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， ...

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities is expected to lead to a significant revaluation of the entire securities industry, enhancing CICC's market position and operational capabilities [1][3][15]. Group 1: Merger Details and Market Response - CICC announced plans to absorb Dongxing Securities and Xinda Securities, leading to a positive market reaction with CICC and Dongxing Securities hitting the daily limit up, while Xinda Securities rose by 6.8% [1]. - The merger is seen as a strategic move to enhance CICC's competitiveness and market share, potentially benefiting from future capital regulatory relaxations and new business trials [3][15]. Group 2: Industry Impact and Strategic Positioning - The merger signifies the beginning of a deeper integration phase in China's securities industry, moving from simple asset and capital scale expansions to strengthening professional capabilities [3][4]. - Post-merger, CICC's total assets will exceed 1 trillion yuan, elevating its industry ranking from sixth to fourth, with revenue and net profit also seeing significant increases [4][5]. Group 3: Financial Strength and Operational Efficiency - CICC's capital scale will double post-merger, significantly enhancing its financial strength, with an average financial investment return rate of 3.5%, outperforming its peers [5][6]. - The merger allows CICC to leverage the stable leverage levels of Dongxing and Xinda, creating additional capital allocation and operational space [5][6]. Group 4: Business Integration Highlights - The merger will increase CICC's branch network from 245 to 436, enhancing regional coverage and customer base, with retail clients expected to exceed 14 million [8][9]. - CICC's wealth management capabilities will be strengthened through the integration of customer bases and resources from Dongxing and Xinda, facilitating a new phase of scalable development [9][10]. Group 5: Enhanced Professional Services - CICC's investment banking capabilities will be bolstered, with an increase in the number of A-share sponsors and enhanced project undertaking abilities [11][12]. - The integration will also expand CICC's asset management scale to over 800 billion yuan, significantly broadening its asset management footprint [12][13]. Group 6: Long-term Industry Revaluation - The merger is expected to trigger a transformation in the valuation logic of the securities industry, shifting focus from cyclical performance to the strategic importance of leading firms [15][16]. - CICC's rise is indicative of a broader trend where top-tier securities firms are recognized for their strategic roles in national financial initiatives, leading to a potential "certainty premium" in valuations [16][17].

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities marks a significant step towards the deep integration of China's securities industry, indicating a shift from scale expansion to enhancing professional capabilities and creating a complementary business ecosystem [5][11]. Group 1: Market Reaction and Initial Impact - Following the announcement of the merger, CICC and Dongxing Securities saw their stock prices hit the daily limit, while Xinda Securities rose by 6.8%, reflecting positive market sentiment towards the merger [2]. - CICC's stock price increased by 5.04%, and the overall market response indicates strong expectations for value reassessment in the securities industry due to this merger [2]. Group 2: Strategic Significance of the Merger - The merger is seen as a critical move for CICC to enhance its capital strength and market share, positioning itself as a leading investment bank capable of benefiting from potential regulatory relaxations and new business trials [6][9]. - CICC's total assets are expected to exceed 1 trillion yuan post-merger, elevating its industry ranking from sixth to fourth, and significantly increasing its revenue and net profit [8]. Group 3: Financial Metrics and Efficiency - CICC's capital efficiency is highlighted by an average financial investment return rate of 3.5%, which is higher than Dongxing's 2.8% and Xinda's 2.6% [8]. - The merger will double CICC's capital base, enhancing its financial leverage and allowing for greater investment capacity in high-potential areas [9]. Group 4: Business Integration Highlights - The merger will increase CICC's branch network from 245 to 436, enhancing regional coverage and customer base, with retail clients expected to exceed 14 million [12][13]. - CICC's wealth management capabilities will be strengthened through the integration of resources from Dongxing and Xinda, allowing for a more comprehensive service offering [14]. - The investment banking and asset management sectors will see significant enhancements, with an increase in the number of A-share sponsors and a rise in entrusted fund scale to over 800 billion yuan [15]. Group 5: Long-term Industry Implications - The merger represents a shift towards a "1+1+1>3" effect, aiming to create a comprehensive financial service platform that integrates investment banking, wealth management, and special asset management [16][17]. - Analysts predict that this merger will ignite investment enthusiasm in the securities sector, with expectations of improved valuations and profitability across the industry [19][21].

Core Viewpoint - The announcement of a major asset restructuring plan by CICC, Dongxing Securities, and Cinda Securities, where CICC will absorb and merge the two securities firms through a share swap, leading to the termination of their listings and legal status [1] Group 1: Merger Details - CICC will be the surviving entity, with a share swap price set at 36.91 yuan per share [1] - The swap price for Dongxing Securities is 16.14 yuan per share, representing a 26% premium over its 20-day average price [1] - The swap price for Cinda Securities is 19.15 yuan per share, based on its 20-day average [1] - The swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, with CICC expected to issue 3.096 billion shares [1] Group 2: Post-Merger Projections - By the third quarter of 2025, CICC's projected revenue will be approximately 27.4 billion yuan, with net profits exceeding 9.5 billion yuan, and total assets expected to surpass 1 trillion yuan, making it the fourth trillion-level securities firm in the industry [2] - The merger will enhance CICC's business matrix, allowing for synergy with the strengths and customer resources of Dongxing and Cinda Securities, significantly improving regional competitiveness and service capabilities [2] - The number of CICC's business outlets will increase from 245 to 436, and the retail customer base will grow from 9.72 million to over 14 million [2] Group 3: Market Reaction - The market responded positively, with Dongxing Securities hitting the daily limit up, and CICC and Cinda Securities both seeing gains of over 5% after resuming trading [3] - This merger is not CICC's first foray into industry consolidation, as it previously merged with CITIC Securities in 2016, rebranding it as "CICC Wealth" to leverage its strengths in retail brokerage, network layout, cross-border services, and high-net-worth wealth management [3]

根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证 券与信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达证券的 异议股东享有现金选择权。此外，包括中央汇金、中国东方、中国信达在内的主要股东已出具长期承 诺，将其在本次交易中获得或原有的中金公司股份锁定36个月，彰显对整合后长远发展的信心。 业内人士指出，长期以来，中金公司在投资银行、私募股权投资、机构业务及国际化业务领域积累 了行业领先的专业能力，而东兴证券及信达证券在区域布局、零售客户方面基础深厚，且具备较为充裕 的资本金，三方构成优势互补、高效配置。此外，依托金融资产管理公司作为重要股东的资源纽带，合 并后公司将可综合调动专业服务能力、产业链资源和资本市场工具，发挥在不良资产经营和特殊机遇投 资领域的差异化优势，并与中金投行及投资优势深度联动，为防范化解金融风险再添利器。 12月17日晚间，中金公司与东兴证券、信达证券同步披露重大资产重组预案，并拟于12月18日复 牌。 根据交易预案，本次交易 ...

真正的难题写在后面：如何将庞大的资产数字，转化为真实的竞争优势？ 作者：胡群 封图：图虫创意 "万亿券商"的蓝图将从纸面走向现实，而市场的考卷才刚刚展开。 12月17日晚，中国国际金融股份有限公司（下称"中金公司"； 601995.SH）发布公告，披露了换股吸收合并东兴证券与信达证券的预案全文，并宣布公司 A股股票将于次日复牌。至此，这场自11月20日开启停牌、牵动市场神经的券商整合案，完成了第一阶段的理论设计，即将进入更为复杂的实践验证阶 段。 12月18日开市，中金公司的股票代码将结束长达20个交易日的静默。但这并非简单的交易重启，而更像一场面向全体投资者的公开"答辩"。市场将用最直 接的定价行为，对这份"三合一"方案的可行性、溢价合理性及协同前景，投下第一轮信任票。 根据预案，本次交易的核心定价基准已然清晰：中金公司作为存续方，换股价定为36.91元/股；东兴证券与信达证券的换股价分别为16.14元/股与19.15元/ 股，对应换股比例为1:0.4373和1:0.5188。其中，东兴证券定价较基准溢价26%，体现了对其区域网络价值的认可。交易完成后，一个总资产超1万亿元、 净资产约1715亿元的行业新巨 ...

| 代码 | 名称 | . | 涨幅% ↓ | | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 601198 | 东兴证券 | 1 | | 9.98 | 467亿 | 33.10 | | 601995 | 中金公司 | 1 | | 6.16 | 1788亿 | 10.20 | | 601059 | 信达证券 | 1 | | 5.68 | 610亿 | 26.03 | 中金公司在停牌20个交易日之后，披露吸收合并东兴证券、信达证券预案。A股市场东兴证券复牌涨 停；中金公司复牌一度涨停，目前涨幅收窄至6%；信达证券复牌一度涨超8%，目前涨幅在6%以内跌。 昨晚，中金公司公告称，公司与东兴证券、信达证券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。与此同时，此次中金合并东兴证券、信达证券预案也浮出水面。中金公司的A股换股价 格为36.91元/股，东兴证券的A股换股价格为16.14元/股，信达证券的A股换股价格为19.15元/股。根据 上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373、1:0.518 ...

Market Overview - The Shanghai Composite Index is at 3877.49 points, above the six-month moving average, with a change of 0.19% [1] - The total trading volume of A-shares today is 1,059.316 billion yuan [1] Stocks Performance - A total of 170 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Xingchen Technology (20.65%) - Lude Medical (8.88%) - Suli Co., Ltd. (7.17%) [1] - Stocks with smaller deviation rates that have just crossed the six-month line include Donghua Testing, Jinling Pharmaceutical, and Delisi [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: 1. Xingchen Technology: 28.57% increase, trading at 26.19 yuan, with a deviation rate of 20.65% [1] 2. Lude Medical: 12.81% increase, trading at 11.45 yuan, with a deviation rate of 8.88% [1] 3. Suli Co., Ltd.: 9.99% increase, trading at 20.36 yuan, with a deviation rate of 7.17% [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Beimo High-tech: 10.01% increase, trading at 30.65 yuan, deviation rate of 5.86% [1] - Shaoyang Hydraulic: 11.75% increase, trading at 30.82 yuan, deviation rate of 5.83% [1] - Zhejiang Zhongcheng: 10.04% increase, trading at 5.37 yuan, deviation rate of 5.23% [1]

Market Overview - The A-share market showed mixed performance on December 18, with the Shanghai Composite Index turning positive while the ChiNext Index fell nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 192 billion yuan compared to the previous trading day, with over 3,600 stocks rising [1] Sector Performance - The commercial aerospace and pharmaceutical sectors led the gains, while battery and securities sectors experienced declines [1] - Notable stocks in the commercial aerospace sector included China Satellite (600118), Beimo High-tech (002985), and Tianjian Technology (002977), all of which hit the daily limit [3][5] - The pharmaceutical sector also showed strength, with companies like Huaren Health (301408) and Yingte Group (000411) achieving daily limit gains [6][8] Noteworthy Developments - The Long March 12甲 reusable launch vehicle, developed by the China Aerospace Science and Technology Corporation, is scheduled for its historic first launch in December 2025 [3] - The brain-computer interface and innovative medical device sectors have seen significant breakthroughs, with analysts optimistic about investment opportunities due to supportive policies [8] Individual Stock Highlights - On December 18, China International Capital Corporation (601995) and Dongxing Securities resumed trading with limit-up prices, while Xinda Securities (601059) opened 6.8% higher [9] - Newly listed Yuan Chuang Co., Ltd. (001325) saw its stock price surge over 200% at the opening, closing at 70.99 yuan per share, with a leading market share in rubber track products [9][10] Future Market Outlook - Analysts from Industrial Securities express a positive outlook for the A-share market in 2026, citing limited negative external impacts and favorable trends in AI and liquidity [11] - Key sectors expected to drive growth include AI, new energy, military industry, and innovative pharmaceuticals, with a focus on companies with global competitive advantages [11]

中金公司重组方案出炉，收购东兴和信达证券，标志着汇金系整合的开启，三家券商今日复盘大涨！ AiFinD大事解析 汇金系券商整合落地：中金并购东兴、信达预案出炉，万亿级投行启航 一、事件概述:换股比例与复牌安排明确，万亿级投行诞生. 中金公司换股吸收合并东兴证券、信达证券预案正式披露，换股比例确定为东兴证券与中金公司 1:0.4373，信达证券与中金公司1:0.5188，合并后总资产超万亿元，净资产跃居行业第四。三家公司股 票于2025年12月18日复牌，较原计划提前5天。交易采用中金公司作为存续主体，通过换股方式整合两 家被合并方全部资产、负债及业务，中央汇金作为实际控制人推动本次同一控制下整合。 二、交易结构与股东权益保障机制 1. 换股定价 三、战略协同与业务互补性分析 1. 资源整合 中金公司投行、跨境业务优势与东兴证券零售经纪（福建区域密集）、信达证券特殊资产处置能力形成 互补，营业部数量增至374家，覆盖密度提升。 2. 资本增效 中金公司财务杠杆率（5.4倍）高于东兴（3.2倍）与信达（3.8倍），合并后资本金充裕度提升，资本运 用效率优化。 3. 政策契合 中金公司换股价格36.91元/股，东兴 ...