Core Viewpoint - The company, China International Capital Corporation (CICC), is planning a share swap merger with Dongxing Securities and China Cinda Asset Management, which will result in a change in the shareholding structure of CICC [1][33]. Group 1: Transaction Overview - The transaction involves CICC issuing A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities in exchange for their shares [14]. - The merger agreement was signed on December 17, 2025, and will lead to the absorption of all assets, liabilities, and rights of Dongxing Securities and Cinda Securities by CICC [14]. - Following the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved [14]. Group 2: Approval Process - The transaction requires multiple approvals, including from the boards of directors of all involved parties and the shareholders' meetings of CICC, Dongxing Securities, and Cinda Securities [3][4][5][6][7][8]. - Additionally, it must receive approval from the Hong Kong Stock Exchange and the Shanghai Stock Exchange, as well as the China Securities Regulatory Commission [9][10]. Group 3: Shareholding Changes - Prior to the transaction, the information disclosure obligor did not hold any shares in CICC [15]. - Post-merger, the information disclosure obligor will hold approximately 1,323.67 million A-shares, representing 16.71% of the total share capital of the newly merged entity [15]. Group 4: Future Plans - The information disclosure obligor has no plans to increase its shareholding in CICC within the next 12 months, aside from the changes resulting from the merger [13].

Group 1 - China International Capital Corporation (CICC) is planning to absorb and merge Dongxing Securities and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [1][25] - Wanlong Optoelectronics intends to acquire 100% of Zhongkong Information's shares through a combination of issuing shares and cash payments, aiming to enhance its infrastructure digitalization business segment, with trading resuming on December 18, 2025 [2][26] - Xiaocong Co., Ltd. is transferring 9.25% of its shares to Jiasheng Times, resulting in a change of control, with the transfer price set at 9.32 yuan per share, totaling 286 million yuan [3][27] Group 2 - Pulutong plans to acquire 100% of Leqi Cayman and 8.26% of Hangzhou Lemai's shares through a share issuance and cash payment, aiming to create a closed-loop ecosystem for supply chain and e-commerce services, with trading resuming on December 18, 2025 [4][28] - Lianchuang Electronics is undergoing a potential change of control due to the planned transfer of shares by its major shareholder, with trading suspended for up to two days starting December 18, 2025 [6][29] - Fengxing Co., Ltd. is planning to acquire 75% of Baiyin Huaxin's shares, which is expected to constitute a major asset restructuring, enhancing its service capabilities in the non-ferrous metal mining industry [7][30] Group 3 - Supercom has intensified its collection efforts for accounts receivable following a significant stock price drop, indicating a proactive approach to financial management [8][31] - Fenglong Co., Ltd. is also planning a change of control, with trading suspended for up to two days starting December 18, 2025 [9][32] - Shenzhen Deep City Transportation is planning to raise up to 1.8 billion yuan through a private placement to fund projects related to intelligent transportation equipment and applications [10][33] Group 4 - Huasheng Tiancheng has been ordered to return 35 million yuan in incentive funds to the Changzhou High-tech Zone Management Committee, along with interest payments, due to unmet investment agreement conditions [11][34] - Tongrentang clarified that it does not hold any equity or investment rights in the health products related to the reported Antarctic krill oil, distancing itself from the controversy [12][35] - Bona Film Group is actively participating in multiple film and series projects, including major productions for the upcoming holiday seasons, indicating a robust content strategy [13][36] Group 5 - Meike Home is planning to acquire control of Shenzhen Wandeli Optical Technology Co., Ltd. through a share issuance and cash payment, with trading suspended for up to ten days starting December 18, 2025 [14][37] - Xiechuang Data has signed a cooperation agreement to invest in the research and production of optical modules, which is expected to positively impact its future performance [15][39] - China Railway Rolling Stock Corporation (CRRC) has signed contracts totaling approximately 53.31 billion yuan, including significant contracts for wind power and energy storage equipment [16][46]

专题：四大证券报精华 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月18日（星期四），今日报刊头条主要内容精华如下： 12月17日晚，凤形股份发布《发行股份购买资产并募集配套资金预案》，拟购买广东华鑫持有的白银华 鑫九和再生资源有限公司75%股权。本次交易后，白银华鑫将成为公司的控股子公司，凤形股份将实现 从传统金属制品产业向新兴绿色循环经济行业的转型升级。 最高690倍回报！沐曦投资人赚了多少？ 17日，国产GPU龙头沐曦股份登陆科创板，上市首日股价收报829.9元/股，市值为3320亿元，股价在盘 中最高触及895元/股，投资者中一签（500股）的浮盈最高可达39.5万元。五年前，沐曦有限（当时 名，后简称"沐曦"）在天使轮投后估值仅4.80亿元，如今估值已涨超690倍，单笔天使轮投资若坚守至 今，回报已达690倍。更引人注目的是，私募大佬葛卫东在上市前夕的2025年2月，精准入局，不到一年 个人账户浮盈已超110亿元。 上海证券报 中国证券报 "券商航母"合并预案出炉！中金公司、东兴证券、信达证券今日复牌 12月17日晚，中金公司与东兴证券、信达证券同步披露重大资产重组 ...

3. 工信部部长李乐成会见美国超威半导体公司（AMD）董事会主席兼首席执行官苏姿丰， 双方就加强数字经济、人工智能领域合作等议题进行交流。 1. 中金公司吸收合并东兴证券、信达证券方案出炉！ 根据公告，每股东兴证券、信达证券股票能换取中金公司股票的比例，分别确定为1:0.4373、 1:0.5188。三家公司股票将于12月18日复牌。合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。 2.全球白银市场正迎来历史性时刻，短短数周内开启连续刷新纪录的上涨行情。 12月17日，现货白银价格接连突破65美元/盎司、66美元/盎司两道关口， 并向67美元/盎司逼近。 今年以来，现货白银涨幅已达约130%，是同期黄金期货涨幅的2倍。供需失衡、美联储降息以及资金涌入共同催生了白银本轮 的"疯涨"行情。 1.据证券时报，"十五五"开局之年，适度宽松的货币政策要努力推动实现经济增长、物价回升，这首先要求明年金融总量保持合理增长，充分满足实体经 济融资需求。 市场机构普遍预计明年降准、降息分别有0.5个、0.1个百分点左右的空间。 根据中央经济工作会议要求，明年结构性工具将聚焦扩大内需、 科技创新、中小微企业等重点 ...

Group 1 - CICC plans to absorb and merge Dongxing Securities and Xinda Securities through a share swap, with swap ratios of 1:0.4373 and 1:0.5188 respectively, resulting in the issuance of approximately 3.096 billion A-shares [2] - After the merger, CICC's estimated revenue for the first three quarters of 2025 is approximately 27.4 billion yuan, with an increase in the number of retail clients from 9.72 million to over 14 million [2] - Warner Bros. board rejected Paramount's hostile takeover bid of $108.4 billion, supporting a deal with Netflix instead, labeling the Paramount offer as "subpar" [2] Group 2 - Zhiyuan has passed the Hong Kong Stock Exchange listing hearing, potentially becoming the "first global large model stock" [5] - Xiamen Tungsten responded to rising tungsten prices, attributing the increase to supply-demand dynamics and tight supply of tungsten concentrate [5] - China Duty Free Group's subsidiary signed a contract for the transfer of duty-free store project operating rights [5] Group 3 - Tesla faces a potential 30-day sales ban due to deceptive marketing of its autonomous driving features, although the ban has a 90-day delay [8] - Apple is in preliminary talks with Indian chip manufacturer CG Semi regarding the assembly and packaging of iPhone components, marking its first foray into chip packaging in India [8] - SpaceX has entered a "quiet period" ahead of its IPO, with plans to raise over $30 billion and a target valuation of approximately $1.5 trillion [8] Group 4 - Mitsubishi UFJ Financial Group plans to invest over $4 billion to acquire approximately 20% of Shriram Finance in India [11] - Samsung Electronics announced a breakthrough in DRAM technology below 10nm and plans to complete specifications for LPDDR6-PIM memory computing solutions by the end of the year [11] - Toyota awarded Bosch a multi-billion dollar ADAS project order, with production set to meet 2026 ENCAP five-star safety standards [11]

兼并重组加速 2025年，中国金融业这艘巨舰在改革的深水区中破浪前行。 在中央金融工作会议、中央经济工作会议精神指引下，金融市场主体通过合并重组提升市场竞争力，聚 焦金融"五篇大文章"优化服务方向，在严监管中筑牢风险防线。 一系列深刻变革正在金融体系内部悄然发生。金融行业从规模扩张转向质量提升，金融高质量发展实现 新跨越，从金融大国稳步走向金融强国。 2025年，中国金融业合并重组浪潮汹涌，机构间整合步伐明显加快。 年初，金融监管总局在工作会议中明确提出，要"加快推进中小金融机构改革化险"，坚持上下统筹、分 工包案、凝聚合力，全力处置高风险机构，促进治理重塑、管理重构、业务重组。 这一监管导向迅速在市场上得到回应。其中最引人注目的当数各地农信系统改革化险，一批新"万亿银 行"相继亮相。 这一年，江苏、江西两地省级农商联合银行先后挂牌开业，贵州农商联合银行获批开业，陕西、广东亦 明确将改制组建农商联合银行。河南、内蒙古、吉林、新疆等地采取统一法人模式组建的省级农商行也 先后成立。 此外，四川、云南、广西、贵州、青海等地加快地市（州）级统一法人农商行筹建。城商行方面，去年 完成吸收整合库尔勒银行的新疆银行，今年继 ...

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。中金公司称，此次交 易构成重大资产重组，交易金额为1142.75亿元。 根据公告，自此次合并的交割日起，中金公司将承继及承接东兴证券、信达证券的全部资产、负债、业 务、人员、合同、资质及其他一切权利与义务；合并完成后，东兴证券、信达证券将终止上市并注销法 人资格。中金公司因此次换股吸收合并所发行的A股股票将申请在上交所主板上市流通。 设立异议股东保护机制 复牌时间较预期大幅提前 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券。如今合并预案出 台，股票均于12月18日复牌，这较此前业内预计的最早复牌时间提前了5天。 根据公告，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，较基准价格溢价26%，信达证券换股价格为19.15元/股。 对于东兴证券换股价格溢价原因，业内人士向证券时报记者分析，主要相对于东兴证券，信达证券可比 估值较高，在两 ...

Core Insights - The central financial work conference has identified pension finance as one of the key areas for development, aiming to establish a robust pension finance system by 2028 and achieve a high-quality development cycle by 2035 [1][2] Investment Opportunities - The aging population opens up investment opportunities for brokerages across the entire industry chain, including healthcare, pension services, long-term care, and elder-friendly technology [2][6] - Brokerages can leverage various financial products to effectively integrate long-term sectors into residents' asset allocation [2][5] Challenges in Pension Finance - The pension finance sector faces challenges such as the need for market-oriented and professional investment management capabilities, as well as the nascent development of elder care services and products [1][3] - There is a pressing need for diverse financing tools to support the light-asset and long-return-cycle characteristics of the elder care industry [1][6] Differentiation Strategies - Brokerages are seeking differentiation in pension management through product innovation, service upgrades, and cross-industry collaboration [3][4] - A multi-strategy research and investment system is essential for brokerages to achieve long-term stable returns while managing inflation and volatility [3][4] Asset Management Services - Brokerages are providing comprehensive asset management services for various pension funds, including social security and enterprise annuities, to promote stable development [4][5] - The implementation of personal pension systems has significantly increased demand for wealth planning among individual clients, creating opportunities for brokerages in account management and product distribution [4][5] Financial Innovation - Brokerages are expanding their service boundaries through financial innovation, utilizing tools like private placement notes (PPN) and asset-backed securities (ABS) to meet diverse financing needs [6][7] - The successful issuance of the first "support for the pension industry" bond demonstrates the potential for low-cost financing channels in the elder care sector [6][7] Future Directions - Brokerages are encouraged to focus on high-growth segments of the elder economy, innovate pension financial tools, and explore collaborative ecosystems with various partners [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601995 证券简称：中金公司 公告编号：临2025-047 中国国际金融股份有限公司 关于披露重大资产重组预案的一般风险提示 暨公司股票复牌的公告 中国国际金融股份有限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： 本次交易方案尚需公司另行召开董事会再次审议及公司股东会审议批准，并获得相应批准、核准、注册 或同意后方可正式实施；本次交易能否取得相关批准、核准、注册或同意，以及最终取得的时间均存在 不确定性，提请广大投资者注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 ● 证券停复牌情况：适用 因筹划重大资产重组,本公司的相关证券停复牌情况如下： ■ 中国国际金融股份有限公司（以下简称"中金公司"或"公司"）与东兴证券股份有限公司（以下简称"东 兴证券"）、信达证券股份有限公司（以下简称"信达证券"）正在筹划由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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 信息披露义务人及一致行动人的股权结构图如下： ■ 三、信息披露义务人在境内、境外其他上市公司中拥有权益的股份达到或超过该公司已发行股份5%的 情况 截至2025年6月30日，信息披露义务人及一致行动人在A股上市公司（除东兴证券外）中拥有权益的股 份达到或超过该公司已发行股份5%的情况： ■ 第二节 本次权益变动目的及后续计划 一、本次权益变动的目的 本次权益变动系中金公司换股吸收合并东兴证券、信达证券导致信息披露义务人及一致行动人持有股份 的比例发生变动。 二、信息披露义务人未来12个月内增持上市公司股份的计划 截至本报告书签署日，除本次权益变动事项外，信息披露义务人及一致行动人在未来12个月内暂无继续 增加其直接在上市公司中拥有权益的计划安排。若后续发生相关权益变动事项，信息披露义务人及一致 行动人将严格按照法律法规的规定履行信息披露及其他相关义务。 第三节 权益变动方式 一、本次权益变动方式 本次权益变动方式为中金公司将通过向东兴证券全体A股换股股东以及信达证券全体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，具体为： 中金公司与东兴证券 ...