Core Viewpoint - The integration of Huijin's financial companies, specifically CICC, Dongxing Securities, and Xinda Securities, marks a significant step in reshaping the securities industry, indicating a trend towards consolidation among leading firms [2][3]. Group 1: Company Integration - CICC, Dongxing Securities, and Xinda Securities are planning a major asset restructuring through a share swap, which will lead to the absorption of Dongxing and Xinda by CICC [2]. - Following the merger, the combined assets of the three firms will rank fourth in the industry, while their net profit will rank sixth [2]. - This merger is seen as the first step in a broader consolidation strategy within Huijin's portfolio of securities firms, which includes several other major players [2]. Group 2: Industry Restructuring - The merger reflects a shift in the securities industry towards a new competitive landscape driven by the consolidation of leading firms, responding to regulatory calls for a stronger financial sector [3]. - The integration is expected to enhance the capital strength and overall competitiveness of the merged entity, positioning it closer to international standards [3]. - Other firms in the industry may need to reassess their strategies and market positions in light of this consolidation trend [3]. Group 3: Financial Performance - In the third quarter of 2025, 42 listed securities firms reported a total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and a net profit of 171.04 billion yuan, up 62.06% [6]. - The growth in revenue and profit is attributed to strong performance in brokerage and investment businesses, with commission income rising by 42.66% and investment income increasing by 128.97% [6]. - The overall positive financial performance indicates a robust recovery in the securities sector, driven by favorable market conditions [6]. Group 4: Future Outlook - The securities industry is expected to continue evolving with a focus on high-value wealth management and institutional business, supported by favorable policies and market conditions [7]. - The trend of consolidation is likely to persist, with ongoing supply-side reforms and an increase in industry concentration anticipated [7]. - The integration of major firms is expected to provide sustained growth momentum for the industry, potentially leading to significant changes in the competitive landscape [7].

证券ETF南方(512900)聚焦行业龙头和特色券商，从互联网券商龙头东方财富、合并行业标杆国泰海通 到全能投行中信证券，同时中金公司、信达证券、东兴证券的合计权重为4.08%。该ETF的最新规模为 78.71亿元，场外基金为联接A(004069)\联接C(004070)。 中航证券指出，今年股市日均成交额同比大幅增长，叠加两融余额持续攀升并创下新高，共同强化了券 商板块的业绩确定性，资本市场预计将保持稳步向上趋势，业绩增长的可持续性有望增强，板块具备估 值修复潜力。 消息面上，11月19日晚间，中金公司、东兴证券、信达证券三家券商同时宣布重大资产重组，三家公司 A/H均于今日起停牌，预计停牌时间不超过25个交易日。 今年以来券商业绩和股价表现相背离，证券ETF南方(512900)跟踪的证券公司指数年内上涨3%，业绩却 表现亮眼，上市券商前三季度营业同比增长41.1%，归母净利润同比增长62.0%，指数最新PE(TTM)为 17.38倍，位居近10年14.09%历史分位。本次作为 "汇金系" 首次三家券商共同整合，合并后总资产达 1.01 万亿元，成为行业第四大券商，为板块注入 "并购溢价" 预期。 格隆汇1 ...

Core Viewpoint - The announcement of a major asset restructuring plan by China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities indicates a significant consolidation trend in the securities industry, aiming to enhance competitive advantages and operational efficiency through a share swap merger [1][5][9]. Group 1: Restructuring Announcement - CICC, Dongxing Securities, and Xinda Securities have announced a suspension of trading due to a planned major asset restructuring involving a share swap merger [1][4]. - The trading suspension for these companies will begin on November 20, 2025, and is expected to last no more than 25 trading days [4]. Group 2: Financial Metrics - As of the third quarter of 2025, the total assets of CICC, Dongxing Securities, and Xinda Securities are reported to be 764.94 billion, 116.39 billion, and 128.25 billion respectively, with combined revenues and net profits placing them third and sixth in the industry [7][8]. - The total market capitalization of CICC is 134.9 billion, while Dongxing Securities and Xinda Securities together exceed 100 billion [6]. Group 3: Strategic Advantages - The merger is expected to create complementary advantages, with CICC's investment banking and wealth management capabilities enhancing Dongxing and Xinda's retail brokerage and asset management strengths [8][9]. - The combined entity aims to improve capital strength, integrate customer resources, and enhance service capabilities to support national strategies and economic development [9].

风险提示：基金有风险，投资需谨慎。以上内容仅供参考，仅代表撰文时市场表现，基于市场环境的不 确定性和多变性，不作为任何投资建议，所涉观点后续可能发生调整或变化。本文引用数据仅供参考， 不作为投资建议和收益承诺。基金投资人在做出投资决策之前，请仔细阅读基金合同、基金招募说明书 和基金产品资料概要及其更新等产品法律文件，充分认识基金的风险收益特征和产品特性,并请提前进 行风险承受能力测评，选择与自身风险承受能力相匹配的基金产品进行投资。基金管理人承诺以诚实信 用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利或本金不受损失。基金管理人、基金 托管人、基金销售机构及相关机构不对基金投资收益做出任何承诺或保证。 怎么上车？很多投资者只看到了中金、东兴、信达合并的美好的未来，却忽视了一个可以把握的、近在 眼前的机遇——借道ETF。众所周知，ETF是买了一揽子股票的组合，ETF一般不会停牌，市值也随着 市场交易持续变化，例如证券ETF东财（159692）的成份股中金公司、东兴证券、信达证券，依然会按 照停牌时的收盘价估值。 证券ETF东财（159692），浓缩精准布局30只证券公司龙头。目前作为ETF标的的券商主 ...

Group 1 - Major asset restructuring announced by three major brokerages: China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, forming a "three-in-one" entity [2] - The merger will create another "brokerage giant" in China, further changing the ranking of brokerages in the industry [2] - The current wave of brokerage mergers is approaching the peak levels seen in the early 2000s, with an increasing number of brokerages exceeding 1 trillion in total assets [2] Group 2 - Chinese brokerage stocks in Hong Kong experienced a collective rise, with Oriental Securities up over 4%, and other firms like CITIC Securities, Everbright Securities, China Galaxy, Shenwan Hongyuan, and CITIC Jinpu Securities rising over 3% [3]

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by merger and acquisition activities, particularly in the brokerage sector, with significant inflows into the securities ETF leading to notable price increases [1][5]. Group 1: Market Performance - On November 20, the A-share market showed a strong upward movement, particularly in the brokerage sector, catalyzed by merger events [1]. - The leading securities ETF (560090) saw a substantial increase of over 1%, with a trading volume of 100 million yuan, and has experienced a net inflow of over 10 million yuan over the past four days [1]. - Major component stocks of the securities ETF also surged, with notable increases such as a 6% rise in Shichuang Securities and over 3% in Dongfang Securities and Shenwan Hongyuan [2][3]. Group 2: Mergers and Acquisitions - On November 19, China International Capital Corporation, Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves a share swap merger led by CICC [5]. - This merger is expected to create a combined asset total exceeding 1 trillion yuan, marking a significant consolidation in the brokerage industry [5]. - The merger is seen as a response to regulatory calls for creating a first-class investment bank and promoting industry consolidation, following the merger of Guotai Junan and Haitong Securities [6]. Group 3: Industry Trends and Outlook - The brokerage industry is entering a new era characterized by consolidation driven by leading firms, as indicated by recent mergers [6]. - The outlook for the securities industry includes sustained high activity levels in wealth management, increased importance of proprietary equity investments, and rapid development of international business [7]. - The industry is expected to continue its supply-side reforms, with an increase in concentration despite a slowdown in new mergers [7]. Group 4: Investment Opportunities - The securities ETF (560090) is highlighted as a cost-effective asset with high growth potential, having achieved a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks [8]. - The ETF tracks the CSI All Share Securities Companies Index, with the top five component stocks accounting for approximately 48% and the top ten for 60% of the index [8].

November 19, 2025 04:12 PM GMT China International Capital Corp. Ltd. | Asia Pacific Proposed Merger Could Strengthen Wealth Management Franchise and Capital Base Key Takeaways Cinda and Dongxing's smaller size and complementary business mix are opportunities to extract synergy. Combined, the two brokers's total assets were ~Rmb244bn as of September 2025 vs. CICC at Rmb765bn. The two brokers are focused primarily on retail brokerage, with ~35% of revenue from brokerage fees and margin interests and ~50% rev ...

Group 1 - The market experienced a rebound on November 19, with both the Shanghai Composite Index and the ChiNext Index closing in the green, while the CSI All Share Securities Companies Index fell by 0.05% [1] - The Securities ETF (159841) recorded a trading volume of 255 million yuan on the same day, with a net inflow of over 340 million yuan in the past five trading days, making it the top performer among similar products [2] - The Securities ETF closely tracks the CSI All Share Securities Companies Index, which focuses on large-cap securities leaders in the A-share market, including both traditional and fintech leaders [2] Group 2 - On the evening of November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced plans for a share swap merger, with CICC issuing A-shares to the shareholders of Dongxing and Xinda Securities [2] - All three companies will suspend trading of their A-shares starting November 20, with the suspension expected to last no more than 25 trading days due to the significant uncertainties surrounding the merger [2] - Huatai Securities indicated that the merger is expected to accelerate the development of a top-tier investment bank and reshape the industry landscape, potentially leading to increased capital strength and profitability for the merged entity, although the integration process will need to be monitored [2]

数据来源：wind，截至2025/11/19。 机构表示，现阶段券商行业并购重组已有不少项目在同步推进，既有头部券商向航母级投行整合，也有区域券商之间的业务互补。券 商"1+1"整合后的业绩成果，能否提升经营效率、推动业务协同、加速创新升级，是检验券商并购成功与否的核心指标。若后续财报 持续表明整合成果超预期，则有望加速推动并购节奏。 证券板块迎重磅利好！万亿级证券航母呼之欲出。中金、东兴、信达同日官宣合并。"牛市旗手"有望爆发，证券ETF（512880）持续 吸金。截至11月19日，证券ETF规模618亿元，今年以来日均成交额22.48亿元，均位居同类第一。 消息面上，11月19日晚，中金公司发布《关于筹划重大资产重组的停牌公告》。公告显示，中金公司正筹划以向东兴证券、信达证券 全体A股换股股东发行A股股票的方式，实施换股吸收合并。 历史表现来看，证券板块作为"牛市放大器"，在市场活跃时超额收益明显，表现出领涨、领跌特征，弹性较高。本轮牛市行情中，证 券板块表涨幅相对靠后，尚未突破去年"924"行情的高点。当前证券板块基本面向好，板块估值仍在低位，机构欠配明显。2025年前 三季度上市券商归母净利润同比+6 ...

Core Viewpoint - The A-share market saw a significant rise in brokerage stocks, driven by the announcement of a merger plan involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, which is expected to create a new entity with substantial assets and profits [1] Group 1: Market Performance - Brokerage stocks experienced a broad increase, with notable gains including a nearly 6% rise for Shouchao Securities and over 3% for Dongfang Securities and Shenwan Hongyuan [1] - The total asset scale of the merged entity is projected to reach 1,009.58 billion yuan, with a net profit attributable to shareholders of 9.52 billion yuan [1] Group 2: Merger Details - The merger between CICC, Dongxing Securities, and Xinda Securities is planned to be executed through a share swap [1] - Post-merger, the new company is expected to rank fourth in total assets within the industry, following CITIC Securities, Guotai Junan, and Huatai Securities [1] - The net profit attributable to shareholders will position the new entity sixth in the industry, behind CITIC Securities, Guotai Junan, Huatai Securities, China Galaxy, and GF Securities [1]