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 | ...

Group 1 - CICC plans to issue 3.096 billion A-shares, resulting in Central Huijin's direct shareholding reaching 1.936 billion shares [1][4] - On December 18, CICC and Dongxing Securities saw their A-shares hit the daily limit, while Cinda Securities rose by 6.8%, with CICC's Hong Kong shares increasing by over 7% [1] - The share exchange prices are set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, with exchange ratios of 1:0.4373 and 1:0.5188 respectively [4] Group 2 - The merger aims to create a competitive investment bank and support the reform of the capital market and high-quality development of the securities industry [4] - Projected revenues for 2024 are 21.333 billion CNY for CICC, 9.370 billion CNY for Dongxing, and 3.292 billion CNY for Cinda, with total assets of 674.716 billion CNY, 105.229 billion CNY, and 106.902 billion CNY respectively [4] - The total transaction amount for the merger is estimated at 114.275 billion CNY [4][5]

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

Market Overview - On December 18, A-shares opened lower with the Shanghai Composite Index down 0.34% at 3857.26 points, the Shenzhen Component Index down 0.85% at 13112.61 points, and the ChiNext Index down 1.17% at 3138.66 points [1] - Key sectors such as CPO, tax refunds for outbound travelers, and fiberglass saw significant declines [1] - Notable stocks included Baida Group, which opened up 4.49%, and Shengtong Energy, which reached a limit up after a change in control [1] Company News - SpaceX has entered a "regulatory quiet period," signaling the initiation of the largest IPO in history [2] - Vanke A proposed a 12-month extension for the principal repayment of its medium-term notes, with a total outstanding amount of 3.7 billion yuan [2] - CATL launched the world's first humanoid robot production line for battery PACKs, marking a significant milestone in intelligent manufacturing [2] - China CNR signed several major contracts totaling approximately 53.31 billion yuan, representing 21.6% of its projected 2024 revenue [3] - Huayi Brothers reported a reduction in shareholding by Alibaba's venture capital arm, decreasing its stake from 3.47% to 2.40% [3] Industry Insights - The global optical module market is experiencing a rapid shift from copper cables to fiber optics, with 1.6T products expected to see significant growth starting in 2026 [6] - The Yichun Natural Resources Bureau plans to revoke 27 mining licenses, including one for Jiangte Electric's lithium-containing ceramic stone mine with an annual capacity of 1.2 million tons [7] - Travel bookings for the upcoming New Year holiday have increased by nearly 30% compared to the same period last year, indicating a recovery in the tourism sector [8] - A successful clinical trial of an invasive brain-computer interface was completed, allowing a paralyzed patient to control a smart wheelchair using brain signals [9] - The upcoming FORCE conference by Volcano Engine is expected to introduce new AI models, enhancing performance and reducing costs [10] - The fifth International AIDC Liquid Cooling Supply Chain Summit will discuss the growing importance of liquid cooling technology in data centers due to rising AI server demands [11] - The founder of Hailin Energy predicts that global electricity demand will surge by 2050, emphasizing the critical role of energy storage in addressing energy challenges [12][13] Institutional Perspectives - CITIC Securities highlights structural opportunities in the express delivery sector, focusing on cost reduction across the entire supply chain [14] - CICC notes that the food and beverage industry is nearing a bottom, with a focus on high-quality growth driven by product innovation and channel expansion [15] - Huatai Securities anticipates that the recent approval of L3 autonomous driving vehicles will accelerate value reconstruction in the smart driving industry, with significant investment opportunities emerging in 2026 [16]

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、东兴证券复牌后涨停，信达证券高开近7%。 ...

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.34%, the Shenzhen Component down 0.85%, and the ChiNext Index down 1.17% [2] - The Hang Seng Index also opened lower, down 0.54%, with the Hang Seng Tech Index declining by 1.11% [5] Company Developments - China International Capital Corporation (CICC) plans to absorb and merge Dongxing Securities and Xinda Securities through a share swap, leading to a surge in CICC's stock price by over 7% [5] - CICC's stock price reached 38.38, reflecting a 10% increase [3] - Dongxing Securities' stock price increased to 14.44, marking a 9.98% rise [4] Sector Performance - The sectors showing weakness include CPO, initial public offerings, photovoltaic, and consumer electronics [2]

黄桷树财经认为，信达证券的停牌价17.79元/股，低于定价基准日前20个交易日均价19.15元/股，所以直接采用了19.15元/股；东兴证券的停牌价13.13元/ 股，高于定价基准日前20个交易日均价12.81元/股，必须要给一定的溢价，可显著提升中小股东的换股收益预期，降低方案推进的阻力。 根据换股价格测算，每持有1股东兴证券A股可换得0.4373股中金公司A股，每持有1股信达证券A股可换得0.5188股中金公司A股。 中金公司预计将发行A股股份合计30.96亿股，发行完成后中金公司总股本将由48.27亿股增至79.23亿股。 交易完成后，东兴证券、信达证券将终止上市并注销法人资格，其全部资产、负债、业务、人员等均由中金公司承继。 2025年12月17日晚间，中金公司（601995.SH；03908.HK）披露换股吸收合并预案，拟通过发行A股股票的方式，同时吸收合并东兴证券(601198.SH）与 信达证券(601059.SH）。 这一交易如果顺利落地，将是继国泰君安吸收合并海通证券后的又一个券商合并案例，它标志着国有券商正在通过合并来做大做强。 一、交易核心：换股定价与比例明确 根据预案，本次交易采用纯换 ...

Group 1 - The core viewpoint of the news is the significant merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, marking a pivotal moment in the brokerage industry as CICC aims to establish itself as a leading international investment bank [1][2] - The merger will allow CICC to enter the "trillion club" in total assets, becoming the fourth brokerage in the industry to achieve this milestone [1][2] - The stock exchange ratio for the merger has been set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with all three companies' stocks resuming trading on December 18 [1] Group 2 - The merger is expected to enhance CICC's asset scale significantly and strengthen its leading position in wealth management and cross-border business [2] - The complementary strengths of Dongxing and Xinda in regional networks and special asset investment banking will synergize with CICC's advantages in capital utilization, further enhancing competitive advantages [1][2] - This consolidation trend in the brokerage industry may lead to a revaluation of brokerage stocks and accelerate the concentration of the industry [2] Group 3 - As of the end of Q3 2025, the total scale of asset management products in China's fund industry has exceeded 80 trillion yuan, indicating a continuous expansion of the industry [3] - Public funds account for nearly half of this total, reflecting a trend of wealth shifting towards standardized products, while private fund demand remains strong with over 21 trillion yuan in scale [3] - The combined scale of private asset management products from brokerages and fund subsidiaries exceeds 12 trillion yuan, showcasing the accelerated institutionalization process in the market [3] Group 4 - Non-monetary ETFs saw a net inflow of 26.645 billion yuan yesterday, with a significant increase of over 60% compared to the previous day [4] - The A500 index ETFs attracted the highest net inflow, totaling 11.107 billion yuan, with the Huatai-PB CSI A500 ETF leading at 3.282 billion yuan [4] - The overall increase in net inflows into ETFs indicates a clear intention from the market to allocate funds, reflecting a growing preference for core assets [4]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - The Ministry of Finance reported that from January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The National Development and Reform Commission and other departments released guidelines for clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 10.862 million yuan per ton, reflecting an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "lowest prices online" may constitute abuse of market dominance or monopolistic agreements [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a national unified electricity market evaluation system, focusing on operational effectiveness and market competition [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - Baida Group's stock has seen significant short-term price increases, indicating potential risks of rapid declines [8] - China Railway Engineering Corporation plans to repurchase A-shares worth between 1 billion and 2 billion yuan [11]

【环球网财经综合报道】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，备受业界关注"汇金系"券商合并迎来重大进展，并拟于12月18日复牌。 本次交易后，中金公司将实现跨越式发展，预计总资产规模超万亿元，也标志着三家券商合并后，诞生行业第四家总 资产万亿券商。 公开信息披露显示，中金公司作为吸收合并的存续主体，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；中金公司预计将新发行A股约30.96亿股，定价有利于平衡各方股东利 益。 《华尔街日报》此前撰文提到，中国证监会在2024年3月表示，计划在未来五年内帮助10家证券公司引领行业发展， 并希望到2035年打造两到三家具有全球影响力的券商。花旗集团分析师张卓佳和Calvin Leung在一份报告中表示，这 三家总部位于北京的公司的三方合并，将会缔造一个"具有市场领先地位的巨型券商"。 亦有分析人士表示，通过本次重组，中金公司将与东兴证券、信达证券在战略层面深度协同，实现资源整合与资本实 力 ...