Guotai Junan Securities: rated as "buy" by Changjiang Securities, benefiting from continued brokerage business and outstanding ROE.

Guotai Haitong Securities research report pointed out that as a medium-sized brokerage firm with strong retail advantages and distinctive research characteristics, Changjiang Securities has been supported by Hubei state-owned assets entering the science and technology innovation resources sector, accelerating the company's investment in science and technology innovation business. Under the boost of the market, the secondary proprietary trading and brokerage business continue to benefit, with outstanding ROE. A target PB ratio of 1.4x is given for the year 2026, corresponding to a target price of 9.82 yuan/share, and a "hold" rating is given. Changjiang Securities' overall strength ranks in the middle of the industry, with deep retail advantages, distinctive research characteristics, and industry-leading ROE. Some of the reserve projects from 26 are entering the IPO pipeline, combined with the early investment project Guanghe Technology's 2Q valuation repair, which is expected to contribute more investment income to Changjiang in the second quarter.