According to the CITIC Construction Investment Securities Research Report, CICC's overall performance in the first three quarters of 2026 was high, net profit to mother doubled year-on-year, and annualized ROE increased markedly. Benefiting from active trading in the A-share market, the brokerage business increased year-on-year. The expansion of the two financing facilities drove net interest income to turn a loss into a profit. Only Q3 was affected by the cooling of market trading sentiment, and brokerage revenue declined slightly from month to month. Investment banking revenue has risen sharply, leading the industry in A-share IPOs and Hong Kong stock sponsorship businesses. The volume of bond underwriting is considerable, and there are sufficient reserves for domestic and foreign IPO projects. Proprietary investment achieved growth based on equity, derivative income, and OCI cash flow. Q3 was dragged down by the high base in the previous period and the weakening equity market; asset management business revenue maintained a steady growth trend. On the basis of balancing integration efficiency, the company's future performance growth space may be driven by three major drivers: First, under the increase in net capital, the company's own investment and credit business are expected to grow; second, the merger of CICC Fund, Dongxing Fund, and Cinda Australia Asia Fund can expand the overall AUM of the company's asset management, and each sector also has some complementarity. For example, the CICC Fund public REITs business has accumulated in the industry. Cinda Australia and Asia have advantages in active equity, and the asset management sector is expected to grow; third, the brokerage business has room to sink and achieve wider growth in the region. Business reach. Based on this, the “buy” rating is maintained.

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