices. We also live stream the conference for the annual results. For three years in a row, we have been awarded with the best practice company title. Also during the opening day of Investors 2024, we.