万联证券指出，证券行业仍有广阔的增量业务空间，在全面深化资本市场改革，推动行业高质量发展进 程中，头部券商有望通过并购重组以及提高杠杆率进一步做优做强，中小机构在差异化特色化发展上也 有望迎来更多具体政策支持和引导，看好券商业绩继续提升、估值修复。具体标的上，建议关注头部券 商中估值相对较低的标的、并购重组潜在受益标的，以及在细分赛道上表现突出的中小券商。 有行情，买券商！券商ETF（512000）及其联接基金（A类 006098；C类007531）被动跟踪中证全指证 券公司指数，一键囊括49只上市券商股，是集中布局头部券商、同时兼顾中小券商的高效率投资工具。 券商ETF（512000）最新基金规模超400亿元，年内日均成交额超10亿元，为A股规模、流动性居前的顶 流券业ETF。 提醒：近期市场波动可能较大，短期涨跌幅不预示未来表现。请投资者务必根据自身的资金状况和风险 承受能力理性投资，高度注意仓位和风险管理。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经12月18日讯（编辑 胡家荣）停牌近一个月的中金公司正式复牌，市场反应积极。以H股为例，早盘一度涨超7%，随后出现小幅回落，同期A股也 是类似的走势。 截至发稿，H股涨2.95%，报19.52港元；A股涨4.79%，报36.56元。 注：H股的表现 注：A股的表现 此次复牌伴随着一项重塑行业格局的重大战略举措——中金公司宣布以换股方式收购东兴证券与信达证券。 根据公告，中金公司将发行30.96亿股A股作为交易对价。具体换股比例为：每1股东兴证券可换取0.4373股中金A股，每1股信达证券可换取0.5188股中金A 股。此次交易对价相当于每股36.91元人民币，较中金A股停牌前价格34.89元溢价5.79%。 交易尚需获得三方股东大会批准及监管部门审核。值得注意的是，交易完成后，中金公司H股占总股本比例将由39.44%下降至24.03%，但中央汇金仍将保持 控股股东地位，确保公司治理稳定性。为保护少数股东权益，异议股东可行使退出选择权，按A股每股34.80元或H股每股18.86港元价格将股份出售给中金公 司。 此外，受收购消息提振 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月17日晚，中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，三家公司股票 将于12月18日复牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | | | 自换股吸收合并的定价基准日至换股实施日(包括首尾两日), | | --- | --- | | | 若吸收合并各方任一方发生派送现金股利、股票股利、资本公积 | | | 转增股本、配股等除权除息事项,或者发生按照相关法律、法规 | | | 或监管部门的要求须对换股价格进行调整的情形,则换股价格和 | | | 换股比例将作相应调整;除前述情形外, ...

12月17日晚，中金公司与东兴证券、信达证券同步披露重大资产重组预案，中金公司换股吸收合并两家公司迎来重大进展，三家公司股票将于12月18日复 牌。 | 证券代码:601995 | 证券简称:中金公司 | 上市地点:上海证券交易所 | | --- | --- | --- | | 证券代码:03908 | 证券简称:中金公司 | 上市地点:香港联合交易所 | | 证券代码:601198 | 证券简称:东兴证券 | 上市地点:上海证券交易所 | | 证券代码:601059 | 证券简称:信达证券 | 上市地点:上海证券交易所 | 业内人士普遍认为，本次交易不仅是中金公司实现跨越式发展的关键一步，更将深刻重塑证券行业格局。交易完成后，中金公司总资产规模预计将突破万 亿元，成为行业第四家"万亿航母"。这不仅意味着其资本实力与网络渠道的巨幅扩充，更有望通过优势互补，打造出全方位、抗周期的综合金融服务能 力，在服务国家战略与防范化解金融风险中发挥更大作用。 Wind数据显示，截至11月19日，中金公司股价报34.89元/股，最新市值为1347亿元；东兴证券股价为13.13元/股，最新市值为424亿元；信达证券股价为 17 ...

万联证券主要观点如下： 差异化特色化发展导向下，行业格局或加速优化 智通财经APP获悉，万联证券发布研报称，展望未来，证券行业仍有广阔的增量业务空间，在全面深化 资本市场改革，推动行业高质量发展进程中，头部券商有望通过并购重组以及提高杠杆率进一步做优做 强，中小机构在差异化特色化发展上也有望迎来更多具体政策支持和引导，看好券商业绩继续提升、估 值修复。具体标的上，建议关注头部券商中估值相对较低的标的、并购重组潜在受益标的，以及在细分 赛道上表现突出的中小券商。 支持创新，推动国际化，业务发展空间广阔 吴清主席指出，证券行业要在风险可控基础上，不断创新金融产品、服务和组织架构，更好满足各类投 资者和市场需求，并表示将和行业协会一道，畅通证券业创新试点工作机制。吴清主席还提到，要提升 跨境金融综合服务能力，有条件的机构要稳步推进国际化和"一带一路"沿线布局。在经济和人口结构转 型、利率中枢下移、国际金融格局变化的大环境下，证券行业潜在业务空间广阔，我们预计将来有更多 支持创新、国际化的具体措施出台，推动券商加速挖掘潜在增量业务，催化业绩增长。 风险因素：政策推进不及预期;监管趋严;行业竞争加剧;地缘政治风险;宏观 ...

Group 1 - The core viewpoint of the news highlights the recent positive performance of the brokerage sector, with several stocks showing gains and significant inflows into the brokerage ETF [1][7] - The brokerage ETF (512000) has seen a net inflow of 1.021 billion yuan over the past five days, leading among 14 similar ETFs [1][7] - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate investment trusts (REITs), which is expected to enhance the efficiency of capital markets in serving the real economy [3][9] Group 2 - The merger and acquisition activities in the securities industry are accelerating, with China International Capital Corporation planning to absorb Dongxing Securities and Xinda Securities through a share swap [3][9] - The securities industry is experiencing improved market conditions and high trading activity, benefiting from a new round of capital market reforms, which suggests significant growth potential for brokerages [3][9] - The average price-to-book (PB) ratio for the securities industry is projected to be 1.2x for 2025, maintaining a "buy" rating for the sector [3][9] Group 3 - The top ten weighted stocks in the brokerage index tracked by the ETF include prominent firms such as Eastmoney, CITIC Securities, and Huatai Securities [4][10] - The ETF and its linked fund are designed to passively track the performance of the securities company index, indicating a broad representation of the sector [4][10]

Market Overview - On the last trading day of November, A-shares ended with a slight rebound, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.85%, and the ChiNext Index up by 0.7% [1] - The total market turnover was 1.59 trillion yuan, a decrease of 125.4 billion yuan from the previous day, marking the lowest turnover since August 4, with three consecutive days of declining turnover [1] Index Performance - In November, the A-share market continued to experience fluctuations and corrections, with the growth style indices suffering the most. The STAR 50, ChiNext Index, and CSI 500 fell by 6.24%, 4.23%, and 4.08% respectively [1][2] - The CSI A500 and CSI 300 indices decreased by 2.55% and 2.46% respectively [1] Sector Performance - In terms of sector performance for November, the top-performing industries included comprehensive, banking, textile and apparel, and petroleum and petrochemicals, while the worst-performing sectors were computer, automotive, electronics, and non-bank financials [4][5] - The comprehensive sector saw a rise of 4.07%, banking increased by 2.99%, textile and apparel rose by 2.95%, and petroleum and petrochemicals grew by 2.90% [5] ETF Trends - The "Global Vision, Betting on China" top ten core ETFs experienced a decline of 2.98% in November, but recorded a year-to-date increase of 29.53%, significantly outperforming the CSI 300 index by 14 percentage points [8] - The A500 ETF (512050) saw a weekly increase of 2.15% and a monthly decline of 2.73%, with continuous net inflows, totaling 5.84 billion yuan on the previous day and 23.53 billion yuan over the past 20 days [8][10] - The securities-themed ETFs collectively saw a net inflow of 67.79 billion yuan in November, with a year-to-date net inflow of 902 billion yuan [19] Policy and Economic Outlook - The implementation plan issued by six departments aims to enhance the adaptability of supply and demand for consumer goods, with a target to optimize the supply structure by 2027 and establish a high-quality development pattern by 2030 [15][16] - The focus on boosting consumption has been highlighted as a primary task for economic work in 2025, with various policies being developed to support this goal [16] Securities Industry Insights - The securities industry is expected to see accelerated mergers and acquisitions, enhancing overall competitiveness and moving towards the goal of building a first-class investment bank [20] - The performance of listed securities firms showed significant improvement in the first three quarters of 2025, with total operating income reaching 419.56 billion yuan, a year-on-year increase of 42.55% [20][21]

Core Insights - The securities industry in China is experiencing an acceleration in mergers and acquisitions, leading to a new pattern of "top firms optimizing and strengthening" alongside "small and medium-sized firms developing unique characteristics" [1] - The current "window period" for mergers and acquisitions in the Chinese securities sector presents opportunities not only for scale expansion but also for capital enhancement, capability restructuring, and international advancement [1] Industry Overview - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed companies involved in securities brokerage, underwriting, and proprietary trading from the Shanghai and Shenzhen markets [1] - This index reflects the overall performance of the securities industry in China and covers major securities companies in the A-share market, demonstrating high industry representativeness [1]

Core Viewpoint - The acquisition of an Indonesian securities company by a leading domestic brokerage's overseas subsidiary marks a significant step in the expansion of Chinese brokerages in Southeast Asia, reflecting a trend of increased internationalization in the industry as China's capital markets continue to open up [1][3]. Group 1: Overseas Expansion - Chinese brokerages have established 38 overseas primary subsidiaries, which have shown steady growth in total and net assets [5]. - The focus on strategic emerging industries has enabled Chinese brokerages to assist numerous companies in completing overseas listings, with 64 companies listed in Hong Kong in 2024, raising HKD 86.4 billion, and 65 companies in the first nine months of 2025, raising HKD 187.4 billion [5]. Group 2: Cross-Border Connectivity - Chinese brokerages play a crucial role in capital market connectivity, facilitating international investors' participation in domestic markets and aiding domestic capital in global asset allocation [6]. Group 3: International Business Growth - In the first half of 2025, 14 out of 16 surveyed brokerages reported year-on-year growth in international business revenue, with the leading firm achieving over 800% growth [8]. - The proportion of international business revenue has increased for 12 brokerages, with the top firm exceeding 30% [8]. Group 4: Industry Consolidation - The Chinese securities industry is undergoing significant consolidation, with a notable merger involving a leading brokerage and two others, indicating a trend towards increased market concentration [11]. - The internationalization of brokerages is being driven by the need to acquire local channels and compliance qualifications through overseas acquisitions [11]. - The strong performance of the brokerage sector is reflected in a 62.38% year-on-year increase in net profit for 42 listed brokerages in the first three quarters of 2025, totaling CNY 169.05 billion [11].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry, indicating an expected performance that exceeds the benchmark index by more than 10% [3][29]. Core Insights - The report highlights significant progress in mergers and acquisitions within the brokerage sector, with a focus on enhancing the functional capabilities of securities firms. The China Securities Association reported that in the first three quarters of 2025, securities companies collectively underwrote technology innovation bonds amounting to 705.18 billion yuan, reflecting a year-on-year growth of 57.77% [3][7][23]. - The report emphasizes the potential for further acceleration in mergers and acquisitions in the securities industry, driven by policy support for building a strong financial nation. This consolidation is expected to enhance overall competitiveness and contribute to the goal of establishing first-class investment banks [4][7]. Summary by Sections 1. Investment Recommendations - Securities companies are focusing on five major areas to enhance their functional roles, with a notable increase in underwriting technology innovation bonds [7]. - The report suggests that the ongoing mergers and acquisitions will likely lead to improved performance for certain brokerages, with opportunities for both external and internal growth strategies [4][7]. 2. Market Review - The report notes a decline in major indices, with the Shanghai Composite Index down by 3.90% and the ChiNext Index down by 6.15% during the specified period. The average daily trading volume in A-shares was 1.87 trillion yuan, a decrease of 8.75% [8][11]. 3. Key Industry Data Tracking - As of November 21, 2025, the margin trading balance was 2.46 trillion yuan, showing a slight decrease of 1.25%. The report also highlights a decline in new fund issuance and equity underwriting in October 2025 [14][22]. - The report provides insights into the bond market, noting a 1.79% decline in the total price index of bonds since the beginning of the year, with the 10-year government bond yield rising by 20.89 basis points [14][20]. 4. Regulatory Policies and Industry Dynamics - The report discusses the significant growth in the underwriting of technology innovation bonds by securities firms, with 75 firms participating and a total underwriting amount of 705.18 billion yuan [23]. - It also mentions the insurance asset management industry, which has seen a 10.60% year-on-year increase in managed funds, totaling 33.30 trillion yuan as of the end of 2024 [23]. 5. Key Announcements from Listed Companies - The report notes that China International Capital Corporation (CICC) is planning a major asset restructuring through a share swap with Dongxing Securities and Xinda Securities, which has led to a temporary suspension of trading [24].