Group 1 - The core point of the news is the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and China Cinda Securities, which will create a significant player in the securities industry with total assets reaching 1 trillion yuan and a net profit of 9.5 billion yuan [1] - CICC is currently the leader in various financial metrics within the industry, and post-merger, it is expected to rank fourth in total assets and sixth in net profit among its peers [1] - The merger involves a share swap where CICC will issue A-shares to the shareholders of Dongxing and Cinda, with trading of all three companies' A and H shares expected to be suspended for up to 25 trading days starting November 20 [1] Group 2 - Investors are looking for opportunities to profit from this merger, with comparisons drawn to the merger of Guotai Junan and Haitong Securities, which resulted in a strong performance in the securities sector [2] - The ETF Dongcai (159692) is highlighted as a potential investment vehicle, allowing investors to gain exposure to the combined entity without being affected by the suspension of trading [2] - The Dongcai ETF consists of 30 leading securities firms, selected based on their business rankings, market capitalization, revenue, and profitability, making it a concentrated investment option in the sector [3]

Group 1 - Major asset restructuring announced by three major brokerages: China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, forming a "three-in-one" entity [2] - The merger will create another "brokerage giant" in China, further changing the ranking of brokerages in the industry [2] - The current wave of brokerage mergers is approaching the peak levels seen in the early 2000s, with an increasing number of brokerages exceeding 1 trillion in total assets [2] Group 2 - Chinese brokerage stocks in Hong Kong experienced a collective rise, with Oriental Securities up over 4%, and other firms like CITIC Securities, Everbright Securities, China Galaxy, Shenwan Hongyuan, and CITIC Jinpu Securities rising over 3% [3]

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by merger and acquisition activities, particularly in the brokerage sector, with significant inflows into the securities ETF leading to notable price increases [1][5]. Group 1: Market Performance - On November 20, the A-share market showed a strong upward movement, particularly in the brokerage sector, catalyzed by merger events [1]. - The leading securities ETF (560090) saw a substantial increase of over 1%, with a trading volume of 100 million yuan, and has experienced a net inflow of over 10 million yuan over the past four days [1]. - Major component stocks of the securities ETF also surged, with notable increases such as a 6% rise in Shichuang Securities and over 3% in Dongfang Securities and Shenwan Hongyuan [2][3]. Group 2: Mergers and Acquisitions - On November 19, China International Capital Corporation, Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves a share swap merger led by CICC [5]. - This merger is expected to create a combined asset total exceeding 1 trillion yuan, marking a significant consolidation in the brokerage industry [5]. - The merger is seen as a response to regulatory calls for creating a first-class investment bank and promoting industry consolidation, following the merger of Guotai Junan and Haitong Securities [6]. Group 3: Industry Trends and Outlook - The brokerage industry is entering a new era characterized by consolidation driven by leading firms, as indicated by recent mergers [6]. - The outlook for the securities industry includes sustained high activity levels in wealth management, increased importance of proprietary equity investments, and rapid development of international business [7]. - The industry is expected to continue its supply-side reforms, with an increase in concentration despite a slowdown in new mergers [7]. Group 4: Investment Opportunities - The securities ETF (560090) is highlighted as a cost-effective asset with high growth potential, having achieved a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks [8]. - The ETF tracks the CSI All Share Securities Companies Index, with the top five component stocks accounting for approximately 48% and the top ten for 60% of the index [8].

November 19, 2025 04:12 PM GMT China International Capital Corp. Ltd. | Asia Pacific Proposed Merger Could Strengthen Wealth Management Franchise and Capital Base Key Takeaways Cinda and Dongxing's smaller size and complementary business mix are opportunities to extract synergy. Combined, the two brokers's total assets were ~Rmb244bn as of September 2025 vs. CICC at Rmb765bn. The two brokers are focused primarily on retail brokerage, with ~35% of revenue from brokerage fees and margin interests and ~50% rev ...

Group 1 - The market experienced a rebound on November 19, with both the Shanghai Composite Index and the ChiNext Index closing in the green, while the CSI All Share Securities Companies Index fell by 0.05% [1] - The Securities ETF (159841) recorded a trading volume of 255 million yuan on the same day, with a net inflow of over 340 million yuan in the past five trading days, making it the top performer among similar products [2] - The Securities ETF closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [2] Group 2 - On the evening of November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced plans for a share swap merger, with CICC issuing A-shares to the shareholders of Dongxing and Xinda Securities [2] - All three companies will suspend trading of their A-shares starting November 20, with the suspension expected to last no more than 25 trading days due to the significant uncertainties surrounding the merger [2] - Huatai Securities indicated that the merger is expected to accelerate the development of a top-tier investment bank and reshape the industry landscape, potentially leading to increased capital strength and profitability for the merged entity, although the integration process will need to be monitored [2]

数据来源：wind，截至2025/11/19。 机构表示，现阶段券商行业并购重组已有不少项目在同步推进，既有头部券商向航母级投行整合，也有区域券商之间的业务互补。券 商"1+1"整合后的业绩成果，能否提升经营效率、推动业务协同、加速创新升级，是检验券商并购成功与否的核心指标。若后续财报 持续表明整合成果超预期，则有望加速推动并购节奏。 证券板块迎重磅利好！万亿级证券航母呼之欲出。中金、东兴、信达同日官宣合并。"牛市旗手"有望爆发，证券ETF（512880）持续 吸金。截至11月19日，证券ETF规模618亿元，今年以来日均成交额22.48亿元，均位居同类第一。 消息面上，11月19日晚，中金公司发布《关于筹划重大资产重组的停牌公告》。公告显示，中金公司正筹划以向东兴证券、信达证券 全体A股换股股东发行A股股票的方式，实施换股吸收合并。 历史表现来看，证券板块作为"牛市放大器"，在市场活跃时超额收益明显，表现出领涨、领跌特征，弹性较高。本轮牛市行情中，证 券板块表涨幅相对靠后，尚未突破去年"924"行情的高点。当前证券板块基本面向好，板块估值仍在低位，机构欠配明显。2025年前 三季度上市券商归母净利润同比+6 ...

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]

人民网北京11月20日电（记者黄盛）11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大 资产重组的停牌公告》，三家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。 中金公司公告表示，公司A股股票将于2025年11月20日开市时起开始停牌。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。信达证券、东兴证券亦公告称，公司A股股票将于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。 记者了解到，国家金融监管总局此前印发的《关于促进金融资产管理公司高质量发展提升监管质效的指 导意见》，引导金融资产管理公司聚焦主责主业，深化改革转型发展，不断提升服务化解金融和实体经 济风险的质效。 另外，2023年中央金融工作会议精神及2024年新"国九条"，明确提出要培育一流投资银行和投资机构。 新"国九条"及证监会《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见 （ ...

Core Viewpoint - The securities sector is experiencing a significant rise, driven by major asset restructuring announcements from key firms, indicating a trend towards consolidation in the industry [1][2]. Group 1: Market Performance - On November 20, the securities sector opened strongly, with the broker ETF (159842) surging by 1.64% and trading volume quickly surpassing 50 million yuan [1]. - The broker ETF tracks the CSI All Share Securities Company Index, which includes up to 50 securities companies to reflect the overall performance of the sector [1]. Group 2: Major Announcements - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a suspension of trading due to plans for significant asset restructuring [1]. - The restructuring involves CICC issuing A-shares to the shareholders of Dongxing Securities and Xinda Securities in a share swap to facilitate their merger [1]. Group 3: Industry Insights - Dongwu Securities noted that resource integration within the industry could be a crucial method for brokers to enhance scale and comprehensive strength [1]. - Large brokers may use mergers to address weaknesses and consolidate advantages, while smaller brokers could achieve rapid growth through external mergers, realizing scale effects and business complementarity [1]. Group 4: Fund Flows and Market Dynamics - Ping An Securities reported that in the third quarter, public funds significantly increased their holdings in non-bank financials by 2.73 billion shares, contributing to the sector's rise [2]. - Conversely, foreign investors reduced their holdings in the same period by 2.04 billion shares, second only to the banking sector [2]. - The inflow of funds into securities ETFs indicates a preference for the broker sector among certain investors [2]. Group 5: Future Outlook - CITIC Securities highlighted that the current value proposition for the securities industry is supported by policies, funding, and internal transformation [2]. - Policy initiatives aimed at activating capital markets, such as deepening the registration system and optimizing trading mechanisms, are expanding business opportunities for brokers [2]. - Improved market confidence is expected to boost trading volumes and margin financing, while new capital from pensions and insurance is anticipated to enter the market, providing a solid foundation for broker performance [2]. - The industry is focusing on developing high-value-added services, particularly in wealth management and institutional business, to enhance revenue stability and profitability [2].

经济观察网11月19日晚间，中金公司（601995）发布公告，公司与东兴证券、信达证券（601059）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。三家公司均称，鉴于上述事项存在重大不 确定性，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，A股股票将于2025年11 月20日(星期四)开市时起开始停牌，预计停牌时间不超过25个交易日。这是继国泰君安合并海通证券 后，券业又一起由头部券商主导的大型并购，若以三家券商财务数据简单相加，资产总额将超过1万亿 元。该事项被视为中央汇金系券商整合迈出第一步。 ...