此次重组主导方中金公司，作为"三中一华"里的一员，其资产规模、盈利能力、主业表现均处于行业领 先地位。在中金的三十载发展历程中，公司也曾出手收购，于2017年收购中投证券，后者如今已更名为 中金财富证券。 重大资产重组官宣近一个月后，中金公司吸收合并东兴证券、信达证券加速推进，相关交易预案正式出 炉。 据中金公司12月17日晚间披露，中金公司拟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。交易后，中金公司将承 继及承接东兴证券、信达证券的全部资产、负债、业务、人员、合同、资质及其他一切权利与义务，东 兴证券、信达证券将注销法人资格。 另据公告，合并之后的新券商将保留"中金"品牌。同时，3家公司股票将自12月18日起复牌。 早前的11月下旬，中金公司曾披露，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，三方已签署相关协议。 时隔8年，中金再度出手收购，这起发生在年尾的证券业重大合并，自披露之日起便备受关注。从时机 来看，当前正值证券业并购重组活跃期，而不同于此前的"1+1"收购，中金则欲将2家上市券商收入囊 中，形成" ...

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Insights - Recent regulatory policies have been introduced to encourage differentiated competition among brokerages and to enhance the long-term incentive mechanisms for public funds, which will help to accelerate the inflow of medium to long-term capital into the market [2] - The adjustment of risk factor coefficients for insurance companies will facilitate the allocation of more funds to equity markets, thereby enhancing the effectiveness of insurance capital in serving the real economy [2] - New performance regulations for public funds have been established to strengthen the incentive and constraint mechanisms, including increased investment by fund managers in their own funds and a focus on long-term performance [3] - The regulatory body has proposed to moderately relax the leverage limits for brokerages, which is expected to improve capital efficiency and enhance the competitiveness of leading brokerages [4] - Investment recommendations include focusing on leading brokerages such as CITIC Securities, Huatai Securities, and GF Securities, as well as companies with strong performance growth and channel advantages like China Life and China Ping An [4] Summary by Sections - **Regulatory Policies**: Multiple favorable policies have been released to support the market's positive trend, including adjustments to risk factors for insurance companies and new performance regulations for fund management [2][3] - **Brokerage Leverage**: The proposal to relax leverage limits for quality brokerages aims to enhance capital utilization and improve return on equity (ROE) [4] - **Investment Recommendations**: Investors are advised to pay attention to top brokerages and companies with strong fundamentals and high dividends [4]

Core Viewpoint - The major restructuring event involving CICC, Dongxing Securities, and Xinda Securities has commenced, with significant implications for the companies involved and the industry as a whole [1]. Financial Metrics - CICC's net capital stands at 46 billion yuan, while Dongxing and Xinda focus on retail brokerage and proprietary trading, indicating ample capital [2]. - CICC's total assets increased by 32%, moving its industry ranking from 6th to 4th [2]. - CICC's net assets grew by 48%, elevating its ranking from 9th to 4th [2]. - CICC's operating revenue rose by 32%, advancing its position from 6th to 3rd in the industry [2]. - CICC's net profit surged by 45%, improving its ranking from 10th to 6th [2]. - The total number of employees at CICC increased by 37%, and the number of branches grew by 73%, indicating significant expansion [2]. Market Position and Client Base - CICC is expected to add 5 million traditional brokerage clients, potentially bringing the total client base to 15 million, enhancing its wealth management capabilities [3]. - The integration of resources within the Huijin system is anticipated to optimize internal resources and gradually release synergistic value [3]. Business Integration and Asset Management - The integration of relevant fund licenses is expected to enhance the scale effect of asset management business [3]. - The merger is seen as a step towards creating a first-class investment bank, supporting financial market reforms and high-quality development in the securities industry [6]. Regional Expansion - CICC's coverage density in key regions, particularly in Liaoning and Fujian, has improved, enhancing its competitive position in these markets [3][12]. Shareholding and Profit Contribution - The original shareholders of Xinda and Dongxing will see adjustments in their shareholding ratios in CICC, leading to differentiated profit contributions [10][15]. Historical Context and Future Outlook - This merger is part of a broader trend in the securities industry towards consolidation, with the aim of forming a few internationally competitive investment banks [16]. - CICC's previous acquisition of Zhongtou Securities in 2016 serves as a precedent, indicating a strategic approach to enhancing its retail brokerage and wealth management capabilities [17][18].

Core Viewpoint - The announcement of a merger involving China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities marks a significant step in the consolidation of the securities industry in China, aiming to create a stronger financial service platform and enhance competitiveness in the global market [1][2][3] Group 1: Merger Announcement - CICC, Dongxing Securities, and China Cinda Securities are planning a stock swap merger, with trading of their stocks suspended from November 20 [1] - The merger is part of a broader strategy to cultivate leading investment banks and institutions in China, as outlined in the new "National Nine Articles" and subsequent regulatory opinions [2] Group 2: Industry Implications - The merger is expected to create a financial service platform with enhanced capital strength, professional capabilities, and a robust risk control system, thereby improving service quality and risk management [2] - The combined entity is projected to have assets exceeding 1 trillion yuan and net profits ranking among the top six in the industry, reshaping the competitive landscape in wealth management, investment banking, and asset management [3] - This consolidation reflects a shift in the securities industry from "scale competition" to "capability competition," enhancing the ability of securities firms to implement national strategies and adapt to the internationalization of the RMB [3]