格隆汇12月17日丨中金公司(601995.SH)公布，公司与东兴证券、信达证券正在筹划由中金公司通过换 股方式吸收合并东兴证券、信达证券。综上，中金公司的A股换股价格为36.91元/股，东兴证券的A股换 股价格为16.14元/股，信达证券的A股换股价格为19.15元/股。根据上述公式，东兴证券与中金公司的换 股比例为1:0.4373，即每1股东兴证券A股股票可以换得0.4373股中金公司A股股票；信达证券与中金公 司的换股比例为1:0.5188，即每1股信达证券A股股票可以换得0.5188股中金公司A股股票。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 ...

Group 1 - CICC announced plans to merge with Dongxing Securities and Cinda Securities through a share exchange method, with trading resuming on December 18, 2025 [1][2] - The share exchange prices are set at 36.91 CNY per share for CICC, 16.14 CNY for Dongxing Securities, and 19.15 CNY for Cinda Securities [4] - The exchange ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, meaning shareholders will receive a fraction of CICC shares in exchange for their shares [4] Group 2 - After the merger, Dongxing Securities and Cinda Securities will be delisted and their legal entities will be dissolved, with CICC inheriting all assets, liabilities, and rights [4] - The merger requires further approval from CICC's board and shareholders, as well as necessary regulatory approvals [5]

中金公司换股吸收合并东兴证券、信达证券预案出炉，三股将于12月18日复牌。 根据交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中 金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证 券换股价格为19.15元/股。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与 信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 本次交易后中金公司总资产规模预计超万亿元 公告显示，为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达 证券的异议股东享有现金选择权。此外，包括中央汇金、中国东方、中国信达在内的主要股东已出具长 期承诺，将其在本次交易中获得或原有的中金公司股份锁定36个月，彰显对整合后长远发展的信心。 "自本次合并的交割日起，中金公司将承继及承接东兴证券、信达证券的全部资产、负债、业务、人 员、合同、资质及其他一切权利与义务；合并完成后，东兴证券、信达证券将终止上市并注销法人资 格。中金公司因本次换股吸收合并 ...

Core Viewpoint - The merger plan between China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities has been officially announced, marking a significant step in the "three-in-one" restructuring process [1][2]. Group 1: Merger Details - CICC will absorb Dongxing Securities and Xinda Securities through a share swap, with the share prices set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Xinda [1][2]. - The share swap ratios are 1:0.4373 for Dongxing and 1:0.5188 for Xinda, with approximately 3.096 billion new A-shares expected to be issued by CICC [1][2]. - The transaction includes a protection mechanism for dissenting shareholders, allowing them to exercise buyout rights or opt for cash compensation [3]. Group 2: Shareholder Commitments - Major shareholders, including Central Huijin, China Orient, and China Xinda, have committed to lock their shares for 36 months, indicating confidence in the long-term development of the merged entity [4]. Group 3: Business Complementarity - The merger is expected to create synergies due to the complementary business structures of the three firms, enhancing CICC's capabilities in investment banking and private equity [4][5]. - Dongxing Securities has a strong presence in the Fujian market with 92 branches, while Xinda Securities focuses on the Liaoning region with 104 branches, providing a robust foundation for retail business expansion [5][6]. Group 4: Financial Performance - Post-merger, CICC's projected revenue will reach approximately 27.39 billion CNY, surpassing Huatai Securities, and total assets will be around 1,009.58 billion CNY, closely following major competitors [7]. - The combined net assets of the merged entity will exceed 170 billion CNY, significantly enhancing its capital strength for future business expansion [6][7]. Group 5: Strategic Implications - The merger is seen as a response to the Chinese government's push for financial sector consolidation and efficiency improvements, aligning with recent policy directives [8][9]. - The integration of resources under a common controlling shareholder is expected to facilitate smoother operational synergies compared to cross-regional mergers [9].

本次交易后，中金公司将实现跨越式发展，预计总资产规模超万亿元，营业收入跻身行业前列，资本实 力显著增强，综合竞争力与服务实体经济能力得以切实提升，在建设金融强国的国家战略指引下，加快 实现打造"具有国际竞争力的一流投资银行"的战略目标。 12月17日晚间，中金公司（601995）与东兴证券（601198）、信达证券（601059）同步披露重大资产重 组预案，中金公司换股吸收合并两家公司迎来重大进展。此外，这3家上市券商拟于12月18日复牌。 根据交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中 金公司作为存续主体，换股价格为36.91元/股，被吸收合并方东兴证券换股价格为16.14元/股，信达证 券换股价格为19.15元/股。该交易方案充分体现了两家公司资产价值，并有利于平衡各方股东利益。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1：0.4373与1：0.5188。东兴证 券与信达证券全部A股参与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券与信达证券的异议 股 ...

Core Viewpoint - The proposed merger between CICC, Dongxing Securities, and Cinda Securities aims to enhance resource integration and strengthen competitive capabilities in the securities industry, facilitating high-quality development and increasing global market influence [1][2][3] Group 1: Merger Details - CICC, Dongxing Securities, and Cinda Securities signed a cooperation agreement on November 19, 2025, followed by a merger agreement on December 17, 2025, detailing the terms and conditions for the proposed merger [1] - The merger will be executed through a share exchange, where each Dongxing A-share can be exchanged for 0.4373 CICC A-shares, and each Cinda A-share can be exchanged for 0.5188 CICC A-shares [1] Group 2: Share Structure Post-Merger - If the merger is unconditional and no other changes occur in the capital structure, CICC will issue 3,096,016,826 CICC A-shares, resulting in a total of 7,923,273,694 shares post-merger, with 6,019,559,266 CICC A-shares (75.97%) and 1,903,714,428 CICC H-shares (24.03%) [2] Group 3: Strategic Implications - The merger is expected to optimize resource allocation in the industry, enhance the capabilities of leading institutions, and support the development of a first-class investment bank with international competitiveness [3] - By integrating resources, the surviving company will improve client coverage, regional layout, and resource synergy, enabling better capital utilization for strategic initiatives and business expansion [3] - The merger will facilitate comprehensive financial resource integration, promote centralized operations, and enhance organizational capabilities, leading to improved income structure, capital allocation, and profitability [3]

Market Overview - The market experienced a collective rebound, with the Shanghai Composite Index rising over 1% and the ChiNext Index increasing over 3%, as more than 3,600 stocks in the market saw gains [1] - The computing hardware sector showed strong performance, with stocks like Zhongci Electronics and Huanxu Electronics hitting the daily limit, while major players in optical modules also surged [1] - The lithium battery industry chain strengthened, with Jinyuan Co. achieving two limit-ups in four days and Tianji Co. hitting the daily limit [1] - The financial sector gained momentum in the afternoon, with Huatai Securities nearing a limit-up and China Pacific Insurance rising over 4% [1] Sector Analysis - High-profile stocks experienced a collective decline, with companies like Tongyu Communication and Zhongchao Holdings hitting the daily limit down [2] - The financial sector's afternoon surge was notable, with Huatai Securities and China Pacific Insurance leading the gains, alongside other major financial institutions [3] - The market's focus on computing hardware is attributed to its "performance certainty + growth potential," with expectations that the structural transformation seen in 2025 will continue into 2026 [6] Investment Themes - The technology innovation sector is contributing positively to industry profits, with TMT and advanced manufacturing leading the gains this year [7] - Industries linked to global demand or increased overseas penetration are also showing strong performance, including non-ferrous metals, automotive, home appliances, and machinery [7] - Key areas of focus for 2026 include AI supply-demand gaps, energy storage demand recovery, and the copper market's dependence on global fundamentals [8] AI Development - The AI application sector is entering a new catalytic phase, with ByteDance's Seed team launching a new audio-video creation model that supports various tasks [9] - Recent advancements in AI applications are being driven by major players enhancing their model capabilities and frameworks, with Alibaba's upgrade of "Tongyi - Qwen" being particularly notable [10] - The overall outlook for the AI application sector is optimistic, with consumer internet and marketing-related scenarios expected to benefit first from these developments [10]

新京报贝壳财经讯 12月17日，中金公司（601995）公告，拟换股吸收合并东兴证券（601198）、信达 证券（601059）。中金公司A股股票换股价格为36.91元/股，东兴证券A股股东持有的每1股信达证券A 股股票可以换取0.5188股中金公司A股股票，信达证券A股股东持有的每1股信达证券A股股票可以换取 0.5188股中金公司A股股票。 ...

信达证券（601059）(601059.SH)发布公告，公司于12月17日召开董事会，审议通过中金公司 （601995）换股吸收合并东兴证券、信达证券预案，公司A股股票将于12月18日起复牌。本次交易方案 尚需再次审议及股东会审议批准，并取得相应批准、核准、注册或同意后方可实施，存在不确定性。 ...

Group 1 - CICC is planning to absorb and merge Dongxing Securities and Xinda Securities through a share swap, with trading resuming on December 18, 2025 [1] - Victory Energy's major shareholder plans to transfer 29.99% of its shares to Qiteng Robotics, with no plans for asset restructuring in the next 12 months [2] - China Metallurgical Group intends to repurchase A-shares worth 1 to 2 billion yuan at a price not exceeding 4.9 yuan per share [3] Group 2 - Boten Co. plans to acquire part of the Yifeng Yunding Fund for 1 yuan, with a commitment to fulfill a 20 million yuan capital contribution [4] - Tongyou Technology has initiated a 50 million yuan accounts receivable factoring business [5] - Gaode Infrared has received approval to issue debt financing tools totaling up to 3 billion yuan [6] Group 3 - Zhengyu Industrial's application for a private placement of A-shares has been approved by the Shanghai Stock Exchange [7] - China CRRC signed contracts totaling approximately 53.31 billion yuan, accounting for 21.6% of its projected 2024 revenue [9] - High Energy Environment's director increased his stake by purchasing 56,100 shares [10] Group 4 - Shantou Technology received approval from the CSRC for a convertible bond issuance [11] - Puyang Co. plans to use up to 900 million yuan of idle funds for entrusted wealth management [12] - Huibai New Materials has been awarded a government subsidy of 3.8 million yuan, with the first installment of 2.12 million yuan already received [13] Group 5 - Jiayuan Technology's shareholders plan to transfer 2.51% of the company's shares through a pricing inquiry [14] - Lingpai Technology's subsidiary terminated a 125 million yuan procurement contract due to market changes [15] - Juguang Technology intends to use up to 200 million yuan of idle funds for cash management [16] Group 6 - Zhongwen Media's subsidiary terminated a 200 million yuan private equity fund subscription due to market changes [17] - Zhifei Biological's modified vaccine for monkeypox has received clinical trial acceptance [19] - GeKowei's subsidiary received a government subsidy of 60 million yuan, accounting for 32.12% of the company's audited net profit [20] Group 7 - Wantai Biological's application for a clinical trial of a respiratory syncytial virus vaccine has been accepted [21] - Haitai Technology plans to increase capital in its Thai joint venture from 500,000 to 3 million Thai baht [22] - Shanghai Airport signed contracts for the transfer of duty-free store operating rights [23] Group 8 - Del Shares received approval to issue shares for the acquisition of 100% of Aizhuo Intelligent [24] - Novozymes' products have obtained EU CE IVDR certification [25] - Shibai Testing's chairman's assistant plans to increase shareholding by 8 to 12 million yuan [26] Group 9 - Huitian New Materials plans to invest approximately 97.68 million yuan in a lithium battery anode glue project [27] - Pudong Construction's subsidiaries won contracts totaling 1.649 billion yuan [29] - Acolyte's subsidiary has entered trial production for a special high-temperature resistant resin project [30] Group 10 - Pingzhi Information's subsidiary signed a 38.25 million yuan computing power service contract [31] - Tianma Technology is required to pay 5.3625 million yuan in taxes and penalties [32] - Yahon Pharmaceutical's clinical trial application for GLX002 has been approved [34]