The critical point is that, like Bear Stearns, Lehman was just an extreme case of a general phenomenon.

Bear Stearns provided just that: a large franchise with a promising future.

贝尔斯登恰好可以提供这一业务：拥有大好未来的大额特许业务。

In contrast to the Bear Stearns case, the jury this time found the good sense to see through this.

与贝尔斯登案不同，这次陪审团认为绝不应被表象所蒙蔽。

We do see the Fed action post the Bear Sterns fall out as being significant in trying to stabilise the financial system.

继贝尔斯登的解散后，我们的确看到美联储在稳定金融系统中起到的重要作用。

There were reasons for saying no to Lehman that were not there for Bear Stearns.

对雷曼说“不”的一些理由，并不适用于贝尔斯登。

Citic Securities is to go ahead with a planned Hong Kong listing that could raise as much as$ 2bn for the Beijing-based financial services group.

中信证券（Citic Securities）将推进在香港上市的计划，有望为这家总部位于北京的金融服务集团筹资至多20亿美元。

At the end, valuation results are presented as well as being analyzed briefly compared the EVA valuation method with the relative valuation method.

并且对比分析了经济增加值估值法和相对估值法对中信证券的价值评估，最后对评估结果进行了具体的分析。

The difference in valuation is explained by the fact that CITIC Securities, whose shares have tripled so far this year, is trading at more than five times its book value.

双方估值的差异可以从一个事实中找到原因：今年迄今，中信证券股价已上涨两倍，目前是其账面价值的5倍多。

At CITIC Securities, which has the largest market capitalisation of all the Chinese securities firms, pay absorbs just 20 per cent of revenues less than half the proportion of their American counterparts.

市值居中国券商之首的中信证券（citic securities），薪酬支出仅占总收入的20%，不到美国同行的一半。

Zhou xizeng, analyst with CITIC Securities, said steelmakers were trying to adjust rapidly to uncertainty about demand and an inventory build-up.

中信证券（citic securities）分析师周希增认为，由于需求和库存方面的不确定性，钢铁生产商正试图迅速进行相应调整。

The success of Citic, one of China's largest brokerages, comes as local firms continue to dominate the underwriting market in Asia, especially in primary offerings, according to a separate report by Oliver Wyman, an industry consultant.

行业咨询公司奥纬咨询（Oliver Wyman）的另一份报告显示，作为中国最大的券商之一，中信证券取得成功的背景是：本地公司继续主导着亚洲的承销市场，特别是首次公开发行市场。

CITIC Securities has been increasing its earnings rapidly and expects to continue growing fast.

中信证券的利润一直在迅速增长，而且有望继续快速增长。

For top executives at CITIC Securities, Mr Tang was a big reason the deal went forward.

对于中信证券的高层而言，唐伟是这宗交易得以推进的重大原因。

In the case of Bear Stearns, CITIC narrowly avoided getting burnt in part because of the long and laborious approval process imposed by Chinese regulators who were yet to sign off on the deal.

就贝尔斯登交易而言，中信证券之所以能够脱险，部分原因在于中国监管机构冗长而繁琐的审批程序。

He said CITIC Securities staffers note how many of the bankers at foreign securities firms who show up to discuss joint underwritings used to work for Chinese firms but left for higher pay.

他表示，中信证券的员工指出，前来商讨股票联合包销的外资证券公司员工，很多人曾在中国企业供职，但为了更高的薪水而离开了本土企业。

The other pieces, a joint venture in Hong Kong and Citic Securities' investment in Bear Stearns are beyond Beijing's control.

交易其它部分包括双方在香港组建合资企业和中信证券对贝尔斯登的投资，但它们不受北京的控制。

There have been CITIC Securities ( 600030) successfully listed in Shanghai Stock Exchange through IPO, while other more securities firms have used indirect manner of backdoor listing.

先后有中信证券（600030）成功在上海交易所IPO上市，而其他多家证券公司也都采用借壳上市的方式间接上市。

The company is already in the vanguard of Chinese financial institutions looking abroad with a set of European acquisitions in early June.

中信证券已经成为寻求海外发展的中国金融机构的先锋，今年6月初在欧洲进行了一系列的收购。

Bear previously announced a$ 1bn investment from Citic Securities of China.

贝尔斯登此前宣布从中国的中信证券（Citic Securities）获得了10亿美元投资。

The largest shareholder in Citic Securities is Citic Group, a state-owned conglomerate.

中信证券的最大股东是国有集团企业中信集团（Citic Group）。

Indicating a more bullish outlook, CITIC Securities said the Shanghai composite may climb above 3000 in the second half as slowing inflation and a fall in home prices ease investor concerns of further tightening.

中信证券（citic securities）对前景更为乐观，称随着通胀趋缓和楼价下跌缓解投资者对进一步收紧的担忧，上证综指可能在下半年升至3000点上方。