中金吸并东兴信达，券商并购重组再提速

Group 1 - CICC has announced a share swap merger plan with Dongxing Securities and Xinda Securities, with the resumption of trading for all three companies set for December 18 [1] - The share swap prices are set at 36.91 CNY/share for CICC, 16.14 CNY/share for Dongxing Securities, and 19.15 CNY/share for Xinda Securities [1] - The swap ratio for Dongxing Securities to CICC is 1:0.4373, meaning each share of Dongxing can be exchanged for 0.4373 shares of CICC; for Xinda Securities, the ratio is 1:0.5188 [1] Group 2 - Guotai Junan Securities believes that the operating environment for securities firms in China has significantly improved, with the resilience of the capital market expected to enhance brokerage performance [1] - The current PB valuation for the sector is only 1.36 times, indicating that stock prices and valuations are still significantly lagging behind performance [1] - AVIC Securities highlights that regulatory encouragement for industry consolidation is present, and mergers and acquisitions are effective means for brokers to achieve external growth [1] Group 3 - AVIC Securities is focusing on potential acquisition targets such as China Galaxy and leading brokers like CITIC Securities and Huatai Securities [2]