Investment Rating - The industry investment rating is "Recommended" [1] Core Views - The merger of CICC, Dongxing Securities, and Xinda Securities is expected to enhance competitive advantages through regional expansion, customer resource integration, and business diversification [2] - The transaction involves a share swap where CICC will issue approximately 3.096 billion A-shares to the shareholders of Dongxing and Xinda, with a total transaction value of about 114.3 billion yuan, reflecting a 14% premium over the market value prior to the suspension [3][4] - Post-merger, CICC's total assets, revenue, and net profit are projected to reach 1,009.6 billion yuan, 27.4 billion yuan, and 9.5 billion yuan respectively, improving its rankings in the industry [7] Summary by Sections Transaction Overview - The merger involves the integration of Dongxing Securities and Xinda Securities into CICC, leveraging their regional strengths and customer bases [2] - The share swap ratio is set at 1:0.4373 for Dongxing and 1:0.5188 for Xinda, with the total transaction amounting to approximately 114.3 billion yuan [4] Financial Metrics - The swap prices are determined based on the average stock prices over the 20 trading days prior to the pricing date, with CICC's net asset value at 115.5 billion yuan, Dongxing at 29.6 billion yuan, and Xinda at 26.4 billion yuan [3] - The overall transaction price-to-book ratio is 2.29 times, indicating a favorable valuation for the merger [4] Shareholder Structure Changes - After the merger, Central Huijin will hold approximately 1.936 billion shares of CICC, representing 24.44% of the total shares, maintaining its status as the controlling shareholder [5] - The shareholding structure will see significant changes, with the public shareholders' proportion increasing post-merger [6] Strategic Advantages - The merger will expand CICC's network from 245 to 436 branches and increase retail clients from 9.72 million to 14 million, enhancing its market presence [7] - CICC aims to utilize the strengths of the acquired companies in asset management and investment opportunities, particularly in non-performing assets and innovative financial products [7] Market Outlook - The consolidation in the securities industry is expected to stimulate investor interest, with the overall industry price-to-book ratio currently at 1.38 times, indicating potential for strategic investment opportunities [9]

Group 1 - The core event is the proposed stock swap merger of China International Capital Corporation (CICC) with Dongxing Securities and Xinda Securities, with CICC as the surviving entity and no additional fundraising involved [1][2] - The merger is expected to significantly enhance CICC's comprehensive strength, with net asset scale projected to increase from 115.5 billion yuan to 171.5 billion yuan, an increase of approximately 56 billion yuan [2] - The merger will complement CICC's capabilities in fixed income, foreign exchange, and brokerage services, potentially increasing the asset scale available for these businesses to between 111.9 billion yuan and 167.9 billion yuan [2] Group 2 - The merger is anticipated to reshape the competitive landscape of the industry, creating a brokerage firm that ranks among the top in asset scale, net capital, and business coverage [3] - The combined strengths of Dongxing Securities and Xinda Securities in network, client base, and capital resources will enhance CICC's investment banking, professional investment, cross-border trading services, and wealth management capabilities [3] - This merger marks a significant step towards establishing a world-class investment bank in China that can compete with international leaders like Goldman Sachs and Morgan Stanley [3]

12月17日晚，中金公司披露换股吸收合并东兴证券、信达证券预案，股票自12月18日开市起复牌。看好 协同效应，综合实力向国际一流投行迈进。本次交易是汇金系同一股东下的券商牌照整合，直接提升中 金公司净资产560亿，券商大额再融资受限下，仅能通过并购重组补充，本次并购估值相对较高但机会 难得。 收购整体资产价格为2.29倍PB，较现价溢价14% 中金公司、东兴证券、信达证券的A股换股价格为36.91、16.14、19.15元/股。其中，中金公司和信达证 券是按照定价基准日前20个交易日的A股股票交易均价(无溢价)经除权除息调整后确定，东兴证券是按 照定价基准日前20个交易日交易均价的基础上给予26%溢价来确定的。 东兴证券与中金公司的换股比例为1:0.4373，即每1股东兴证券A股股票可以换得0.4373股中金公司A股 股票;信达证券与中金公司的换股比例为1:0.5188，即每1股信达证券A股股票可以换得0.5188股中金公司 A股股票。 换股价对应中金公司A股、信达证券、东兴证券PB为1.83、3.05、1.76倍(现价PB为1.73、2.85、1.45 倍)。收购信达证券和东兴证券整体价格为2.29倍PB， ...

换股价对应中金公司A股、信达证券、东兴证券PB为1.83、3.05、1.76倍(现价PB为1.73、2.85、1.45 倍)。收购信达证券和东兴证券整体价格为2.29倍PB，收购资产交易对价较停牌前1个交易日溢价14%。 看好资本金、财富管理和投行业务的协同效应 智通财经APP获悉，开源证券发布研报称，维持中金公司(03908)"买入"评级，中金公司拥有整合中投证 券经验，该行看好公司整合信达证券、东兴证券的效率，随着客户资源、资本金实力得到显著补强，国 际品牌影响力有望持续提升。往后看，市场改善驱动公司投行、衍生品等核心业务复苏，港股IPO高景 气以及美联储降息利好海外业务高增，叠加并购协同效应释放，公司净利润有望持续高增。 开源证券主要观点如下： 近期事件 12月17日晚，中金公司披露换股吸收合并东兴证券、信达证券预案，股票自12月18日开市起复牌。看好 协同效应，综合实力向国际一流投行迈进。本次交易是汇金系同一股东下的券商牌照整合，直接提升中 金公司净资产560亿，券商大额再融资受限下，仅能通过并购重组补充，本次并购估值相对较高但机会 难得。 收购整体资产价格为2.29倍PB，较现价溢价14% 中金公司 ...

中经记者 郭婧婷 北京报道 近日，证监会核准中央汇金投资有限责任公司（以下简称"中央汇金"）成为三大AMC公司（中国信 达、东方资产、长城资产）旗下8家金融机构的实控人。此次中央汇金对8家AMC系金融机构的控股， 是继2月14日其从财政部手中接管三大AMC控股权后的业务整合延续。划转结束后，中央汇金直接或间 接控股的金融机构将超20家。 市场人士认为，此次8家机构中，长城、东兴和信达3家期货公司的加入，使得中央汇金金融版图的全牌 照布局得以完善。专业人士认为，资源整合后，中央汇金有望形成"全链条"优势。 有券商作出研判：在加快推进建设一流投资银行的背景下，中央汇金旗下券商进一步增多，券商牌照整 合预期升温，行业供给侧改革或将进一步加速。 中央汇金全牌照布局 此次新增8 家归于中央汇金实控的金融机构包括：长城国瑞证券有限公司、东兴证券股份有限公司、信 达证券股份有限公司、东兴基金管理有限公司、信达澳亚基金管理有限公司、长城期货股份有限公司 （以下简称"长城期货"）、东兴期货有限责任公司（以下简称"东兴期货"）和信达期货有限公司（以下 简称"信达期货"）。 值得一提的是，长城期货、东兴期货和信达期货3家期货公司的 ...

Core Viewpoint - The approval of Central Huijin Investment Co., Ltd. as the actual controller of eight financial companies, including securities and fund firms, is expected to lead to resource integration and has positively impacted the stock performance of these companies, particularly within the brokerage sector [1][2][3]. Group 1: Central Huijin's Control and Market Reaction - Central Huijin will hold seven brokerage licenses after the recent changes, which is seen as a significant development in the market [2][3]. - Following the announcement, brokerage stocks, especially those under Central Huijin, experienced strong gains, indicating investor optimism [1][3]. - The market is particularly interested in how Central Huijin will integrate the resources of the newly acquired brokerages [1][3]. Group 2: Historical Context and Future Expectations - The recent changes are not entirely unexpected, as there have been prior announcements regarding the transfer of shares from major asset management companies to Central Huijin [2]. - The integration of Central Huijin's holdings is anticipated to enhance the operational capabilities of the brokerages, aligning with regulatory support for the industry [4][6]. - The brokerage sector is expected to benefit from ongoing high trading volumes and potential mergers and acquisitions, which could serve as catalysts for stock price increases [4][6]. Group 3: Valuation and Buyback Trends - The brokerage sector is currently experiencing low valuation levels, with an average price-to-book ratio of 1.2, which may attract investors [6][7]. - A total of six brokerages have initiated share buybacks this year, reflecting a commitment to enhancing shareholder value and boosting market confidence [6][7]. - The trend of "cancellation buybacks" is being adopted by brokerages to improve earnings per share and return on equity, signaling a focus on long-term value [6][7].