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！ 在经纪业务方面，天风国际始终专注于将自身业务禀赋与最新金融科技、互联网创新模式有机结合，在 经纪业务及财富管理业务方面为客户提供更高效、优质的解决方案。2025年，公司零售经纪业务实现迅 猛增长，截至目前，全年业务体量同比增幅已超过100%。公司持续致力于打造创新的券商基础设施体 系，未来也将进一步加大在金融科技领域的投入，积极跟踪新兴技术趋势，在合规前提下，有效推动相 关技术在各类金融服务场景中的落地应用，全面参与市场数字化革新，驱动自身数字化转型。 12月12日，天风证券（维权）发布公告称，为拓宽融资渠道、提升子公司天风国际的境外融资能力，公 司拟在境外市场发行债券。业内人士指出，此次发债将有助于天风证券深化拓展国际市场。 天风国际是湖北宏泰集团和天风证券旗下实施国际化战略、拓展国际业务的重要支点，在投行、资管与 经纪等业务领域表现突出。近期在由香港中资证券业协会等机构联合主办的"金中环"金融机构评选中一 举荣获"投行业务最佳表现奖""资管业务最佳表现奖"及"经纪业务最佳表现奖"三项大奖。 在投行业务方面，天风国际投资银行业务致力于 ...

2025.11. 20 本文字数：3105，阅读时长大约5分钟 作者 | 第一财经 周楠 进 入 年 尾 ， 券 商 并 购 重 组 再 下 一 城 ， 中 金 公 司 （ 601995.SH ， 03908.HK ） 吸 并 信 达 证 券 （601059.SH）、东兴证券（601198.SH）的"1+2"重整提上日程。 中金公司19日晚间称，公司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 于当日签署相关协议。同时，3家公司的股票均自20日起停牌，预计停牌时间不超过25个交易日。 这并非中金公司首次进行重组，早在2017年该公司就收购了中投证券，后者改名为中金财富证券。 而近两年，在券商并购动作频频的背景下，中金公司一度与银河证券传出合并传闻，两方曾就此发布 澄清公告。 从股东背景看，此次整合的3家公司均是"汇金系"券商。截至9月底，中央汇金持有中金公司19.36亿 股，持股比例40.11%，为控股股东；中央汇金通过中国信达、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78.67%和45%。 对于三者的整合，有投行人士告诉记者："本质上是为解决牌照过多、管理复杂的问题。与中金 ...

Core Viewpoint - The merger of China International Capital Corporation (CICC) with Xinda Securities and Dongxing Securities is aimed at addressing the complexities of managing multiple licenses and enhancing operational efficiency in the brokerage sector [1][2]. Group 1: Merger Details - CICC is planning a major asset restructuring involving a stock swap to absorb Xinda Securities and Dongxing Securities, with agreements signed on the evening of the 19th [1]. - The stocks of all three companies will be suspended from trading starting on the 20th, with an expected suspension period of no more than 25 trading days [1]. - This merger is not CICC's first; it previously acquired CITIC Securities in 2017, which was renamed CICC Wealth Securities [1]. Group 2: Shareholder Background - All three companies involved in the merger are part of the "Hui Jin" system, with Central Huijin being the controlling shareholder of CICC, holding 40.11% of its shares [1]. - Central Huijin indirectly holds shares in Xinda Securities and Dongxing Securities through China Xinda and Dongfang Assets, with ownership stakes of 78.67% and 45%, respectively [1]. Group 3: Financial Performance - For the first nine months, CICC reported revenues of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit of 6.567 billion yuan, up 129.75% [3]. - Dongxing Securities and Xinda Securities reported revenues of 3.61 billion yuan and 3.02 billion yuan, respectively, with net profits of 1.599 billion yuan and 1.354 billion yuan, reflecting year-on-year growth of 69.56% and 52.89% [3]. - Post-merger, the combined asset scale of the three companies is expected to reach approximately 1.01 trillion yuan, with total revenues of 27.389 billion yuan and net profits of 9.52 billion yuan [3]. Group 4: Business Integration - CICC's traditional strength lies in investment banking, with a net income from investment banking fees of 2.94 billion yuan, a 42.55% increase year-on-year [4]. - Xinda Securities and Dongxing Securities excel in retail brokerage and proprietary trading, with Xinda having a strong position in special asset investment banking [4]. - The merger is seen as a strategic restructuring that optimizes resources within the "Hui Jin" system, enhancing the combined entity's capabilities in investment banking and asset management [4]. Group 5: Market Implications - The merger has raised expectations for further consolidations among "Hui Jin" affiliated brokerages, as the restructuring of major asset management companies (AMCs) has recently occurred [6]. - Following the transfer of shares from the Ministry of Finance to Central Huijin, the number of brokerages under Central Huijin is expected to increase, potentially leading to more mergers [6]. - Analysts suggest that the ongoing consolidation in the brokerage industry is accelerating, with a trend towards creating a few large-scale brokerages while smaller firms focus on niche markets [10].