开源证券研报指出，维持中金公司(3908.HK)"买入"评级，中金公司拥有整合中投证券经验，该行看好 公司整合信达证券、东兴证券的效率，随着客户资源、资本金实力得到显著补强，国际品牌影响力有望 持续提升。往后看，市场改善驱动公司投行、衍生品等核心业务复苏，港股IPO高景气以及美联储降息 利好海外业务高增，叠加并购协同效应释放，公司净利润有望持续高增。 ...

Group 1 - The core viewpoint of the news is the significant asset restructuring plan announced by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which aims for a share swap merger to enhance synergy and competitive advantages [1] - As of December 18, 2025, the Guozheng Securities Leading Index (399437) has decreased by 1.08%, with mixed performance among constituent stocks, including a 10% limit-up for Dongxing Securities and a 3.96% increase for CICC [1] - The trading volume remains active, fluctuating between 1.7 trillion to 2.0 trillion yuan, with a financing balance stabilizing at 2.48 trillion yuan, indicating a positive long-term trend in the market despite short-term volatility [1] Group 2 - The China Securities Regulatory Commission (CSRC) chairman mentioned optimizing evaluation indicators for quality institutions, moderately expanding capital space and leverage limits, and shifting from price competition to value competition [2] - Major brokerages have a low equity fund position of only 0.62%, with large brokerages having an average price-to-book (PB) ratio of 1.46x, indicating potential for improvement in leverage and profitability [2] - The top ten weighted stocks in the Guozheng Securities Leading Index account for 79.05% of the index, highlighting the concentration of market performance among leading securities firms [2]

证券日报网讯 12月17日晚间，信达证券发布公告称，公司第六届董事会第十九次会议审议通过《关于 本次交易符合上市公司重大资产重组相关法律法规规定的议案》《关于中国国际金融股份有限公司换股 吸收合并东兴证券股份有限公司、信达证券股份有限公司方案的议案》《关于及其摘要的议案》等多项 议案。 （文章来源：证券日报） ...

Core Viewpoint - The report from Guolian Minsheng Securities indicates that regulatory policies are guiding securities firms towards capital-intensive development while encouraging mergers and acquisitions to strengthen their positions. The firm anticipates an acceleration in the supply-side structural reform of the securities industry, with a notable increase in M&A cases among leading firms expected by 2026. The current PB valuation of the securities industry remains at historical lows, and with the recent policy announcements, market sentiment is likely to improve, suggesting potential upward elasticity for the industry if market conditions turn favorable. Group 1 - The merger plan involves China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with stocks set to resume trading on December 18, 2025 [1] - The exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC's A-share exchange price at 36.91 yuan per share, Dongxing's at 16.14 yuan, and Xinda's at 19.15 yuan [1] - The merger will provide dissenting shareholders with cash options, with buyout prices set at 34.80 yuan for CICC, 13.13 yuan for Dongxing, and 17.79 yuan for Xinda [2] Group 2 - The merger is expected to significantly enhance the comprehensive strength of the new securities entity, with the combined net assets projected to reach 171.5 billion yuan, elevating its industry ranking to fourth [3] - The number of operational outlets for the new entity is expected to increase from 245 to 436, leveraging the regional advantages of Dongxing and Xinda to enhance competitive capabilities [3] - The retail customer base is projected to grow from 9.72 million to over 14 million, significantly improving customer service capabilities and competitive differentiation [3]

Market Overview - The Shanghai Composite Index closed at 3876.74 points, above the six-month moving average, with a change of 0.17% [1] - The total trading volume of A-shares reached 1,352.099 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 151 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xingchen Technology (21.97%) - Lude Medical (14.72%) - Suli Co., Ltd. (7.17%) [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Huailong Co., Ltd. - Shihong Zhaoye - China Construction Bank [1] Detailed Stock Performance - The following stocks showed notable performance: - Xingchen Technology: +30.00% with a turnover rate of 37.59% and a latest price of 26.48 yuan [1] - Lude Medical: +18.92% with a turnover rate of 37.56% and a latest price of 12.07 yuan [1] - Suli Co., Ltd.: +9.99% with a turnover rate of 7.67% and a latest price of 20.36 yuan [1]

A股指数表现分化，沪指红盘震荡，创业板指跌超1%。AI医疗、商业航天、大消费、军工等板块领涨；海南、电池、券商、工程机械等板块领 跌。中金公司拟换股吸收合并东兴证券与信达证券，东兴证券涨停，中金涨超5%，信达证券涨4.55%，沐曦下跌3.85%。 国债期货午盘全线上涨，30年期主力合约涨0.37%报112.400元，10年期主力合约涨0.06%报108.075元，5年期主力合约涨0.03%报105.860元，2年期 主力合约涨0.01%报102.448元。 14:18 焦煤期货主力合约、焦炭期货主力合约均涨超5%，铁矿石期货主力合约涨近2%。 12月18日，A股市场早间走势分化，截至发稿，沪指涨0.2%，深成指跌1.04%，创业板跌1.82%。盘面上，指数黄白二线分化，个股涨多跌少，沪 深京三市超3600股飘红，上午半天成交1.06万亿。具体来看，商业航天概念再度爆发，中国卫星、上海沪工等多股涨停。AI医疗概念走势活跃， 华人健康、塞力医疗等封板。零售、IP经济等消费股拉升，百大集团6连板，德艺文创等涨停。下跌方面，券商股高开低走，中银证券、中信建投 跌超3%。 港股低开，恒指跌0.44%，报25357.69 ...

12月17日晚，中金公司披露换股吸收合并东兴证券、信达证券预案，股票自12月18日开市起复牌。看好 协同效应，综合实力向国际一流投行迈进。本次交易是汇金系同一股东下的券商牌照整合，直接提升中 金公司净资产560亿，券商大额再融资受限下，仅能通过并购重组补充，本次并购估值相对较高但机会 难得。 收购整体资产价格为2.29倍PB，较现价溢价14% 中金公司、东兴证券、信达证券的A股换股价格为36.91、16.14、19.15元/股。其中，中金公司和信达证 券是按照定价基准日前20个交易日的A股股票交易均价(无溢价)经除权除息调整后确定，东兴证券是按 照定价基准日前20个交易日交易均价的基础上给予26%溢价来确定的。 东兴证券与中金公司的换股比例为1:0.4373，即每1股东兴证券A股股票可以换得0.4373股中金公司A股 股票;信达证券与中金公司的换股比例为1:0.5188，即每1股信达证券A股股票可以换得0.5188股中金公司 A股股票。 换股价对应中金公司A股、信达证券、东兴证券PB为1.83、3.05、1.76倍(现价PB为1.73、2.85、1.45 倍)。收购信达证券和东兴证券整体价格为2.29倍PB， ...

【导读】中金公司并购重组尘埃落定，我国证券行业正迎来整合深化时代 文：陈梦 12月18日，中金公司公布拟吸收合并东兴证券与信达证券预案并复牌，市场给予了积极回应。中金公司、东兴证券A股开盘同步涨停，信达证券A股开盘 涨6.8%。截至午间收盘，中金公司上涨5.04%，东兴证券封住涨停，信达证券上涨4.55%，领涨证券板块。 虽然受到A股市场情绪分化影响，中金公司与信达证券早盘股价小有回落，但市场对行业深度整合与战略重组的积极预期不变，认为此次中金公司与东兴 证券、信达证券的吸收合并有望带来整个证券行业的价值重估。 | 竞价 叠加 重播 统计 画线 F10 标记 -自选 返回 | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 多分时 更多 > | 中金公司 601995 LR300 | 证券 | 中金公司 分时 成交量 [上证指数 3876.40 0.16%] ◎ 相对今开 -4.51% | 涨跌停分析 困 | 0 | 10.00% 36.65 1.76 5.04% | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

【 导读 】 中金公司并购重组尘埃落定，我国证券行业正迎来整合深化时代 文：陈梦 12月18日，中金公司公布拟吸收合并东兴证券与信达证券预案并复牌，市场给予了积极回 应。中金公司、东兴证券A股开盘同步涨停，信达证券A股开盘涨6.8%。截至午间收盘，中金 公司上涨5.04%，东兴证券封住涨停，信达证券上涨4.55%，领涨证券板块。 虽然受到A股市场情绪分化影响，中金公司与信达证券早盘股价小有回落，但市场对行业深度 整合与战略重组的积极预期不变，认为此次中金公司与东兴证券、信达证券的吸收合并有望 带来整个证券行业的价值重估。 | 分时 1分钟 5分钟 15分钟 30分钟 60分钟 日线 周线 月线 多分时 更多 | 壳价 叠加 重播 统计 | | 画线 F10 标记 -自选 返回 中金公司 601995 L R300 | | | | 证券 | | --- | --- | --- | --- | --- | --- | --- | --- | | 中金公司 分时 成交量 [上证指数 3876.40 0.16%] ◎ 相对今开 -4.51% 38.38 | | 涨跌停分析 □ □ | 10.00% | | 36.65 ...

若从业务逻辑看，本次合并是中金完善业务矩阵的自然延伸。中金公司将与东兴证券、信达证券的优势 业务、客群资源等实现协同，区域竞争力及辐射周边的综合服务能力将显著提升，网络布局将进一步得 到优化与完善。根据公告，合并后中金公司营业网点数量将由245家提升至436家，零售客户数将由972 万户增加至超过1400万户。 12月17日晚间，中金公司、东兴证券、信达证券同步披露重大资产重组预案，宣告中金将以换股方式吸 收合并两家券商。合并完成后，东兴证券、信达证券将终止上市并注销法人资格。 预案明确了本次合并的核心交易框架。中金作为存续主体，换股价格确定为36.91元/股。被合并方中， 东兴证券换股价格为16.14元/股，较其20个交易日均价溢价26%；信达证券换股价格为19.15元/股，以其 20个交易日均价为基准。根据上述价格，东兴、信达证券与中金的换股比例分别为1:0.4373和 1:0.5188。东兴证券与信达证券全部A股参与换股，以此计算，中金公司预计将发行30.96亿股。 公告还提到，本次交易后，中金公司将承继及承接东兴证券、信达证券的全部资产、负债、业务、人 员、合同、资质及其他一切权利与义务，全面整合三方 ...