Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights the merger of CICC, Dongxing Securities, and Xinda Securities, which is expected to create a combined total asset exceeding 1 trillion yuan, ranking it fourth in the industry [7][8]. - The merger is anticipated to enhance regional resource complementarity and improve competitive strength in core business areas, particularly in wealth management and asset management [7]. - The report suggests that the scarcity of quality targets in the industry may accelerate the pace of mergers and acquisitions, with a focus on business or regional complementarity [7]. Summary by Sections Investment Highlights - CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring plan on November 19, 2025, involving a share swap merger [7]. - The restructuring follows a series of equity transfers to Central Huijin, which laid the groundwork for this merger [7]. - The combined total assets of the three firms are projected to reach 10,096 billion yuan, elevating their ranking in the industry [8]. - The merger is expected to enhance the overall profitability, with a projected combined net profit of 95 billion yuan, ranking sixth in the industry [8]. Regional Resource Complementarity - Dongxing Securities has a strong presence in the Southeast region, while Xinda Securities is well-established in Northeast China, and CICC focuses on major cities and overseas markets [7]. - This merger is expected to improve customer coverage in second and third-tier markets and enhance high-end wealth management services [7]. Competitive Strength Enhancement - The merger will allow CICC to leverage the experience of Dongxing and Xinda in areas such as asset management and debt restructuring, broadening its investment banking capabilities [7]. - The integration of resources is expected to optimize risk management and improve overall profitability [7]. Industry M&A Trends - The successful merger of Guotai Junan and Guolian Minsheng serves as a reference for future industry consolidations [7]. - The report anticipates that the ongoing mergers will lead to an optimized industry structure and improved resource efficiency [7].

Group 1 - The Federal Reserve officials show significant disagreement on whether to further cut interest rates in December due to moderate economic expansion and a cooling labor market [1] - Some officials believe that current inflation levels are close to the Fed's target, while others argue that inflation remains persistently above the target with little sign of a timely return to the 2% goal [1] Group 2 - The Chinese government is preparing a new round of support policies for the real estate market, including interest subsidies for new personal housing loans and tax deductions [2] - Major cities like Beijing and Shanghai may relax residency restrictions for home purchases, indicating the government's commitment to stabilize the real estate market [2] Group 3 - The Guangzhou Futures Exchange has announced adjustments to trading fees and limits for lithium carbonate futures contracts, aiming to curb speculative trading and prevent irrational price fluctuations [3] Group 4 - North American technology stocks experienced a significant decline, with the Nasdaq Composite Index dropping 2.2% after an initial rise, influenced by concerns over high valuations in AI companies [4] - Nvidia's stock fell 3.15% despite reporting strong quarterly earnings, resulting in a market capitalization loss of approximately $142.9 billion [4] Group 5 - Concerns have been raised about Nvidia's financial health, with a significant increase in accounts receivable and inventory, leading to predictions of a potential downgrade in early 2026 [5] Group 6 - China International Capital Corporation (CICC) plans to merge with Dongxing Securities and Xinda Securities through a share swap, which will position the new entity as the third-largest in the industry by revenue [7] Group 7 - The public fund issuance market in China has seen a resurgence, with 1,332 new public funds launched this year, totaling over 1.03 trillion units, marking a three-year high [8] - The average subscription period for new funds has decreased significantly, indicating heightened investor interest [8] Group 8 - The concentration of fund issuance is increasing among leading institutions, with the top four firms accounting for over 18% of the total issuance scale [9] - Smaller fund companies are struggling, with many launching fewer than five new products this year, leading to a significant disparity in market presence [9] Group 9 - Several QDII funds have suspended or limited large subscriptions, particularly in the US stock index category, due to high performance and significant inflows [10][11] - The tightening of QDII quotas has led to a structural shortage of available investment capacity among top institutions [11] Group 10 - Manner Coffee is considering an IPO in Hong Kong, potentially raising hundreds of millions of dollars with a valuation of up to $3 billion [12] - The company has over 2,000 stores in China and is backed by major investors, indicating strong growth potential [12]

Core Viewpoint - The company, Zhongjin Company, announced a non-public issuance of corporate bonds aimed at professional investors, with a total issuance amount of 2 billion yuan and a coupon rate of 2.05% [1] Summary by Relevant Sections - **Bond Details** - The bonds are referred to as "24 Zhongjin F1" and will start paying interest on November 28, 2025, covering the period from November 28, 2024, to November 27, 2025 [1] - Each bond will yield a payment of 20.5 yuan (including tax) per hand [1]

Core Viewpoint - China International Capital Corporation (CICC) announced the issuance of a non-public corporate bond for professional investors, with a total amount of 2 billion yuan and a coupon rate of 2.05% [1] Group 1 - The bond, referred to as "24 CICC F1," will start paying interest on November 28, 2025, covering the period from November 28, 2024, to November 27, 2025 [1] - Each bond unit will yield an interest payment of 20.5 yuan (including tax) [1]

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。 China International Capital Corporation Limited 中 國 國 際 金 融 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 (第一期) 2025年付息公告 本公司全体董事或具有同等职责的人员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相 应的法律责任。 茲載列中國國際金融股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司2024 年面向專業投資者非公開發行公司債券（第一期）2025年付息公告，僅供參閱。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年11月21日 於本公告日期，本公司執行董事為陳亮先生及王曙光先生；非執行董事為張薇女士、 ...

Group 1: Company Developments - China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities are planning a significant asset restructuring, with CICC set to merge with the other two through a share swap [2] - As of Q3 2025, CICC's total assets are reported at 764.9 billion yuan, ranking sixth among listed securities firms, while Xinda Securities and Dongxing Securities have total assets of 128.3 billion yuan and 116.4 billion yuan, respectively [2] - The combined total assets of the three firms post-merger are expected to exceed 1 trillion yuan, positioning them as the fourth largest in the industry [2] Group 2: Industry Trends - The merger is part of a broader trend of consolidation within the securities industry, driven by policy support aimed at optimizing the supply-side structure and enhancing operational efficiency [2] - The integration of Xinda and Dongxing, which have differentiated strengths in investment banking and asset management, is anticipated to strengthen CICC's various business lines [2] - The merger will enhance CICC's network coverage in Liaoning and Fujian provinces, allowing for regional advantage complementarity [2] Group 3: Market Implications - The ongoing consolidation in the securities sector is expected to improve the fundamental performance of major firms, with investors encouraged to consider securities ETFs as a potential investment opportunity [2] - In the banking sector, 26 out of 42 listed banks have announced mid-term or Q3 dividends, totaling approximately 264.6 billion yuan, marking an increase from 258.3 billion yuan the previous year [3] - The banking industry's net interest margin is under pressure but is expected to stabilize, maintaining a robust fundamental outlook for the sector [3]

Group 1 - The core viewpoint of the news highlights the decline of the China Securities Financial Technology Theme Index by 1.17% as of November 21, 2025, with mixed performance among constituent stocks [1] - Taxyou Co., Ltd. led the gains with an increase of 4.57%, while Shenzhou Information experienced the largest decline at 5.20% [1] - The Financial Technology ETF (516860) decreased by 1.28%, with a latest price of 1.39 yuan, but has seen a cumulative increase of 17.31% over the past six months [1] Group 2 - The liquidity of the Financial Technology ETF showed a turnover rate of 3.51% with a transaction volume of 75.6288 million yuan [1] - Over the past year, the average daily transaction volume of the Financial Technology ETF was 155 million yuan [1] Group 3 - On November 19, 2025, three brokerages, including CICC, Dongxing Securities, and Xinda Securities, announced a suspension of trading to plan a merger, which is a significant step in consolidating securities licenses under Central Huijin [1] - This merger is expected to create a new brokerage giant with total assets nearing 1 trillion yuan, marking another major consolidation in the securities industry following the merger of Guotai Junan and Haitong Securities [1] Group 4 - Dongwu Securities believes that the investment logic for the financial technology sector in 2026 is clear, driven by short-term and long-term factors, as well as macro policies and market dynamics [2] - The core drivers include ongoing policy support, stable market growth, active capital markets, and technological changes led by AI and financial innovation [2] Group 5 - The Financial Technology ETF has seen a significant growth of 393 million yuan in scale over the past three months [3] - Additionally, the ETF's share volume increased by 47.3 million shares in the same period [4] - The index closely tracks the performance of listed companies involved in financial technology, with the top ten weighted stocks accounting for 54.41% of the index as of October 31, 2025 [4]

证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务与证券市场紧密 相关的上市公司证券作为指数样本，覆盖证券经纪、承销保荐、资产管理等核心业务领域，以反映证券 行业相关上市公司证券的整体表现。成分证券多为具备较强市场竞争力和较高市值的证券行业企业。 （文章来源：每日经济新闻） 消息面上，中金公司、信达证券、东兴证券公告筹划重大资产重组事项，三者均为汇金系券商。中金公 司将通过换股方式吸收合并信达证券与东兴证券。根据2025年三季报，中金公司总资产为7649亿元，在 上市券商中排名第六；信达证券、东兴证券总资产分别为1283亿元、1164亿元。若以简单加总方法估 算，三家合并后总资产将突破万亿元，位居行业第四。 相关机构表示，信达证券、东兴证券原为AMC系券商，在投行、资管等领域具备差异化特色，或可对 中金公司多个业务条线实现强化。合并后中金公司在辽宁、福建的网点覆盖密度将进一步提升，实现区 域优势的互补。此外，中金旗下中金基金、信达证券旗下信达澳亚、东兴证券旗下东兴基金或将迎来整 合。三家券商拟停牌不超过25个工作日，可持续关注合并进展与复盘后业绩表现。（仅用作行业分析， ...

（文章来源：每日经济新闻） 在控股三家基金公司引发合规议题的同时，更受市场关注的是：若推进整合，谁将成为吸收合并后的主 体？而据记者了解，目前中金吸收合并两家券商的相关事宜还没有到达旗下基金公司层面。 随着中金公司对东兴证券与信达证券的吸收合并逐步推进，又一个万亿级别券商将横空出世。不过，合 并后的中金公司或将同时控股三家公募基金公司，这与"一参一控一牌"的监管要求形成冲突。 ...

Core Viewpoint - The report from Shenwan Hongyuan emphasizes that mergers and acquisitions (M&A) will be a key investment theme throughout 2026, particularly in the brokerage sector, which has underperformed the market this year [1][2]. Investment Themes - Three main investment themes are highlighted: 1) The attractiveness of the equity market will benefit brokerage wealth and asset management businesses directly 2) The initiation of mergers and acquisitions by the Central Huijin Investment Co., benefiting from an optimized competitive landscape 3) Companies with significant advantages in overseas business [1]. M&A Activity - On November 19, China International Capital Corporation (CICC) announced a major asset restructuring plan, intending to merge with Dongxing Securities and China Cinda Securities through a share swap, with a suspension period not exceeding 25 trading days [1]. Future M&A Strategies - The 2026 strategy reiterates that M&A will remain a mid-term focus, summarizing four investment approaches: 1) Integration of brokerages under the same actual controller 2) Resolving competition issues between one controlling and one participating entity 3) Strengthening regional brokerages 4) Integration of state-owned and private brokerages [2]. Share Transfer and Integration - Previous share transfers of asset management companies (AMCs) to Central Huijin have paved the way for this merger, reducing internal integration difficulties. If successful, Central Huijin will have six brokerages under its umbrella [3]. Post-Merger Financial Metrics - If the merger proceeds smoothly, total assets will increase to 1,009.6 billion, elevating the industry ranking from 6th to 4th. The net profit is expected to rise to 9.5 billion, moving from 10th to 6th place in the industry [4]. Business Enhancement Opportunities - The merger will enhance capabilities in special asset investment banking and regional wealth management. Cinda Securities, as a leader in the non-performing asset sector, will provide unique advantages in asset management and debt restructuring. Dongxing Securities will leverage its strong bond financing foundation to create a differentiated asset management brokerage [5].