Core Viewpoint - The capital market remains highly prosperous, and the supply-side reform in the securities industry is accelerating, with a focus on offensive opportunities in the brokerage sector. The expected net profit growth for the brokerage sector in 2025 is 51% year-on-year, indicating a mismatch between valuation and performance improvement trends, suggesting ample room for valuation upgrades [1][2]. Group 1: Industry Supply-Side Reform - The integration of licenses among Huijin-backed brokerages has commenced, promoting supply-side reform in the brokerage industry. The merger involves China International Capital Corporation (CICC) absorbing Sinolink Securities and Dongxing Securities through a stock exchange method, which is expected to enhance the financial resources under Huijin and create a world-class investment bank [2][3]. Group 2: CICC's Strength Enhancement - Following the merger, CICC's net assets are projected to rise to 171.5 billion, elevating its position to the fourth in the industry. This merger will strengthen CICC's capital base and enhance its competitiveness in asset management and brokerage services, opening up long-term growth opportunities [3][4]. Group 3: Business Complementarity - The merger is expected to enhance CICC's strengths in brokerage and asset management, with the integration of licenses among subsidiaries. CICC's brokerage, investment banking, and asset management revenues are currently at 22%, 14%, and 5% respectively, while Sinolink and Dongxing have different strengths that can complement CICC's offerings [4][5]. Group 4: Regional Competitive Advantage - The merger will likely improve CICC's competitive position in regions such as Fujian and Liaoning, where it will increase its market share through the combined network of brokerage offices from CICC, Sinolink, and Dongxing [5]. Group 5: Strategic Restructuring in the Industry - The construction of a first-class investment bank is becoming clearer, with the necessity and feasibility of strategic restructuring among other leading brokerages increasing. The China Securities Regulatory Commission has outlined a ten-year strategic goal for the securities industry, aiming to form 2 to 3 internationally competitive investment banks [6].

【中金财富总裁王建力：金融科技赋能出海 中国企业迎来新一轮国际化发展关键窗口期】智通财经11 月20日电，深圳国际金融大会中金财富企业出海专场在深圳召开，中金公司管委会成员，中金财富执委 会主任、总裁王建力指出，在全球产业链加速重构的背景下，中国企业正迎来新一轮国际化发展的关键 窗口期。未来，中金公司将充分发挥在跨境金融、产业研究、资本运作等方面的综合优势，从四方面支 持中国企业出海。一是打造跨境综合服务体系，为企业提供覆盖多市场、多币种、全周期的金融解决方 案；二是构建全球资源对接平台，联动中金海外网络与生态伙伴，助力企业融入到全球价值链；三是推 动金融科技赋能出海，通过数字化工具提升跨境资金管理、风险管理和运营效率；最后，将共建开放协 作的出海生态，积极搭建高价值平台，链接全球产业领袖和生态伙伴。（智通财经记者 赵昕睿） 转自：智通财经 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5]. Core Insights - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities marks a significant consolidation in the brokerage industry, driven by the focus on core business operations and regulatory guidance [2]. - Post-merger, CICC's total assets exceed 1 trillion yuan, positioning it as a strong competitor in the industry, with net capital nearing 174.7 billion yuan, closely approaching Huatai Securities [2]. - The report highlights the potential for increased market enthusiasm for brokerage stocks, driven by improved shareholder structures and high growth expectations, with a recommendation to focus on specific stocks such as Dongfang Securities and Xinyu Securities [3]. Summary by Sections Industry Overview - The brokerage sector is experiencing a wave of mergers, with CICC's consolidation being a pivotal event, reflecting a trend towards integration among firms under the same controlling shareholder [2]. - The total market capitalization of the industry is reported at 6,423.3 billion yuan, with a circulating market value of 6,146.9 billion yuan, indicating a substantial market presence [5]. Performance Metrics - The report notes a 5% increase in the sector's stock prices year-to-date, with the overall sector performance showing a 31-32% increase, suggesting a favorable investment environment [3]. - The absolute performance over 1 month, 6 months, and 12 months is recorded at -1.0%, 15.6%, and 8.7% respectively, indicating varying levels of market response [7]. Future Outlook - The report anticipates continued consolidation in the brokerage sector, driven by regulatory policies and the need for firms to focus on their core competencies [2]. - The potential for CICC to effectively integrate resources from Dongxing and Xinda could lead to enhanced competitive positioning against major players like Huatai Securities [2].

Core Viewpoint - The announcement of a merger involving China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities marks a significant step in the consolidation of the securities industry in China, aiming to create a stronger financial service platform and enhance competitiveness in the global market [1][2][3] Group 1: Merger Announcement - CICC, Dongxing Securities, and China Cinda Securities are planning a stock swap merger, with trading of their stocks suspended from November 20 [1] - The merger is part of a broader strategy to cultivate leading investment banks and institutions in China, as outlined in the new "National Nine Articles" and subsequent regulatory opinions [2] Group 2: Industry Implications - The merger is expected to create a financial service platform with enhanced capital strength, professional capabilities, and a robust risk control system, thereby improving service quality and risk management [2] - The combined entity is projected to have assets exceeding 1 trillion yuan and net profits ranking among the top six in the industry, reshaping the competitive landscape in wealth management, investment banking, and asset management [3] - This consolidation reflects a shift in the securities industry from "scale competition" to "capability competition," enhancing the ability of securities firms to implement national strategies and adapt to the internationalization of the RMB [3]

Core Insights - The 2025 CICC Annual Investment Strategy Conference was held in Beijing, focusing on future economic trends and investment strategies, featuring experts from government, industry, and academia [2] - Dr. Huang Wei, CEO of Cloudwalk Technology, emphasized the importance of a long-term perspective on the AI industry, arguing that short-term thinking can lead to excessive concerns about risks or bubbles [4] Group 1: AI Industry Perspective - AI is viewed as a long-term endeavor, and its future integration into various sectors should be prioritized over short-term fluctuations [4] - Concerns about an AI bubble are addressed with a dual approach: advancing efficient AI technology development and ensuring practical application in specific scenarios to create real value [4] - China's overall strength in the AI field is significant, and it is expected to enhance its global competitiveness as AI technology permeates various industries [4] Group 2: Conference Significance - The CICC Annual Strategy Conference serves as a vital platform for deep exchanges among participants, providing insights into investment opportunities in the AI sector [4] - Dr. Huang's contributions highlighted Cloudwalk's leading capabilities in AI technology research and application, gaining widespread recognition from attendees [4] - The company aims to continue its commitment to AI innovation and industry application, contributing to the development of the digital economy [4]

2025 年 11 月 20 日 证券Ⅱ 中金拟换股吸收合并，行业并购重组再提速 事件： 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》，三家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。 接续财政部股权划转，内生整合一脉相承。 本次合并事件涉及的三家券商均为汇金系券商。一方面，中金为汇金系券 商的重要代表。截至 2025Q3 末，中央汇金直接持有中金公司 40.11%股权。 另一方面，东兴、信达实控权现已归属中央汇金。2025 年 2 月，中国信达、 中国东方资产、中国长城资产发布公告，表示财政部拟将其持有的三家 AMC 股权全部无偿划转至中央汇金。此后推进迅速，中国长城资产、中国东方 资产、中国信达分别于 2025 年 4 月、6 月、9 月完成股权划转，东兴证券 （中国东方控股）、信达证券（中国信达控股）实控人也就此变更为中央汇 金。我们认为，本次合并事件可被视为汇金系内部券商资源的优化整合， 即在前期股权划转奠定的基础之上，优化同一控制链条下的 ...

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].

大摩发布研报称，中金公司（601995）(03908)计划透过吸收合并及换股方式，吸收合并同属中央汇金 旗下的信达证券（601059）(601059.SH)及东兴证券(601198.SH)。目前换股比率等细节尚未明确，但预 期由于各方拥有共同控股股东，交易将可快速推进，合并两家规模较小的券商，将可补足中金在财富管 理业务的版图，由于业务重叠有限，预料整合成本可控，维持中金的"增持"评级，目标价28.9港元。 大摩预测中金净资本基础(约460亿元人民币)在合并后可接近翻倍，强化其在股权及衍生品业务的领先 地位。预期长期可实现成本协同效应。计及中金过往整合中投证券的经验，以及凭藉其在交易、风险管 理、产品结构及机构客户覆盖的优势，大摩相信合并后资本基础能被更有效运用。 ...

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]