Xin Lang Cai Jing·2025-09-02 09:12Core Viewpoint - UBS reports that CITIC Securities achieved a net profit of 13.7 billion yuan in the first half of the year, representing a year-on-year growth of 30%, which meets 54% of the market expectations for the fiscal year 2025 [1] Group 1: Financial Performance - CITIC Securities' net profit for the first half of the year is 13.7 billion yuan, a 30% increase year-on-year [1] - The profit growth aligns with market expectations, achieving 54% of the forecast for fiscal year 2025 [1] Group 2: Market Predictions - UBS has raised the earnings forecast for CITIC Securities for fiscal years 2025 to 2027 by 3% to 6% [1] - The average daily trading volume forecast has been increased by 14%, 14%, and 12% for the respective years, reaching 1.6 trillion, 1.6 trillion, and 1.7 trillion yuan [1] - The margin financing and securities lending balance forecast has been adjusted upward by 9%, 12%, and 15%, totaling 2.4 trillion, 2.6 trillion, and 2.7 trillion yuan [1] Group 3: Investment Returns - The total investment return rate forecast has been raised by 0.2, 0.2, and 0 percentage points, reaching 4%, 4%, and 4.1% [1] - The increase in investment returns is attributed to a 15% rise in the CSI 300 index year-to-date [1] Group 4: Target Price Adjustment - UBS has raised the target price for CITIC Securities from 29.6 HKD to 37.64 HKD while maintaining a "Buy" rating [1]