Goldman Sachs issued a research report maintaining its "Buy" rating for CICC (03908) H-shares, while raising the target price from HK$22.9 to HK$25.1. The bank assigned a "Neutral" rating to CICC's A-shares, increasing the target price from RMB 42.03 to RMB 46.05.

CICC reported its Q3 2025 results, with net revenue and net profit reaching RMB 8 billion and RMB 2.2 billion, respectively, surpassing the bank's expectations by 9% and 6%. While most business segments performed in line with forecasts, investment banking revenue stood out at RMB 1.3 billion, significantly exceeding expectations by 45%.

Goldman Sachs expects investor focus to center on CICC's outlook for the 2026 capital markets, the drivers behind strong investment banking revenue growth—particularly its Hong Kong operations and deal execution speed—as well as cost control guidance.