中国银河证券(6881)模型更新

研报英文原文证据摘录

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.