MB-CMSC@EC2608A

China Merchants Securities Confirms Coupon Rates for the First Tranche of 2026 Corporate Bonds

CITIC Securities reports 18.43% YoY increase in net profit in 2025

China Merchants Securities First Coverage and Strongly Recommends Le Shufu

China Merchants Securities Announces Earnings Report: Net Profit Grew by 18.43% in 2025

CMSC released FY2025 Annual Earnings on January 27 Pre-Market (BJT), actual revenue HKD 27.21 B (forecast HKD 27.05 B), actual EPS HKD 1.4754 (forecast HKD 1.4663)

CMSC released FY2025 Q4 earnings on January 27 Pre-Market (BJT), actual revenue HKD 7.376 B, actual EPS HKD 0.4233 (forecast EPS HKD 0.345)

China Merchants Securities Responds to Holding Status of CXIC

Xuzhou Xugong Zhiyuan Advanced Intelligent Manufacturing Equity Investment Fund Established

China Securities Rises in 2025 A-Share IPO Market

Investment Fund Raised and Invested in Jiangmen Hexian Baowan Logistics Park

E Fund Management Reduced Its Holdings in China Merchants Securities to 8.91%

China Merchants Securities: Automotive Industry Overall Positive, Acceleration in New Energy and Intelligence

China Securities Regulatory Commission Approves CITIC Securities to Issue Up to 40 Billion RMB in Corporate Bonds

China Merchants Securities Agrees to CZI Increasing Subsidiary's Capital by Up to $11.5B

China Merchants Securities International Provides Guarantee for CMS International Gemstone's Medium-Term Note Issuance

China Merchant Securities provides RMB 700 million guarantee for SPV's note issuance

CSCEC's wholly-owned subsidiary provides guarantee for indirect subsidiary's medium-term notes

China Merchants Securities Adjusts Annual Limit for Property Lease Agreement with China Merchants Group

CITIC Securities: Recent Price Increases Mainly in Coal, Nonferrous Metals, etc.

Shenzhen Total Development Group's 9.5B Yuan Bond Issuance Project Submits Registration

STARCOIN GROUP

IDT INT'L

GUANZE MEDICAL

BOER POWER

AE LOGISTICS

SUNWAH KINGSWAY

WINTO GROUP

WISDOMCOME GP

SUPER STRONG

CHINA INFO TECH

601108

02611

03908

06886

600958

06099

06881

06030

01788

601211

600030

600999

03958

Bank of America Securities released a research report listing the investment ratings and target prices for Chinese brokerage stocks. CITIC Securities is rated as Buy, with a target price of HKD 35.7; Guotai Haitong is rated as Buy, with a target price of HKD 21.4; HTSC is rated as Buy, with a target price of HKD 22.1; GF SEC is rated as Buy, with a target price of HKD 22.9; CMS is rated as Underperform, with a target price of HKD 15.3; CGS is rated as Neutral, with a target price of HKD 12.1; CICC is rated as Buy, with a target price of HKD 26.9; CSC is rated as Buy, with a target price of HKD 15.7; DFZQ is rated as Underperform, with a target price of HKD 6.1

AASTOCKS

CAITONG SECURITIES

GTHT

CICC

HTSC

DFZQ

CMSC

CITIC SEC

GF SEC

GUOTAI JUNAN I

Guotai Haitong

CITIC Securities Co., Ltd.

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

China Merchants Securities Logs 18% Rise in 2025 Profit

marketscreener

China Merchants Securities Logs 18% Rise in 2025 Profit

512880

512070

512000

159842

513750

Among the brokerages that have released performance reports, growth is relatively stable

Wallstreetcn

Guotai CSI All Share Investment Banking & Brokerage ETF

E Fund CSI 300 Financials (ex Banks) ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

CMSC 2025 performance report revealed: last year's net profit increased by over 18%, with brokerage business likely to make a significant contribution

China Merchants Securities Co Ltd :PRELIM 2025 NET PROFIT UP 18.4% Y/Y

Reuters

China Merchants Securities Prelim 2025 Net Profit Up 18.4% Y/Y

00291

CITIC Securities International's research report has lowered the target price for CHINA RES BEER to 31 yuan, maintaining a "buy" rating. Despite pressure on the ready-to-drink channel, sales growth in non-ready-to-drink channels has shown resilience in overall sales. Heineken's growth rate is about 20%, and low-end products have also seen slight positive growth. It is expected that net profit will achieve high single-digit to double-digit growth by 2025, with the dividend payout ratio expected to increase to 70%. At the same time, the liquor business may incur impairment losses, which will have short-term impacts but will be beneficial for valuation improvement in the long term. Revenue forecasts for the fiscal years 2025 and 2026 have been slightly adjusted downwards by about 2%

CHINA RES BEER

In the report "Big Banks," CMSC lowered the target price for CHINA RES BEER to 31 yuan and maintained a "Buy" rating

01024

CMSC released a research report, giving KUAISHOU-W an "Overweight" rating and a target price of HKD 100, believing that its main business is growing steadily, with significant advantages in AI technology and commercialization potential. Kuaishou's core business forms a differentiated competitive advantage with AI applications, with user engagement time exceeding 130 minutes and a solid foundation for commercialization. It is expected that the core business will turn profitable in 2023, with net profit margin rising to 14% in 2024. CMSC predicts that the revenue growth rates for advertising and e-commerce core businesses will be 12% and 9% respectively in 2026 and 2027

KUAISHOU-W

CITIC Securities: KUAISHOU's main business shows steady growth, target price 100 yuan

02020

The international research report from CMSC indicates that ANTA SPORTS will experience weak sales in the fourth quarter of 2025 due to a warm winter and holiday misalignment, but this is in line with expectations, demonstrating the resilience of its brand matrix. It is expected that ANTA can achieve the revised sales guidance, and the Fila brand has already completed its annual target ahead of schedule. Despite facing short-term pressures, ANTA's price-to-earnings ratio is approximately 14.5 times, which is at a low level, and short-term adverse factors have been reflected in the valuation. CMSC maintains an "Overweight" rating on ANTA, with a target price lowered to 95 yuan

ANTA SPORTS

CITIC Securities: Anta's brand matrix is resilient, target price lowered to 95 yuan, continues to recommend "buy"

Securities firms are gradually emerging in the insurance agency field. With the China Securities Association promoting securities firms to obtain insurance sales licenses, the proportion of insurance products in securities sales is gradually increasing. Several leading securities firms, such as CITIC Securities Co., Ltd. and CMS, have launched insurance sections on their apps, demonstrating their efforts in the transformation of wealth management business. Although the number of licensed securities firms has not increased, insurance sales still face performance pressure, becoming a new trend in the business of securities firms

- In 2025, the China Securities Association supported brokerages in obtaining insurance sales licenses, leading to an increase in insurance products offered.  
- Brokerages like CITIC Securities and Ping An Securities have launched dedicated insurance sections in their apps, showcasing a growing trend in the insurance sales approach amid mounting pressures for financial transformation.  
- While the insurance market for brokerages remains underdeveloped, they are leveraging their existing client bases and digital avenues to integrate insurance into wealth management strategies, despite facing significant competition from banks.

Securities firms "crossing borders" to break through, insurance agency sales enter the second half

01816

00763

09660

00016

01347

00992

01928

CGN POWER(01816) rose 4.07%, with a trading turnover 256.1 Million HKD, and a year-to-date rose 4.8%. ZTE(00763) rose 3.63%, with a trading turnover 1.0 Billion HKD, and a year-to-date rose 7.2%. LENOVO GROUP(00992) fell 5.59%, with a trading turnover 3.0 Billion HKD, and a year-to-date fell 5.2%. HTSC(06886) fell 4.64%, with a trading turnover 345.8 Million HKD, and a year-to-date rose 4.8%.

Top Gainers & Losers

CGN POWER

HORIZONROBOT-W

SHK PPT

HUA HONG SEMI

LENOVO GROUP

SANDS CHINA LTD

Top 5 HK Stock Gainers/Losers (>100B) (1.8)

01818

01810

01288

09988

00981

CMSC(06099) rose 12.03%, with a trading turnover 539.3 Million HKD, and a year-to-date rose 16.2%. CICC(03908) rose 8.7%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 13.6%. XIAOMI-W(01810) fell 1.47%, with a trading turnover 7.7 Billion HKD, and a year-to-date fell 1.4%. LENOVO GROUP(00992) fell 1.47%, with a trading turnover 990.9 Million HKD, and a year-to-date rose 1.6%.

ZHAOJIN MINING

XIAOMI-W

BABA-W

SMIC

Top 5 HK Stock Gainers/Losers (>100B) (1.6)

06090

01057

09636

02431

02610

02788

02198

02685

BUTONG GROUP(06090) rose 28.51%, with a trading turnover 44.2 Million HKD, and a year-to-date fell 13.1%. ZHEJIANG SHIBAO(01057) rose 21.53%, with a trading turnover 617.5 Million HKD, and a year-to-date rose 26.5%. JF SMARTINVEST(09636) rose 18.84%, with a trading turnover 653.6 Million HKD, and a year-to-date rose 16.8%.

BUTONG GROUP

ZHEJIANG SHIBAO

JF SMARTINVEST

MINIEYE

NANSHAN AL INTL

CHUANGXIN IND

CHINA SANJIANG

QUANTGROUP

Top 10 HK Stock Gainers (1.6)

02259

01336

06818

02601

06160

03692

02050

09926

ZIJIN GOLD INTL(02259) rose 7.76%, with a trading turnover 2.4 Billion HKD, and a year-to-date rose 121.3%. NCI(01336) rose 4.45%, with a trading turnover 881.2 Million HKD, and a year-to-date rose 146.3%. BEONE MEDICINES(06160) fell 8.07%, with a trading turnover 1.5 Billion HKD, and a year-to-date rose 63.7%. HANSOH PHARMA(03692) fell 7.58%, with a trading turnover 746.4 Million HKD, and a year-to-date rose 135%.

ZIJIN GOLD INTL

CEB BANK

CPIC

BEONE MEDICINES

HANSOH PHARMA

SANHUA

AKESO

Top 5 HK Stock Gainers/Losers (>100B) (12.15)

Chinese brokerage stocks warmed up in the morning session, and the merger and reorganization of brokerages may accelerate. Institutions say that the 2024 performance forecasts of brokerages may become a catalyst for the sectorChinese-funded brokerage stocks warmed up in the morning, with CMS rising 4.07% and Guolian Sec rising 3.69%. The merger and reorganization of Guotai Junan and Haitong Securities has been approved, and Guolian Sec plans to be renamed Guolian Minsheng Securities. AVIC Securities believes that the integration of brokerages will accelerate, and it is expected that the number of new accounts opened in 2024 will increase. Kaiyuan Securities pointed out that traditional brokerages have low valuations, and the performance forecast for 2024 may become a catalyst for the sector$CMS(600999.SH) $CMSC(06099.HK) $Guolian Minsheng Sec(601456.SH)

Guolian Minsheng Sec

GLMS SEC

MB-CMSC@EC2608A(22274.HK)

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

China Merchants Securities Logs 18% Rise in 2025 Profit

CMSC 2025 performance report revealed: last year's net profit increased by over 18%, with brokerage business likely to make a significant contribution

China Merchants Securities Prelim 2025 Net Profit Up 18.4% Y/Y

In the report "Big Banks," CMSC lowered the target price for CHINA RES BEER to 31 yuan and maintained a "Buy" rating