On July 3, CITIC Securities (06030.HK) rose 3.15% in regular trading, trading at 28.08 HKD/share, with turnover of approximately HKD 195 million. The rally was driven by BOCOM International's research note upgrading the H-share target price to 32 HKD, maintaining a \"Buy\" rating.

BOCOM International noted that CITIC Securities' Q1 net profit attributable to shareholders exceeded 10 billion yuan for the first time in a single quarter, with all business segments achieving robust growth. Specifically, brokerage, investment banking, asset management, and proprietary investment revenues rose 48%, 24%, 37%, and 25% year-over-year respectively. Fair value gains drove investment income up 32% YoY. The firm projects net profits of 37.5 billion, 40.5 billion, and 44.0 billion yuan over the next three years, with the new target price corresponding to a 1.36x price-to-book ratio for the current fiscal year.

Additionally, the company recently disclosed plans to issue H-shares to CITIC Financial Holdings to raise 16 billion yuan, with a 48-month lock-up period, further strengthening its capital base for overseas business expansion.

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