Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities marks a significant milestone in the Chinese securities industry, indicating an accelerated trend towards consolidation among leading firms [1][2][5]. Group 1: Merger Details - CICC plans to absorb Dongxing Securities and Xinda Securities through a share swap, with trading suspension starting from November 20, 2025, for a maximum of 25 trading days [2][6]. - This merger follows the earlier consolidation of Guotai Junan and Haitong Securities, highlighting a shift towards a more concentrated market structure [1][4]. - The controlling shareholders of all three firms are under Central Huijin, which has been actively restructuring its assets, including the transfer of stakes in several asset management companies [2][3]. Group 2: Industry Impact - The merger is expected to enhance CICC's asset scale to over 1 trillion yuan, positioning it as the fourth largest securities firm in China, following CITIC Securities, Guotai Haitong, and Huatai Securities [1][6]. - The combined revenue and net profit for CICC post-merger are projected to reach 273.9 billion yuan and 95.2 billion yuan, respectively, significantly improving its market ranking [6][7]. - The consolidation reflects a broader trend in the securities industry towards oligopolistic competition, pushing other firms to reassess their strategic positioning [4][5]. Group 3: Strategic Advantages - CICC's strengths in investment banking, institutional services, and high-net-worth wealth management will be complemented by Dongxing and Xinda's advantages in retail brokerage and regional market coverage [7]. - The merger aims to create a first-class investment bank that supports financial market reforms and enhances the quality of service to the real economy [7][8]. - The integration is expected to yield economies of scale and synergies, ultimately improving shareholder returns and the overall effectiveness of financial services [7].

Core Viewpoint - The announcement of China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Cinda Securities through a share swap is expected to reshape the competitive landscape of the securities industry, enhancing the capital strength and profitability of the new entity [1] Group 1: Market Performance - Major indices opened high but retreated during the day, with the securities sector showing relative strength; as of 10:20, the broker ETF fund (515010) rose by 0.93%, while the financial technology ETF from Huaxia (516100) fell by 0.59% [1] Group 2: Merger Details - CICC announced on November 19 that it is planning to merge with Dongxing Securities and Cinda Securities through a share swap, with trading of CICC's A and H shares, as well as A shares of Dongxing and Cinda, suspended starting November 20 for up to 25 trading days [1] Group 3: Industry Analysis - According to Huatai Securities, the merger is expected to improve the ranking of total indicators for the new company; based on Q3 data, total assets and net assets would rank 4th in the industry, while net profit would rank 6th [1] - The restructuring is anticipated to accelerate the development of a first-class investment bank and further concentrate competition within the industry towards leading firms [1] - The merger reflects a trend in the securities industry towards consolidation among leading brokerages, similar to previous mergers involving Guotai Junan and Haitong Securities under Shanghai state-owned assets [1]

Core Viewpoint - The merger and acquisition involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant consolidation in the securities industry, potentially creating a new "super broker" with total assets exceeding 1 trillion yuan [1][2][3] Group 1: Merger Details - CICC is planning to absorb Dongxing Securities and Xinda Securities through a share exchange, with the announcement made on November 19 [1][2] - The merger is part of a broader integration strategy among "Hui Jin" affiliated brokerages, with the central Huijin Investment Company being the largest shareholder of all three firms [2] - The combined assets of the three firms are projected to surpass 1 trillion yuan, positioning them as the fourth largest listed brokerage in terms of asset size [3] Group 2: Financial Performance - For the first three quarters of 2025, CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% [2] - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3] - Xinda Securities reported a total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% and 53% increase respectively [3] Group 3: Industry Implications - The merger is expected to enhance CICC's capital strength and consolidate client resources, further solidifying its leading position in the securities industry [4] - The integration reflects a trend of consolidation among top brokerages, indicating a shift in the competitive landscape of the securities sector [4][5] - Regulatory support for industry consolidation is seen as a key driver for enhancing overall competitiveness and optimizing resource allocation within the sector [5]

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities marks a significant reshaping of the brokerage industry, with implications for market competition and resource integration [1][2][3]. Group 1: Merger Details - The merger involves CICC absorbing Dongxing Securities and Xinda Securities through a share exchange, with trading suspension starting from November 20 for up to 25 trading days [1][5]. - Post-merger, the combined entity is expected to surpass Huatai Securities in revenue, becoming the third-largest brokerage by revenue and fourth by total assets [2][7]. Group 2: Strategic Implications - This merger is seen as the first step in the integration of "Hui Jin" system brokerages, aiming for resource optimization and strategic complementarity [3][9]. - CICC will enhance its retail network significantly by acquiring nearly 200 branches from Dongxing and Xinda, improving its coverage and service capabilities for high-net-worth and retail clients [5][10]. Group 3: Market Position and Financials - The combined revenue of CICC, Dongxing, and Xinda is projected to reach 27.39 billion yuan, surpassing Huatai Securities' 27.12 billion yuan, while total assets will be approximately 1,009.58 billion yuan, closely trailing Huatai Securities [7][12]. - The net profit post-merger is expected to be 9.546 billion yuan, ranking sixth in the industry, indicating that while CICC will not disrupt the top two positions held by CITIC Securities and Guotai Junan, it may affect the rankings of other leading brokerages [7][11]. Group 4: Broader Industry Trends - The merger is part of a broader trend of consolidation in the brokerage industry, driven by regulatory policies aimed at creating a few leading investment banks with international competitiveness [12][15]. - Other recent mergers include Guotai Junan with Haitong Securities and Guolian Securities with Minsheng Securities, indicating a wave of strategic partnerships aimed at enhancing market positioning and operational efficiency [13][14].

Core Viewpoint - The announcement of China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities has sparked significant industry discussion, indicating a new phase of consolidation in the securities sector [1][8]. Group 1: Impact on CICC - The merger will significantly enhance CICC's performance metrics, pushing total assets beyond 1 trillion yuan, and improving its rankings in various financial metrics [1][4]. - Post-merger, CICC's industry ranking will rise from sixth to fourth in total assets, from ninth to fourth in net assets, from sixth to third in revenue, and from tenth to sixth in net profit attributable to shareholders [4]. - The merger is expected to improve CICC's capital adequacy and operational capacity, allowing for long-term growth and expansion of business space [4][5]. Group 2: Strategic Significance - The merger is seen as a strategic move to optimize resources within the Central Huijin-controlled securities firms, enhancing the competitive landscape among the top ten securities firms [2][3]. - Analysts suggest that this consolidation reflects a broader trend of mergers and acquisitions in the securities industry, driven by regulatory changes and the need for firms to strengthen their market positions [7][8]. - The "3+10" framework proposed by the China Securities Regulatory Commission aims to establish around ten leading institutions in the industry, with CICC's merger positioning it favorably in this competitive environment [7]. Group 3: Business and Regional Synergies - The merger will create synergies in business operations, with CICC benefiting from Dongxing's asset management strengths and Xinda's investment banking capabilities, enhancing its service offerings [5][6]. - The regional presence of Dongxing and Xinda in areas like Liaoning and Fujian will help CICC expand its market reach, complementing its existing operations concentrated in economically developed regions [6]. - The integration of fund management licenses between CICC, Xinda, and Dongxing is anticipated to streamline operations and enhance compliance with regulatory requirements [6].

Group 1: Market Outlook - The A-share market is expected to establish a "low volatility slow bull" foundation by 2026, supported by a more stable macroeconomic environment, clearer industrial directions, and a friendlier regulatory framework [2][3] - International investment banks like UBS and Goldman Sachs have updated their outlooks, indicating a significant increase in the weight of A-shares in global asset allocation [2] Group 2: Macroeconomic Context - Citic Securities predicts a macroeconomic growth rate of around 5% in 2025 and approximately 4.9% in 2026, with a fiscal deficit rate likely maintained at 4% [4] - The economic recovery is characterized by moderate demand-side support and a balanced fiscal and monetary policy approach [4] Group 3: New Economic Drivers - The term "new quality productivity" is frequently mentioned, highlighting sectors like AI, biotechnology, and aerospace as key drivers of market transformation [6][7] - The integration of AI with advanced manufacturing is seen as a crucial growth lever, with significant implications for various sectors [11] Group 4: Globalization and Market Structure - Chinese companies are increasingly shifting from a domestic demand-driven model to a global demand-oriented approach, exporting capital goods and solutions to emerging markets [8] - The market structure is evolving, with new economy sectors like semiconductors and renewable energy gaining market share, while traditional industries are undergoing digital transformation [7] Group 5: Investment Trends - There is an anticipated flow of up to 6 trillion RMB from real estate and deposits into the stock market, marking a transition from stock market competition based on existing assets to new incremental allocations [10] - The focus on long-term investment strategies is expected to grow, with reforms aimed at enhancing the supply of quality financial products and increasing dividend payouts from listed companies [9][12]

Core Viewpoint - The announcement of China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities has sparked significant industry discussion, indicating a strategic move towards resource integration within the Central Huijin group, aiming to enhance CICC's performance metrics and establish it as a leading international investment bank [1][2]. Group 1: Impact on CICC - The merger will elevate CICC's total assets beyond 1 trillion yuan, improving its industry ranking from sixth to fourth, net assets from ninth to fourth, revenue from sixth to third, and net profit from tenth to sixth [4][5]. - The merger is expected to enhance CICC's operational capacity by improving capital adequacy and expanding business opportunities, particularly in asset management and investment banking [4][5]. Group 2: Industry Dynamics - The merger is seen as a significant step in reshaping the competitive landscape among the top ten securities firms, with expectations of intensified consolidation efforts among mid-sized and large securities firms aiming for the "3+10" market entry slots [7][8]. - Analysts predict that the ongoing trend of mergers and acquisitions in the securities industry will continue, with potential for further restructuring within the Central Huijin group [8][9].

Core Viewpoint - The integration of securities firms, specifically the merger of CICC with Xinda Securities and Dongxing Securities, is seen as a significant trend in the industry, leading to the emergence of large-scale brokerage firms with enhanced risk resistance and operational efficiency [1][2][3] Group 1: Industry Trends - The consolidation of securities firms is an inevitable trend in the industry, allowing for resource sharing, improved research outcomes, and enhanced customer service [1][2] - Larger brokerages resulting from mergers will have greater capital strength and broader business layouts, enabling them to better meet client needs and expand service offerings [1][2] Group 2: Competitive Landscape - The integration will enhance the overall competitiveness of the brokerage industry, particularly in the face of increasing international competition [2][3] - Merged firms are expected to have improved compliance and risk management systems, contributing to the overall regulatory development of the industry [2] Group 3: Investment Implications - Long-term investors may benefit from the increased valuation of the newly formed brokerage firms, although there may be short-term speculative risks due to increased market capitalization and potential sell-offs [2] - The merger process may create opportunities for value investors to acquire shares at favorable prices during any short-term price corrections [2]

#又一万亿级券商航母呼之欲出# 【#券商航母整合加速度# 】券商整合又出新案例，中金公司拟吸收合 并信达证券和东兴证券，又一个万亿级别的券商航母呼之欲出。券商规模越大，抗风险能力就越强，服 务客户的能力也越强，同时运营成本也会更低，这对于券商降本增效很有好处。未来超大券商的整合还 会增加，参与整合的券商竞争力将明显高于未参与整合的券商。 券商整合是行业发展的必然趋势。通过整合，券商可以通过资源共享实现研究成果的互通、交易渠道的 整合、客户服务的提升，从而提升自身的竞争力。对于券商竞争格局来说，整合能够扩大券商的规模， 增强抗风险能力，在面对各项市场风险的时候，大型券商更有能力抵御风险，保障日常经营的稳定开 展。 此次整合对于三家券商来说，无疑是一次重要的发展机遇。整合后的券商将拥有更强大的资本实力和更 广泛的业务布局。在资本实力方面，合并后的新券商将拥有更多的资金用于业务拓展和创新，能够更好 地满足客户的需求。在业务布局上，不同券商可能在不同领域具有优势，通过整合可以实现优势互补， 拓展业务范围，提升服务客户的能力。例如，一家券商在投行业务方面具有较强的实力，而另一家在财 富管理领域表现出色，整合后可以为客户 ...

证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 非银会融/ 证券■ 时玩人分析 2025 年 11 月 20 日 相关研究 金黎丹 A0230525060004 jinld@swsresearch.com 重申看好并购重组投资主线! ――中金公司拟换股吸收（中金公司 A 股）合并东兴证 券、信达证券点评 事件: 11 月 19 日，中金公司发布关于筹划重大资产重组的停牌公告，中金公司拟换股吸收（中金公司 A 股）合并东兴证券、信达证券，预计停牌时间不超过 25 个交易日。 请务必仔细阅读正文之后的各项信息披露与声明 申万宏源研究微信服务号 童申看好 2026 年并购重组行业投资主线。我们 2026 年度策略提示 "并购重组仍是中期主线"之 o 一，总结 4 种投资思路：1）同一实际控制人旗下券商整合、2) 解决一参一控同业竞争、3) 区域 特色券商做大做强诉求、4）国资整合民营券商。本次中金公司拟整合信达证券、东兴证券可归属 于第 1 种思路。后续建议持续关注同一实控人下券商 ...