并购潮起。 在中央金融工作会议"培育一流投资银行"的战略导向下，这场整合既是头部券商冲刺国际竞争力的关键一步，也为证券行业高质量发展提供了全新范本。 规模跃升与业务互补 此次中金公司主导的整合，并非简单的规模叠加，而是基于"头部引领+特色补充"的战略逻辑，通过财务体量的跃升与业务结构的互补，构建更具竞争力的 综合金融服务体系。 从交易框架来看，本次重组采用成熟的换股吸收合并模式。中金公司作为存续主体，将承接东兴证券、信达证券的资产、负债、业务及人员，后两者完成整 合后将终止上市并注销法人资格。 截至公告发布时，三方已签署原则性《合作协议》，明确了重组的核心方向。三家公司A股股票自2025年11月20日起同步停牌，预计停牌时间不超过25个交 易日，后续还需通过三方董事会、股东会审议，并获得证监会等有权监管机构批准。 此次合并带来的规模效应尤为显著。据2025年三季度报显示，中金公司以7649.41亿元的总资产、207.61亿元的营收、65.67亿元的归母净利润，稳居行业头 部阵营，其资产规模分别是东兴证券和信达证券的6.57倍和5.96倍。 《投资者网》吕子禾 近日，我国资本市场迎来一则重磅消息，中金公司、东兴 ...

中金公司也指出，本次重组的具体合作方案以三方进一步签署的交易文件为准。本次重组尚需履行必要 的内部决策程序，并需经有权监管机构批准后方可正式实施，能否实施尚存在不确定性。 公告称，中金公司与东兴证券（601198）、信达证券（601059）正在筹划由中金公司通过换股方式吸收 合并东兴证券、信达证券。 中金公司、东兴证券、信达证券的实际控制人均为中央汇金。 中金公司表示，本次重组有助于加快建 设一流投资银行，支持金融市场改革与证券行业高质量发展。通过重组各方能力资源的有机结合、优势 互补，力争在合并后实现规模经济和协同效应，提高公司服务国家战略和实体经济的质效，并提升股东 回报水平。 11月19日晚间，中国国际金融股份有限公司（简称中金公司（601995））发布关于筹划重大资产重组的 停牌公告。 中金公司成立于1995年7月，总部位于北京，是中国首家中外合资投资银行。公司主要业务涵盖投资银 行、股票交易、资产管理及私募股权投资，第一大股东为中央汇金投资有限责任公司（持股 28.448%）。截至2025年9月末，中金公司净资本规模为460亿元。 东兴证券成立于2008年5月，业务涵 盖财富管理、投资交易、投资银行 ...

Investment Rating - The report indicates a positive outlook for the non-banking financial sector, with specific recommendations for leading brokerage firms and undervalued insurance companies [4][19][20]. Core Insights - The integration of brokerages under the Huijin system is expected to drive a new wave of consolidation in the securities industry, enhancing the competitive landscape and potentially increasing the market share of major players like China International Capital Corporation (CICC) [4][31]. - The report highlights the significant growth in the insurance asset management sector, with a year-on-year increase of 36% in stock allocation, indicating a robust investment environment [4][19]. - The international expansion of Chinese brokerages, particularly in Southeast Asia, is a key focus, with acquisitions of local firms to mitigate operational challenges in foreign markets [4][20]. Market Review - The Shanghai Composite Index closed at 4,453.61, reflecting a decline of 3.77% over the week, while the non-banking index fell by 4.44% [7]. - The brokerage sector saw a decline of 4.89%, with notable performances from specific firms such as首创证券 and 东兴证券, which showed positive growth [9][19]. - The insurance sector also experienced a downturn, with major companies like 中国人寿 and 中国平安 reporting declines in their stock prices [9][15]. Non-Banking Industry Data - As of the end of 2024, the total assets managed by 34 insurance asset management companies reached 33.3 trillion yuan, marking a year-on-year increase of 10.6% [4][19]. - The report notes that the average management scale per institution in the insurance sector is 4.364 billion yuan, with a significant increase in revenue generation [4][19]. - The average daily trading volume in the stock market for November 2025 was reported at 19,739.55 billion yuan, indicating a slight decrease from previous months [19][44]. Key Company Announcements - CICC is planning a major asset restructuring involving the merger with 东兴证券 and 信达证券, which is expected to enhance its market position significantly [31]. - 阳光保险 announced a 20 billion yuan investment to establish a pilot private equity fund, indicating a strategic move towards diversifying its investment portfolio [32]. - 国盛证券 received approval for its stock options market-making business, reflecting ongoing developments in the brokerage sector [37].

Investment Rating - The report maintains a positive outlook on the non-bank financial industry, indicating an "Overweight" rating for the sector [4]. Core Insights - The integration of brokerages under the Huijin system has commenced, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities, potentially enhancing CICC's market position and asset base significantly [4]. - The insurance asset management sector has seen a year-on-year increase of 36% in stock allocation, with total managed funds reaching CNY 33.3 trillion, reflecting a robust growth trajectory [4]. - The report highlights three investment themes for brokerages: benefiting from improved competitive dynamics, focusing on firms with strong earnings elasticity, and targeting companies with strong international business capabilities [4]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,453.61, down 3.77% for the week, while the non-bank index fell 4.44% [7]. - The brokerage sector index decreased by 4.89%, underperforming the broader market [7]. Non-Bank Industry Data - As of the end of 2024, the total assets managed by 34 insurance asset management companies increased by 10.6% year-on-year to CNY 33.3 trillion, with a notable rise in stock allocations [4]. - The average daily trading volume in the stock market for November 2025 was CNY 19,739.55 billion, reflecting a slight decrease from the previous month [20]. Key Announcements - CICC is undergoing a significant asset restructuring, which is expected to enhance its competitive position in the market [34]. - The China Banking and Insurance Regulatory Commission has announced the inclusion of electronic savings bonds in personal pension products, effective June 2026, which may influence investment strategies in the insurance sector [21].

智通财经11月22日讯（编辑 若宇）A股市场并购重组持续活跃。截至周五收盘，拟购买金张科技58.33%股份的国风新材三连板，定增收购量羲技术部 分股权的禾信仪器20CM涨停，拟购买数产名商95%股权的实达集团两连板。 据智通财经不完全统计，截至发稿，本周披露并购重组进展的A股上市公司共有29家，包括凯众股份、英力股份、航天电器、高能环境、光库科技、沪 电股份、东方雨虹、荃银高科、中金公司、东兴证券、信达证券、金杯汽车、辰奕智能、倍杰特、赛微电子、爱克股份、天亿马、欧菲光、斯菱股份、 盛帮股份、凯伦股份、祥和实业、巍华新材、珠免集团、*ST宇顺、湖北广电、亚星化学、普冉股份、紫光股份，具体情况如下图： | | | 本周披露并购重组公告的A股上市公司 | | --- | --- | --- | | 证券简称 | 公告目期 | 具体内容 | | 凯众股份 | 11月21日 | 筹划收购安徽拓盛汽车零部件股份有限公司控制权 股票停牌 | | 英力股份 | 11月21日 | 拟使用6649.7万元购买佛山智强光电100%股权 | | 航天电器 | 11月21日 | 拟以公开摘牌方式购买深圳市航天电机系统有限公司32%股 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights the merger of CICC, Dongxing Securities, and Xinda Securities, which is expected to create a combined total asset exceeding 1 trillion yuan, ranking it fourth in the industry [7][8]. - The merger is anticipated to enhance regional resource complementarity and improve competitive strength in core business areas, particularly in wealth management and asset management [7]. - The report suggests that the scarcity of quality targets in the industry may accelerate the pace of mergers and acquisitions, with a focus on business or regional complementarity [7]. Summary by Sections Investment Highlights - CICC, Dongxing Securities, and Xinda Securities announced a major asset restructuring plan on November 19, 2025, involving a share swap merger [7]. - The restructuring follows a series of equity transfers to Central Huijin, which laid the groundwork for this merger [7]. - The combined total assets of the three firms are projected to reach 10,096 billion yuan, elevating their ranking in the industry [8]. - The merger is expected to enhance the overall profitability, with a projected combined net profit of 95 billion yuan, ranking sixth in the industry [8]. Regional Resource Complementarity - Dongxing Securities has a strong presence in the Southeast region, while Xinda Securities is well-established in Northeast China, and CICC focuses on major cities and overseas markets [7]. - This merger is expected to improve customer coverage in second and third-tier markets and enhance high-end wealth management services [7]. Competitive Strength Enhancement - The merger will allow CICC to leverage the experience of Dongxing and Xinda in areas such as asset management and debt restructuring, broadening its investment banking capabilities [7]. - The integration of resources is expected to optimize risk management and improve overall profitability [7]. Industry M&A Trends - The successful merger of Guotai Junan and Guolian Minsheng serves as a reference for future industry consolidations [7]. - The report anticipates that the ongoing mergers will lead to an optimized industry structure and improved resource efficiency [7].

导语 业内认为，"汇金系"券商牌照充足，后续整合空间较大，同类优化配置是必然趋势。 中金公司19日晚间称，公司正在筹划重大资产重组，拟换股吸收合并东兴证券、信达证券，三方已于当日签署相关协议。同时，3家公司的股票均自20日 起停牌，预计停牌时间不超过25个交易日。 这并非中金公司首次进行重组，早在2017年该公司就收购了中投证券，后者改名为中金财富证券。而近两年，在券商并购动作频频的背景下，中金公司一 度与银河证券传出合并传闻，两方曾就此发布澄清公告。 从股东背景看，此次整合的3家公司均是"汇金系"券商。截至9月底，中央汇金持有中金公司19.36亿股，持股比例40.11%，为控股股东；中央汇金通过中 国信达、东方资产间接持有信达证券、东兴证券股份，持股比例分别为78.67%和45%。 对于三者的整合，有投行人士告诉记者："本质上是为解决牌照过多、管理复杂的问题。与中金公司相比，东兴证券、信达证券规模比较小，重组的阻力 比较小，尤其是在人事方面。" 营收方面，最新的三季报显示，前9个月，中金公司实现营收207.61亿元，同比增长54.36%；净利润65.67亿元，同比增长129.75%，同期资产总额达到 764 ...

Core Viewpoint - The merger and acquisition involving China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities marks a significant consolidation in the securities industry, potentially creating a new "super broker" with total assets exceeding 1 trillion yuan [1][2][3] Group 1: Merger Details - CICC is planning to absorb Dongxing Securities and Xinda Securities through a share exchange, with the announcement made on November 19 [1][2] - The merger is part of a broader integration strategy among "Hui Jin" affiliated brokerages, with the central Huijin Investment Company being the largest shareholder of all three firms [2] - The combined assets of the three firms are projected to surpass 1 trillion yuan, positioning them as the fourth largest listed brokerage in terms of asset size [3] Group 2: Financial Performance - For the first three quarters of 2025, CICC reported a revenue of 20.76 billion yuan, a year-on-year increase of approximately 54%, and a net profit of 6.57 billion yuan, up 130% [2] - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% increase year-on-year [3] - Xinda Securities reported a total revenue of 3.02 billion yuan, with a net profit of 1.35 billion yuan, marking a 28% and 53% increase respectively [3] Group 3: Industry Implications - The merger is expected to enhance CICC's capital strength and consolidate client resources, further solidifying its leading position in the securities industry [4] - The integration reflects a trend of consolidation among top brokerages, indicating a shift in the competitive landscape of the securities sector [4][5] - Regulatory support for industry consolidation is seen as a key driver for enhancing overall competitiveness and optimizing resource allocation within the sector [5]

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities marks a significant reshaping of the brokerage industry, with implications for market competition and resource integration [1][2][3]. Group 1: Merger Details - The merger involves CICC absorbing Dongxing Securities and Xinda Securities through a share exchange, with trading suspension starting from November 20 for up to 25 trading days [1][5]. - Post-merger, the combined entity is expected to surpass Huatai Securities in revenue, becoming the third-largest brokerage by revenue and fourth by total assets [2][7]. Group 2: Strategic Implications - This merger is seen as the first step in the integration of "Hui Jin" system brokerages, aiming for resource optimization and strategic complementarity [3][9]. - CICC will enhance its retail network significantly by acquiring nearly 200 branches from Dongxing and Xinda, improving its coverage and service capabilities for high-net-worth and retail clients [5][10]. Group 3: Market Position and Financials - The combined revenue of CICC, Dongxing, and Xinda is projected to reach 27.39 billion yuan, surpassing Huatai Securities' 27.12 billion yuan, while total assets will be approximately 1,009.58 billion yuan, closely trailing Huatai Securities [7][12]. - The net profit post-merger is expected to be 9.546 billion yuan, ranking sixth in the industry, indicating that while CICC will not disrupt the top two positions held by CITIC Securities and Guotai Junan, it may affect the rankings of other leading brokerages [7][11]. Group 4: Broader Industry Trends - The merger is part of a broader trend of consolidation in the brokerage industry, driven by regulatory policies aimed at creating a few leading investment banks with international competitiveness [12][15]. - Other recent mergers include Guotai Junan with Haitong Securities and Guolian Securities with Minsheng Securities, indicating a wave of strategic partnerships aimed at enhancing market positioning and operational efficiency [13][14].

从行业发展的角度来看，券商整合将有助于提升整个行业的竞争力。随着金融市场的国际化程度不断提 高，我国券商面临着来自国际金融机构的竞争压力。通过整合打造出一批具有国际竞争力的大型券商， 能够更好地应对国际市场竞争，提升我国金融行业的整体实力。 此外，整合还将促进行业的规范发展。大型券商在合规管理、风险控制等方面通常具有更完善的体系， 整合后将能提升整个行业的合规水平。 对于投资者来说，券商整合可能面临中长期的利好和短期的投机价值缺失。从长期看，券商整合势必会 提高三家券商的整体估值水平，大概率会出现1+1+1)3的结果，但是这一过程需要时间进行消化，投资 者如果能够长期持有新券商的股票，将有机会在未来公司价值提升的过程中获得满意的投资收益。 券商整合又出新案例，中金公司拟吸收合并信达证券和东兴证券，又一个万亿级别的券商航母呼之欲 出。券商规模越大，抗风险能力就越强，服务客户的能力也越强，同时运营成本也会更低，这对于券商 降本增效很有好处。未来超大券商的整合还会增加，参与整合的券商竞争力将明显高于未参与整合的券 商。 但是短期的投机价值缺失也有可能给投资者带来短期的投资风险。考虑到整合后的新券商流通股本和总 市值 ...