Shareholders ruthless approval of the second half of CITIC Securities to change the recruit

Every reporter Jiang Yanyan from Beijing at present Citic Securities can use more than 40 billion of the funds, the future needs to consider how much capital allocation to long-term investment, how many configuration to later structural investment.　　The second half of the year, you can see the changes in asset allocation. Yesterday, Citic Securities (600030, closing price of 24.80 yuan) shareholder meeting in Beijing. Many participants to the company in the first quarter of 2009 the "attack" to become a shareholder meeting one of the themes.　　A participant in the daily economic news interview, said: "The scene is very fierce, because we are too concerned about CITIC Securities, inevitably jellyfish." Shareholder advice: Citic to learn Buffett according to public information, the first quarter of 2009, Citic Securities report showed that the company achieved net profit of 1.504 billion yuan, down 40.34% per share earnings 0.23 yuan. The year-on-year decline was mainly attributable to lower sales of financial assets, the quarterly report said. The data showed that the company's investment income decreased by 1.7 billion yuan over the same period last year, down 86.28% Year-on-year, which became the main factor of profit decline.　　And this has become a lot of shareholders criticized the company yesterday. A shareholder said in a statement that the reason why we are willing to invest in Citic Securities for a long time is that the company's financial clarity, all the business are in the industry leading position, and the asset structure is very good, but only a passable business-"from the report can be seen, the company bought stocks can be said to drift, Are so-called defensive breeds, with huge sums of money in banks ' cash accounts or low-yielding bond varieties. "The shareholder also advised Citic Securities to learn from Buffett or even Wang Yawei, so that Citic Securities in the proprietary business to become" close to Buffett's people "or" Wang Yawei second. "　　The shareholder's speech aroused strong resonance in the audience. Citic Securities says shareholders ' expectations are understandable. CITIC Securities 2007 financing 25 billion yuan, mainly in order to prepare for margin trading and stock index futures business, but until now two business has not been launched, but if the company to wait until the financing and margin business out of the financing, it must be too late. At present, the capital market is still a Fed market, China's securities market supervision is strict, many things are not listed companies can judge. In addition, the current development, regulation and transparency of the securities market are not suitable for large-scale self-employment.　　For the past more than 10 years, the company's proprietary business has taken on a smaller scale. Company: The asset allocation will change in the second half of the year. Another shareholder said at the meeting that the most feared Citic Securities to "move"-because other business profitability, not in the development of proprietary business, fear of risk-taking. The shareholder also said that defensive investment in 2008 was doing very well to avoid big losses, but the company's thinking should change after the stock market fell from 6,000 to 1600. He even asked: "The investment level and skills of the company's proprietary business should be improved?　　"In the face of the sharp questions of shareholders, CITIC Securities proprietary business executives said they would humbly accept shareholder criticism, but there are reasons to make such investment choices." "First of all, shareholders say we invest more in defensive breeds." We're not just looking at valuations, like Steel 3 times times, but medicine is 30 times times more expensive, but in reality it's more robust than steel. ' We are investing in value, starting with the stock itself and the company's three statements, ' he says.　　But unfortunately, these varieties are mostly blue-chip, so CITIC Securities stock investment also more concentrated in this. In addition, Citic Securities admitted that the first three months of operation of the conservative, mainly because the 2008 company position has been relatively low, and the whole year down to prove correct before, so formed a certain thinking inertia. In addition, until February this year, many economic data still no signs of improvement, such as exports are still speeding up the decline, and many economic data is not good, so maintain the previous operating ideas.　　However, the company has seen a lot of data changes since March, so it has started to increase substantially in March, but the holding process is not yet reflected in the financial statements, even if the sale of inventory last year, the report will be a loss, so the proprietary business will have such a large decline. The official said that the company does in the proprietary business to improve the sensitivity of the market, but the existing stock options will persist.　　Only those who can make money and have a significant improvement in their performance will buy the company, but they will be more decisive in the time and timing of the investment. Citic Securities also said the company has been considering changes in asset allocation.　　At present, the company can use more than 40 billion of the funds, the future needs to consider is how much of the allocation of funds to long-term investment, the number of allocation to future structural investment, is currently in the calculation. "The second half of the year, you can see the changes in our asset allocation, we can feel the change." The owner promised.