招银证券1月10日发布公告。Maintain BUY. Most China listed brokers released Dec 2018 financial data (parent co. level) last night, and we could see CITICS continued to generate well above market’s performance in the tough FY18 (Figure 6). Share prices of China brokers under our coverage recovered 6% on average YTD due to favorable news, yet we remain cautious on the consistency of A-share market turnover rebound given macro uncertainty exists. Currently, CITICS is trading at 0.9x FY19E P/B, below its historical average minus 1SD (0.98x). We maintain CITICS as our sector top pick due to its market-leading comprehensive business mix and strong franchise in investment banking and prop-trading, which enables it to seize new business opportunities in FY19. Maintain BUY with TP at HK$19.2.