CITIC Securities - A: 2Q26 result a beat, accumulate high quality brokers on weakness

Research evidence excerpt

CITIC Securities - A: 2Q26 result a beat, accumulate high quality brokers on weakness

Asia Pacific Equity Research

10 July 2026

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Overweight

CITIC Securities - A 600030.SS, 600030 CH

Price: Rmb28.40

2Q26 result a beat, accumulate high quality brokers 10 Jul 2026

on weakness Price Target: Rmb33.00

PT End Date: 31 Dec 2026

2Q26 result a beat. After market close on 10 July, Citic Sec announced its Banks & Financial Services

preliminary 1H26 results (link). 2Q26 net profit rose 82% y/y to AC Peter Zhang

Rmb13.1bn, a record high and likely ahead of market expectations. A- and (852) 2800-8557

H-share brokers’ share prices dropped 4% and 5% in the past week, due to peter.zhang@jpmorgan.com

investors’ profit-taking and concerns over earnings sustainability into J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

2H26. We argue that leading brokers (i.e.: Citic Sec and CICC) were less

Katherine Lei

affected by mark-to-market investment gains on equity investments; thus, (852) 2800-8552

their earnings quality is better and the strong momentum is more likely to katherine.lei@jpmorgan.com

be sustained into 2H26. As such, we view the recent share price weakness J.P. Morgan Securities (Asia Pacific) Limited/

as an opportunity to add. J.P. Morgan Broking (Hong Kong) Limited

Lincoln Yu

• 2Q26 result a beat: After market close on 10 July, Citic Sec issued an (852) 2800 8523

exchange announcement on its preliminary 1H26 results (link).