智通财经APP获悉，中资券商股普遍高开，截至发稿，中国银河(06881)涨4.62%，报11.09港元；东方证 券(03958)涨4.46%，报7.5港元；光大证券(06178)涨4.41%，报9.71港元；申万宏源(06806)涨4.08%，报 3.32港元。 消息面上，11月19日晚，中金公司、东兴证券、信达证券同步发布重大资产重组停牌公告。公告披露， 本次重组的核心模式为换股吸收合并，中金公司将作为合并方，通过发行A股股票的方式承接东兴证券 与信达证券的全部A股股份。中金公司表示，合并后将提升资本实力，实现客户资源整合，在证券行业 竞争格局中进一步巩固头部优势，迎来"规模效应+业务协同"的多重业绩增长动力，推动营收结构持续 优化、盈利能力稳步提升，进一步提升国家战略服务能力。 华泰证券点评称，本次汇金系券商并购整合，与此前的上海国资旗下国泰君安和海通证券换股合并，共 同表明证券行业进入以头部券商整合驱动竞争格局重塑的新时代。该行认为，本次重组有望加速一流投 行建设，重塑行业格局，行业内部竞争或将进一步向头部集中。合并后公司资本实力增强、杠杆使用空 间拓宽，盈利能力有望提升。 ...

消息面上，中金公司与东兴证券、信达证券同步发布公告，宣布正在筹划由中金公司通过换股方式吸收 合并这两家公司。根据三季报，中央汇金通过中国信达间接持有信达证券78.67%股权；通过东方资产 间接持有东兴证券45.14%股权。而中央汇金也是中金公司的实控人，直接持有中金公司40.11%股权。 智通财经APP获悉，汇金系再有大动作。截至发稿，信达国际控股(00111)涨14.29%，报0.44港元；中国 信达(01359)涨7.26%，报1.33港元，成交额4760.95万港元。 信达证券也发布公告称，公司与中金公司、东兴证券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。据悉，信达证券为中国信达附属公司，为信达国际控股间接控股股东。 ...

格隆汇11月20日｜中金公司在港交所公告，公司的H股份因为内幕消息未公告将于今天上午九时正起短 暂停止买卖。因此，与该公司有关的所有债券和结构性产品亦将同时短暂停止买卖。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][8] Core Views - The merger of the companies under the Huijin system is expected to reshape the competitive landscape of the securities industry, indicating a shift towards a new era of consolidation among leading firms [2][3] - The combined entity is projected to enhance its capital strength and profitability, with significant improvements in various financial metrics post-merger [3][4] Financial Metrics Summary - The merged company is estimated to have total assets of CNY 1.01 trillion, making it the fourth securities firm to surpass the trillion mark in total assets [3] - The report forecasts a net profit of CNY 95 billion for the merged entity, ranking it sixth in the industry, with a revenue of CNY 274 billion, placing it third [3][4] - The expected earnings per share (EPS) for 2025-2027 are CNY 1.60, CNY 1.84, and CNY 2.12 respectively, with a projected book value per share (BPS) of CNY 26.76 for 2026 [5][10] Business Synergies - The merger is anticipated to create strong synergies across brokerage, investment banking, and asset management sectors, enhancing the overall service capabilities of the new entity [4] - The investment banking segment is expected to maintain its leading position, with significant rankings in IPOs, equity financing, and bond underwriting [4][11] Valuation and Price Target - The target price for the company's A and H shares is set at CNY 56.20 and HKD 32.34 respectively, reflecting an increase from previous estimates [5][7] - The report suggests a price-to-book (PB) ratio of 2.1 for A shares and 1.1 for H shares for 2026, indicating a positive outlook on the company's valuation post-merger [5][13]

Group 1 - The U.S. Department of Justice will release the Epstein case files within 30 days following a congressional vote to make the documents public [2] - The Federal Reserve's October meeting minutes indicate a strong division among officials regarding a potential interest rate cut in December, with many expressing caution due to stagnant inflation progress [3] - China and the Netherlands held face-to-face discussions regarding ASML, with China urging the Netherlands to take action to resolve semiconductor supply chain issues [4] Group 2 - China's Ministry of Foreign Affairs stated that Japanese seafood will not have a market in China due to Japan's failure to meet safety commitments [5] - The Chinese Ministry of Finance announced a plan for central treasury cash management deposits totaling 200 billion yuan, with specific terms for the 11th and 12th phases [6] - The Ministry of Civil Affairs and the Financial Regulatory Bureau issued guidelines for the management of prepaid fees in elderly care institutions, emphasizing the use of custodial banks [7] Group 3 - A report predicts that by 2035, 52% of new cars will still have fuel tanks, with internal combustion engines remaining a significant power source [9] - New national standards for the use of recycled materials in home appliances have been released, aiming to promote green development in the industry [10] - The China Vaccine Industry Association has called for an end to low-cost bidding practices to ensure quality in vaccine production [11] Group 4 - A credit reform pilot program for business entities has been approved in Zhejiang province, aimed at enhancing credit construction [12] - Foshan has introduced new policies to support the real estate market, including allowing foreign workers to apply for housing fund loans [13] - The U.S. government plans to acquire up to 10 nuclear reactors, potentially funded by a $550 billion investment commitment from Japan [14] Group 5 - The World Health Organization plans to reduce its workforce by over 2,000 employees by mid-2026 as part of ongoing reforms [15] - The European Union has released a new plan to establish a "military Schengen zone" to enhance military mobility across member states [16] - Reports suggest that the U.S. and Russia are nearing a significant breakthrough in negotiations to end the Ukraine conflict, although Russia denies any new progress [17][18] Group 6 - Russia's visa-free policy for Chinese citizens is expected to boost tourism, potentially diverting visitors from Japan to Russia [19] - Poland has closed the last Russian consulate, prompting Russia to reduce the number of Polish diplomatic personnel in response [20] - GAC Toyota has denied plans to stop production of its main fuel vehicles by 2026, despite market rumors [21] Group 7 - LeEco founder Jia Yueting has established a second debt repayment trust, with assets sourced from his equity in FF and AIxC [22] - China International Capital Corporation is planning a major asset restructuring to absorb Dongxing Securities and Xinda Securities, with total assets expected to exceed one trillion yuan [23] Group 8 - A recent survey indicates that 20% of global fund managers believe corporate capital expenditure is excessively aggressive, marking a significant shift in sentiment [28] - Japanese cuisine restaurants are shifting to domestic seafood sources, leading to a rise in local seafood stock prices as imports from Japan are suspended [29]

中金公司并购对象尘埃落定。11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重 组的停牌公告》，三家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。 中金公司表示，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。通 过重组各方能力资源的有机结合、优势互补，力争在合并后实现规模经济和协同效应，提高公司服务国 家战略和实体经济的质效，并提升股东回报水平。 根据三季报，截至三季度末，中金公司总资产7649.40亿元，信达证券总资产1282.51亿元，东兴证券总 资产1163.91亿元。以此计算，三者合并后，新公司资产总规模达到10095.82亿元。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | | --- | --- | | 601995 中金公司 A 股 停牌 | 2025/11/20 | 换股吸收合并 11月19日晚间，中金公司发布公告称，中金公司与东兴证券、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 ...

信达证券与东兴证券的总部均位于北京，分别成立于2007年和2008年。历经多年发展，二者的营收规模 已经跻身行业中游。 11月19日晚，一则证券行业重磅并购的消息落槌。中国国际金融股份有限公司（下称"中金公司 （601995）"，601995.SH）发布公告称，正在筹划以换股方式吸收合并东兴证券（601198） （601198.SH）和信达证券（601059）（601059.SH）。 上述公告显示，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。通 过重组各方能力资源的有机结合、优势互补，力争在合并后实现规模经济和协同效应，提高公司服务国 家战略和实体经济的质效，并提升股东回报水平。 上述三家券商均公告称，鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避 免造成公司股价异常波动，A股股票将于2025年11月20日（星期四）开市时起开始停牌，预计停牌时间 不超过25个交易日。 如果合并完成，A股的42家上市券商就只剩40家。这也是继国泰君安证券和海通证券合并重组后，证券 行业再次出现上市券商合并的案例。 按照2025年三季报最新数据计算，前述三家券商合并后将以100 ...

Core Points - CICC announced a temporary suspension of trading for its H shares on the Hong Kong Stock Exchange due to undisclosed insider information [1] - All bonds and structured products related to the company will also be temporarily suspended from trading [1]

Group 1: Mergers and Acquisitions - CICC plans to merge with Dongxing Securities and Xinda Securities through a share swap, potentially creating another trillion-yuan asset brokerage [1][2] - The combined assets of the three firms are expected to exceed 1 trillion yuan, marking a significant consolidation in the brokerage industry [1][2] - This merger is seen as a crucial step in the integration of brokerages under the Central Huijin system, attracting considerable industry attention [1][2] Group 2: Management Changes - Shouchao Securities announced the appointment of Zhang Tao as chairman and Jiang Qingfeng as general manager following the retirement of Bi Jinsong [3] - Zhang Tao's extensive experience in leading roles at major brokerages like Huatai and Dongxing is expected to enhance Shouchao's competitiveness in investment banking and asset management [3] - The leadership change may accelerate reform and strategic optimization within the company, reflecting a broader trend of consolidation and specialization in the brokerage sector [3] Group 3: Regulatory Changes - The Shanghai Stock Exchange has revised its self-regulatory rules for index funds, streamlining the approval process and eliminating preliminary requirements [4] - The changes aim to enhance the efficiency of ETF issuance, benefiting fund companies by reducing operational costs and encouraging product innovation [4] - This regulatory adjustment is anticipated to boost market liquidity and support the high-quality development of China's capital markets [4] Group 4: Market Trends - Over 10,000 new private equity funds have been registered this year, with stock strategies dominating the issuance market [5][6] - Significant inflows into equity ETFs have been observed, with net subscriptions reaching 484.69 billion yuan in November alone, indicating a strong appetite for equity investments [5][6] - The trend of reallocating household assets towards equity markets is expected to continue, providing support for the long-term performance of A-shares [5][6]

Core Viewpoint - The brokerage industry is experiencing significant positive developments with the announcement of major asset restructuring plans by China International Capital Corporation (CICC), Xinda Securities, and Dongxing Securities, which will lead to a merger creating a new brokerage giant with nearly 1 trillion yuan in total assets [1] Group 1: Industry Developments - The restructuring is a crucial step in consolidating securities licenses under Central Huijin and aligns with the financial power strategy to build a first-class investment bank [1] - Regulatory support for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance overall industry competitiveness [1] - The merger is expected to improve resource allocation and promote healthy market development, contributing to higher industry concentration and economies of scale [1] Group 2: Market Performance - Despite a recovering market and improving fundamentals, the brokerage sector's stock performance has lagged behind broader market indices, with the CSI Securities Company Index rising only 3.25% year-to-date compared to significant gains in other indices [1][2] - The disparity between performance and stock price has created a notable valuation gap, with expectations for a "Davis Double" in 2026 as the sector's valuation remains at historical lows [2] - Significant capital inflows have been observed, with the brokerage ETF (512000) seeing a net inflow of 13.521 billion yuan over the past 60 days [2] Group 3: Investment Tools - The brokerage ETF (512000) and its linked funds provide an efficient investment tool that tracks the CSI Securities Company Index, encompassing 49 listed brokerage stocks [4] - The ETF has reached a historical milestone with its fund size surpassing 40 billion yuan, indicating strong liquidity and interest in the sector [4]