招商证券(香港)：中金公司（03908）港股公司研究报告-Strongprofitgrowthin1H20

中金公司(03908) 1H20ordinaryequityholders’profitup62%yoy CICCwillbenefitfromitsproposedA-sharelisting MaintainNEUTRALonvaluation;RaiseTPtoHKD19.7 Strongprofitgrowthof62%yoyin1H20 CICC’s1H20resultsgrewstrongly:1)Equityholders’netprofittotalledRMB3,029mn,up62%yoyin1H20(~55%of2020EnetprofitbasedonBloombergconsensus),thankstosharpincreaseinbrokeragecommissionincome,underwritingandsponsorsfees,andinvestmentincomes(investmentincomesfromequityinvestmentsincreasedby126.9%yoy,partlyresultingfromgainsunderthe