《中国科技投资》龙秋月 1.01万亿资产集结，中金公司筹划吸收合并两家券商。一边是头部券商加速抱团扩容、一边是新玩家伺机入场，券商行业的竞争格局正迎来新一轮洗牌 11月19日，中金公司（601995.SH）宣布正筹划通过发行A股股票的方式，对东兴证券(601198.SH)及信达证券(601059.SH)进行换股吸收合并。中金公司在 公告中亦提及，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。截至今年三季度末，三家券商合计资产规模达到 10095.83亿元。 今年以来，券商行业并购重组热度在不断升温。既有国泰君安与海通证券两大头部券商的"强强联合"，也包含国联证券收购民生证券、西部证券收购国融 证券等跨体量整合动作。从单一合并到多元整合，券商并购重组再迈一步，在此行业格局下，中小券商的发展路径亦引发市场关注。值得注意的是，当前 仍有四家券商处于IPO排队进程中，其上市进展或将进一步影响行业竞争态势。 券商并购重组持续升温 近日，中金公司、东兴证券、信达证券三家公司同步发布停牌公告，正式启动重大资产重组。三家公司股票将于11月20日开市时起停牌，预计停牌时间不 超过25个交易日。中金公 ...

Group 1 - The three major indices opened lower, but the brokerage sector was active during the session, with the brokerage ETF (159842) rising by 0.09% and trading volume exceeding 600 million yuan, indicating a premium trading trend [1] - The brokerage ETF (159842) has seen a net inflow of funds for four consecutive trading days, accumulating nearly 390 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 - Overall financial valuations are low, increasing the probability of a bull market, with non-bank financials expected to have significant earnings elasticity due to accelerated inflows of resident funds [2] - The securities sector is likely to benefit from the bull market's Beta effect, leading to greater earnings elasticity [2] - Regulatory encouragement for ETF development, market capitalization management by listed companies, and long-term capital inflows are favorable for the securities sector, potentially serving as a key underlying factor in the current bull market [2] Group 3 - Brokerages are expected to benefit not only from market recovery but also from successful transformations that provide unique Alpha growth potential, enhancing profit quality [2] - The combination of policy expectations, improved funding conditions, and internal growth drivers enhances the profitability outlook for the brokerage sector, making it highly attractive for allocation [2]

Core Viewpoint - The recent announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant event in China's capital market, being the first "three-in-one" integration case in the history of Chinese securities [3][5]. Group 1: Transaction Details - The restructuring will be executed through a share swap, where CICC will issue A-shares to all A-share shareholders of Dongxing and Xinda, leading to a merger that will create a new entity with total assets exceeding 1.01 trillion yuan and expected revenue of 27.4 billion yuan [4][6]. - The new entity will have total assets of 1,009.58 billion yuan, net assets of 171.54 billion yuan, revenue of 27.39 billion yuan, and net profit attributable to shareholders of 9.52 billion yuan, positioning it as a "trillion-level" brokerage firm [7]. Group 2: Strategic Implications - This integration is not merely a scale increase but is based on a strategic logic of "leading by the head + complementary features," aiming to build a more competitive comprehensive financial service system [6][8]. - The merger is expected to enhance the competitive landscape of the industry, with the combined entity ranking fourth in total assets and third in revenue, altering the competitive dynamics among leading brokerages [7][12]. Group 3: Market Reactions - Market reactions have shown a "rational differentiation," with optimistic views focusing on the expected "synergy effects" from the integration, suggesting that the combination of CICC's high-end resources with the regional and specialized businesses of Dongxing and Xinda could lead to a value greater than the sum of its parts [9][10]. - Conversely, some investors express concerns regarding the fairness of the share swap ratio and potential integration challenges, citing historical cases of cultural clashes and operational overlaps [10][11]. Group 4: Industry Trends - The restructuring reflects a broader trend in the securities industry towards "head concentration and feature differentiation," with the top five brokerages expected to account for over 50% of total assets post-merger [13][14]. - This trend indicates a shift towards a "three-tier structure" in the industry, where top brokerages build comprehensive capabilities through mergers, mid-sized firms focus on niche advantages, and smaller firms may need to consolidate or align with larger entities for sustainable growth [13][15].

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].

金融领域的整合尤为典型。以中金公司拟换股吸收合并东兴证券与信达证券为例，这3家来自"汇金系"的券商，合并后互 补优势显著，东兴证券的区域网络优势与地方政府债承销能力、信达证券基于AMC（资产管理公司）背景的特殊机遇投资与 结构化融资能力，将与中金公司的综合金融服务能力深度融合，形成强大的合力。 ■李文 近日，并购市场多起重大交易引发关注。中金公司拟换股吸收合并两家券商，剑指打造万亿元级券商；国务院国资委组织 推进央企专业化整合，8组17家单位集中签约……各类资本运作呈现出频次密集、交易金额大、影响深远的显著特征，展现了 中国经济转型升级过程中，资本与产业深度交融、协同共进的态势。 笔者认为，并购市场正从简单的规模扩张，迈向深层次的战略整合与价值创造，并呈现三个鲜明特征。这一转变不仅反映 出企业追求高质量发展的选择，更彰显了中国经济转型升级的脉动。 第一，产业逻辑主导，并购交易告别"规模导向"。 细观近期案例，并购重组市场已从"规模导向"转向"产业逻辑主导"，进入"做优做强"新阶段，这一趋势在多个行业均有体 现。 政策层面则为这场以创新为关键词的并购浪潮提供了清晰的方向和强劲的动力。如"科创板八条""并购六条" ...

[Table_Reportdate] 2025年11月24日 [table_invest] 超配 行 业 周 报 [table_main] 投资要点： 行 业 研 究 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -25% -16% -6% 3% 13% 22% 31% 24-10 25-01 25-04 25-07 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.从中金合并东兴&信达，看汇金系 航母券商功能型整合的新范式—— 资本市场聚焦（十） 2.非车险"报行合一"落地，引导险 企合理定价与良性竞争——保险业 态观察（十一） 3.非车险"报行合一"指引落地，把 握年末风格切换的配置机遇——非 银金融行业周报（ 20251103- 20251109） [Table_NewTitle 中金开启汇金系券商合并进程 ] ，人身险 产品费用分摊指引出台 ——非银金融行业周报（20251117-20251123） 证券研究报告 HTTP://WWW.LONGON ...

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。 ...