1. The business model of CITIC Securities:

1. The consolidated statement promoted the brokerage and asset management business to increase greatly, and the innovation and transformation continued to advance. On the other hand, CLSA promoted the good growth of brokerage business, and the net income of brokerage business in the medium term was 3.3 billion yuan, up 68% year-on-year.

2. The brokerage business vigorously promoted the "institutionalization and productization" mode, and the scale of institutional clients continued to increase. We will comprehensively promote the transformation of business outlets into marketing windows and service bases for various businesses. At the end of June, CITIC's share-based market accounted for 6.45%, up .28% year-on-year, ranking second in the market.

3. The net income from medium-term asset management was 1.61 billion yuan, up 7.34 times year-on-year, and the contribution ratio increased to 17%. The consolidation of Huaxia Fund was the main reason for the rapid growth of asset management business.

4. Vigorously expand the targeted business of banking, insurance, social security and other institutional customer groups, and increase the scale of targeted asset management to 6 billion yuan.

5. Actively promote the creation of product innovation and the optimization and transformation of old products. In the first half of the year, 3 new collective products were established, and the first QDII collective asset management plan was successfully issued.

Second, the business model of Goldman Sachs:

1. In the 142-year history of Goldman Sachs, it has created a better image than all its competitors-wiser, more cohesive, more noble moral character and stronger profitability.

2. Goldman Sachs-supported by the most active and complicated public-private relationship in the financial sector-has always claimed to be the "Goldman Sachs model".

3. The key of this business model is to hire the brightest talents and instill the corporate culture of Goldman Sachs-partners should suppress their desires in pursuit of greater interests and advocate the "14 principles", the first of which is "customer interests first".