Market Overview - The market opened high but closed lower, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down by 0.4%, 0.76%, and 1.12% respectively, indicating a continued money-losing effect across the market [3] - Over 3,800 stocks declined while more than 1,400 stocks rose, with total trading volume shrinking to 1.7 trillion [3] Fujian Local Stocks - Fujian local stocks experienced significant volatility, with HeFu China achieving a 15-day streak of 13 limit-ups, accumulating a rise of over 290% [6] - Other notable performers included Jomoo with 7 consecutive limit-ups, Aerospace Development with 5, and Rongji Software with 4 [6] - Conversely, Longzhou Co. hit the limit down, and several stocks like Zhongfu Tong and Hongxiang Co. fell over 10% [6] - The overall Fujian local stock index saw a slight decline of 0.27% despite an early drop of over 2% [6] Brokerage Firms - Three brokerages, Xinda Securities, Zhongjin Company, and Dongxing Securities, announced a restructuring plan involving a share swap merger [8] - Following the announcement, Dongxing Securities saw a significant intraday rise of over 4.6% [8] - Other brokerages and financial stocks opened higher but ultimately closed lower, with the brokerage sector down by 0.43% [11] Real Estate Sector - The real estate sector experienced a surge due to external media reports, with stocks like I Love My Home and 365 Network hitting limit-ups [12] - The real estate brokerage sector rose by 5.77%, while the broader real estate market saw a slight decline of 0.15% [13] - The market reaction was characterized by rapid price movements following the news, indicating a potential speculative environment [14] Specific Stocks and Trends - Guqi Down Material saw a small fluctuation in the morning but rallied in the afternoon, achieving a 2-day limit-up [16] - The stock's rise is attributed to the cold wave driving demand for down products, alongside other stocks like Jingneng Heat Power benefiting from heating supply concepts [16] - The recent increase in duck down prices has also contributed to market interest in Guqi Down Material, filling a gap for direct duck down concept stocks in the A-share market [19]

出品：新浪财经上市公司研究院 东兴证券和信达证券的网点资源与特殊资产处置能力则相对突出。截至2024年末，东兴证券、信达证券 分别设有92家、104家分支机构，分别以福建、辽宁为优势区域，三家营业部合计数量将位居行业第 三。同时，东兴证券与信达证券凭借两家资管股东在不良资产处置领域的专业能力，在风险化解与企业 纾困方面也有着独特优势。 整合后，中金公司的投行硬实力或与两家券商的渠道优势、特色业务实现互补。一方面，借助东兴证 券、信达证券在福建、辽宁等区域的渠道优势，中金可快速拓展区域市场，将自身的优质金融服务与产 品推向更广泛的客户群体。另一方面，而两家券商在破产重整、债务重组等领域的专业能力，将助力中 金深化产业投行业务，拓展新型业务增量空间。 从股权结构来看，三家券商同属"汇金系"。 中央汇金投资有限责任公司（下称"中央汇金"）直接持有 中金公司40.11%股权，为其第一大股东。与此同时，中央汇金通过控股中国信达资产管理股份有限公 司、中国东方资产管理股份有限公司，间接控制信达证券78.67%股权与东兴证券45.00%股权。 以2025年前三季度财务数据为基准，三家券商合并后的财务实力将发生质的飞跃。截至 ...

Core Viewpoint - The announcement of a major asset restructuring involving China International Capital Corporation (CICC), Dongxing Securities, and Cinda Securities aims to enhance the capabilities and resources of the combined entities, supporting the development of a first-class investment bank and contributing to the high-quality growth of the securities industry [1][2]. Group 1: Restructuring Details - CICC plans to absorb Dongxing Securities and Cinda Securities through a share exchange, issuing A-shares to all shareholders of both companies [1]. - The restructuring is expected to create economies of scale and synergies, improving service quality to national strategies and the real economy, while also enhancing shareholder returns [1]. Group 2: Financial Metrics - As of September 2025, CICC's net capital is projected to be 46 billion RMB, while Dongxing Securities and Cinda Securities have substantial capital primarily from retail brokerage and proprietary trading [1]. - The combined market capitalization of Dongxing Securities and Cinda Securities exceeds 100 billion RMB based on the closing prices [1]. Group 3: Operational Footprint - By the end of 2024, Dongxing Securities operates 92 branches, and Cinda Securities has 104 branches, focusing on the Fujian and Liaoning regions respectively [1]. - Post-merger, the total number of branches among the three firms will rank third in the industry [1]. Group 4: Strategic Implications - The merger is anticipated to enhance CICC's capital strength and consolidate client resources, further solidifying its leading position in the competitive securities industry [2]. - The combination of scale effects and business synergies is expected to drive multiple growth dynamics in revenue and profitability, while improving the ability to serve national strategies [2].

作为深市唯一百亿规模的证券ETF（159841），其密切跟踪中证全指证券公司指数，一键囊括49只上市 券商股，6成仓位集中于十大龙头券商，4成仓位兼顾中小券商，是布局券商股的高效率投资工具，对应 场外联接基金（A：008590，C：008591）。 证券业又一重大重组，三大券商官宣：合并！11月19日晚，中金公司公告称，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。为保证公平信息披露，维护投资者 利益，避免造成公司股价异常波动，公司A股股票将于2025年11月20日开市时起停牌，预计停牌时间不 超过25个交易日。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。 今年以来A股主要指数年内均实现显著上涨，上证指数、深证成指和创业板指涨幅分别达到17.75%、 25.59%和43.67%。 相比之下，代表券商板块整体表现的中证全指证券公司指数同期涨幅仅为3.26%，明 显落后于大盘走势。 国泰海通证券指出，今年以来，机构因固收资产收益率下行从而系统性增配权益资产，中长期资金入市 带来的财富效应，将接续带动居民资金入场，叠加三季报业绩普遍高增，后续业绩有 ...

Core Viewpoint - The major asset restructuring among China International Capital Corporation (CICC), Dongxing Securities, and Xinda Securities aims to create a leading investment bank, aligning with national financial reforms and the high-quality development of the securities industry [1][3]. Group 1: Restructuring Details - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Xinda Securities as part of the share swap merger [1]. - The restructuring is expected to enhance resource integration and optimize the layout of the institutions, focusing on serving national strategies and the real economy [3][4]. Group 2: Company Performance - 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% year-on-year for the first three quarters of 2023 [4]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.6 billion yuan, reflecting a 70% year-on-year growth for the same period [4]. - Xinda Securities generated total revenue of 3.02 billion yuan and a net profit of 1.35 billion yuan, with a year-on-year increase of 28% and 53%, respectively [4]. Group 3: Strategic Implications - The merger will create a stronger capital base, enhanced professional capabilities, and a more robust risk control system, contributing to a comprehensive financial service platform [3][4]. - The combined entity will rank third in the industry in terms of the number of branches, with CICC's strengths complementing the retail brokerage and self-operated business of Dongxing and Xinda Securities [5].

Core Viewpoint - CICC is planning a significant asset restructuring involving a merger with Dongxing Securities and Cinda Securities, aiming to enhance its position as a leading investment bank and support the development of the financial market [1][2]. Group 1: Restructuring Announcement - CICC announced a suspension of trading on November 20, 2025, due to the major asset restructuring plan [2]. - The restructuring involves CICC issuing A-shares to all shareholders of Dongxing Securities and Cinda Securities in a stock swap merger [1][2]. Group 2: Strategic Goals - The merger is expected to accelerate the establishment of a first-class investment bank and contribute to the high-quality development of the securities industry [2]. - CICC aims to achieve economies of scale and synergies through the integration of resources and capabilities from the three firms, enhancing service quality and shareholder returns [2]. Group 3: Company Profiles - Dongxing Securities, established in May 2008, offers a comprehensive financial service system covering wealth management, investment trading, investment banking, asset management, and futures [2][4]. - Cinda Securities, founded in September 2007, excels in special asset investment banking, has made significant progress in wealth management transformation, and emphasizes financial technology investment [2][4]. Group 4: Financial Performance - As of the end of September 2025, CICC reported a revenue of 20.76 billion with a year-on-year growth of approximately 54%, and a net profit of 6.57 billion, up 130% [3]. - Dongxing Securities achieved a revenue of 3.61 billion and a net profit of 1.6 billion, reflecting a 70% year-on-year increase [3][4]. - Cinda Securities reported total revenue of 3.02 billion and a net profit of 1.35 billion, with a year-on-year growth of 28% and 53% respectively [4].

券业"航母"来了。 中金公司（601995）11月19日晚间公告，公司与东兴证券（601198）、信达证券（601059）正在筹划由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（简称"本次重 组"）。鉴于上述事项存在重大不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据上海证券交 易所的相关规定，经公司申请， 公司A股股票（证券简称：中金公司，证券代码：601995）将于2025年11月20 日（星期四）开市 时起开始停牌。本次重组涉及到A+H股两地上市公司同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证 券交易所的相关规定，预计停牌时间不超过25个交易日。 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 停牌终止日 复牌日 | | --- | | 601995 中金公司 A 股 停牌 2025/11/20 | 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。本次重组及正式交易文件尚需三 方提交三方各自董事会、股东会审议，并经有权监管 ...

本报记者 周尚伃 并购重组现已成为证券行业高效整合资源、推动战略转型的重要途径之一。刚刚，证券行业再现重磅并 购，中金公司（601995）、东兴证券（601198）、信达证券（601059）宣布重大资产重组。 三家券商A股股票将于2025年11月20日（星期四）开市时起停牌。本次重组涉及到A+H股两地上市公司 同时吸收合并两家A股上市公司，涉及事项较多、流程较为复杂，根据上海证券交易所的相关规定，预 计停牌时间不超过25个交易日。 据悉，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。 从驱动背景来看，本次中金公司、东兴证券、信达证券的整合，是践行中央金融工作会议精神、将功能 性置于首位的战略性举措。通过有效整合资源、优化布局，推动机构更聚焦于服务国家战略与实体经济 的主责主业。同时，也有利于构建资本实力更强、专业能力更完备、风控体系更稳健的综合金融服务平 台，从而全面提升服务质效，强化风险防范能力，为实现中国式现代化和金融强国建设提供坚实支撑。 ...

公告称，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发展。 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：中金公司吸收合并东兴证券、信达证券，20日起股票停牌 | 证券代码 证券简称 停复牌类型 停牌起始日 停牌期间 | | --- | | 601995 中金公司 A 股 停牌 2025/11/20 | 11月19日晚间，中金公司公告，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。为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股 股票将于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易日。 MACD金叉信号形成，这些股涨势不错！ ...

登录新浪财经APP 搜索【信披】查看更多考评等级 中金公司11月19日公告，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。为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，公司A股股票将 于2025年11月20日开市时起停牌，预计停牌时间不超过25个交易日。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发展。 ...