Company Insights - Nvidia's Q3 revenue reached $57.01 billion, with data center revenue at $51.2 billion, both exceeding market expectations. The company anticipates Q4 revenue of approximately $65 billion, leading to a post-earnings stock price increase of over 6%. CEO Jensen Huang noted that the latest Blackwell architecture chips have sold out in the cloud GPU segment [1] - China International Capital Corporation (CICC) plans to acquire Dongxing Securities and Xinda Securities, which could significantly alter the competitive landscape among top brokerage firms. If successful, the combined assets would exceed 1 trillion yuan, with net assets nearing 180 billion yuan, strengthening their position in the industry [2] Industry Insights - The Federal Reserve's meeting minutes revealed significant divisions among policymakers regarding a potential interest rate cut in December, with some expressing concerns over a disorderly decline in the stock market. There was a consensus on halting quantitative tightening actions [3] - China's Ministry of Foreign Affairs announced a suspension of Japanese seafood imports, stating that even if exports were allowed, there would be no market for them in China. This reflects ongoing tensions in Sino-Japanese relations [4] - The AI toy market is projected to exceed 10 billion yuan in 2023, with expectations to surpass 100 billion yuan by 2030, driven by continuous innovation and demand for functional and IP-based products [10] - Google's Gemini 3 received positive feedback, contributing to a nearly 7% increase in Google's stock price, reaching a historical high. The integration of AI in search advertising and cloud services is expected to enhance revenue efficiency and user experience [11]

Key Highlights - CICC plans to absorb and merge with Dongxing Securities and Xinda Securities, with stock suspension starting from November 20 [1] - Saiwu Technology has delivered a small batch of perovskite stacked component light-transmitting film, with minimal impact on performance [1] - Zhongfu Industrial intends to invest 259 million yuan in a green manufacturing project for aluminum-based new materials [1] - Dafeng Industrial has won a contract for the construction of stage craft equipment for an international performing arts center, valued at 165 million yuan [2] - Jinbei Automotive plans to invest a total of 158 million yuan to acquire 52% equity in Zhongtuo Technology [1] - Pro Pharmaceutical intends to repurchase shares worth between 180 million and 360 million yuan [1] - Yandong Micro plans to reduce its stake by up to 2.5% through shareholders Jingguorui and the National Integrated Circuit Fund [1][3] - Zhaomin Technology plans to issue convertible bonds to raise no more than 590 million yuan [1] - Dongsoft Group has received a notification from an automotive manufacturer for designated cooperation [1]

11月19日晚，一则重磅公告刷屏金融圈——中金公司、东兴证券、信达证券同步发布停牌公告，三家公司正式启动重大资产重组，中金公司拟通过换股方 式吸收合并东兴证券与信达证券。 如果说，2025年初中央汇金接手三家AMC股权是"资源回收"，那么这一次，则更像是一次真正意义上的"全国性金融资源再配置"。 这项整合若最终落地，意味着"汇金系"将迎来继AMC整合之后又一重大动作——一个更具国际竞争力的中国式一流投行，正在加速成型。 01 一场对标世界级投行的整合，按下"加速键" 在政策层面，这次整合几乎具备所有"风向一致"的特征。 近两年，无论是中央金融工作会议、新"国九条"，还是监管部门多次强调的"建设一流投资银行和投资机构"，方向都是明确的： 要在2035年前培育出2—3家具备国际竞争力的投资银行和投资机构。 换句话说，中国需要自己的"摩根士丹利"和自己的"高盛"。 而此次中金牵头的吸收合并，正是践行中央金融工作会议精神、将功能性置于首位的战略性举措。三家机构背后实控人均为中央汇金，本就具备协同基 础；业务上，中金公司的优势在于高端投行、跨境服务，综合财富管理，但在区域经纪、特殊机遇业务、另类投资等领域依然存在增长空 ...

Core Viewpoint - The integration of three major securities firms, led by China International Capital Corporation (CICC), marks a significant step in the consolidation of the Central Huijin-backed brokerage sector, reducing the number of firms to six [1] Group 1: Major Asset Restructuring - CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring plan involving a share swap to merge Dongxing and Xinda into CICC [1] - The A-shares of all three companies will be suspended from trading starting November 20, 2025, with an expected suspension period of no more than 25 trading days [2] Group 2: Financial Metrics and Market Position - As of the end of Q3, CICC's total assets were 764.941 billion, Xinda Securities' total assets were 128.251 billion, and Dongxing Securities' total assets were 116.391 billion, leading to a combined total of 1009.583 billion post-merger [3] - The merger will increase the number of securities firms with total assets exceeding one trillion to four, joining CITIC Securities, Guotai Junan Securities, and Huatai Securities [3] Group 3: Strategic Advantages and Synergies - The merger is expected to create synergies between CICC's investment banking capabilities and the regional strengths of Dongxing and Xinda, enhancing customer service and resource integration [3][4] - CICC aims to strengthen its service capabilities in debt restructuring, risk resolution, and industrial investment banking through the expertise of the asset management companies involved [4] Group 4: Future Performance Expectations - Analysts predict that the merger will solidify CICC's leading position in the securities industry, driven by scale effects and business synergies, leading to improved revenue structure and profitability [5] - Historical performance of recently merged firms indicates significant growth, with net profits for Guolian Minsheng increasing by 345.3% year-on-year, suggesting a positive outlook for CICC post-merger [5]

证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 证券研究报告·行业点评报告·非银金融 非银金融行业点评报告 中金公司拟换股合并东兴证券、信达证券， 资产规模将破万亿元 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 11 月 20 日 heting@dwzq.com.cn 行业走势 -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024/11/20 2025/3/21 2025/7/20 2025/11/18 非银金融 沪深300 相关研究 《金融科技 2026 年投资策略-- 短期 看市场活跃的持续性，中期关注金融 IT》 2025-11-17 《险资 Q3 核心权益资产规模大幅提 升；市场成交量环比小幅下滑》 2025-11-16 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 在法律许可的情况下，东吴证券及其所属关联机构可能会持有报告中提到的公司所发行 的证券并进行交易，还可能为这些公司提供投资银行服务或其他 ...

Core Viewpoint - The integration of Central Huijin's brokerage firms marks a significant step in the ongoing trend of mergers and acquisitions within the securities industry, with a focus on enhancing competitiveness and market position [1][4]. Group 1: Merger and Acquisition Details - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a major asset restructuring plan involving a share swap to merge Dongxing and Xinda into CICC [1]. - The restructuring involves both A-share and H-share listed companies, indicating a complex process that is expected to take no more than 25 trading days for the suspension of trading [2]. - If successful, the combined assets of the three firms will reach approximately 1009.58 billion, with revenues of 27.39 billion and net profits of 9.52 billion, positioning them as the fourth largest in the industry by total assets [3]. Group 2: Financial Performance - For the first three quarters of 2025, CICC reported revenues of 20.76 billion, a year-on-year increase of 54.36%, and a net profit of 6.57 billion, up 129.75% [2]. - Dongxing Securities achieved revenues of 3.61 billion, a 20.25% increase, and a net profit of 1.60 billion, up 69.56% [2]. - Xinda Securities reported revenues of 3.02 billion, a 28.46% increase, and a net profit of 1.35 billion, up 52.89% [2]. Group 3: Industry Context and Trends - The restructuring is part of a broader trend of consolidation in the securities industry, driven by regulatory support for larger firms to strengthen their market positions [7][8]. - Analysts predict that mergers will continue to increase as firms seek to enhance their scale and comprehensive capabilities, with larger firms acquiring smaller ones to fill gaps and achieve synergies [7]. - The industry is expected to see a rise in asset and profit concentration, leading to a "two super, many strong" market structure, with increased focus on top-tier firms [7][8].

Group 1: Nvidia's Q3 Performance - Nvidia reported Q3 earnings with revenue growth exceeding 60%, driven by strong demand for AI infrastructure, and expects to maintain this growth rate in Q4, surpassing Wall Street expectations [2] - The CEO of Nvidia, Jensen Huang, stated that the sales of the latest Blackwell architecture chips exceeded expectations, and cloud GPUs are sold out [2] Group 2: Federal Reserve Meeting Minutes - The Federal Reserve's meeting minutes revealed significant divisions among policymakers regarding the appropriateness of a rate cut in December, with a vote of 10 to 2 for a 25 basis point cut in October [4] - Many officials expressed caution about further rate cuts, with current market expectations for a December cut dropping below one-third [4] Group 3: Mergers in the Securities Industry - China International Capital Corporation (CICC) announced plans for a major asset restructuring involving a stock swap merger with Dongxing Securities and Xinda Securities [5][6] - The merger process is complex and will involve both A-share and H-share listings, with a suspension of trading expected for no more than 25 trading days [6] Group 4: Google's AI Model Launch - Google launched its highly anticipated AI model, Gemini 3, which received positive market recognition, leading to a stock price increase of over 6% at one point [7][8] - Analysts noted that Gemini 3 is a powerful model capable of competing with offerings from OpenAI and Anthropic [7] Group 5: Elon Musk's AI Data Center in Saudi Arabia - Elon Musk's xAI plans to collaborate with a Saudi AI firm to build a 500-megawatt data center in Saudi Arabia, utilizing Nvidia chips [9] - The project is part of a broader discussion on AI capabilities and infrastructure development in the region [9] Group 6: Japanese Market Concerns - Japan's financial markets faced significant declines due to concerns over the government's fiscal situation and the impact of recent political statements on Japan-China relations [12] - The Nikkei index dropped over 2700 points in four consecutive trading days, with rising bond yields and a weakening yen against the dollar [12] Group 7: Industry Events - The 2025 China Lithium Industry Development Conference will be held on November 20, focusing on lithium industry trends and market analysis [27] - The 2025 Quantum Technology and Industry Conference will take place on November 20-21, addressing key advancements in quantum technology [28] - The 2025 World Computing Conference will also occur on November 20-21, emphasizing developments in the semiconductor sector [29]

Group 1: Stock Market Performance - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average at 46,138.77, up by 47.03 points or 0.10% [1] - The Nasdaq increased by 131.38 points, reaching 22,564.23, a rise of 0.59% [1] - The S&P 500 rose by 24.84 points to 6,642.16, reflecting a gain of 0.38% [1] - European indices like the FTSE 100 and CAC 40 experienced declines of 0.47% and 0.18% respectively [1] - The Shanghai Composite Index increased by 6.93 points, or 0.18%, while the Hang Seng Index fell by 99.38 points, or 0.38% [1] Group 2: Federal Reserve and Economic Indicators - The Federal Reserve's October meeting minutes indicated a hawkish stance, with most officials favoring maintaining the interest rate at 3.75%-4.00%, leading to a significant decrease in the probability of rate cuts by year-end [2] - Economic forecasts suggest an upward revision in real GDP growth expectations until 2028, with a gradual decline in the unemployment rate [2] - The U.S. Labor Department announced the cancellation of the October non-farm payroll report, merging it with the November report, which will be released on December 16 [3] Group 3: Cryptocurrency Market - Bitcoin hit a seven-month low at $88,522, contributing to a total cryptocurrency market cap decline of over $1 trillion from its peak of $4.3 trillion on October 6, now hovering around $3.2 trillion [4] - The drop in cryptocurrency values is linked to decreased expectations for interest rate cuts and capital outflows [4] Group 4: Nvidia's Financial Performance - Nvidia reported Q3 revenue of $57 billion, a 62% year-over-year increase, with data center revenue at $51.2 billion, exceeding expectations [8] - The company anticipates Q4 revenue of $65 billion, a 14% quarter-over-quarter increase, with stock prices rising over 5% post-announcement [8] Group 5: Mergers and Acquisitions - China International Capital Corporation (CICC) announced a merger with Dongxing Securities and Xinda Securities through a share swap, with trading of their A-shares suspended for up to 25 trading days [11]

Group 1 - Multiple foreign institutions have released outlook reports for 2026, collectively optimistic about the long-term allocation value of the Chinese stock market, with UBS and Morgan Stanley raising target index levels for the Chinese market [1] - The recent actions of foreign institutions, including increased research and accumulation, indicate a strong commitment to investing in Chinese assets, supported by the steady advancement of high-level institutional openness in China's capital market [1] - The active equity funds have outperformed passive index products in a high volatility market environment, with notable funds like Taixin Development Theme leading the charge [1] Group 2 - The pharmaceutical theme funds are showing signs of recovery after a two-month adjustment, with several funds stabilizing and some even regaining upward momentum, driven by the introduction of a "commercial insurance innovative drug catalog" mechanism in medical insurance negotiations [2] - The lithium battery materials sector continues to experience a "volume and price rise," with battery-grade lithium carbonate prices reaching a new high of 97,550 yuan per ton, benefiting the salt lake lithium extraction industry [3] - The energy storage sector has seen multiple stocks doubling in value this year, with leading companies like Haibo Sichuang and Huasheng Lithium Battery showing significant gains [3] Group 3 - The number of newly registered private equity securities investment funds has exceeded 10,000 this year, with equity strategies dominating the issuance market, reflecting increased market participation [4] - The net subscription amount for equity ETFs has reached 484.69 billion yuan in November alone, indicating a strong influx of capital into the market [4] - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process, which is expected to enhance market vitality and promote high-quality development of ETFs [5] Group 4 - Over 70 A-share listed companies have disclosed significant contract signings or strategic cooperation agreements since October, with a focus on industries such as machinery and power equipment [8] - The merger and acquisition activity in the securities industry is intensifying, with China International Capital Corporation planning to absorb and merge Dongxing Securities and Xinda Securities through a share exchange [8] - The integration of banking and social platforms is deepening, with over 65 official accounts established by banks on platforms like Xiaohongshu, indicating a trend towards digital engagement in the banking sector [9]

Group 1 - The China Securities Regulatory Commission (CSRC) has optimized the ETF registration and listing review process, removing the requirement for a no-objection letter from the stock exchange for ETF registration [2] - Fund managers can now directly apply for registration with the CSRC for ETFs tracking mature indices, streamlining the process for product launch [2] Group 2 - Nvidia reported record sales of $57 billion for the October quarter, a 62% increase year-over-year, alleviating concerns about an AI bubble [3] - The company raised its revenue forecast for the current quarter to $65 billion, surpassing analyst expectations [3] Group 3 - The U.S. Bureau of Labor Statistics announced a delay in the release of the October employment report due to the government shutdown, which will now be combined with the November report [4] - This delay reduces the information available to the Federal Reserve for assessing economic conditions before its final policy meeting of the year [4] Group 4 - China International Capital Corporation (CICC) plans to absorb and merge Dongxing Securities and Xinda Securities through a share swap, leading to a suspension of trading for all three companies [5][6] - The suspension is expected to last no more than 25 trading days [6] Group 5 - The enthusiasm for entering the market continues to rise, with over 10,000 new private equity funds registered this year, primarily focusing on stock strategies [7] - Equity ETFs have seen significant net subscriptions, totaling approximately 484.69 billion yuan in November alone [7] Group 6 - Saudi Arabia and the U.S. have signed a strategic partnership agreement in artificial intelligence, focusing on semiconductor supply, AI infrastructure, and high-value investments [8] - This partnership aims to leverage the complementary advantages in energy resources and technology ecosystems to drive innovation and economic prosperity [8] Group 7 - The Dutch government has suspended an administrative order affecting the control of Nexperia by Wingtech, indicating ongoing developments in the semiconductor sector [10] - The situation has seen significant shareholder reductions recently, highlighting potential volatility in the company’s governance [10] Group 8 - The Chinese government is expected to maintain a proactive fiscal policy in 2026, with a projected deficit rate around 4% and an increase in special bond quotas for major projects [15] - Analysts predict that the economic growth will stabilize, with a focus on structural adjustments in supply and demand [15][16]