证券ETF（512880）11月20日小幅震荡，收跌0.33%。金融ETF（510230）延续上涨态势，收涨0.64%。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风险，提请 投资者注意。 板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 资料来源：wind 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，不构成个股投资建议） 近年来券商行业内部并购重组浪潮迭起。在政策支持下，券业供给侧格局优化持续推进，进一步提高行业运营效 率。大中型券商通过行业整合强化优势地位，业绩基本面有望持续优化。感兴趣的投资者可适当关注证券ETF （512880）。 银行方面，2025年A股上市银行中期分红、三季度分红规模再创新高。根据Wind数据 ...

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。 ...

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints of the Report - In October, the total bond custody scale increased by 131.24 billion yuan month - on - month, ending the two - month trend of less growth. The rebound of inter - bank certificate of deposit custody scale was the main driving force, while the custody increment of interest - rate bonds declined significantly [3][6]. - The bond market performance eased in October. Long - term interest rates showed a recovery trend, and dropped significantly after the central bank announced the restart of treasury bond trading on the 27th. Trading desks' enthusiasm for bond buying increased significantly, while the allocation willingness of allocation - type institutions declined [3][10]. - Due to the increase in institutions' borrowed funds, the bond market leverage ratio increased slightly by 0.1 pct to 107.4% in October, remaining at a relatively low level. Non - bank institutions' leverage ratio increased, but the absolute level was still not high [3][37]. Group 3: Summary by Directory 10 - month Bond Custody Increment Rebounds, and Inter - bank Certificate of Deposit Net Financing is the Main Support - The total bond custody scale increased by 131.24 billion yuan month - on - month in October, with the inter - bank certificate of deposit custody scale turning from decline to increase for the first time since June this year. The net financing scale of short - term commercial paper and medium - term notes increased, while the custody increment of interest - rate bonds decreased significantly [3][6]. - For interest - rate bonds, the custody increment of treasury bonds, local bonds, and policy - bank bonds all decreased compared with the previous month. For credit bonds, the custody increment of short - term commercial paper and medium - term notes increased, while that of enterprise bonds and PPN continued to decline [6]. The Central Bank Restarts Bond Buying, Market Sentiment Improves, and the Willingness of Trading Desks to Increase Bond Holdings is Significantly Restored - In October, the bond market performance eased. After the central bank announced the restart of treasury bond trading, long - term interest rates dropped significantly. The trading desks' enthusiasm for bond buying increased, while the allocation willingness of commercial banks and insurance companies declined [10]. - **General Funds**: The bond custody scale increased by 104.45 billion yuan month - on - month, turning to increase holdings of inter - bank certificates of deposit, medium - term notes, and short - term commercial paper, and reducing the scale of selling financial bonds [15]. - **Securities Companies**: The bond custody volume increased by 134.8 billion yuan month - on - month, reaching a new high since July 2024, mainly due to a large increase in holdings of treasury bonds and policy - bank bonds [17][19]. - **Insurance Companies**: The bond custody volume decreased by 450 million yuan month - on - month, mainly due to the reduction of holdings of treasury bonds and inter - bank certificates of deposit [22]. - **Overseas Institutions**: The bond custody scale decreased by 5.42 billion yuan month - on - month, with an increased scale of selling domestic bonds, but turning to increase holdings of treasury bonds and reduce holdings of policy - bank bonds [24][25]. - **Other Institutions**: The bond custody volume increased by 35.56 billion yuan month - on - month, with an increase in holdings of treasury bonds and certificates of deposit, and a decrease in holdings of policy - bank bonds [27]. - **Commercial Banks**: The bond custody scale decreased by 25.14 billion yuan month - on - month, mainly due to a significant decrease in the scale of increasing holdings of treasury bonds and an increase in the scale of reducing holdings of local bonds [30]. - **Credit Unions**: The bond custody scale decreased by 206 million yuan month - on - month, mainly due to the reduction of holdings of treasury bonds and policy - bank bonds [34]. In October, the Non - bank Leverage Ratio Increased Beyond Seasonality, but the Absolute Level was Still Not High - In October, the bond market leverage ratio increased by 0.1 pct to 107.4% month - on - month, remaining at a relatively low level. The non - bank institutions' leverage ratio increased by 0.3 pct to 117.2%, but the absolute level was still not high in the past three - year dimension [37]. - Among them, the securities companies' leverage ratio decreased by 3.3 pct to 219.9%, while the leverage ratio of insurance and non - legal person products increased by 0.3 pct to 114.0% [37].

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].

Group 1 - Chinese brokerage stocks experienced a widespread decline, with Dongfang Securities down 4.28% at HKD 6.94, China Merchants Securities down 4.11% at HKD 14.47, CITIC Securities down 3.67% at HKD 12.09, and Guolian Minsheng down 3.08% at HKD 5.35 [1] - The Federal Reserve's October monetary policy meeting minutes indicated significant disagreement among officials regarding potential interest rate cuts in December, amidst moderate economic expansion and a cooling labor market [1] - Analysts from CITIC Futures noted that the core drivers for major assets this week are the "anticipatory rush" following the U.S. government reopening and the strengthening expectations of increased liquidity [1] Group 2 - China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading to plan a merger, with CICC set to absorb the other two firms through a share swap [2] - Non-bank analyst Bo Xiaoxu from China Aviation Securities highlighted that regulatory encouragement for industry consolidation aligns with the trend of promoting high-quality development in the securities sector, making mergers and acquisitions an effective means for brokerages to achieve external growth [2] - The consolidation within the brokerage industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development, while also increasing industry concentration and creating economies of scale [2]

Group 1 - The Federal Reserve's October FOMC meeting minutes reveal significant internal divisions regarding future interest rate cuts, with discussions covering inflation risks, labor market cooling, and economic growth uncertainties [2] - The Fed ultimately voted 10 to 2 to lower the federal funds rate by 25 basis points, bringing the target range to 3.75% to 4%, but the decision was reached after intense debate [2] - There is a notable split among Fed officials regarding the appropriateness of further rate cuts in December, with some advocating for cuts if economic conditions align with expectations, while many prefer to maintain current rates [2] Group 2 - Following the release of the minutes, market expectations shifted significantly, with the probability of a December rate cut dropping from nearly 50% to around 30%, while the likelihood of no change rose to nearly 70% [2] - The swap market adjusted the expected cut magnitude for December from 11 basis points to just 6 basis points [2] Group 3 - In the primary market, four companies issued bonds today, including a merger agreement between CICC and two other securities firms, which requires board and regulatory approvals [4] - China Great Wall Asset Management announced plans to dispose of its debt claims against Evergrande Group, totaling approximately 1.09 billion yuan, with a principal amount of about 959 million yuan [4] - Zhongjun Group is seeking court approval for a creditor meeting to discuss a restructuring plan, with a hearing scheduled for March 24, 2026 [4]

Group 1 - The core viewpoint of the article highlights the impact of the announcement by China International Capital Corporation (CICC) regarding the proposed stock swap merger with Xinda Securities and Dongxing Securities, which led to significant fluctuations in the brokerage sector [1] - Despite the brokerage sector's underperformance in the short term, there is a bullish outlook from a medium to long-term perspective, with expectations of a divergence between stock prices and earnings since 2025 [1] - The brokerage ETF (159842) saw a net inflow of 217 million yuan and an increase of 18.6 million shares, indicating investor interest despite the overall market downturn [1] Group 2 - The brokerage ETF (159842) tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities companies' stocks to reflect the overall performance of the industry [1] - The recent merger activity is viewed as a potential catalyst for market momentum, while long-term observations will focus on supply-side adjustments and their effects on the return on equity (ROE) of leading companies [1]

Core Viewpoint - The merger and restructuring of CICC indicates the determination of Central Huijin to accelerate the establishment of a world-class investment bank, with a competitive landscape expected to intensify by 2035 as the industry aims to build 2-3 leading institutions [1][9] Event Summary - On November 19, 2025, CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, leading to a temporary suspension of trading for all three companies [2] Transaction Details - The detailed transaction plan is pending, with potential share exchange ratios based on the average trading price over the previous 60 trading days, resulting in specific price multiples for CICC, Dongxing, and Xinda [3] Approval Process - The merger will undergo a three-stage approval process, including governance procedures, regulatory approvals, and transaction completion steps, with an estimated timeline of around six months for completion [4] Industry Position - Post-merger, CICC's ranking in the industry is expected to rise to approximately 4th, with significant improvements in its investment business, moving from 7th to 3rd place [5] Merger Impact - The merger is expected to accelerate the construction of a first-class investment bank, significantly enhancing CICC's balance sheet and operational capabilities, including the addition of 158 branches and around 5,500 employees from the merged entities [6]