Core Viewpoint - The announcement of a "three-in-one" restructuring plan by China International Capital Corporation (CICC) to absorb Dongxing Securities and China Cinda Securities through a share swap, with a transaction value of approximately 114.3 billion yuan, is seen as a significant case of consolidation in the securities industry [1][2][14] Group 1: Transaction Details - CICC will issue new shares to the shareholders of the other two companies to complete the merger, with the share swap prices set at 36.91 yuan for CICC, 16.14 yuan for Dongxing, and 19.15 yuan for Cinda [2][15] - The exchange ratios are determined, allowing Dongxing shareholders to exchange 0.4373 shares of CICC for each share they hold, and Cinda shareholders to exchange 0.5188 shares [2][15] - Post-merger, CICC's total assets will exceed one trillion yuan, making it the fourth largest securities firm in China by assets [7][19] Group 2: Strategic Implications - The merger is expected to create a comprehensive player in the market, enhancing CICC's strengths in investment banking, private equity, and international operations, while leveraging Dongxing and Cinda's retail networks [7][19] - The combined entity will see an increase in total shares from 4.827 billion to 7.923 billion, with projected net profit rising from 6.567 billion yuan to 9.52 billion yuan by Q3 2025 [2][16] Group 3: Market Reactions and Long-term Outlook - Major international banks view the merger as a strategic move for long-term growth, with expectations of improved earnings per share (EPS) driven by business synergies and market share expansion [3][16] - The merger is aligned with national policies aimed at enhancing the competitiveness of leading financial institutions, marking a shift towards a new era of mergers in the securities industry [10][24] Group 4: Shareholder Protections - The restructuring plan includes mechanisms to protect minority shareholders, offering them options for cash compensation or the right to sell their shares at a fair price [4][17] - Key shareholders have committed to locking their shares for 36 months, signaling confidence in the long-term prospects of the merged entity [6][18]

Market Overview - The Shanghai Composite Index rose by 0.36% to close at 3890.45 points, while the Shenzhen Component Index increased by 0.66% to 13140.21 points. The ChiNext Index gained 0.49% to 3122.24 points, and the STAR 50 Index rose by 0.2% to 1308.59 points. The total trading volume in the Shanghai and Shenzhen markets reached 17,259.15 billion yuan, with nearly 4500 stocks rising across the market [1]. Sector Performance - The Hainan Free Trade Zone concept stocks saw significant gains, with Hainan Haiyao and Hainan Ruize hitting the daily limit, and other stocks like Hainan Mining and Hainan High-speed also experiencing notable increases [1]. - The dairy sector continued to strengthen, with stocks like Huanlejia reaching a 20% limit up and other companies such as Yuantong Dairy and Qishi Dairy also rising [1]. - The Fujian sector rebounded, with Sanmu Group hitting the daily limit and several other stocks like Xinhua Dou and Dongbai Group also performing well [1]. Industry Insights - The optical communication sector showed strong performance, with companies like LIGONG Optical Technology hitting the daily limit. Major fiber optic manufacturers reported a 15% price increase for bulk fiber, indicating positive signals for the industry [2]. - According to Guosheng Securities, the overseas special optical fiber market is entering a high-growth phase driven by breakthroughs in AI computing power and application scenarios [2]. Investment Recommendations - CITIC Securities is optimistic about investment opportunities in the semiconductor equipment industry, predicting a steady growth in the global wafer fabrication equipment market in 2025 and 2026, driven by demand from major clients like Intel [3]. - CICC forecasts that coal prices will exhibit a low-to-high trend in 2026, with demand being a primary drag but supply constraints remaining strong [4]. - Huatai Securities emphasizes the importance of optimizing public fund performance assessments, suggesting a focus on high-quality financial stocks as the capital market trends upward [5].

中金公司指出，美国11月整体和核心CPI大幅低于预期和前值，依然维持美国通胀问题不大这一判断， 整体和核心CPI明年一季度和二季度分别见顶。市场通胀担忧减弱，就不会妨碍美联储降息节奏。 （文章来源：每日经济新闻） 12月19日，金价震荡调整，COMEX黄金期货目前交投于4355美元/盎司附近，黄金相关ETF产品跌幅持 续收窄，截至14点，黄金ETF华夏（518850）跌0.07%，黄金股ETF（159562）跌0.18%，有色金属ETF 基金（516650）涨1.61%。 消息面上，美联储古尔斯比表示，最新的通胀数据表现良好。若明确通胀正在消退，利率便可下调，需 看到通胀降温取得更持久的进展。只要明确通胀正在回归2%的目标，利率就有相当大的下调空间。值 得注意的是，在此前美联储11月议息会议上，多数委员投票支持降息，古尔斯比则持反对意见。 ...

中金公司（601995）吸收合并东兴证券（601198）与信达证券（601059）事宜迎来重大进展。 12月18日，中金公司正式复牌交易。此前一晚，三家券商同步公布重大资产重组预案，披露了交易的关 键细节，标志着这起行业罕见的"三合一"重组正式进入实操阶段。 重组预案发布，吸收合并细节得以揭晓 12月17日晚间，中金公司与东兴证券、信达证券同步披露重大资产重组预案。 根据预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中金公 司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证券换 股价格为19.15元/股。 业内人士指出，该交易方案充分体现了两家公司资产价值，并有利于平衡各方股东利益。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与 信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 值得注意的是，为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与 信达证券的异议股东享有现金选择权。此外，包括中央汇金、中国东方、中 ...

事件 中信建投（601066）发布研报称，中金公司（601995）(601995.SH)发布拟换股方式吸收合并东兴证券 (601198.SH)，信达证券（601059）(601059.SH)系汇金体系内券商牌照整合，换股吸收合并预案落地， 中金为存续主体且不涉及配套募资。合并后规模效应显著，三家机构核心能力形成协同互补，加之中金 具备成熟并购经验，过往成功整合中投证券，本次合并推进效率可期;合并之后，中金公司资本实力、 区域服务能力将跃进一个新的台阶，中长期ROE中枢有望提升，行业格局或将重塑。 中信建投主要观点如下： 此次合并将催生一个在资产规模、净资本和业务覆盖面上均位列行业前茅的券商。东兴证券和信达证券 在网络、客户及资本金资源的深厚积累将与中金公司的综合投行、专业投资、跨境交易服务、财富管理 等专业能力发挥互补优势，形成一个与中信证券、国泰海通等现有龙头体量相当、甚至在某些领域更具 特色的新极力量。在加剧头部梯队内部竞争的同时，亦标志着中国在打造与国际顶级投行如高盛、摩根 士丹利相匹敌的国际一流投行道路上又迈出了实质性一步。 风险分析 市场价格波动的不确定性;企业盈利预测不确定性;技术更新迭代。 20 ...

Core Viewpoint - The merger and restructuring of CICC with Dongxing Securities and Xinda Securities represents a significant step towards creating a competitive investment bank with complementary business strengths and enhanced capabilities in the capital market [1][2][8] Group 1: Merger Details - CICC will absorb Dongxing Securities and Xinda Securities through a share swap, with CICC issuing shares at a price of 36.91 yuan per share, Dongxing Securities at 16.14 yuan, and Xinda Securities at 19.15 yuan [2] - The share swap ratios are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with the merger not affecting CICC's control by Central Huijin [2][3] Group 2: Strategic Benefits - The merger is expected to create synergies in asset management, debt restructuring, and financial product innovation, leveraging the strengths of both CICC and the asset management companies [3][5] - The integration aims to enhance CICC's capital strength and overall service capabilities, positioning it as a leading investment bank in line with national financial development goals [6][8] Group 3: Market Reaction and Financial Impact - Following the announcement, CICC and Dongxing Securities saw their stocks hit the daily limit, while Xinda Securities rose over 6%, indicating positive market sentiment towards the merger [3] - Post-merger, CICC's projected revenue is expected to rank third in the industry, with total assets and net assets likely to place it fourth, significantly enhancing its capital strength [7]

AI寻机系列03： AI PCB电镀铜粉耗材迎景气周期 丁健 分析员 SAC 执证编号：S0080520080002 SFC CE Ref：BRQ847 鲁烁 分析员 SAC 执证编号：S0080524070023 刘中玉 分析员 SAC 执证编号：S0080521060003 SFC CE Ref：BSP722 Email: jian3.ding@cicc.com.cn shuo.lu@cicc.com.cn zhongyu.liu@cicc.com.cn 2025年12月 投资建议 AI驱动PCB产品向高厚径比、多盲埋孔升级，带动AI PCB电镀铜粉耗材需求旺盛，量价齐升拉动行业利润快速增 长，长期成长确定性强，我们认为行业短期产能紧俏，将迎来景气周期。 AI PCB带动铜粉行业加工费利润快速增长。铜球铜粉是PCB电镀耗材，铜球和铜粉分别占PCB成本比重的6%和 13%。AI PCB板厚与层数显著增加，盲埋孔数量几何级增长，填孔工序繁杂，孔铜标准更厚，为应对高厚径比带 来的电镀均匀性挑战，行业铜粉用量占比持续提升是趋势。我们预计2029年PCB铜粉耗材占电镀耗材的比重将从 现在的15%提升至27%以上。铜 ...

小摩指出，11月19日至今该行覆盖的H股券商股股价平均上升0.2%，对比同期恒指下跌约1%，目前预 期中金H股可能跑赢同业，继续列为中资券商板块的首选股。该行指出，香港新股市场回暖，加上更有 利的市场环境，应对未来12个月的费类收入及投资收入构成利好，预期中金H股市账率将趋向均值，潜 在的并购消息及市场消息都可能成为左右未来12个月股价表现的因素。 小摩发布研报称，中金公司宣布计划以换股吸收方式合并东兴证券(601198.SH)及信达证券（601059） (601059.SH)，根据拟议换股比例及最新收市价计算，该行预期在A股市场可能出现买入东兴证券及信达 证券、沽空中金A股的套利行为，因此相信中金H股短期内表现可能跑赢中金(601995.SH)A股。 中金公司（601995）(03908)涨超4%，截至发稿，涨4.01%，报20.22港元，成交额4.06亿港元。 ...

小摩指出，11月19日至今该行覆盖的H股券商股股价平均上升0.2%，对比同期恒指下跌约1%，目前预 期中金H股可能跑赢同业，继续列为中资券商板块的首选股。该行指出，香港新股市场回暖，加上更有 利的市场环境，应对未来12个月的费类收入及投资收入构成利好，预期中金H股市账率将趋向均值，潜 在的并购消息及市场消息都可能成为左右未来12个月股价表现的因素。 本文源自：智通财经网 智通财经获悉，中金公司(03908)涨超4%，截至发稿，涨4.01%，报20.22港元，成交额4.06亿港元。 小摩发布研报称，中金公司宣布计划以换股吸收方式合并东兴证券(601198.SH)及信达证券 (601059.SH)，根据拟议换股比例及最新收市价计算，该行预期在A股市场可能出现买入东兴证券及信达 证券、沽空中金A股的套利行为，因此相信中金H股短期内表现可能跑赢中金(601995.SH)A股。 ...

中金公司 中芯国际 中国移动 中国海油 长飞光纤 中金公司 分时图 日K线 周K线 月K线 35.80 -0.38 -1.05% 2.16% 1.44% 0.72% 0.00% 0.72% 1.44% 2.16% 35.40 35.66 35.92 36.18 36.44 36.70 36.96 09:30 10:30 11:30/13:00 14:00 15:00 5万 106万 207万 308万 12月18日港股市场，北水成交净买入12.57亿港元，其中港股通(沪)成交净卖出10.95亿港元，港股通(深)成交净买入23.53亿 港元。 北水净买入最多的个股是小米集团-W(01810)、美团-W(03690)、长飞光纤（601869）光缆(06869)。北水净卖出最多的个股 是盈富基金(02800)、中国移动（600941）(00941)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 头头层欲 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 13.10亿 | 12.23亿 | 25.32亿 +8733.76万 ...