长沙晚报掌上长沙11月20日讯（全媒体记者 周丛笑）今天三大指数集体高开，沪指高开0.35%，深成指 高开1.03%，创业板指高开1.79%。量能上，开盘半小时，沪深两市成交额突破5600亿，较昨日此时放 量近300亿，预计全天成交金额超1.7万亿。行业板块上，CPO、水产、证券等板块指数涨幅居前，固态 电池概念震荡拉升，银行板块延续强势 。 长江证券资深投资顾问刘浪表示，昨天锂矿板块再度活跃。消息面上，广期所碳酸锂主力合约日内涨近 5%，并于盘中一度重新突破10万元/吨，为2024年6月以来首次。中邮证券认为，从未来空间来看，中 国储能产业已确立3-5年的持续成长周期。AI推动数据中心规模爆发式增长，AI数据中心功率极高且波 动大，需配置储能来平滑电网冲击，同时作为备用电源支撑算力峰值，未来两三年海外储能年增速预期 或至40%-50%，成为碳酸锂需求主要增长动力。但值得注意的是，锂电板块在经历了此前的放量大跌 后，资金短期筹码已出现松动，后市或仍以局部修复为主。 行情上，昨天市场全天震荡分化，两市成交额萎缩超2000亿，创出月内地量水平。指数上，微盘股指数 接连跌穿5、10日均线，并创出3个多月来的单日最大 ...

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 Insights - The securities ETF (159841) has seen significant trading activity, with a transaction volume of 234 million yuan and a recent increase in the underlying index by 0.56% [1] - The ETF has experienced a notable growth in scale, with an increase of 33.51 million yuan over the past week, reaching a new high of 9.678 billion shares [1][2] - The recent merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to reshape the competitive landscape of the securities industry [4][5] Fund Performance - The securities ETF (159841) has attracted a total net inflow of 488 million yuan over the past week, with a peak single-day inflow of 173 million yuan [1][2] - The ETF's current scale stands at 10.702 billion yuan, making it the largest and most liquid securities ETF in the Shenzhen market [2] Merger Details - CICC is leading the merger with Dongxing Securities and Xinda Securities, utilizing a share exchange method to absorb both firms [4] - As of September 2025, CICC's net assets were 115.5 billion yuan, while Dongxing and Xinda had net assets of 29.6 billion yuan and 26.4 billion yuan, respectively, resulting in a combined net asset exceeding 170 billion yuan post-merger [4][5] Strategic Implications - The merger is expected to enhance CICC's capabilities in debt restructuring and risk resolution, leveraging the expertise of Dongxing and Xinda in managing non-performing assets [5] - The combined entity will not only maintain its leadership in traditional investment banking but also strengthen its retail brokerage and regional market presence, creating a more balanced business model [5] - The merger is anticipated to generate "scale effects + business synergy," leading to improved revenue structure and profitability [5][6]

中金公司11月19日深夜公告称，将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。与此前国泰海通强强联合掀起市场 热潮不同，11月20日，证券板块走势平平，证券ETF指数基金(516200)开盘仅涨超1%，此后涨幅更是迅 速收窄至1%以内。 风险提示:基金管理公司不保证本基金一定盈利,也不保证最低收益。基金的过往业绩并不预示其未来表 现,基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。基金有风险,投资须谨慎。投资者 在投资金融产品或金融服务过程中应当注意核对自己的风险识别和风险承受能力,选择与自己风险识别 能力和风险承受能力相匹配的金融产品或金融服务，并独立承担投资风险。基金产品详情请认真阅读相 关的基金合同、招募说明书等基金法律文件。市场观点仅代表当时观点,今后可能发生变化,仅供参考,不 构成投资建议或保证,亦不作为任何法律文件。 中金公司在投行、机构、高净值财富管理、国际业务方面优势明显，而东兴与信达则分别长于AMC及 并购重组大资管业务。此外，三家机构在营业部网点布局方面也各有侧重，中金集中于经济发达地区， 而信达与东兴 ...

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks the beginning of a significant consolidation within the brokerage industry, aiming to create a new "carrier-level" brokerage with total assets exceeding 1 trillion yuan [1][2]. Group 1: Restructuring Details - CICC plans to absorb Dongxing Securities and Xinda Securities through a share exchange, which is seen as a strategic move to enhance competitiveness and align with national financial policies [1][2]. - The restructuring aligns with the Central Financial Work Conference and the new "National Nine Articles," which emphasize the cultivation of leading investment banks and institutions [2][6]. Group 2: Company Performance - For the first three quarters of 2025, CICC reported operating income of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% [2][3]. - Dongxing Securities achieved operating income of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3]. - Xinda Securities reported total operating income of 3.02 billion yuan, a 28% increase, with a net profit of 1.35 billion yuan, up 53% [3]. Group 3: Strategic Implications - The merger is expected to enhance the new entity's capabilities in investment banking, asset management, and restructuring, creating a more integrated financial service platform [4][5]. - The restructuring is part of a broader trend in the Chinese securities industry, aiming to optimize the structure of financial institutions and improve their competitiveness on a global scale [6][7]. Group 4: Future Expectations - The new CICC is anticipated to play a crucial role in supporting national strategies and the real economy, particularly in areas like major project financing and industrial mergers [6][7]. - The consolidation aims to improve capital market functions and pricing efficiency, which is a key focus of the new "National Nine Articles" [7]. - The successful integration of these firms could position the new CICC as a significant player in the global investment banking arena, enhancing China's financial industry's international presence [7].

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].