Core Viewpoint - The report from Guolian Minsheng Securities indicates that regulatory policies are guiding securities firms towards capital-intensive development while encouraging mergers and acquisitions to strengthen their positions. The firm anticipates an acceleration in the supply-side structural reform of the securities industry, with a notable increase in M&A cases among leading firms expected by 2026. The current PB valuation of the securities industry remains at historical lows, and with the recent policy announcements, market sentiment is likely to improve, suggesting potential upward elasticity for the industry if market conditions turn favorable. Group 1 - The merger plan involves China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities, with stocks set to resume trading on December 18, 2025 [1] - The exchange ratios for the merger are set at 1:0.4373 for Dongxing Securities and 1:0.5188 for Xinda Securities, with CICC's A-share exchange price at 36.91 yuan per share, Dongxing's at 16.14 yuan, and Xinda's at 19.15 yuan [1] - The merger will provide dissenting shareholders with cash options, with buyout prices set at 34.80 yuan for CICC, 13.13 yuan for Dongxing, and 17.79 yuan for Xinda [2] Group 2 - The merger is expected to significantly enhance the comprehensive strength of the new securities entity, with the combined net assets projected to reach 171.5 billion yuan, elevating its industry ranking to fourth [3] - The number of operational outlets for the new entity is expected to increase from 245 to 436, leveraging the regional advantages of Dongxing and Xinda to enhance competitive capabilities [3] - The retail customer base is projected to grow from 9.72 million to over 14 million, significantly improving customer service capabilities and competitive differentiation [3]

12月18日，A股市场走势分化，券商板块承压，证券ETF龙头（560090）开盘震荡回调，截至9:40，放量跌近1%。 证券ETF龙头（560090）标的指数成分股多数回调，受并购重组消息利好，东兴证券涨停，中金公司涨停价开盘，目前仍然涨超6%，信达证券涨超6%，天 风证券、国盛证券等微涨，东方财富、中信证券等系数回调。 【证券ETF龙头（560090）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 601198 | 东兴证券 | 非银金融 | 9.98% | 1.01% | | 2 | 601995 | 中金公司 | 非银会融 | 6.76% | 1.61% | | 3 | 601059 | 信达证券 | 非银金融 | 6.69% | 0.82% | | 4 | 601162 | 天风证券 | 非银金融 | 0.24% | 1.41% | | 5 | 002670 | 国盛证券 | 非银金融 | 0.24% | 0.51% | | 6 | 601099 | 太平洋 | ...

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 ...

备受市场瞩目的中金公司吸收合并东兴证券、信达证券，迎来重要进展。 12月17日，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确 定为1:0.4373、1:0.5188。此外，三家公司股票于12月18日复牌。 合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合 并东兴证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与 能力的结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势， 将与东兴、信达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券，预计停牌时间不超 过25个交易日。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，中金公司拟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。 其中，中金公司换 ...

今日提示 ·12月18日，海南自由贸易港正式启动全岛封关运作。 ·商务部定于12月18日下午3时举行新闻发布会，介绍近期商务领域重点工作有关情况。 ·2025通信产业大会暨第20届通信技术年会将于12月18日举办。 ·普路通12月18日开市起复牌，公司拟发行股份及支付现金以购买电商服务公司Leqee Group Limited控制 权。 上证聚焦 ○中金吸并东兴信达券商并购重组再提速 国金证券认为，当前我国证券公司的经营环境已显著改善，随着资本市场投融资综合改革持续深化，资 本市场韧性增强，券商的业绩韧性也有望提高。当前板块PB估值仅1.36倍，根据历史利润增速及板块涨 跌幅、ROE水平及对应PB倍数来看，板块股价、估值表现仍显著落后于业绩表现，看好板块估值修 复。 中航证券认为，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购重组是 券商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进市场健 康发展具有积极作用，同时行业整合有助于提高行业集中度，形成规模效应。中航证券建议关注有潜在 并购可能标的如中国银河等，以及头部券商如中信证券、华泰证券等。 上证精选 ...

Group 1 - CICC has announced a share swap merger plan with Dongxing Securities and Xinda Securities, with the resumption of trading for all three companies set for December 18 [1] - The share swap prices are set at 36.91 CNY/share for CICC, 16.14 CNY/share for Dongxing Securities, and 19.15 CNY/share for Xinda Securities [1] - The swap ratio for Dongxing Securities to CICC is 1:0.4373, meaning each share of Dongxing can be exchanged for 0.4373 shares of CICC; for Xinda Securities, the ratio is 1:0.5188 [1] Group 2 - Guotai Junan Securities believes that the operating environment for securities firms in China has significantly improved, with the resilience of the capital market expected to enhance brokerage performance [1] - The current PB valuation for the sector is only 1.36 times, indicating that stock prices and valuations are still significantly lagging behind performance [1] - AVIC Securities highlights that regulatory encouragement for industry consolidation is present, and mergers and acquisitions are effective means for brokers to achieve external growth [1] Group 3 - AVIC Securities is focusing on potential acquisition targets such as China Galaxy and leading brokers like CITIC Securities and Huatai Securities [2]

多家机构测算数据显示，中金公司此番以一步到位的吸收合并方式整合两家券商，将推动新主体总资产规模一举突破万亿 关口，净资产规模也将攀升至近1750亿元。 智通财经记者 | 陈靖 市场关注已久的中金公司"三合一"合并迎来新消息。 2025年12月17日晚间，中金公司（601995.SH、03908.HK）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。 此次整合，是2024年新"国九条"发布后又一例大型券商深度整合案例。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，换股价格为36.91元/股，被吸收合并方东兴证 券换股价格为16.14元/股，信达证券换股价格为19.15元/股。 根据上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373与1:0.5188。东兴证券与信达证券全部A股参 与换股，以此计算，中金公司预计将新发行A股约30.96亿股。 为保护中小投资者权益，中金公司A股及H股异议股东可行使收购请求权，东兴证券 ...

12月17日，上述三家上市券商齐发公告：每股东兴证券、信达证券能换取中金公司股票的比例，分别确定为 1:0.4373、1:0.5188。此外，三家公司股票将于12月18日复牌。 合并后，中金公司将成为行业第四家总资产跨入"万亿俱乐部"的券商。业内人士普遍认为，中金公司合并东兴 证券、信达证券，正是剑指国际一流投行建设的决心体现。 然而，规模跃升只是表象。有非银分析师指出，此次合并的关键逻辑并非简单的资产叠加，而是资源与能力的 结构性互补。在业内人士看来，中金公司在资本运用、财富管理、跨境业务等方面的领先优势，将与东兴、信 达在区域网络、特殊资产投行等领域的布局形成协同，强化竞争优势。 定价细节明确，交易提升核心竞争力 11月19日，中金公司公告筹划重大资产重组，拟同时吸收合并东兴证券、信达证券，预计停牌时间不超过25个 交易日。如今备受关注的合并预案方案终于出台，要早于原预计复牌时间。 根据公告，中金公司拟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。 其中，中金公司换股吸收合并的定价基准日前20个交易日的A股股票交易均价，考虑 利 ...

Investment Rating - The industry investment rating is "outperforming the market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [35]. Core Insights - Despite a decline in major equity market indices in November, the ongoing capital market reforms are enhancing market stability and investor experience, making the equity market attractive in a low-interest-rate environment. The trading activity remains at a high level, and there is a solid foundation for growth in proprietary trading and brokerage services. The investment banking sector is seeing a month-on-month increase in both IPO and bond underwriting volumes, suggesting further growth potential under supportive policies for equity and debt financing. The current PB valuation of brokerage firms is at a relatively low level compared to the past decade, indicating potential for performance improvement and valuation recovery [1][33]. Summary by Sections Market Review - In November, the securities industry underperformed within the non-bank financial sector, with the securities index declining by 5.83%, lagging behind the CSI 300 and the non-bank financial sector indices by 3.38 percentage points and 2.03 percentage points, respectively. Only three out of fifty brokerage stocks saw an increase [2][12][14]. Business Drivers - **Brokerage and Credit**: The average daily trading volume in A-shares was 1.92 trillion yuan in November, down 11.5% month-on-month and 2.7% year-on-year. The margin trading balance at the end of November was 2.47 trillion yuan, a decrease of 0.5% from the previous month but up 32.7% from the beginning of the year [3][16]. - **Investment Banking**: In November, there were 10 IPOs raising 20.5 billion yuan, a 34% increase month-on-month. The total IPOs for the year reached 97, raising 111.8 billion yuan, a 95.5% year-on-year increase. Bond underwriting in November was 1.61 trillion yuan, up 37.3% month-on-month [3][20][21]. - **Proprietary Trading**: Major equity indices and the total price index of Chinese bonds fell in November, with the CSI 300 index up 15.04% year-to-date and the total price index of Chinese bonds down 2.05% [3][24]. Industry Dynamics - **Policy Dynamics**: The China Securities Regulatory Commission (CSRC) is focused on deepening investment and financing reforms, enhancing the structure of listed companies, and optimizing the investment environment for long-term capital. This includes promoting mergers and acquisitions and improving corporate governance [26][30]. - **Market Dynamics**: Notable market activities include the planned merger of China International Capital Corporation with Dongxing Securities and Xinda Securities, and the expansion of account management functions for brokerage firms [4][32]. Investment Recommendations - The report suggests focusing on potential merger and acquisition targets and brokerage firms with relatively low valuations, as the industry is expected to see a consolidation of around 10 leading firms driving high-quality development [33].

12月6日，证监会主席在中证协第八次会员大会上致辞，提到"十五五"证券行业发展空间广阔、大有可为。机构分析称，监管态度转向积极，同时指明行 业发展路线，或成为板块行情催化剂。 （资料参考：开源证券《监管态度转向积极，看好券商板块行情》，2025.12.7） 重磅政策有望落地，精准赋能券商板块 1、监管松绑或直接利好券商核心业务。 监管层提出"适度打开资本空间和杠杆限制，提升资本利用效率"，这被认为是对券商板块的重要利好。一方面，资本实力是影响券商竞争的关键因素之 一。券商通过补充资本，有助于带来长期稳定的资金，支持券商更好地开展重资本业务以及衍生品等创新业务。 （资料参考：金融界《吴清重磅发 声！"松绑"券商资本空间和杠杆限制，行业杠杆率仅4.42倍，"十五五"将启，券商、保险双双大动作，杠杆牛一触即发？》,2025.12.7) 另一方面，监管层为券商行业"适度加杠杆"打开了政策空间，券商三大业务有望直接受益。 （资料参考：财联社《吴清主席提出券商可适度加杠杆，为何成为振奋市场的消息？》,2025.12.7) 2、推动行业从"价格竞争"转向"价值竞争"。 监管层强调，券商行业机构需立足自身资源禀赋，从价格竞争 ...