广发证券：投资收益推动营收超预期，财富管理 momentum 延续；A 股买入，H 股中性

30 October 2025 | 11:12PM HKT Equity Research GF Securities Co. (1776.HK) Earnings review:Topline beat on investment income, wealth management momentum continues; Buy(A)/Neutral(H) | 1776.HK | 12m Price Target: HK$16.36 | Price: HK$19.54 | Downside: 16.3% | | --- | --- | --- | --- | | 000776.SZ | 12m Price Target: Rmb30.01 | Price: Rmb23.55 | Upside: 27.4% | As such, we revise up our 2025-27E revenue/NPAT estimates by +7%/+11% on average to factor in the strong results in 3Q25 and remain Buy-rated on GFS-A ...