东兴证券公告，公司与中国国际金融股份有限公司、信达证券股份有限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。公司A股股票自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。鉴于本次重组相关事项存在重大不确定性，为保证信息公平披露，维护投资者利益，避免造成 公司股价异常波动，根据上海证券交易所相关规定，公司A股股票将继续停牌。 ...

格隆汇11月26日｜中金公司H股公告称，将继续暂停买卖，以待与有权监管机构确认拟议合并适用的合 规要求。 ...

证券代码：601995 证券简称：中金公司 公告编号：临 2025-040 中国国际金融股份有限公司 关于筹划重大资产重组的停牌进展公告 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。 本次重组的具体合作方案以三方进一步签署的交易文件为准。本次重组尚需 履行必要的内部决策程序，并需经有权监管机构批准后方可实施，能否实施尚存 在不确定性。公司发布的信息以在上海证券交易所网站（www.sse.com.cn）、香 港联交所披露易网站（www.hkexnews.hk）刊登的公告为准，敬请广大投资者关 1 注后续公告并注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 2025 年 11 月 26 日 2 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 於2027年到期的700,000,000美元浮動利率票據 China International Capital Corporation Limited 03908 於2027年到期的500,000,000美元利率為5.012厘的票據 （股份代號：4309） （股份代號：4310） 於2026年到期的1,250,000,000美元利率為5.493厘的票據 （股份代號：5718） 於2026年到期的500,000,000美元利率為5.442厘的票據 （股份代號：5824） 截至本公告日期，擬議合併需提呈交易方各自的董事會、股東會審議，並經有權監管機 構批准後方可實施。 繼續暫停買賣 如該公告披露，應本公司要求，本公司H股及由CICC Hong Kong Finance 2016 MTN Limited發行並由中國國際金融（國際）有限公司擔保及受益於本公司提供之維好契據的若 干票據（股份代號：4309、43 ...

智通财经APP讯，中金公司(601995.SH)公告，鉴于本次重组相关事项存在重大不确定性，公司A股股票 将继续停牌。 ...

Core Viewpoint - China Cinda (01359) saw a significant stock price increase, rising over 9% towards the end of trading, with a current price of 1.38 HKD and a trading volume of 396 million HKD, following the announcement of a share swap merger with Dongxing Securities and Cinda Securities by China International Capital Corporation (CICC) [1] Group 1: Company Developments - CICC announced plans to merge with Dongxing Securities and Cinda Securities, which is expected to enhance CICC's debt resolution capabilities in the Asset Management Company (AMC) sector [1] - After the merger, CICC is anticipated to continue expanding its wealth management business [1] Group 2: Industry Insights - Shenwan Hongyuan's research report highlights that China Cinda is the largest shareholder of Cinda Securities and a leader in China's non-performing asset industry [1] - China Cinda's main business operations include acquisition and management, restructuring, debt-to-equity swaps, and other non-performing asset services [1] - Cinda Securities, as a core financial subsidiary of China Cinda, possesses unique advantages in the investment banking sector for non-performing asset disposal and bankruptcy restructuring, providing opportunities for CICC to expand its special asset management and deepen its debt restructuring business [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [3][29]. Core Insights - The report highlights significant progress in mergers and acquisitions within the brokerage sector, with a focus on enhancing the functional capabilities of securities firms. The China Securities Association reported that in the first three quarters of 2025, securities companies collectively underwrote technology innovation bonds amounting to 705.18 billion yuan, reflecting a year-on-year growth of 57.77% [3][7][23]. - The report emphasizes the potential for further acceleration in mergers and acquisitions in the securities industry, driven by policy support for building a strong financial nation. This consolidation is expected to enhance overall competitiveness and contribute to the goal of establishing first-class investment banks [4][7]. Summary by Sections 1. Investment Recommendations - Securities companies are focusing on five major areas to enhance their functional roles, with a notable increase in underwriting technology innovation bonds [7]. - The report suggests that the ongoing mergers and acquisitions will likely lead to improved performance for certain brokerages, with opportunities for both external and internal growth strategies [4][7]. 2. Market Review - The report notes a decline in major indices, with the Shanghai Composite Index down by 3.90% and the ChiNext Index down by 6.15% during the specified period. The average daily trading volume in A-shares was 1.87 trillion yuan, a decrease of 8.75% [8][11]. 3. Key Industry Data Tracking - As of November 21, 2025, the margin trading balance was 2.46 trillion yuan, showing a slight decrease of 1.25%. The report also highlights a decline in new fund issuance and equity underwriting in October 2025 [14][22]. - The report provides insights into the bond market, noting a 1.79% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield rising by 20.89 basis points [14][20]. 4. Regulatory Policies and Industry Dynamics - The report discusses the significant growth in the underwriting of technology innovation bonds by securities firms, with 75 firms participating and a total underwriting amount of 705.18 billion yuan [23]. - It also mentions the insurance asset management industry, which has seen a 10.60% year-on-year increase in managed funds, totaling 33.30 trillion yuan as of the end of 2024 [23]. 5. Key Announcements from Listed Companies - The report notes that China International Capital Corporation (CICC) is planning a major asset restructuring through a share swap with Dongxing Securities and Xinda Securities, which has led to a temporary suspension of trading [24].

11月25日，国内商品期货早盘开盘，主力合约多数上涨。其中，沪银涨超2%，玻璃、乙二醇、沪金、沥青、甲醇等涨超1%。 在国际市场上，现货黄金价格短线冲高至4140美元/盎司后回调，截至发稿，报4132美元/盎司；COMEX黄金期货涨0.89%，报4130.7美元/盎司。 伦敦金现(SPTAUUSDOZ) 交易中 11-25 09:06:59 4132.5 均 0.00 昨结 4134.23 持仓 0 昨收 4134.23 日增 0.00 -1.72 -0.04% 量 0 分时 五日 目K 月K 周K 更多。 ◎ 4143.680 0.23% 盘口 卖1 4132.770 0 买1 4132.680 0 09:06 4132.39 0 230 0.00% 09:06 4132.315 0 09:06 4132.481 0 09:06 4132.67 0 09:06 4132.471 0 09:06 4132.68 0 4124.780 -0.23% 06:00 00:00 12:00 18:00 Ur:50 00-06 / 122 520 C | | | COMEX黄金(GC) | | | | | --- | ...

《中国科技投资》龙秋月 1.01万亿资产集结，中金公司筹划吸收合并两家券商。一边是头部券商加速抱团扩容、一边是新玩家伺机入场，券商行业的竞争格局正迎来新一轮洗牌 11月19日，中金公司（601995.SH）宣布正筹划通过发行A股股票的方式，对东兴证券(601198.SH)及信达证券(601059.SH)进行换股吸收合并。中金公司在 公告中亦提及，本次重组有助于加快建设一流投资银行，支持金融市场改革与证券行业高质量发展。截至今年三季度末，三家券商合计资产规模达到 10095.83亿元。 今年以来，券商行业并购重组热度在不断升温。既有国泰君安与海通证券两大头部券商的"强强联合"，也包含国联证券收购民生证券、西部证券收购国融 证券等跨体量整合动作。从单一合并到多元整合，券商并购重组再迈一步，在此行业格局下，中小券商的发展路径亦引发市场关注。值得注意的是，当前 仍有四家券商处于IPO排队进程中，其上市进展或将进一步影响行业竞争态势。 券商并购重组持续升温 近日，中金公司、东兴证券、信达证券三家公司同步发布停牌公告，正式启动重大资产重组。三家公司股票将于11月20日开市时起停牌，预计停牌时间不 超过25个交易日。中金公 ...

Market Overview - The market experienced a rebound yesterday, with the Shanghai and Shenzhen stock exchanges recording a trading volume of 1.81 trillion, an increase of 84.4 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.53%, and the ChiNext Index gained 1.77% [1] Lithium Battery Sector - CICC indicates that a new upward cycle for lithium batteries has begun, with energy storage expected to be a key driver [2] - Since 2025, the lithium battery industry has shown signs of bottom reversal due to stabilizing prices and improved supply-demand structure [2] - Investment strategies include focusing on energy storage demand, new technologies like solid-state batteries, and the revival of charging station construction [2] Aerospace and Defense Sector - Huatai Securities released a 2026 outlook for the aerospace and defense sector, noting that the military's equipment construction will shift from quantity to quality during the 14th Five-Year Plan [3] - The focus will be on new fourth-generation equipment, with an emphasis on unmanned systems, low-cost munitions, and military AI [3] - The report highlights opportunities in commercial aerospace, low-altitude economy, deep-sea technology, and military-civilian technology applications [3] Building Materials Sector - Galaxy Securities published a 2026 strategy report for the building materials industry, indicating a recovery in the building materials index and fundamentals in 2025 [4] - The report emphasizes structural investment opportunities due to traditional industry capacity reduction and the continued high demand in emerging sectors [4] - Key areas of focus include the renovation of existing properties, urban renewal, and the performance of leading companies in high-performance fiberglass and consumer building materials [4]