就在刚才，资本市场扔下一颗"重磅炸弹"：中金公司公告，正在筹划通过换股方式，吸收合并东兴证券 和信达证券！这意味着什么？简单说，就是一家头部券商，要一次性"吞下"两家中型券商，打造一艘新 的"航母"。 这是国内券商行业首例"一换二"的头部吸收合并案，标志着行业 "供给侧改革"和集约化发展进入了一 个全新的、超预期的阶段。对于散户而言，这绝不仅仅是三家公司股票复牌那么简单的事件。 1. 规模效应：合并后，新公司的资本实力、业务网络和客户基础将大幅跃升，直接冲击现有券商排名格 局。 2. 示范效应：这很可能只是开始。在打造"一流投资银行"的政策导向下，未来行业内的兼并重组可能会 加速，"强者恒强" 的逻辑将空前强化。 3. 短期博弈：复牌后，相关公司股价必然会迎来激烈博弈，既有对合并后协同效应的憧憬，也有对整合 难度和短期波动的担忧。 券商行业开启"巨无霸"合并模式，你认为这对整个板块是重大利好，还是短期炒作？你看好合并后的长 期竞争力吗？ 在评论区留下你的判断：A. 大利好，强者时代来临 B. 短期炒作，谨慎看待 C. 说不清，先围观 核心看点与深远影响： 【关键数据】 · "一换二"：这是交易结构的关键。 · ...

本报记者 周尚伃 在证券行业奋力打造一流投资银行的征程中，"汇金系"旗下的3家上市券商重大资产重组迎来关键进展。12月17日晚间， 中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司的交易定价与方案明晰。3家上 市券商A股股票均于12月18日开市起复牌。 重组核心价值凸显 本次重组的意义不仅在于体量的扩容，更在于实现战略层面的深度协同与资源的高效整合。 通过本次重组，中金公司将与东兴证券、信达证券在战略层面深度协同，实现资源整合以及资本实力整体跃升。合并后公 司不仅资产规模、业务规模、营收规模将升至行业前列，更将形成一个覆盖"机构与零售""国际与国内""标准化与特色化"的全 方位服务体系，综合服务能力与抗周期波动能力均将大幅增强。 从业务互补性角度来看，中金公司长期以来在投资银行、私募股权投资、机构业务及国际化业务领域积累了行业领先的专 业能力，东兴证券及信达证券在区域布局、零售客户方面基础深厚，且具备较为充裕的资本金，三方构成优势互补。此外，依 托金融资产管理公司作为重要股东的资源纽带，合并后的公司可综合调动专业服务能力、产业链资源和资本市场工具，发挥其 在不良资产经营和特殊 ...

Major Events - CICC (03908) plans a stock swap to absorb Dongxing Securities (601198.SH) and Xinda Securities (601059.SH), with resumption of trading on December 18 [1] - Yuanda Pharmaceutical (00512) has received approval to conduct clinical research in the U.S. for its self-developed innovative radiopharmaceutical GPN01530 [1] - Changfeng Pharmaceutical (02652) has had its clinical trial application for Olopatadine Mometasone nasal spray accepted by NMPA [1] - CRRC (01766) and its subsidiaries have signed significant contracts totaling approximately 53.31 billion yuan over the past three months [1] - Guangzhou Pharmaceutical, a subsidiary of Baiyunshan (00874), plans to invest around 500 million yuan to acquire 100% equity of Zhejiang Pharmaceutical Industry Co., Ltd. [1] Buybacks - China Metallurgical Group (01618) intends to repurchase up to 2 billion yuan of A-shares and 500 million yuan of H-shares [1] - Tencent Holdings (00700) repurchased 1.057 million shares for 636 million HKD on December 17 [1] - Techtronic Industries (00669) repurchased 500,000 shares for 44.91 million HKD on December 17 [1] - Country Garden Services (06098) repurchased 3.697 million shares for 23.17 million HKD on December 17 [1] - COSCO Shipping Holdings (01919) repurchased 285,750 shares for 38.61 million HKD on December 17 [1]

今日焦点 上海机场：与杜福睿和中免签订免税店项目经营权转让合同，日上上海无缘续签 上海机场公告称，公司及控股子公司上海虹桥国际机场有限责任公司于12月17日在上海签订了三项免税 店项目经营权转让合同，合同对方分别为杜福睿（上海）商业有限公司和中国免税品（集团）有限责任 公司。合同的履行对公司当年度经营业绩无影响，合同的顺利实施预计将对公司2026年度至2033年度营 业收入产生积极影响。 中国中车：公司及下属企业近期签订合计533.1亿元合同，风电和储能设备销售合同约166.5亿元 中国中车公告称，公司及下属企业于近期（主要为2025年9月至12月）签订了若干项重大合同，合计金 额约533.1亿元。具体包括风电设备销售合同和储能设备销售合同约166.5亿元，动车组高级修合同约 120.4亿元，城轨车辆、设备销售及维保合同约111.6亿元，机车销售及维保合同约99.5亿元，动力集中 动车组销售合同约22.1亿元，客车修理合同约13亿元。上述合同总金额约占公司中国会计准则下2024年 营业收入的21.6%。 中金公司：正在筹划吸收合并东兴证券、信达证券，股票明日开市起复牌 中金公司公告称，公司与东兴证券、信达证券 ...

Mergers and Acquisitions - China International Capital Corporation (CICC) is planning to absorb and merge with Dongxing Securities and Xinda Securities through a share swap, with stock trading resuming on December 18, 2025 [2] - Wanlong Optoelectronics intends to acquire 100% of Zhongkong Information's shares, which is expected to constitute a major asset restructuring, with stock trading resuming on December 18, 2025 [3] - Xiaocong Co., Ltd. announced that its controlling shareholder plans to transfer 9.25% of its shares to Jiasheng Times, resulting in a change of control [4] - Pulutong plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai's shares, with stock trading resuming on December 18, 2025 [5] - Fengxing Co. intends to purchase 75% of Baiyin Huaxin's shares, which is expected to constitute a major asset restructuring [7] - Meike Home is planning to acquire control of Shenzhen Wandeng Technology Co., Ltd., with stock trading suspended on December 18, 2025 [15] Financial Performance and Investments - Deep City Transportation plans to raise no more than 1.8 billion yuan through a private placement for projects related to intelligent transportation equipment and global business expansion [10] - Huasheng Tiancheng received an arbitration ruling requiring it to return 35 million yuan in reward funds to the Changzhou High-tech Zone Management Committee, along with interest payments [11] - Xiangrong Data signed a cooperation agreement for a project focused on the research and production of optical modules, which is expected to positively impact future business performance [16] Stock Trading and Shareholder Changes - Chuangxin Electronics announced that its controlling shareholder is planning a change of control, with stock trading suspended on December 18, 2025 [6] - Fenglong Co. is also planning a change of control, with stock trading suspended on December 18, 2025 [9] - Huayi Brothers reported a reduction in shareholding by Alibaba's investment arm, bringing its stake below 5%, which is expected to stabilize the company's equity structure [22] - Strait Co., Ltd. plans to reduce its stake in Zhonglun New Materials by up to 2% due to funding needs [23] Share Buybacks - China Metallurgical Group plans to repurchase A-shares worth between 1 billion and 2 billion yuan, with the intention of reducing registered capital [18] - Yanjinpuzi intends to repurchase between 2.6 million and 3 million shares at a price not exceeding 109.32 yuan per share [19] - Huakai Yibai plans to repurchase shares worth between 15 million and 30 million yuan, with a maximum price of 17.35 yuan per share [20] Major Contracts - China CRRC signed contracts totaling approximately 53.31 billion yuan, including significant contracts for wind power and energy storage equipment [25]

Core Viewpoint - The merger and acquisition plan between China International Capital Corporation (CICC) and Dongxing Securities and Xinda Securities is expected to significantly enhance CICC's asset scale and competitive position in the investment banking sector, with total assets projected to exceed 1 trillion yuan [1][5]. Summary by Sections Transaction Details - The merger involves a share swap, with CICC's share price set at 36.91 yuan per share, Dongxing Securities at 16.14 yuan, and Xinda Securities at 19.15 yuan [1]. - The exchange ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, leading to the issuance of approximately 3.096 billion new A-shares by CICC [1]. Shareholder Rights and Structure - Shares with restrictions (pledged, frozen, or legally limited) will convert to CICC shares, maintaining their original status [2]. - Central Huijin will hold 1.936 billion shares of CICC post-merger, representing 24.44% of the total share capital, remaining the controlling shareholder [2]. Strategic Benefits - The merger aims to enhance asset value and balance shareholder interests, with major shareholders committing to lock their shares for 36 months [3]. - CICC will inherit all assets, liabilities, and operations from the merged entities, aiming for comprehensive resource integration and enhanced development potential [4]. Operational Enhancements - Post-merger, CICC's estimated revenue for the first three quarters of 2025 is around 27.4 billion yuan, with a significant increase in capital scale [4]. - The number of CICC's retail clients is expected to rise from 9.72 million to over 14 million, enhancing its customer base [4]. Industry Positioning - The merger aligns with national strategies to improve financial institution efficiency and support high-quality development in the financial sector [6]. - CICC's capital utilization efficiency is expected to improve, with a historical financial investment return rate of 3.5%, outperforming Dongxing and Xinda Securities [6]. Future Outlook - CICC aims to leverage the merger to transform scale advantages into high-quality development momentum, aspiring to become a leading international investment bank [6].

Core Insights - The trend of "deposit migration" is gaining attention as deposit rates decline and capital markets heat up, with a potential scale of at least trillions of yuan entering the market [1][2] - The upcoming maturity of a significant amount of time deposits, particularly those with high interest rates, is expected to create liquidity for capital markets [2][3] - The shift in savings behavior, driven by lower interest rates and changing investment preferences, indicates a long-term process of wealth flowing into capital markets [7][9] Deposit Migration Potential - The potential for "deposit migration" is significant, with estimates suggesting that over 60 trillion yuan in time deposits will mature after 2024, creating a substantial liquidity source for capital markets [1][3] - The current environment shows a slowdown in the growth of household time deposits, indicating a shift towards more liquid investment options [5][9] - The trend of "deposit migration" is not just about moving deposits to stocks but also involves reallocating funds into various financial products, including wealth management and bonds [8][9] Impact on Financial Products - Financial institutions are increasingly guiding clients towards stable, low-risk wealth management products as an alternative to traditional time deposits [2][8] - The growth of wealth management products, particularly those with equity components, is expected to increase, potentially bringing nearly 1 trillion yuan in additional funds to the capital market by 2027 [10] - The shift in asset allocation from fixed-income products to equity-related investments reflects changing investor preferences and the need for higher returns [6][10] Economic Context - The overall savings rate has reached a 15-year high, indicating a significant amount of excess savings that could be redirected into various investment avenues [7][8] - The decline in the attractiveness of traditional time deposits, especially those with rates above 3%, is prompting a reevaluation of investment strategies among households [6][9] - The anticipated liquidity from maturing deposits is viewed as a potential catalyst for increased risk appetite in capital markets [2][3]

（文章来源：证券日报） 证券日报网讯 12月17日晚间，中金公司发布公告称，公司第三届董事会第十二次会议审议通过《关于 子公司参与出资设立基金的议案》《关于推进集团内期货子公司整合的议案》。 ...

凭借各方资源的有机结合，合并后公司的财务结构韧性有望增强，通过加强零售业务及资本金业务，使 自身具备更强的抗周期能力，提升经营业绩的稳健性。同时，伴随资本运用效率的提升，资本配置也从 传统的自营和融资类业务进一步拓展，从而优化整体盈利模式，实现更有竞争力的资本收益水平。 自2023年中央金融工作会议明确提出"加快建设金融强国"的宏伟目标，到2024年新"国九条"强调"支持 头部机构通过并购重组提升核心竞争力"，监管层推动行业供给侧改革的决心坚定。在谋篇布局"十五 五"战略机遇下，12月的中央经济工作会议更明确提出要深入推进中小金融机构减量提质，以提升金融 体系配置效率。 业内认为，此次"三合一"重组正是响应"加快打造一流投行和投资机构"国家战略的标志性落子，映射出 四中全会关于我国金融机构"专注主业、完善治理、错位发展"部署要求的深层逻辑。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与 信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达证 ...

https://www1.hkexnews.hk/app/sehk/2025/107922/documents/sehk25121601046_c.pdf 深圳传音控股股份有限公司Shenzhen Transsion Holdings Co., Ltd.(简称传音控股)(688036.SH)公告，进一 步委任J.P. Morgan Securities (Asia Pacific) Limited、 中国国际金融香港证券有限公司、海通国际证券有 限公司及德意志银行香港分行 为其整体协调人。 传音控股，于2025年12月2日在港交所递交招股书，截至公告日期，已委任中信证券(独家保荐人)、摩 根大通(财务顾问)、中金公司、海通国际、德意志银行为其整体协调人。 传音控股，成立于2013年，作为全球领先的智能终端产品和移动互联网服务提供商，主要从事以手机为 核心的智能终端产品的设计、研发、生产、销售和品牌运营，公司深耕以非洲为代表的新兴市场，凭借 着领先的市场占有率和广泛的品牌影响力，传音控股在手机行业内有着「非洲之王」的美誉。基于在非 洲市场的洞察，公司已在主要新兴市场乃至全球市场取得领先的市场地位。于2024年， ...