其次，客户生态的立体化整合释放乘数效应。从客户价值深度挖掘角度，此次整合创造了巨大的交叉销 售空间。中金现有的机构与超高净值客户群，将成为东兴证券区域投行项目与信达特殊投资产品的潜在 资金方；反过来，东兴证券深耕的中型企业与地方财政客户，以及信达服务的特殊处境企业，都将为中 金的高端投行与财富管理业务输送优质资产。这种客户资源的双向导流与价值挖掘，将显著提升单客户 综合收益贡献，推动利润率结构性改善。 另外，资本配置的战略性重构提升ROE。从资本管理视角，合并实现了资本属性的优化匹配。中金可将 东兴、信达相对充裕的运营资本，重新配置至机构业务、做市交易等资本消耗型的高回报领域。通过消 除重复职能、整合运营平台与优化分支机构网络，预计可实现可观成本协同效应。更重要的是，三表合 并后增强的资本实力与流动性缓冲，将支撑中金在FICC、衍生品等重资本业务上采取更进取的战略， 直接驱动净资产收益率（ROE）的持续提升。 这一业务重构的本质，是通过战略性整合实现各业务线条的能级跃升，将三家机构原有的线性增长路 径，重塑为网络化、生态化的指数级增长模式，最终实现企业内在价值的系统性重估。 政策共振：制度红利与战略窗口的精准 ...

汇金系券商整合大幕全面拉开，中金公司（03908）以换股方式战略性吸收合并东兴证券与信达证券， 标志着中国证券行业迈向"航母级投行"时代的关键一步正式踏出。 其次，客户生态的立体化整合释放乘数效应。从客户价值深度挖掘角度，此次整合创造了巨大的交叉销 售空间。中金现有的机构与超高净值客户群，将成为东兴证券区域投行项目与信达特殊投资产品的潜在 资金方；反过来，东兴证券深耕的中型企业与地方财政客户，以及信达服务的特殊处境企业，都将为中 金的高端投行与财富管理业务输送优质资产。这种客户资源的双向导流与价值挖掘，将显著提升单客户 综合收益贡献，推动利润率结构性改善。 另外，资本配置的战略性重构提升ROE。从资本管理视角，合并实现了资本属性的优化匹配。中金可将 东兴、信达相对充裕的运营资本，重新配置至机构业务、做市交易等资本消耗型的高回报领域。通过消 除重复职能、整合运营平台与优化分支机构网络，预计可实现可观成本协同效应。更重要的是，三表合 并后增强的资本实力与流动性缓冲，将支撑中金在FICC、衍生品等重资本业务上采取更进取的战略， 直接驱动净资产收益率（ROE）的持续提升。 这一业务重构的本质，是通过战略性整合实现各业 ...

Group 1 - The three major indices opened higher, with the Shanghai Composite Index up 0.35%, the Shenzhen Component Index up 1.03%, and the ChiNext Index up 1.79% [1] - Trading volume in the Shanghai and Shenzhen markets exceeded 560 billion, an increase of nearly 30 billion compared to the same time yesterday, with an expected total trading amount of over 1.7 trillion for the day [1] - Key sectors such as CPO, aquaculture, and securities saw significant gains, while the solid-state battery concept experienced fluctuations [1] Group 2 - According to a research report, memory prices are expected to rise by approximately 50% before the second quarter of 2026 due to a shortage of key chips [1] - Citic Securities, Cinda Securities, and Dongxing Securities announced plans for a share swap merger, with Citic Securities issuing A-shares to absorb Dongxing and Cinda Securities [1] Group 3 - CITIC Securities released an investment strategy for the pharmaceutical and biotechnology sector, highlighting a key phase of "innovation realization + global layout" for China's pharmaceutical industry [2] - The report emphasizes the importance of internal supply chain security and compliance, as well as external diversification in global markets [2] - The lithium mining sector showed renewed activity, with carbonate lithium futures rising nearly 5%, reaching over 100,000 yuan per ton for the first time since June 2024 [2] Group 4 - The market experienced significant fluctuations, with trading volume shrinking by over 200 billion, marking a low for the month [3] - The micro-cap stock index fell below the 5-day and 10-day moving averages, recording the largest single-day drop in over three months [3] - Dividend stocks are expected to remain a safe haven for large capital flows, while sectors like consumer goods and software may present rebound opportunities [3]

该行认为，尽管此次合并会摊薄中金公司的股份，但预计市场对合并反应正面，表明中国券商的供给改 革正在加快，可能有助于稳定费率并随时间改善券商的股本回报率。该行偏好中信证券、中国银河及东 方证券。 花旗发表研究报告指，中金公司与东兴证券及信达证券签订一份具法律约束力的合作协议，中金公司拟 透过吸收合并及换股方式进行拟议合并。该行认为，此次合并将有助于中金公司补充资本，使其在规模 上赶上同行，并与资本实力强劲且零售业务发展良好的东兴和信达证券产生协同效应。 ...

万亿级别券商航母启动，中金公司鲸吞东兴证券、信达证券，三家券商的AH股股票今日起停牌，预计 不超25个交易日。该事件势必将催化证券板块的又一波狂飙。这三个票占到证券ETF东财（159692）的 5%，根据公开信息，证券ETF东财（159692）是全市场"中金+东兴+信达"含量领跑的ETF（数据来源： 深交所）。 早盘截至9:30,证券ETF东财（159692）场内价格涨超1%，近540万元净申购资金跑步入场，盘中频现溢 价交易，显示资金买入意愿强烈。 从基本面来看，中金公司当下各项财务指标居第一梯队，基于最新财报简单加总，合并后中金公司净利 润达95亿元，排名第六，总资产达1万亿元，排名第四——又一券商巨擎即将横空出世。 中金巨型并购，从以往市场经验来说，投资者至少有2处有利可图的点： 很多投资者只看到了中金、东兴、信达合并的美好的未来，却忽视了一个可以把握的近在眼前的机会 ——用ETF的估值机制"薅羊毛"。 众所周知，ETF是买了一揽子股票的组合，ETF一般不会停牌，市值也随着市场交易持续变化，目前证 券ETF东财（159692）的成份股中金、东兴、信达依然按照停牌时的收盘价估值，三者加起来权重在 5%左右 ...

Core Viewpoint - The article highlights significant movements in the Asia-Pacific markets, particularly in the A-share market, where banking and securities stocks have shown strong performance, alongside notable gains in lithium and rare earth sectors. The positive sentiment is further supported by strong earnings reports from major companies like Nvidia, alleviating concerns over tech stock valuations. Group 1: A-share Market Performance - The A-share market opened higher with the three major indices showing initial gains, particularly in banking stocks, with China Bank rising over 4% to reach a new historical high [2][4] - Other sectors such as securities, lithium mining, and rare earth materials also experienced strong performance, with several stocks hitting their daily limits [5] Group 2: Japanese and Korean Markets - The Nikkei 225 index surpassed the 50,000-point mark, with intraday gains exceeding 4%, while the Korean Composite Index approached a 3% increase [3][6] - Technology stocks led the rally, with SoftBank Group surging over 9% at one point, reflecting a broader recovery in tech valuations [3][6] Group 3: Nvidia's Earnings Report - Nvidia reported third-quarter revenues of $57.01 billion, a 62% year-on-year increase, surpassing market expectations, with net profits rising 65% to $31.9 billion [8] - The company's data center revenue reached $51.2 billion, up 66%, indicating strong demand for AI infrastructure [8] - Nvidia's fourth-quarter revenue guidance of $65 billion and a projected gross margin of 75% also exceeded market forecasts, boosting investor confidence [8][9] Group 4: AI Chip Exports - The U.S. government authorized the export of advanced AI chips to companies in Saudi Arabia and the UAE, with an estimated value of $1 billion for 35,000 Nvidia Blackwell chips [10] - This move is part of a broader strategic partnership between the U.S. and Saudi Arabia, focusing on AI infrastructure and semiconductor supply [10]

Core Viewpoint - The integration of Huijin's financial companies, specifically CICC, Dongxing Securities, and Xinda Securities, marks a significant step in reshaping the securities industry, indicating a trend towards consolidation among leading firms [2][3]. Group 1: Company Integration - CICC, Dongxing Securities, and Xinda Securities are planning a major asset restructuring through a share swap, which will lead to the absorption of Dongxing and Xinda by CICC [2]. - Following the merger, the combined assets of the three firms will rank fourth in the industry, while their net profit will rank sixth [2]. - This merger is seen as the first step in a broader consolidation strategy within Huijin's portfolio of securities firms, which includes several other major players [2]. Group 2: Industry Restructuring - The merger reflects a shift in the securities industry towards a new competitive landscape driven by the consolidation of leading firms, responding to regulatory calls for a stronger financial sector [3]. - The integration is expected to enhance the capital strength and overall competitiveness of the merged entity, positioning it closer to international standards [3]. - Other firms in the industry may need to reassess their strategies and market positions in light of this consolidation trend [3]. Group 3: Financial Performance - In the third quarter of 2025, 42 listed securities firms reported a total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and a net profit of 171.04 billion yuan, up 62.06% [6]. - The growth in revenue and profit is attributed to strong performance in brokerage and investment businesses, with commission income rising by 42.66% and investment income increasing by 128.97% [6]. - The overall positive financial performance indicates a robust recovery in the securities sector, driven by favorable market conditions [6]. Group 4: Future Outlook - The securities industry is expected to continue evolving with a focus on high-value wealth management and institutional business, supported by favorable policies and market conditions [7]. - The trend of consolidation is likely to persist, with ongoing supply-side reforms and an increase in industry concentration anticipated [7]. - The integration of major firms is expected to provide sustained growth momentum for the industry, potentially leading to significant changes in the competitive landscape [7].

证券ETF南方(512900)聚焦行业龙头和特色券商，从互联网券商龙头东方财富、合并行业标杆国泰海通 到全能投行中信证券，同时中金公司、信达证券、东兴证券的合计权重为4.08%。该ETF的最新规模为 78.71亿元，场外基金为联接A(004069)\联接C(004070)。 中航证券指出，今年股市日均成交额同比大幅增长，叠加两融余额持续攀升并创下新高，共同强化了券 商板块的业绩确定性，资本市场预计将保持稳步向上趋势，业绩增长的可持续性有望增强，板块具备估 值修复潜力。 消息面上，11月19日晚间，中金公司、东兴证券、信达证券三家券商同时宣布重大资产重组，三家公司 A/H均于今日起停牌，预计停牌时间不超过25个交易日。 今年以来券商业绩和股价表现相背离，证券ETF南方(512900)跟踪的证券公司指数年内上涨3%，业绩却 表现亮眼，上市券商前三季度营业同比增长41.1%，归母净利润同比增长62.0%，指数最新PE(TTM)为 17.38倍，位居近10年14.09%历史分位。本次作为 "汇金系" 首次三家券商共同整合，合并后总资产达 1.01 万亿元，成为行业第四大券商，为板块注入 "并购溢价" 预期。 格隆汇1 ...

Core Viewpoint - The announcement of a major asset restructuring plan by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities indicates a significant consolidation trend in the securities industry, aiming to enhance competitive advantages and operational efficiency through a share swap merger [1][5][9]. Group 1: Restructuring Announcement - CICC, Dongxing Securities, and Xinda Securities have announced a suspension of trading due to a planned major asset restructuring involving a share swap merger [1][4]. - The trading suspension for these companies will begin on November 20, 2025, and is expected to last no more than 25 trading days [4]. Group 2: Financial Metrics - As of the third quarter of 2025, the total assets of CICC, Dongxing Securities, and Xinda Securities are reported to be 764.94 billion, 116.39 billion, and 128.25 billion respectively, with combined revenues and net profits placing them third and sixth in the industry [7][8]. - The total market capitalization of CICC is 134.9 billion, while Dongxing Securities and Xinda Securities together exceed 100 billion [6]. Group 3: Strategic Advantages - The merger is expected to create complementary advantages, with CICC's investment banking and wealth management capabilities enhancing Dongxing and Xinda's retail brokerage and asset management strengths [8][9]. - The combined entity aims to improve capital strength, integrate customer resources, and enhance service capabilities to support national strategies and economic development [9].

风险提示：基金有风险，投资需谨慎。以上内容仅供参考，仅代表撰文时市场表现，基于市场环境的不 确定性和多变性，不作为任何投资建议，所涉观点后续可能发生调整或变化。本文引用数据仅供参考， 不作为投资建议和收益承诺。基金投资人在做出投资决策之前，请仔细阅读基金合同、基金招募说明书 和基金产品资料概要及其更新等产品法律文件，充分认识基金的风险收益特征和产品特性,并请提前进 行风险承受能力测评，选择与自身风险承受能力相匹配的基金产品进行投资。基金管理人承诺以诚实信 用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利或本金不受损失。基金管理人、基金 托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保证。 怎么上车？很多投资者只看到了中金、东兴、信达合并的美好的未来，却忽视了一个可以把握的、近在 眼前的机遇——借道ETF。众所周知，ETF是买了一揽子股票的组合，ETF一般不会停牌，市值也随着 市场交易持续变化，例如证券ETF东财（159692）的成份股中金公司、东兴证券、信达证券，依然会按 照停牌时的收盘价估值。 证券ETF东财（159692），浓缩精准布局30只证券公司龙头。目前作为ETF标的的券商主 ...