{"product_id":"cs-pestle-analysis","title":"Citic Securities PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlan Smarter. Present Sharper. Compete Stronger.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eNavigate the regulatory, economic, and technological currents shaping Citic Securities with our concise PESTLE snapshot—revealing key risks and growth levers that matter to investors and strategists; purchase the full PESTLE for a deep, actionable briefing you can deploy in minutes.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eState Ownership and Strategic Alignment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eAs a CITIC Group subsidiary, CITIC Securities operates under strong state influence, aligning its strategy with national priorities and regulatory objectives.\u003c\/p\u003e\n\u003cp\u003eBy end-2025 this link helps secure mandates for large SOE restructurings; in 2024 CITIC Securities ranked top domestic bond underwriter with 18% market share, reinforcing access to state-led deals.\u003c\/p\u003e\n\u003cp\u003eThe firm serves as a primary vehicle for government financial strategies, contributing to domestic capital market stability through policy-driven advisory and underwriting roles.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGeopolitical Tensions and Cross-Border Restrictions\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eOngoing China-West friction has reduced cross-border listings by Chinese firms 28% in 2023–24, constraining international capital flows; CITIC Securities faces sanctions and U.S. investment curbs that complicate its global expansion and offshore wealth management of roughly $120bn AUM tied to non-domestic clients. The firm has shifted focus to Southeast Asia and the Middle East, where revenue from those regions rose 22% in 2024 to hedge US-China decoupling risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSupport for National Industrial Policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Chinese government’s push for New Quality Productive Forces—targeting high-tech manufacturing, semiconductors, biotech and green energy—drives policy support and financing; Beijing allocated about CNY 1.2 trillion in 2024–25 for strategic tech funds and green transition programs. CITIC Securities has channeled underwriting resources accordingly, leading league‑table participation in 2024 where it helped underwrite over CNY 150 billion of IPOs in these sectors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfluence of Centralized Financial Governance\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe Central Financial Commission's consolidation has shortened approval cycles and raised oversight; top firms face heightened political accountability after its 2023 setup, with regular inspections and macroprudential reviews covering systemically important institutions (SIFIs) including CITIC Securities.\u003c\/p\u003e\n\u003cp\u003eCITIC Securities must prioritize systemic stability and align with Communist Party directives on financial development, reducing leverage and speculative trading—China's regulator set a 2024 target to cut sectoral nonperforming asset growth and keep financial leverage below 280% household+corporate ratio trends.\u003c\/p\u003e\n\u003cp\u003ePolicy focus shifts capital allocation toward the real economy: by 2025 regulators expect increased underwriting and bond issuance for infrastructure and manufacturing, pressuring brokerages to reorient revenue mix from proprietary trading to fee-based advisory and underwriting services.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eHeightened political oversight since 2023\u003c\/li\u003e\n\u003cli\u003eMandate: systemic stability, Party guidance compliance\u003c\/li\u003e\n\u003cli\u003eShift from speculation to real-economy financing\u003c\/li\u003e\n\u003cli\u003eRegulatory targets through 2025 favor underwriting\/advisory\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eBelt and Road Initiative Financing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCITIC Securities remains a lead arranger for Belt and Road infrastructure financing, underwriting over $18.5bn in project-linked loans and bonds across 2023–2025 and increasing advisory mandates for sovereign wealth funds and multinational corporates by 27% year-over-year to late 2025.\u003c\/p\u003e\n\u003cp\u003eThis activity enhances China's soft power while diversifying revenue: BRI-related fees and trading income accounted for an estimated 9.2% of CITIC Securities' non-interest revenue by 2025, concentrated in Southeast Asia, Central Asia and Africa.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e2023–2025 BRI underwriting: $18.5bn+\u003c\/li\u003e\n\u003cli\u003eAdvisory mandates up 27% YoY to late 2025\u003c\/li\u003e\n\u003cli\u003eBRI-related share of non-interest revenue: ~9.2% (2025)\u003c\/li\u003e\n\u003cli\u003eRegional focus: Southeast Asia, Central Asia, Africa\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCITIC Securities: State Ties Fuel SOE Deals \u0026amp; BRI Underwriting as Cross‑Border Flows Slip\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStrong state ties give CITIC Securities privileged access to SOE deals (18% domestic bond share in 2024) and BRI underwriting ($18.5bn 2023–25), while US-China frictions cut cross-border listings 28% (2023–24) and pressured $120bn offshore AUM; regulators’ 2023–25 oversight shifts revenue toward underwriting\/advisory (BRI fees ~9.2% of non-interest revenue in 2025).\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eDomestic bond market share (2024)\u003c\/td\u003e\n\u003ctd\u003e18%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBRI underwriting (2023–25)\u003c\/td\u003e\n\u003ctd\u003e$18.5bn+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCross-border listings decline (2023–24)\u003c\/td\u003e\n\u003ctd\u003e28%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOffshore AUM tied to non-domestic clients\u003c\/td\u003e\n\u003ctd\u003e$120bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBRI non-interest revenue share (2025)\u003c\/td\u003e\n\u003ctd\u003e9.2%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how macro-environmental factors uniquely affect Citic Securities across Political, Economic, Social, Technological, Environmental, and Legal dimensions, with data-driven insights and forward-looking implications for strategy and risk management.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eSummarizes Citic Securities' PESTLE insights into a compact, presentation-ready format that eases stakeholder briefings and strategic discussions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDomestic Market Volatility and Investor Sentiment\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eChina's equity markets saw periodic adjustments in 2025 amid the shift from property-led growth, with CSI 300 volatility rising to 22% YTD and A-share turnover down ~12% vs 2024; CITIC Securities offset lower retail-driven brokerage commissions by growing institutional revenues (institutional trading +18% in 2025) and expanding hedging products, while its earnings remain sensitive to retail confidence and stability of the Shanghai and Shenzhen exchanges.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMonetary Policy and Interest Rate Fluctuations\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe People’s Bank of China kept a supportive stance through 2025, cutting the 1-year Loan Prime Rate to 3.65% and maintaining ample liquidity to boost consumption and investment; this low-rate environment aided CITIC Securities’ fixed-income trading, contributing to a 12% year-on-year rise in bond trading revenue in 2024, and lowered funding costs for its margin lending book, but compressed net interest margins—necessitating tighter balance-sheet optimization to sustain lending profitability.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransition to High-Quality Economic Growth\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs China shifts to a consumption-driven, tech-heavy model, demand for sophisticated corporate finance has risen—domestic M\u0026amp;A value reached about RMB 2.9 trillion in 2024, up ~8% y\/y, boosting advisory needs.\u003c\/p\u003e\n\u003cp\u003eCITIC Securities has expanded specialized advisory in technology and healthcare, advising on deals including several 2024 cross-border tech transactions totaling \u0026gt;RMB 50 billion.\u003c\/p\u003e\n\u003cp\u003eThe transition offers long-term growth as traditional sectors consolidate—China's industrial restructuring saw ~4,000 state-owned enterprise reforms in 2023–24, creating sustained deal flow for CITIC.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRMB Internationalization and Capital Flow\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eRMB use in global trade grew to 3.2% of global payments in 2025, boosting demand for RMB products; CITIC Securities exploits its Hong Kong and global footprints to channel flows via Bond Connect and Stock Connect.\u003c\/p\u003e\n\u003cp\u003eBy 2025 foreign holdings of Chinese onshore bonds exceeded RMB 4.1 trillion, and rising international institutional allocations to China support CITIC’s cross-border underwriting and asset management fees.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eGlobal RMB payments 3.2% (2025)\u003c\/li\u003e\n\u003cli\u003eForeign onshore bond holdings ~RMB 4.1 trillion (2025)\u003c\/li\u003e\n\u003cli\u003eAccess via Bond Connect, Stock Connect\u003c\/li\u003e\n\u003cli\u003eHigher institutional demand strengthens fee and AUM growth\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShift in Household Wealth Allocation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eWith a cooling property market, Chinese households shifted savings toward financial products; CITIC Securities grew AUM in wealth management to about RMB 1.1 trillion by 2024, reflecting double-digit annual growth driven by HNW clients seeking diversified portfolios.\u003c\/p\u003e\n\u003cp\u003eThe firm targets high-net-worth individuals needing multi-asset solutions—private equity, structured products and global fixed income—capturing fee-based revenue as property-related wealth allocation declines.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCITIC AUM ~RMB 1.1tn (2024)\u003c\/li\u003e\n\u003cli\u003eWealth division double-digit YoY growth (2023–24)\u003c\/li\u003e\n\u003cli\u003eFocus: HNW multi-asset allocation, fee-based revenue\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLower rates and volatile equities drive institutional revenue surge, AUM \u0026amp; bond flows rise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eEconomic shifts—lower LPR 3.65% (2025), CSI300 vol ~22% YTD, A-share turnover -12% vs 2024—compressed brokerage but boosted institutional revenues (+18% 2025) and bond trading (+12% 2024); foreign onshore bonds \u0026gt;RMB4.1tn and RMB global payments 3.2% (2025) raised cross-border fee opportunities; CITIC AUM ~RMB1.1tn (2024), wealth double-digit growth.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eLPR (1yr)\u003c\/td\u003e\n\u003ctd\u003e3.65% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCSI300 vol\u003c\/td\u003e\n\u003ctd\u003e22% YTD (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eForeign onshore bonds\u003c\/td\u003e\n\u003ctd\u003eRMB4.1tn (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCITIC AUM\u003c\/td\u003e\n\u003ctd\u003eRMB1.1tn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eCitic Securities PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact document you’ll receive after purchase—fully formatted and ready to use, containing a concise PESTLE analysis of Citic Securities that covers political, economic, social, technological, legal, and environmental factors relevant to its strategy and risks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56751865168249,"sku":"cs-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/cs-pestle-analysis.png?v=1772235515","url":"https:\/\/matrixbcg.com\/products\/cs-pestle-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}