Goldman Sachs: Raises China Gold target price to 15.88 Hong Kong dollars, expects slower revenue growth in the first quarter.

Goldman Sachs released a report indicating that it is expected that CITIC Securities' revenue growth in the first quarter of this year will gradually slow down, especially in market-related businesses, mainly due to the impact of tariff uncertainties on the market, such as a decrease in daily trading and turnover rates. However, better-than-expected cost control may help offset weak revenue growth. The bank also pointed out that, compared to its forecast, the most surprising performance was in brokerage and investment banking businesses, as the bank expected these businesses to benefit the most from improvements in the capital markets. Additionally, despite the negative impact of rising bond yields during the quarter, investment income exceeded the bank's forecast. The bank lowered its revenue forecast for CITIC from this year to 2027 by 3%, but raised its net profit forecast for the same period by 1%, and raised the target price of CITIC's H shares from 15.71 Hong Kong dollars to 15.88 Hong Kong dollars, maintaining a "buy" rating.