Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Viewpoints - The report highlights a significant increase in equity allocation among insurance companies, indicating a proactive approach to the upcoming market opportunities [4] - The merger of CICC with Dongxing Securities and Xinda Securities is expected to enhance CICC's capital strength and market position, moving towards becoming a leading international investment bank [7] - The report emphasizes the potential for improved return on equity (ROE) post-merger, with a focus on two categories of brokers: those with strong fundamentals and low valuations, and those with potential merger opportunities [7] Summary by Sections Industry Overview - The non-bank financial sector is showing a positive trend, with a projected performance exceeding the overall market [2][3] Mergers and Acquisitions - CICC plans to merge with Dongxing Securities and Xinda Securities, with the merger expected to be completed within 25 trading days [4] - The merger will result in a significant increase in CICC's net assets, elevating its ranking in the industry [6] Financial Metrics - Post-merger, CICC's total assets and net assets are projected to reach 10096 billion and 1715 billion respectively, improving its asset-to-equity ratio and market ranking [6] - The expected price-to-book (PB) ratios for CICC, Dongxing Securities, and Xinda Securities are 1.84, 1.32, and 3.04 respectively, with a combined PB of 2.02 [5] Market Position - The merger will expand CICC's network coverage, enhancing its brokerage business and improving its market ranking from 9th to 8th [6] - The report suggests that the merger will open up new opportunities for leverage and cross-border business [6]

汇金系再有大动作。截至发稿，信达国际控股(00111)涨14.29%，报0.44港元；中国信达(01359)涨 7.26%，报1.33港元，成交额4760.95万港元。 信达证券也发布公告称，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。据悉，信达证券为中国信达附属公司，为信达国际控股间接控股股东。 消息面上，中金公司（601995）与东兴证券、信达证券（601059）同步发布公告，宣布正在筹划由中金 公司通过换股方式吸收合并这两家公司。根据三季报，中央汇金通（603577）过中国信达间接持有信达 证券78.67%股权；通过东方资产间接持有东兴证券45.14%股权。而中央汇金也是中金公司的实控人， 直接持有中金公司40.11%股权。 ...

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, with notable increases in shares such as Shouchao Securities and Dongfang Securities, following the announcement of a merger plan involving CICC, Dongxing Securities, and Xinda Securities [1][2]. Group 1: Market Performance - Shouchao Securities experienced a rise of nearly 6%, while Dongfang Securities and Shenwan Hongyuan both increased by over 3% [1]. - Other brokerage stocks like China Galaxy, Industrial Securities, and Founder Securities saw gains exceeding 2% [1]. - The total market capitalization of Shouchao Securities is 57.7 billion, with a year-to-date decline of 3.58% [2]. Group 2: Merger Announcement - CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, which is expected to create a new company with total assets of approximately 1,009.58 billion [1][2]. - The projected net profit attributable to the parent company after the merger is estimated at 9.52 billion, with net assets expected to reach 171.5 billion [2]. - Post-merger, the new entity will rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [2].

汇金系再有大动作。截至发稿， 涨超40%， 涨超6%。 | | | / 消息面上，中金公司与东兴证券、信达证券同步发布公告，宣布正在筹划由中金公司通过换股方式吸收合并这两家公司。根据三季报，中央汇金通过中国信 达间接持有信达证券78.67%股权；通过东方资产间接持有东兴证券45.14%股权。而中央汇金也是中金公司的实控人，直接持有中金公司40.11%股权。 I U:SU I I : I S.SU 9 富途牛牛 01359 中國信達 交易中 11/20 09:38:39 1.340 + +0.100 +8.06% | 最高 | | | 1.370 | | 를従 | | | 1.290 | | 開市 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成交量 | | | 1.72億 | | 成交額 | | | 2.27億 | | | | | ID) ▲ | ミ目 | 日K | 園K | 月K | 愛K | 年K | 1分 | 3分 | 5分 | 10分 | 15分 | | 1.344 | | | | | | ...

中资券商股普遍高开，截至发稿，中国银河（601881）(06881)涨4.62%，报11.09港元；东方证券 (03958)涨4.46%，报7.5港元；光大证券(06178)涨4.41%，报9.71港元；申万宏源(06806)涨4.08%，报3.32 港元。 华泰证券点评称，本次汇金系券商并购整合，与此前的上海国资旗下国泰君安和海通证券换股合并，共 同表明证券行业进入以头部券商整合驱动竞争格局重塑的新时代。该行认为，本次重组有望加速一流投 行建设，重塑行业格局，行业内部竞争或将进一步向头部集中。合并后公司资本实力增强、杠杆使用空 间拓宽，盈利能力有望提升。 消息面上，11月19日晚，中金公司（601995）、东兴证券（601198）、信达证券（601059）同步发布重 大资产重组停牌公告。公告披露，本次重组的核心模式为换股吸收合并，中金公司将作为合并方，通过 发行A股股票的方式承接东兴证券与信达证券的全部A股股份。中金公司表示，合并后将提升资本实 力，实现客户资源整合，在证券行业竞争格局中进一步巩固头部优势，迎来"规模效应+业务协同"的多 重业绩增长动力，推动营收结构持续优化、盈利能力稳步提升，进一步提升国家 ...

Group 1 - The core viewpoint of the article highlights the significant rise in Chinese brokerage stocks following the announcement of major asset restructuring by several firms, including China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities [1] - As of the report, shares of China Galaxy rose by 4.62% to HKD 11.09, Dongxing Securities increased by 4.46% to HKD 7.5, Everbright Securities climbed by 4.41% to HKD 9.71, and Shenwan Hongyuan gained 4.08% to HKD 3.32 [1] - The restructuring involves a stock swap merger where CICC will absorb all A-share stocks of Dongxing and Xinda, aiming to enhance capital strength and integrate customer resources, thereby solidifying its competitive advantage in the securities industry [1] Group 2 - Huatai Securities commented that this merger among the Huijin-backed brokerages signifies a new era in the securities industry, driven by the consolidation of leading brokerages, which is expected to reshape the competitive landscape [1] - The restructuring is anticipated to accelerate the development of top-tier investment banks, with increased capital strength and leverage, leading to improved profitability [1] - The merger is expected to optimize revenue structures and enhance the ability to serve national strategic needs, indicating a focus on achieving "scale effects + business synergy" for multiple performance growth drivers [1]

消息面上，中金公司与东兴证券、信达证券同步发布公告，宣布正在筹划由中金公司通过换股方式吸收 合并这两家公司。根据三季报，中央汇金通过中国信达间接持有信达证券78.67%股权；通过东方资产 间接持有东兴证券45.14%股权。而中央汇金也是中金公司的实控人，直接持有中金公司40.11%股权。 智通财经APP获悉，汇金系再有大动作。截至发稿，信达国际控股(00111)涨14.29%，报0.44港元；中国 信达(01359)涨7.26%，报1.33港元，成交额4760.95万港元。 信达证券也发布公告称，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。据悉，信达证券为中国信达附属公司，为信达国际控股间接控股股东。 ...

格隆汇11月20日｜中金公司在港交所公告，公司的H股份因为内幕消息未公告将于今天上午九时正起短 暂停止买卖。因此，与该公司有关的所有债券和结构性产品亦将同时短暂停止买卖。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The merger of the companies under the Huijin system is expected to reshape the competitive landscape of the securities industry, indicating a shift towards a new era of consolidation among leading firms [2][3] - The combined entity is projected to enhance its capital strength and profitability, with significant improvements in various financial metrics post-merger [3][4] Financial Metrics Summary - The merged company is estimated to have total assets of CNY 1.01 trillion, making it the fourth securities firm to surpass the trillion mark in total assets [3] - The report forecasts a net profit of CNY 95 billion for the merged entity, ranking it sixth in the industry, with a revenue of CNY 274 billion, placing it third [3][4] - The expected earnings per share (EPS) for 2025-2027 are CNY 1.60, CNY 1.84, and CNY 2.12 respectively, with a projected book value per share (BPS) of CNY 26.76 for 2026 [5][10] Business Synergies - The merger is anticipated to create strong synergies across brokerage, investment banking, and asset management sectors, enhancing the overall service capabilities of the new entity [4] - The investment banking segment is expected to maintain its leading position, with significant rankings in IPOs, equity financing, and bond underwriting [4][11] Valuation and Price Target - The target price for the company's A and H shares is set at CNY 56.20 and HKD 32.34 respectively, reflecting an increase from previous estimates [5][7] - The report suggests a price-to-book (PB) ratio of 2.1 for A shares and 1.1 for H shares for 2026, indicating a positive outlook on the company's valuation post-merger [5][13]

Group 1 - The U.S. Department of Justice will release the Epstein case files within 30 days following a congressional vote to make the documents public [2] - The Federal Reserve's October meeting minutes indicate a strong division among officials regarding a potential interest rate cut in December, with many expressing caution due to stagnant inflation progress [3] - China and the Netherlands held face-to-face discussions regarding ASML, with China urging the Netherlands to take action to resolve semiconductor supply chain issues [4] Group 2 - China's Ministry of Foreign Affairs stated that Japanese seafood will not have a market in China due to Japan's failure to meet safety commitments [5] - The Chinese Ministry of Finance announced a plan for central treasury cash management deposits totaling 200 billion yuan, with specific terms for the 11th and 12th phases [6] - The Ministry of Civil Affairs and the Financial Regulatory Bureau issued guidelines for the management of prepaid fees in elderly care institutions, emphasizing the use of custodial banks [7] Group 3 - A report predicts that by 2035, 52% of new cars will still have fuel tanks, with internal combustion engines remaining a significant power source [9] - New national standards for the use of recycled materials in home appliances have been released, aiming to promote green development in the industry [10] - The China Vaccine Industry Association has called for an end to low-cost bidding practices to ensure quality in vaccine production [11] Group 4 - A credit reform pilot program for business entities has been approved in Zhejiang province, aimed at enhancing credit construction [12] - Foshan has introduced new policies to support the real estate market, including allowing foreign workers to apply for housing fund loans [13] - The U.S. government plans to acquire up to 10 nuclear reactors, potentially funded by a $550 billion investment commitment from Japan [14] Group 5 - The World Health Organization plans to reduce its workforce by over 2,000 employees by mid-2026 as part of ongoing reforms [15] - The European Union has released a new plan to establish a "military Schengen zone" to enhance military mobility across member states [16] - Reports suggest that the U.S. and Russia are nearing a significant breakthrough in negotiations to end the Ukraine conflict, although Russia denies any new progress [17][18] Group 6 - Russia's visa-free policy for Chinese citizens is expected to boost tourism, potentially diverting visitors from Japan to Russia [19] - Poland has closed the last Russian consulate, prompting Russia to reduce the number of Polish diplomatic personnel in response [20] - GAC Toyota has denied plans to stop production of its main fuel vehicles by 2026, despite market rumors [21] Group 7 - LeEco founder Jia Yueting has established a second debt repayment trust, with assets sourced from his equity in FF and AIxC [22] - China International Capital Corporation is planning a major asset restructuring to absorb Dongxing Securities and Xinda Securities, with total assets expected to exceed one trillion yuan [23] Group 8 - A recent survey indicates that 20% of global fund managers believe corporate capital expenditure is excessively aggressive, marking a significant shift in sentiment [28] - Japanese cuisine restaurants are shifting to domestic seafood sources, leading to a rise in local seafood stock prices as imports from Japan are suspended [29]