Bank of America Securities published a research report stating that the target price of China Merchants Securities H shares was lowered from HK$17.5 to HK$13.5, while the target price for A-shares was lowered from $19.5 to $15.5, and the rating was downgraded from “buy” to “outperform the market.” The bank said that although the profit growth of China Merchants Securities in the first nine months may have remained strong, it believes most of the favorable factors have been reflected in the stock price. Looking ahead to the third quarter, the company's profit growth is expected to slow month-on-month and year-over-year due to the high base of investment income. Starting in 2027, the contribution of fair value earnings related to Changxin Technology to future results is expected to weaken. As a result, the bank expects the profit decline of China Merchants Securities next year to be the most significant year-on-year among peers, and the company's earnings per share estimates for 2026 and 27 will be lowered by 2% and 7%, respectively.

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