高盛：CITIC Securities (600030.SS) Investor feedback: Identifying downside risks/upside potential 

What's changed
We recently met with domestic investors about our published initiation
reports on CITIC Securities (CS) and the China broker industry, and hosted
investor meetings with CS at our China Investment Conference. Investors
we spoke to were generally positive on CS’s long-term growth potential
and believe (as we do) that the value of CS’s asset management business
has not been fully recognized by investors. However, they are concerned
about the direction of the A-share market and trading volume. At our
conference, CS said that it believed trading volume would remain steady
over the next two years, and it remains confident on its growth prospects.