China Galaxy Securities Co (6881) Model Update

Research evidence excerpt

Asia Pacific Equity Research

16 September 2026

China Galaxy Securities Co

(6881)

Model Update

Overweight

6881.HK, 6881 HK

Price (16 Sep 26): HK$7.63

▼ Price Target (Jun-27): HK$10.40

Prior (Jun-27): HK$10.80

We update our model to incorporate the 2Q26 results. We cut

2026/27/28 net profit estimates by 0.7%/0.8%/0.7%, mainly to reflect

moderation in retail investment sentiment in 3Q QTD and continued

pressure on commission fee rate. As a result, we lower our Jun-27 PT

to HK$10.40. Maintain OW.

China

Banks & Financial Services

Peter Zhang AC

(852) 2800-8557

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Key Changes (FYE Dec)

Adj. EPS - 26E (Rmb)

Adj. EPS - 27E (Rmb)

Prev

1.35

1.43

Cur

1.34

1.42

-0.7%

-0.8%

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.