2025.11. 19 本文字数：1208，阅读时长大约2分钟 作者 | 第一财经 周楠 又一起证券业重大合并"官宣"，主角是三家"汇金系"券商，主导方是龙头券商中金公司。 中金公司11月19日晚间披露，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 已在19日签署协议，对重组作出原则性约定，但尚需各自董事会、股东会审议，并经监管机构批准 后方可正式实施。 三家公司的股票，将从20日起停牌。中金公司称，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，根据相关规定，预计停牌时间不超过25个交易日。 中金公司并称，此次重组将有助于公司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。 从股东背景看，这3家券商均是汇金系券商。三季报显示，截至9月末，中央汇金分别持有中金公司 19.36亿股，持股比例40.11%，为控股股东；通过中国信达、东方资产间接持有信达证券、东兴证 券股份，持股比例分别为和78.67%和4 ...

Core Viewpoint - The merger and restructuring of China International Capital Corporation (CICC), Dongxing Securities, and China Cinda Securities has been officially announced, with CICC acting as the merging party through a share exchange method [1][2]. Group 1: Merger Details - The restructuring aims to accelerate the establishment of a first-class investment bank and support the high-quality development of the securities industry [2]. - The combined total assets of the three firms will reach approximately 1,009.58 billion yuan, positioning them as a top-tier brokerage firm in China [2][3]. - The merger is expected to create significant synergies and economies of scale, enhancing shareholder returns and service quality to the national strategy and real economy [2][3]. Group 2: Financial Performance - CICC reported a revenue of 20.76 billion yuan for the first three quarters of 2025, a year-on-year increase of 54%, with a net profit of 6.57 billion yuan, up 130% [3]. - Dongxing Securities achieved a revenue of 3.61 billion yuan and a net profit of 1.60 billion yuan, reflecting a 70% increase [3]. - China Cinda Securities reported a revenue of 3.02 billion yuan, with a net profit growth of 53% to 1.35 billion yuan [3]. Group 3: Strategic Advantages - The merger leverages the complementary strengths of the three firms, with CICC's expertise in investment banking and cross-border services, and Dongxing and Cinda's strong client base and capital reserves [2][3]. - The integration is expected to enhance capabilities in debt restructuring and risk management, expanding the investment banking business [3]. - The common ownership structure under Central Huijin provides a solid foundation for the merger, reducing integration resistance [3][4]. Group 4: Industry Context - The merger aligns with the China Securities Regulatory Commission's policy to cultivate first-class investment banks through mergers and acquisitions to enhance international competitiveness [4]. - The trend of mergers and acquisitions in the brokerage industry has accelerated, supported by recent policy directives encouraging consolidation among leading firms [6]. - The expansion of the "Huijin system" brokerages is likely to increase market expectations for further consolidations in the securities sector [6].

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].

阿仕特朗金融(08333)发布公告，于2025年11月19日，贷款方A(公司间接全资附属公司阿仕特朗资本管 理有限公司)与贷款方B(百惠证券有限公司)、贷款方C(金利丰证券有限公司)及借款方(Truesense Trading Limited)订立贷款融资协议，据此贷款方已同意，其唯一目的是为接受要约项下提呈的目标股份(目标公 司天鸽互动(01980)已发行股本中的普通股)的付款拨资，而授予合计本金额不超过4.30亿港元的贷款融 资。在该贷款融资中，贷款方A已同意向借款方提供本金额不超过1.10亿港元的贷款方A贷款融资、贷 款方B已同意向借款方提供本金额不超过1.20亿港元的贷款方B贷款融资及贷款方C已同意向借款方提供 本金额不超过2亿港元的贷款方C贷款融资。 ...

Group 1: Regulatory Changes - The China Fund Industry Association has issued guidelines to regulate the style drift of thematic investment funds, clarifying management norms for fund managers and custodians [1] - The guidelines define thematic investment funds as those investing over 80% of non-cash assets in specific investment directions, excluding index funds from these regulations [1] Group 2: Fund Performance - "Fixed Income +" funds have shown significant growth, with a total scale reaching 2.5 trillion yuan, an increase of over 770 billion yuan since the end of last year [2] - The average net value growth rate for 1,795 "Fixed Income +" products is 5.57% year-to-date, with 244 funds increasing over 10% [2] - The "Fixed Income + Growth" strategy has outperformed, particularly those with higher allocations to technology growth assets [2] Group 3: Investor Suitability Regulations - The new draft regulations on investor suitability management emphasize detailed requirements for risk assessment frequency and fund risk rating [3] - Special attention is given to the sale of high-risk funds to investors over 65, requiring fund managers to implement more cautious sales processes [3] Group 4: Market Outlook - The Hong Kong stock market has experienced a bull run, with the Hang Seng Index up 29.15% and the Hang Seng Tech Index up 32.23% in the first ten months of the year [4] - Despite valuation expansion driving market gains, there is an upward revision in profit expectations for many companies, indicating a positive outlook for the market [4] Group 5: Sector Analysis - AI is becoming a key driver in the Hong Kong internet sector, with cloud revenue growth accelerating and higher profit margins for AI cloud products compared to traditional ones [5] - The configuration value of Hong Kong's dividend stocks remains high, with a focus on the price-to-earnings ratio during periods of improvement [5] Group 6: Investment Strategies - The strategy for the upcoming year includes focusing on technology growth and cyclical sectors, with an emphasis on AI software applications and resource price increases [6] - The investment approach suggests a balanced allocation between growth sectors and cyclical recovery opportunities [6]

智通财经APP讯，阿仕特朗金融(08333)发布公告，于2025年11月19日，贷款方A(公司间接全资附属公 司阿仕特朗资本管理有限公司)与贷款方B(百惠证券有限公司)、贷款方C(金利丰证券有限公司)及借款方 (Truesense Trading Limited)订立贷款融资协议，据此贷款方已同意，其唯一目的是为接受要约项下提呈 的目标股份(目标公司天鸽互动(01980)已发行股本中的普通股)的付款拨资，而授予合计本金额不超过 4.30亿港元的贷款融资。在该贷款融资中，贷款方A已同意向借款方提供本金额不超过1.10亿港元的贷 款方A贷款融资、贷款方B已同意向借款方提供本金额不超过1.20亿港元的贷款方B贷款融资及贷款方C 已同意向借款方提供本金额不超过2亿港元的贷款方C贷款融资。 ...

【经营业绩】 迈富时(02556)第三季度AI+SaaS业务收入同比增长约45% 【重大事项】 中金公司(03908)、东兴证券(601198.SH)及信达证券(601059.SH)拟以吸收合并及换股方式进行合并 瑞安房地产(00272)：达成合营安排 拟进行上海市浦东新区更新发展项目 佰金生命科学(01466)附属拟入股投资优环生物 打造全球领先的环状RNA(circ RNA)技术研发平台 科笛-B(02487)：CU-40105(自研外用非那雄胺喷雾剂)简略新药上市申请获得国家药监局受理 小马智行-W(02026)与三一重卡、东风柳汽达成合作，将联合打造第四代自动驾驶卡车家族 启明医疗-B(02500)公布创新经导管瓣膜置换系统Cardiovalve的TARGET研究中期临床结果 五菱汽车(00305)成立专注于低速智能驾驶系统及解决方案业务的附属公司 东软睿新集团(09616)：广东学院、成都学院及大连学院与华禹建设订立总承包工程施工合同 白云山(00874)获得越南卫生部传统药品管理局颁发的安宫牛黄丸药品注册证书 东方电气(01072)：东方风电与皖能能源拟共同成立合资公司 推进东方电气木垒 100 ...

Core Insights - The active user count for securities apps has declined after four consecutive months of growth, with October seeing a total of 169 million active users, representing a year-on-year decrease of 8.40% and a month-on-month decrease of 3.38% [1][2][5] - The decline in active users is attributed to market fluctuations and changes in investor behavior, particularly after the Shanghai Composite Index surpassed 4000 points, leading to profit-taking pressures and increased investor caution during the National Day holiday [1][5][12] - Despite the overall decline, some smaller securities apps and specialized tools have shown positive growth, indicating a divergence in user engagement across different platforms [12][14] User Activity Trends - In October, the top 50 securities apps all experienced a decline in active users, with only Huatai Securities' "Zhang Le Wealth" app surpassing 10 million active users [10][11] - The top three third-party apps, Tonghuashun, Dongfang Wealth, and Dazhihui, continue to dominate the market with significant user bases, while the gap between third-party apps and broker-owned apps is gradually narrowing [8][12] - The overall user activity in October was the fourth highest of the year, following a peak in September, which saw 175 million active users [11][12] Market Dynamics - The market's high base effect from October 2024 has put pressure on year-on-year comparisons, contributing to the observed declines in user activity [1][5][11] - The number of new A-share accounts opened in October 2025 was 2.31 million, reflecting a month-on-month decline, which aligns with the decrease in app activity [8][12] - The competitive landscape among the top 50 apps remained stable, with no changes in rankings despite the overall decline in user activity [11][12] Technological Advancements - Securities firms are increasingly investing in financial technology, transitioning their apps from basic trading tools to comprehensive wealth management platforms that integrate research, education, and lifestyle services [3][14][15] - The integration of AI technologies is becoming a focal point for firms, with new AI-driven applications being launched to enhance user experience and engagement [14][15] - The emphasis on user-centric services and intelligent solutions is seen as essential for navigating market fluctuations and ensuring long-term growth [15][16]

编辑|陆玲 预期之中，又在意料之外，券商并购再添一例，中金公司宣布吸收合并东兴证券、信达证券。 11月19日晚间，三家"汇金系"券商中金公司、东兴证券、信达证券一同发布《关于筹划重大资产重组的停牌公告》，宣布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。 2025年2月初，因三大AMC股权划转，东兴证券、信达证券、长城国瑞证券三家证券公司纳入"汇金系"券商版图，在监管推动加快建设一流投 行的背景下，引发市场对"汇金系"券商内部整合猜想（详见汇金系券商新格局 | 《财经》封面）。 如今，"1+1+1"的整合方案已经出炉。从体量上看，中金公司为头部券商，在投行、财富管理等领域有显著优势，两家中小券商具有一定的特 色。以三季报数据简单相加，三家券商营收合计273.9亿元，位列行业第三，净利润95.20亿元，居行业第六，总资产超过万亿元，营业部数量 位居行业第三。 中金公司表示，合并后将提升资本实力，实现客户资源整合，在证券行业竞争格局中进一步巩固头部优势，迎来"规模效应+业务协同"的多重 业绩增长动力，推动营收结构持续优化 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜王砚丹 每经编辑｜赵云 11月19日晚间，中金公司发布公告，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。 中金公司作为头部券商，投行业务优势明显，在机构客户、高净值客户方面有深厚积累。尤其是今年在 港股股权融资市场，中金公司表现突出，宁德时代、赛力斯H股发行等明星项目均有中金公司身影。 2025年前三季度，中金公司实现营业收入207.6亿元，同比增长约54%；归母净利润65.7亿元，同比增长 130%，增长势头强劲。截至2025年9月末，中金公司资产总额为7649亿元，归母净资产为1155亿元。 东兴证券成立于2008年5月，以"大投行、大资管、大财富"为基本战略，投行业务在"两创"板块突出， 并依托股东中国东方在不良资产处置领域形成差异化优势。 2025年前三季度，东兴证券实现营业收入36.1亿元，归母净利润16.0亿元，同比增长70%。截至2025年9 月末，东兴证券资产总额为1164亿元，归母净资产为296亿元。 信达证券成立于2007年9月，在破产重整等特殊资产投行领域优势突出，同时财富管理转型成效显著 ...