Core Points - The company announced a plan to merge with Dongxing Securities and Cinda Securities through a share exchange, issuing A-shares to all shareholders of both companies [1] - Due to significant uncertainties related to the restructuring, the company's A-shares will remain suspended to ensure fair information disclosure and protect investor interests [1] - The suspension of trading for the company's A-shares began on November 20, 2025, and is expected to last no more than 25 trading days [2] Summary by Category Company Actions - The company is planning a share exchange merger with Dongxing Securities and Cinda Securities [1] - The company will actively advance various tasks during the suspension period and will comply with legal disclosure obligations based on the progress of the restructuring [1] Market Impact - The trading of the company's A-shares has been suspended to prevent abnormal stock price fluctuations [1] - The suspension is in accordance with regulations from the Shanghai Stock Exchange [1]

格隆汇11月26日丨信达证券(601059.SH)公布，公司与中金公司、东兴证券正在筹划由中金公司通过向 东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合 并东兴证券、信达证券。 根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：信达证券，证券代码： 601059）自2025年11月20日（星期四）开市时起开始停牌。 鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价 异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

东兴证券公告，公司与中国国际金融股份有限公司、信达证券股份有限公司正在筹划由中金公司通过向 东兴证券全体A股换股股东发行A股股票、向信达证券全体A股换股股东发行A股股票的方式换股吸收合 并东兴证券、信达证券。公司A股股票自2025年11月20日开市时起开始停牌，预计停牌时间不超过25个 交易日。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成 公司股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

格隆汇11月26日｜中金公司H股公告称，将继续暂停买卖，以待与有权监管机构确认拟议合并适用的合 规要求。 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-040 中国国际金融股份有限公司 关于筹划重大资产重组的停牌进展公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次重组的具体合作方案以三方进一步签署的交易文件为准。本次重组尚需 履行必要的内部决策程序，并需经有权监管机构批准后方可实施，能否实施尚存 在不确定性。公司发布的信息以在上海证券交易所网站（www.sse.com.cn）、香 港联交所披露易网站（www.hkexnews.hk）刊登的公告为准，敬请广大投资者关 1 注后续公告并注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 2025 年 11 月 26 日 2 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）与东兴证 券股份有限公司（以下简称"东兴证券"）、信达证券股份有限公司（以下简称 "信达证券"）正在筹划由公司通过向东兴证券全体 A 股换股股东发行 A 股股 票、向信达证券全体 A 股换股股东发行 A 股股票的方式换股吸收合并东兴证券、 信达证 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於2027年到期的700,000,000美元浮動利率票據 China International Capital Corporation Limited 03908 於2027年到期的500,000,000美元利率為5.012厘的票據 （股份代號：4309） （股份代號：4310） 於2026年到期的1,250,000,000美元利率為5.493厘的票據 （股份代號：5718） 於2026年到期的500,000,000美元利率為5.442厘的票據 （股份代號：5824） 截至本公告日期，擬議合併需提呈交易方各自的董事會、股東會審議，並經有權監管機 構批准後方可實施。 繼續暫停買賣 如該公告披露，應本公司要求，本公司H股及由CICC Hong Kong Finance 2016 MTN Limited發行並由中國國際金融（國際）有限公司擔保及受益於本公司提供之維好契據的若 干票據（股份代號：4309、43 ...

智通财经APP讯，中金公司(601995.SH)公告，鉴于本次重组相关事项存在重大不确定性，公司A股股票 将继续停牌。 ...

Group 1 - Domestic commodity futures opened with most main contracts rising, with silver up over 2% and other commodities like glass, ethylene glycol, gold, asphalt, and methanol rising over 1% [1] - In the international market, spot gold prices briefly peaked at $4140 per ounce before retreating to $4132 per ounce, while COMEX gold futures rose by 0.89% to $4130.7 per ounce [4][6] Group 2 - Domestic gold jewelry prices have increased, returning to 1300 yuan per gram, with notable increases in prices for brands such as Chow Tai Fook and Chow Sang Sang [6] - UBS analysts indicate that the current pullback in the gold market is temporary, with strong underlying demand expected to drive prices higher, projecting gold prices to reach $4900 per ounce by 2026 [16] - Goldman Sachs forecasts that gold prices could reach $4900 per ounce by the end of 2026, driven by continued diversification of assets by private investors [17] Group 3 - The Federal Reserve is expected to implement a third consecutive rate cut in December, with Goldman Sachs noting that the easing of monetary policy is supported by slowing inflation and a cooling labor market [14] - CME's FedWatch tool indicates an 82.9% probability of a 25 basis point rate cut in December, significantly up from 69.4% previously, which enhances the attractiveness of gold as a non-yielding asset [15]

Core Viewpoint - The article emphasizes the transformation of Chinese securities firms into "financial navigators" as they expand internationally, contributing significantly to the global capital market and enhancing their competitiveness and market leadership by 2035 [1][2]. International Business Development - Chinese securities firms are entering a harvest phase in their international business, with significant profit contributions from their international subsidiaries, such as CICC (46%), Huatai Securities (43%), and CITIC Securities (18%) in 2024 [2]. - The revenue from international subsidiaries of Huatai Securities and CITIC Securities exceeded 15 billion yuan, while CICC approached 10 billion yuan [2]. - The internationalization of Chinese securities firms has evolved through four stages: initial exploration, differentiated competition, gradual business enrichment, and enhanced comprehensive financial service capabilities [2]. Growth Strategies - The international expansion strategies of large securities firms often involve external mergers and acquisitions to quickly gain market share, while smaller firms focus on deepening their presence in the Hong Kong market [3]. - The total asset scale of international subsidiaries of leading firms has shown consistent growth, with CITIC Securities International's total assets reaching 50.6 billion USD in 2024, a 46% increase from the beginning of the year [3]. Revenue Diversification - The article predicts that international business will be a key driver for revenue diversification among securities firms, particularly in comprehensive financial services related to investment and cross-border operations [4]. Market Opportunities - The demand for overseas investment and financing from Chinese enterprises is a significant driver for the development of international business among securities firms [5]. - In 2023, China's non-financial direct investment abroad reached approximately 917 billion yuan, a 16.7% increase year-on-year [5]. Globalization Trends - The internationalization of Chinese securities firms is characterized by a focus on developed markets and regions with strong economic ties to China, particularly in Europe and countries involved in the Belt and Road Initiative [6]. - Southeast Asia has become a key area for overseas expansion, with firms like Galaxy Securities targeting local acquisitions to establish their international business [7]. Risk Management and Adaptation - The article highlights the importance of balancing short-term gains with long-term risks in the internationalization process, particularly in managing credit risks associated with high-yield investments [9][10]. - A clear path for international business development is essential, with a focus on local adaptation and the establishment of a management system that balances local team flexibility with centralized control [8][9].

Group 1 - The Hong Kong stock market has shown strong performance in 2023, with the Hang Seng Index and Hang Seng Tech Index rising by 29.09% and 25.60% respectively as of November 25 [1] - The performance in 2025 is expected to be driven by liquidity and sentiment, characterized by a chase for "scarce return assets" due to "excess liquidity" [2][6] - Despite the market's strong performance, overall earnings of listed companies in Hong Kong are slightly below initial expectations for 2025, with sectors like biopharmaceuticals and technology hardware showing resilience, while e-commerce and real estate face pressure [3] Group 2 - The liquidity environment is expected to remain accommodative in the first half of 2026, with potential interest rate cuts by the Federal Reserve, although long-term rates may stay high [3][4] - Southbound capital is projected to continue flowing into the Hong Kong market, with an estimated inflow of 600 billion HKD from public funds and insurance capital, alongside a potential 500 billion HKD from individual investors [3][4] - Investment preferences are shifting, with Southbound funds diversifying from high-dividend stocks to growth sectors, focusing on AI technology and structural recovery opportunities [4] Group 3 - The core macro theme for 2026 is expected to revolve around "excess liquidity chasing scarce return assets," with limited expansion of "scarce assets" [6] - Investment opportunities are identified in three main areas: AI-driven industry trends, cyclical recovery in production capacity, and export and commodity sectors related to global uncertainties [6] - Investors are advised to maintain flexibility in their strategies, balancing between chasing structural growth and managing market volatility [6]