根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：东兴证券，证券代码： 601198）自2025年11月20日（星期四）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。具体内容详见公司于2025年11月20日披露的《东兴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：2025-063）。 鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价 异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 停牌期间，公司将积极推进各项工作，并根据本次重组进展情况，严格按照有关法律法规的规定和要求 履行信息披露义务。待相关事项确定后，公司将及时发布相关公告并申请公司A股股票复牌。 本次重组的具体合作方案以三方进一步签署的交易文件为准。本次重组尚需履行必要的内部决策程序， 并需经有权监管机构批准后方可实施，能否实施尚存在不确定性。公司发布的信息以在上海证券交易所 网站（www.sse.com.cn）刊登的公告为准，敬请广大 ...

Group 1 - A-shares indices rose in early trading on November 27, with active performance from brokerage stocks, particularly the brokerage ETF (159842) which opened lower but turned positive, gaining 0.18% [1] - The brokerage ETF (159842) continued to attract capital, with a net inflow of over 110 million yuan yesterday, and has seen net inflows in 8 out of the last 10 trading days, totaling over 370 million yuan [1] - The brokerage ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities company stocks to reflect the overall performance of the industry [1] Group 2 - Recent catalysts in the brokerage sector include major asset restructuring announcements from China International Capital Corporation and Xinda Securities, leading to continued stock suspensions [1] - The latest approval of the third batch of account management function optimization pilot securities companies includes eight firms, indicating regulatory support for the sector [1] - Zhejiang Securities predicts that the non-bank sector will experience stagnation in 2025, but expects a rebound in 2026 as the equity market continues its long-term "slow bull" trend, highlighting the sector's beta characteristics [2]

东吴证券指出，行业并购整合加速，中金公司拟换股吸收合并东兴证券、信达证券，合并后总资产将达 1万亿元，排名行业第四。证监会提出将提高外资参与便利度，深化资本市场改革，强化稳市机制建 设。受益于市场回暖及政策环境友好，经纪、投行、资本中介等业务均有望改善。行业转型持续推进， 优质券商有望通过创新业务打开增长空间。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 平安证券指出，近期市场景气度改善、交投活跃度维持高位，证券板块从估值到业绩均具备β属性，全 面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空间。 每日经济新闻 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从沪深市场中选取业务涉及证券经纪、 承销与保荐、自营等领域的上市公司证券作为指数样本，以反映证券行业相关上市公司证券的整体表 现。该指数覆盖了中国A股 ...

Group 1 - Tianfeng Securities plans to issue offshore bonds not exceeding $960 million to optimize debt structure and enhance the financing capability of its subsidiary Tianfeng International Securities [1] - The funds raised will be used to repay offshore debts, including medium to long-term offshore bonds and bank loans due within one year, which will alleviate short-term repayment pressure and enhance liquidity [1] - This move reflects the proactive approach of Chinese financial institutions in expanding financing channels, potentially stabilizing market expectations [1] Group 2 - Wang Ying has been appointed as the new chairman of China Merchants Fund, indicating further optimization of the company's governance structure [2] - Wang's extensive banking management experience is expected to bring new strategic perspectives and promote business collaboration and innovation within the fund [2] - Changes in leadership at major fund companies often lead to a reassessment of the competitive landscape in the industry, signaling ongoing reforms [2] Group 3 - CICC is planning a major asset restructuring through a share swap to absorb Dongxing Securities and Xinda Securities, which may reshape the brokerage industry landscape and increase market concentration [3] - The restructuring is expected to significantly expand CICC's business scale and market share, with potential synergies and a revaluation of its valuation logic [3] - The acceleration of consolidation in the brokerage sector may intensify competition for smaller firms, while also injecting structural vitality into the overall market [3] Group 4 - China Galaxy Securities has established its Beijing Internet Securities branch, marking a significant step in its wealth management business transformation [4] - This branch is positioned as an "innovative business subsidiary" aimed at integrating online and offline financial services and exploring sustainable operational development paths [4] - The establishment of this internet branch may accelerate the digital transformation in the brokerage sector and intensify competition driven by technological empowerment [4]

Company Movements - China International Capital Corporation (CICC) is planning to absorb and merge Dongxing Securities and Xinda Securities through a share swap, involving both A and H shares, leading to a complex process with A shares currently suspended from trading [5] - Industrial Fulian has adjusted the upper limit for its share repurchase price from 19.36 yuan per share to 75 yuan per share [6] - ByteDance responded to media reports claiming that its Tomato series businesses would generate over 30 billion yuan in revenue and profits of 3 to 5 billion yuan, stating that the figures are inaccurate [6] - Ideal Auto reported third-quarter revenue of 27.4 billion yuan with a net loss of 360.3 million yuan, and a year-on-year decline in vehicle deliveries by 39% [6] Investment News - On November 26, the A-share market experienced a pullback, with the Shanghai Composite Index closing down 0.15% at 3864.18 points, while the Shenzhen Component Index rose by 1.02% and the ChiNext Index increased by 2.14%, with total market turnover reaching 1.8 trillion yuan [4] - Insurance funds are seeing new capital entering the market as Sunshine and Yuan Private Securities Investment Fund have been registered with the Asset Management Association of China, marking the 10th fund to officially begin operations [4] - The trial for optimizing brokerage account management functions has expanded for the first time in nearly three years, with eight brokerages including Guolian Minsheng and Huaxin Securities now qualified, bringing the total to 20 [4] - Southbound capital has significantly increased its investment in Hong Kong stocks, with a cumulative net purchase of 1.38 trillion Hong Kong dollars this year, the highest on record, contributing to a nearly 30% rise in the Hang Seng Index [4]

（文章来源：证券日报） 证券日报网讯 11月26日晚间，信达证券发布公告称，公司与中国国际金融股份有限公司（简称"中金公 司"）、东兴证券股份有限公司（简称"东兴证券"）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（简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票自2025年11月20 日（星期四）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。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司 股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

证券日报网讯 11月26日晚间，东兴证券发布公告称，公司与中国国际金融股份有限公司（简称"中金公 司"）、信达证券股份有限公司（简称"信达证券"）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（简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：东 兴证券，证券代码：601198）自2025年11月20日（星期四）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。鉴于本次重组相关事项存在重大不确定性，为保证信息公 平披露，维护投资者利益，避免造成公司股价异常波动，根据上海证券交易所相关规定，公司A股股票 将继续停牌。 （文章来源：证券日报） ...

Group 1 - The core point of the news is that Xinda Securities is planning to issue A-shares to merge with Dongxing Securities and itself, resulting in the historical disappearance of "Xinda Securities" [1] - After the merger, the combined asset scale of the new brokerage will exceed 1 trillion yuan [1] - However, the merger will not significantly increase the equity investment banking project reserves, as Xinda Securities currently has only one remaining project, which is the private placement of Beiken Energy [1][2] Group 2 - Beiken Energy's private placement plan involves issuing up to 54 million shares at a price of 6.59 yuan per share, raising a total of no more than 353 million yuan [2][4] - The current controlling shareholder, Chen Pinggui, will see his shareholding decrease from 14.15% to 11.15% after the private placement, while Chen Dong's shareholding will increase from 0% to 21.18% [2][4] - Concerns arise regarding Chen Dong's ability to pay the 353 million yuan subscription amount, given his average annual salary of less than 1 million yuan [4] Group 3 - Chen Pinggui has been reducing his holdings in Beiken Energy, cashing out approximately 5.5 million yuan over the past year [4][5] - The private placement price of 6.59 yuan per share is about 2 yuan lower than the recent selling price of Chen Pinggui, creating an 80% arbitrage opportunity if the placement is successful [5] - If the private placement is completed, Chen Dong could potentially realize a paper profit of approximately 280 million yuan [5] Group 4 - The news also highlights the recent IPO of Aomeisen, which was previously sponsored by Xinda Securities, raising questions about the company's financial practices [6][12] - Aomeisen's net profit showed significant fluctuations, with a 70.5% drop in 2022 after withdrawing its IPO application, followed by a 248.09% increase in 2023 [10][11] - Concerns about Aomeisen's internal control and financial accounting practices were raised during inspections by the Guangdong Securities Regulatory Bureau [11][12]

（编辑 任世碧） 证券日报网讯 11月26日晚间，中金公司发布公告称，公司与东兴证券股份有限公司（简称"东兴证 券"）、信达证券股份有限公司（简称"信达证券"）正在筹划由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 （简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票自2025年11月20日 （星期四）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。鉴 于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价异 常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。停牌期间，公司将积极推进各项工 作，并根据本次重组进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待相关事项确 定后，公司将及时发布相关公告并申请公司A股股票复牌。 ...

信达证券股份有限公司 2025 年第三次临时股东会 会议资料 厦 B 座 1608 会议室 会议召集人：公司董事会 会议主持人：董事长林志忠先生 （证券代码：601059） 2025 年 12 月 12 日·北京 信达证券股份有限公司 2025 年第三次临时股东会会议资料 信达证券股份有限公司 2025 年第三次临时股东会会议议程 现场会议开始时间：2025 年 12 月 12 日 14 点 30 分 现场会议召开地点：北京市西城区宣武门西大街甲 127 号金隅大 现场会议日程： 一、宣布会议开始 四、审议议案 七、宣布表决结果 八、律师宣布法律意见书 九、宣布会议结束 2 二、宣布现场出席情况 三、推举计票人、监票人，向现场出席会议的股东发放表决票 五、现场出席会议的股东投票表决 六、休会（等待网络表决结果，工作人员统计表决结果） 信达证券股份有限公司 2025 年第三次临时股东会会议资料 议案 1：关于修订《信达证券股份有限公司章程》的议案 各位股东： 为贯彻落实《中华人民共和国公司法》《上市公司章程指引》《上 海证券交易所股票上市规则》等外部法律法规、监管规则、自律准则， 进一步完善公司治理结构，信达证 ...