Core Insights - The brokerage business remains a focal point for the market, with the average commission rate across the industry currently around 0.02% [1] - The downward pressure on commission rates has led brokerages to adopt a "volume compensates for price" strategy to achieve short-term performance growth while accelerating the transition towards wealth management and other areas for long-term development [1] Commission Rate Decline - The decline in commission rates is a long-term trend in the brokerage business, with the average commission rate for A-shares in Shanghai dropping to 0.0192% in October, a 2.5% decrease from the previous month and significantly lower than last year's average of 0.024% [2] - Nationwide, the average commission rate for brokerage businesses is projected to be 0.024% in 2024, down from 0.0215% in the first half of this year, indicating a continued downward trend [3] Revenue Growth and Market Activity - Despite the declining commission rates, high market transaction volumes have supported brokerage revenue, with net income from brokerage businesses increasing by 48.22% year-on-year in the first half of the year [3] - Listed brokerages have shown even stronger performance, with net income from brokerage services rising by 74.64% year-on-year in the first three quarters, highlighting their advantages in client resources and service capabilities [3] Challenges and Strategic Shifts - The "volume compensates for price" strategy faces uncertainties, as some brokerages are beginning to see commission rates rebound after years of competition [4] - Brokerages are exploring various strategies to reduce reliance on transaction volumes, including enhancing app user experience, leveraging new media for customer acquisition, and transitioning from transaction-based to profit-sharing commission models [4] Business Transformation Acceleration - Regulatory bodies are encouraging financial institutions to focus on customer-centric services, emphasizing the need for brokerages to enhance their professional capabilities and service quality [5] - The competition in brokerage services is shifting towards specialized wealth management, asset allocation capabilities, and overall customer service experience [6] Future Outlook - Analysts predict that various new funds will continue to flow into the capital markets, supporting the brokerage business, with leading brokerages benefiting more due to their higher market share in equity funds [7] - The shift towards public domain traffic for customer acquisition and innovations in AI technology are expected to create new opportunities for wealth management services [7]

本报记者 周尚伃 并购重组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。11月19日晚间，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分别通过向东兴证券、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。若此次交易顺利完成，其将成为继国泰君安吸收合并海通证券后，行 业又一标志性整合案例，进一步推动证券行业向头部集中、特色分化的新格局演进。 加快建设一流投资银行 重组停牌有序推进 公告显示，中金公司、东兴证券、信达证券三家券商A股股票于2025年11月20日（星期四）开市起开始停牌。本次重组涉 及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。通过重组实现各方能力资源的 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。 从驱动因素来看，本次中金公司、东兴证券、信达证券的整合，是践行中央 ...

在机构看来，目前监管明确鼓励行业内整合，在政策推动证券行业高质量发展的趋势下，并购重组是券 商实现外延式发展的有效手段，券商并购重组对提升行业整体竞争力、优化资源配置以及促进市场健康 发展具有积极作用，同时行业整合有助于提高行业集中度，形成规模效应。而伴随业绩改善、并购重组 和再融资稳步推进，证券公司ROE回升趋势或仍未结束，证券板块上涨核心驱动仍然较强。 值得注意的是，热门ETF中，证券ETF（159841）已连续7个交易日获资金净流入，份额累计增加了4.37 亿份，累计吸金近5亿元，最新规模突破107亿元，连创新高。 分析认为，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。 11月19日晚间，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和信达证券全体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。 （文章来源：每日经济新闻） ...

2025.11.19 本文字 年初，"汇金系"券商合并预期一度升温。2月中旬，财政部所持中国信达、中国东方的股权全部划转至 中央汇金，中证金融的部分股权也划转至中央汇金。 股权划转后，中央汇金名下的证券公司增至8家，包括多家龙头券商和中小券商。其中包括直接持股的 中金公司、中信建投；间接持股的中国银河、东兴证券、信达证券和长城国瑞证券。 此次重组的三家公司中，中金公司是"A+H"券商，2015年便在H股上市，2020年11月"回A"。 三季报显示，今年前9月，中金公司实现营收207.61亿元，同比增长54.36%；净利润65.67亿元，同比增 长 129.75%，同期资产总额达到7649.41亿元，较去年年末增长13.37%。 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 ...

每天三分钟公告很轻松 中金公司筹划换股吸收合并东兴证券、信达证券三家公司股票20日起停牌；国盛证券（002670）、赣粤 高速（600269）：实控人将变更为江西省国资委；合富中国：完成核查工作 20日起复牌；普洛药业： 拟斥资1.8亿至3.6亿元回购股份；福光股份：控股股东拟以8000万元至1.5亿元增持公司股份；东软集 团：收到汽车厂商定点通知涉及总金额约42亿元；上市快递企业披露10月主要经营指标…… 聚焦一： 中金公司筹划换股吸收合并东兴证券、信达证券三家公司股票20日起停牌 中金公司：公司与东兴证券、信达证券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。公司A股股 票将于2025年11月20日开市时起停牌。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。 信达证券：公司与中金公司、东兴证券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 ...

中央汇金系券商整合迈出第一步，证券行业又新增一则并购重组案例。 11月19日晚，中金公司（601995）、东兴证券（601198）、信达证券（601059）（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。 三家公司均称，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，A股股票将于2025年11月20日（星期四）开市时起开始停牌。 资产总额过万亿规模，直指行业第四名 此外，三家券商称，本次重组涉及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。 以2025年三季报数据为准，前三季度，中金公司实现营业收入207.61亿元，同比增长54.36%；实现归母 净利润65.67亿元，同比增长129.75%；截至三季度末，中金公司资产总额为7649.41亿元，归属于上市 公司股东的所有者权益为1155.01亿元。 东兴证券前三季度实现营收36. ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月19日丨首创证券(601136.SH)公布，公司董事会收到公司总经理张涛先生递交的书面辞 职报告。因工作安排调整，张涛先生申请辞去公司总经理职务，仍继续担任公司党委书记、董事长、董 事会战略委员会主任委员、董事会薪酬与提名委员会委员等职务，自辞职报告送达公司董事会之日起生 效。 为保证公司良好的治理结构，保障公司经营管理，公司于2025年11月19日召开第二届董事会第十九 次会议，审议通过了《关于聘任蒋青峰先生为公司总经理的议案》，同意聘任蒋青峰先生为公司总经 理，任期自本次董事会审议通过之日起至本届董事会任期届满时止；张涛先生不再担任公司总经理。 ...

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].