释放"1+1+1>3"协同效应，从"做大"到"做强"的关键一跃 通过本次重组，中金公司将与东兴证券、信达证券在战略层面深度协同，实现资源整合与资本实力的整 体跃升。合并后公司不仅资产规模、业务规模、营收规模将升至行业前列，更将形成一个覆盖"机构与 零售"、"国际与国内"、"标准化与特色化"的全方位服务体系，综合服务能力与抗周期波动能力均将大 幅增强。 智 通 财 经 APP 获 悉 ， 2025 年 12 月 17 日 晚 间 ， 中 金 公 司 （ 601995.SH 、 03908 ） 与 东 兴 证 券 （601198.SH）、信达证券（601059.SH）同步披露重大资产重组预案，中金公司换股吸收合并两家公 司迎来重大进展，并拟于12月18日复牌。 本次交易后，中金公司将实现跨越式发展，预计总资产规模超万亿元，营业收入跻身行业前列，资本实 力显著增强，综合竞争力与服务实体经济能力得以切实提升，在建设金融强国的国家战略指引下，加快 实现打造"具有国际竞争力的一流投资银行"的战略目标。 根据交易预案，本次交易定价以各方董事会决议公告日前20个交易日均价作为基准价格，吸收合并方中 金公司作为存续主体，换股价 ...

受此提振，券商股全线爆发。华泰证券一度大涨超9%，广发证券一度涨超5%，港股中信证券涨超4%。证券ETF一度大涨超3%，近60个交易日累 计获资金净流入超29亿元。多只宽基ETF同步放量，沪深300ETF半小时成交超9亿元。 中金公司当日公告显示，公司将以36.91元/股的A股换股价格吸收合并东兴证券和信达证券，后两者的A股股东持有的每1股股票可换取0.5188股中 金公司A股股票。这一交易涉及A+H股两地上市公司同时吸收合并两家A股上市公司，构成券商板块近期最重磅的并购事件。 分析人士认为，重组预案落地及复牌在即、管理层拓宽券商资本空间的政策导向，以及板块整体低估值、低配置的特点，共同推动了券商股的强 势表现。 证券代码:601995 证券简称:中金公司 中国国际金融股份有限公司 17日，券商板块领涨A股两市，上证指数一度涨近1.5%，创业板指一度涨逾3.5%。市场异动的核心催化剂是中金公司换股吸收合并东兴证券、信 达证券的重组预案正式披露，三家公司将于12月18日复牌。 暨公司股票复牌的公告 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏,并对其内容的真 ...

关于此次重组的实施难度，上海明伦律师事务所律师王智斌表示，本次交易涉及A+H股公司同时吸收 合并两家A股上市券商，审批链条横跨中国证监会、沪深交易所、香港联交所等多个部门，多市场、多 层级的监管协调工作将增加审批难度。此外，由于三家均为上市公司，换股比例的公允性会关系到广大 普通投资者的利益，该环节将成为监管部门的重点审查内容。 本报记者 许林艳 11月26日晚间，中金公司、信达证券、东兴证券三家公司发布关于筹划资产重组的停牌进展公告，均表 示将继续停牌。根据公告，中金公司正在筹划通过向东兴证券全体A股换股股东以及信达证券全体A股 换股股东发行A股股票的方式，换股吸收合并东兴证券与信达证券。 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。 "此次整合若能顺利落地，带来的协同效应不容小觑，包括但不限于业务线的互补、区域布局的优化以 及客户服务能力的增强。再者，此次合并还将加速行业的整合趋势，促使其他券商考虑通过并购重组来 强化自身实 ...

Market Overview - The market opened high but closed lower, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.4%, 0.76%, and 1.12% respectively, indicating a continued money-losing effect across the market [3] - Over 3,800 stocks declined while more than 1,400 stocks rose, with total trading volume shrinking to 1.7 trillion [3] Fujian Local Stocks - Fujian local stocks experienced significant volatility, with HeFu China achieving a 15-day streak of 13 limit-ups, accumulating a rise of over 290% [6] - Other notable performers included Jomoo with 7 consecutive limit-ups, Aerospace Development with 5, and Rongji Software with 4 [6] - Conversely, Longzhou Co. hit the limit down, and several stocks like Zhongfu Tong and Hongxiang Co. fell over 10% [6] - The overall Fujian local stock index saw a slight decline of 0.27% despite an early drop of over 2% [6] Brokerage Firms - Three brokerages, Xinda Securities, Zhongjin Company, and Dongxing Securities, announced a restructuring plan involving a share swap merger [8] - Following the announcement, Dongxing Securities saw a significant intraday rise of over 4.6% [8] - Other brokerages and financial stocks opened higher but ultimately closed lower, with the brokerage sector down by 0.43% [11] Real Estate Sector - The real estate sector experienced a surge due to external media reports, with stocks like I Love My Home and 365 Network hitting limit-ups [12] - The real estate brokerage sector rose by 5.77%, while the broader real estate market saw a slight decline of 0.15% [13] - The market reaction was characterized by rapid price movements following the news, indicating a potential speculative environment [14] Specific Stocks and Trends - Guqi Down Material saw a small fluctuation in the morning but rallied in the afternoon, achieving a 2-day limit-up [16] - The stock's rise is attributed to the cold wave driving demand for down products, alongside other stocks like Jingneng Heat Power benefiting from heating supply concepts [16] - The recent increase in duck down prices has also contributed to market interest in Guqi Down Material, filling a gap for direct duck down concept stocks in the A-share market [19]

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Asset Management, aiming for a share-swap merger, marks a significant step in the consolidation of the "Hui Jin" system brokerages and is expected to enhance the financial strength and market position of the combined entity [1][4]. Financial Strength - As of the end of Q3 2025, CICC's total assets reached 764.94 billion yuan, while Dongxing Securities and Cinda Securities had assets of 128.25 billion yuan and 116.39 billion yuan, respectively. The combined total assets post-merger will exceed 1.01 trillion yuan, positioning it closely behind Huatai Securities [2]. - The combined revenue for the three brokerages in the first three quarters of 2025 was 27.39 billion yuan, with a total net profit of 9.52 billion yuan, ranking third in revenue and tenth in net profit among listed brokerages [2]. Business Integration - The merger is not merely a financial consolidation but aims to integrate and complement the business strengths of the three firms. CICC's leading position in cross-border investment banking will be enhanced by Dongxing and Cinda's regional network and asset management capabilities [3]. - The combined entity will leverage Dongxing and Cinda's branch networks and expertise in special asset disposal, particularly in regions like Fujian and Liaoning, to expand market reach and enhance service offerings [3]. Industry Impact - This merger represents a critical milestone in the securities industry's shift towards high-quality development and is expected to increase industry concentration, contributing to a more robust support for national strategies [4].

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities aims to enhance the capabilities and resources of the combined entities, supporting the development of a first-class investment bank and contributing to the high-quality growth of the securities industry [1][2]. Group 1: Restructuring Details - CICC plans to absorb Dongxing Securities and Cinda Securities through a share exchange, issuing A-shares to all shareholders of both companies [1]. - The restructuring is expected to create economies of scale and synergies, improving service quality to national strategies and the real economy, while also enhancing shareholder returns [1]. Group 2: Financial Metrics - As of September 2025, CICC's net capital is projected to be 46 billion RMB, while Dongxing Securities and Cinda Securities have substantial capital primarily from retail brokerage and proprietary trading [1]. - The combined market capitalization of Dongxing Securities and Cinda Securities exceeds 100 billion RMB based on the closing prices [1]. Group 3: Operational Footprint - By the end of 2024, Dongxing Securities operates 92 branches, and Cinda Securities has 104 branches, focusing on the Fujian and Liaoning regions respectively [1]. - Post-merger, the total number of branches among the three firms will rank third in the industry [1]. Group 4: Strategic Implications - The merger is anticipated to enhance CICC's capital strength and consolidate client resources, further solidifying its leading position in the competitive securities industry [2]. - The combination of scale effects and business synergies is expected to drive multiple growth dynamics in revenue and profitability, while improving the ability to serve national strategies [2].

Group 1 - Major restructuring in the securities industry as China International Capital Corporation (CICC) announces plans to merge with Dongxing Securities and Xinda Securities through a share exchange method [1] - The merger aims to accelerate the establishment of a first-class investment bank and support the reform of the financial market and high-quality development of the securities industry [1] - A-share indices have shown significant growth this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 17.75%, 25.59%, and 43.67% respectively, while the CSI Securities Company Index has only risen by 3.26% [1] Group 2 - The securities ETF (159841) has seen substantial inflows, attracting 442 million yuan in the last five days and a total of 5.338 billion yuan over the past 60 days, reaching a new high of 10.703 billion yuan in total assets [2] - This ETF closely tracks the CSI All Share Securities Company Index and includes 49 listed brokerage stocks, with 60% of its holdings concentrated in the top ten leading brokerages [2] - Analysts from Guotai Junan Securities suggest that the shift towards equity assets due to declining fixed-income yields, combined with strong quarterly earnings, will continue to drive investment into the brokerage sector [2]

Core Viewpoint - The major asset restructuring among China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities aims to create a leading investment bank, aligning with national financial reforms and the high-quality development of the securities industry [1][3]. Group 1: Restructuring Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Xinda Securities as part of the share swap merger [1]. - The restructuring is expected to enhance resource integration and optimize the layout of the institutions, focusing on serving national strategies and the real economy [3][4]. Group 2: Company Performance - 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% year-on-year for the first three quarters of 2023 [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% year-on-year growth for the same period [4]. - Xinda Securities generated total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year increase of 28% and 53%, respectively [4]. Group 3: Strategic Implications - The merger will create a stronger capital base, enhanced professional capabilities, and a more robust risk control system, contributing to a comprehensive financial service platform [3][4]. - The combined entity will rank third in the industry in terms of the number of branches, with CICC's strengths complementing the retail brokerage and self-operated business of Dongxing and Xinda Securities [5].

Core Viewpoint - CICC is planning a significant asset restructuring involving a merger with Dongxing Securities and Cinda Securities, aiming to enhance its position as a leading investment bank and support the development of the financial market [1][2]. Group 1: Restructuring Announcement - CICC announced a suspension of trading on November 20, 2025, due to the major asset restructuring plan [2]. - The restructuring involves CICC issuing A-shares to all shareholders of Dongxing Securities and Cinda Securities in a stock swap merger [1][2]. Group 2: Strategic Goals - The merger is expected to accelerate the establishment of a first-class investment bank and contribute to the high-quality development of the securities industry [2]. - CICC aims to achieve economies of scale and synergies through the integration of resources and capabilities from the three firms, enhancing service quality and shareholder returns [2]. Group 3: Company Profiles - Dongxing Securities, established in May 2008, offers a comprehensive financial service system covering wealth management, investment trading, investment banking, asset management, and futures [2][4]. - Cinda Securities, founded in September 2007, excels in special asset investment banking, has made significant progress in wealth management transformation, and emphasizes financial technology investment [2][4]. Group 4: Financial Performance - As of the end of September 2025, CICC reported a revenue of 20.76 billion with a year-on-year growth of approximately 54%, and a net profit of 6.57 billion, up 130% [3]. - Dongxing Securities achieved a revenue of 3.61 billion and a net profit of 1.6 billion, reflecting a 70% year-on-year increase [3][4]. - Cinda Securities reported total revenue of 3.02 billion and a net profit of 1.35 billion, with a year-on-year growth of 28% and 53% respectively [4].

Core Viewpoint - CICC is planning a significant restructuring involving the merger with Dongxing Securities and Xinda Securities through a share exchange, aiming to enhance its position as a leading investment bank and support the high-quality development of the financial market [1][2][4]. Group 1: Restructuring Details - CICC, Dongxing Securities, and Xinda Securities have signed a cooperation agreement regarding the restructuring, which requires approval from their respective boards and regulatory authorities before implementation [2][4]. - The restructuring will involve the issuance of A-shares to the shareholders of Dongxing and Xinda Securities, leading to a complex merger process [1][2]. - CICC's A-shares will be suspended from trading starting November 20, 2025, for a period not exceeding 25 trading days due to the uncertainties surrounding the restructuring [1][2][4]. Group 2: Financial Performance - For the first three quarters, CICC reported a revenue of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit attributable to shareholders of 6.567 billion yuan, up 129.75% [7]. - Dongxing Securities achieved a revenue of 3.610 billion yuan, reflecting a 20.25% increase, with a net profit of 1.599 billion yuan, up 69.56% [7]. - Xinda Securities reported a revenue of 3.019 billion yuan, a 28.46% increase, and a net profit of 1.354 billion yuan, up 52.89% [7]. Group 3: Market Capitalization - As of November 19, 2025, CICC's A-share price was 34.89 yuan, with a total market capitalization of 168.4 billion yuan [7]. - Dongxing Securities' share price was 13.13 yuan, resulting in a market capitalization of 42.442 billion yuan [7]. - Xinda Securities had a share price of 17.79 yuan, leading to a market capitalization of 57.693 billion yuan [7].