Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities marks the beginning of a significant consolidation within the brokerage industry, aiming to create a new "carrier-level" brokerage with total assets exceeding 1 trillion yuan [1][4]. Group 1: Background and Strategic Context - The restructuring aligns with the directives from the Central Financial Work Conference and the new "National Nine Articles," which emphasize the cultivation of top-tier investment banks and institutions [2]. - The restructuring is seen as a strategic arrangement to enhance core competitiveness through mergers and acquisitions, with a goal of establishing 2-3 internationally competitive investment banks by 2035 [2]. Group 2: Company Performance and Characteristics - CICC reported a revenue of 20.76 billion yuan for the first three quarters of 2025, a year-on-year increase of approximately 54%, with a net profit of 6.57 billion yuan, up 130% [3]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3]. - Cinda Securities generated total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% year-on-year growth [3]. Group 3: Industry Position and Future Prospects - Post-restructuring, the new entity will rank as the fourth largest listed brokerage in A-shares by total assets, following CITIC Securities, Guotai Junan, and Huatai Securities [4]. - The combined strengths of CICC in investment banking and cross-border business, along with Dongxing and Cinda's expertise in retail brokerage and asset management, are expected to enhance the new company's competitive position [4]. Group 4: Resource Reallocation and Market Impact - The restructuring is part of a broader initiative to optimize the structure of financial institutions in China, facilitating better resource allocation and enhancing the overall efficiency of capital markets [5][6]. - The integration aims to improve risk management capabilities and create a more robust financial platform that can handle systemic risks effectively [6]. Group 5: Expectations and Strategic Goals - The restructuring is anticipated to provide better support for national strategies and the real economy, particularly in areas like manufacturing upgrades and technological innovation [7]. - It aims to enhance the functionality and pricing efficiency of capital markets, thereby increasing the proportion of direct financing [7]. - The new CICC is expected to position itself as a significant player in the global investment banking arena, enhancing China's representation in international financial markets [7][8].

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks the beginning of a significant consolidation within the brokerage industry, aiming to create a new "carrier-level" brokerage with total assets exceeding 1 trillion yuan [2][3]. Group 1: Background and Strategic Context - The restructuring aligns with the directives from the Central Financial Work Conference and the new "National Nine Articles," which emphasize the cultivation of top-tier investment banks and institutions [3]. - The restructuring is seen as a strategic move to enhance core competitiveness through mergers and organizational innovation, with a goal of establishing 2-3 internationally competitive investment banks by 2035 [3][6]. Group 2: Company Performance and Characteristics - CICC reported a revenue of 20.76 billion yuan for the first three quarters of 2025, a year-on-year increase of approximately 54%, with a net profit of 6.57 billion yuan, up 130% [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [5]. - Xinda Securities generated total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% and 53% increase respectively [5]. Group 3: Industry Implications and Future Expectations - The merger is expected to create a brokerage with total assets surpassing 1 trillion yuan, positioning it as the fourth-largest listed brokerage in A-shares [5]. - The new entity will leverage CICC's strengths in investment banking and cross-border services, while Dongxing and Xinda will contribute their expertise in retail brokerage and asset management [4][5]. - The restructuring is part of a broader trend in the Chinese securities industry, aiming to optimize participant structures and enhance the overall stability and efficiency of the capital market [7][9].

Group 1 - The core viewpoint of the article highlights the significant transformation in the M&A market, moving from simple scale expansion to deeper strategic integration and value creation, reflecting the pulse of China's economic transformation and upgrade [1] Group 2 - The M&A market has shifted from a "scale-oriented" approach to one dominated by "industrial logic," emphasizing the need for companies to enhance their strengths and optimize their operations [2] - A notable example is the proposed merger of CICC with Dongxing Securities and Xinda Securities, which aims to leverage their complementary advantages and create a powerful synergy in the financial sector [2] - The State-owned Assets Supervision and Administration Commission (SASAC) is promoting the professional integration of central enterprises, emphasizing the importance of aligning M&A activities with future industry and technology trends [2] Group 3 - "Hard technology" has emerged as the most active sector for M&A, driven by the need for technological breakthroughs and industrial upgrades, with companies seeking to acquire cutting-edge technologies and core talent through acquisitions [3] - The integration of upstream and downstream in the industrial chain has become a mainstream model, with leading companies aiming to secure key technologies and enhance the resilience of the entire industry chain [3] - Policies such as the "Science and Technology Innovation Board Eight Articles" and "M&A Six Articles" are guiding capital towards the "hard technology" sector, providing clear direction and strong momentum for this M&A wave [3] Group 4 - The focus of successful M&A has shifted from transaction execution to integration effectiveness, with value creation becoming the key measure of success [4] - Regulatory bodies are emphasizing the importance of effective integration post-acquisition, assessing the sustainability of the target company's operations and the reasonableness of the acquisition price [4] - The strategic transformation in the M&A market represents an upgrade in the ability of the capital market to serve the real economy, with a continued focus on industrial logic, technological innovation, and integration effectiveness [4]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The non-bank financial index fell by 4.4% last week, underperforming the CSI 300 by 0.6 percentage points, with both brokerage and insurance indices showing a synchronized decline of 4.9% and 3.0% respectively [4][8] - The merger of CICC, Dongxing Securities, and Xinda Securities is expected to enhance market competitiveness and resource optimization, with the combined entity projected to exceed 1 trillion yuan in total assets by Q3 2025, ranking fourth in the industry [4] - The introduction of guidelines for expense allocation in life insurance products aims to promote reasonable pricing and refined management, enhancing the sustainability of insurance companies and protecting consumer rights [4] Summary by Sections Market Review - The Shanghai Composite Index decreased by 3.9%, while the Shenzhen Component Index fell by 5.1%, and the CSI 300 dropped by 3.8% last week [8] - The average daily trading volume of stock funds was 23,309 billion yuan, a decrease of 6.6% from the previous week [16] Brokerage Sector - The merger of CICC, Dongxing Securities, and Xinda Securities is a significant development, with expectations of further consolidation within the Huijin system to reduce competition and optimize resources [4] - The internationalization of brokerages is deepening, as evidenced by Guotai Junan's acquisition of an Indonesian securities firm [4] Insurance Sector - The release of the "Expense Allocation Guidelines" by the Actuarial Society aims to standardize pricing in life insurance products, enhancing transparency and fairness in the industry [4] - The guidelines are expected to improve the management of expenses and support the sustainable development of insurance companies [4] Investment Recommendations - For brokerages, it is suggested to focus on opportunities related to mergers and acquisitions, wealth management transformation, and innovative licensing [4] - For insurance companies, attention is drawn to large comprehensive insurers with competitive advantages under the new regulatory framework [4]

证券日报网讯 11月24日晚间，信达证券（601059）发布公告称，选举马建勇先生为公司第六届董事会 职工代表董事。 ...

2025年1至6月份，信达证券的营业收入构成为：证券及期货经纪业务占比40.14%，证券自营占比 36.49%，资产管理业务占比12.61%，其他业务占比9.43%，投资银行业务占比1.32%。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 每经AI快讯，信达证券（SH 601059，收盘价：17.79元）11月24日晚间发布公告称，公司第六届第十八 次董事会会议于2025年11月24日以现场与视频相结合的方式召开。会议审议了《关于修订 <信达证券股 份有限公司董事会审计委员会议事规则> 的议案》等文件。 （记者 曾健辉） 截至发稿，信达证券市值为577亿元。 ...

信达证券股份有限公司募集资金管理制度 （2025 年 11 月修订） 第一章 总则 第六条 公司控股股东、实际控制人不得直接或者间接占用或者挪用公司募集资金， 不得利用公司募集资金及募投项目获取不正当利益。 第二章 募集资金存储 第一条 为了规范信达证券股份有限公司（以下简称"公司"）募集资金的使用与管 理，提高募集资金使用效益，保护投资者的合法权益，根据《中华人民共和国公司法》《中 华人民共和国证券法》《首次公开发行股票注册管理办法》《上市公司证券发行注册管理办 法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券 交易所股票上市规则》（以下简称"《上市规则》"）《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等法律、法规及规范性文件及《信达证券股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称募集资金系指公司通过公开发行证券（包括首次公开发行股票、 配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券、发行权证等）以及 非公开发行证券向投资者募集的资金，但不包括公司实施股权激励计划募集的资金。 ...

信达证券股份有限公司 （CINDA SECURITIES CO., LTD.） 章程 二〇二五年十一月二十四日 1 | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 . | | 第三章 | 党组织 . | | 第四章 | 肢份 | | | 第一节 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | 第四节 | 股权管理 | | 第五章 | 股东和股东会 | | 第一节 | 股东的一般规定 | | 第二节 | 控股股东和实际控制人 . | | 第三节 | 股东会的一般规定 . | | 第四节 | 股东会的召集 . | | 第五节 | 股东会的提案与通知 . | | | 第六节 股东会的召开 . | | 第七节 | 股东会的表决和决议 . | | 第六章 | 董事和董事会 . | | 第一节 | 董事的一般规定 . | | 第二节 | 董事会 | | | 第三节 独立董事 | | | 第四节 董事会专门委员会 ………………………………………………………………………………………………………… 62 | | | | 第一章 总则 第一条 为维 ...

第一条 为建立信达证券股份有限公司（以下简称公司）公正透明、合理有 效的履职考核、激励约束和薪酬管理体系，进一步提高董事履职能力，根据《中 华人民共和国公司法》《中华人民共和国证券法》《证券公司治理准则》《上市公 司治理准则》等法律、法规和规范性文件以及《信达证券股份有限公司章程》（以 下简称《公司章程》）有关规定，制定本办法。 第二条 本制度适用人员为《公司章程》《证券公司治理准则》《上市公司治 理准则》规定的公司董事。根据产生方式和工作性质的不同，结合公司实际，董 事分为独立董事和非独立董事。 第三条 董事兼任公司其他职务的，除按照本制度进行履职考核、薪酬管理 外，还需根据其实际履职情况依照公司有关制度进行考核。 第四条 本制度所指的履职考核，是指董事会依据有关法律法规和《公司章 程》赋予的各项职责，对董事履行职责的情况进行评价。 第五条 公司董事的薪酬水平参考同行业薪酬水平，并结合公司实际情况确 定。 第二章 组织架构 信达证券股份有限公司董事薪酬与考核管理制度 第六条 公司董事会确定董事履职评价、薪酬考核的标准及程序，对评价及 考核情况进行结果运用。 （2025 年 11 月修订） 第一章 总 则 第 ...

信达证券股份有限公司重大信息内部报告制度 （2025年11月修订） 第一章 总则 第一条 为规范信达证券股份有限公司（以下简称公司）重大信息内部报告工作，保 证公司内部重大信息的快速传递、归集和有效管理，及时、真实、准确、完整地披露所有 对公司股票及其衍生品种交易价格可能产生较大影响的信息，维护投资者的合法权益，根 据《公司法》《证券法》《上市公司信息披露管理办法》《上海证券交易所股票上市规则》 《信达证券股份有限公司章程》（以下简称《公司章程》）及其它有关法律、法规和规范 第二条 公司重大信息内部报告制度是指当出现、发生或即将发生可能对公司股票及 其衍生品种的交易价格产生较大影响的情形或事件时，按照本制度规定负有信息报告义务 的有关人员和公司（以下简称信息报告义务人），应在第一时间将相关信息通过董事会秘 书和董事会办公室向董事会报告的制度。 第三条 本制度所称"信息报告义务人"包括： 第四条 本制度适用于公司各部门、分支机构、控股子公司及派驻董事、监事和高级 管理人员的参股子公司。 （1）购买或者出售资产； 1 性文件的有关规定，结合公司实际情况，制定本制度。 （一）公司董事、高级管理人员、各部门负责人、分 ...