Market Overview - The A-share market showed mixed performance on December 18, with the Shanghai Composite Index turning positive while the ChiNext Index fell nearly 2% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 192 billion yuan compared to the previous trading day, with over 3,600 stocks rising [1] Sector Performance - The commercial aerospace and pharmaceutical sectors led the gains, while battery and securities sectors experienced declines [1] - Notable stocks in the commercial aerospace sector included China Satellite (600118), Beimo High-tech (002985), and Tianjian Technology (002977), all of which hit the daily limit [3][5] - The pharmaceutical sector also showed strength, with companies like Huaren Health (301408) and Yingte Group (000411) achieving daily limit gains [6][8] Noteworthy Developments - The Long March 12甲 reusable launch vehicle, developed by the China Aerospace Science and Technology Corporation, is scheduled for its historic first launch in December 2025 [3] - The brain-computer interface and innovative medical device sectors have seen significant breakthroughs, with analysts optimistic about investment opportunities due to supportive policies [8] Individual Stock Highlights - On December 18, China International Capital Corporation (601995) and Dongxing Securities resumed trading with limit-up prices, while Xinda Securities (601059) opened 6.8% higher [9] - Newly listed Yuan Chuang Co., Ltd. (001325) saw its stock price surge over 200% at the opening, closing at 70.99 yuan per share, with a leading market share in rubber track products [9][10] Future Market Outlook - Analysts from Industrial Securities express a positive outlook for the A-share market in 2026, citing limited negative external impacts and favorable trends in AI and liquidity [11] - Key sectors expected to drive growth include AI, new energy, military industry, and innovative pharmaceuticals, with a focus on companies with global competitive advantages [11]

Group 1 - The Hang Seng Index fell by 0.44%, down 111 points, closing at 25,357 points, while the Hang Seng Tech Index dropped by 1.26% [1] - Overnight, US tech stocks collectively declined, putting pressure on Hong Kong tech stocks, with Alibaba-W (09988) and Hua Hong Semiconductor (01347) both falling over 1% [1] - CICC (601995) announced plans to acquire two brokerages, resulting in a 3.64% increase in its stock price [1] - Analysts expect airlines to continue significantly reducing losses in Q4, with unit revenue potentially recovering significantly, leading to growth in airline stocks [1] - Capital Airport (00694) rose by 7%, and China Eastern Airlines (00670) increased by 4.6% [1] Group 2 - Zhaojin Mining (01818) rose by 6% following the discovery of Asia's largest underwater giant gold mine in Yantai, Shandong Province [2] - Xinjiang Xin Mining (03833) increased by over 6% as Indonesia plans to tighten nickel ore quotas, with the company owning four nickel-copper mines [3] - MicroPort Robotics-B (02252) saw a rise of over 3% after being included in the Hong Kong Stock Exchange's Tech 100 Index [3] - MicroPort Medical (00853) surged over 8% with expectations that the merger with CRM Cayman will be completed around tomorrow [3] - Evergrande Property (06666) fell by 4.7% after being ordered to execute a 3.57 billion yuan judgment, with no negotiations with potential bidders for a transaction [3] - China Duty Free Group (601888) (01880) declined by 3.7% as Hainan's duty-free policy officially took effect, with market attention on the duty-free bidding situation at Capital and Shanghai airports [3]

中金公司重组方案出炉，收购东兴和信达证券，标志着汇金系整合的开启，三家券商今日复盘大涨！ AiFinD大事解析 汇金系券商整合落地：中金并购东兴、信达预案出炉，万亿级投行启航 一、事件概述:换股比例与复牌安排明确，万亿级投行诞生. 中金公司换股吸收合并东兴证券、信达证券预案正式披露，换股比例确定为东兴证券与中金公司 1:0.4373，信达证券与中金公司1:0.5188，合并后总资产超万亿元，净资产跃居行业第四。三家公司股 票于2025年12月18日复牌，较原计划提前5天。交易采用中金公司作为存续主体，通过换股方式整合两 家被合并方全部资产、负债及业务，中央汇金作为实际控制人推动本次同一控制下整合。 二、交易结构与股东权益保障机制 1. 换股定价 三、战略协同与业务互补性分析 1. 资源整合 中金公司投行、跨境业务优势与东兴证券零售经纪（福建区域密集）、信达证券特殊资产处置能力形成 互补，营业部数量增至374家，覆盖密度提升。 2. 资本增效 中金公司财务杠杆率（5.4倍）高于东兴（3.2倍）与信达（3.8倍），合并后资本金充裕度提升，资本运 用效率优化。 3. 政策契合 中金公司换股价格36.91元/股，东兴 ...

Market Overview - On December 18, A-shares showed mixed performance with the Shanghai Composite Index turning positive while the ChiNext Index fell nearly 2%. The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 192 billion yuan compared to the previous trading day, with over 3,600 stocks rising across the market [1]. Commercial Aerospace Sector - The commercial aerospace sector exhibited strong performance, with stocks such as China Satellite, Beimo High-tech, Western Materials, and Tianjian Technology hitting the daily limit. The Long March 12A reusable launch vehicle, developed by the China Aerospace Science and Technology Corporation, is scheduled for its historic first launch in December 2025 [3][4]. Pharmaceutical Sector - The pharmaceutical sector, including medical devices and brain-computer interface technologies, also showed resilience, with stocks like Huaren Health, Yinte Group, and Saili Medical reaching their daily limit. Recent breakthroughs in brain-computer interface technology have been noted, with significant market potential expected due to policy support [5][7]. Brokerage Firms - On the same day, major brokerage firms such as CICC and Dongxing Securities resumed trading at the daily limit, with CICC's stock rising over 5% and Dongxing Securities hitting the limit. This follows the announcement of a merger plan between CICC and Dongxing Securities, with the combined entity expected to have total assets exceeding 1 trillion yuan [8]. Future Market Outlook - Looking ahead to 2026, the market outlook is positive, driven by limited negative external impacts and supportive domestic economic conditions. Key sectors expected to thrive include AI, new energy, military industry, and innovative pharmaceuticals. The influx of domestic and foreign capital into the stock market is anticipated to further enhance market dynamics [10].

Group 1 - The Shanghai Composite Index is at 3876.98 points, above the annual line, with a change of 0.17% [1] - The total trading volume of A-shares today is 786.186 billion yuan [1] - A total of 193 A-shares have surpassed the annual line, with notable stocks showing significant deviation rates including Yimin Group at 9.76%, Meilian New Materials at 7.37%, and Hewang Electric at 6.07% [1] Group 2 - The stocks with the highest deviation rates from the annual line include: - Yimin Group: 10.11% increase, turnover rate of 7.10%, annual line at 4.46 yuan, latest price at 4.90 yuan, deviation rate of 9.76% [1] - Meilian New Materials: 11.21% increase, turnover rate of 6.15%, annual line at 9.97 yuan, latest price at 10.71 yuan, deviation rate of 7.37% [1] - Hewang Electric: 6.79% increase, turnover rate of 7.73%, annual line at 30.86 yuan, latest price at 32.73 yuan, deviation rate of 6.07% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include Chengfa Environment, Deguan New Materials, and Guangzheng Ophthalmology [1]

12月17日，中金公司、东兴证券、信达证券发布公告，宣布中金公司合并东兴证券与信达证券的计划进 入新一阶段。根据公告，每股东兴证券、信达证券能换取中金公司股票的比例分别为1:0.4373、 1:0.5188。此外，三家公司股票于12月18日复牌。 截至早盘收盘，中金公司股价为36.65元，涨超5%；信达证券股价为18.65元，涨4.83%；东兴证券股价 为14.44元，收获涨停。 此前在11月19日，中金公司发布公告宣布正在筹划重大资产重组，拟同时吸收合并东兴证券、信达证 券，预计停牌时间不超过25个交易日。公告表示，中金公司拟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。 而根据12月17日公告信息，中金公司换股吸收合并的定价基准日前20个交易日的A股股票交易均价，考 虑利润分配实施所带来的除权除息调整后为36.91元/股。东兴证券换股吸收合并的定价基准日前20个交 易日的A股股票交易均价为12.81元/股。在此基础上给予26%的溢价，由此确定东兴证券的换股价格为 16.14元/股。信达证券换股吸收合并的定价基准日前20个交易日的 ...

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and the active sectors, particularly in commercial aerospace and consumer electronics. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.16% to 3876.40, while the Shenzhen Component Index fell by 0.85% to 13111.78, and the ChiNext Index dropped by 1.81% to 3118.30 [3][4]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.05 trillion yuan, an increase of 21.2 billion yuan compared to the previous trading day, with over 3600 stocks rising [6]. Sector Highlights - The commercial aerospace sector showed significant activity, with stocks like China Satellite hitting the daily limit, and several others such as Tianyin Electromechanical and Beimo High-tech also reaching their limits [6][7]. - In contrast, sectors such as consumer electronics, securities, and lithium batteries experienced notable declines, with nearly 1700 stocks falling [6]. Notable Stocks - China International Capital Corporation (CICC) announced a share swap to absorb Dongxing Securities and Xinda Securities, leading to a surge in CICC's stock price, which hit the daily limit, while Dongxing Securities rose nearly 7% [10][12]. - The opening of the Hong Kong market saw the Hang Seng Index drop by 0.54%, with tech stocks like SenseTime and Xiaomi experiencing declines of over 2% [12][13]. Economic Indicators - The People's Bank of China conducted a 7-day reverse repurchase operation of 883 billion yuan at an interest rate of 1.40%, with 1186 billion yuan of reverse repos maturing today [15]. - The central bank set the RMB to USD exchange rate at 7.0583, a depreciation of 10 basis points from the previous day [16].

Core Viewpoint - The merger of China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities is a significant move in the financial sector, aiming to enhance competitiveness and create a leading investment bank in China [1][5]. Group 1: Merger Details - CICC, Dongxing Securities, and Xinda Securities announced a merger plan, with specific share exchange ratios set at 1:0.4373 for Dongxing and 1:0.5188 for Xinda [1][4]. - The exchange prices are determined at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing (26% premium), and 19.15 CNY for Xinda [4]. - The merger will result in the cancellation of the legal entities of Dongxing and Xinda, with CICC absorbing all assets, liabilities, and operations [4]. Group 2: Financial Performance - CICC reported a revenue of 20.76 billion CNY for the first three quarters, a 54% increase year-on-year, with a net profit of 6.57 billion CNY, up 130% [6][7]. - Dongxing Securities achieved a revenue of 3.61 billion CNY, a 20.25% increase, and a net profit of 1.599 billion CNY, up 69.56% [7]. - Xinda Securities reported a revenue of 3.02 billion CNY, a 28.46% increase, and a net profit of 1.354 billion CNY, up 52.89% [7]. Group 3: Future Outlook - Post-merger, the total asset scale is expected to reach 1009.58 billion CNY, with a projected net profit of 9.52 billion CNY and revenue of 27.39 billion CNY [8]. - The merger is anticipated to enhance the companies' competitive edge, aligning with the trend of consolidation in the securities industry to improve service capabilities and risk management [8]. - The ongoing trend of mergers in the securities sector is expected to accelerate, driven by the need for resource integration and capital concentration to build a first-class investment bank [8].

该行指出，虽然换股并购令中金2026财年的每股盈利及每股净值分别稀释21%和13%，然而，由于合拼 有助于解除中金的资本限制，透过扩大市场份额产生协同效应，并提高成为大型券商的机会，从而受惠 于潜在的资本放松与新业务试点计划，因此相信市场对合拼的反应正面，花旗表示，由于供给侧加快推 进改革，预期其他券商的股价亦将上扬，或可稳定收费率并提升潜在股东权益回报率(ROE)。 花旗发布研报称，中金公司（601995）(03908)计划以换股吸收方式合并东兴证券（601198） (601198.SH)及信达证券（601059）(601059.SH)。中金拟发行近31亿股A股，每股东兴A股可换取0.4373 股中金A股;每股信达A股可换取0.5188股中金A股。 ...

发布换股吸收合并预案后的第二天，中金公司、东兴证券、信达证券复牌后大涨，并领涨行业个股，展现出市场对于头部券商合并的向好预期。截至上午10 时30分，三只个股仍维持涨超5%的态势。股价来看，中金公司为36.76元/股，东兴证券和信达证券分别为14.44元/股和18.7元/股。在业内人士看来，券商合 并大幕正式拉开，这并不是结束，而是开始，凭借各方资源的有机结合，合并后公司的财务结构韧性有望增强。从行业角度看，近年来头部券商并购潮兴 起、行业洗牌加快，后续中大型券商进行战略重组可行性、必要性提升。 | ● 分时 日 周 月 季 年 1分 5分 30分 60分 30s ▼ 多周期 设置 | | H股 PK 简 九转 亮 笼 叠 加自选 ●▼ | | R | 中金 | | --- | --- | --- | --- | --- | --- | | 连续竞价① 中金公司 分时 均价: 37.29 最新: 36.72 张停价:38.38 38.38 | 重大事件 × | ● ● ● 足 另 用 用 ● | 10.00% | | | | ����������� | | | | | 36. 7 | | 37.83 | | ...