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<Research>Citi: CN Brokers' Forecast FY ROE at ~10%; Top Pick CICC
Citi published a report on Chinese brokers, stating that the Chinese brokers it tracks delivered strong revenue and net profit growth in 1Q26, up 40% and 44% YoY respectively, with...
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<Research>Citi: CN Brokers' Forecast FY ROE at ~10%; Top Pick CICC
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Citi published a report on Chinese brokers, stating that the Chinese brokers it tracks delivered strong revenue and net profit growth in 1Q26, up 40% and 44% YoY respectively, with solid growth momentum across all business segments. CICC (03908.HK)  -0.220 (-1.016%)    Short selling $47.49M; Ratio 15.094%   recorded the most evident profit growth, whereas CGS (06881.HK)  -0.040 (-0.476%)    Short selling $3.49M; Ratio 2.150%   posted the slowest increment.

The broker revised its earnings forecasts and TP for Chinese brokers, reflecting robust ADT in A shares since the beginning of the year, solid underwriting activity in A shares, and strong sales of domestic mutual funds. It expected the covered brokers to achieve forecast ROE of around 10% for the year. The sector top pick was CICC.

Related NewsUBS Cuts CGS (06881.HK) TP to HKD9.4; 1Q Results In Line
The table below lists Citi's investment ratings and TPs for Chinese broker H-shares:

Stock | Investment Rating | TP
CGS (06881.HK)  -0.040 (-0.476%)    Short selling $3.49M; Ratio 2.150%   | Buy | HKD13.99->HKD12.78
CICC (03908.HK)  -0.220 (-1.016%)    Short selling $47.49M; Ratio 15.094%   | Buy | HKD27.12->HKD27.66
CITIC SEC (06030.HK)  -0.200 (-0.728%)    Short selling $9.20M; Ratio 3.651%   | Neutral | HKD29.62->HKD29.79
GF SEC (01776.HK)  -0.240 (-1.359%)    Short selling $6.43M; Ratio 2.616%   | Buy | HKD21.54->HKD22.26
HTSC (06886.HK)  -0.140 (-0.832%)    Short selling $24.71M; Ratio 22.032%   | Buy | HKD23.44->HKD23.6
DFZQ (03958.HK)  -0.030 (-0.489%)    Short selling $5.67M; Ratio 7.071%   | Buy | HKD8.67->HKD8.68
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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