Goldman Sachs: CICC's third-quarter investment banking revenue performance is outstanding, raising AH stock target price.

Goldman Sachs released a report indicating that CICC's net income and net profit for the third quarter were 8 billion yuan and 2.2 billion yuan respectively, exceeding the bank's expectations by 9% and 6% respectively. The performance of various business segments basically met expectations, with the investment banking business revenue particularly impressive at 1.3 billion yuan, significantly surpassing the bank's expectations by 45%. The bank expects investors' focus to be on the company's outlook for the capital markets in 2026; the driving factors behind the strong growth in investment banking revenue, especially in Hong Kong business and trade implementation speed; cost control guidance, considering the possibility of increased hiring due to personnel shortages; and details of capital allocation and leverage use. The bank maintains a "buy" rating for H shares with a target price raised from 22.9 Hong Kong dollars to 25.1 Hong Kong dollars; and a "neutral" rating for A shares, with the target price raised from 42.03 yuan to 46.05 yuan.