Group 1 - The core point of the news is the performance of Shanghai Dazhihui Co., Ltd., which saw a stock price increase of 5.02% to 16.52 CNY per share, with a trading volume of 1.471 billion CNY and a market capitalization of 32.861 billion CNY [1] - The company, established on December 14, 2000, and listed on January 28, 2011, focuses on internet financial information services, with major business segments including securities information services, big data and data engineering services, and overseas operations [1] - The revenue composition of the company includes: 50.75% from financial information and data PC terminal services, 15.50% from Hong Kong stock services, 13.73% from advertising and internet business promotion services, 11.56% from comprehensive services for securities companies, and smaller contributions from other segments [1] Group 2 - From the perspective of fund holdings, the Jingguan Taifu Advantage Mixed A Fund (007303) has a significant position in Dazhihui, holding 511,200 shares, which accounts for 2.42% of the fund's net value, ranking as the eighth largest holding [2] - The fund has generated an estimated floating profit of approximately 403,800 CNY today, with a year-to-date return of 27.33% and a one-year return of 39.2%, ranking 3388 out of 8244 and 3387 out of 8080 respectively [2] - The fund manager, Wang Pingping, has been in the position for 1 year and 318 days, overseeing a total asset scale of 215 million CNY, with the best and worst fund returns during her tenure being 32.59% and 31.6% respectively [3]

Core Viewpoint - Dazhihui's stock price increased by 5.02% to 16.52 CNY per share, with a trading volume of 1.472 billion CNY and a market capitalization of 32.861 billion CNY as of September 29 [1] Company Overview - Shanghai Dazhihui Co., Ltd. was established on December 14, 2000, and listed on January 28, 2011. The company is located at 428 Yanggao South Road, Pudong New District, Shanghai [1] - The main business areas include internet financial information services, focusing on three major segments: securities information services, big data and data engineering services, and overseas business [1] Revenue Composition - The revenue composition of Dazhihui is as follows: - Financial information and data PC terminal services: 50.75% - Hong Kong stock service system: 15.50% - Advertising and internet business promotion services: 13.73% - Comprehensive services for securities companies: 11.56% - Other: 3.54% - Financial information and data mobile terminal services: 3.32% - Other (supplementary): 0.59% - Internet live social platform system: 0.57% - Insurance brokerage business: 0.44% [1] Fund Holdings - Jiangxin Fund has one fund heavily invested in Dazhihui, specifically Jiangxin Ruifeng A (002630), which held 5,000 shares in the second quarter, accounting for 4.44% of the fund's net value, ranking as the fifth-largest holding [2] - The estimated floating profit from this investment is approximately 3,950 CNY [2] Fund Performance - Jiangxin Ruifeng A (002630) was established on February 17, 2017, with a latest scale of 504,200 CNY. Year-to-date return is 9.89%, ranking 5820 out of 8244 in its category; the one-year return is 36.68%, ranking 3631 out of 8080; and since inception, the return is 45.14% [2]

Core Insights - Dazhihui's stock increased by 5.02% to 16.52 CNY per share, with a trading volume of 1.471 billion CNY and a turnover rate of 4.62%, resulting in a total market capitalization of 32.861 billion CNY [1] Company Overview - Shanghai Dazhihui Co., Ltd. was established on December 14, 2000, and listed on January 28, 2011. The company specializes in internet financial information services, focusing on three main business segments: securities information services, big data and data engineering services, and overseas business [1] - The revenue composition of Dazhihui includes: - Financial information and data PC terminal services: 50.75% - Hong Kong stock service system: 15.50% - Advertising and internet business promotion services: 13.73% - Comprehensive services for securities companies: 11.56% - Other segments: 3.54% (mobile terminal services: 3.32%, live social platform: 0.57%, insurance brokerage: 0.44%) [1] Fund Holdings - Guolianan Fund has a significant holding in Dazhihui, with its Guolianan CSI 1000 Index Enhanced A fund (016962) holding 100,100 shares, accounting for 0.8% of the fund's net value, making it the second-largest holding. The estimated floating profit for today is approximately 79,100 CNY [2] - The Guolianan CSI 1000 Index Enhanced A fund was established on December 5, 2022, with a current size of 106 million CNY. Year-to-date returns are 33.19%, ranking 1490 out of 4221 in its category, while the one-year return is 60.9%, ranking 1141 out of 3836 [2] Fund Manager Information - The fund manager of Guolianan CSI 1000 Index Enhanced A is Zhang Zhenyuan, who has been in the position for 11 years and 302 days, managing assets totaling 40.822 billion CNY, with the best fund return during his tenure being 387.76% and the worst being -35.8% [3] - Co-manager Zhang Yeyuan has been in the role for 1 year and 26 days, managing assets of 12.7 million CNY, with the best return of 70.71% and the worst return of 70.35% during his tenure [3]

Group 1 - Financial technology stocks experienced a significant upward trend on September 29, with Huijin Co., Ltd. hitting a 20% daily limit increase [1] - Zhinancun saw an increase of over 10% [1] - Other companies such as Wealth Trend, Win Times, Silver杰, and Great Wisdom all rose by more than 6% [1]

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui is seen as an attempt to replicate the successful model of Dongfang Caifu, but uncertainties remain regarding the effectiveness of the integration [1][5]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share exchange ratio of 1:1.27 and raise up to 8 billion yuan in supporting funds [1][3]. - Following the merger, Dazhihui will cease to be listed and Xiangcai Co. will inherit all of Dazhihui's assets, liabilities, and operations [3][6]. - The share exchange prices are set at 7.51 yuan per share for Xiangcai Co. and 9.53 yuan per share for Dazhihui, resulting in an increase of Xiangcai Co.'s total shares to 5.141 billion [3][4]. Group 2: Financial Performance - Dazhihui has reported a cumulative loss of 561 million yuan in net profit from 2022 to the first half of 2025, indicating weak profitability [1][7]. - In contrast, Xiangcai Co. achieved a revenue of 1.144 billion yuan in the first half of 2025, a year-on-year increase of 4.63%, with net profit rising by 93.12% [8]. - Post-merger, the combined company's revenue is projected to increase by 32.1% to 1.511 billion yuan, but net profit is expected to decrease by 8.6% to 1.29 billion yuan [8]. Group 3: Shareholding Structure - After the merger, the New Lake Group's shareholding in Xiangcai Co. will be diluted to 22.45%, while Dazhihui's controlling shareholder Zhang Changhong and his associates will hold 17.32% of Xiangcai Co. [2][4]. - Zhang Changhong has committed not to seek control over Xiangcai Co., ensuring that the current control remains with Huang Wei [5][6]. Group 4: Strategic Implications - The merger is positioned as a strong collaboration between brokerage and financial technology, aiming to enhance Xiangcai Co.'s competitive edge in the market [5][6]. - Xiangcai Co. plans to expand its business scope to include domestic and international securities information services, big data services, and integrated wealth management projects [6].

Core Viewpoint - The merger of Xiangcai Co. and Dazhihui marks a significant step towards creating a new internet brokerage in the A-share market, following the completion of audits and due diligence, with the core transaction details now finalized [1][3][15]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap, with Xiangcai's A-share swap price set at 7.51 CNY per share and Dazhihui's at 9.53 CNY per share, resulting in a swap ratio of 1:1.27 [1][3]. - Post-merger, Xiangcai's total share capital is expected to increase to 5.141 billion shares, while Dazhihui will cease to be listed [1][4]. - The merger includes a financing plan to raise up to 8 billion CNY from no more than 35 specific investors, aimed at various projects including financial modeling and data engineering [1][4][5]. Group 2: Financial Projections and Market Response - Following the announcement, Xiangcai's stock hit the daily limit up, closing at 12.68 CNY with a market cap of 36.255 billion CNY, while Dazhihui's stock rose over 5% [2]. - The merger is expected to enhance the financial capabilities and international presence of Xiangcai, aligning with regulatory encouragement for digital transformation in the securities industry [6][18]. Group 3: Strategic Implications - The merger is anticipated to create significant synergies, combining Xiangcai's brokerage services with Dazhihui's financial information services, thus forming a "brokerage + fintech" business model [8][13]. - The integration aims to leverage both companies' strengths to enhance user experience and operational efficiency, potentially achieving a "1+1>2" effect [8][15][18]. - The combined entity will focus on expanding its digital finance capabilities, responding to regulatory trends favoring digital transformation in the financial sector [6][18]. Group 4: Historical Context - The relationship between Xiangcai and Dazhihui has evolved over a decade, with previous attempts at acquisition and collaboration, culminating in this merger [11][12]. - The merger follows a trend in the industry where traditional brokerages are increasingly partnering with fintech firms to enhance their service offerings and market competitiveness [13][14].

2025 年 09 月 28 日 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 申万宏源研究微信服务号 管局再提保险法修订,预贷 下调预期带动 8 月保费表现亮朗 -非银金融行业周报（2025/9/22-2025/9/26） 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 简单金融 成就梦想 行业点评 图表目录 若研究我 券商：本周申万券商 II 指数收跌 0.18%，跑输沪深 300 指数 1.25pct。1) "9•24"一揽子政策 实施一周年，资本市场高质量稳增长态势巩固。根据中证报，截至 9 月 25 日，市场融资融券余额 为 24,443.66 亿元。今年以来 A 股市场有 4 个交易日单日成交额突破 3 万亿元，A 股总市值站上百 万亿元规模。8 月 A 股新增开户数 265.03 万户，环比增长 34.97%，同比增长 1 ...

Core Viewpoint - The merger between Xiangcai Co. and Dazhihui marks a significant advancement in the integration of the securities and fintech sectors, highlighting the shift towards strategic synergy through various paths such as regional complementarity and technological integration [2][3]. Group 1: Merger Details - Xiangcai Co. plans to absorb Dazhihui through a share swap and raise 8 billion yuan, focusing on the fintech sector [3]. - Post-merger, the surviving company will expand its services to include domestic and international securities information services, big data, and data engineering services [3]. - The raised funds will be allocated to projects such as financial modeling, digital securities construction, big data engineering, and integrated wealth management [3]. Group 2: Market Context - The pace of mergers and acquisitions in the brokerage industry has accelerated, with recent approvals for major transactions such as Guosen Securities acquiring Wanhua Securities and Western Securities completing the acquisition of Guorong Securities [5]. - The integration of Guolian Minsheng is also progressing, with the migration of Minsheng Securities' investment banking projects to Guolian Minsheng Securities [5]. Group 3: Strategic Paths of Integration - The current mergers reflect a shift from simple scale expansion to a more diversified and precise approach, categorized into three main paths: cross-regional expansion, strengthening regional market control, and enhancing specific business capabilities [6]. - For instance, the merger of Western Securities and Guorong Securities exemplifies effective regional complementarity, enhancing competitive strength through combined resources and market presence [6]. - The integration of Minsheng Securities into Guolian Minsheng has helped establish a comprehensive securities financial holding group structure, showcasing the benefits of combining distinct business strengths [6]. Group 4: Future Outlook - The long-term success of the merged entities will require time to evaluate, but integration is seen as a necessary step for high-quality development in the brokerage industry [7]. - The demand for differentiation among smaller brokerages and the ambition of leading firms to become international investment banks are expected to drive further mergers, leading to a reshaping of the competitive landscape in China's securities industry [7].

Group 1 - The core point of the article is the significant progress in the merger between Xiangcai Co. and Dazhihui, marking a shift towards strategic synergy in the securities and fintech sectors through various paths such as regional complementarity and technological integration [2][3] - Xiangcai Co. plans to absorb Dazhihui through a share swap and raise 8 billion yuan, focusing on financial technology, which will enhance its service offerings in both domestic and international securities information and big data services [3] - The merger aims to leverage Dazhihui's extensive user base and AI technology to enhance Xiangcai's customer scale and overall financial service capabilities, creating a competitive advantage through collaboration [3] Group 2 - The pace of mergers and acquisitions in the brokerage industry has accelerated, with recent approvals for major share acquisitions, indicating a trend towards consolidation [4][5] - The integration strategies observed in recent mergers highlight a shift from mere size expansion to more diversified and precise approaches, including geographic expansion, regional market control, and enhancement of specific business capabilities [6] - The long-term outlook suggests that mergers will be essential for high-quality development in the brokerage sector, with expectations for more combinations of "brokerage + technology" and "leading + regional" firms to reshape the competitive landscape of China's securities industry [7]

Core Viewpoint - Xiangcai Co. is set to absorb Dazhihui through a share swap, raising 8 billion yuan for financial technology initiatives, with a swap ratio of 1:1.27 [1][5][9] Group 1: Merger Details - The share swap prices are set at 7.51 yuan per share for Xiangcai and 9.53 yuan per share for Dazhihui, based on the average stock prices over the last 120 trading days [4][5] - The total number of shares to be issued by Xiangcai is approximately 2.282 billion shares [5] - Following the merger, Dazhihui will be delisted and its legal entity will be dissolved, with Xiangcai inheriting all assets, liabilities, and operations of Dazhihui [5][6] Group 2: Funding and Investment Plans - Xiangcai plans to raise up to 8 billion yuan from no more than 35 specific investors, allocating funds for various projects including 2.5 billion yuan for financial models and digital securities, 1 billion yuan for big data projects, and 2 billion yuan for working capital [5][6] Group 3: Control and Ownership - The actual controller of Xiangcai, Huang Wei, will remain unchanged post-merger, ensuring no shift in control [5][6] - After the merger, Zhang Changhong and his associates will hold 17.32% of the new company, with a commitment to lock their shares for 12 months [6] Group 4: Historical Context and Strategic Rationale - The merger marks a significant historical connection between Xiangcai and Dazhihui, dating back to 2015 when initial acquisition plans were disrupted [8][9] - The merger is expected to create synergies in business operations, enhancing service offerings and market competitiveness, particularly in AI-driven financial services [9]