非银行金融事件点评：国君并购海通落地，加快建设一流投行

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the non-bank financial industry [1][3]. Core Viewpoints - The merger between Guotai Junan and Haitong Securities has been finalized, accelerating the establishment of a first-class investment bank [1]. - Following the merger, the combined total assets and net assets of Guotai Junan and Haitong Securities will rank first in the industry, with total assets of 1.62 trillion yuan and net assets of 331.1 billion yuan [1]. - The report highlights significant growth in various business segments post-merger, with net interest income and investment banking services expected to lead the industry, while brokerage and proprietary trading businesses are anticipated to rise to second place [1]. - The report notes that the securities industry is currently influenced by three main drivers: a rebound in the capital market due to policy support, improved market sentiment and trading activity in anticipation of a bull market, and the expected mergers and acquisitions in the industry [1]. Summary by Sections Market Performance - The report discusses the recent merger announcement between Guotai Junan and Haitong Securities, detailing the share exchange ratio and pricing based on the average stock prices over the previous 60 trading days [1]. - The report provides specific share prices for both companies, indicating the exchange ratio of 1:0.62 and the cash option for Haitong shareholders [1]. Financial Metrics - As of the mid-2024 report, the combined revenue of Guotai Junan and Haitong Securities is projected to be 25.935 billion yuan, with a net profit of 5.969 billion yuan, ranking just behind CITIC Securities [1]. - The report emphasizes the potential for improved capital utilization efficiency and the advantages of asset consolidation post-merger [1]. Business Strengths - The merger is expected to significantly enhance the comprehensive strength of the combined entity, expanding client coverage and improving rankings in brokerage, asset management, and proprietary trading businesses [1].