JPM Projects Growth Potential for CN Brokers' Revenue and Investment Income in Q3

Written by Emily J. Thompson, Senior Investment Analyst

02611-1.22%

06886-0.89%

Source: aastocks

Updated: Sep 09 2025

0mins

Source: aastocks

Operational Improvement: Chinese brokers saw significant operational improvements in August, with A-shares' average daily turnover reaching a record RMB2.3 trillion and maintaining over RMB2 trillion for 18 consecutive trading days.
Market Activity and Outlook: The financing balance hit a record RMB2.28 trillion, new broker account openings surged by 35% month-over-month, and JPMorgan maintains a positive outlook for brokers' revenue and investment income in Q3 2025.

02611

$17.07+Infinity%1D

Analyst Views on 02611

Wall Street analysts forecast 02611 stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for 02611 is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

0 Analyst Rating

0 Buy

0 Hold

0 Sell

Current: 17.280

Low

Averages

High

Current: 17.280

Low

Averages

High

BofA Securities

Neutral -> Buy

upgrade

Al Analysis

2025-12-18

Reason

BofA Securities

Price Target

Al Analysis

2025-12-18

upgrade

Neutral -> Buy

Reason

The analyst rating upgrade for GTHT (02611.HK) from Neutral to Buy by BofA Securities is based on several key factors: 1. Alleviation of Concerns: The anticipated 3Q25 results are expected to address market concerns regarding the asset quality of Haitong International, integration progress, and weak post-merger equity returns. 2. Potential for Upside: The report suggests that these results could reveal potential for upside equity returns and a re-assessment of the company's valuation. 3. Limited Impairment Provisions: BofA expects limited impairment provisions for Haitong International in 4Q25, indicating a more stable outlook for the subsidiary. 4. Strategic Moves: The recent announcement of acquiring an Indonesian brokerage license demonstrates GTHT's confidence in the business turnaround of Haitong International. 5. Industry Leadership: BofA Securities believes that GTHT will outperform its peers through leading profit growth in the industry, which supports the decision to name it as one of their top picks for 2026. Overall, these factors contribute to a positive outlook for GTHT, justifying the upgrade in rating and the increase in target price from HKD17.3 to HKD20.2.

CCBI

upgrade

2025-10-15

Reason

CCBI

Price Target

2025-10-15

upgrade

Reason

The analyst rating was influenced by several key factors: 1. Earnings Growth Prediction: CCBI's profit model anticipated a 25% year-over-year growth in earnings for Chinese brokers in the third quarter of fiscal year 2025, driven by a significant increase in securities transaction fees. 2. Target Price Increases: Following an earnings revision due to a surge in average daily transaction volume, CCBI raised its target prices for brokers' H-shares by up to 26%. 3. Valuation Considerations: The analysts expressed optimism about certain brokers, particularly CICC, HTSC, and CGS, due to their relatively low valuations and strong positions in the market. 4. Market Position: CICC was highlighted for its leading position in the primary market, while HTSC and CGS were noted for the higher contribution of their securities trading businesses to their overall operations. 5. Upgrades Based on Value Re-emergence: The ratings for CGS and GTHT were upgraded to "Outperform" as their value had re-emerged following a period of price consolidation. These factors collectively contributed to the positive outlook and ratings for the brokers mentioned in the report.

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About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

JPM Projects Growth Potential for CN Brokers' Revenue and Investment Income in Q3

Analyst Views on 02611

About the author

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