11月21日，指数走弱。 相关ETF中，券商ETF（159842）震荡走弱，截至发稿跌1.39%，成交额快速突破9000万元。成分股 中，仅国盛证券、首创证券飘红，东北证券、华创云信、兴业证券、锦龙股份等股跌幅居前。 资金流向上行看，券商ETF（159842）昨日获资金净流入超2.1亿元。 券商ETF（159842）跟踪中证全指证券公司指数。该指数选取中证全指样本股中至多50只证券公司行业 股票组成，以反映该行业股票的整体表现。 消息面上，据媒体报道，2025年前三季度，42家上市券商合计营收、合计归母净利润分别为4195.60亿 元、1690.49亿元，较上年同期（调整后，下同）分别增长42.55%和62.38%。较上年同期相比，42家上 市券商的归母净利润均有增长。值得注意的是，三家并购重组后的券商国联民生、国泰海通、国信证券 营收净利润增长均较快。 东莞证券表示，证券行业并购重组事件趋向频繁。在政策引导、行业竞争与转型需求下，未来证券行业 将出现更多并购重组事件。建议关注新公司市场表现和其他具有并购重组预期的证券公司。 中信建投发布非银2026年投资展望指出，证券行业有望迎来新一轮上行周期，助力金融强国 ...

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].

中央汇金系证券公司开启整合，证券ETF（512880）开盘大涨近2%。 11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公告》，中金公司正 筹划换股吸收合并东兴证券、信达证券，拟向东兴和信达全体A股换股股东发行A股股票。三家公司A 股、H股股票将于11月20日停牌，预计不超25个交易日。 合并事件符合监管引导方向。新"国九条"明确提出"培育一流投资银行和投资机构"的战略目标。随后， 证监会发布的配套意见进一步为行业并购重组指明方向。2025年初，财政部将三大AMC股权划转至中 央汇金，在AMC股权划转后，汇金参控股券商列表进一步扩大，将信达证券、东兴证券纳入体系内， 市场对汇金系券商合并的预期加强。 此次整合是汇金系接收AMC股权划转后的重要动作。此前市场对并购重组虽有预期，但中金、信达、 东兴三家券商共同整合为券业首例。目前汇金系旗下直接或间接持有多家券商股权，包括中国银河、中 金公司、申万宏源、中信建投、光大证券、信达证券、东兴证券和长城国瑞证券，未来或仍有进一步重 组的可能。 本轮券商并购潮已超越简单的规模扩张，其核心在于能力的互补与跃迁，发挥三家证券公司业务上的不 同优势。 ...

Core Viewpoint - The integration of Central Huijin's brokerage firms marks a significant step in the ongoing trend of mergers and acquisitions within the securities industry, with a focus on enhancing competitiveness and market position [1][4]. Group 1: Merger and Acquisition Details - On November 19, China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities announced a major asset restructuring plan involving a share swap to merge Dongxing and Xinda into CICC [1]. - The restructuring involves both A-share and H-share listed companies, indicating a complex process that is expected to take no more than 25 trading days for the suspension of trading [2]. - If successful, the combined assets of the three firms will reach approximately 1009.58 billion, with revenues of 27.39 billion and net profits of 9.52 billion, positioning them as the fourth largest in the industry by total assets [3]. Group 2: Financial Performance - For the first three quarters of 2025, CICC reported revenues of 20.76 billion, a year-on-year increase of 54.36%, and a net profit of 6.57 billion, up 129.75% [2]. - Dongxing Securities achieved revenues of 3.61 billion, a 20.25% increase, and a net profit of 1.60 billion, up 69.56% [2]. - Xinda Securities reported revenues of 3.02 billion, a 28.46% increase, and a net profit of 1.35 billion, up 52.89% [2]. Group 3: Industry Context and Trends - The restructuring is part of a broader trend of consolidation in the securities industry, driven by regulatory support for larger firms to strengthen their market positions [7][8]. - Analysts predict that mergers will continue to increase as firms seek to enhance their scale and comprehensive capabilities, with larger firms acquiring smaller ones to fill gaps and achieve synergies [7]. - The industry is expected to see a rise in asset and profit concentration, leading to a "two super, many strong" market structure, with increased focus on top-tier firms [7][8].

中央汇金系券商整合迈出第一步，证券行业又新增一则并购重组案例。 11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公告》，三家公司正 在筹划由中金公司通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体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、信达证券。 三家公司均称，鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公 司股价异常波动，A股股票将于2025年11月20日(星期四)开市时起开始停牌。 资产总额过万亿规模，直指行业第四名 此外，三家券商称，本次重组涉及A+H股两地上市公司同时吸收合并两家A股上市公司，涉及事项较 多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易日。 以2025年三季报数据为准，前三季度，中金公司实现营业收入207.61亿元，同比增长54.36%；实现归母 净利润65.67亿元，同比增长129.75%；截至三季度末，中金公司资产总额为7649.41亿元，归属于上市 公司股东的所有者权益为1155.01亿元。 中央汇金还通过中国银河金控与中证金融间接持有中国银河48.20%股权；直接持有申 ...

中央汇金系券商整合迈出第一步，证券行业又新增一则并购重组案例。 11月19日晚，中金公司（601995）、东兴证券（601198）、信达证券（601059）（发布《关于筹划重大 资产重组的停牌公告》，三家公司正在筹划由中金公司通过向东兴证券全体A股换股股东发行A股股 票、向信达证券全体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、信达证券。 三家公司均称，鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公 司股价异常波动，A股股票将于2025年11月20日（星期四）开市时起开始停牌。 资产总额过万亿规模，直指行业第四名 此外，三家券商称，本次重组涉及A+H股两地上市公司同时吸收合并两家A股上市公司，涉及事项较 多、流程较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易日。 以2025年三季报数据为准，前三季度，中金公司实现营业收入207.61亿元，同比增长54.36%；实现归母 净利润65.67亿元，同比增长129.75%；截至三季度末，中金公司资产总额为7649.41亿元，归属于上市 公司股东的所有者权益为1155.01亿元。 东兴证券前三季度实现营收36. ...

中央汇金系券商整合迈出第一步，证券行业又新增一则并购重组案例。 11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大资产重组的停牌公告》，三家公司正在筹划 由中金公司通过向东兴证券全体A股换股股东发行A股股票、向信达证券全体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、信达证券。 三家公司均称，鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价 异常波动，A股股票将于2025年11月20日（星期四）开市时起开始停牌。 资产总额过万亿规模，直指行业第四名 此外，三家券商称，本次重组涉及A+H股两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程 较为复杂，根据上海证券交易所的相关规定，预计停牌时间不超过25个交易日。 以2025年三季报数据为准，前三季度，中金公司实现营业收入207.61亿元，同比增长54.36%；实现归母净利润 65.67亿元，同比增长129.75%；截至三季度末，中金公司资产总额为7649.41亿元，归属于上市公司股东的所 有者权益为1155.01亿元。 东兴证券前三季度实现营收36.10亿元，同比增长20.25%；归母净利润15.9 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The securities industry has shown significant growth in performance, driven by a strong equity market, with total revenue and net profit for 42 listed brokers reaching CNY 4,195.6 billion and CNY 1,690.5 billion respectively, representing year-on-year increases of 42.6% and 62.4% [1][10] - The report predicts that the securities industry will achieve total revenue and net profit of CNY 5,503 billion and CNY 2,476 billion in 2025, reflecting year-on-year growth of 22.0% and 48.0% [3] Revenue Summary - In the first three quarters of 2025, the total revenue and net profit of 42 listed brokers were CNY 4,195.6 billion and CNY 1,690.5 billion, with year-on-year growth of 42.6% and 62.4% respectively [10][11] - The breakdown of revenue sources includes brokerage income of CNY 1,117.8 billion (up 74.6%), investment banking income of CNY 251.5 billion (up 23.5%), asset management income of CNY 332.5 billion (up 2.4%), proprietary trading income of CNY 1,952.5 billion (up 43.3%), and net interest income of CNY 339.1 billion (up 54.5%) [10][11] - The average daily trading volume (ADT) in the A-share market reached CNY 1.65 trillion, a year-on-year increase of 107% [2] Business Performance - Brokerage and proprietary trading are the main drivers of performance recovery in 2025, with brokerage net income increasing by 75% year-on-year [2] - The investment banking sector saw a significant increase in IPO issuance, with A/H shares totaling CNY 773 billion and HKD 1,878 billion, representing year-on-year growth of 61% and 237% respectively [2] - Asset management income remained stable, with a slight increase of 2.4% year-on-year, indicating a potential recovery in this segment [2] Outlook - The report anticipates continued growth in the securities industry, supported by favorable economic conditions and a rising capital market [3] - The report highlights that the brokerage sector is currently undervalued and presents a good investment opportunity, recommending specific companies such as Guotai Junan, Huatai Securities, and GF Securities [3]

Group 1 - Guosheng Financial Holdings has completed the absorption merger with its subsidiary Guosheng Securities, changing its name to Guosheng Securities Co., Ltd. and obtaining a new business license [1] - The new leadership team has been announced, with Liu Chaodong appointed as the chairman and Zhao Jingliang as the general manager [1] - Guosheng Financial reported a revenue of 1.856 billion yuan for the first three quarters, a year-on-year increase of 46.84%, and a net profit of 242 million yuan, up 191.21% [2] Group 2 - The total assets of Guosheng Financial reached 48.79 billion yuan by the end of the third quarter, reflecting a growth of 7.04% compared to the end of the previous year [2] - The company's stock price has increased by 69.29% year-to-date, ranking second among 50 brokerage stocks [2] - The company aims to leverage the merger to focus on its core securities business and enhance its brand and financial service capabilities [2] Group 3 - The securities industry is experiencing a wave of mergers and acquisitions, with various firms pursuing consolidation strategies [3] - The merger of Guosheng Financial with Guosheng Securities represents a new exploration in the industry, as it involves a listed parent company absorbing a non-listed subsidiary [3] - Analysts suggest that the restructuring in the securities industry will lead to clearer positioning and differentiated development among firms [4] Group 4 - The ongoing supply-side structural reform in the securities industry is expected to continue, with larger firms enhancing their capabilities through mergers [4] - Smaller firms may also benefit from mergers to address business shortcomings and establish competitive advantages in specific markets [4] - The overall landscape of the securities industry is anticipated to evolve towards a more efficient and healthier ecosystem [4]

1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - The securities industry is integrating resources through mergers and acquisitions to achieve business complementarity and regional synergy. Dongxing Securities will actively follow national policy guidelines, focus on its main business, and pay attention to industry M&A opportunities [24]. - Dongxing Securities has achieved significant results in the strategic transformation of its equity proprietary investment business towards a non - directional approach, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize investment strategies [24]. - Dongxing Securities adjusted its investment banking business management structure in the first half of the year, making it more refined and intensive, and will adapt to new industry trends to promote new development of investment banking business [24]. - Dongxing Securities' research business aims to strengthen macro - research capabilities and will continue to enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Dongxing Securities, belonging to the securities industry. The reception time was September 15, 2025. The listed company's reception personnel included the Party Committee Deputy Secretary, Director, and General Manager Wang Hongliang, Director, Deputy General Manager, and Financial Controller Zhang Fang, Board Secretary Zhang Feng, Independent Director Zhu Qing, and other relevant personnel [17]. 3.2. Detailed Research Institutions - The types of reception objects include institutional - related personnel, and the specific reception objects are online investors and others [20]. 3.3. Research Institution Proportion - No information provided in the content 3.4. Main Content Data - Regarding the M&A trend in the securities industry, Dongxing Securities will actively follow policies, focus on the main business, and pay attention to M&A opportunities, and will disclose relevant plans in a timely manner [24]. - For equity proprietary investment, Dongxing Securities has achieved results in the non - directional transformation, and will continue to adhere to the absolute return concept, expand investment varieties, and optimize strategies [24]. - In the first half of the year, Dongxing Securities adjusted its investment banking business management structure, making it more refined and intensive, and will adapt to new trends for new development [24]. - Dongxing Securities' research business is strengthening macro - research capabilities and will enhance research strength and service quality to support the "investment banking + investment research + investment" linkage [26].