China International Capital Corporation (3908): 2Q26 results beat, expect consensus upgrades to drive re-rating

研报英文原文证据摘录

China International Capital Corporation (3908): 2Q26 results beat, expect consensus upgrades to drive re-rating

Asia Pacific Equity Research

09 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of

Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

China International Capital

Overweight

Corporation (3908) 3908.HK, 3908 HK

Price: HK$21.80

2Q26 results beat, expect consensus upgrades to 08 Jul 2026

drive re-rating Price Target: HK$28.50

PT End Date: 30 Jun 2027

2Q26 result a strong beat. After market close on 8 July, CICC announced Banks & Financial Services

its preliminary 1H26 results (link). 2Q26 net profits rose 79-102% y/y to AC Peter Zhang

Rmb4.1-4.6bn, a record high and likely ahead of market expectation. More (852) 2800-8557

importantly, we believe the quality of CICC’s result is stronger than that of peter.zhang@jpmorgan.com

CMS and GTHT (link, link), given CICC is less exposed to A share IPO J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

co-investments and pre-IPO investments, which are more sensitive to

Katherine Lei

market volatility. Thus, we believe that CICC’s strong business (852) 2800-8552

momentum is more likely to be sustained into 2H26. Looking ahead, we katherine.lei@jpmorgan.com

expect consensus earnings upgrades to drive a re-rating, as 1H26 ROE of J.P. Morgan Securities (Asia Pacific) Limited/

14-15% is materially higher than BBG FY26 consensus of 9.8%. We stay J.P. Morgan Broking (Hong Kong) Limited

OW and reiterate CICC-H as our sector top pick. Lincoln Yu

(852) 2800 8523