Sou Hu Cai Jing·2026-01-13 07:16Group 1 - The core viewpoint is that Dongfang Securities is expected to benefit from both internal drivers and external integration opportunities, with governance improvements enhancing the potential for mergers and acquisitions [1] - The asset management sector is showing signs of recovery, with stable fixed income investment returns and an increase in equity self-operated scale and directional exposure, while credit impairment is narrowing [1] - There are indications of accelerated strategic execution following management adjustments, with potential signals for capital operations or merger integrations [1] Group 2 - The market performance of Dongfang Securities is anticipated to improve if there are expectations for external expansion, especially given the recent trends in the brokerage sector where firms with merger and acquisition logic have led the market [1] - The estimated target price for Dongfang Securities is 15.06 yuan, representing a potential upside of 38% based on a valuation of 1.50x PB for 2026 [1]