Investment Banking and Brokerage

Zheshang Securities

Zheshang Securities released FY2026 Q1 earnings on April 27 Pre-Market (BJT), actual revenue CNY 2.356 B, actual EPS CNY 0.17

Zheshang Securities FY2026 Q1 Earnings Release on April 28 Pre-Market BJT

Zheshang Securities to Release FY2025 Annual Earnings on April 18 Pre-Market (BJT), Forecast Revenue CNY 12.74 B, EPS CNY 0.5598

CITICS Securities Gives a Buy Rating to Zhìpǔ for the First Time

Zheshang Securities released FY2025 Q4 earnings on March 31 Pre-Market (BJT), actual revenue CNY 2.094 B, actual EPS CNY 0.1197

Zheshang Securities released FY2025 earnings on March 31 Pre-Market (BJT), actual revenue CNY 8.788 B (forecast CNY 12.74 B), actual EPS CNY 0.53 (forecast CNY 0.5598)

Zheshang Securities released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue CNY 5.428 B, actual EPS CNY 0.4219

Zheshang Securities released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 664.88 M, actual EPS CNY 0.1718

Zheshang Securities FY2025 Q3 Earnings Release on October 31 After-Market BJT

Zheshang Securities released FY2025 Semi-Annual earnings on August 22 After-Market (BJT), actual revenue CNY 6.082 B, actual EPS CNY 0.25

Zheshang Securities released FY2025 Q2 earnings on August 22 After-Market BJT, actual revenue CNY 3.102 B, actual EPS CNY 0.13

Zheshang Securities to Release FY2025 Semi-Annual Earnings on August 23, 2025 (BJT)

Securities Companies Outline Key Focus Areas for H2 2025

Zheshang Securities Reports Revenue Decline but Profit Growth in H1 2025

Stablecoin Regulations Drive Compliance

Performance of Cryptocurrencies and Gold Under Diminishing Dollar Credit

Xinhengtai Files for Listing on Beijing Stock Exchange and Receives Review Inquiries

Real estate market expected to stabilize further

Zhejiang Securities Merger Plan with Guodu Securities Moves Forward

Zhe Securities Report Indicates Long-term Logic for Gold Unfinished

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Zhejiang Hu-Hang-Yong announced that its subsidiary Zheshang Securities reported a first-quarter operating income of 8.841 billion RMB, an increase of 36% year-on-year. The net profit attributable to shareholders was 2.412 billion RMB, a growth of 24.9%, with earnings per share of 0.53 RMB

AASTOCKS

Guotai CSI All Share Investment Banking & Brokerage ETF

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

ZHEJIANGEXPRESS

Zhejiang Hu-Hang-Yong's subsidiary Zheshang Securities earned 2.412 billion RMB in the first quarter, an increase of 24.9%

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Zheshang Securities has initiated coverage on KNOWLEDGE ATLAS, giving it a "Buy" rating. The report indicates that KNOWLEDGE ATLAS's operating revenue is expected to increase from 57.4 million yuan in 2022 to 724.3 million yuan in 2025, with a four-year compound growth rate exceeding 130%. The gross margin of its core business is expected to maintain above 40% in the long term, and its development model aligns with industry trends. Operating revenues are projected to be 2.865 billion, 6.995 billion, and 16.389 billion yuan for 2026, 2027, and 2028, respectively, with annual growth rates of 295.58%, 144.13%, and 134.29%

KNOWLEDGE ATLAS

Zhejiang Securities initiates coverage on KNOWLEDGE ATLAS with a "Buy" rating

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Analysts expect new credit and Total Social Financing (TSF) to increase significantly month-on-month in March. Wang Qing of Dongfang Jincheng forecasts new RMB loans of approximately 3.4 trillion yuan, a substantial increase from February but a year-on-year decrease of about 240 billion yuan. Wang Yifeng of EBSCN believes loan disbursement intensity will significantly increase, expecting the new scale to be slightly above 3 trillion yuan, with the month-end growth rate possibly falling to 5.7%. Li Chao of Zheshang Securities anticipates new loans of 3.2 trillion yuan, a year-on-year decrease of 440 billion yuan, and a growth rate decline of 0.3 percentage points to 5.7%

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Analysts: New Credit and TSF in March Likely to Increase Month-on-Month

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China Merchants Securities full-year revenue was RMB 24.97 billion, versus an estimate of RMB 24.74 billion. Full-year net profit was RMB 12.35 billion, versus an estimate of RMB 12.37 billion

CMSC

E Fund CSI 300 Financials (ex Banks) ETF

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

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Recently, the market has focused on the news that the heads of five brokerage research institutes have been adjusted to general securities business personnel, speculating that this is due to their failure to publish research reports. Brokerage analysts stated that there are no strict regulations, and GUOYUAN SECURITIES mentioned that the person in charge will participate in more operational activities. Meanwhile, the number of brokerage analysts has declined since 2026, but Zheshang Securities has recently recruited nearly 30 researchers, attracting significant attention

GUOYUAN SECURITIES

What is the hidden truth? The heads of research departments at 5 brokerage firms have been changed from analysts to "general securities business personnel."

With the release of financial data for January imminent, the industry generally expects an increase in new RMB loans and social financing month-on-month. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, predicts that new RMB loans in January will reach 5 trillion yuan, an increase of about 4 trillion yuan month-on-month, but a decrease of about 100 billion yuan compared to the same period last year. The upward momentum of bill rates is not as strong as in previous years, which may indicate future monetary policy. Li Chao, Chief Economist at Zheshang Securities, expects a reserve requirement ratio cut of 25 to 50 basis points and a rate cut of 10 basis points in 2026

January Financial Data Preview: New RMB Loans and Social Financing May Increase Month-on-Month

Zheshang Securities stated that the annual quota for the old-for-new subsidy for consumer goods in 2026 is approximately 250 billion yuan, lower than in 2025; the consumer goods subsidy in 2026 will shift from broadening the scope to focusing on main categories + raising green thresholds + strengthening unified standards, with the subsidy scope clearly locked in on three main tracks: automobile scrapping and replacement + 6 categories of home appliances + 4 categories of digital and smart products

- The Chinese government has initiated a policy for 2026 to support the renewal of consumer goods with an initial allocation of 625 billion yuan from special bonds, indicating a reduced subsidy compared to 2025.  
- The focus remains on product consumption, with significant adjustments in subsidy structures for automobiles and home appliances, emphasizing higher energy standards.  
- Overall, while additional funds may enhance support for service consumption in the future, the policy primarily targets quality supply rather than demand-side subsidies.

How to Understand the 2026 "New National Subsidy" Policy

Chinese securities firms, including Citic and Sinolink, are optimistic about Africa's personal care industry, citing favorable demographics, low penetration rates, and consumption upgrades. Sinolink forecasts market growth from USD3.8 billion to over USD10 billion long-term. Chinese companies like Softcare are gaining ground with cost advantages and local production. Softcare's recent Hong Kong listing raised HKD2.4 billion, with shares rising 30% on debut. Zheshang Securities highlights investment opportunities in leading Chinese infant care firms.

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Chinese Securities Firms Turn Bullish on Africa’s Diaper and Personal Care Sector

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In the field of fixed income research, HTSC's Zhang Jiqiang ranks first, and the team has maintained the top position for seven consecutive years since 2019. In terms of individual awards, Zheshang Securities' Qiu Guanhua received the Master Analyst award, while Changjiang Securities' Wu Bohua and Guolian Minsheng Securities' Guan Quansen received the Hundred Star Analyst award

- The results of the 23rd New Fortune Best Analyst Awards, known as the "Oscars of the Brokerage Industry," were announced on December 17.  
- In the macroeconomic field, GF Securities' Guo Lei team ranked first, followed by others, while the strategy research sector saw GF Securities' Liu Chenming team take the top spot.  
- Additionally, Changjiang Securities was the standout firm, earning 18 placements across 30 research areas, with GF Securities and others also recognized.

HTSC

Changjiang Securities

GF SECURITIES

GF SEC

The 2025 New Fortune Best Analyst List is out! GF Securities' Guo Lei team wins the macro champion again, and GF Securities' Liu Chenming team ranks first in strategy (complete list attached)

Zheshang Securities(601878.SH)