| | | 编辑 ｜ 钉钉 11月19日晚间，中金公司公告，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。为保证公平信息披露，维 护投资者利益，避免造成公司股价异常波动，公司A股股票将于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易日。 公告称，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质发展。 ...

Core Viewpoint - The announcement indicates that China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities are planning a significant asset restructuring through a share swap merger, where CICC will issue A-shares to the shareholders of both Dongxing and Xinda Securities [1] Group 1 - CICC, Dongxing Securities, and Xinda Securities have released a suspension announcement regarding the planning of a major asset restructuring [1] - The restructuring involves CICC acquiring Dongxing Securities and Xinda Securities through a share swap mechanism [1] - The share swap will be executed by issuing A-shares to all A-share shareholders of Dongxing and Xinda Securities [1]

为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股股票将于2025年11月20日开市时起停牌，预计停牌时间不超过25个交 易日。本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质发展。 中金公司(601995.SH)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。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | | 2025/11/20 601995 中金公司 Ａ股 停牌 | 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

Group 1 - The core point of the news is the planned major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, aimed at creating a leading investment bank and enhancing the quality of the securities industry [1][2][6] - The restructuring is expected to accelerate the construction of a first-class investment bank, supporting financial market reforms and the high-quality development of the securities industry [1][2] - The integration of resources and capabilities among the three companies aims to achieve economies of scale and synergies, improving service quality and shareholder returns [1][2][6] Group 2 - The restructuring aligns with national policies and strategies, focusing on serving the real economy and enhancing the core competitiveness of leading financial institutions through mergers and acquisitions [2][3] - CICC has maintained a leading position in investment banking, successfully completing several large IPOs and supporting financing needs for "hard technology" enterprises [3][4] - Dongxing Securities and Xinda Securities have shown strong financial performance, with Dongxing achieving a revenue of 36.1 billion and a net profit of 16.0 billion, while Xinda reported a revenue of 30.2 billion and a net profit of 13.5 billion for the first three quarters of 2025 [4][5] Group 3 - The merger will enhance CICC's capital strength and integrate customer resources, further solidifying its leading position in the securities industry [5][6] - The combined entity will benefit from the complementary strengths of CICC's comprehensive investment banking services and the retail brokerage and proprietary trading focus of Dongxing and Xinda [5][6] - The restructuring is expected to create new growth opportunities by deepening capabilities in debt restructuring, risk resolution, and industrial investment banking [5][6]

登录新浪财经APP 搜索【信披】查看更多考评等级 中金公司11月19日公告，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。为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股股票将 于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易日。本次重组有助于加快建设一流投资 银行，支持金融市场改革与证券行业高质发展。 ...

Core Viewpoint - The report from Dongxing Securities indicates that pig prices experienced a bottom rebound in October, rising above 12 yuan/kg by the end of the month, but the sustainability of this upward trend is weak, leading to a price correction in November, with an average price of 11.80 yuan/kg as of November 10 [1][2]. Supply and Demand Analysis - Supply Side: In October, some enterprises reduced the weight of pigs to accelerate cash flow, resulting in actual slaughter exceeding planned numbers. Following a slight rebound in prices, there is an increased tendency to secure profits due to pessimistic market expectations, leading to significant monthly slaughter pressure [2][4]. - Demand Side: The pace of secondary fattening increased in mid-October, providing slight support for short-term prices. However, after the price rebound, market participants returned to a wait-and-see attitude. Additionally, the rise in northern temperatures at the end of October suppressed meat consumption, and demand for cured meat in the south has not yet started, indicating insufficient demand support [2][4]. Capacity Change Trends - As of the end of September, the number of breeding sows was 40.35 million, a decrease of 0.70% month-on-month. Data from various sources show a mixed trend in October, with a slight decline in breeding sow samples and a minor increase in others, indicating limited willingness to reduce production capacity due to previous backlogs and a slight price rebound [3]. Policy and Market Outlook - With ongoing policy adjustments and low prices, capacity reduction is expected to accelerate. Recent meetings have emphasized production capacity control and other requirements, with leading enterprises responding positively. As of November 14, 2025, the average profit per head for self-bred pigs was -114.81 yuan, indicating continued losses in the industry. The combination of policy implementation and accumulated losses suggests a potential upward price turning point in the second half of 2026 [4][5]. Future Cycle Prediction - The core theme for the near future will be capacity control guided by policy, with expectations for the elimination of outdated capacity increasing. The cost advantages of high-quality production capacity are expected to become more pronounced, leading to better profit elasticity post-regulation. Although the industry index PB has rebounded, it remains below historical median levels, indicating a safety margin for valuations. Recommended stocks include leading breeding companies with high performance realization rates, such as Muyuan Foods (002714.SZ), along with other related companies like Wens Foodstuff Group (300498.SZ), Tiankang Biological (002100.SZ), and Shennong Group (605296.SH) [5]. October Sales Data of Listed Companies - The average sales price in October decreased month-on-month for major companies, with Muyuan Foods, Wens, Zhengbang Technology, and New Hope reporting average prices of 11.55, 11.57, 11.28, and 11.28 yuan/kg, respectively, reflecting declines of 10.33%, 12.22%, 11.53%, and 12.49% [6]. - Slaughter volumes increased significantly, with Muyuan Foods, Wens, New Hope, and Zhengbang Technology achieving sales of 708, 389, 169, and 91 million heads, respectively, marking increases of 26.97%, 17.07%, 20.87%, and 14.81% month-on-month [6]. - The average slaughter weight showed a slight increase, with Muyuan Foods, Wens, and New Hope reporting average weights of 126.41, 112.08, and 100.91 kg, respectively, indicating a general upward trend in average slaughter weights [6].

（文章来源：证券日报） 证券日报网讯 11月18日晚间，东兴证券发布公告称，东兴证券股份有限公司（以下简称公司或东兴证 券）董事会于近日收到公司董事、副总经理牛南洁先生的书面辞职报告。因工作变动原因，牛南洁先生 辞去公司第六届董事会董事、董事会专门委员会相应职务，董事辞职自书面辞职报告送达董事会时生 效。辞去上述职务后，在相关程序及工作交接完成前，牛南洁先生将继续担任东兴证券副总经理职务。 ...

证券代码：601198 证券简称：东兴证券 公告编号：2025-061 东兴证券股份有限公司 东兴证券股份有限公司（以下简称公司或东兴证券）董事会于近日收到公司 董事、副总经理牛南洁先生的书面辞职报告。因工作变动原因，牛南洁先生辞去 公司第六届董事会董事、董事会专门委员会相应职务，董事辞职自书面辞职报告 送达董事会时生效。辞去上述职务后，在相关程序及工作交接完成前，牛南洁先 生将继续担任东兴证券副总经理职务。 根据《中华人民共和国公司法》及《东兴证券股份有限公司章程》规定，牛 南洁先生的辞职未导致公司董事会成员低于法定最低人数，其辞职不会影响公司 的正常经营。公司将按照规定及时履行董事补选相关程序。牛南洁先生不存在未 履行完毕的公开承诺。公司董事会对牛南洁先生在任职期间所做贡献表示衷心感 1 谢！ 特此公告。 董事离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 姓名 | 离任职务 | 离任时间 | | 到期日 | 离任原因 | 司 股 | 及 子 | 其 公 | 控 司 | | （如适用） | | | | 公 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于东兴证券股份有限公司 2025 年第二次临时股东会的法律意见书 致：东兴证券股份有限公司 东兴证券股份有限公司（以下简称"公司"）2025 年第二次临时股东会（以下 简称"本次股东会"）于 2025 年 11 月 18 日在北京市西城区金融大街 9 号金融街中 心 18 层第一会议室召开。国浩律师（上海）事务所（以下简称"本所"）接受公司 的委托，指派本所律师出席会议见证，并依据《中华人民共和国证券法》《中华人 民共和国公司法》、中国证券监督管理委员会《上市公司股东会规则》和《东兴证 券股份有限公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师同意将本法律意见书作为公司本次股东会的必备文件予以公告，并 依法对本所出具的法律意见承担责任。 一、本次股东会的召集、召开程序 经本所律师核查，公司董事会已于会议召开十五日以前即 2025 年 11 月 1 日 于中国证监会指定的信息披露媒体上刊登了《东兴证券股份有限公司关于召开 2025 年第二次临时股东会的通知》，并同日刊登了《东兴证券股份有限公司 2025 年第二次临时股东会会议文件》 ...

证券代码：601198 证券简称：东兴证券 公告编号：2025-062 东兴证券股份有限公司 2025年第二次临时股东会决议公告 本次会议由公司董事会召集，采用现场投票与网络投票的方式召开。公司董 事长李娟女士主持会议，符合《公司法》等法律、法规及《公司章程》的有关规 定，会议各项决议合法有效。 （五）公司董事和董事会秘书的出席情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 11 月 18 日 （二）股东会召开的地点：北京市西城区金融大街 9 号金融街中心 18 层第一 会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 588 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,676,370,869 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 51.8607 | （四） ...