合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合 并东兴证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与 能力的结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势， 将与东兴、信达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 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，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确 定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，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。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，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。 其中，中金公司换 ...

Group 1 - CICC announced a merger plan involving two brokerages, with both CICC and Dongxing Securities opening at the daily limit price on December 18, while Xinda Securities opened 6.8% higher [2] - The broker ETF (159842) experienced a decline of nearly 0.7% during the session, with a trading volume exceeding 60 million yuan and a premium rate of 0.32% [2] - As of the report, the broker ETF (159842) saw a net subscription of 23 million units, accumulating a net inflow of nearly 350 million yuan over the past five trading days [2] Group 2 - The recent announcement from the China Securities Regulatory Commission emphasizes the goal of building a first-class investment bank, suggesting that further mergers and restructurings among leading brokerages are likely [3] - The capital market remains in a high prosperity phase, and the acceleration of supply-side structural reforms in the industry is noted, indicating a divergence between the improving fundamentals of brokerages and their valuation performance [3] - The current merger case is expected to accelerate supply-side structural reforms in the industry and drive valuation recovery in the sector [3]

Core Viewpoint - The securities sector experienced a decline on December 18, with related indices showing a drop of 0.8% as of the report time [1]. Market Performance - The broker index opened at 11,415.07 and closed at 11,321.83, reflecting a decrease of 90.82 points or 0.80% [2]. - The trading volume reached 13 billion, with a turnover of 8.6 billion [2]. - The highest price recorded was 11,426.34, while the lowest was 11,306.22 [2]. Individual Stock Movements - China International Capital Corporation (CICC) and Xinda Securities saw their gains narrow to below 5%, after initially opening at the daily limit and nearly 7% higher, respectively [2]. - Dongxing Securities led the gainers with a price of 14.44, reflecting a rise of 9.98% [3]. - Xinda Securities and CICC reported increases of 4.89% and 4.84%, respectively [3]. - On the downside, Zhongyin Securities fell over 4%, with other firms like CITIC Securities, Huatai Securities, and China Galaxy also experiencing declines [4].

Core Viewpoint - The recent merger and acquisition activities in the securities industry, particularly the absorption of Dongxing Securities and Xinda Securities by China International Capital Corporation (CICC), are expected to enhance industry concentration and improve the competitive landscape, potentially leading to valuation recovery for the sector [2][4][5]. Group 1: Market Reactions and Stock Performance - The majority of the index component stocks for the Securities ETF Leader (560090) experienced a pullback, with Dongxing Securities and CICC hitting the daily limit up, while Xinda Securities rose over 6% [2]. - As of 9:35 AM, the top-performing stocks included Dongxing Securities with a 9.98% increase and CICC with a 6.76% increase, while other stocks like Oriental Fortune and CITIC Securities saw slight declines [3]. Group 2: Merger and Acquisition Details - The merger plan indicates that each share of Dongxing Securities and Xinda Securities will be exchanged for CICC shares at ratios of 1:0.4373 and 1:0.5188, respectively, with trading resuming on December 18 [3]. - Following the merger, CICC is projected to become the fourth brokerage firm in the "trillion club" in terms of total assets [3]. Group 3: Industry Trends and Future Outlook - The securities industry is entering its fifth wave of mergers and acquisitions, with significant cases involving both leading and smaller brokerages, which are expected to continue into 2025 [4]. - The government has set strategic goals for the securities industry, aiming to develop 2 to 3 investment banks with international competitiveness over the next decade, which supports the ongoing trend of mergers and acquisitions among leading brokerages [5]. - The combination of policy support and market demand is anticipated to drive the securities sector's recovery, with a focus on enhancing the competitive edge of leading firms through strategic mergers [6][14]. Group 4: Financial Performance and Valuation - The financial performance of listed brokerages has shown significant improvement, with a 63.4% year-on-year increase in net profit for the first three quarters, and a 25.5% quarter-on-quarter increase in Q3 [8]. - Despite strong earnings growth, the valuation of the securities sector remains low, with the securities company index rising only 3% year-to-date, compared to a 15% increase in the Shanghai Composite Index [10]. - The current price-to-book ratio of 1.5 indicates that the sector is undervalued, presenting potential investment opportunities [10][13].

格隆汇12月18日｜A股开盘，三大指数集体低开，沪指跌0.34%报3857.26点，深证成指跌0.85%，创业 板指跌1.17%。中金公司、东兴证券(601198)复牌后涨停，信达证券高开近7%。 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 昨晚，中金公司公告称，公司与东兴证券、信达证券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。与此同时，此次中金合并东兴证券、信达证券预案也浮出水面。中金公司的A股换股价 格为36.91元/股，东兴证券的A股换股价格为16.14元/股，信达证券的A股换股价格为19.15元/股。根据 上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373、1:0.5188。 12月18日，中金公司在停牌20个交易日之后，披露吸收合并东兴证券、信达证券预案。A股市场东兴证 券复牌涨停；中金公司复牌一度涨停，目前涨幅收窄至6%；信达证券复牌一度涨超8%，目前涨幅在6% 以内跌。 ...

12月17日，三家券商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，并宣 布于12月18日复牌。 北京商报讯（记者 刘宇阳）12月18日开盘，中金公司、东兴证券同步涨停，分别报38.38元/股、14.44 元/股，信达证券涨6.8%，报19元/股。截至9时35分，东兴证券维持涨停，中金公司和信达证券均涨超 6%。 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 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。 ...

中金公司换股吸收东兴、信达证券预案点评 分析师 刘雨辰 执业证书： S0590522100001 邮箱： liuyuch@glms.com.cn 分析师 耿张逸 执业证书： S0590524100001 邮箱： gzhy@glms.com.cn 合并后新主体实力有望显著提升，后续发展值得期待 glmszqdatemark 2025 年 12 月 18 日 事件：2025 年 12 月 17 日，中金公司、东兴证券、信达证券均发布《中国国际 金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券股份有限公司 预案》，三家公司股票将于 2025 年 12 月 18 日复牌。 吸收合并预案出台，东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188。 1）东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188：本次交易的具 体实现方式为中金公司换股吸收合并东兴证券和信达证券。中金公司和信达证券 的换股价格按照定价基准日前 20 个交易日的股票交易均价确定，东兴证券的换 股价格按照定价基准日前 20 个交易日的股票交易均价并给予 26%的溢价后确 定。中金公司 A 股换股价格为 3 ...

2025.12. 18 沪指低开0.34%，深成指低开0.85%，创业板指低开1.17% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 150 | 3857.26 | -13.02 | -0.34% | | 399001 | 深证成指 | 1 WW | 13112.61 | -111.90 | -0.85% | | 399006 | 创业板指 | N Non | 3138.66 | -37.25 | -1.17% | 盘面上，CPO、首发经济、光伏、消费电子概念股走弱。 个股方面，中金公司拟换股吸收合并东兴证券与信达证券，中金公司A股、东兴证券涨停，信达证券 涨近7%。 本文字数：452，阅读时长大约1分钟 作者 | 一财 阿驴 09:25 A股开盘丨三大指数集体低开 | 38.38 +3.49 +10.00% | | 中金公司 1 立即 601995 交易 | | | | --- | --- | --- | --- | --- | | SSE CNY 9:25:01 交易 ...

中金公司、东兴证券、信达证券今日复牌，中金公司A股开盘涨停，H股涨逾7%。东兴证券涨停，信达 证券高开6.8%。 | 38 38 +3.49 +10.00% | | | 中金公司 (1) 立即 601995 交易 | | --- | --- | --- | --- | | SSE CNY 9:25:01 交易中 查看L2全景 | | | 通融/ ● 十 | | 20.300(+7.07%)I/A :- 52.01% Wind ESG评级 | | | 详情 | | 委比-97.52% 委差 -74227 | | | 今年 14.19% 120日 6.81% | | 图 | - | IC | 5日 10.00% 250日 4.24% | | 卖口 | 1 | 12 | 20日 10.00% 52周高 39.91 | | 25 60日 | | - | 3.03% 52周低 30.24 | | 三三 | 1 | - | 2023 20242025Q3 | | EPS | 38.38 | 75170 | 1.14 1.04 1.24 | | BPS | 38.37 | 856 | 18.27 19.15 20.22 | ...