智通财经网·2025-12-19 04:08Core Viewpoint - CICC (03908) shares rose over 4%, currently at HKD 20.22 with a trading volume of HKD 406 million, following the announcement of a stock-swap merger with Dongxing Securities (601198.SH) and Cinda Securities (601059.SH) [1] Group 1: Company Performance - CICC's H-shares are expected to outperform its A-shares in the short term due to anticipated arbitrage activities in the A-share market [1] - Since November 19, the average price of H-shares covered by Morgan Stanley has increased by 0.2%, while the Hang Seng Index has declined by approximately 1% [1] Group 2: Market Outlook - The recovery of the Hong Kong IPO market and a more favorable market environment are expected to positively impact CICC's fee-based and investment income over the next 12 months [1] - CICC's H-share price-to-book ratio is projected to trend towards the mean, with potential merger news and market developments likely influencing stock performance in the coming year [1]