Group 1 - Major asset restructuring announced by three major brokerages: China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, forming a "three-in-one" entity [2] - The merger will create another "brokerage giant" in China, further changing the ranking of brokerages in the industry [2] - The current wave of brokerage mergers is approaching the peak levels seen in the early 2000s, with an increasing number of brokerages exceeding 1 trillion in total assets [2] Group 2 - Chinese brokerage stocks in Hong Kong experienced a collective rise, with Oriental Securities up over 4%, and other firms like CITIC Securities, Everbright Securities, China Galaxy, Shenwan Hongyuan, and CITIC Jinpu Securities rising over 3% [3]

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by merger and acquisition activities, particularly in the brokerage sector, with significant inflows into the securities ETF leading to notable price increases [1][5]. Group 1: Market Performance - On November 20, the A-share market showed a strong upward movement, particularly in the brokerage sector, catalyzed by merger events [1]. - The leading securities ETF (560090) saw a substantial increase of over 1%, with a trading volume of 100 million yuan, and has experienced a net inflow of over 10 million yuan over the past four days [1]. - Major component stocks of the securities ETF also surged, with notable increases such as a 6% rise in Shichuang Securities and over 3% in Dongfang Securities and Shenwan Hongyuan [2][3]. Group 2: Mergers and Acquisitions - On November 19, China International Capital Corporation, Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves a share swap merger led by CICC [5]. - This merger is expected to create a combined asset total exceeding 1 trillion yuan, marking a significant consolidation in the brokerage industry [5]. - The merger is seen as a response to regulatory calls for creating a first-class investment bank and promoting industry consolidation, following the merger of Guotai Junan and Haitong Securities [6]. Group 3: Industry Trends and Outlook - The brokerage industry is entering a new era characterized by consolidation driven by leading firms, as indicated by recent mergers [6]. - The outlook for the securities industry includes sustained high activity levels in wealth management, increased importance of proprietary equity investments, and rapid development of international business [7]. - The industry is expected to continue its supply-side reforms, with an increase in concentration despite a slowdown in new mergers [7]. Group 4: Investment Opportunities - The securities ETF (560090) is highlighted as a cost-effective asset with high growth potential, having achieved a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks [8]. - The ETF tracks the CSI All Share Securities Companies Index, with the top five component stocks accounting for approximately 48% and the top ten for 60% of the index [8].

Group 1 - The market experienced a rebound on November 19, with both the Shanghai Composite Index and the ChiNext Index closing in the green, while the CSI All Share Securities Companies Index fell by 0.05% [1] - The Securities ETF (159841) recorded a trading volume of 255 million yuan on the same day, with a net inflow of over 340 million yuan in the past five trading days, making it the top performer among similar products [2] - The Securities ETF closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [2] Group 2 - On the evening of November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced plans for a share swap merger, with CICC issuing A-shares to the shareholders of Dongxing and Xinda Securities [2] - All three companies will suspend trading of their A-shares starting November 20, with the suspension expected to last no more than 25 trading days due to the significant uncertainties surrounding the merger [2] - Huatai Securities indicated that the merger is expected to accelerate the development of a top-tier investment bank and reshape the industry landscape, potentially leading to increased capital strength and profitability for the merged entity, although the integration process will need to be monitored [2]

数据来源：wind，截至2025/11/19。 机构表示，现阶段券商行业并购重组已有不少项目在同步推进，既有头部券商向航母级投行整合，也有区域券商之间的业务互补。券 商"1+1"整合后的业绩成果，能否提升经营效率、推动业务协同、加速创新升级，是检验券商并购成功与否的核心指标。若后续财报 持续表明整合成果超预期，则有望加速推动并购节奏。 证券板块迎重磅利好！万亿级证券航母呼之欲出。中金、东兴、信达同日官宣合并。"牛市旗手"有望爆发，证券ETF（512880）持续 吸金。截至11月19日，证券ETF规模618亿元，今年以来日均成交额22.48亿元，均位居同类第一。 消息面上，11月19日晚，中金公司发布《关于筹划重大资产重组的停牌公告》。公告显示，中金公司正筹划以向东兴证券、信达证券 全体A股换股股东发行A股股票的方式，实施换股吸收合并。 历史表现来看，证券板块作为"牛市放大器"，在市场活跃时超额收益明显，表现出领涨、领跌特征，弹性较高。本轮牛市行情中，证 券板块表涨幅相对靠后，尚未突破去年"924"行情的高点。当前证券板块基本面向好，板块估值仍在低位，机构欠配明显。2025年前 三季度上市券商归母净利润同比+6 ...

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]

人民网北京11月20日电（记者黄盛）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》，三家公司正在筹划由中金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。 中金公司公告表示，公司A股股票将于2025年11月20日开市时起开始停牌。本次重组涉及到A+H股两地 上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的相关 规定，预计停牌时间不超过25个交易日。信达证券、东兴证券亦公告称，公司A股股票将于2025年11月 20日开市时起开始停牌，预计停牌时间不超过25个交易日。 记者了解到，国家金融监管总局此前印发的《关于促进金融资产管理公司高质量发展提升监管质效的指 导意见》，引导金融资产管理公司聚焦主责主业，深化改革转型发展，不断提升服务化解金融和实体经 济风险的质效。 另外，2023年中央金融工作会议精神及2024年新"国九条"，明确提出要培育一流投资银行和投资机构。 新"国九条"及证监会《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见 （ ...

Core Viewpoint - The securities sector is experiencing a significant rise, driven by major asset restructuring announcements from key firms, indicating a trend towards consolidation in the industry [1][2]. Group 1: Market Performance - On November 20, the securities sector opened strongly, with the broker ETF (159842) surging by 1.64% and trading volume quickly surpassing 50 million yuan [1]. - The broker ETF tracks the CSI All Share Securities Company Index, which includes up to 50 securities companies to reflect the overall performance of the sector [1]. Group 2: Major Announcements - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading due to plans for significant asset restructuring [1]. - The restructuring involves CICC issuing A-shares to the shareholders of Dongxing Securities and Xinda Securities in a share swap to facilitate their merger [1]. Group 3: Industry Insights - Dongwu Securities noted that resource integration within the industry could be a crucial method for brokers to enhance scale and comprehensive strength [1]. - Large brokers may use mergers to address weaknesses and consolidate advantages, while smaller brokers could achieve rapid growth through external mergers, realizing scale effects and business complementarity [1]. Group 4: Fund Flows and Market Dynamics - Ping An Securities reported that in the third quarter, public funds significantly increased their holdings in non-bank financials by 2.73 billion shares, contributing to the sector's rise [2]. - Conversely, foreign investors reduced their holdings in the same period by 2.04 billion shares, second only to the banking sector [2]. - The inflow of funds into securities ETFs indicates a preference for the broker sector among certain investors [2]. Group 5: Future Outlook - CITIC Securities highlighted that the current value proposition for the securities industry is supported by policies, funding, and internal transformation [2]. - Policy initiatives aimed at activating capital markets, such as deepening the registration system and optimizing trading mechanisms, are expanding business opportunities for brokers [2]. - Improved market confidence is expected to boost trading volumes and margin financing, while new capital from pensions and insurance is anticipated to enter the market, providing a solid foundation for broker performance [2]. - The industry is focusing on developing high-value-added services, particularly in wealth management and institutional business, to enhance revenue stability and profitability [2].

经济观察网11月19日晚间，中金公司（601995）发布公告，公司与东兴证券、信达证券（601059）正在 筹划由中金公司通过换股方式吸收合并东兴证券、信达证券。三家公司均称，鉴于上述事项存在重大不 确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，A股股票将于2025年11 月20日(星期四)开市时起开始停牌，预计停牌时间不超过25个交易日。这是继国泰君安合并海通证券 后，券业又一起由头部券商主导的大型并购，若以三家券商财务数据简单相加，资产总额将超过1万亿 元。该事项被视为中央汇金系券商整合迈出第一步。 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

Core Viewpoint - The integration of Central Huijin's securities companies, including China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, is a significant move in the industry, aligning with regulatory guidance to cultivate leading investment banks and institutions [1][2] Group 1: Integration and Restructuring - CICC is planning a stock swap merger with Dongxing Securities and Xinda Securities, with trading of their A-shares and H-shares suspended for up to 25 trading days [1] - This merger is the first of its kind in the securities industry and is expected to enhance the market's anticipation of further consolidations within Central Huijin's securities holdings [1][2] - The merger aligns with the new regulatory framework aimed at promoting mergers and acquisitions in the securities sector, with expectations of further restructuring among other securities firms [2] Group 2: Business Synergies - The merger aims to leverage the distinct strengths of each firm: CICC's advantages in investment banking and wealth management, Dongxing's experience in asset management, and Xinda's expertise in mergers and acquisitions [2] - The integration is expected to enhance the firms' operational reach by expanding their network of branches, thus improving client access and service delivery [2] Group 3: Market Performance and Outlook - In the first three quarters of 2025, the total revenue of the securities companies in the CSI All Share Securities Index reached 428.2 billion yuan, a year-on-year increase of 42%, with net profit rising by 62% to 182.5 billion yuan [3] - The securities sector is transitioning from a speculative investment to a value-oriented asset class, with a current price-to-book (PB) ratio of 1.5, indicating a low valuation compared to historical levels [3] - The sector is expected to see a recovery in valuation as capital markets remain active, and institutional investors are under-allocated in this segment, suggesting potential for short-term gains and long-term investment value [3] Group 4: Related Products - The Securities ETF (512880) has attracted over 30 billion yuan in investments this year, with a total scale exceeding 60 billion yuan, leading its category [4]