12月17日，三家券商同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，并宣 布于12月18日复牌。 北京商报讯（记者 刘宇阳）12月18日开盘，中金公司、东兴证券同步涨停，分别报38.38元/股、14.44 元/股，信达证券涨6.8%，报19元/股。截至9时35分，东兴证券维持涨停，中金公司和信达证券均涨超 6%。 根据交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中 金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证 券换股价格为19.15元/股。 ...

中金公司换股吸收东兴、信达证券预案点评 分析师 刘雨辰 执业证书： S0590522100001 邮箱： liuyuch@glms.com.cn 分析师 耿张逸 执业证书： S0590524100001 邮箱： gzhy@glms.com.cn 合并后新主体实力有望显著提升，后续发展值得期待 glmszqdatemark 2025 年 12 月 18 日 事件：2025 年 12 月 17 日，中金公司、东兴证券、信达证券均发布《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 预案》，三家公司股票将于 2025 年 12 月 18 日复牌。 吸收合并预案出台，东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188。 1）东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188：本次交易的具 体实现方式为中金公司换股吸收合并东兴证券和信达证券。中金公司和信达证券 的换股价格按照定价基准日前 20 个交易日的股票交易均价确定，东兴证券的换 股价格按照定价基准日前 20 个交易日的股票交易均价并给予 26%的溢价后确 定。中金公司 A 股换股价格为 3 ...

中金公司、东兴证券、信达证券今日复牌，中金公司A股开盘涨停，H股涨逾7%。东兴证券涨停，信达 证券高开6.8%。 | 38 38 +3.49 +10.00% | | | 中金公司 (1) 立即 601995 交易 | | --- | --- | --- | --- | | SSE CNY 9:25:01 交易中 查看L2全景 | | | 通融/ ● 十 | | 20.300(+7.07%)I/A :- 52.01% Wind ESG评级 | | | 详情 | | 委比-97.52% 委差 -74227 | | | 今年 14.19% 120日 6.81% | | 图 | - | IC | 5日 10.00% 250日 4.24% | | 卖口 | 1 | 12 | 20日 10.00% 52周高 39.91 | | 25 60日 | | - | 3.03% 52周低 30.24 | | 三三 | 1 | - | 2023 20242025Q3 | | EPS | 38.38 | 75170 | 1.14 1.04 1.24 | | BPS | 38.37 | 856 | 18.27 19.15 20.22 | ...

Group 1 - CICC plans to issue 3.096 billion A-shares, resulting in Central Huijin's direct shareholding reaching 1.936 billion shares [1][4] - On December 18, CICC and Dongxing Securities saw their A-shares hit the daily limit, while Cinda Securities rose by 6.8%, with CICC's Hong Kong shares increasing by over 7% [1] - The share exchange prices are set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, with exchange ratios of 1:0.4373 and 1:0.5188 respectively [4] Group 2 - The merger aims to create a competitive investment bank and support the reform of the capital market and high-quality development of the securities industry [4] - Projected revenues for 2024 are 21.333 billion CNY for CICC, 9.370 billion CNY for Dongxing, and 3.292 billion CNY for Cinda, with total assets of 674.716 billion CNY, 105.229 billion CNY, and 106.902 billion CNY respectively [4] - The total transaction amount for the merger is estimated at 114.275 billion CNY [4][5]

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

黄桷树财经认为，信达证券的停牌价17.79元/股，低于定价基准日前20个交易日均价19.15元/股，所以直接采用了19.15元/股；东兴证券的停牌价13.13元/ 股，高于定价基准日前20个交易日均价12.81元/股，必须要给一定的溢价，可显著提升中小股东的换股收益预期，降低方案推进的阻力。 根据换股价格测算，每持有1股东兴证券A股可换得0.4373股中金公司A股，每持有1股信达证券A股可换得0.5188股中金公司A股。 中金公司预计将发行A股股份合计30.96亿股，发行完成后中金公司总股本将由48.27亿股增至79.23亿股。 交易完成后，东兴证券、信达证券将终止上市并注销法人资格，其全部资产、负债、业务、人员等均由中金公司承继。 2025年12月17日晚间，中金公司（601995.SH；03908.HK）披露换股吸收合并预案，拟通过发行A股股票的方式，同时吸收合并东兴证券(601198.SH）与 信达证券(601059.SH）。 这一交易如果顺利落地，将是继国泰君安吸收合并海通证券后的又一个券商合并案例，它标志着国有券商正在通过合并来做大做强。 一、交易核心：换股定价与比例明确 根据预案，本次交易采用纯换 ...

Group 1 - The core viewpoint of the news is the significant merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a pivotal moment in the brokerage industry as CICC aims to establish itself as a leading international investment bank [1][2] - The merger will allow CICC to enter the "trillion club" in total assets, becoming the fourth brokerage in the industry to achieve this milestone [1][2] - The stock exchange ratio for the merger has been set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with all three companies' stocks resuming trading on December 18 [1] Group 2 - The merger is expected to enhance CICC's asset scale significantly and strengthen its leading position in wealth management and cross-border business [2] - The complementary strengths of Dongxing and Xinda in regional networks and special asset investment banking will synergize with CICC's advantages in capital utilization, further enhancing competitive advantages [1][2] - This consolidation trend in the brokerage industry may lead to a revaluation of brokerage stocks and accelerate the concentration of the industry [2] Group 3 - As of the end of Q3 2025, the total scale of asset management products in China's fund industry has exceeded 80 trillion yuan, indicating a continuous expansion of the industry [3] - Public funds account for nearly half of this total, reflecting a trend of wealth shifting towards standardized products, while private fund demand remains strong with over 21 trillion yuan in scale [3] - The combined scale of private asset management products from brokerages and fund subsidiaries exceeds 12 trillion yuan, showcasing the accelerated institutionalization process in the market [3] Group 4 - Non-monetary ETFs saw a net inflow of 26.645 billion yuan yesterday, with a significant increase of over 60% compared to the previous day [4] - The A500 index ETFs attracted the highest net inflow, totaling 11.107 billion yuan, with the Huatai-PB CSI A500 ETF leading at 3.282 billion yuan [4] - The overall increase in net inflows into ETFs indicates a clear intention from the market to allocate funds, reflecting a growing preference for core assets [4]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - The Ministry of Finance reported that from January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The National Development and Reform Commission and other departments released guidelines for clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 10.862 million yuan per ton, reflecting an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "lowest prices online" may constitute abuse of market dominance or monopolistic agreements [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a national unified electricity market evaluation system, focusing on operational effectiveness and market competition [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - Baida Group's stock has seen significant short-term price increases, indicating potential risks of rapid declines [8] - China Railway Engineering Corporation plans to repurchase A-shares worth between 1 billion and 2 billion yuan [11]

【环球网财经综合报道】12月17日晚间，中金公司（601995.SH、03908.HK）与东兴证券（601198.SH）、信达证券 （601059.SH）同步披露重大资产重组预案，备受业界关注"汇金系"券商合并迎来重大进展，并拟于12月18日复牌。 本次交易后，中金公司将实现跨越式发展，预计总资产规模超万亿元，也标志着三家券商合并后，诞生行业第四家总 资产万亿券商。 公开信息披露显示，中金公司作为吸收合并的存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为 16.14元/股，信达证券换股价格为19.15元/股；中金公司预计将新发行A股约30.96亿股，定价有利于平衡各方股东利 益。 《华尔街日报》此前撰文提到，中国证监会在2024年3月表示，计划在未来五年内帮助10家证券公司引领行业发展， 并希望到2035年打造两到三家具有全球影响力的券商。花旗集团分析师张卓佳和Calvin Leung在一份报告中表示，这 三家总部位于北京的公司的三方合并，将会缔造一个"具有市场领先地位的巨型券商"。 亦有分析人士表示，通过本次重组，中金公司将与东兴证券、信达证券在战略层面深度协同，实现资源整合与资本实 力 ...

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A-share market showed a strong rebound, with the Shanghai Composite Index rising 1.19% to 3870.28 points, the Shenzhen Component Index rising 2.4%, and the ChiNext Index rising 3.39%. The market turnover reached 1.83 trillion yuan. [14] - The prices of steel and ore are expected to be volatile in the short term with limited rebound space, and a bearish approach is recommended in the medium to long term. [18][19] - The prices of coking coal and coke are expected to be volatile in the short term, and the 05 contract may have a phased rebound opportunity but with limited space and strength. [20] - For iron alloys, a bullish approach is recommended for ferrosilicon in the medium term, while a bearish approach is recommended for silicomanganese. [21][22] - For soda ash, a wait-and-see approach is recommended, while for glass, a bullish approach can be considered after the market sentiment stabilizes. [23] - For zinc, short positions are recommended as the price is expected to decline after the macro positive factors fade. [25] - For lead, it is recommended to hold short positions as the fundamentals are weak. [27] - For lithium carbonate, although the short-term fundamentals show signs of weakening, the medium to long-term demand is positive, and buying opportunities during corrections can be considered. [28] - For industrial silicon, it is expected to be volatile in the short term, and there may be some opportunities to repair the valuation. [31] - For polysilicon, the spot price is expected to remain strong, supporting the futures price to run strongly under the expectation of the anti-involution policy. [32] - For cotton, the price is expected to be volatile in the short term, and the long-term price is expected to rise due to the expected reduction in supply. [34][35] - For sugar, the price is expected to decline in a volatile manner, and a wait-and-see approach is recommended. [37] - For eggs, a bearish approach is recommended for the near-term contracts, while a wait-and-see approach is recommended for the far-term contracts. [39] - For apples, the price is expected to be volatile. [41] - For corn, a bearish approach is recommended for the far-term contracts, and a reverse spread opportunity can be considered. [42] - For red dates, a wait-and-see approach is recommended, and the market performance during the consumption peak season should be closely monitored. [43] - For live pigs, a bearish approach is recommended for the near-term contracts as the supply is strong and the demand is weak. [44] - For crude oil, the short-term rise driven by geopolitical factors is limited, and the price is expected to decline in the medium term due to the oversupply. [46][47] - For fuel oil, the price will follow the movement of crude oil prices, and the short-term trading focus is on geopolitical factors. [48] - For plastics, a bearish approach is recommended as the supply pressure is large and the demand is weak. [49] - For rubber, a short-term bullish approach can be considered during corrections, and the ru-nr spread strategy can be temporarily stopped for profit. [50] - For synthetic rubber, the price is expected to be strong due to cost and device factors, but chasing the rise should be cautious. [51] - For methanol, a bullish approach can be considered for the far-term contracts after the inventory is smoothly reduced, while a bullish approach is recommended for the near-term contracts. [52][53] - For caustic soda, a bullish approach is recommended as the futures price is strong. [54] - For asphalt, the price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. [55] - For the polyester industry chain, a positive spread strategy can be considered for PX and PTA 5-9 contracts. [56] - For liquefied petroleum gas (LPG), the price is expected to be weak as the supply is abundant and the demand is poor. [57][58] - For pulp, a wait-and-see approach is recommended, and a short call option strategy can be considered for the 03 contract. [58] - For logs, the price is expected to be under pressure as the fundamentals are weak. [59] - For urea, the Indian urea tender has a positive impact on the near-term sentiment, but the impact on the 05 contract is expected to be weak. [60] Summaries Based on Relevant Catalogs Macro News - CICC plans to absorb and merge Dongxing Securities and Cinda Securities, and the three companies' stocks will resume trading on December 18. After the merger, CICC will become the fourth securities firm with total assets exceeding 1 trillion yuan. [10] - The global silver market has witnessed a historic rally, with the spot silver price breaking through $65 and $66 per ounce on December 17, approaching $67 per ounce. The year-to-date increase is about 130%, twice the increase of gold futures. [10] - In the first year of the 15th Five-Year Plan, a moderately loose monetary policy is needed to promote economic growth and price recovery. Market institutions generally expect a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point reduction in the interest rate next year. [10] - From January to November this year, the national fiscal revenue was 20.05 trillion yuan, a year-on-year increase of 0.8%. The national tax revenue was 16.48 trillion yuan, an increase of 1.8%, and the securities transaction stamp duty revenue was 185.5 billion yuan, an increase of 70.7%. [11] - China has achieved a breakthrough in invasive brain-computer interface clinical trials, successfully realizing the control of intelligent wheelchairs and robotic dogs with thoughts. [11] - BYD has launched a full-scale internal test of L3-level autonomous driving in Shenzhen, completing over 150,000 kilometers of actual road verification. [11] - CATL's new energy power battery PACK production line for humanoid embodied intelligent robots has been put into operation, marking a milestone in the application of embodied intelligence in the manufacturing industry. [11] - US President Trump has ordered a "full and complete blockade" of all sanctioned oil tankers entering and leaving Venezuela and declared the Venezuelan government a "foreign terrorist organization." [12] - Federal Reserve Governor Waller said that the Fed still has 50 to - 100 basis points of room for interest rate cuts, but there is no need for drastic action based on the current economic outlook. [12] Macro Finance - **Stock Index Futures**: A focus on the sustainability of liquidity repair is recommended. If it materializes, the index may strengthen. The A-share market rebounded strongly, with the Shanghai Composite Index rising 1.19% to 3870.28 points, the Shenzhen Component Index rising 2.4%, and the ChiNext Index rising 3.39%. The market turnover reached 1.83 trillion yuan. [14] - **Treasury Bond Futures**: Medium - and short - term bonds have certain odds and are expected to be volatile and strong. The funds are in a balanced and loose state, and the funds rate is stable. The 11 - month macro - economic data showed a decline in most indicators except for the stable unemployment rate. [15] Black Metals - **Steel and Ore**: The policy is relatively mild without strong stimulus. The demand for building materials is weak, while the demand for rolled products is improving. The supply of steel mills is expected to decline, and the inventory is still at a high level compared to last year. The cost is expected to decrease. A short - term volatile and medium - to long - term bearish approach is recommended. [18][19] - **Coking Coal and Coke**: The price is expected to be volatile in the short term. The coal production is expected to be restricted in the short term, and the demand for raw materials from steel mills is weakening. The 05 contract may have a phased rebound opportunity but with limited space and strength. [20] - **Ferroalloys**: A bullish approach is recommended for ferrosilicon in the medium term, while a bearish approach is recommended for silicomanganese. The supply of ferrosilicon is expected to decrease, while the supply of silicomanganese is expected to increase. [21][22] - **Soda Ash and Glass**: For soda ash, a wait - and - see approach is recommended. For glass, a bullish approach can be considered after the market sentiment stabilizes. The supply of soda ash is recovering, while the supply of glass is expected to be reduced. [23] Non - ferrous Metals and New Materials - **Zinc**: The price is expected to decline after the macro positive factors fade. The domestic inventory has decreased, and the price is affected by the Fed's policy and geopolitical factors. [25][26] - **Lead**: A bearish approach is recommended as the fundamentals are weak. The production of electrolytic lead has decreased, and the market for recycled lead is inactive. [27] - **Lithium Carbonate**: Although the short - term fundamentals show signs of weakening, the medium - to long - term demand is positive, and buying opportunities during corrections can be considered. The supply is expected to shift from surplus to balance or shortage. [28][30] - **Industrial Silicon**: It is expected to be volatile in the short term, and there may be some opportunities to repair the valuation. The supply may be affected by environmental protection in Xinjiang and the price of coking coal. [31] - **Polysilicon**: The spot price is expected to remain strong, supporting the futures price to run strongly under the expectation of the anti - involution policy. The price is affected by the establishment of the platform company and the supply - reduction expectation. [32] Agricultural Products - **Cotton**: The price is expected to be volatile in the short term, and the long - term price is expected to rise due to the expected reduction in supply. The supply is currently abundant, but the demand for pre - holiday replenishment and the expected reduction in planting area support the price. [34][35] - **Sugar**: The price is expected to decline in a volatile manner, and a wait - and - see approach is recommended. The global sugar supply is expected to be in surplus, and the new sugar supply is increasing. [37] - **Eggs**: A bearish approach is recommended for the near - term contracts, while a wait - and - see approach is recommended for the far - term contracts. The supply of laying hens is expected to decline, but the inventory is still high, and the demand is seasonal. [39] - **Apples**: The price is expected to be volatile. The出库 of apples is slow, and the market demand is weak due to the high price and the substitution of citrus fruits. [41] - **Corn**: A bearish approach is recommended for the far - term contracts, and a reverse spread opportunity can be considered. The supply - demand mismatch is being alleviated, and the far - term supply pressure is increasing. [42] - **Red Dates**: A wait - and - see approach is recommended, and the market performance during the consumption peak season should be closely monitored. The market is currently stable, and the future performance depends on the consumption demand and inventory reduction. [43] - **Live Pigs**: A bearish approach is recommended for the near - term contracts as the supply is strong and the demand is weak. The supply is expected to increase at the end of the month, and the demand increase during the double festivals is limited. [44] Energy and Chemicals - **Crude Oil**: The short - term rise driven by geopolitical factors is limited, and the price is expected to decline in the medium term due to the oversupply. The situation in Venezuela has led to a short - term increase in the price, but the long - term impact is limited. [46][47] - **Fuel Oil**: The price will follow the movement of crude oil prices, and the short - term trading focus is on geopolitical factors. The supply is abundant, and the demand is weak. [48] - **Plastics**: A bearish approach is recommended as the supply pressure is large and the demand is weak. The upstream production is in deficit, but there is no strong driving force for a significant rebound. [49] - **Rubber**: A short - term bullish approach can be considered during corrections, and the ru - nr spread strategy can be temporarily stopped for profit. The cost is supportive, and the price is affected by synthetic rubber. [50] - **Synthetic Rubber**: The price is expected to be strong due to cost and device factors, but chasing the rise should be cautious. The price is affected by the price of butadiene and the downstream procurement sentiment. [51] - **Methanol**: A bullish approach can be considered for the far - term contracts after the inventory is smoothly reduced, while a bullish approach is recommended for the near - term contracts. The supply is affected by the shutdown of Iranian plants, and the demand is increasing. [52][53] - **Caustic Soda**: A bullish approach is recommended as the futures price is strong. The spot market of 32% caustic soda is improving, and the short - selling positions are actively leaving the market. [54] - **Asphalt**: The price fluctuation is expected to increase, and the focus is on the price bottom after the winter storage game. The price is affected by the geopolitical situation and the winter storage expectation. [55] - **Polyester Industry Chain**: A positive spread strategy can be considered for PX and PTA 5 - 9 contracts. The price is mainly driven by cost and market sentiment, and the supply - demand drive is limited. [56] - **Liquefied Petroleum Gas**: The price is expected to be weak as the supply is abundant and the demand is poor. The geopolitical premium has limited impact, and the price is prone to decline. [57][58] - **Pulp**: A wait - and - see approach is recommended, and a short call option strategy can be considered for the 03 contract. The inventory is decreasing, and the market sentiment is improving. [58] - **Logs**: The price is expected to be under pressure as the fundamentals are weak. The inventory is expected to increase, and the spot price is under pressure. [59] - **Urea**: The Indian urea tender has a positive impact on the near - term sentiment, but the impact on the 05 contract is expected to be weak. The spot price is stable, and the futures price is strong in the near term. [60]