JPMorgan has issued a research report assigning an "Overweight" rating to CICC (03908) and raising its target price from HK$21.2 to HK$24. The firm has resumed coverage of Chinese brokerage stocks with a positive outlook, citing strong business momentum, a favorable regulatory environment, and attractive valuations as compelling buying opportunities. JPMorgan noted that A-share and H-share brokerages are currently trading below their long-term average valuations. Furthermore, the bank believes market projections for this year's average daily turnover (ADT) are overly conservative. It anticipates that first-quarter results, expected to be announced in April, will serve as a key catalyst for a sector-wide re-rating. JPMorgan's top pick in the sector is CICC (03908), which it views as a primary beneficiary of the recovery in IPO and institutional businesses. The report also projects potential upside for East Money Information Co.,Ltd. (300059.SZ), CMSC (06099), and China Galaxy (06881) by the first quarter of 2026.