证券行业事件点评：国泰君安拟吸收合并海通证券 并购加速行业估值有望催化提升

Investment Rating - The investment rating for the industry is "Recommended (Maintain)" [1] Core Viewpoints - The merger between Guotai Junan Securities and Haitong Securities is expected to accelerate industry valuation enhancement, creating a leading investment bank and promoting high-quality industry development [1] - Post-merger, the combined total assets and net assets of Guotai Junan and Haitong Securities will reach 1.62 trillion yuan and 346 billion yuan respectively, positioning them at the forefront of the industry [1][3] - The merger is anticipated to increase the revenue share of investment banking and interest-related businesses, making it the highest in the industry [1] Summary by Relevant Sections Recent Developments - On September 5, 2024, Guotai Junan and Haitong Securities announced a major asset restructuring plan, leading to a temporary suspension of their stocks [1] - The restructuring involves complex processes and is expected to take no more than 25 trading days for completion [1] Financial Performance - For the first half of 2024, the combined revenue of Guotai Junan and Haitong Securities is projected to account for 11% of the total revenue of listed securities firms, with significant increases in the shares of brokerage, investment banking, asset management, proprietary trading, and interest income [1][4] - The breakdown of revenue by business for the combined entity shows brokerage at 10.4%, investment banking at 14.4%, asset management at 12.2%, proprietary trading at 8.8%, and interest income at 16.7% [4] Industry Context - The report highlights the ongoing trend of mergers and acquisitions within the securities industry, with a focus on creating a few internationally competitive investment banks [1][5] - Regulatory support from the government encourages top institutions to enhance their core competitiveness through mergers and reorganizations [5][6]