编辑|陆玲 预期之中，又在意料之外，券商并购再添一例，中金公司宣布吸收合并东兴证券、信达证券。 11月19日晚间，三家"汇金系"券商中金公司、东兴证券、信达证券一同发布《关于筹划重大资产重组的停牌公告》，宣布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。 2025年2月初，因三大AMC股权划转，东兴证券、信达证券、长城国瑞证券三家证券公司纳入"汇金系"券商版图，在监管推动加快建设一流投 行的背景下，引发市场对"汇金系"券商内部整合猜想（详见汇金系券商新格局 | 《财经》封面）。 如今，"1+1+1"的整合方案已经出炉。从体量上看，中金公司为头部券商，在投行、财富管理等领域有显著优势，两家中小券商具有一定的特 色。以三季报数据简单相加，三家券商营收合计273.9亿元，位列行业第三，净利润95.20亿元，居行业第六，总资产超过万亿元，营业部数量 位居行业第三。 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 ...

11月19日晚间，券商整合迎来重磅官宣。中金公司（601995）、东兴证券（601198）、信达证券 （601059）同时发布停牌公告，宣布筹划由中金公司换股吸收合并后两家券商。 此举不仅是中央汇金整合旗下证券牌照的关键一步，更是落实金融强国战略、打造一流投资银行的核心 落子。此次合并将催生一家总资产近万亿元的券商新巨头。 构建综合金融服务新巨头 公告显示，中金公司将通过向东兴证券、信达证券的全体A股换股股东发行A股股票的方式，换股吸收 合并两家公司。 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。 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。本次整合，正是将政策蓝图转化为实践的关键行动，通过功能性重构，推动 资本与专业能力更有效地服务于国家战略与实体经济。 从交易各方的基本面看，中金公司作为行业龙头，以其突出的投资银行能力、财富管理转型的领先地位 以及强 ...

汇金系券商版图酝酿重大重组。 11月19日，中金公司、东兴证券、信达证券同日发布公告，筹划重大资产重组。中金公司与东兴证券、信达证券 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、信达证券股票将于11月 20日开市时起停牌，预计停牌时间不超过25个交易日。 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。 证券代码:601995 证券简称:中金公司 2 2 公告编号:临2025-039 中国国际金融股份有限公司 关于筹划重大资产重组的停牌公告 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,并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ● 证券停复牌情况:适用 因筹划重大资产重组,本公司的相关证券停复牌情况如下: 据中金公司公告，11月19日，中金公司与东兴证券、信达证券签署《合作协议》，就本次重组作出若干原则性约 定。本次重组及 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities aims to enhance capital strength, integrate customer resources, and solidify CICC's leading position in the securities industry, leveraging "scale effects + business synergy" for multiple growth drivers in performance [1][3]. Group 1: Merger Details - CICC is planning a stock swap to absorb Dongxing Securities and Xinda Securities, enhancing its capital strength and competitive position in the securities industry [1]. - The combined entity will rank third in the industry in terms of the number of branches, with a total of 196 branches across the three firms [2]. - The merger is expected to create synergies between CICC's investment banking capabilities and the retail brokerage strengths of Dongxing and Xinda, enhancing comprehensive financial services [2][4]. Group 2: Financial Performance - As of September 2025, CICC reported a net capital of 46 billion yuan, with a significant increase in revenue and net profit, achieving 20% and 130% growth year-on-year, respectively [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan in the first three quarters of 2025, marking a 20.3% and 70% increase year-on-year [4]. - Xinda Securities reported a total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, reflecting a year-on-year growth of 28.5% and 53% [4]. Group 3: Strategic Implications - The merger is part of a broader trend in the securities industry, with ongoing consolidation efforts aimed at enhancing competitiveness and service capabilities [6][7]. - Regulatory policies are creating a favorable environment for mergers and acquisitions, encouraging leading firms to strengthen their core competencies through strategic consolidations [7]. - This merger aligns with national financial strategies, aiming to build a stronger, more capable financial service platform that supports the real economy and national strategic goals [7][8].

Core Viewpoint - CICC is planning a major asset restructuring by merging with Dongxing Securities and Cinda Securities through a share swap, aiming to enhance its capabilities and support the high-quality development of the financial market [1][5]. Group 1: Restructuring Details - CICC, Dongxing Securities, and Cinda Securities announced a suspension of trading as they plan a share swap merger, with CICC issuing A-shares to the shareholders of both companies [1][5]. - The restructuring is expected to create a combined asset scale of approximately 1,009.58 billion yuan, with CICC's total assets at 764.94 billion yuan, Cinda Securities at 128.25 billion yuan, and Dongxing Securities at 116.39 billion yuan [4][5]. Group 2: Strategic Benefits - The merger aims to accelerate the establishment of a first-class investment bank and support the reform of the financial market, leveraging the complementary strengths of the three companies to achieve economies of scale and synergies [4][6]. - CICC's business advantages will complement the resources and networks of Dongxing and Cinda, enhancing comprehensive financial services for a broader client base [5][6]. Group 3: 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% [7]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.60 billion yuan, reflecting a 70% increase year-on-year [7]. - Cinda Securities reported a total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year growth of 28% and 53% respectively [8]. Group 4: Industry Context - The trend of mergers and acquisitions in the securities industry has accelerated, with several notable mergers completed or in progress, driven by policy support for enhancing core competitiveness [9][10]. - The integration of resources through mergers is seen as beneficial for improving competitive positions within the industry and promoting supply-side reforms [9][10].

其余聘任的高管中，有4名新晋高管，分别为3名副总经理及1名董秘，均属于内部提拔。公司原副总经理、董秘黄斌，在此次高管聘任前夕，已带着"西部 +国融"融合的使命空降国融证券并出任一把手。 西部证券迎来新领导班子。 11月17日晚，西部证券发布董事会会议决议公告，选举徐朝晖为董事长，同时聘任多名高级管理人员。 徐朝晖自2018年起担任西部证券董事长，本次连任后，担任董事长时间超过7年。此外，齐冰自2021年起任总经理，此次亦是连任。 11月18日，时代周报记者以投资者身份致电西部证券，相关人士表示，目前公司经营情况一切正常。徐朝晖任职公司董事长以来，公司效益表现良好。新 增的3名副总经理，此前均长期担任总经理助理，在内部实际上也是分管业务的领导。 △图源：西部证券官网 "女将"徐朝晖已连任7年 西部证券此次人事变动共涉及9名高管，包含董事长及其他8名分管领导。 这是徐朝晖连任西部证券董事长的第八个年头。2018年5月，徐朝晖获西部证券实控人陕西投资集团有限公司（简称"陕西省投"）党委推荐提名担任董事 长，此后在董事会选举上多次连任，至今上任已超过7年。 徐朝晖生于1973年5月，现年已满52岁。从履历看，其于从1 ...

Core Viewpoint - Western Securities has appointed new executives, indicating a significant step in the integration of its management team following the acquisition of Guorong Securities [1] Management Changes - Zhao Yinghua, Shen Guoqiang, and Yin Tao have been appointed as vice presidents, while Yuan Xing has been appointed as the board secretary [1] - The remaining core management team will remain stable, with Xu Chaohui continuing as chairman and other key executives such as Qi Bing, Chen Wei, Zhang Yongjun, and Huang Yuyang retaining their positions [1] Integration Progress - The executive appointments are seen as a critical signal that the integration of Western Securities and Guorong Securities is advancing into a deeper phase [1] - The introduction of new management is expected to help merge the strengths of both firms, optimize the management structure, and facilitate comprehensive collaboration in business, risk control, and customer resources [1] Industry Context - The integration of "Western + Guorong" is considered an important case in the recent mergers and acquisitions within the securities industry [1] - With the new management team in place, the integration process is anticipated to accelerate, enhancing Western Securities' overall strength and serving as a reference for strategic restructuring and development paths for regional securities firms [1]

Group 1 - The CSI All Share Securities Company Index fell by 0.35% as of November 11, with notable gains from Northeast Securities, Huazhong Securities, and others [1] - The Broker ETF (159842) experienced a decline of 0.25% with a trading volume exceeding 34 million yuan and a premium rate of 0.03% [1] - The Broker ETF has seen net inflows for two consecutive days, accumulating over 330 million yuan in the last 10 trading days, with 8 days of net inflows [1] Group 2 - China Aviation Securities is optimistic about the growth potential of the brokerage industry, highlighting that regulatory encouragement for industry consolidation is a positive trend [2] - Mergers and acquisitions are viewed as effective means for brokerages to achieve external growth, enhancing overall industry competitiveness and resource allocation [2] - Industry consolidation is expected to improve concentration and create scale effects within the brokerage sector [2]

Core Viewpoint - The recent earnings presentations by leading securities firms highlight key industry trends, including M&A activities, international business expansion, digital transformation, and performance fluctuations [2]. Performance Fluctuations - Despite an overall market recovery, some securities firms reported performance volatility in Q3 2025. For instance, Huatai Securities reported a revenue of 10.909 billion yuan, a year-on-year decrease of 6.94%, and a net profit of 5.183 billion yuan, down 28.11% [4]. - Huatai Securities' CEO explained that excluding a one-time gain of 6.23 billion yuan from subsidiary disposals in the same period last year, the firm's Q3 2025 revenue would have increased by 98%, with a 389% year-on-year growth in net profit after adjustments [5]. - Investors questioned why Huatai Securities underperformed in a favorable market, while招商证券's president noted plans to enhance self-operated investment performance through better asset allocation and market strategy adjustments [5]. M&A Expectations and Progress - The market is closely watching the integration efforts of securities firms, especially under regulatory support for M&A to strengthen capabilities [6][7]. - Guotai Junan Securities' chairman stated that the firm is actively pursuing integration in business, management, and system platforms, including updating over 600 regulations to enhance compliance and risk management [8]. - CITIC Securities' chairman emphasized that M&A can effectively consolidate market resources and enhance competitiveness, indicating a balanced approach between organic growth and external expansion [8]. International Business Expansion - Several securities firms are focusing on international business development, with CITIC Securities aiming to leverage favorable external market conditions to enhance its international presence [9][10]. - Everbright Securities is implementing a "one body, two wings" strategy to strengthen its wealth management and cross-border financing capabilities [10]. - China Galaxy Securities plans to deepen its management of overseas subsidiaries and enhance its integrated operational system to solidify its position in Southeast Asia [10]. Investment Banking Challenges - In light of the current headwinds in the investment banking sector, firms are adapting their strategies. CITIC Securities is prioritizing functional roles to support national strategies and enhance services for key clients [11][12]. - The firm is also focusing on expanding its product offerings and exploring M&A opportunities for technology innovation companies [12]. - China Galaxy Securities is committed to enhancing its investment banking services by aligning with national strategic priorities and developing benchmark cases in equity and debt financing [13].

Core Insights - The performance of 42 listed securities firms in the first three quarters of 2025 showed significant growth, with total operating revenue reaching 419.56 billion yuan and net profit attributable to shareholders at 169.05 billion yuan, marking increases of 42.55% and 62.38% respectively compared to the same period in 2024 [1][2] Revenue Breakdown - Brokerage business emerged as the fastest-growing segment, achieving revenue of 111.78 billion yuan, a year-on-year increase of 74.64%, driven by heightened market activity and increased trading commission income [2][6] - Proprietary trading followed with revenue of 186.86 billion yuan, up 43.83%, benefiting from improved investment returns in a rising A-share market [2] - Credit and investment banking businesses also saw growth, with revenues of 33.91 billion yuan and 25.15 billion yuan, reflecting increases of 54.52% and 23.46% respectively [2] - Asset management business growth was slower, with revenue of 33.25 billion yuan, only a 2.43% increase [2] Performance Disparities - There was notable performance differentiation among firms, with 11 firms exceeding 10 billion yuan in revenue, while Western Securities was the only firm to report a revenue decline of 2.17% [3][4] - Leading firms included CITIC Securities and Guotai Junan, with revenues of 55.81 billion yuan and 45.89 billion yuan, respectively, maintaining their positions in the top tier [2][3] Net Profit Analysis - Five firms reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed closely by Guotai Junan at 22.07 billion yuan [3] - Despite overall growth, Huatai Securities experienced a modest net profit increase of only 1.69% [3] Accounting Policy Changes - Zhejiang Securities exited the "100 billion club" with revenue of 6.79 billion yuan, down from 11.90 billion yuan in 2024, due to changes in accounting policies related to standard warehouse receipts [4][5] - The adjustments affected nearly 20 listed securities firms, including major players like CITIC Securities and Guotai Junan, indicating a widespread impact on the industry [5] M&A Impact on Growth - Mergers and acquisitions significantly influenced growth in the brokerage sector, with firms like Guolian Minsheng, Guotai Junan, and Guoxin Securities reporting year-on-year increases of 293.05%, 142.80%, and 109.30% in brokerage revenue, respectively [6][7] - The integration of acquired firms is progressing smoothly, with successful system transitions and customer migrations reported by Guolian Minsheng and Guotai Junan [7]