中金公司吸并东兴、信达预案出炉，一流投行建设迈入新征程

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [3][7]. Core Insights - The merger of China International Capital Corporation (CICC) with Dongxing Securities and China Cinda Securities marks a significant step in the restructuring of the industry, aiming to create a leading investment bank with international competitiveness [5][6]. - The merger is expected to enhance the combined entity's total assets to approximately 1,009.68 billion yuan, positioning it as the fourth largest in the industry [10]. - The report highlights the potential for improved operational synergies, with CICC's investment banking capabilities complementing the strong retail networks of Dongxing and Cinda [6][10]. Summary by Sections Merger Details - CICC plans to acquire Dongxing and Cinda through a share swap, with the swap prices set at 36.91 yuan for CICC, 16.14 yuan for Dongxing, and 19.15 yuan for Cinda [5]. - The merger will result in the issuance of approximately 3.096 billion new A-shares, with Central Huijin remaining the controlling shareholder [5]. Financial Metrics Post-Merger - Post-merger, the total assets are projected to reach 1,009.68 billion yuan, with net assets at 174.68 billion yuan, marking a 48% increase [10]. - The combined operating income is expected to be 27.39 billion yuan, ranking third in the industry, while net profit attributable to shareholders is projected at 9.52 billion yuan, ranking sixth [10]. Business Synergies - The merger is anticipated to create a comprehensive service ecosystem, enhancing capabilities in areas such as debt restructuring and risk management [6]. - The report emphasizes the importance of the merger in responding to regulatory calls for the development of leading investment banks, aiming to support high-quality economic growth [5][6]. Industry Outlook - The report suggests that the current environment presents a "merger and acquisition window" for the securities industry, with a focus on high-quality development [7]. - It identifies key players to watch, including CICC, CITIC Securities, and Huatai Securities, which are positioned to benefit from the ongoing consolidation in the sector [7].