中金“三合一”并购东兴、信达，又一万亿券商横空出世

Investment Rating - The report maintains a "Market Weight" rating for the securities industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [8]. Core Insights - The merger of CICC with Dongxing Securities and Xinda Securities is a significant event, marking the emergence of another trillion-yuan brokerage firm in the industry [1][2]. - The merger is part of a broader trend supported by government policies aimed at strengthening leading securities firms to enhance China's capital market competitiveness [4][5]. - The combined total assets of the new entity are projected to exceed 1 trillion yuan, positioning it as the fourth-largest securities company in A-shares, following CITIC Securities, Guotai Junan, and Huatai Securities [5]. Summary by Sections Event Overview - On November 19, 2025, CICC announced plans to merge with Dongxing Securities and Xinda Securities through a share exchange, leading to a temporary suspension of trading for the involved A-shares starting November 20, 2025 [2][3]. Industry Context - Recent policies have emphasized the need for top securities firms to consolidate and strengthen their positions, with the goal of creating 2 to 3 internationally competitive investment banks by 2035 [4]. - The merger is expected to reduce competition among firms under the Central Huijin umbrella and optimize resource allocation, enhancing scale and synergy effects [5][6]. Strategic Implications - The merger is anticipated to leverage CICC's strengths in high-end investment banking and international services, combined with Dongxing and Xinda's regional retail networks and asset management capabilities [5]. - The report suggests that the trend of mergers and acquisitions in the securities industry will continue, particularly among firms with shared capital structures or those seeking to expand market share [6]. Investment Strategy - The report recommends monitoring the market performance of the newly formed company and other securities firms with potential merger expectations, maintaining the "Market Weight" rating for the industry [7].