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Chixia Development Issues 360 Million Yuan Medium-Term Bonds
Goldman Sachs: Raised the forecast for the average daily trading volume growth of A-shares for the year, upgrading China International Capital Corporation, CITIC SEC, and GF SEC.
Goldman Sachs released a research report stating that according to new forecasts, the target prices for CSI All Share SEC A shares and Listed in Hong Kong shares have been raised by an average of 11% and 13% respectively. The target price for China International Capital Corporation (03908/Buy) is set at HKD 16.47, for CITIC SEC (06030/Neutral) is HKD 20.68, and for GF SEC (01776/Neutral) is HKD 11.18. From the beginning of the year to date, the average ROI for China International Capital Corporation, CITIC SEC, and GF SEC for A shares and H shares has only been negative 3% and positive 6% respectively. It is believed that there is still significant upward potential, with the expected average upward potential for the three covered brokers' A shares and H shares at 18% respectively.
CITIC SEC: Maintain Buy rating on Xpeng Autos-W; model cycle and profit improvement resonate.
CITIC SEC released a Research Report stating that it maintains a "Buy" rating for XPeng Motors-W (09868). In February 2025, XPeng Motors delivered 30,453 new cars, a year-on-year increase of 570%, ranking first among new energy vehicle companies in terms of delivery volume for February. XPeng's cumulative deliveries from January to February 2025 reached 0.0608 million vehicles, a year-on-year increase of 375%, demonstrating stability beyond seasonal fluctuations. The report mentions that the strong deliveries in Q1 2025 are backed by comprehensive improvements in the company's organizational capabilities, and in 2025, XPeng's model cycle and profitability enhancements will resonate, with smart driving features accelerating implementation.
Individual Investors Account for 54% of CITIC Securities Company Limited's (SHSE:600030) Ownership, While Private Companies Account for 20%
Hong Kong stock movement | China-Affiliated Brokerage stocks surged in the morning, China Galaxy (06881) rose over 6%, and China International Capital Corporation (03908) rose over 4%.
China-Affiliated Brokerage stocks rose in the morning. As of the time of writing, China Galaxy (06881) increased by 6.08%, priced at 8.38 Hong Kong dollars; China International Capital Corporation (03908) rose by 4.2%, priced at 15.38 Hong Kong dollars; China Merchants (06099) climbed by 3.31%, priced at 14.96 Hong Kong dollars; CITIC SEC (06030) increased by 2.48%, priced at 22.75 Hong Kong dollars.
CITIC SEC: Maintain XINYI ENERGY 'Buy' rating with a Target Price of 1.20 HKD.
CITIC SEC released a Research Report stating that it maintains a "Buy" rating for XINYI ENERGY (03868) with a Target Price of 1.20 HKD. The company’s Net income for the years 2025 to 2027 is expected to be 0.95/1.01/1.12 billion yuan, respectively. In 2024, the company’s Net income is projected to be 0.79 billion yuan, reflecting a 12.0% year-on-year decline, mainly due to an increase in the abandonment rate and the expansion of market trading ratios, which have negatively impacted overall electricity price levels. Additionally, during the process of replacing RMB loans, substantial dividends from subsidiaries resulted in withholding tax, which also burdens the performance. Looking ahead to 2025, a reduction in financing costs and disturbances from withholding tax are anticipated.
