“国泰君安+海通证券”并购重组事件点评：提前复牌，并购重组即将落地，看好行业估值、业绩双提升带来的投资机会

Investment Rating - The industry investment rating is "Overweight" indicating expected growth above the CSI 300 index over the next six months [11]. Core Insights - The merger between Guotai Junan and Haitong Securities is anticipated to enhance both valuation and performance, presenting significant investment opportunities [1][2]. - The merger is the first major consolidation among top securities firms following the "New Guo Jiu Tiao" policy, which aims to support leading institutions in enhancing their core competitiveness through mergers and reorganizations [5]. - The combined entity is projected to achieve approximately 60 billion CNY in revenue and over 10 billion CNY in net profit post-merger, positioning it among the top two firms in the industry [2][5]. Summary by Sections Merger Details - Guotai Junan will absorb Haitong Securities through a share swap at a ratio of 1:0.62, with a maximum of 10 billion CNY raised from the controlling shareholder to support the merger [2]. - The merger is expected to significantly increase the scale of operations, with total assets reaching around 1.68 trillion CNY, making it the largest in the industry [2][5]. Business Segmentation - Post-merger, the estimated revenues for various business segments are as follows: brokerage at 10.62 billion CNY, investment banking at 7.11 billion CNY, asset management at 6.01 billion CNY, credit at 6.89 billion CNY, and proprietary trading at 9.61 billion CNY [5]. - The merger will elevate Guotai Junan's rankings in brokerage, investment banking, and credit services to first place among listed securities firms [5]. Market Context - The merger is expected to accelerate the pace of consolidation in the securities industry, with increasing expectations for further mergers and acquisitions among leading and regional firms [5]. - Recent policy measures, including the establishment of the Securities, Funds, and Insurance Companies Swap Facility, are anticipated to enhance liquidity and funding capabilities for institutions, further supporting market growth [5].