行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 券商并购重组再增一例，看好长期格局改善 丨证券研究报告丨 报告要点 [Table_Summary] 券商方面，本周中金公司发布公告拟以发行 A 股股票方式换股吸收合并东兴证券及信达证券， 券商并购重组再添一例，看好长期头部集中趋势；保险方面，三季报以来印证了存款搬家、增 配权益和新单成本改善逻辑，中长期 ROE 改善确定性进一步提升，估值有望加速修复，结合 中长期拐点向上的判断，我们认为整体配置性价比正逐步提高，板块重估进行时。 分析师及联系人 [Table_Author] SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 吴一凡 谢宇尘 盛晓双 请阅读最后评级说明和重要声明 %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title2] 券商并购重组再增一例，看好长期格局改善 [Table_Summary2] 核心观点 1）券商方面，本周中金公司发布公告拟以发行 A 股股票方式换股吸收合并东兴证券及信达证 券，券商并购重组再添一例 ...

每经记者｜王海慜 每经编辑｜赵云 11月19日晚间，中金公司（SH601995，前收盘价34.89元，市值1684.00亿元）发布公告称，公司拟换股 吸收合并信达证券（SH601059，前收盘价17.79元，市值 576.93 亿元）、东兴证券（SH601198，前收 盘价13.13元，市值424.42亿元）。 上述消息在市场舆论中激起千层浪。市场各方对A股券商板块预期高涨。 《每日经济新闻》记者注意到，随之而来的是，这场史无前例的"三合一"合并案例在券商行业引发大量 讨论。中信证券非银团队认为，这次"汇金系"3家券商合并，标志着国资体系通过并购重组"加快建设一 流投资银行"的战略路线图正在加速落地。 11月20日，A股券商板块成交额明显放量，但全天高开低走，收跌0.5%。 11月21日，A股市场单边大幅回调，市场逾5000股下跌，沪指跌2.45%失守3900点，创业板指跌4.02%， 科创50跌3.19%。证券板块同样跟随大盘受挫，证券ETF龙头（560090）大跌3.45%，收长阴线，弱 势"两连阴"，资金持续"高切低"涌入证券板块，证券ETF龙头（560090）近5日强势吸金超1亿元。 抛开短期行情，此 ...

一纸公告，激起千层浪。 11月19日，中金公司拟换股吸收合并东兴证券、信达证券的消息 甫一 公告，就引发行业热烈讨论。 手持数张券商牌照的中央汇金，再次开启内部资源整合。本次"三合一"重组，将推动中金公司多项业绩指标显 著提升，有助于加快建设国际一流投资银行。与此同时，通过吸纳东兴证券、信达证券的特色业务优势，有望 在合并后实现规模经济和协同效应。 券商分析师认为，此次整合具备充分示范意义，不仅将重塑前十大券商的竞争格局与发展基调，也让中大型券 商推进战略重组的可行性、必要性显著提升。未来在前20名券商中，争抢"3+10"入场券带来的整合预计愈演 愈烈。 汇金系券商版图重构，"大吃小"整合打响第一枪 在中国信达等三大AMC（资产管理公司）股权划转完成后，除中金公司、中国银河证券、申万宏源外，中央 汇金又一举成为信达证券、东兴证券、长城国瑞证券的实控人。此外，中央汇金还直接持有中信建投30.76% 股权，为第二大股东，并通过控股公司，与光大证券、中银证券、方正证券有千丝万缕的股权关系。 在证券行业新一轮并购重组潮中，汇金系券商将进一步整合，业内早有预期。但手握数家券商牌照的中央汇金 将如何排兵布阵，则众说纷纭。 ...

Core Viewpoint - The integration of Central Huijin-backed brokerages marks a significant step in the securities industry's consolidation, with China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities through a share exchange [1] Group 1: Mergers and Acquisitions - CICC, Dongxing Securities, and Xinda Securities have announced a suspension of trading to plan a major asset restructuring involving a share exchange for the merger [1] - The merger is expected to enhance the scale and comprehensive strength of large brokerages while allowing smaller firms to achieve rapid growth through external acquisitions [1] Group 2: Market Trends - The ongoing mergers and acquisitions are driving funds into securities ETFs, with the securities ETF (512880) seeing an increase of over 26 billion units this year, bringing its total size to over 61.7 billion yuan, leading its category [1] - The brokerage industry has experienced high growth in performance, with listed brokerages reporting a year-on-year increase in operating revenue and net profit attributable to shareholders of +43% and +63%, respectively, in Q3 2025 [1] Group 3: Future Outlook - The market outlook suggests a continued slow bull market, with brokerages being viewed as "bull market leaders" despite overall stagnation, indicating a potential for increased attention and portfolio allocation [1]

中资券商股全线下跌，截至发稿，东方证券（600958）(03958)跌4.28%，报6.94港元；招商证券 （600999）(06099)跌4.11%，报14.47港元；中信建投（601066）证券(06066)跌3.67%，报12.09港元；国 联民生（601456）(01456)跌3.08%，报5.35港元。 消息面上，美国联邦储备委员会19日公布的10月货币政策会议纪要显示，由于经济温和扩张、劳动力市 场逐步降温但未现急剧恶化，美联储官员对12月是否进一步降息出现明显分歧。中信期货指出，本周大 类资产核心驱动在于美国政府重启后的"预期抢跑"与流动性转宽预期强化共振。东海期货也表示，短期 美联储持续释放鹰派信号，打压全球风险偏好。 值得注意的是，中金公司（601995）、东兴证券、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。中航证券非银分析师薄晓旭认为，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 ...

值得注意的是，中金公司、东兴证券、信达证券同时发布停牌公告，宣布筹划由中金公司换股吸收合并 后两家券商。中航证券非银分析师薄晓旭认为，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。 消息面上，美国联邦储备委员会19日公布的10月货币政策会议纪要显示，由于经济温和扩张、劳动力市 场逐步降温但未现急剧恶化，美联储官员对12月是否进一步降息出现明显分歧。中信期货指出，本周大 类资产核心驱动在于美国政府重启后的"预期抢跑"与流动性转宽预期强化共振。东海期货也表示，短期 美联储持续释放鹰派信号，打压全球风险偏好。 智通财经APP获悉，中资券商股全线下跌，截至发稿，东方证券(03958)跌4.28%，报6.94港元；招商证 券(06099)跌4.11%，报14.47港元；中信建投证券(06066)跌3.67%，报12.09港元；国联民生(01456)跌 3.08%，报5.35港元。 ...

Core Viewpoint - The announcement of China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Cinda Securities through a share swap is expected to reshape the competitive landscape of the securities industry, enhancing the capital strength and profitability of the new entity [1] Group 1: Market Performance - Major indices opened high but retreated during the day, with the securities sector showing relative strength; as of 10:20, the broker ETF fund (515010) rose by 0.93%, while the financial technology ETF from Huaxia (516100) fell by 0.59% [1] Group 2: Merger Details - CICC announced on November 19 that it is planning to merge with Dongxing Securities and Cinda Securities through a share swap, with trading of CICC's A and H shares, as well as A shares of Dongxing and Cinda, suspended starting November 20 for up to 25 trading days [1] Group 3: Industry Analysis - According to Huatai Securities, the merger is expected to improve the ranking of total indicators for the new company; based on Q3 data, total assets and net assets would rank 4th in the industry, while net profit would rank 6th [1] - The restructuring is anticipated to accelerate the development of a first-class investment bank and further concentrate competition within the industry towards leading firms [1] - The merger reflects a trend in the securities industry towards consolidation among leading brokerages, similar to previous mergers involving Guotai Junan and Haitong Securities under Shanghai state-owned assets [1]

Core Viewpoint - The announcement of China International Capital Corporation (CICC) planning to merge with Dongxing Securities and Xinda Securities has sparked significant industry discussion, indicating a new phase of consolidation in the securities sector [1][8]. Group 1: Impact on CICC - The merger will significantly enhance CICC's performance metrics, pushing total assets beyond 1 trillion yuan, and improving its rankings in various financial metrics [1][4]. - Post-merger, CICC's industry ranking will rise from sixth to fourth in total assets, from ninth to fourth in net assets, from sixth to third in revenue, and from tenth to sixth in net profit attributable to shareholders [4]. - The merger is expected to improve CICC's capital adequacy and operational capacity, allowing for long-term growth and expansion of business space [4][5]. Group 2: Strategic Significance - The merger is seen as a strategic move to optimize resources within the Central Huijin-controlled securities firms, enhancing the competitive landscape among the top ten securities firms [2][3]. - Analysts suggest that this consolidation reflects a broader trend of mergers and acquisitions in the securities industry, driven by regulatory changes and the need for firms to strengthen their market positions [7][8]. - The "3+10" framework proposed by the China Securities Regulatory Commission aims to establish around ten leading institutions in the industry, with CICC's merger positioning it favorably in this competitive environment [7]. Group 3: Business and Regional Synergies - The merger will create synergies in business operations, with CICC benefiting from Dongxing's asset management strengths and Xinda's investment banking capabilities, enhancing its service offerings [5][6]. - The regional presence of Dongxing and Xinda in areas like Liaoning and Fujian will help CICC expand its market reach, complementing its existing operations concentrated in economically developed regions [6]. - The integration of fund management licenses between CICC, Xinda, and Dongxing is anticipated to streamline operations and enhance compliance with regulatory requirements [6].

"国家队"中央汇金公司旗下券商迎来深度整合。11月19日晚间，中金公司公告正筹划向东兴证券、信达证券 A股全体股东发行A股股票的方式换股吸收合并两家券商。 中金公司吸收两家券商后，总资产有望成为第4家破万亿元的券商，营收挤进行业前五，"投行贵族"有望进一 步补足经纪业务短板，改写头部券商竞争格局。 在新"国九条"明确培育一流投资银行的政策驱动下，三家汇金系券商内部的战略整合，预示着券商业并购浪 潮进一步提速。随着行业集中度加速提升，哪些券商将成为下一批重组主角，成为市场关注焦点。 新万亿券商将诞生，头部券商座次重排 从股东背景看，三家整合的券商实控人均为中央汇金公司。Wind数据显示，合并前中金公司各项财务指标已 位列行业前十。2025年前三季度，中金公司实现营收208亿元，归母净利润66亿元，行业排名（业绩数据为 在A股上市券商中排名，下同）分别为第6、第10；截至2025年9月末，该公司总资产为7649亿元，处于行业 第6位。 | 单位:亿元 | 总资产 | 总资产行 | 营业收入 | 营收行业 | 归母净 | 归母漫和 | | --- | --- | --- | --- | --- | --- | -- ...

中国资本市场高质量发展的关键一步，正通过头部券商的战略性重组迈出实质性步伐。11月19日，中国 国际金融股份有限公司（601995.SH；03908.HK）发布公告，宣布正筹划通过向A股换股股东发行股票 的方式，换股吸收合并东兴证券（601198）股份有限公司（601198.SH）与信达证券（601059）股份有 限公司（601059.SH）。三家公司A股股票自11月20日开市起停牌，预计停牌时间不超过25个交易日。 本次重组涉及一家A+H股上市公司同时吸收两家A股上市券商，流程复杂，尚需履行各自董事会、股东 大会审议程序，并取得中国证监会等监管机构批准后方可实施。 三家券商的实际控制人均为中央汇金投资有限责任公司。2025年5月，中国东方资产管理股份有限公司 与中国信达资产管理股份有限公司（01359.HK）所持东兴证券（601198.SH）、信达证券 汇金系整合迈出关键一步 本次重组标志着中央汇金对旗下券商牌照的整合进入实施阶段。截至目前，中央汇金直接或间接控股的 证券公司包括中金公司、中国银河（601881）（601881.SH）、申万宏源（000166.SZ；06806.HK）、 光大证券（60178 ...