Core Viewpoint - The report from Guotai Junan highlights that supply-side reforms remain a significant long-term change in the securities industry, indicating that the brokerage sector is currently undervalued compared to its fundamentals, with a current PB of 1.40x, which is at the 57% and 40% percentile of the past 5 and 10 years respectively. The report anticipates a valuation recovery driven by upcoming events and continues to recommend the sector [1]. Group 1 - The integration plan announced by China International Capital Corporation (CICC) involves a major asset restructuring, aiming to merge with Xinda Securities and Dongxing Securities, with a suspension period not exceeding 25 trading days [1]. - The integration is expected to be based on the need for improving the management of state-owned financial capital, with the actual controllers of China Xinda, China Dongfang, and other AMCs changing to Central Huijin, which will consolidate seven brokerage licenses under its umbrella [2]. - The merger is anticipated to enhance efficiency and support the development of a first-class investment bank [3]. Group 2 - The merger is projected to significantly enhance comprehensive strength, with expected synergies primarily in expanding the customer base and improving asset acquisition efficiency. Based on Q3 2025 data, CICC, Dongxing Securities, and Xinda Securities rank 8th, 25th, and 26th in the industry, respectively, and the integration could elevate their ranking to 3rd or 4th [4]. - Post-merger, the combined entity is expected to rank 3rd in net revenue, 6th in net profit attributable to shareholders, 4th in total assets, and 4th in net assets within the industry [4]. - The merger is likely to strengthen various business segments, with proprietary income expected to rise to 3rd place, and capital utilization efficiency is projected to improve, with CICC's leverage at 5.4x compared to Dongxing Securities at 3.2x and Xinda Securities at 3.8x. The brokerage business is also expected to enhance its customer base, particularly in regions like Fujian and Liaoning [4].

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to significantly enhance CICC's asset scale, reduce asset risks, and improve its industry ranking, positioning it as a leading investment bank in the future [2][6][7]. Financial Metrics - CICC's net capital stands at 46 billion yuan, while Dongxing and Xinda focus on retail brokerage and proprietary trading, indicating ample capital [3][4]. - Total assets increased by 32%, elevating the industry ranking from 6th to 4th [4][12]. - Net assets grew by 48%, with the ranking jumping from 9th to 4th [4][12]. - Operating revenue rose by 32%, moving up from 6th to 3rd in the industry [4][12]. - Net profit surged by 45%, improving the ranking from 10th to 6th [4][12]. Scale Expansion - Employee count increased by 37%, and the number of branches grew by 73%, indicating significant expansion in personnel and network [3][4][15]. - The coverage density of branches in key regions like Liaoning and Fujian has improved, enhancing regional competitiveness [3][4][15]. Client Resources and Synergy - CICC is expected to add 5 million traditional brokerage clients, potentially bringing the total client base to 15 million, which will be crucial for wealth management growth [3][4][8]. - The integration of wealth management capabilities is anticipated to create synergies among the three firms, optimizing internal resources [3][4][8]. Asset Management and Fund Licensing - Future integration of relevant fund licenses is expected to enhance the scale effect of asset management business [3][4][14]. Shareholding and Profit Contribution - The merger will adjust the shareholding ratios of original shareholders from Dongxing and Xinda, leading to differentiated profit contributions [3][4][18]. Industry Context - This merger is part of a broader trend in the securities industry towards consolidation, aiming to create 2 to 3 internationally competitive investment banks [19][20].

Group 1 - Core viewpoint: Morgan Stanley reports that China International Capital Corporation (CICC) plans to merge with China Securities (Cinda Securities) and Dongxing Securities through absorption and share exchange, which is expected to proceed quickly due to common controlling shareholders [1] - The details of the share exchange ratio are not yet clear, but the merger of these smaller brokerages is anticipated to enhance CICC's wealth management business [1] - The integration costs are expected to be manageable due to limited business overlap, and Morgan Stanley maintains a "buy" rating for CICC with a target price of HKD 28.9 [1] Group 2 - Morgan Stanley predicts that CICC's net capital base, currently around RMB 46 billion, could nearly double post-merger, strengthening its leading position in equity and derivatives businesses [1] - Long-term cost synergies are expected to be realized from the merger [1] - CICC's past experience in integrating with CITIC Securities, along with its advantages in trading, risk management, product structure, and institutional client coverage, suggests that the capital base can be utilized more effectively after the merger [1]

Core Viewpoint - Morgan Stanley reports that China International Capital Corporation (CICC) plans to merge with its subsidiaries, Xinda Securities and Dongxing Securities, through absorption and share exchange, which is expected to enhance CICC's wealth management business and improve its capital base significantly [1] Group 1: Company Strategy - CICC aims to absorb and merge with Xinda Securities and Dongxing Securities, both under the Central Huijin Investment [1] - The details of the share exchange ratio are not yet clear, but the transaction is expected to progress quickly due to common controlling shareholders [1] - The merger is anticipated to consolidate two smaller brokerages, thereby expanding CICC's footprint in the wealth management sector [1] Group 2: Financial Impact - Morgan Stanley predicts that CICC's net capital base, currently around 46 billion RMB, could nearly double post-merger [1] - The integration is expected to be cost-effective due to limited business overlap between the firms [1] - Long-term cost synergies are anticipated as a result of the merger, leveraging CICC's past experience in integrating China International Capital Securities [1] Group 3: Market Position - The merger is expected to strengthen CICC's leading position in equity and derivatives businesses [1] - CICC's advantages in trading, risk management, product structuring, and institutional client coverage are expected to be more effectively utilized post-merger [1] - Morgan Stanley maintains a "buy" rating for CICC with a target price of 28.9 HKD [1]

Core Viewpoint - CICC is planning a significant asset restructuring involving a share swap merger with Dongxing Securities and Cinda Securities, which could reshape the brokerage industry landscape in China [2][3][4]. Group 1: Merger Details - The merger will be executed through CICC issuing A-shares to all A-share shareholders of Dongxing and Cinda Securities [2]. - If successful, this will mark the first instance of three brokerages merging in China's history, potentially impacting the industry structure significantly [2][3]. - As of Q3 2025, the combined total assets of CICC, Dongxing, and Cinda Securities reached 1,009.58 billion yuan, surpassing the trillion yuan mark [2][5]. Group 2: Strategic Implications - The merger aligns with the "Hui Jin System" strategy to cultivate a first-class investment bank, as emphasized in the Central Financial Work Conference [3][4]. - The combined brokerage will rank third in terms of branch offices, enhancing regional coverage and market presence [3][4]. - The integration is expected to optimize resource allocation and enhance capital strength, contributing to the goal of creating a globally competitive brokerage [4][6]. Group 3: Financial Performance - For Q3 2025, CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% [5][6]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% growth [6]. - Cinda Securities reported total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a 28% and 53% increase respectively [6]. Group 4: Market Context - The restructuring comes amid a broader trend of consolidation in the brokerage industry, with several major firms merging to enhance competitiveness [8][9]. - Regulatory support for the growth of leading securities firms has been emphasized, aiming to improve China's capital market's international competitiveness [8][9]. - The merger is expected to further increase concentration in the brokerage sector, putting pressure on smaller firms to differentiate and adapt [9].

消息面，11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公 告》，中金公司正筹划换股吸收合并东兴证券、信达证券，拟向东兴和信达全体A股换股股东发行A股 股票。三家公司A股、H股股票将于11月20日停牌，预计不超25个交易日。 相关机构表示，合并事件符合监管引导方向。新"国九条"明确提出"培育一流投资银行和投资机 构"的战略目标。随后，证监会发布的配套意见进一步为行业并购重组指明方向。2025年初，财政部将 三大AMC股权划转至中央汇金，在AMC股权划转后，汇金参控股券商列表进一步扩大，将信达证券、 东兴证券纳入体系内，市场对汇金系券商合并的预期加强。 此次整合是汇金系接收AMC股权划转后的重要动作。此前市场对并购重组虽有预期，但中金、信 达、东兴三家券商共同整合为券业首例。目前汇金系旗下直接或间接持有多家券商股权，包括中国银 河、中金公司、申万宏源、中信建投、光大证券、信达证券、东兴证券和长城国瑞证券，未来或仍有进 一步重组的可能。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及经纪、承 销、自营交易等证券业务的上市公司证券作为指数样本， ...

Core Viewpoint - The article discusses the significant merger activity in the brokerage industry, particularly focusing on the merger involving CICC, Dongxing Securities, and Xinda Securities, which is seen as a pivotal move in the industry aimed at strengthening the leading brokerages [3][8]. Group 1: Merger Details - On November 19, CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring, leading to a surge in Xinda International Holdings' stock price by nearly 63% [3][5]. - The merger involves CICC acquiring Dongxing Securities and Xinda Securities through a share exchange, marking a significant consolidation in the brokerage sector [6][8]. - This merger is the first of its kind in the brokerage industry, indicating a trend towards consolidation among major players [7][8]. Group 2: Strategic Implications - The merger is part of a broader strategy by the Central Huijin Investment to enhance the capabilities of its brokerage firms, following its acquisition of three asset management companies earlier in the year [8]. - Each of the three brokerages brings unique strengths: CICC excels in investment banking and wealth management, Dongxing Securities has advantages in asset management, and Xinda Securities is strong in mergers and acquisitions [8]. - The integration of these firms is expected to expand CICC's market reach, particularly in economically developed regions, while leveraging the regional strengths of Dongxing and Xinda [8]. Group 3: Industry Trends - Since 2024, regulatory bodies have been promoting supply-side reforms in the securities industry, encouraging large brokerages to consolidate and grow [9]. - Several other mergers have occurred in the industry, indicating a trend where large brokerages are enhancing their scale and capabilities through acquisitions, while smaller firms may also benefit from this consolidation [9].

Core Viewpoint - The article discusses the significant merger and acquisition activity in the Chinese securities industry, particularly focusing on the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, which could create a new securities giant with assets exceeding 1 trillion yuan [1][3]. Group 1: Merger Announcement - On November 19, CICC, Dongxing Securities, and Xinda Securities announced a suspension of trading due to a major asset restructuring plan, indicating their intention to merge into a single entity [1]. - The combined asset scale of the three companies is projected to reach 1,009.5 billion yuan, positioning them as the fourth largest in China's securities industry [1]. Group 2: Industry Trends - The article highlights a growing trend of mergers and acquisitions in the securities industry, with notable examples including the mergers of Guotai Junan with Haitong Securities and other similar transactions [3]. - The merger of CICC with Dongxing and Xinda is seen as a deep integration of "national teams," aiming for comprehensive coverage from high-end investment banking to inclusive finance [3]. Group 3: Strategic Implications - The ongoing mergers reflect a strategic shift in the industry from rapid expansion to meticulous cultivation, driven by increased competition and regulatory encouragement for market-oriented mergers [4]. - The article emphasizes that successful integration post-merger will depend on effective collaboration in corporate culture, business systems, and organizational structure, highlighting the challenge of achieving synergistic benefits [4].

Core Viewpoint - The surge in the stock price of Xinda International Holdings, which increased by nearly 63%, is linked to the major merger involving CICC, Xinda Securities, and Dongxing Securities [1][4]. Group 1: Company Developments - Xinda International Holdings experienced a significant stock price increase, attributed to the announcement of a major asset restructuring involving its indirect controlling shareholder, Xinda Securities [1][4]. - CICC, Dongxing Securities, and Xinda Securities have signed a cooperation agreement for a merger through share exchange, marking a significant consolidation in the brokerage industry [4][6]. - The merger is seen as a strategic move by the Central Huijin Investment, which has been consolidating its holdings in various brokerages since February [6]. Group 2: Industry Trends - The merger represents the first instance of such consolidation in the brokerage sector, with the potential for further restructuring among brokerages under Central Huijin's control [6]. - The brokerage industry has seen increased regulatory support for supply-side reforms, leading to several mergers among brokerages, enhancing their scale and comprehensive strength [7]. - The trend of resource integration within the industry is expected to allow larger brokerages to strengthen their advantages while smaller firms may achieve rapid growth through acquisitions [7].

【#中金公司吸收合并两券商后应不会更名#】中金公司通过换股方式吸收合并东兴证券、信达证券，合 并后是否更名的话题掀起猜测热潮，对此，有业内人士明确表示，本次交易本质是"吸收合并"，交易完 成后东兴证券、信达证券的法人主体将不再保留，相关业务与资源将整合至中金公司体系内。此外，作 为行业龙头，中金公司无论资本规模、业务实力还是品牌影响力均远超两家被合并方，且本次重组核心 是实现资源优化与协同效应，因此合并后不会变更名称，将继续沿用"中金公司"。（智通财经） ...