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

研报英文原文证据摘录

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

Asia Pacific Equity Research

10 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.

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).