Zheng Quan Shi Bao·2025-11-20 05:00Core Viewpoint - The surge in the stock price of Xinda International Holdings, which increased by nearly 63%, is linked to the major merger involving CICC, Xinda Securities, and Dongxing Securities [1][4]. Group 1: Company Developments - Xinda International Holdings experienced a significant stock price increase, attributed to the announcement of a major asset restructuring involving its indirect controlling shareholder, Xinda Securities [1][4]. - CICC, Dongxing Securities, and Xinda Securities have signed a cooperation agreement for a merger through share exchange, marking a significant consolidation in the brokerage industry [4][6]. - The merger is seen as a strategic move by the Central Huijin Investment, which has been consolidating its holdings in various brokerages since February [6]. Group 2: Industry Trends - The merger represents the first instance of such consolidation in the brokerage sector, with the potential for further restructuring among brokerages under Central Huijin's control [6]. - The brokerage industry has seen increased regulatory support for supply-side reforms, leading to several mergers among brokerages, enhancing their scale and comprehensive strength [7]. - The trend of resource integration within the industry is expected to allow larger brokerages to strengthen their advantages while smaller firms may achieve rapid growth through acquisitions [7].