HTSC's research reports pointed out that the absorption and merger plan of gtja (601211.SH) and Haitong Securities have been finalized. After the merger, they will form a strong alliance and complement each other in terms of customer base, service capabilities, operational management, and other aspects, creating brand advantages. During the suspension period, the market significantly rebounded, with adjustments made to assumptions such as stock trading volume, expecting EPS of 1.18/1.42/1.83 yuan for 2024-26 (previous values ​​were 0.95/1.05/1.13 yuan), and BPS of 19.47 yuan for 2024. Comparable companies have a 2024E PB Wind consistent expected average of 1.49/0.77 times, considering that integration will take some time and the effects are still to be observed. A/H is given a certain discount to 2024E PB at 1.35/0.70 times, with a target price of RMB 26.28 yuan/15.02 Hong Kong dollars (previously RMB 19.33 yuan/9.56 Hong Kong dollars), maintaining a "buy" rating.