中金公司换股吸收东兴、信达证券预案点评 分析师 刘雨辰 执业证书： S0590522100001 邮箱： liuyuch@glms.com.cn 分析师 耿张逸 执业证书： S0590524100001 邮箱： gzhy@glms.com.cn 合并后新主体实力有望显著提升，后续发展值得期待 glmszqdatemark 2025 年 12 月 18 日 事件：2025 年 12 月 17 日，中金公司、东兴证券、信达证券均发布《中国国际 金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券股份有限公司 预案》，三家公司股票将于 2025 年 12 月 18 日复牌。 吸收合并预案出台，东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188。 1）东兴、信达与中金换股比例分别为 1：0.4373 和 1：0.5188：本次交易的具 体实现方式为中金公司换股吸收合并东兴证券和信达证券。中金公司和信达证券 的换股价格按照定价基准日前 20 个交易日的股票交易均价确定，东兴证券的换 股价格按照定价基准日前 20 个交易日的股票交易均价并给予 26%的溢价后确 定。中金公司 A 股换股价格为 3 ...

2025.12. 18 沪指低开0.34%，深成指低开0.85%，创业板指低开1.17% | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 1 150 | 3857.26 | -13.02 | -0.34% | | 399001 | 深证成指 | 1 WW | 13112.61 | -111.90 | -0.85% | | 399006 | 创业板指 | N Non | 3138.66 | -37.25 | -1.17% | 盘面上，CPO、首发经济、光伏、消费电子概念股走弱。 个股方面，中金公司拟换股吸收合并东兴证券与信达证券，中金公司A股、东兴证券涨停，信达证券 涨近7%。 本文字数：452，阅读时长大约1分钟 作者 | 一财 阿驴 09:25 A股开盘丨三大指数集体低开 | 38.38 +3.49 +10.00% | | 中金公司 1 立即 601995 交易 | | | | --- | --- | --- | --- | --- | | SSE CNY 9:25:01 交易 ...

中金公司、东兴证券、信达证券今日复牌，中金公司A股开盘涨停，H股涨逾7%。东兴证券涨停，信达 证券高开6.8%。 | 38 38 +3.49 +10.00% | | | 中金公司 (1) 立即 601995 交易 | | --- | --- | --- | --- | | SSE CNY 9:25:01 交易中 查看L2全景 | | | 通融/ ● 十 | | 20.300(+7.07%)I/A :- 52.01% Wind ESG评级 | | | 详情 | | 委比-97.52% 委差 -74227 | | | 今年 14.19% 120日 6.81% | | 图 | - | IC | 5日 10.00% 250日 4.24% | | 卖口 | 1 | 12 | 20日 10.00% 52周高 39.91 | | 25 60日 | | - | 3.03% 52周低 30.24 | | 三三 | 1 | - | 2023 20242025Q3 | | EPS | 38.38 | 75170 | 1.14 1.04 1.24 | | BPS | 38.37 | 856 | 18.27 19.15 20.22 | ...

Group 1 - CICC plans to issue 3.096 billion A-shares, resulting in Central Huijin's direct shareholding reaching 1.936 billion shares [1][4] - On December 18, CICC and Dongxing Securities saw their A-shares hit the daily limit, while Cinda Securities rose by 6.8%, with CICC's Hong Kong shares increasing by over 7% [1] - The share exchange prices are set at 36.91 CNY for CICC, 16.14 CNY for Dongxing, and 19.15 CNY for Cinda, with exchange ratios of 1:0.4373 and 1:0.5188 respectively [4] Group 2 - The merger aims to create a competitive investment bank and support the reform of the capital market and high-quality development of the securities industry [4] - Projected revenues for 2024 are 21.333 billion CNY for CICC, 9.370 billion CNY for Dongxing, and 3.292 billion CNY for Cinda, with total assets of 674.716 billion CNY, 105.229 billion CNY, and 106.902 billion CNY respectively [4] - The total transaction amount for the merger is estimated at 114.275 billion CNY [4][5]

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

Market Overview - On December 18, A-shares opened lower with the Shanghai Composite Index down 0.34% at 3857.26 points, the Shenzhen Component Index down 0.85% at 13112.61 points, and the ChiNext Index down 1.17% at 3138.66 points [1] - Key sectors such as CPO, tax refunds for outbound travelers, and fiberglass saw significant declines [1] - Notable stocks included Baida Group, which opened up 4.49%, and Shengtong Energy, which reached a limit up after a change in control [1] Company News - SpaceX has entered a "regulatory quiet period," signaling the initiation of the largest IPO in history [2] - Vanke A proposed a 12-month extension for the principal repayment of its medium-term notes, with a total outstanding amount of 3.7 billion yuan [2] - CATL launched the world's first humanoid robot production line for battery PACKs, marking a significant milestone in intelligent manufacturing [2] - China CNR signed several major contracts totaling approximately 53.31 billion yuan, representing 21.6% of its projected 2024 revenue [3] - Huayi Brothers reported a reduction in shareholding by Alibaba's venture capital arm, decreasing its stake from 3.47% to 2.40% [3] Industry Insights - The global optical module market is experiencing a rapid shift from copper cables to fiber optics, with 1.6T products expected to see significant growth starting in 2026 [6] - The Yichun Natural Resources Bureau plans to revoke 27 mining licenses, including one for Jiangte Electric's lithium-containing ceramic stone mine with an annual capacity of 1.2 million tons [7] - Travel bookings for the upcoming New Year holiday have increased by nearly 30% compared to the same period last year, indicating a recovery in the tourism sector [8] - A successful clinical trial of an invasive brain-computer interface was completed, allowing a paralyzed patient to control a smart wheelchair using brain signals [9] - The upcoming FORCE conference by Volcano Engine is expected to introduce new AI models, enhancing performance and reducing costs [10] - The fifth International AIDC Liquid Cooling Supply Chain Summit will discuss the growing importance of liquid cooling technology in data centers due to rising AI server demands [11] - The founder of Hailin Energy predicts that global electricity demand will surge by 2050, emphasizing the critical role of energy storage in addressing energy challenges [12][13] Institutional Perspectives - CITIC Securities highlights structural opportunities in the express delivery sector, focusing on cost reduction across the entire supply chain [14] - CICC notes that the food and beverage industry is nearing a bottom, with a focus on high-quality growth driven by product innovation and channel expansion [15] - Huatai Securities anticipates that the recent approval of L3 autonomous driving vehicles will accelerate value reconstruction in the smart driving industry, with significant investment opportunities emerging in 2026 [16]

A股开盘，三大指数集体低开，沪指跌0.34%报3857.26点，深证成指跌0.85%，创业板指跌1.17%。中金 公司、东兴证券复牌后涨停，信达证券高开近7%。 ...

Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.34%, the Shenzhen Component down 0.85%, and the ChiNext Index down 1.17% [2] - The Hang Seng Index also opened lower, down 0.54%, with the Hang Seng Tech Index declining by 1.11% [5] Company Developments - China International Capital Corporation (CICC) plans to absorb and merge Dongxing Securities and Xinda Securities through a share swap, leading to a surge in CICC's stock price by over 7% [5] - CICC's stock price reached 38.38, reflecting a 10% increase [3] - Dongxing Securities' stock price increased to 14.44, marking a 9.98% rise [4] Sector Performance - The sectors showing weakness include CPO, initial public offerings, photovoltaic, and consumer electronics [2]

Market Overview - The Hong Kong stock market opened lower on December 18, with the Hang Seng Index down 0.54% at 25,330.83 points, the Hang Seng Tech Index down 1.11% at 5,397.34 points, and the National Enterprises Index down 0.62% at 8,788.92 points [1] - Major tech stocks declined, including Alibaba down 1.99%, Tencent down 0.66%, JD.com down 0.8%, Xiaomi down 2.04%, NetEase down 0.86%, Meituan down 0.59%, Kuaishou down 1.69%, and Bilibili down 0.26% [1] - Automotive stocks weakened, with Xpeng Motors dropping over 2% [1] - Chinese brokerage stocks showed mixed performance, with China International Capital Corporation (CICC) rising over 7% while China Merchants Securities fell over 1% [1] Company News - China International Capital Corporation (CICC) is planning a stock swap to absorb and merge with Dongxing Securities and Xinda Securities, with resumption of trading on December 18 [2] - Ronshine China reported a total contract sales of approximately 3.492 billion yuan for the first 11 months, a year-on-year decrease of 49.6% [3] - Wanbang Investment reported revenue of 164 million HKD for the year ending September 30, 2025, a year-on-year increase of 1.6%, but a loss of 640 million HKD, widening by 309.61% [3] - Corning Jereh Pharmaceutical's IND application for JSKN027 has been officially accepted by the CDE [4] - Yanda Pharmaceutical's globally innovative radiopharmaceutical GPN01530 has been approved for clinical research in the U.S. [4] - China CNR Corporation signed approximately 53.31 billion yuan in major contracts over the past three months [5] - Bofull Property reported a loss attributable to shareholders of 216 million HKD, a year-on-year decrease of 63.88% [6] - SenseTime plans to issue shares at a discount of over 8% to raise approximately 3.15 billion HKD [7] - Minth Group has entered into a strategic cooperation agreement with a robotics company [8] - Xunce is offering 22.5 million H-shares for subscription starting today until next Tuesday [9] Institutional Insights - According to浦银国际, the Hong Kong stock market sentiment index has been volatile since November due to fluctuating expectations of U.S. Federal Reserve interest rate cuts and corrections in the U.S. AI sector. The forward P/E ratio of the Hang Seng Index is currently 12.7 times, down 5% from its highest point this year. In the absence of new catalysts, the market sentiment may enter a period of oscillation and repair, but a pessimistic outlook is not warranted. A rotation in short-term styles and investment themes is expected, with the "Tech + Dividend" barbell strategy remaining effective [17] - 银河证券 suggests that the government's policies aimed at "stabilizing growth and the stock market" will continue to shape sector trends. A moderately loose liquidity environment, ongoing capital market optimization, and the rebuilding of investor confidence are expected to drive the securities sector's upward momentum. The current environment is conducive to the acceleration of medium- to long-term capital entering the market, maintaining high market activity, and showcasing a "healthy bull" trend [18] - 中信建投 indicates that the securities sector is expected to experience continuous growth driven by favorable policies in 2026, with a new growth cycle beginning in 2025. However, brokerage stocks have underperformed due to a lack of independent catalysts and lingering pessimism from previous years. The three core favorable factors—serving new productive forces, medium- to long-term capital entering the market, and opportunities for brokerage internationalization—are not yet fully priced in by the market, but are expected to gradually materialize post-2026, providing solid support for medium- to long-term performance resilience [18]

消息面上，12月17日，中金公司吸并东兴证券、信达证券预案出炉。中国信达发布公告称，拟议合并预 计将为公司带来约200亿人民币的一次性税后收益。目前，中国信达持有信达证券25.51亿股A股，占其 股本78.67%。完成后，公司不再持有信达证券任何A股，并将收取中金13.23亿股A股，约占其股本 16.71%。 值得注意的是，中金公司将成为信达国际控股的间接控股股东。香港证监会企业融资部执行董事已确 认，此次合并不会触发中金公司对信达国际控股股份的强制性全面收购义务。 信达国际控股将持续关 注合并进展，并适时根据上市规则及适用法规发布进一步公告。 智通财经APP获悉，信达国际控股(00111)高开逾5%，截至发稿，涨5%，报0.63港元，成交额28.73万港 元。 ...