汉英译文如下：

Passage 1

Respected Leaders, Dear Guests and Friends,

Good afternoon!

Thank you for participating in the first China Merchants Securities (CMS) Forum. The theme of today's forum is challenge and transcendence. Together we are going to identify opportunities for Chinese securities at the backdrop of full circulation. I have good news to share with you. We are here not just participating in the first CMS Forum but also commemorating the 15th anniversary of CMS. So please join me in turning all of our best wishes into our applauses to CMS. Happy birthday!

Speaking of CMS, I believe every one of us here will find it familiar. At once we will date our memories back to July 1991, when the Division of Securities in China Merchants Bank was established. That is the predecessor of CMS. Ever since then, CMS has embarked on a business venture in securities.

CMS has achieved a lot in the last 15 years. In terms of overall capacity or any business indicator, CMS is already one of the top 10 in the industry. In the past 15 years, CMS has become one of the first of many things and leads the market. On this special occasion I would like to recount all the glories of CMS with you: CMS is one of the first members of China securities exchange; one of the first synthetic securities traders approved by the regulatory; one of the first members of interbank borrowing market; one of the first securities to provide an all-round service including brokerage, online trading and asset management. These are histories already.

What remains unchanged is the core value of CMS, which is the responsibility for the present and the future. The value is not only impacting CMS but also us. In the 15 years, we have witnessed the growth of CMS into disciplined, innovative and fast-growing securities. The convention of today's forum is a good demonstration of the commitment of CMS to the present and the future. Because CMS has always born in mind the fact that capital is market opportunity and driving an orderly development of the securities market is its obligation. I believe we all have a lot to expect from this Forum.