Core Viewpoint - The proposed merger between CICC, Dongxing Securities, and Cinda Securities aims to enhance resource integration and strengthen competitive capabilities in the securities industry, facilitating high-quality development and increasing global market influence [1][2][3] Group 1: Merger Details - CICC, Dongxing Securities, and Cinda Securities signed a cooperation agreement on November 19, 2025, followed by a merger agreement on December 17, 2025, detailing the terms and conditions for the proposed merger [1] - The merger will be executed through a share exchange, where each Dongxing A-share can be exchanged for 0.4373 CICC A-shares, and each Cinda A-share can be exchanged for 0.5188 CICC A-shares [1] Group 2: Share Structure Post-Merger - If the merger is unconditional and no other changes occur in the capital structure, CICC will issue 3,096,016,826 CICC A-shares, resulting in a total of 7,923,273,694 shares post-merger, with 6,019,559,266 CICC A-shares (75.97%) and 1,903,714,428 CICC H-shares (24.03%) [2] Group 3: Strategic Implications - The merger is expected to optimize resource allocation in the industry, enhance the capabilities of leading institutions, and support the development of a first-class investment bank with international competitiveness [3] - By integrating resources, the surviving company will improve client coverage, regional layout, and resource synergy, enabling better capital utilization for strategic initiatives and business expansion [3] - The merger will facilitate comprehensive financial resource integration, promote centralized operations, and enhance organizational capabilities, leading to improved income structure, capital allocation, and profitability [3]

Market Overview - The market experienced a collective rebound, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3%, as more than 3,600 stocks in the market saw gains [1] - The computing hardware sector showed strong performance, with stocks like Zhongci Electronics and Huanxu Electronics hitting the daily limit, while major players in optical modules also surged [1] - The lithium battery industry chain strengthened, with Jinyuan Co. achieving two limit-ups in four days and Tianji Co. hitting the daily limit [1] - The financial sector gained momentum in the afternoon, with Huatai Securities nearing a limit-up and China Pacific Insurance rising over 4% [1] Sector Analysis - High-profile stocks experienced a collective decline, with companies like Tongyu Communication and Zhongchao Holdings hitting the daily limit down [2] - The financial sector's afternoon surge was notable, with Huatai Securities and China Pacific Insurance leading the gains, alongside other major financial institutions [3] - The market's focus on computing hardware is attributed to its "performance certainty + growth potential," with expectations that the structural transformation seen in 2025 will continue into 2026 [6] Investment Themes - The technology innovation sector is contributing positively to industry profits, with TMT and advanced manufacturing leading the gains this year [7] - Industries linked to global demand or increased overseas penetration are also showing strong performance, including non-ferrous metals, automotive, home appliances, and machinery [7] - Key areas of focus for 2026 include AI supply-demand gaps, energy storage demand recovery, and the copper market's dependence on global fundamentals [8] AI Development - The AI application sector is entering a new catalytic phase, with ByteDance's Seed team launching a new audio-video creation model that supports various tasks [9] - Recent advancements in AI applications are being driven by major players enhancing their model capabilities and frameworks, with Alibaba's upgrade of "Tongyi - Qwen" being particularly notable [10] - The overall outlook for the AI application sector is optimistic, with consumer internet and marketing-related scenarios expected to benefit first from these developments [10]

新京报贝壳财经讯 12月17日，中金公司（601995）公告，拟换股吸收合并东兴证券（601198）、信达 证券（601059）。中金公司A股股票换股价格为36.91元/股，东兴证券A股股东持有的每1股信达证券A 股股票可以换取0.5188股中金公司A股股票，信达证券A股股东持有的每1股信达证券A股股票可以换取 0.5188股中金公司A股股票。 ...

北京商报讯（记者 刘宇阳）12月17日，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，中金公司换股吸收合 并两家公司迎来重大进展，并拟于12月18日复牌。 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。该交易方案 充分体现了两家公司资产价值，并有利于平衡各方股东利益。 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。 据悉，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的整体跃升。合 并 ...

信达证券（601059）(601059.SH)发布公告，公司于12月17日召开董事会，审议通过中金公司 （601995）换股吸收合并东兴证券、信达证券预案，公司A股股票将于12月18日起复牌。本次交易方案 尚需再次审议及股东会审议批准，并取得相应批准、核准、注册或同意后方可实施，存在不确定性。 ...

Group 1 - The core viewpoint of the news is the significant asset restructuring plan announced by CICC, Dongxing Securities, and Xinda Securities, which aims to enhance their competitive position in the market through a share swap merger [1][2] - The share swap prices are set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Xinda Securities, reflecting the asset values of the companies involved [1] - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger, with the share exchange ratios being 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities [1] Group 2 - The merger is anticipated to create a synergistic effect, enhancing the overall service capabilities and financial strength of the combined entity, positioning it among the industry leaders in terms of asset scale and revenue [2][3] - The combined company will benefit from a comprehensive service system that covers both institutional and retail clients, as well as domestic and international markets, thereby improving its resilience against economic fluctuations [2][3] - The restructuring aligns with national strategies to build a strong financial sector and is seen as a response to regulatory encouragement for mergers and acquisitions among leading institutions [4][5] Group 3 - The merger leverages the strengths of CICC in investment banking and private equity, while Dongxing and Xinda bring robust regional presence and retail client bases, creating a complementary advantage [3] - The financial structure of the merged entity is expected to be more resilient, with enhanced retail and capital business capabilities, leading to improved operational performance [3] - The restructuring is positioned as a key move to support national strategic goals, including resource allocation to priority sectors and fostering innovation [4][6]

信达证券股份有限公司董事会 关于本次交易相关主体不存在《上市公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监 管》第十二条及《上海证券交易所上市公司自律监管 指引第 6 号——重大资产重组》第三十条情形的说明 信达证券股份有限公司（以下简称"公司"）与中国国际金融股份有限公司 （以下简称"中金公司"）、东兴证券股份有限公司（以下简称"东兴证券"）拟 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、向公司全体 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、公司（以下简称"本次 交易"）。 根据相关法律法规的规定，公司董事会就本次交易相关主体是否存在《上市 公司监管指引第 7 号——上市公司重大资产重组相关股票异常交易监管》第十二 条及《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》第三十 条情形进行了审慎判断，具体如下： 截至本说明出具日，本次交易涉及的相关主体均不存在因涉嫌与本次交易相 关的内幕交易被立案调查或者立案侦查的情形，最近 36 个月内不存在因与重大 资产重组相关的内幕交易被中国证券监督管理委员会作出行政处罚或者被司法 机关依法追究刑事责任 ...

信达证券股份有限公司董事会 关于本次交易构成《上市公司重大资产重组管理办法》第 十二条规定的重大资产重组但不构成第十三条规定的重 组上市情形的说明 信达证券股份有限公司（以下简称"公司"或"信达证券"）与中国国际金融股份 有限公司（以下简称"中金公司"）、东兴证券股份有限公司（以下简称"东兴证券"） 拟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、向公司全体 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、公司（以下简称"本次交易"）。根 据《上市公司重大资产重组管理办法》（以下简称"《重组管理办法》"），公司董事会对 于本次交易是否构成《重组管理办法》规定的重大资产重组和重组上市出具说明如下： 本次交易完成后，信达证券将终止上市并注销法人资格。 本次交易前 36 个月内，中金公司控制权未发生过变更。本次交易不会导致中金公 司控制权发生变更，中央汇金投资有限责任公司仍为中金公司的控股股东、实际控制人。 因此，本次交易不构成《重组管理办法》第十三条规定的重组上市情形。 特此说明。 （以下无正文） 1 一、本次交易构成重大资产重组 根据《重组管理办法》，基于中金公司、信达证券 2024 ...

信达证券股份有限公司董事会 二、公司与各交易相关方沟通时，均告知交易相关方应对信息严格保密，不得告知 其他人员本次交易相关信息，不得利用交易筹划信息买卖上市公司股票，如涉嫌内幕交 易，会对当事人以及本次交易造成严重后果。 三、为确保信息披露公平性，避免造成公司股价异常波动，经公司向上海证券交易 所申请，公司股票自 2025 年 11 月 20 日开市时起开始停牌。停牌期间，公司根据有关 法律法规的规定和要求，每 5 个交易日发布一次重大资产重组进展公告。 四、公司按照相关法律法规的要求编制了交易进程备忘录并经相关人员签字确认， 及时完成内幕信息知情人的登记，并完成了相关材料的上报。 关于本次交易采取的保密措施及保密制度的说明 信达证券股份有限公司（以下简称"公司"）与中国国际金融股份有限公司（以下 简称"中金公司"）、东兴证券股份有限公司（以下简称"东兴证券"）拟由中金公司通 过向东兴证券全体 A 股换股股东发行 A 股股票、向公司全体 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、公司（以下简称"本次交易"）。 根据上海证券交易所的相关要求，公司董事会对公司就本次交易采取的保密措施及 保密制度 ...

信达证券股份有限公司董事会 关于本次交易履行法定程序的完备性、合规性及提交 的法律文件的有效性的说明 信达证券股份有限公司（以下简称"公司"）与中国国际金融股份有限公司 （以下简称"中金公司"）、东兴证券股份有限公司（以下简称"东兴证券"）拟 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、向公司全体 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、公司（以下简称"本次 交易"）。 （五）公司独立董事专门会议已审议本次交易并发表了审核意见。 一、关于本次交易履行法定程序完备性、合规性的说明 （一）公司与相关方就本次交易事宜进行磋商以及达成初步意向期间内，均 采取了必要且充分的保密措施，并严格限定本次交易相关敏感信息的知悉范围。 （二）公司及时记录商议筹划、论证咨询等阶段的内幕信息知情人及筹划过 程，进行内幕信息知情人登记，并制作《重大事项进程备忘录》，经相关人员签 字确认后向上海证券交易所进行了报送。 （三）2025 年 11 月 20 日，公司披露《信达证券股份有限公司关于筹划重 大资产重组的停牌公告》（公告编号：2025-043），公司股票自 2025 年 11 月 20 日开市 ...