Glonghui, April 28 | Dongwu Securities Research Report points out that the overall performance of CITIC Securities (600030.SH) is superior to the industry, and the leading edge is remarkable. Net profit to mother for the first quarter was 5 billion yuan, -8% year-on-year; net assets to mother were 280.9 billion yuan, +4% compared to the beginning of the year. From a medium-term perspective, however, the current market environment is still recovering. Market trading sentiment and investment banking business are affected by cyclical adjustment factors, but the long-term positive direction of the market remains unchanged. Capital market reforms continue to be optimized, macroeconomics are gradually recovering, and leading brokerage firms are more able to control risk. The bank believes that CITIC Securities can enjoy policy dividends to a greater extent; therefore, we maintain our profit forecast for CITIC Securities. We expect the company's net profit to be 208/240/29.3 billion yuan respectively. We are still optimistic about the company's comprehensive advantages as a leading brokerage firm and looking forward to the company's long-term business development. Maintain a “buy” rating.