12月17日，中金公司、东兴证券、信达证券发布公告，宣布中金公司合并东兴证券与信达证券的计划进 入新一阶段。根据公告，每股东兴证券、信达证券能换取中金公司股票的比例分别为1:0.4373、 1:0.5188。此外，三家公司股票于12月18日复牌。 截至早盘收盘，中金公司股价为36.65元，涨超5%；信达证券股价为18.65元，涨4.83%；东兴证券股价 为14.44元，收获涨停。 此前在11月19日，中金公司发布公告宣布正在筹划重大资产重组，拟同时吸收合并东兴证券、信达证 券，预计停牌时间不超过25个交易日。公告表示，中金公司拟通过向东兴证券全体A股换股股东发行A 股股票、向信达证券全体A股换股股东发行A股股票的方式，换股吸收合并东兴证券、信达证券。 而根据12月17日公告信息，中金公司换股吸收合并的定价基准日前20个交易日的A股股票交易均价，考 虑利润分配实施所带来的除权除息调整后为36.91元/股。东兴证券换股吸收合并的定价基准日前20个交 易日的A股股票交易均价为12.81元/股。在此基础上给予26%的溢价，由此确定东兴证券的换股价格为 16.14元/股。信达证券换股吸收合并的定价基准日前20个交易日的 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and the active sectors, particularly in commercial aerospace and consumer electronics. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.16% to 3876.40, while the Shenzhen Component Index fell by 0.85% to 13111.78, and the ChiNext Index dropped by 1.81% to 3118.30 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 21.2 billion yuan compared to the previous trading day, with over 3600 stocks rising [6]. Sector Highlights - The commercial aerospace sector showed significant activity, with stocks like China Satellite hitting the daily limit, and several others such as Tianyin Electromechanical and Beimo High-tech also reaching their limits [6][7]. - In contrast, sectors such as consumer electronics, securities, and lithium batteries experienced notable declines, with nearly 1700 stocks falling [6]. Notable Stocks - China International Capital Corporation (CICC) announced a share swap to absorb Dongxing Securities and Xinda Securities, leading to a surge in CICC's stock price, which hit the daily limit, while Dongxing Securities rose nearly 7% [10][12]. - The opening of the Hong Kong market saw the Hang Seng Index drop by 0.54%, with tech stocks like SenseTime and Xiaomi experiencing declines of over 2% [12][13]. Economic Indicators - The People's Bank of China conducted a 7-day reverse repurchase operation of 883 billion yuan at an interest rate of 1.40%, with 1186 billion yuan of reverse repos maturing today [15]. - The central bank set the RMB to USD exchange rate at 7.0583, a depreciation of 10 basis points from the previous day [16].

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities is a significant move in the financial sector, aiming to enhance competitiveness and create a leading investment bank in China [1][5]. Group 1: Merger Details - CICC, Dongxing Securities, and Xinda Securities announced a merger plan, with specific share exchange ratios set at 1:0.4373 for Dongxing and 1:0.5188 for Xinda [1][4]. - The exchange prices are determined at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing (26% premium), and 19.15 CNY for Xinda [4]. - The merger will result in the cancellation of the legal entities of Dongxing and Xinda, with CICC absorbing all assets, liabilities, and operations [4]. Group 2: Financial Performance - CICC reported a revenue of 20.76 billion CNY for the first three quarters, a 54% increase year-on-year, with a net profit of 6.57 billion CNY, up 130% [6][7]. - Dongxing Securities achieved a revenue of 3.61 billion CNY, a 20.25% increase, and a net profit of 1.599 billion CNY, up 69.56% [7]. - Xinda Securities reported a revenue of 3.02 billion CNY, a 28.46% increase, and a net profit of 1.354 billion CNY, up 52.89% [7]. Group 3: Future Outlook - Post-merger, the total asset scale is expected to reach 1009.58 billion CNY, with a projected net profit of 9.52 billion CNY and revenue of 27.39 billion CNY [8]. - The merger is anticipated to enhance the companies' competitive edge, aligning with the trend of consolidation in the securities industry to improve service capabilities and risk management [8]. - The ongoing trend of mergers in the securities sector is expected to accelerate, driven by the need for resource integration and capital concentration to build a first-class investment bank [8].

该行指出，虽然换股并购令中金2026财年的每股盈利及每股净值分别稀释21%和13%，然而，由于合拼 有助于解除中金的资本限制，透过扩大市场份额产生协同效应，并提高成为大型券商的机会，从而受惠 于潜在的资本放松与新业务试点计划，因此相信市场对合拼的反应正面，花旗表示，由于供给侧加快推 进改革，预期其他券商的股价亦将上扬，或可稳定收费率并提升潜在股东权益回报率(ROE)。 花旗发布研报称，中金公司（601995）(03908)计划以换股吸收方式合并东兴证券（601198） (601198.SH)及信达证券（601059）(601059.SH)。中金拟发行近31亿股A股，每股东兴A股可换取0.4373 股中金A股;每股信达A股可换取0.5188股中金A股。 ...

该行指出，虽然换股并购令中金2026财年的每股盈利及每股净值分别稀释21%和13%，然而，由于合拼 有助于解除中金的资本限制，透过扩大市场份额产生协同效应，并提高成为大型券商的机会，从而受惠 于潜在的资本放松与新业务试点计划，因此相信市场对合拼的反应正面，花旗表示，由于供给侧加快推 进改革，预期其他券商的股价亦将上扬，或可稳定收费率并提升潜在股东权益回报率(ROE)。 智通财经APP获悉，花旗发布研报称，中金公司(03908)计划以换股吸收方式合并东兴证券(601198.SH) 及信达证券(601059.SH)。中金拟发行近31亿股A股，每股东兴A股可换取0.4373股中金A股;每股信达A 股可换取0.5188股中金A股。 ...

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Viewpoints - The merger plan of CICC, Dongxing Securities, and China Cinda has been implemented, enhancing the comprehensive financial service capabilities [3] - The merger is expected to result in CICC's operating revenue of approximately 27.4 billion yuan and total assets reaching 1.01 trillion yuan, ranking it fourth among listed securities firms [3] - The ongoing supply-side reform in the financial sector is expected to improve the competitive landscape and service capabilities of the industry [4] Summary by Sections Merger Details - On December 17, CICC, Dongxing Securities, and China Cinda announced their share swap merger plan [2] - The share swap ratios are 0.4373 shares of CICC for each share of Dongxing Securities and 0.5188 shares for each share of China Cinda [3] Financial Projections - Post-merger, CICC's net profit is projected to reach 9.52 billion yuan, making it the sixth largest among listed securities firms [3] - The industry is expected to see significant growth in 2025 due to ongoing capital market reforms and the continuous influx of long-term funds [4] Market Positioning - The merger is part of a broader trend of consolidation in the securities industry, aimed at creating "first-class investment banks and investment institutions" [3][4] - Major shareholders have committed to a 36-month lock-up period for their shares acquired in the merger [3]

Market Overview - Major indices opened lower on December 18 but rebounded, with the Shanghai Composite Index turning positive by the time of reporting [1] - Sectors such as securities, coal, and oil saw significant gains, while CPO concepts, aquaculture, hotel and catering, semiconductors, and building materials faced declines [1] Healthcare Sector - The healthcare commercial concept continued to strengthen, with Huaren Health (301408) hitting a 20% limit up, and other companies like Luyuan Pharmaceutical and Zhongyao Holdings also reaching their limit up [1] AI and Financial Services - Ant Group's AI health app "Antifufu" saw a surge in downloads, ranking third on the Apple app chart, with over 15 million monthly active users and over 5 million health inquiries daily [3] - China International Capital Corporation (CICC) announced plans to merge with Dongxing Securities and Xinda Securities through a share swap, with CICC's A-shares set to be suspended from trading starting November 20, 2025, and resuming on December 18, 2025 [3] IP Economy - The IP economy concept was active, with companies like Guobo Co. and Sanxiang Impression hitting the limit up, while others like Deyi Cultural and Chuangyuan Co. also saw gains [5] - The Ministry of Commerce and other departments issued a notice to enhance collaboration between commerce and finance to boost consumption, focusing on new consumption models such as green consumption and AI + consumption [5] - The market for the "Guzi economy" is projected to reach 168.9 billion yuan in 2024, a 40.63% increase from 2023, indicating rapid growth in related sectors [5] Retail Sector Trends - Dongwu Securities highlighted that 2025 will be a significant year for retail reform, with traditional retailers improving product and service quality through adjustments [7] - The focus on enhancing product quality in the retail sector is supported by policies encouraging such improvements, particularly in less competitive lower-tier markets [7] - Kaifeng Securities noted that offline retail businesses are transitioning from selling products to offering services and experiences, leveraging their advantages to attract traffic [7]

业内首个"三券商合并"——中金公司吸收合并东兴证券、信达证券，方案正式出炉！ 2025年12月17日晚间，中金公司（601995.SH、03908.HK）与东兴证券（601198.SH）、信达证券 （601059.SH）同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，并拟于12 月18日复牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | 12月18日，中金公司、东兴证券A股复盘开盘涨停，信达证券股价涨6.8%。中金公司港股开盘涨逾 7%。截至发稿前，中金公司A股股价涨超4%，信达证券涨超5%，东兴证券仍"一字"涨停。 涉及换股 中金公司预计新发行A股约30.96亿股 根据交易预案，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 ...

Core Viewpoint - The announcement of the share-swap merger between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant development in the brokerage industry, indicating a new phase of consolidation in response to national financial policies [1] Group 1: Merger Details - CICC officially announced the share-swap merger plan on December 17, with a share-swap price of 36.91 yuan per share for CICC, 16.14 yuan for Dongxing, and 19.15 yuan for Xinda, with swap ratios of 1:0.4373 and 1:0.5188 respectively [1] - CICC is expected to issue approximately 3.096 billion new A-shares as part of the merger [1] Group 2: Business Expansion - Post-merger, CICC's number of business outlets will increase from 245 to 436, elevating its ranking to third in the industry for outlet numbers, significantly expanding its retail network [1] - The merger is anticipated to create synergies, particularly in the area of non-performing asset disposal, by combining CICC's investment banking and international advantages with the regional market foundations of Dongxing and Xinda [1] Group 3: Financial Strength and Market Position - The total assets of the merged CICC are expected to exceed 1 trillion yuan, establishing a balanced business structure between institutional and retail operations, thereby enhancing its counter-cyclical capabilities [1] - The merger aligns with the policy direction of accelerating the construction of a strong financial nation, with major shareholders committing to lock in their shares for 36 months, reflecting confidence in the merger's prospects [1]

花旗发表研究报告指，中金公司计划以换股吸收方式合并东兴证券及信达证券。中金拟发行近31亿股A 股，每股东兴A股可换取0.4373股中金A股；每股信达A股可换取0.5188股中金A股。该行指出，虽然换 股并购令中金2026财年的每股盈利及每股净值分别稀释21%和13%，然而，由于合并有助于解除中金的 资本限制，通过扩大市场份额产生协同效应，并提高成为大型券商的机会，从而受惠于潜在的资本放松 与新业务试点计划，因此相信市场对合并的反应正面。花旗表示，由于供给侧加快推进改革，预期其他 券商的股价亦将上扬，或可稳定收费率并提升潜在股东权益回报率(ROE)。 ...