产业焦点 | 万亿级“新中金”呼之欲出，“汇金系”券商整合加速

Core Viewpoint - The integration of China International Capital Corporation (CICC) with Dongxing Securities and China Cinda Securities is aimed at optimizing resources within the "Hui Jin" system, addressing the issues of excessive licenses and complex management, and enhancing the overall competitiveness of the combined entity [2][7][12] Group 1: Major Asset Restructuring - CICC is planning a significant asset restructuring involving a share-swap merger with Dongxing Securities and China Cinda Securities, with agreements signed on the evening of the 19th [2] - The restructuring will involve the suspension of trading for all three companies starting from the 20th, with an expected suspension period of no more than 25 trading days [2] - This is not the first restructuring for CICC, as it previously acquired CITIC Securities in 2017, which was renamed CICC Wealth Securities [2] Group 2: Financial Performance and Scale - As of the end of September, CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of 54.36%, and a net profit of 6.57 billion yuan, up 129.75% [4] - Dongxing Securities and China Cinda Securities reported revenues of 3.61 billion yuan and 3.02 billion yuan, respectively, with net profits of 1.60 billion yuan and 1.35 billion yuan, reflecting year-on-year growth of 20.25% and 28.46% [4] - Upon completion of the merger, the combined asset scale is expected to reach approximately 1.01 trillion yuan, with total revenues of 27.39 billion yuan and net profits of 9.52 billion yuan [5][6] Group 3: Business Integration and Synergies - CICC's traditional strength lies in investment banking, while Dongxing Securities and China Cinda Securities excel in retail brokerage and proprietary trading [7] - The merger is seen as a strategic restructuring that will leverage the complementary strengths of the three firms, enhancing CICC's capabilities in high-end investment banking and cross-border services [7][8] - The combined entity will have a broader network, with over 400 branches, positioning it among the top in the industry [8] Group 4: Market Context and Future Outlook - The merger has heightened market expectations for further consolidation among "Hui Jin" affiliated brokerages, especially following the recent adjustments in the shareholding structure of major asset management companies [9][10] - Analysts suggest that the integration of CICC with the other two firms is indicative of a broader trend towards accelerated consolidation in the securities industry, driven by policy changes and increasing industry concentration [12]