中国券商及资产管理公司：二季度前瞻-盈利可期-China Brokers & Asset Managers_ 2Q preview_ Expecting strong earnings; Buy CICC-H, Sell East Money and Neutral on FUTU

1. Within our coverage, CICC pre-announced yoy NPAT growth of 55%~78% in 1H25 on July 14, vs. GSe at 55%. Consequently, we have adjusted our 2025 earnings forecasts upward for the three covered traditional brokers (CICC, CITICS, and GFS) by an average of 1% from prior estimates, with A/H share target prices increased by averages of 3%/10%. 2. Despite upwardly revising East Money's 2025 earnings forecast by 3% on likely better trading revenue, in line with revisions for traditional brokers, we maintain our S ...