对2023年至今四家上市券商并购流程复盘，合并启动、股票复牌至第一次监管审核期间，定价方案托 底，整合与协同预期利好估值相对行业上行，后逐渐回归基本面定价。中金并购拉开"汇金系"券商整合 序幕，复牌后仍待交易所、证监会审核及董事会、股东大会审议未决事项。 中长期，1+1+1>3助力中金公司加速建设一流投行 广发证券主要观点如下： 短期来看，整合方案托底股价预期，合并流程释放利好催化 广发证券发布研报称，预计中金公司（601995）(03908)2025-2026年归母净利润81.3/94.7亿元，鉴于19- 21年公司H股PB均值中枢为1.1倍，考虑景气度上行及公司加速整合释放协同效应，给予H股2026年1倍 PB估值，合理价值为28.43港元/股，维持H股"买入"评级。(HKD/CNY=0.93)(如无特别说明，本报告货 币单位为人民币) (3)投行业务延伸企业客户服务全周期价值链，打造不良资产协同增长竞争力。中金公司品牌及国际化 优势突出，长期在服务中资企业全球IPO、服务中资企业境外债券承销规模中保持中资券商第一。合并 实现规模叠加与功能战略互补，有望拓展特殊资产与另类投资新蓝海。 风险提示：行业竞争加 ...

Core Viewpoint - The company reported excellent performance in the first half of 2025, exceeding market expectations with a revenue of 4.428 billion yuan, a year-on-year increase of 33.63%, and a net profit attributable to shareholders of 1.932 billion yuan, up 65.76% year-on-year [1] Group 1: Business Performance - The company's wealth management and self-operated businesses performed well, with investment banking showing signs of recovery. The proportion of heavy asset business rose to 62.1% in the first half of 2025 [2] - Wealth management strengthened its advisory layout and transformation, with brokerage business net income reaching 1.004 billion yuan, a year-on-year increase of 34%. The company opened 309,100 new accounts, up 148% year-on-year [2] - The investment banking business demonstrated resilience, with net income of 419 million yuan, a year-on-year increase of 15%. The company ranked eighth in the industry for IPO applications and second for projects submitted to the Beijing Stock Exchange [2] - The self-operated business remained stable, with total investment income of 2.634 billion yuan, a year-on-year increase of 61%. Alternative investments showed improvement, although some areas experienced losses [2] - Asset management business saw revenue growth driven by optimized scale structure, with net income of 171 million yuan, a year-on-year increase of 19% [2] Group 2: Profit Forecast and Investment Recommendations - The influx of incremental funds into the market suggests potential for industry valuation recovery. The company's brokerage and self-operated investments contribute significantly to profit elasticity, supported by a favorable regional advantage and strong growth potential [3] - The company is expected to have a net asset value per share of 9.67 yuan and 10.64 yuan for 2025 and 2026, respectively. Given the market recovery, the company is projected to have strong performance elasticity [3] - A valuation of 1.3 times the price-to-book ratio is suggested for 2025, corresponding to a reasonable value of 12.57 yuan per share, with a "buy" rating recommended for the company [3]