Core Viewpoint - The company, China International Capital Corporation (CICC), is planning a share swap merger with Dongxing Securities and China Cinda Asset Management, which will result in a change in the shareholding structure of CICC [1][33]. Group 1: Transaction Overview - The transaction involves CICC issuing A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities in exchange for their shares [14]. - The merger agreement was signed on December 17, 2025, and will lead to the absorption of all assets, liabilities, and rights of Dongxing Securities and Cinda Securities by CICC [14]. - Following the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved [14]. Group 2: Approval Process - The transaction requires multiple approvals, including from the boards of directors of all involved parties and the shareholders' meetings of CICC, Dongxing Securities, and Cinda Securities [3][4][5][6][7][8]. - Additionally, it must receive approval from the Hong Kong Stock Exchange and the Shanghai Stock Exchange, as well as the China Securities Regulatory Commission [9][10]. Group 3: Shareholding Changes - Prior to the transaction, the information disclosure obligor did not hold any shares in CICC [15]. - Post-merger, the information disclosure obligor will hold approximately 1,323.67 million A-shares, representing 16.71% of the total share capital of the newly merged entity [15]. Group 4: Future Plans - The information disclosure obligor has no plans to increase its shareholding in CICC within the next 12 months, aside from the changes resulting from the merger [13].

Group 1 - Major asset restructuring plan announced for China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with stocks set to resume trading on December 18 [1][9] - CICC will absorb Dongxing Securities and Xinda Securities through a share swap, with exchange ratios of 1:0.4373 and 1:0.5188 respectively, reflecting a 26% premium for Dongxing Securities [9][26] - The restructuring marks a significant development in the brokerage industry, potentially reshaping the competitive landscape [1][9] Group 2 - Dell and Lenovo are expected to raise prices on laptops due to a shortage of storage chips, impacting the PC market [2][18] - Sales personnel confirmed the price increase, although specific amounts remain unclear [2][18] Group 3 - Fengxing Co. plans to acquire a 75% stake in Baiyin Huaxin Jiuhe Recycling Resources Co., marking a strategic shift towards the green circular economy [3][19] - The stock price of Fengxing Co. surged significantly following the announcement of the asset purchase plan [3][19] Group 4 - Domestic GPU leader Muxi Co. debuted on the STAR Market with a closing price of 829.9 yuan per share, achieving a market capitalization of 332 billion yuan [4][20] - Investors who participated in the angel round five years ago have seen returns exceed 690 times their initial investment [4][20] - Notable private equity investor Ge Weidong made a significant profit of over 11 billion yuan within a year of investing [4][20] Group 5 - The Hainan Free Trade Port officially commenced full island closure operations, creating new opportunities for listed companies across various sectors [10][27] - Companies are actively positioning themselves to capitalize on policy benefits and market opportunities arising from the free trade port [10][27] Group 6 - The central economic work conference emphasized stabilizing the real estate market through supply and demand measures [15][33] - The focus will be on releasing residents' rigid and improvement demands to support market stability [15][33] Group 7 - The National Social Security Fund is set to play a crucial role in injecting long-term capital into key sectors, aligning with national development needs [16][34] - The fund will focus on prudent investment strategies while monitoring macroeconomic and capital market conditions [16][34]

Group 1 - CICC has announced the absorption and merger plan with Dongxing Securities and Xinda Securities, with stock exchange ratios set at 1:0.4373 and 1:0.5188 respectively, making CICC the fourth brokerage in the "trillion club" after the merger [2] - The global silver market is experiencing a historic surge, with spot silver prices breaking through $65 and $66 per ounce, and approaching $67 per ounce, marking a 130% increase this year, double the rise of gold futures [2] Group 2 - The Ministry of Finance reported that national fiscal revenue for the first 11 months reached 20.05 trillion yuan, a year-on-year increase of 0.8%, with tax revenue growing by 1.8% [3] - The Ministry of Industry and Information Technology met with AMD's CEO to discuss cooperation in digital economy and AI [3] - The State Administration for Market Regulation highlighted the significant monopoly risks in the platform economy, urging platform companies to enhance compliance awareness [4] Group 3 - Muxi Co. has become the most profitable new stock in A-share history, with a first-day closing increase of 692.95%, allowing investors to earn up to 395,200 yuan per share [5] - The A-share market rebounded strongly, with the Shanghai Composite Index rising by 1.19% and the Shenzhen Component Index by 2.4%, with a total market turnover of 1.83 trillion yuan [6] Group 4 - The Hainan Free Trade Port officially commenced its full island closure operations on December 18, allowing customs clearance for goods through designated ports [4] - The Ministry of Education issued a notice to reduce the frequency of exams in primary and secondary schools, aiming to alleviate exam anxiety among students [4] Group 5 - The China Fund Industry Association reported that the total scale of asset management products reached 80.03 trillion yuan by the end of Q3, with public funds at 36.74 trillion yuan and private funds at 21.99 trillion yuan [9] - The real estate sector saw a 14% month-on-month increase in second-hand housing transactions in 30 key cities as of November [9]

Core Insights - The central financial work conference has identified pension finance as one of the key areas for development, aiming to establish a robust pension finance system by 2028 and achieve a high-quality development cycle by 2035 [1][2] Investment Opportunities - The aging population opens up investment opportunities for brokerages across the entire industry chain, including healthcare, pension services, long-term care, and elder-friendly technology [2][6] - Brokerages can leverage various financial products to effectively integrate long-term sectors into residents' asset allocation [2][5] Challenges in Pension Finance - The pension finance sector faces challenges such as the need for market-oriented and professional investment management capabilities, as well as the nascent development of elder care services and products [1][3] - There is a pressing need for diverse financing tools to support the light-asset and long-return-cycle characteristics of the elder care industry [1][6] Differentiation Strategies - Brokerages are seeking differentiation in pension management through product innovation, service upgrades, and cross-industry collaboration [3][4] - A multi-strategy research and investment system is essential for brokerages to achieve long-term stable returns while managing inflation and volatility [3][4] Asset Management Services - Brokerages are providing comprehensive asset management services for various pension funds, including social security and enterprise annuities, to promote stable development [4][5] - The implementation of personal pension systems has significantly increased demand for wealth planning among individual clients, creating opportunities for brokerages in account management and product distribution [4][5] Financial Innovation - Brokerages are expanding their service boundaries through financial innovation, utilizing tools like private placement notes (PPN) and asset-backed securities (ABS) to meet diverse financing needs [6][7] - The successful issuance of the first "support for the pension industry" bond demonstrates the potential for low-cost financing channels in the elder care sector [6][7] Future Directions - Brokerages are encouraged to focus on high-growth segments of the elder economy, innovate pension financial tools, and explore collaborative ecosystems with various partners [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601995 证券简称：中金公司 公告编号：临2025-047 中国国际金融股份有限公司 关于披露重大资产重组预案的一般风险提示 暨公司股票复牌的公告 中国国际金融股份有限公司董事会及全体董事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法律责任。 重要内容提示： 本次交易方案尚需公司另行召开董事会再次审议及公司股东会审议批准，并获得相应批准、核准、注册 或同意后方可正式实施；本次交易能否取得相关批准、核准、注册或同意，以及最终取得的时间均存在 不确定性，提请广大投资者注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 ● 证券停复牌情况：适用 因筹划重大资产重组,本公司的相关证券停复牌情况如下： ■ 中国国际金融股份有限公司（以下简称"中金公司"或"公司"）与东兴证券股份有限公司（以下简称"东 兴证券"）、信达证券股份有限公司（以下简称"信达证券"）正在筹划由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 ...

Group 1 - The core purpose of the equity change is the stock swap absorption merger of Dongxing Securities and Xinda Securities by CICC, resulting in a change in the shareholding ratio of the disclosing party and its concerted actors [19][30] - As of June 30, 2025, the disclosing party and its concerted actors hold 63,808.19 million A-shares, accounting for 8.05% of the total share capital of the merged company [4][32] - The merger agreement was signed on December 17, 2025, and the shares issued by CICC will be listed and traded on the Shanghai Stock Exchange [3][4] Group 2 - The disclosing party has no plans to increase its shareholding in the listed company within the next 12 months, aside from the current equity change [2][30] - The disclosing party and its concerted actors did not hold any shares in the listed company before the equity change [4][32] - After the equity change, the disclosing party will hold 132,366.63 million A-shares, representing 16.71% of the total share capital of the merged company [32] Group 3 - The equity change will require several approvals, including board resolutions from all parties involved and approvals from relevant regulatory bodies [9][11][27] - The disclosing party has committed to a lock-up period of 36 months for the shares acquired through this transaction, during which they cannot be transferred or managed by others [33][5] - The disclosing party has disclosed all relevant information regarding the equity change and has no undisclosed information that could mislead the report [37][13]

Group 1 - The transaction involves a share swap merger where CICC will absorb Dongxing Securities and Cinda Securities, aiming to create a leading investment bank with international competitiveness [5][6] - The merger is expected to enhance the operational efficiency, risk resistance, and comprehensive service capabilities of the combined entity, aligning with national strategies and supporting the development of the real economy [5][14] - The merger will result in CICC inheriting all assets, liabilities, and operations of Dongxing and Cinda, leading to a significant increase in revenue and capital scale, with projected revenue of approximately 27.4 billion yuan by 2025 [14][18] Group 2 - The merger is classified as a major asset restructuring for all involved parties, including CICC, Dongxing, and Cinda, based on their audited financial reports [7][8][9] - The transaction will not result in a change of control for CICC, as it remains under the control of Central Huijin, ensuring compliance with regulatory requirements [10][11] - The merger is designed to optimize the financial institution's structure, enhance core functions, and improve competitiveness in the capital market [58][59][60] Group 3 - The transaction is subject to various approvals, including from the boards and shareholders of the involved companies, as well as regulatory bodies like the China Securities Regulatory Commission [22][26] - Measures are in place to protect the rights of minority investors, including strict information disclosure and voting arrangements [34][35][36] - The transaction will not lead to a dilution of earnings per share for CICC, as it is expected to maintain compliance with A-share listing requirements post-merger [19][39]

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]