Guotai Junan Securities: Maintains "Buy" rating for China Minsheng Bank, with a target price of HKD 27.20.

Guotai Junan Securities released a research report stating that the target price of CITIC Securities is maintained at HK$27.20, corresponding to 1.2x PB in 2025. On December 17, CITIC Securities announced a stock swap absorption merger plan of Dongxing Securities and Xinda Securities and will resume trading on December 18. Considering the synergy of CITIC Securities' current merger and the gradual buildup of the valuation adjustment in the brokerage sector, the rating of "hold" is maintained. The bank believes that the merger is expected to significantly enhance comprehensive strength, and synergies are expected to mainly manifest in expanding customer base and improving efficiency in asset absorption.