申万宏源1月10日发布公告。Maintain BUY. We expect the company to deliver significant earnings growth on the back of future acquisitions. We maintain our diluted EPS forecasts of Rmb0.22 in FY19E (+37.5% YoY), Rmb0.27 in FY20E (+22.7% YoY), and Rmb0.31 in FY21E (+14.8% YoY). Our target price is unchanged at HK$7.50. With 165% upside, we maintain our BUY recommendation.