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<Research>HSBC Research Raises TPs for CN Brokers; Top Pick CICC
As overseas expansion is creating substantial value for Chinese brokers, high trading volumes, strong stock market performance, and the easing of primary market restrictions contin...
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<Research>HSBC Research Raises TPs for CN Brokers; Top Pick CICC
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As overseas expansion is creating substantial value for Chinese brokers, high trading volumes, strong stock market performance, and the easing of primary market restrictions continue to fuel earnings growth for them, HSBC Global Research wrote in its report.

It is expected that the brokers under HSBC Global Research's coverage will benefit from overseas expansion with the acceleration of the Hong Kong IPO market, while potential stablecoin licenses may also provide extra support.

Related NewsBofAS Hikes TPs for CN Brokers by 17-56%, Earnings Forecasts by 21% Max.
Among the covered brokers, HSBC Global Research continued to select CICC (03908.HK)  -0.860 (-4.309%)    Short selling $25.49M; Ratio 2.614%   as its top pick with an unchanged Buy rating, given its leading position in the Hong Kong IPO market.

Given that valuations have fallen below 2019 levels, HSBC Global Research upgraded HTSC (06886.HK)  -0.360 (-1.993%)    Short selling $51.11M; Ratio 20.808%   from Hold to Buy. It also adjusted its target prices for each broker: CICC rated Buy, with the target price raised from HKD20.4 to HKD25.5; CITIC SEC (06030.HK)  -0.750 (-2.717%)    Short selling $109.44M; Ratio 18.651%   rated Hold, with the target price raised from HKD24.5 to HKD28.2; HTSC rated Buy, with the target price raised from HKD18.4 to HKD19.6. If stablecoin license policies are implemented, they will further enhance the competitive advantage of the relevant brokers in cross-border business.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)

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