| 侵意識 | | | --- | --- | | 临时停牌(3)家 | | | 超直雕科(688237.SH) | 停牌一天,刊登重要公告 | | 别众龄价(603037.SH) | 停牌一天,拟籍划童大资产童组 | | 佳华科技(688051.SH) | 停牌一天,拟筹划重大资产重组 | | 继续停牌(9)家 | | | *ST元成(603388.SH) | 继续停牌 (起始停牌日期:2025-11-11) : 今日停牌原因:刊登望要公告 | | *ST广道(920680.BJ) | 继续停牌(起始停牌日期:2025-09-15);今日停牌原因:刊登車要公告 | | *STIE平(603843.SH) | 继续停牌 (起始停牌日期: 2025-11-19) : 今日停牌原因:交易异常波动 | | 东兴证券(601198.SH) | 继续停牌 (起始停牌日期:2025-11-20);今日停牌原因:拟魔划重大资产重组 | | 杭汽轮B(200771.SZ) | 继续停牌 (起始停牌日期: 2025-11-05) : 今日停牌原因:刊登里要公告 | | 信达证券(601059.SH) | 继续停牌 (起始停牌日 ...

中金公司也指出，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正式实施，能否实施尚存在不确定性。 公告称，中金公司与东兴证券（601198）、信达证券（601059）正在筹划由中金公司通过换股方式吸收 合并东兴证券、信达证券。 中金公司、东兴证券、信达证券的实际控制人均为中央汇金。 中金公司表示，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。通过重组各方能力资源的有机结合、优势 互补，力争在合并后实现规模经济和协同效应，提高公司服务国家战略和实体经济的质效，并提升股东 回报水平。 11月19日晚间，中国国际金融股份有限公司（简称中金公司（601995））发布关于筹划重大资产重组的 停牌公告。 中金公司成立于1995年7月，总部位于北京，是中国首家中外合资投资银行。公司主要业务涵盖投资银 行、股票交易、资产管理及私募股权投资，第一大股东为中央汇金投资有限责任公司（持股 28.448%）。截至2025年9月末，中金公司净资本规模为460亿元。 东兴证券成立于2008年5月，业务涵 盖财富管理、投资交易、投资银行 ...

国泰海通证券指出，中金公司公告换股吸收东兴证券、信达证券。并购将显著提升综合实力，协同效应 预计主要体现在扩大客户基础和吸并资产效率提升。供给侧改革仍是行业中长期视角下的重要变化，预 计事件催化下板块估值有望修复。此外，当前市场活跃度仍高，在居民资金有望入市背景下，依然看好 低估值非银板块的补涨机会。 截至2025年11月24日 13:46，国证证券龙头指数(399437)上涨0.86%，成分股兴业证券(601377)上涨 2.60%，华泰证券(601688)上涨2.57%，浙商证券(601878)上涨1.28%，国联民生(601456)上涨1.19%，财 通证券(601108)上涨1.12%。证券ETF龙头(159993)上涨0.87%，最新价报1.27元。 从资金净流入方面来看，证券ETF龙头近7天获得连续资金净流入，最高单日获得5250.72万元净流入， 合计"吸金"1.07亿元，日均净流入达1521.99万元。 A股市场持续活跃，消息面上，今年前10月，全国印花税收入3781亿元，同比增长29.5%；其中，证券 交易印花税1629亿元，同比增长88.1%。 证券ETF龙头紧密跟踪国证证券龙头指数，为反 ...

证券研究报告 | 2025年11月24日 近期证券业并购对行业长期影响分析 券业整合 2.0 开启，行业长期格局优化 行业研究·行业快评 非银金融 投资评级：优于大市（维持） 证券分析师： 王德坤 021-61761035 wangdekun@guosen.com.cn 执证编码：S0980524070008 证券分析师： 孔祥 021-60375452 kongxiang@guosen.com.cn 执证编码：S0980523060004 事项： 2025 年 11 月，中金公司公告拟通过换股方式吸收合并东兴证券和信达证券，我们判断，证券行业并购 2.0 时代到位，更重视行业功能性强化与塑造（如跨境功能），而不是简单资本加总。 国信非银观点：近几年来，我国证券业掀起新一轮并购重组浪潮，这既源于政策层面"培育一流投资银行" 的明确导向，也是行业自身发展周期与市场竞争的必然选择。一种是规模占优为导向，比如国泰君安与海 通证券合并，资产、资本规模夯实。国泰海通合并的核心逻辑在于通过规模扩张实现成本节约和效率提升。 合并后公司净资本实力大幅增强，风险承受能力显著提高，为发展资本消耗型业务奠定了坚实基础。此外， 合并 ...

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities indicates a significant consolidation in the securities industry, potentially creating a new major player with assets exceeding 1 trillion yuan [1][2] Group 1: Company Mergers - CICC is planning to absorb Dongxing Securities and Xinda Securities through the issuance of A-shares, leading to a merger of the three companies [1] - If the merger is successful, the combined asset scale will reach 1,009.5 billion yuan, positioning the new entity as the fourth largest in China's securities industry [1] - The merger reflects a trend of increasing consolidation in the securities sector, with several recent high-profile mergers and acquisitions [1][2] Group 2: Industry Trends - The securities industry is experiencing a wave of mergers and acquisitions driven by regulatory support and the need for larger firms to enhance their competitive edge [2] - Larger brokerages are acquiring smaller firms to fill gaps in their service offerings and achieve economies of scale, while smaller firms aim to grow rapidly through mergers [2] - The shift from "land grabbing" to "fine cultivation" in strategy indicates a more competitive landscape, necessitating firms to improve their comprehensive capabilities [2] Group 3: Challenges of Integration - The integration of merged firms poses significant challenges, including the need for cultural integration, business system coordination, and organizational structure optimization [3] - The success of the merger will depend on the management's ability to create synergies that exceed the sum of the individual companies [3]

Core Insights - The securities ETF (159841) experienced a turnover of 6.07% with a transaction volume of 632 million yuan, while the tracked index, the CSI All Share Securities Companies Index (399975), fell by 3.44% [1] - The securities ETF saw a significant inflow of 253 million units, reaching a new high of 9.842 billion units since its inception [2] - The brokerage industry is undergoing consolidation, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities, potentially creating a new major player in the market [6] Group 1: Securities ETF Performance - The securities ETF (159841) had a net inflow of 206 million yuan, with a total of 379 million yuan accumulated over the last five trading days [2] - Major constituent stocks such as Huachuang Yuxin (600155) and Northeast Securities (000686) saw declines of 7.14% and 6.36%, respectively [1] - The ETF's performance is closely tied to the capital market, often acting as a "bull market flag bearer" [3] Group 2: Industry Trends - The brokerage sector reported a significant increase in revenue and profit, with 42 listed brokerages achieving a total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and a net profit of 171.04 billion yuan, up 62.06% [6] - The industry is expected to benefit from policy-driven opportunities, including the enhancement of capital market inclusivity and the promotion of long-term investment channels [7] - The consolidation of brokerages is anticipated to strengthen the capital base and international competitiveness of leading firms [7]

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The report highlights a recent merger announcement by China International Capital Corporation (CICC) to absorb Dongxing Securities and Xinda Securities through a share swap, indicating a trend towards consolidation among leading brokerages [2][4] - In the insurance sector, the third-quarter reports confirm a shift towards equity investments and improved cost structures, suggesting a higher certainty of ROE improvement and potential for accelerated valuation recovery [2][4] - The overall cost-effectiveness of investment in the sector is gradually increasing, with ongoing revaluation of the sector [4] Summary by Sections Brokerage Sector - CICC's merger with Dongxing and Xinda Securities reflects a long-term trend of concentration among top firms [4] - The brokerage sector is expected to see a gradual recovery in profitability as commission rates stabilize [41] Insurance Sector - The insurance industry reported significant growth in value, premiums, and profits, with a cumulative premium income of CNY 52,146 billion in September 2025, marking an 8.76% year-on-year increase [23][24] - The report emphasizes the stability of dividends and profit growth in companies like Jiangsu Jinzu and China Ping An, which are recommended for investment [4] Market Performance - The non-bank financial index decreased by 4.4% this week, with a year-to-date increase of 2.8%, indicating a mixed performance relative to the broader market [5][19] - The average daily trading volume in the market has decreased to CNY 18,650.36 billion, down 8.75% from the previous period [41] Financing Activities - In October 2025, equity financing increased to CNY 501.42 billion, a 20.4% rise, while bond financing decreased to CNY 6.56 trillion, a 19.2% drop [53] - The report notes a decline in the issuance of collective asset management products, with a new issuance of 4.183 billion units in October, down 37.3% [56]

Core Insights - The merger and acquisition (M&A) market in China is experiencing a significant increase, with 151 companies disclosing M&A activities as of November 23, surpassing last year's figures, driven by strategic collaboration and industry chain enhancement [1] - The trend indicates that M&A activities will continue to be active, particularly led by leading enterprises and industry chain leaders, focusing on horizontal collaboration and vertical extension [1][4] - State-owned enterprises (SOEs) are expected to play a crucial role in industry consolidation, benefiting from favorable policies [1][4] Industry Trends - M&A activities are increasingly oriented towards industry chain reinforcement and supplementation, with companies acquiring key technologies and capacities to enhance competitiveness and optimize industry structure [1][2] - The dual driving force of innovation and M&A integration is evident, as mature companies with stable fundamentals are entering a conducive environment for M&A [1][2] - The securities industry is witnessing a wave of consolidation, exemplified by the merger plans of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities [2] Financial Support and Policy Environment - The establishment of M&A funds by leading enterprises and state-owned entities is crucial for securing key technologies and enhancing industry chain resilience [2][3] - Recent policies from various regions encourage the formation of M&A funds, with Beijing and Tianjin outlining support for high-quality development through M&A [3] - The Shanghai government has proposed a 50 billion yuan fund to support industrial transformation and upgrade, indicating strong governmental backing for M&A activities [3] Future Outlook - The M&A market is expected to benefit from targeted policy support, with qualified enterprises likely to receive more favorable treatment, further boosting M&A activity [4] - Cross-border M&A is anticipated to be a vital strategy for Chinese companies to overcome growth bottlenecks and connect with global resources [4] - Recommendations for enhancing cross-border M&A capabilities include building professional teams, selecting specialized intermediaries, and strengthening post-merger integration processes [5]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 证券行业并购稳步推进；保险业总资产突破 40 万亿 增持（维持） 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：1）宏观经济不及预期；2）政策趋紧抑制行业创新；3）市场 竞争加剧风险。 2025 年 11 月 23 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 2024/11/25 2025/3/25 2025/7/23 2025/11/20 非银金融 沪深300 《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》 2025-11-20 《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 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 ...

Core Viewpoints - Current risk release provides an opportunity for reallocating A-shares and Hong Kong stocks by year-end and planning for 2026 [2] - The AI sector is experiencing a "darkest hour," but long-term confidence remains unwavering [4] - The adjustment phase is merely a "doubtful bull market level" [11] Industry Insights - Focus on resource and traditional manufacturing opportunities, particularly in chemicals, non-ferrous metals, and new energy [3] - The AI industry is expected to continue its growth trajectory, with significant valuation growth potential for A-share companies [8] - The market is likely to experience a style switch, with increasing attention on low-valued sectors [6] Investment Recommendations - Emphasize sectors benefiting from physical asset consumption, such as upstream resources (copper, aluminum, lithium, oil, coal) and midstream industries [5] - Maintain a balanced allocation between growth sectors and undervalued value industries, particularly in the consumer sector as year-end approaches [10] - Focus on AI applications and sectors closely related to the "14th Five-Year Plan," such as hydrogen energy, nuclear energy, and quantum technology [14]