Zhi Tong Cai Jing·2025-12-18 06:53Core Viewpoint - The report from Guolian Minsheng Securities indicates that regulatory policies are guiding securities firms towards capital-intensive development while encouraging mergers and acquisitions to strengthen their positions. The firm anticipates an acceleration in the supply-side structural reform of the securities industry, with a notable increase in M&A cases among leading firms expected by 2026. The current PB valuation of the securities industry remains at historical lows, and with the recent policy announcements, market sentiment is likely to improve, suggesting potential upward elasticity for the industry if market conditions turn favorable. Group 1 - The merger plan involves China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with stocks set to resume trading on December 18, 2025 [1] - The exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC's A-share exchange price at 36.91 yuan per share, Dongxing's at 16.14 yuan, and Xinda's at 19.15 yuan [1] - The merger will provide dissenting shareholders with cash options, with buyout prices set at 34.80 yuan for CICC, 13.13 yuan for Dongxing, and 17.79 yuan for Xinda [2] Group 2 - The merger is expected to significantly enhance the comprehensive strength of the new securities entity, with the combined net assets projected to reach 171.5 billion yuan, elevating its industry ranking to fourth [3] - The number of operational outlets for the new entity is expected to increase from 245 to 436, leveraging the regional advantages of Dongxing and Xinda to enhance competitive capabilities [3] - The retail customer base is projected to grow from 9.72 million to over 14 million, significantly improving customer service capabilities and competitive differentiation [3]