Guotai Junan Securities: Maintains "Buy" rating on Zhongjin Gold Corporation (03908.HK) with a target price of HK$27.20.

According to the Zhitong Finance and Economics APP, Guotai Haitong released a research report stating that it maintains a target price of HK$27.20 for China Jinmao (03908.HK), corresponding to 1.2xPB in 2025. On December 17, China Jinmao announced the stock swap absorption and merger of Dongxing Securities and Xinda Securities, and will resume trading on December 18. Considering the synergy of this merger by China Jinmao, as well as the gradual buildup of adjustments in the valuation of the brokerage sector, the "Buy" rating is maintained. The bank believes that the absorption and merger are expected to significantly enhance comprehensive strength, with synergy effects expected to mainly manifest in expanding customer base and improving asset efficiency through mergers.