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<Research>JPM Expects CN Brokers to Ride on Higher ADT; Top Pick CICC w/ TP HKD24
JP Morgan's research report reinitiated coverage on Chinese brokers with a positive outlook, citing strong business momentum, supportive regulatory environment, and undemanding...
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<Research>JPM Expects CN Brokers to Ride on Higher ADT; Top Pick CICC w/ TP HKD24
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JP Morgan's research report reinitiated coverage on Chinese brokers with a positive outlook, citing strong business momentum, supportive regulatory environment, and undemanding valuations as compelling buying opportunities.

The broker noted that the valuations of A- and H-share brokers are now below their long-term average levels, and the market's forecast for this year's ADT is overly conservative. The 1Q26 results to be announced in April are expected to be a key catalyst for the sector's re-rating.

Related News CHINA GALAXY (06881.HK) Full-Year Net Profit RMB12.52 Billion, Up 24.8%; Declares Cash Dividend of RMB0.225 Per Share
The broker's top pick was CICC (03908.HK)  +0.020 (+0.116%)    Short selling $21.47M; Ratio 42.224%   , which was seen as a key beneficiary of the recovery in IPO and institutional business. The target price was raised from HKD21.2 to HKD24. The broker also anticipated upside for East Money (300059.SZ)  -0.270 (-1.440%)   , CMSC (06099.HK)  -0.160 (-1.199%)    Short selling $1.04M; Ratio 14.652%   , and CGS (06881.HK)  -0.050 (-0.615%)    Short selling $12.37M; Ratio 37.072%   in 1Q26.

Stocks | Investment Ratings | Target Prices

CICC (03908.HK)  +0.020 (+0.116%)    Short selling $21.47M; Ratio 42.224%   | Overweight | HKD21.2 → HKD24
CGS (06881.HK)  -0.050 (-0.615%)    Short selling $12.37M; Ratio 37.072%   | Overweight | HKD13.5 → HKD13
CITIC SEC (06030.HK)  -0.080 (-0.329%)    Short selling $31.81M; Ratio 130.877%   | Neutral → Overweight | HKD27.7 → HKD25.3
GTHT (02611.HK)  +0.030 (+0.220%)    Short selling $10.52M; Ratio 64.961%   | Underweight → Neutral | HKD12.1 → HKD12.2
CMSC (06099.HK)  -0.160 (-1.199%)    Short selling $1.04M; Ratio 14.652%   | Neutral → Overweight | HKD14.5 → HKD16.4
GF SEC (01776.HK)  -0.200 (-1.366%)    Short selling $6.45M; Ratio 32.855%   | Neutral → Overweight | HKD11.5 → HKD19.8
HTSC (06886.HK)  -0.270 (-1.774%)    Short selling $5.45M; Ratio 38.786%   | Overweight | HKD20.7 → HKD19.9
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.) (A Shares quote is delayed for at least 15 mins.)

Related News GF Securities (01776.HK) Full-Year Net Profit RMB13.702 Billion, Up 42%; Pays RMB5 per 10 Shares

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