Investment Banking and Brokerage

CAITONG SECURITIES

CAITONG SECURITIES released FY2025 earnings on April 25 After-Market BJT, actual revenue CNY 6.777 B (forecast CNY 7.086 B), actual EPS CNY 0.55 (forecast CNY 0.61)

CAITONG SECURITIES released FY2025 Q4 earnings on April 25 After-Market BJT, actual revenue CNY 1.781 B, actual EPS CNY 0.1295

CAITONG SECURITIES released FY2026 Q1 earnings on April 24 Pre-Market (BJT), actual revenue CNY 1.597 B, actual EPS CNY 0.13

CAITONG SECURITIES to Release FY2025 Annual Earnings on April 25 After-Market (BJT), Forecast Revenue CNY 7.086 B, EPS CNY 0.61

CAITONG SECURITIES to Release FY2026 Q1 Earnings on April 25 Pre-Market BJT

CAITONG SECURITIES released FY2025 Q3 earnings on October 29 Pre-Market (BJT), actual revenue CNY 2.169 B, actual EPS CNY 0.1858

CAITONG SECURITIES released FY2025 9 Months earnings on October 29 Pre-Market (BJT), actual revenue CNY 4.997 B, actual EPS CNY 0.4186

CAITONG SECURITIES FY2025 Q3 Earnings Release Scheduled for October 30, Pre-Market BJT

Zhejiang Zheshang Asset Management Co.'s 3 billion yuan perpetual bond project accepted for review

CAITONG SECURITIES released FY2025 Semi-Annual earnings on August 28 During-Market (BJT), actual revenue CNY 2.894 B, actual EPS CNY 0.23

CAITONG SECURITIES released FY2025 Q2 earnings on August 28 During-Market (BJT), actual revenue CNY 1.857 B, actual EPS CNY 0.1728

CAITONG SECURITIES FY2025 Semi-Annual Earnings Release on August 29, 2025 (BJT)

Caitong Securities Signs Strategic Partnership with Ping An Group

Caitong Securities Hits 60-Day High and Receives Analyst Buy Rating

Zhejiang Tourism Investment Group's Small Public Offering Bond Project Passed

Zhejiang Tourism Investment Group Plans to Issue a Private Bond Worth 100 Million Yuan

Caitong Securities Suggests Focusing on Performance Drivers and Industry Sentiment

Nova Nebula Surveyed by CITIC Securities and Fullgoal Fund

Caitong Hong Kong Obtains Qualification for Virtual Asset ETF Agency Trading

Hangzhou West Lake Urban Construction Investment Group's 2 billion yuan private placement bond accepted by SSE

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In 2025, the new regulations for the public fund industry will be gradually implemented. Industrial Securities Global Fund and Caitong Securities Asset Management, among other institutions, announced that they will waive subscription fees in direct sales channels. At the same time, fund sales activities have been standardized, and several fund companies have adjusted the risk levels of their funds, with improved risk warnings for certain special products

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INDUSTRIAL SECURITIES

Public offering reform measures are gradually being implemented: institutions are increasingly waiving direct sales fees and intensively adjusting risk levels

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The report from Galaxy Securities shows that in January, the growth rate of household deposits dropped to 7.18%, a significant decrease from the previous value of 9.68%. The difference between the growth rate of household deposits and M2 growth rate turned negative for the first time, reaching -1.82 percentage points, marking a return to negative values after seven and a half years. The rolling sum of new non-bank deposits over 12 months has risen rapidly. CAITONG SECURITIES pointed out that this portion of funds is mainly flowing into wealth management products rather than simply entering the market as deposits

Guotai CSI All Share Investment Banking & Brokerage ETF

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

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

"Deposit migration" accelerates - The difference between the growth rate of household deposits and M2 growth rate turns negative for the first time in 7 and a half years

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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

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)

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As of February 6, 685 listed companies have received brokerage research teams this year. Leading brokerages, leveraging the advantages of their research teams, have become the "main force" in the research market, with CITIC Securities ranking first with 213 research visits; Changjiang Securities, Guotai Haitong, and CICC also exceeded 150 visits each; 12 brokerages including Guosen Securities, Huatai Securities, Western Securities, GF SEC, and CSC have all conducted over 100 research visits

Sealand Securities

SDHT

ZHONGTAI SECURITIES

GF SECURITIES

Changjiang Securities

SINOLINK SECURITIES

GUOSEN SECURITIES

Western Securities

Huaan Securities

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

As of February 5th, this year, 12 listed companies have conducted targeted placements, with a total financing scale of 84.939 billion yuan, an increase of 359% compared to the same period last year. Several public fund companies, such as E Fund, CAITONG SECURITIES, Nordea, and Xingzheng Global, have participated, with new quality productivity becoming the main layout direction. Industry insiders pointed out that the increase in participants has intensified competition for quality projects, raising higher requirements for fund managers' research and pricing capabilities

Anchoring on the "hard technology" track, public offerings actively participate in listed companies' private placement projects

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Renowned analyst Zhang Yidong has officially joined Haitong International as the head of the equity research department and chief economist, responsible for coordinating the cross-border integration of research operations. He previously served as the global chief strategy analyst at Industrial Securities and has extensive research experience covering the A-share, Hong Kong stock, and U.S. stock markets. Zhang Yidong is optimistic about Chinese equity assets, believing that the A-share and Hong Kong stock markets will usher in a "super long bull market" lasting over twenty years

- Zhang Yidong, a prominent analyst in sell-side research, has officially joined Haitong International Securities as a committee member and chief economist.  
- He aims to focus on overseas operations, particularly in Hong Kong and international capital markets, after a long and successful career at Industrial Securities.  
- Zhang emphasizes the importance of cautious investment in 2026, urging investors to be disciplined and avoid chasing after trends.

Highton Development

SITC

Next stop confirmed! Zhang Yidong joins Haitong International as the head of the equity research department and chief economist

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The report provides a detailed presentation of data such as the number of branches, A-share trading volume, client assets, account size, margin financing and securities lending business, revenue levels, and commission rates, showcasing the strong performance of the Shanghai securities market in terms of trading volume and account expansion

Fullgoal SSE Composite ETF

E Fund CSI 300 ETF Initiating Fund

Bosera All Share Investment Banking & Brokerage Index ETF

Harvest SZSE SME-ChiNext Composite 300 ETF

Huatai-PB CSI 300 ETF

E Fund CSI 300 Financials (ex Banks) ETF

EASTMONEY

Surge in volume! The trading volume of brokerages in A-shares has increased significantly year-on-year, with Shanghai brokerages accounting for a total market share of 30%

CAITONG SECURITIES(601108.SH)