2025.11. 20 本文字数：3105，阅读时长大约5分钟 作者 | 第一财经 周楠 进 入 年 尾 ， 券 商 并 购 重 组 再 下 一 城 ， 中 金 公 司 （ 601995.SH ， 03908.HK ） 吸 并 信 达 证 券 （601059.SH）、东兴证券（601198.SH）的"1+2"重整提上日程。 中金公司19日晚间称，公司正在筹划重大资产重组，拟换股吸收合并东兴证券、信达证券，三方已 于当日签署相关协议。同时，3家公司的股票均自20日起停牌，预计停牌时间不超过25个交易日。 这并非中金公司首次进行重组，早在2017年该公司就收购了中投证券，后者改名为中金财富证券。 而近两年，在券商并购动作频频的背景下，中金公司一度与银河证券传出合并传闻，两方曾就此发布 澄清公告。 从股东背景看，此次整合的3家公司均是"汇金系"券商。截至9月底，中央汇金持有中金公司19.36亿 股，持股比例40.11%，为控股股东；中央汇金通过中国信达、东方资产间接持有信达证券、东兴证 券股份，持股比例分别为78.67%和45%。 对于三者的整合，有投行人士告诉记者："本质上是为解决牌照过多、管理复杂的问题。与中金 ...

中金公司11月19日深夜公告称，将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。与此前国泰海通强强联合掀起市场 热潮不同，11月20日，证券板块走势平平，证券ETF指数基金(516200)开盘仅涨超1%，此后涨幅更是迅 速收窄至1%以内。 风险提示:基金管理公司不保证本基金一定盈利,也不保证最低收益。基金的过往业绩并不预示其未来表 现,基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。基金有风险,投资须谨慎。投资者 在投资金融产品或金融服务过程中应当注意核对自己的风险识别和风险承受能力,选择与自己风险识别 能力和风险承受能力相匹配的金融产品或金融服务，并独立承担投资风险。基金产品详情请认真阅读相 关的基金合同、招募说明书等基金法律文件。市场观点仅代表当时观点,今后可能发生变化,仅供参考,不 构成投资建议或保证,亦不作为任何法律文件。 中金公司在投行、机构、高净值财富管理、国际业务方面优势明显，而东兴与信达则分别长于AMC及 并购重组大资管业务。此外，三家机构在营业部网点布局方面也各有侧重，中金集中于经济发达地区， 而信达与东兴 ...

Core Viewpoint - Guojin Securities has shown impressive performance in Q3 2025, with a nearly doubled net profit year-on-year, despite not being favored by investors, leading to a lower valuation compared to peers [2][3][20]. Financial Performance - In the first three quarters of 2025, Guojin Securities achieved operating revenue of 6.152 billion yuan, a year-on-year increase of 43.36%, and a net profit attributable to shareholders of 1.7 billion yuan, up 90.27%, both reaching historical highs [3][20]. - The significant growth in revenue and profit is attributed to a surge in brokerage business and investment income [4][20]. Brokerage and Investment Income - Brokerage income for the first three quarters of 2025 was 2.073 billion yuan, a more than 78% increase from 1.162 billion yuan in the same period of 2024 [4][7]. - Investment income reached 1.691 billion yuan, up over 80 million yuan from 890 million yuan in the previous year [7][20]. Market Context - The increase in brokerage income is closely linked to a substantial rise in A-share trading volume, which reached 137.6 trillion yuan in Q3 2025, marking a 217.05% year-on-year increase [7][20]. - The overall performance of A-shares has been strong, with the Shanghai Composite Index rising nearly 16% and the ChiNext Index increasing over 50% during the same period [9][20]. Asset Management - As of September 30, 2025, Guojin Securities held trading financial assets totaling 37.95 billion yuan, primarily in bonds [7][8]. - The company has been reducing its trading financial asset holdings, decreasing by nearly 3.7 billion yuan from the previous quarter [9][20]. Shareholder Dynamics - Following the death of former controlling shareholder Wei Dong, Guojin Securities has seen changes in its ownership structure, with Chengdu state-owned assets becoming the second-largest shareholder [2][13]. - The entry of Chengdu state-owned assets has led to increased support in business operations, particularly in bond underwriting [13][20]. Debt and Leverage - Guojin Securities has increased its leverage, with total liabilities rising from 63.87 billion yuan to 110.9 billion yuan over five years, reflecting a strategy to enhance investment income [14][20]. - The company’s interest income and investment income have also seen growth, with interest income rising from 1.186 billion yuan in 2021 to 1.292 billion yuan in 2024 [14][20]. Market Performance and Valuation - Despite strong financial results, Guojin Securities' stock price has lagged behind industry peers, with a 70% decline from its peak in 2015 [18][20]. - As of November 12, 2025, the stock price was 9.62 yuan per share, with a price-to-book ratio of 1.02, ranking 51st among 55 brokerage firms [20][21]. - The company has conducted multiple share buybacks totaling approximately 360 million yuan since 2023, but these efforts have not significantly boosted the stock price [20][21].

Core Viewpoint - Guosheng Financial Holdings has officially changed its name to Guosheng Securities Co., Ltd. after completing the necessary registration and documentation processes [1][7]. Group 1: Name Change and Registration - The name change from "Guosheng Financial Holdings Group Co., Ltd." to "Guosheng Securities Co., Ltd." was announced on October 26 [1]. - The company completed the change of name, registered address, and business scope on October 24, obtaining a new business license from the Nanchang Market Supervision Administration [1][7]. Group 2: Merger Background - The name change is part of a merger process that began in January 2024, when Guosheng Financial Holdings decided to absorb its wholly-owned subsidiary, Guosheng Securities [7]. - The China Securities Regulatory Commission (CSRC) accepted the merger application in December 2024, and the merger was officially approved on February 19, 2025 [7]. Group 3: Strategic Reasons for the Merger - The merger aims to help the company focus on its core securities business, enhance brand effect, and improve management efficiency by reducing decision-making processes [8]. - Guosheng Securities is positioned as the only fully licensed securities firm in Jiangxi Province, which is expected to strengthen its market presence [8]. Group 4: Internal Management and Operations - Following the merger, Guosheng Securities will continue to use the existing business and compliance management systems from the original Guosheng Securities [10]. - The company will adapt its internal management regulations based on operational needs and will ensure compliance with legal disclosure obligations [10]. Group 5: Market Position and Financial Performance - The merger is noted to be simpler than traditional brokerage mergers, as it does not involve equity changes, making the registration process straightforward [11]. - Guosheng Financial Holdings reported a revenue of 1.856 billion yuan for the first three quarters of the year, a year-on-year increase of 46.84%, and a net profit of 242 million yuan, up 191.21% year-on-year, primarily driven by increased brokerage income [11].

Core Insights - The 2025 Fortune China 500 list highlights significant changes in the Chinese securities industry, with notable performances from major firms like Guotai Haitong Securities, Huatai Securities, and China Galaxy Securities [1][2]. Group 1: Company Rankings and Performance - Guotai Haitong Securities achieved a revenue of $8.5831 billion, ranking 276th overall and first among securities firms, marking a substantial rise from the previous year's combined revenue of Guotai Junan and Haitong Securities [1][3]. - Huatai Securities reported a revenue of $7.5447 billion, ranking 304th overall, with a remarkable increase of 93 places from the previous year [1][2]. - China Galaxy Securities generated $6.4984 billion in revenue, ranking 326th overall, improving by 19 positions compared to last year [1][3]. - GF Securities followed closely with a revenue of $5.1904 billion, ranking 373rd overall, an increase of 63 places from the previous year [1][2]. Group 2: New Entrants and Market Dynamics - New entrants to the securities sector include CITIC Securities and Dongfang Securities, with revenues of $4.4775 billion and $3.8475 billion, ranking 421st and 472nd respectively [2][3]. - The merger of Guotai Junan and Haitong Securities is noted as a significant event in the industry, potentially paving the way for future consolidations and competitive advantages in the international market [1][2]. Group 3: Historical Context and Comparisons - The previous year's rankings showed Guotai Junan at 356th with $6.1455 billion and Haitong Securities at 428th with $4.6644 billion, indicating a substantial leap in rankings due to the merger [4][5]. - CICC (China International Capital Corporation) experienced a decline, ranking 412th with a revenue of $4.610 billion, a drop of 7 places amidst a generally upward trend for its peers [4][5].

Core Insights - The "Top Leaders in Listed Securities Firms" ranking by Sina Finance recognizes outstanding contributions and influence of leaders in the securities industry, with Li Junjie of Guotai Haitong ranking 4th among comprehensive securities firms [1] Group 1: Company Performance - Guotai Haitong demonstrated strong growth during the evaluation period, with revenue and net profit growth rates of 20.1% and 38.9%, respectively, ranking first among eight comprehensive listed securities firms [6] - The growth in 2024 is primarily driven by brokerage and proprietary trading businesses, with revenues increasing by 15.5% and 61.8% respectively [6] - The average monthly active users of the Junhong APP reached 8.8471 million, a year-on-year increase of 11.1%, while the assets under management for the "Junxiang Investment" advisory service grew by 107.5% to 26.416 billion yuan [6] Group 2: Mergers and Acquisitions - Under Li Junjie's leadership, Guotai Junan successfully merged with Haitong Securities, marking the largest merger of listed securities firms in China's capital market history [8][9] - The merger was completed in just 191 days and resulted in total assets of 1.73 trillion yuan and net assets of 328.3 billion yuan, positioning the company as the industry leader in capital strength [9] - The combined entity boasts nearly 40 million retail clients and a monthly active user count of 15.1 million, both leading the industry [9] Group 3: Business Development - The investment banking segment faced challenges with a 20.76% decline in net income, yet market share increased, with a 16.9% rise in underwriting volume to 996.714 billion yuan [7] - The asset management business showed steady growth, with the management scale of Huashan Fund reaching 772.405 billion yuan, a 14.4% increase [7]

Core Viewpoint - The financial sector experienced a significant surge in response to merger rumors, with various ETFs and securities showing notable gains, indicating a positive market sentiment towards potential consolidation in the industry [1][4][5]. ETF Performance - The Hong Kong Securities ETF rose by 3.11%, while other financial ETFs also saw increases, with the Securities ETF Leader up by 2.19% and the Insurance Securities ETF up by 2.18% [2]. - The top-performing ETFs included the Hong Kong Securities ETF, which has a year-to-date increase of 14.24%, and the Port Hong Kong Financial ETF, which has increased by 18.70% this year [2]. Market Catalysts - Multiple catalysts are driving the sector's performance, including a policy from the Central Committee and State Council that allows companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, potentially boosting IPO activities and improving brokerage revenues [4]. - Recent approvals from the China Securities Regulatory Commission (CSRC) for several brokerages to change their actual controllers to Central Huijin have reignited market expectations for mergers and acquisitions among brokerages [4][6]. Regulatory Support - The Central Financial Work Conference emphasized the need to accelerate the construction of a strong financial sector and encouraged mergers and acquisitions to enhance the competitiveness of investment banks [6]. - The CSRC's support for mergers among brokerages under the same controlling entity is expected to lead to increased consolidation activity in the sector [6][7]. Share Buybacks - There has been a rise in "cancellation-style" share buybacks among brokerages, with six firms having repurchased a total of 129 million shares worth 1.31 billion yuan this year, reflecting management confidence in their companies' value [7]. ETF Size and Fees - The A-share financial-themed ETFs tracking various indices have seen significant growth, with the largest being the Guotai Junan Securities ETF and the Huabao Securities ETF, with sizes of 29.847 billion yuan and 22.983 billion yuan, respectively [8]. - The E Fund Hong Kong Securities ETF has also experienced rapid growth, reaching a size of 7.897 billion yuan, with competitive management and custody fees of 0.15% and 0.05% [9][10].

Core Viewpoint - The financial sector experienced a significant rally, particularly in brokerage stocks, driven by the approval of the Central Huijin's expansion, which has reignited expectations for mergers and acquisitions in the brokerage industry [1][3][5]. Group 1: Brokerage Stocks Performance - Xinda Securities surged by 49.81%, reaching a price of 16.01, while other brokerage stocks like Dongxing Securities and China Galaxy also saw notable increases of 4.52% and 2.47%, respectively [2][3]. - The futures sector showed even more enthusiasm, with stocks like Yong'an Futures and Ruida Futures hitting their daily limit up, indicating strong market sentiment [3]. Group 2: Central Huijin's Influence - The approval from the China Securities Regulatory Commission (CSRC) for the change of control of several brokerages to Central Huijin marks a significant shift in the industry, with eight brokerages and six fund companies now under its control [5][6]. - Central Huijin's total assets have reached approximately 3.2 trillion yuan, creating a powerful brokerage empire that could reshape the industry landscape [6][7]. Group 3: Market Expectations and Trends - The market's enthusiasm reflects a broader expectation of industry consolidation, with potential mergers among brokerages under the same ownership structure being a key focus [7][8]. - Recent personnel changes between major brokerages, such as the leadership swaps between China Galaxy and CICC, have fueled speculation about possible mergers, despite official denials [8][9]. Group 4: Broader Industry Implications - The restructuring aligns with the government's strategic goals to enhance the efficiency of state-owned financial capital management, indicating a shift towards a more centralized operational model [8][9]. - The ongoing merger activities in the sector, including the approved mergers of Guotai Junan and Haitong Securities, highlight a trend towards consolidation that is expected to continue [9].

Group 1: Company Restructuring - Guotai Haitong has announced the cancellation of 33 former Haitong Securities branches, completing the renaming process and obtaining new business licenses [1][2] - The integration of Guotai Junan and Haitong Securities is nearing completion, with a focus on cultural integration and operational efficiency [2][4] - The total number of employees at Guotai Haitong is now 18,779, making it the largest in the industry, while the combined employee count of Guotai Junan and Haitong Securities was reduced by approximately 600 [2][4] Group 2: Financial Performance and Dividends - For the 2024 fiscal year, Guotai Haitong plans to distribute a total dividend of 6.258 billion yuan, with a payout ratio of 48.05% [6][7] - The company has initiated a share repurchase plan with a budget of up to 2 billion yuan, aimed at enhancing shareholder value and stabilizing stock prices [7][9] - As of April 30, 2025, Guotai Haitong has repurchased 16.92 million shares, representing 0.096% of its total share capital, with a total expenditure of 284 million yuan [8][9] Group 3: Market Position and Strategy - Guotai Haitong is positioned as a leading player in the brokerage industry, with a focus on integrating operations and enhancing service offerings post-merger [2][5] - The company has successfully issued technology innovation bonds and led the underwriting of several significant listings, showcasing its commitment to innovation and market leadership [5][6] - The ongoing share repurchase activities are expected to provide stability to the A-share brokerage sector, reinforcing investor confidence [9]

Investment Rating - The report maintains a "Buy" rating for Guotai Junan Securities [4] Core Views - Guotai Junan reported a strong performance in Q1 2025, with revenue of 11.77 billion yuan, a year-on-year increase of 47.5%, and a net profit of 12.24 billion yuan, up 391.8% year-on-year [4] - The company is positioned to become a leading international investment bank, driven by the merger with Haitong Securities and the resulting business scale advantages [4][6] - The report anticipates a long-term improvement in ROE due to resource synergies from the merger, despite a short-term decrease in operating leverage [6] Financial Data and Earnings Forecast - For 2025, the expected revenue is 48.48 billion yuan, with a year-on-year growth rate of 11.70% [5] - The forecasted net profit for 2025 is 21.28 billion yuan, representing a year-on-year increase of 63% [5] - The report projects a decrease in net profit for 2026 to 17.81 billion yuan, followed by a recovery to 22.95 billion yuan in 2027 [5][7] Business Performance - All business lines showed year-on-year growth in Q1 2025, with brokerage revenue increasing by 77% and investment banking revenue by 10% [6] - Guotai Junan's market share in IPO underwriting reached 15.4%, significantly higher than its closest competitor [6] - The company achieved a significant increase in client funds in its brokerage business, with a year-on-year growth of 71% in average daily trading volume [6]