出品：新浪财经上市公司研究院 东兴证券和信达证券的网点资源与特殊资产处置能力则相对突出。截至2024年末，东兴证券、信达证券 分别设有92家、104家分支机构，分别以福建、辽宁为优势区域，三家营业部合计数量将位居行业第 三。同时，东兴证券与信达证券凭借两家资管股东在不良资产处置领域的专业能力，在风险化解与企业 纾困方面也有着独特优势。 整合后，中金公司的投行硬实力或与两家券商的渠道优势、特色业务实现互补。一方面，借助东兴证 券、信达证券在福建、辽宁等区域的渠道优势，中金可快速拓展区域市场，将自身的优质金融服务与产 品推向更广泛的客户群体。另一方面，而两家券商在破产重整、债务重组等领域的专业能力，将助力中 金深化产业投行业务，拓展新型业务增量空间。 从股权结构来看，三家券商同属"汇金系"。 中央汇金投资有限责任公司（下称"中央汇金"）直接持有 中金公司40.11%股权，为其第一大股东。与此同时，中央汇金通过控股中国信达资产管理股份有限公 司、中国东方资产管理股份有限公司，间接控制信达证券78.67%股权与东兴证券45.00%股权。 以2025年前三季度财务数据为基准，三家券商合并后的财务实力将发生质的飞跃。截至 ...

Core Viewpoint - CICC is planning a significant asset restructuring involving a share swap merger with Dongxing Securities and Cinda Securities, which could reshape the brokerage industry landscape in China [2][3][4]. Group 1: Merger Details - The merger will be executed through CICC issuing A-shares to all A-share shareholders of Dongxing and Cinda Securities [2]. - If successful, this will mark the first instance of three brokerages merging in China's history, potentially impacting the industry structure significantly [2][3]. - As of Q3 2025, the combined total assets of CICC, Dongxing, and Cinda Securities reached 1,009.58 billion yuan, surpassing the trillion yuan mark [2][5]. Group 2: Strategic Implications - The merger aligns with the "Hui Jin System" strategy to cultivate a first-class investment bank, as emphasized in the Central Financial Work Conference [3][4]. - The combined brokerage will rank third in terms of branch offices, enhancing regional coverage and market presence [3][4]. - The integration is expected to optimize resource allocation and enhance capital strength, contributing to the goal of creating a globally competitive brokerage [4][6]. Group 3: Financial Performance - For Q3 2025, CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% [5][6]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% growth [6]. - Cinda Securities reported total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a 28% and 53% increase respectively [6]. Group 4: Market Context - The restructuring comes amid a broader trend of consolidation in the brokerage industry, with several major firms merging to enhance competitiveness [8][9]. - Regulatory support for the growth of leading securities firms has been emphasized, aiming to improve China's capital market's international competitiveness [8][9]. - The merger is expected to further increase concentration in the brokerage sector, putting pressure on smaller firms to differentiate and adapt [9].

消息面，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》，中金公司正筹划换股吸收合并东兴证券、信达证券，拟向东兴和信达全体A股换股股东发行A股 股票。三家公司A股、H股股票将于11月20日停牌，预计不超25个交易日。 相关机构表示，合并事件符合监管引导方向。新"国九条"明确提出"培育一流投资银行和投资机 构"的战略目标。随后，证监会发布的配套意见进一步为行业并购重组指明方向。2025年初，财政部将 三大AMC股权划转至中央汇金，在AMC股权划转后，汇金参控股券商列表进一步扩大，将信达证券、 东兴证券纳入体系内，市场对汇金系券商合并的预期加强。 此次整合是汇金系接收AMC股权划转后的重要动作。此前市场对并购重组虽有预期，但中金、信 达、东兴三家券商共同整合为券业首例。目前汇金系旗下直接或间接持有多家券商股权，包括中国银 河、中金公司、申万宏源、中信建投、光大证券、信达证券、东兴证券和长城国瑞证券，未来或仍有进 一步重组的可能。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及经纪、承 销、自营交易等证券业务的上市公司证券作为指数样本， ...

大摩预测中金净资本基础(约460亿元)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，以及凭借其在交易、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，维持对其"增持"评级，目标 价28.9港元。 中金公司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及东兴证券。摩根士丹 利发表研究报告指，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。 ...

Core Viewpoint - The article discusses the significant merger activity in the brokerage industry, particularly focusing on the merger involving CICC, Dongxing Securities, and Xinda Securities, which is seen as a pivotal move in the industry aimed at strengthening the leading brokerages [3][8]. Group 1: Merger Details - On November 19, CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring, leading to a surge in Xinda International Holdings' stock price by nearly 63% [3][5]. - The merger involves CICC acquiring Dongxing Securities and Xinda Securities through a share exchange, marking a significant consolidation in the brokerage sector [6][8]. - This merger is the first of its kind in the brokerage industry, indicating a trend towards consolidation among major players [7][8]. Group 2: Strategic Implications - The merger is part of a broader strategy by the Central Huijin Investment to enhance the capabilities of its brokerage firms, following its acquisition of three asset management companies earlier in the year [8]. - Each of the three brokerages brings unique strengths: CICC excels in investment banking and wealth management, Dongxing Securities has advantages in asset management, and Xinda Securities is strong in mergers and acquisitions [8]. - The integration of these firms is expected to expand CICC's market reach, particularly in economically developed regions, while leveraging the regional strengths of Dongxing and Xinda [8]. Group 3: Industry Trends - Since 2024, regulatory bodies have been promoting supply-side reforms in the securities industry, encouraging large brokerages to consolidate and grow [9]. - Several other mergers have occurred in the industry, indicating a trend where large brokerages are enhancing their scale and capabilities through acquisitions, while smaller firms may also benefit from this consolidation [9].

Core Viewpoint - The article discusses the significant merger and acquisition activity in the Chinese securities industry, particularly focusing on the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, which could create a new securities giant with assets exceeding 1 trillion yuan [1][3]. Group 1: Merger Announcement - On November 19, CICC, Dongxing Securities, and Xinda Securities announced a suspension of trading due to a major asset restructuring plan, indicating their intention to merge into a single entity [1]. - The combined asset scale of the three companies is projected to reach 1,009.5 billion yuan, positioning them as the fourth largest in China's securities industry [1]. Group 2: Industry Trends - The article highlights a growing trend of mergers and acquisitions in the securities industry, with notable examples including the mergers of Guotai Junan with Haitong Securities and other similar transactions [3]. - The merger of CICC with Dongxing and Xinda is seen as a deep integration of "national teams," aiming for comprehensive coverage from high-end investment banking to inclusive finance [3]. Group 3: Strategic Implications - The ongoing mergers reflect a strategic shift in the industry from rapid expansion to meticulous cultivation, driven by increased competition and regulatory encouragement for market-oriented mergers [4]. - The article emphasizes that successful integration post-merger will depend on effective collaboration in corporate culture, business systems, and organizational structure, highlighting the challenge of achieving synergistic benefits [4].

Economic Indicators - The Shanghai Composite Index closed up 0.18% at 3946.74 points, while the Shenzhen Component remained flat and the ChiNext Index rose 0.25%[1] - The Hang Seng Index fell 0.38% to 25830.65 points, with the Hang Seng Tech Index down 0.69% and the Hang Seng China Enterprises Index down 0.26%[1] - The U.S. Dow Jones increased by 0.1%, the S&P 500 rose 0.38% to 6642.16 points, and the Nasdaq gained 0.59%[1] Federal Reserve Insights - The Federal Reserve's October meeting minutes indicated that many officials oppose a rate cut in December, suggesting that maintaining rates may be appropriate for the remainder of the year[12] - Market traders have reduced the probability of a rate cut by the end of the year to approximately 30%[8] Corporate Developments - China International Capital Corporation (CICC) plans to absorb and merge with Dongxing Securities and Xinda Securities, resulting in a combined registered capital of 11.3 billion RMB (approximately 1.6 billion USD)[8] - Nvidia reported a 62% increase in revenue for Q3, with a forecast of approximately 65 billion USD for the upcoming quarter, exceeding analyst expectations[12]

Core Viewpoint - The surge in the stock price of Xinda International Holdings, which increased by nearly 63%, is linked to the major merger involving CICC, Xinda Securities, and Dongxing Securities [1][4]. Group 1: Company Developments - Xinda International Holdings experienced a significant stock price increase, attributed to the announcement of a major asset restructuring involving its indirect controlling shareholder, Xinda Securities [1][4]. - CICC, Dongxing Securities, and Xinda Securities have signed a cooperation agreement for a merger through share exchange, marking a significant consolidation in the brokerage industry [4][6]. - The merger is seen as a strategic move by the Central Huijin Investment, which has been consolidating its holdings in various brokerages since February [6]. Group 2: Industry Trends - The merger represents the first instance of such consolidation in the brokerage sector, with the potential for further restructuring among brokerages under Central Huijin's control [6]. - The brokerage industry has seen increased regulatory support for supply-side reforms, leading to several mergers among brokerages, enhancing their scale and comprehensive strength [7]. - The trend of resource integration within the industry is expected to allow larger brokerages to strengthen their advantages while smaller firms may achieve rapid growth through acquisitions [7].

Core Viewpoint - CICC is planning a stock swap merger with Dongxing Securities and Xinda Securities, with trading suspension expected for up to 25 days starting November 20 [4][5] Group 1: Merger and Acquisition Details - The merger involves three brokerages under the control of Central Huijin, marking a significant consolidation move in the industry [5] - Post-merger, CICC's total assets will rank fourth in the industry, while net profit will rank sixth, with combined net profits reaching 9.5 billion yuan [5] - For the first three quarters of 2025, CICC, Dongxing, and Xinda reported net profits of 6.6 billion yuan, 1.6 billion yuan, and 1.4 billion yuan respectively, showing year-on-year growth of 130%, 70%, and 53% [5] Group 2: Industry Trends and Performance - The securities industry is undergoing significant restructuring, with several mergers completed this year, indicating a trend towards consolidation to enhance scale and competitiveness [6] - Major indices in the A-share market have seen substantial gains, with the Shanghai Composite Index up 17.75%, while the overall performance of the securities sector has lagged behind with a 3.26% increase [6] - The net profit of listed brokerages increased by 62.4% year-on-year for the first three quarters of 2025, highlighting a divergence between performance and stock price [6] Group 3: Future Outlook - The securities industry is expected to maintain high activity levels due to continued inflows of incremental capital, benefiting wealth management services [8] - The importance of proprietary trading in brokerages is anticipated to rise, with a focus on equity investments expected to drive performance [8][9] - The deepening of interconnectivity between mainland and Hong Kong markets is projected to enhance investment banking recovery and international business growth for leading brokerages [9]

【导读】上午三大指数高开低走，银行、锂矿板块走强，中国银行股价创新高，再次见证历史；水产、零售板块下挫 大家好，基金君和你一起关注今天上午的市场行情！ 11月20日上午，A股三大股指高开低走，三大股指一度翻绿。 截至午间收盘，沪指涨0.38%，深证成指跌0.05%，创业板指跌0.52%。 沪深两市半日成交额为1.11万亿元，较上个交易日放量23亿元。个股跌多涨少，全市场共2192只个股上涨，44只个股涨停，3087只个股下跌。 从板块看，银行股全线飘红，锂矿板块再度爆发，摩尔线程、海南自贸港、稀有金属、房地产等概念板块走强；零售、软饮料、餐饮旅游等消费板块明显 回调，水产、锂电电解液概念板块走弱。 港股方面，截至发稿，恒生科技指数跌超1%，金山软件跌超9%，小鹏汽车跌近5%，网易、携程集团、小米集团均跌超3.5%。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | મટા | 恒生指数 | 25848.09 | 17.44 | 0.07% | 1406亿 | ...