Core Viewpoint - Dongxing Securities is planning to merge with CICC and Xinda Securities, which will lead to the historical dissolution of Dongxing Securities. The combined entity will have an asset scale exceeding 1 trillion yuan, but the merger may complicate the management of existing IPO projects due to concerns over financial integrity and compliance issues with Dongxing's current projects [1][2]. Group 1: Merger and Asset Scale - Dongxing Securities is in the process of planning a merger with CICC and Xinda Securities, which will result in the dissolution of the Dongxing brand [1]. - The new entity formed from the merger will have an asset scale exceeding 1 trillion yuan [1]. Group 2: Current IPO Projects and Concerns - Dongxing Securities currently has three IPO projects under review: Hunan Weapon Industry Group, Meikang Co., and Guoliang New Materials, all of which are facing scrutiny [2][4]. - Concerns have been raised regarding Hunan Weapon Industry's compliance with social insurance contributions, with significant percentages of employees not receiving full benefits [10][11]. - Meikang Co. has faced questions about the authenticity of its financial performance, particularly regarding its high gross margins and sales expense ratios compared to industry averages [12][13]. Group 3: Historical Issues with Sponsored Projects - Dongxing Securities has a history of sponsored projects facing severe issues, including the infamous case of Zeda Yisheng, which was penalized for financial fraud [16][19]. - Other projects, such as Zhongtian Energy and *ST Zhongzhuang, have also faced significant compliance and financial integrity issues during their sponsorship by Dongxing Securities [17][18]. - The trend of "performance reversal" post-IPO has been noted in several companies sponsored by Dongxing, raising questions about the due diligence practices of the firm [19][20][21].

证券日报网讯 11月26日晚间，东兴证券发布公告称，公司与中国国际金融股份有限公司（简称"中金公 司"）、信达证券股份有限公司（简称"信达证券"）正在筹划由中金公司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（简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：东 兴证券，证券代码：601198）自2025年11月20日（星期四）开市时起开始停牌。本次重组涉及到A+H股 两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的 相关规定，预计停牌时间不超过25个交易日。鉴于本次重组相关事项存在重大不确定性，为保证信息公 平披露，维护投资者利益，避免造成公司股价异常波动，根据上海证券交易所相关规定，公司A股股票 将继续停牌。 （文章来源：证券日报） ...

（编辑 任世碧） 证券日报网讯 11月26日晚间，中金公司发布公告称，公司与东兴证券股份有限公司（简称"东兴证 券"）、信达证券股份有限公司（简称"信达证券"）正在筹划由公司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 （简称"本次重组"）。根据上海证券交易所的相关规定，经公司申请，公司A股股票自2025年11月20日 （星期四）开市时起开始停牌。本次重组涉及到A+H股两地上市公司同时吸收合并两家A股上市公司， 涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易日。鉴 于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价异 常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。停牌期间，公司将积极推进各项工 作，并根据本次重组进展情况，严格按照有关法律法规的规定和要求履行信息披露义务。待相关事项确 定后，公司将及时发布相关公告并申请公司A股股票复牌。 ...

新京报贝壳财经讯 11月26日，信达证券发布公告称，公司正与中金公司、东兴证券筹划重大资产重 组，由中金公司换股吸收合并东兴证券和信达证券。公司A股股票自2025年11月20日开市起停牌，预计 停牌不超25个交易日。鉴于重组事项存在重大不确定性，为维护投资者利益，避免股价异常波动，公司 A股股票将继续停牌。公司将积极推进工作，待事项确定后及时公告并申请复牌。本次重组尚需履行内 部决策程序并获监管批准，存在不确定性。 编辑 杨娟娟 ...

证券代码：601198 证券简称：东兴证券 公告编号：2025-066 根据上海证券交易所的相关规定，经公司申请，公司 A 股股票（证券简称： 东兴证券，证券代码：601198）自 2025 年 11 月 20 日（星期四）开市时起开始 停牌。本次重组涉及到 A+H 股两地上市公司同时吸收合并两家 A 股上市公司， 涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间 不超过 25 个交易日。具体内容详见公司于 2025 年 11 月 20 日披露的《东兴证券 股份有限公司关于筹划重大资产重组的停牌公告》（公告编号：2025-063）。 鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资 者利益，避免造成公司股价异常波动，根据上海证券交易所相关规定，公司 A 股股票将继续停牌。 停牌期间，公司将积极推进各项工作，并根据本次重组进展情况，严格按照 有关法律法规的规定和要求履行信息披露义务。待相关事项确定后，公司将及时 发布相关公告并申请公司 A 股股票复牌。 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 ...

Core Points - The company announced a plan to merge with Dongxing Securities and Cinda Securities through a share exchange, issuing A-shares to all shareholders of both companies [1] - Due to significant uncertainties related to the restructuring, the company's A-shares will remain suspended to ensure fair information disclosure and protect investor interests [1] - The suspension of trading for the company's A-shares began on November 20, 2025, and is expected to last no more than 25 trading days [2] Summary by Category Company Actions - The company is planning a share exchange merger with Dongxing Securities and Cinda Securities [1] - The company will actively advance various tasks during the suspension period and will comply with legal disclosure obligations based on the progress of the restructuring [1] Market Impact - The trading of the company's A-shares has been suspended to prevent abnormal stock price fluctuations [1] - The suspension is in accordance with regulations from the Shanghai Stock Exchange [1]

格隆汇11月26日丨信达证券(601059.SH)公布，公司与中金公司、东兴证券正在筹划由中金公司通过向 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。 根据上海证券交易所的相关规定，经公司申请，公司A股股票（证券简称：信达证券，证券代码： 601059）自2025年11月20日（星期四）开市时起开始停牌。 鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成公司股价 异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

东兴证券公告，公司与中国国际金融股份有限公司、信达证券股份有限公司正在筹划由中金公司通过向 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。公司A股股票自2025年11月20日开市时起开始停牌，预计停牌时间不超过25个 交易日。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成 公司股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [3][29]. Core Insights - The report highlights significant progress in mergers and acquisitions within the brokerage sector, with a focus on enhancing the functional capabilities of securities firms. The China Securities Association reported that in the first three quarters of 2025, securities companies collectively underwrote technology innovation bonds amounting to 705.18 billion yuan, reflecting a year-on-year growth of 57.77% [3][7][23]. - The report emphasizes the potential for further acceleration in mergers and acquisitions in the securities industry, driven by policy support for building a strong financial nation. This consolidation is expected to enhance overall competitiveness and contribute to the goal of establishing first-class investment banks [4][7]. Summary by Sections 1. Investment Recommendations - Securities companies are focusing on five major areas to enhance their functional roles, with a notable increase in underwriting technology innovation bonds [7]. - The report suggests that the ongoing mergers and acquisitions will likely lead to improved performance for certain brokerages, with opportunities for both external and internal growth strategies [4][7]. 2. Market Review - The report notes a decline in major indices, with the Shanghai Composite Index down by 3.90% and the ChiNext Index down by 6.15% during the specified period. The average daily trading volume in A-shares was 1.87 trillion yuan, a decrease of 8.75% [8][11]. 3. Key Industry Data Tracking - As of November 21, 2025, the margin trading balance was 2.46 trillion yuan, showing a slight decrease of 1.25%. The report also highlights a decline in new fund issuance and equity underwriting in October 2025 [14][22]. - The report provides insights into the bond market, noting a 1.79% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield rising by 20.89 basis points [14][20]. 4. Regulatory Policies and Industry Dynamics - The report discusses the significant growth in the underwriting of technology innovation bonds by securities firms, with 75 firms participating and a total underwriting amount of 705.18 billion yuan [23]. - It also mentions the insurance asset management industry, which has seen a 10.60% year-on-year increase in managed funds, totaling 33.30 trillion yuan as of the end of 2024 [23]. 5. Key Announcements from Listed Companies - The report notes that China International Capital Corporation (CICC) is planning a major asset restructuring through a share swap with Dongxing Securities and Xinda Securities, which has led to a temporary suspension of trading [24].

Group 1 - CICC is planning to merge with Dongxing Securities and Xinda Securities through a share exchange, aiming to accelerate the establishment of a first-class investment bank and support the high-quality development of the securities industry [2][3] - As of the end of Q3 this year, the combined asset scale of the three securities firms reached 10,095.83 billion yuan, which will increase the number of securities firms with assets exceeding one trillion yuan to four [6][7] - The merger is seen as part of a broader trend of consolidation in the securities industry, with several other firms also engaging in mergers and acquisitions this year [2][7] Group 2 - The three firms involved in the merger are all controlled by Central Huijin Investment, indicating a significant internal consolidation within the "Huijin system" [3] - The merger aligns with the new "National Nine Articles" policy aimed at cultivating first-class investment banks and institutions, with a goal of forming around 10 leading institutions in the next five years [7] - Several mid-sized securities firms are also pursuing mergers, employing various acquisition strategies to enhance their market positions [7] Group 3 - Four securities firms are currently in the IPO queue, including Dongguan Securities, Bohai Securities, Caixin Securities, and Hualong Securities, with varying stages of progress in their applications [8] - Dongguan Securities, the largest in asset scale among those waiting for IPO, has faced challenges in its long IPO process due to a fragmented shareholding structure [9][10] - Compliance issues have been highlighted as a significant risk for some firms, such as Bohai Securities, which has faced multiple regulatory penalties [10]