Core Viewpoint - Shandong Hi-Speed disclosed potential financial impacts related to the merger of CICC and Dongxing Securities, indicating a significant impairment provision for long-term equity investments in 2025 [1] Financial Impact - The company plans to recognize an impairment provision of approximately 690 million yuan for Dongxing Securities, which is expected to reduce the consolidated profit for 2025 by the same amount [1] - This impairment provision is unaudited and the final accounting treatment will be confirmed in the 2025 annual report [1] Merger Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities to achieve the merger, with the exchange price set at 16.14 yuan per share, reflecting a 26% premium over the average trading price of 12.81 yuan per share over the previous 20 trading days [1] - The exchange ratio for the merger is established at 1:0.4373 [1] Cash Flow Status - The impairment provision is classified as a one-time, non-cash accounting loss, which will not affect the company's cash flow [1] - Shandong Hi-Speed maintains a stable cash flow position [1]

（来源：中国金融信息中心） CFIC导读 ◆中金公司、东兴证券均涨停价开盘，信达证券高开6.8%。 原标题："券商航母"合并预案出炉 中金、东兴涨停价开盘 中金公司、东兴证券均涨停价开盘，信达证券高开6.8%。 消息面上，备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。 12月17日，中金公司与东兴证券、信达证券同步披露重大资产重组预案，每股东兴证券、信达证券能换 取中金公司股票的比例，分别确定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 根据披露的预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方 中金公司作为存续主体，换股价格为36.91元／股，被吸收合并方东兴证券换股价格为16.14元／股，信 达证券换股价格为19.15元／股。该交易方案充分体现了两家公司资产价值，并有利于平衡各方股东利 益。 来源：市场资讯 微信编辑：胡闻哲 "国社之镜·世纪光影"新华社新闻摄影展 "国社之镜、世纪光影"新华社新闻摄影展由中国金融信息中心、新华社上海分社、中国图片社、上海证 券报、中经社上海总部、新华投控联合承办，欢迎社会各界组团参观。 展 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities marks a significant restructuring in the Chinese securities industry, aiming to create a "super investment bank" with enhanced capital strength and comprehensive financial services capabilities [1][2]. Summary by Sections Merger Details - The merger will be executed through a share swap, with CICC as the surviving entity, absorbing all assets, liabilities, and personnel from Dongxing and Cinda Securities [1]. - Following the merger, CICC's total assets are expected to exceed 1 trillion RMB, significantly enhancing its capital strength and positioning it among the top players in the industry [1][4]. Strategic Intent - This merger is a strategic move to align with national policies aimed at cultivating top-tier investment banks and enhancing the financial supply-side reform [2]. - The merger aims to transform scale advantages into comprehensive financial service capabilities, enhancing resilience and international competitiveness [2]. Share Exchange Mechanism - The share exchange prices are set at 36.91 RMB for CICC, 16.14 RMB for Dongxing, and 19.15 RMB for Cinda, reflecting a premium over previous closing prices [2][4]. - Approximately 3.096 billion new shares of CICC will be issued to complete the exchange [3]. Shareholder Protection Mechanisms - The merger includes multiple layers of shareholder protection, such as dissenting shareholder rights and lock-up periods for major shareholders [4]. - The exchange ratios for Dongxing and Cinda shareholders reflect premiums of approximately 23% and 7.6%, respectively, indicating consideration for minority shareholders [4]. Industry Impact - The merger is expected to create a leading "super" securities group, fundamentally reshaping the competitive landscape of the Chinese securities industry [5][7]. - CICC's financial and operational metrics will see a historic leap, setting new benchmarks for industry leaders [5]. Financial Projections - Post-merger, CICC's annualized revenue is projected to exceed 50 billion RMB, with net profits reaching around 15 billion RMB, positioning it among the top three in the industry [5]. - The merger will expand CICC's network to over 400 branches, enhancing its reach to more than 4 million retail clients [5]. Synergy and Operational Efficiency - The merger is expected to enhance capital efficiency and regional coverage, leveraging the strengths of each entity to create a comprehensive service platform [6][10]. - The integration aims to provide a full lifecycle of financial services, from startup to restructuring, enhancing client engagement and operational efficiency [10]. Strategic Vision - The merger aligns with national financial strategies, aiming to reduce the number of institutions while improving quality and service efficiency [12]. - The combined entity will focus on creating a unique ecosystem that integrates investment banking, asset management, and special asset operations [12]. Market Outlook - Analysts maintain a "buy" rating for CICC's A/H shares, citing the merger's potential to strengthen capital and enhance competitive positioning [13]. - The success of the merger will depend on the realization of synergies and the ability to transform from a physical merger to a value-creating entity [13].

Group 1 - The core development is the announcement of a significant asset restructuring plan by China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities, marking the first "three-in-one" merger in the brokerage industry [1][6] - The merger is part of a broader initiative by the China Securities Regulatory Commission (CSRC) to consolidate the industry, aiming to form around 10 high-quality leading institutions within five years and 2 to 3 internationally competitive investment banks by 2035 [3][8] - CICC will be the surviving entity in the merger, acquiring Dongxing Securities and China Cinda Securities through a share exchange, with share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, reflecting a 26% premium for Dongxing [3][8] Group 2 - Post-merger, the total assets of the combined entity are expected to exceed 1 trillion CNY, making it the fourth brokerage in China to reach this scale, following CITIC Securities, Guotai Junan Securities, and Huatai Securities [4][9] - CICC has strengths in investment banking and cross-border business, while Dongxing and Cinda have established retail networks in regions like Fujian and Liaoning, enhancing the overall service capability and customer reach after the merger [4][9] - Following the announcement, stocks of the three brokerages surged, with Dongxing Securities hitting the daily limit, CICC's A-shares rising by 3.70%, and Cinda Securities increasing by 2.47% [10]

山东高速公告，公司根据《企业会计准则第2号-长期股权投资》《企业会计准则第8号-资产减值》及公 司会计政策等相关规定，2025年度拟计提东兴证券股份有限公司对应长期股权投资减值准备约6.9亿 元，预计导致公司2025年度合并报表利润总额减少约6.9亿元。 ...

Core Viewpoint - The merger of CICC, Dongxing Securities, and Cinda Securities marks a significant advancement in the securities industry, with expectations of creating a leading investment bank and enhancing competitive positioning in the market [1][2]. Group 1: Merger Details - CICC announced a major asset restructuring plan to absorb Dongxing Securities and Cinda Securities, with a share swap ratio set at 1:0.4373 for Dongxing and 1:0.5188 for Cinda [3]. - The share swap prices are determined based on the average price over the 20 trading days prior to the board resolution announcement, with CICC's price at 36.91 CNY, Dongxing's at 16.14 CNY, and Cinda's at 19.15 CNY [3]. - CICC plans to issue approximately 3.096 billion new A-shares as part of the merger, with Central Huijin maintaining a 24.44% stake post-merger [3][4]. Group 2: Strategic Implications - The merger aims to enhance CICC's comprehensive service capabilities across various business areas, including capital markets, wealth management, research, investment banking, and asset management [2][6]. - The combined entity is expected to become the fourth securities company in A-shares with total assets exceeding 1 trillion CNY, and projected revenues ranking third in the industry [1][6]. Group 3: Market Reactions and Future Outlook - Analysts predict that the merger will stabilize CICC's long-term return on equity (ROE) expectations and improve its competitive edge in the market [6]. - The merger is seen as a strategic move to enhance CICC's capital strength and market share, potentially benefiting from future regulatory relaxations and new business trials [6]. - The integration of resources from Dongxing and Cinda is expected to create significant synergies, particularly in wealth management and investment banking services [7][8]. Group 4: Operational Enhancements - Post-merger, CICC's number of service outlets will increase from 245 to 436, significantly enhancing its market presence, especially in Fujian and Liaoning [7]. - The retail client base is projected to exceed 14 million, representing a growth of over 50%, while the number of investment advisors will increase by over 40% [7]. - The asset management scale is expected to exceed 800 billion CNY, enhancing CICC's capabilities in managing public funds and optimizing its product offerings [7][8].

Market Overview - The A-share market experienced mixed fluctuations, with the ChiNext index falling over 2%. Sectors such as AI healthcare, commercial aerospace, retail, and IP economy saw significant gains, while battery, lithium mining, Hainan, and PCB sectors faced notable declines [1][4]. - As of the close, the Shanghai Composite Index rose by 0.16%, while the Shenzhen Component Index fell by 1.29%, and the ChiNext Index dropped by 2.17% [4][5]. Sector Performance - AI healthcare concepts surged, with companies like Huaren Health and Sairui Medical hitting the daily limit [5]. - The commercial aerospace sector saw a strong performance, with stocks like Shengyang Technology and Tianjian Technology also reaching the daily limit [11]. - Retail and IP economy stocks rallied, with Baida Group achieving six consecutive trading limit ups [5]. - Conversely, computing hardware stocks declined, with companies like Shengyi Technology and Jingwang Electronics dropping over 5% [5]. Policy and Economic Outlook - The Central Financial Office emphasized that expanding domestic demand will be a top priority for next year, focusing on structural changes in consumption to stimulate demand from both supply and demand sides [1]. - The National Development and Reform Commission, along with five other departments, issued guidelines for the clean and efficient utilization of coal, tightening standards compared to the 2022 version, which may increase demand for high-quality coal [2]. Hong Kong Market - The Hong Kong market saw the Hang Seng Index close up by 0.12%, while the Hang Seng Tech Index fell by 0.73%. The aviation and resource sectors led the gains, while technology manufacturing and consumer sectors generally adjusted downwards [7][8]. Commodity Market - The domestic commodity futures market closed mostly higher, with palladium hitting the daily limit and coking coal rising by 6.07%. However, the shipping index (European line) fell by 3.06%, and polysilicon dropped by 2.60% [2][10]. Bond Market - The bond futures market saw an increase across the board, with the 30-year main contract rising by 0.52%, the 10-year contract by 0.07%, and shorter-term contracts also showing gains [3][10]. AI Healthcare Development - Ant Group launched the AI health assistant application "Ant Ai Fu," which has rapidly gained popularity, exceeding 15 million monthly active users. This reflects the significant market potential of integrating generative AI with health management [16]. - The increase in flu activity since November has boosted demand for related medications, further supporting the AI healthcare sector [15][16]. Commercial Aerospace Support - The Shanghai Municipal Government is focusing on commercial aerospace as a key area in its upcoming "14th Five-Year Plan," with plans to establish development funds to support this emerging strategic industry [11][13].

Core Viewpoint - Dongxing Securities reports that Yuexiu Transportation Infrastructure (01052) plans to acquire 85% equity of the Qinbin Expressway from the Luji boundary to Zhanhua section for 1.154 billion yuan, with the asset covering a total length of 60.7 kilometers and a remaining toll collection period of slightly over 20 years. The acquisition is expected to enhance the company's future performance and the prospects of the Guangzhou North Second Ring Expressway expansion, maintaining a "strongly recommended" rating for the company [1]. Group 1 - The Qinbin Expressway connects multiple ports in the Bohai Bay area, showcasing significant geographical advantages. It serves as the fastest coastal expressway in the Bohai Rim, starting from Qinhuangdao Port and extending southward through Tianjin Port and Huanghua Port to Zhanhua District in Shandong [2]. - The Qinbin Expressway has demonstrated excellent revenue-generating capabilities, with revenues for the years 2023, 2024, and 2025 (January to August) reported at 563 million, 752 million, and 546 million yuan respectively. The average daily revenue per kilometer for the expressway is 25,000 yuan, 34,000 yuan, and 37,000 yuan, indicating a strong performance compared to other four-lane expressways [3]. - The acquisition price for the Qinbin Expressway is considered reasonable, with an internal rate of return (IRR) estimated at 10.43%. The total enterprise value of the project is calculated at 6.225 billion yuan, corresponding to a unit cost of approximately 1 billion yuan per kilometer, which is below the average construction cost of similar expressways in southeastern coastal provinces [4]. Group 2 - The project is expected to enhance the company's performance and operational capacity, with the average remaining toll collection period for the company's controlled expressways extending by approximately 0.8 years. The projected net profits for the years 2026, 2027, and 2028 are estimated at 124 million, 162 million, and 195 million yuan respectively, indicating a potential annual profit increase of around 100 million yuan post-acquisition [5]. - Without considering the acquisition of the Qinbin Expressway, the company’s projected net profits for 2025, 2026, and 2027 are 755 million, 769 million, and 822 million yuan, corresponding to price-to-earnings ratios of 8.7X, 8.6X, and 8.0X. The acquisition is expected to further enhance the company's earnings in 2026 and beyond [6].

Core Viewpoint - Dongxing Securities reports that Yuexiu Transportation Infrastructure (01052) plans to acquire 85% equity of the Qinbin Expressway from the Luji boundary to Zhanhua section for 1.154 billion yuan, with the asset covering a total of 60.7 kilometers and a remaining toll collection period of slightly over 20 years. The acquisition is expected to enhance the company's performance and the prospects of the Guangzhou North Second Ring Expressway expansion, maintaining a "strongly recommended" rating for the company [1]. Group 1 - The Qinbin Expressway connects multiple ports in the Bohai Bay, showcasing significant geographical advantages. It serves as the fastest coastal expressway in the Bohai Rim, starting from Qinhuangdao Port and extending southward through Tianjin Port and Huanghua Port to Zhanhua District in Shandong [2]. - As a four-lane expressway, the Qinbin Expressway demonstrates excellent revenue-generating capabilities. The revenue for the years 2023, 2024, and 2025 from January to August is reported as 563 million, 752 million, and 546 million yuan respectively, indicating a daily average revenue per kilometer of 25,000, 34,000, and 37,000 yuan [3]. - The revenue per kilometer of 25,000 yuan is considered top-tier among four-lane expressways, despite the contribution from the Zhangwei New River Bridge toll fees potentially inflating this figure. The Qinbin Expressway's revenue generation capacity is already higher than that of all other controlled road assets outside the Guangzhou North Second Ring [3]. Group 2 - The acquisition price is deemed reasonable, with an internal rate of return (IRR) calculated at 10.43%. The total enterprise value (EV) of the project, including equity consideration and total liabilities, amounts to 6.225 billion yuan, translating to a unit cost of just over 1 billion yuan per kilometer [4]. - The remaining toll collection period is substantial, with the section from Chengkou to Zhanhua expiring on November 15, 2045, and the Luji boundary to Chengkou section (including the Zhangwei New River Bridge) expiring on January 20, 2047. This long remaining toll period contributes to the calculated IRR exceeding 10% [4]. Group 3 - The project is expected to enhance the company's performance and operational capacity. If the acquisition is completed, the weighted average remaining toll collection period of the company's controlled expressways will extend by approximately 0.8 years. The projected net profits for the years 2026, 2027, and 2028 are estimated at 124 million, 162 million, and 195 million yuan respectively, with an anticipated annual profit increase of around 100 million yuan for 2026 [5]. - Without considering the acquisition of the Qinbin Expressway, the company forecasts net profits of 755 million, 769 million, and 822 million yuan for the years 2025 to 2027, corresponding to price-to-earnings ratios (PE) of 8.7X, 8.6X, and 8.0X. The acquisition is expected to further bolster the company's earnings in 2026 and beyond [6].

智通财经APP获悉，东兴证券发布研报称，2025年，化工品价格指数小幅震荡下行，化工行业仍处于低 景气阶段，但目前全球能源类成本已从高位回落，同时，从供给、需求、库存角度看，行业已出现积极 变化。展望2026年国内化工行业，供需格局有望改善，建议关注行业景气有望回升的子行业，如钛白 粉、部分农药品种、化纤、制冷剂等；资本开支和研发共同驱动中长期增长的龙头企业；受益于需求增 加或国产替代持续推进的部分高端化工新材料，如电子化工材料、高端陶瓷材料等。 从需求端来看，国内制造业需求弱复苏，新兴领域或带来增量；此外，大规模设备更新、消费品以旧换 新等具体政策，也有助于拉动汽车、家电产业链相关化工品的需求。因此国内部分化工子行业的供需格 局有改善趋势，看好钛白粉、部分农药品种、化纤、制冷剂等子行业的供需格局有望逐步好转。 (2)资本开支和研发共同驱动中长期增长的龙头企业。经历供给侧改革之后，国内化工行业的集中度已 经有了较大的提升。未来，受到环保、安全、能耗等政策限制，化工行业资本开支向龙头集聚，投资方 向主要是聚焦原有产品产能扩张、围绕产业链向下游高附加值产品延伸、或通过研发驱动向更多高壁垒 的精细化学品和新材料领域 ...