人民网北京11月20日电（记者黄盛）11月19日晚，中金公司、东兴证券、信达证券发布《关于筹划重大 资产重组的停牌公告》，三家公司正在筹划由中金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。 中金公司公告表示，公司A股股票将于2025年11月20日开市时起开始停牌。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。信达证券、东兴证券亦公告称，公司A股股票将于2025年11月 20日开市时起开始停牌，预计停牌时间不超过25个交易日。 记者了解到，国家金融监管总局此前印发的《关于促进金融资产管理公司高质量发展提升监管质效的指 导意见》，引导金融资产管理公司聚焦主责主业，深化改革转型发展，不断提升服务化解金融和实体经 济风险的质效。 另外，2023年中央金融工作会议精神及2024年新"国九条"，明确提出要培育一流投资银行和投资机构。 新"国九条"及证监会《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见 （ ...

Group 1 - The A-share market has experienced high-level fluctuations since September, with significant capital inflow into brokerage-related ETFs, totaling over 27 billion yuan [1][2] - The Guotai CSI All-Share Securities Company ETF alone received over 10 billion yuan in capital inflow [1][2] - As of September 26, 16 brokerage-related ETFs collectively attracted approximately 27.41 billion yuan in capital [2] Group 2 - The Guotai CSI All-Share Securities Company ETF's fund size reached 44.48 billion units by September 26, marking a 28.96% increase since the end of August, with total assets growing by 18.4% to 54.18 billion yuan [5] - Other brokerage ETFs also showed rapid growth, with the Huabao CSI All-Share Securities Company ETF's size increasing by over 20% and total assets rising by over 10% [5] - The Tianhong, Yinhua, and Nanfang CSI All-Share Securities Company ETFs each received over 1 billion yuan in capital inflow since September [5] Group 3 - The technology sector continues to attract significant capital, with the E Fund National Robot Industry ETF receiving over 6 billion yuan in inflow, doubling its size to 7.74 billion units [7] - The Guangfa National New Energy Vehicle Battery ETF and the Huitianfu CSI Battery Theme ETF each gained over 4 billion yuan in capital inflow, with their sizes reaching 12.55 billion units and 7.21 billion units, respectively [7] - The technology growth sector has shown strong performance in the first three quarters, with expectations for continued positive trends in the fourth quarter [7] Group 4 - The new energy vehicle sector is expected to receive ongoing policy support, leading to rapid growth in battery demand, particularly for solid-state batteries [8] - The battery sector is anticipated to maintain a high level of prosperity, with expectations for a favorable market in the fourth quarter [8] Group 5 - The domestic economy is expected to continue its steady recovery, supported by policy measures and improved market confidence, which will benefit the securities sector [6]

Core Viewpoint - The acceleration of consolidation in the securities industry is highlighted by Guosen Securities' acquisition of Wanhe Securities, marking a significant step in the ongoing trend of mergers and acquisitions among smaller brokerages [1][2][3] Group 1: Acquisition Details - Guosen Securities plans to acquire 96.08% of Wanhe Securities for approximately 51.92 billion yuan, with the transaction receiving acceptance from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [1][2] - The acquisition is expected to enhance Guosen Securities' overall profitability by leveraging synergies and the advantages of Wanhe Securities' location in the Hainan Free Trade Port [1][3] - The deal is part of a broader trend of consolidation in the securities industry, with recent examples including the merger of Guotai Junan and Haitong Securities [3] Group 2: Financial Performance - Wanhe Securities reported revenues of 1.02 million yuan, 5.14 million yuan, and 4.21 million yuan from 2022 to November 2024, with net profits of -2.79 million yuan, 615,408 yuan, and 292,046 yuan during the same period [1][4] - Guosen Securities achieved revenues of 201.67 billion yuan in 2024, a year-on-year increase of 16.46%, and a net profit of 82.17 billion yuan, up 27.84% [1][5] - Following the acquisition, Guosen Securities anticipates a 2.35% increase in revenue and a 0.42% increase in net profit, along with a 2.28% rise in total assets and a 4.68% increase in equity [6] Group 3: Strategic Implications - The acquisition will allow Guosen Securities to enhance its service capabilities in key economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [3] - Wanhe Securities' investment income has been a significant contributor to its performance, with investment returns accounting for over 150% of its revenue in 2022 [4] - The merger is expected to improve Guosen Securities' competitive edge by integrating Wanhe Securities' resources and expertise in various financial services [5]