East Money Information (300059 CH) Buy: Twin drivers of brokerage and wealth management

We maintain our Buy rating on East Money Information (300059 CH) but lower our target price to RMB33.40 (from RMB34.30), based on a 2026e target PE of 35.8x (previously 34.5x) and 2026e EPS of RMB0.93 (previously RMB0.99), implying c85% upside. We expect a re-rating driven by continued earnings growth as brokerage/margin finance market share gains and a significant recovery of fund sales should sustain high earnings growth, its proprietary trading business may continue to contribute given strong investment execution capability, and selling and G&A expenses may drop further with higher operational efficiency as the company deepens its "AI + finance" strategy. We estimate a 20% y-o-y increase in fee and commission income in 2026 given 33.1% y-o-y growth in stock trading volume YTD, 45.8% y-o-y interest income growth and 25.9% y-o-y revenue growth, with investment income and fair value gains up 32.4% y-o-y;