Xuan Gu Bao·2025-11-19 23:33Group 1 - Central Huijin announced a stock swap merger with Dongxing Securities and Xinda Securities, reducing the number of its brokerages to six [1] - After the merger, the total assets of the new brokerage will reach 1,009.58 billion, making it the fourth brokerage with over 1 trillion in assets [1] - As of the end of Q3, CICC had total assets of 764.94 billion, Xinda Securities had 128.25 billion, and Dongxing Securities had 116.39 billion [1] Group 2 - Mergers and acquisitions can help brokerages quickly address business shortcomings, achieve regional expansion, and enhance balance sheets [2] - The trend of mergers among brokerages under the same control or local state-owned enterprises has been increasing since 2023 [2] - The China Securities Regulatory Commission approved Central Huijin as the actual controller of eight financial institutions, indicating a future focus on mergers for expansion [2]