Xin Lang Zheng Quan·2025-11-21 12:10Group 1 - The core point of the news is the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, which will result in a combined entity with over 1 trillion yuan in total assets, making it the fourth largest brokerage in A-shares by total assets [1][2][11] - The merger is aimed at creating a "first-class investment bank" through the integration of investment banking operations, leveraging the strengths of each firm in different areas of the investment banking business [3][9] - As of the end of Q3 2025, the total assets of CICC, Dongxing Securities, and Xinda Securities were approximately 1.01 trillion yuan, with net profits totaling 95.2 billion yuan for the same period, ranking sixth in the industry [2][4] Group 2 - CICC reported a 42.55% year-on-year increase in investment banking revenue for the first three quarters of 2025, amounting to 29.40 billion yuan, while Dongxing Securities and Xinda Securities reported revenues of 3.71 billion yuan and 0.84 billion yuan, respectively [4][5] - The merger will allow the combined entity to offer a comprehensive service system that includes traditional high-end investment banking, small IPOs, and specialized advisory services, thus enhancing revenue stability [9][11] - The merger is expected to improve capital strength and client resource integration for CICC, further solidifying its leading position in the securities industry and enhancing its service capabilities for national strategies [11] Group 3 - The merger will also likely lead to the integration of the asset management arms of the three firms, with CICC Fund, Dongxing Fund, and Xinda Australia Fund potentially consolidating to address resource dispersion and overlapping positioning [10] - CICC Fund has the largest management scale among the three, with over 230 billion yuan, while Xinda Australia Fund focuses more on active equity investments, creating a complementary product structure [10] - The combined brokerage will rank third in the industry in terms of the number of branches, enhancing regional coverage and operational efficiency [10]