消息面，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。 相关机构表示，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。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及经纪、承 销、自营交易等证券业务的上市公司证券作为指数样本， ...

Core Viewpoint - The article discusses the significant merger and acquisition activity in the Chinese securities industry, particularly focusing on the planned merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, which could create a new securities giant with assets exceeding 1 trillion yuan [1][3]. Group 1: Merger Announcement - On November 19, CICC, Dongxing Securities, and Xinda Securities announced a suspension of trading due to a major asset restructuring plan, indicating their intention to merge into a single entity [1]. - The combined asset scale of the three companies is projected to reach 1,009.5 billion yuan, positioning them as the fourth largest in China's securities industry [1]. Group 2: Industry Trends - The article highlights a growing trend of mergers and acquisitions in the securities industry, with notable examples including the mergers of Guotai Junan with Haitong Securities and other similar transactions [3]. - The merger of CICC with Dongxing and Xinda is seen as a deep integration of "national teams," aiming for comprehensive coverage from high-end investment banking to inclusive finance [3]. Group 3: Strategic Implications - The ongoing mergers reflect a strategic shift in the industry from rapid expansion to meticulous cultivation, driven by increased competition and regulatory encouragement for market-oriented mergers [4]. - The article emphasizes that successful integration post-merger will depend on effective collaboration in corporate culture, business systems, and organizational structure, highlighting the challenge of achieving synergistic benefits [4].

Core Viewpoint - CICC is planning a stock swap merger with Dongxing Securities and Xinda Securities, with trading suspension expected for up to 25 days starting November 20 [4][5] Group 1: Merger and Acquisition Details - The merger involves three brokerages under the control of Central Huijin, marking a significant consolidation move in the industry [5] - Post-merger, CICC's total assets will rank fourth in the industry, while net profit will rank sixth, with combined net profits reaching 9.5 billion yuan [5] - For the first three quarters of 2025, CICC, Dongxing, and Xinda reported net profits of 6.6 billion yuan, 1.6 billion yuan, and 1.4 billion yuan respectively, showing year-on-year growth of 130%, 70%, and 53% [5] Group 2: Industry Trends and Performance - The securities industry is undergoing significant restructuring, with several mergers completed this year, indicating a trend towards consolidation to enhance scale and competitiveness [6] - Major indices in the A-share market have seen substantial gains, with the Shanghai Composite Index up 17.75%, while the overall performance of the securities sector has lagged behind with a 3.26% increase [6] - The net profit of listed brokerages increased by 62.4% year-on-year for the first three quarters of 2025, highlighting a divergence between performance and stock price [6] Group 3: Future Outlook - The securities industry is expected to maintain high activity levels due to continued inflows of incremental capital, benefiting wealth management services [8] - The importance of proprietary trading in brokerages is anticipated to rise, with a focus on equity investments expected to drive performance [8][9] - The deepening of interconnectivity between mainland and Hong Kong markets is projected to enhance investment banking recovery and international business growth for leading brokerages [9]

中金公司、东兴证券、信达证券三家券商11月20日开市起正式停牌！预计停牌时间不超过25个交易日。 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、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。 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Wind数据，如果后续合并工作进展顺利，合并后，三家券商资产总额将超万亿元，达到10095.83亿 元，在业内将可居于第四，位于中信证券、国泰海通和华泰证券之后。 此前，中金公司、东兴证券、信达证券已拥有共同的实控人——中央汇金。此次重组筹划表明，中央汇 金券商板块新一轮大整合已经启幕。 第四家超万亿券商将诞生 根据Wind数据，如合并完成，三家券商合计总资产将超万亿元，达到10095.83亿元，营收合计为273.90 亿元，归母净利润合计为95.20亿元。 三家券商合并后资产总额将在业内排名第四，位居中信证券、国泰海通和华泰证券之后；归母净利润则 排名第六，位居中信证券、国泰海通、华泰证券、中国银河和广发证券之后。 根据2025年三季报 ...

Core Viewpoint - Major securities firms, including CICC, Dongxing Securities, and Xinda Securities, are planning a merger, which has led to a rise in the securities sector, with various ETFs showing significant gains [1][5]. Group 1: Merger Announcement - CICC is planning a stock swap merger with Dongxing Securities and Xinda Securities, with A-shares and H-shares of the three companies set to be suspended from trading on November 20, expected to last no more than 25 trading days [5]. - The merger is a significant move by the Central Huijin Investment, which aims to accelerate the establishment of a top-tier investment bank [5]. - This merger marks the first instance of such consolidation in the securities industry, with Central Huijin holding stakes in multiple securities firms [5]. Group 2: Financial Metrics Post-Merger - Following the merger, CICC's total assets are projected to rank fourth in the industry, while net profit is expected to rank sixth [5]. - For the first three quarters of 2025, the net profits of CICC, Dongxing, and Xinda are forecasted to be 6.6 billion, 1.6 billion, and 1.4 billion respectively, reflecting year-on-year growth rates of 130%, 70%, and 53% [5]. - The combined net profit of the merged entity is anticipated to reach 9.5 billion, with total assets amounting to 1 trillion [5]. Group 3: Industry Trends and Performance - The securities industry is undergoing significant consolidation, with several firms having completed mergers this year, indicating a trend towards resource integration to enhance scale and competitiveness [6]. - Despite a strong performance in major A-share indices, the overall securities sector has lagged, with the CSI All Share Securities Companies Index only increasing by 3.26% [6]. - The net profit of listed securities firms increased by 62.4% year-on-year for the first three quarters of 2025, highlighting a disparity between earnings growth and stock performance [6]. Group 4: Future Outlook - The securities industry is expected to maintain high levels of wealth management activity due to continued inflows of incremental capital [8]. - The importance of proprietary trading in securities firms is anticipated to rise, with a focus on equity investments expected to increase [8]. - The deepening of interconnectivity between mainland and Hong Kong markets is likely to drive recovery in investment banking and rapid growth in international business for leading securities firms [9]. - Ongoing supply-side reforms in the industry are expected to continue, with an increase in industry concentration anticipated [9].

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities is expected to catalyze a significant rally in the securities sector, with the three companies' A and H shares suspended for up to 25 trading days, impacting the securities ETF market significantly [1]. Group 1: Market Reaction - The securities ETF Dongcai (159692) saw a price increase of over 1% in early trading, with nearly 5.4 million yuan in net subscription funds entering the market, indicating strong buying interest [1]. - The three companies account for 5% of the securities ETF Dongcai (159692), which is the leading ETF in terms of the combined weight of CICC, Dongxing, and Xinda [1]. Group 2: Historical Context and Investor Opportunities - Historical data suggests that major mergers in the securities sector often lead to a broad market rally; for instance, the merger of Guotai Junan and Haitong Securities in September 2023 resulted in a nearly 17% increase in the Shanghai Composite Index during their suspension period [2]. - Investors can leverage the ETF's valuation mechanism to capitalize on potential price increases post-merger, as the ETF will continue to be valued based on the last closing prices of the suspended stocks [3]. Group 3: Sector Valuation and Performance - The current valuation of the securities sector is considered attractive, with the Shanghai Composite Index up 17.75% year-to-date, while the securities sector only increased by 3.73% during the same period, indicating a divergence [4]. - The net profit of listed securities firms is projected to grow over 60% year-on-year in the first three quarters, while the price-to-book ratio (PB_MRQ) of the securities sector is at a historical low of 1.5 times, suggesting that the sector is undervalued compared to its historical performance [4].

Core Viewpoint - The integration of Huijin's financial companies, specifically CICC, Dongxing Securities, and Xinda Securities, marks a significant step in reshaping the securities industry, indicating a trend towards consolidation among leading firms [2][3]. Group 1: Company Integration - CICC, Dongxing Securities, and Xinda Securities are planning a major asset restructuring through a share swap, which will lead to the absorption of Dongxing and Xinda by CICC [2]. - Following the merger, the combined assets of the three firms will rank fourth in the industry, while their net profit will rank sixth [2]. - This merger is seen as the first step in a broader consolidation strategy within Huijin's portfolio of securities firms, which includes several other major players [2]. Group 2: Industry Restructuring - The merger reflects a shift in the securities industry towards a new competitive landscape driven by the consolidation of leading firms, responding to regulatory calls for a stronger financial sector [3]. - The integration is expected to enhance the capital strength and overall competitiveness of the merged entity, positioning it closer to international standards [3]. - Other firms in the industry may need to reassess their strategies and market positions in light of this consolidation trend [3]. Group 3: Financial Performance - In the third quarter of 2025, 42 listed securities firms reported a total revenue of 418.95 billion yuan, a year-on-year increase of 16.96%, and a net profit of 171.04 billion yuan, up 62.06% [6]. - The growth in revenue and profit is attributed to strong performance in brokerage and investment businesses, with commission income rising by 42.66% and investment income increasing by 128.97% [6]. - The overall positive financial performance indicates a robust recovery in the securities sector, driven by favorable market conditions [6]. Group 4: Future Outlook - The securities industry is expected to continue evolving with a focus on high-value wealth management and institutional business, supported by favorable policies and market conditions [7]. - The trend of consolidation is likely to persist, with ongoing supply-side reforms and an increase in industry concentration anticipated [7]. - The integration of major firms is expected to provide sustained growth momentum for the industry, potentially leading to significant changes in the competitive landscape [7].

Core Viewpoint - The A-share market is experiencing a strong upward trend driven by merger and acquisition activities, particularly in the brokerage sector, with significant inflows into the securities ETF leading to notable price increases [1][5]. Group 1: Market Performance - On November 20, the A-share market showed a strong upward movement, particularly in the brokerage sector, catalyzed by merger events [1]. - The leading securities ETF (560090) saw a substantial increase of over 1%, with a trading volume of 100 million yuan, and has experienced a net inflow of over 10 million yuan over the past four days [1]. - Major component stocks of the securities ETF also surged, with notable increases such as a 6% rise in Shichuang Securities and over 3% in Dongfang Securities and Shenwan Hongyuan [2][3]. Group 2: Mergers and Acquisitions - On November 19, China International Capital Corporation, Xinda Securities, and Dongxing Securities announced a suspension of trading due to a major asset restructuring plan, which involves a share swap merger led by CICC [5]. - This merger is expected to create a combined asset total exceeding 1 trillion yuan, marking a significant consolidation in the brokerage industry [5]. - The merger is seen as a response to regulatory calls for creating a first-class investment bank and promoting industry consolidation, following the merger of Guotai Junan and Haitong Securities [6]. Group 3: Industry Trends and Outlook - The brokerage industry is entering a new era characterized by consolidation driven by leading firms, as indicated by recent mergers [6]. - The outlook for the securities industry includes sustained high activity levels in wealth management, increased importance of proprietary equity investments, and rapid development of international business [7]. - The industry is expected to continue its supply-side reforms, with an increase in concentration despite a slowdown in new mergers [7]. Group 4: Investment Opportunities - The securities ETF (560090) is highlighted as a cost-effective asset with high growth potential, having achieved a cumulative increase of 20% over the past six months, outperforming 56% of its component stocks [8]. - The ETF tracks the CSI All Share Securities Companies Index, with the top five component stocks accounting for approximately 48% and the top ten for 60% of the index [8].

数据来源：wind，截至2025/11/19。 机构表示，现阶段券商行业并购重组已有不少项目在同步推进，既有头部券商向航母级投行整合，也有区域券商之间的业务互补。券 商"1+1"整合后的业绩成果，能否提升经营效率、推动业务协同、加速创新升级，是检验券商并购成功与否的核心指标。若后续财报 持续表明整合成果超预期，则有望加速推动并购节奏。 证券板块迎重磅利好！万亿级证券航母呼之欲出。中金、东兴、信达同日官宣合并。"牛市旗手"有望爆发，证券ETF（512880）持续 吸金。截至11月19日，证券ETF规模618亿元，今年以来日均成交额22.48亿元，均位居同类第一。 消息面上，11月19日晚，中金公司发布《关于筹划重大资产重组的停牌公告》。公告显示，中金公司正筹划以向东兴证券、信达证券 全体A股换股股东发行A股股票的方式，实施换股吸收合并。 历史表现来看，证券板块作为"牛市放大器"，在市场活跃时超额收益明显，表现出领涨、领跌特征，弹性较高。本轮牛市行情中，证 券板块表涨幅相对靠后，尚未突破去年"924"行情的高点。当前证券板块基本面向好，板块估值仍在低位，机构欠配明显。2025年前 三季度上市券商归母净利润同比+6 ...

中资券商股普遍高开，截至发稿，中国银河（601881）(06881)涨4.62%，报11.09港元；东方证券 (03958)涨4.46%，报7.5港元；光大证券(06178)涨4.41%，报9.71港元；申万宏源(06806)涨4.08%，报3.32 港元。 华泰证券点评称，本次汇金系券商并购整合，与此前的上海国资旗下国泰君安和海通证券换股合并，共 同表明证券行业进入以头部券商整合驱动竞争格局重塑的新时代。该行认为，本次重组有望加速一流投 行建设，重塑行业格局，行业内部竞争或将进一步向头部集中。合并后公司资本实力增强、杠杆使用空 间拓宽，盈利能力有望提升。 消息面上，11月19日晚，中金公司（601995）、东兴证券（601198）、信达证券（601059）同步发布重 大资产重组停牌公告。公告披露，本次重组的核心模式为换股吸收合并，中金公司将作为合并方，通过 发行A股股票的方式承接东兴证券与信达证券的全部A股股份。中金公司表示，合并后将提升资本实 力，实现客户资源整合，在证券行业竞争格局中进一步巩固头部优势，迎来"规模效应+业务协同"的多 重业绩增长动力，推动营收结构持续优化、盈利能力稳步提升，进一步提升国家 ...