MB-CMSC@EC2611A

LEOCH INT'L

STARGLORY HLDGS

INTELLIMARK W27

BEST FOOD HLDG

GAOYU FINANCE

EXTREME VISION

TIAN TU CAPITAL

HSC RESOURCES

EPI (HOLDINGS)

LAP KEI ENGRG

161720

600999

512880

06099

159842

512000

China Merchants Securities' 2025 Profit Jumps 19% as Revenue Rises 13%

marketscreener

China Merchants CSI All Share Investment Banking & Brokerage Index Fund-A

Guotai CSI All Share Investment Banking & Brokerage ETF

CMSC

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

China Merchants Securities' 2025 Profit Jumps 19% as Revenue Rises 13%

512070

513750

CMS announced its 2025 annual performance, with total revenue and earnings of RMB 34.616 billion, a year-on-year increase of 13%. The net profit attributable to shareholders was RMB 12.35 billion, an increase of 18.9%, with earnings per share of RMB 1.35. The final dividend is RMB 4.49 per 10 shares

AASTOCKS

E Fund CSI 300 Financials (ex Banks) ETF

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

"Performance" CMS reported a net profit of RMB 12.35 billion for the year, an increase of 18.9%, with a dividend of RMB 4.49 per 10 shares

China Merchants Securities 2025 net profit up 18.9% Y/Y

China Merchants Securities 2025 net profit up 18.9% Y/Y

601878

China Merchants Securities full-year revenue was RMB 24.97 billion, versus an estimate of RMB 24.74 billion. Full-year net profit was RMB 12.35 billion, versus an estimate of RMB 12.37 billion

Wallstreetcn

Zheshang Securities

601995

601066

03908

06066

03355

The online DTC network solution provider FS.COM is conducting an IPO from March 13 to 18, with a subscription amount of HKD 39.6 billion as of the 17th, and a public offering subscription amount of HKD 170 million, equivalent to an oversubscription of 231.9 times. It plans to issue 40 million H shares, with an offering price ranging from HKD 35.2 to HKD 41.6, raising a maximum of HKD 1.66 billion, and is expected to be listed on March 23. CICC, CSC International, and CMS International are the joint sponsors

Tasty Money

CICC

FS.COM

【New Stock IPO】【Subscription Situation】【Continuously Updated】Online DTC network solution provider FS.COM (3355) received HKD 39.6 billion in margin financing, oversubscribed by 231.9 times

601108

02611

600958

06881

601211

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

CAITONG SECURITIES

GTHT

HTSC

DFZQ

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

China Merchants Securities Logs 18% Rise in 2025 Profit

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

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

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

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@EC2611A(27877.HK)

MB-CMSC@EC2611A Stock Performance Chart

China Merchants Securities' 2025 Profit Jumps 19% as Revenue Rises 13%

"Performance" CMS reported a net profit of RMB 12.35 billion for the year, an increase of 18.9%, with a dividend of RMB 4.49 per 10 shares

China Merchants Securities 2025 net profit up 18.9% Y/Y

China Merchants Securities full-year revenue was RMB 24.97 billion, versus an estimate of RMB 24.74 billion. Full-year net profit was RMB 12.35 billion, versus an estimate of RMB 12.37 billion

【New Stock IPO】【Subscription Situation】【Continuously Updated】Online DTC network solution provider FS.COM (3355) received HKD 39.6 billion in margin financing, oversubscribed by 231.9 times