A股指数表现分化，沪指红盘震荡，创业板指跌超1%。AI医疗、商业航天、大消费、军工等板块领涨；海南、电池、券商、工程机械等板块领 跌。中金公司拟换股吸收合并东兴证券与信达证券，东兴证券涨停，中金涨超5%，信达证券涨4.55%，沐曦下跌3.85%。 国债期货午盘全线上涨，30年期主力合约涨0.37%报112.400元，10年期主力合约涨0.06%报108.075元，5年期主力合约涨0.03%报105.860元，2年期 主力合约涨0.01%报102.448元。 14:18 焦煤期货主力合约、焦炭期货主力合约均涨超5%，铁矿石期货主力合约涨近2%。 12月18日，A股市场早间走势分化，截至发稿，沪指涨0.2%，深成指跌1.04%，创业板跌1.82%。盘面上，指数黄白二线分化，个股涨多跌少，沪 深京三市超3600股飘红，上午半天成交1.06万亿。具体来看，商业航天概念再度爆发，中国卫星、上海沪工等多股涨停。AI医疗概念走势活跃， 华人健康、塞力医疗等封板。零售、IP经济等消费股拉升，百大集团6连板，德艺文创等涨停。下跌方面，券商股高开低走，中银证券、中信建投 跌超3%。 港股低开，恒指跌0.44%，报25357.69 ...

12月17日晚，中金公司披露换股吸收合并东兴证券、信达证券预案，股票自12月18日开市起复牌。看好 协同效应，综合实力向国际一流投行迈进。本次交易是汇金系同一股东下的券商牌照整合，直接提升中 金公司净资产560亿，券商大额再融资受限下，仅能通过并购重组补充，本次并购估值相对较高但机会 难得。 收购整体资产价格为2.29倍PB，较现价溢价14% 中金公司、东兴证券、信达证券的A股换股价格为36.91、16.14、19.15元/股。其中，中金公司和信达证 券是按照定价基准日前20个交易日的A股股票交易均价(无溢价)经除权除息调整后确定，东兴证券是按 照定价基准日前20个交易日交易均价的基础上给予26%溢价来确定的。 东兴证券与中金公司的换股比例为1:0.4373，即每1股东兴证券A股股票可以换得0.4373股中金公司A股 股票;信达证券与中金公司的换股比例为1:0.5188，即每1股信达证券A股股票可以换得0.5188股中金公司 A股股票。 换股价对应中金公司A股、信达证券、东兴证券PB为1.83、3.05、1.76倍(现价PB为1.73、2.85、1.45 倍)。收购信达证券和东兴证券整体价格为2.29倍PB， ...

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities is expected to lead to a significant revaluation of the entire securities industry, enhancing CICC's market position and operational capabilities [1][3][15]. Group 1: Merger Details and Market Response - CICC announced plans to absorb Dongxing Securities and Xinda Securities, leading to a positive market reaction with CICC and Dongxing Securities hitting the daily limit up, while Xinda Securities rose by 6.8% [1]. - The merger is seen as a strategic move to enhance CICC's competitiveness and market share, potentially benefiting from future capital regulatory relaxations and new business trials [3][15]. Group 2: Industry Impact and Strategic Positioning - The merger signifies the beginning of a deeper integration phase in China's securities industry, moving from simple asset and capital scale expansions to strengthening professional capabilities [3][4]. - Post-merger, CICC's total assets will exceed 1 trillion yuan, elevating its industry ranking from sixth to fourth, with revenue and net profit also seeing significant increases [4][5]. Group 3: Financial Strength and Operational Efficiency - CICC's capital scale will double post-merger, significantly enhancing its financial strength, with an average financial investment return rate of 3.5%, outperforming its peers [5][6]. - The merger allows CICC to leverage the stable leverage levels of Dongxing and Xinda, creating additional capital allocation and operational space [5][6]. Group 4: Business Integration Highlights - The merger will increase CICC's branch network from 245 to 436, enhancing regional coverage and customer base, with retail clients expected to exceed 14 million [8][9]. - CICC's wealth management capabilities will be strengthened through the integration of customer bases and resources from Dongxing and Xinda, facilitating a new phase of scalable development [9][10]. Group 5: Enhanced Professional Services - CICC's investment banking capabilities will be bolstered, with an increase in the number of A-share sponsors and enhanced project undertaking abilities [11][12]. - The integration will also expand CICC's asset management scale to over 800 billion yuan, significantly broadening its asset management footprint [12][13]. Group 6: Long-term Industry Revaluation - The merger is expected to trigger a transformation in the valuation logic of the securities industry, shifting focus from cyclical performance to the strategic importance of leading firms [15][16]. - CICC's rise is indicative of a broader trend where top-tier securities firms are recognized for their strategic roles in national financial initiatives, leading to a potential "certainty premium" in valuations [16][17].

Core Viewpoint - The merger of CICC with Dongxing Securities and Xinda Securities marks a significant step towards the deep integration of China's securities industry, indicating a shift from scale expansion to enhancing professional capabilities and creating a complementary business ecosystem [5][11]. Group 1: Market Reaction and Initial Impact - Following the announcement of the merger, CICC and Dongxing Securities saw their stock prices hit the daily limit, while Xinda Securities rose by 6.8%, reflecting positive market sentiment towards the merger [2]. - CICC's stock price increased by 5.04%, and the overall market response indicates strong expectations for value reassessment in the securities industry due to this merger [2]. Group 2: Strategic Significance of the Merger - The merger is seen as a critical move for CICC to enhance its capital strength and market share, positioning itself as a leading investment bank capable of benefiting from potential regulatory relaxations and new business trials [6][9]. - CICC's total assets are expected to exceed 1 trillion yuan post-merger, elevating its industry ranking from sixth to fourth, and significantly increasing its revenue and net profit [8]. Group 3: Financial Metrics and Efficiency - CICC's capital efficiency is highlighted by an average financial investment return rate of 3.5%, which is higher than Dongxing's 2.8% and Xinda's 2.6% [8]. - The merger will double CICC's capital base, enhancing its financial leverage and allowing for greater investment capacity in high-potential areas [9]. Group 4: Business Integration Highlights - The merger will increase CICC's branch network from 245 to 436, enhancing regional coverage and customer base, with retail clients expected to exceed 14 million [12][13]. - CICC's wealth management capabilities will be strengthened through the integration of resources from Dongxing and Xinda, allowing for a more comprehensive service offering [14]. - The investment banking and asset management sectors will see significant enhancements, with an increase in the number of A-share sponsors and a rise in entrusted fund scale to over 800 billion yuan [15]. Group 5: Long-term Industry Implications - The merger represents a shift towards a "1+1+1>3" effect, aiming to create a comprehensive financial service platform that integrates investment banking, wealth management, and special asset management [16][17]. - Analysts predict that this merger will ignite investment enthusiasm in the securities sector, with expectations of improved valuations and profitability across the industry [19][21].

Core Viewpoint - The announcement of a major asset restructuring plan by CICC, Dongxing Securities, and Cinda Securities, where CICC will absorb and merge the two securities firms through a share swap, leading to the termination of their listings and legal status [1] Group 1: Merger Details - CICC will be the surviving entity, with a share swap price set at 36.91 yuan per share [1] - The swap price for Dongxing Securities is 16.14 yuan per share, representing a 26% premium over its 20-day average price [1] - The swap price for Cinda Securities is 19.15 yuan per share, based on its 20-day average [1] - The swap ratios are 1:0.4373 for Dongxing Securities and 1:0.5188 for Cinda Securities, with CICC expected to issue 3.096 billion shares [1] Group 2: Post-Merger Projections - By the third quarter of 2025, CICC's projected revenue will be approximately 27.4 billion yuan, with net profits exceeding 9.5 billion yuan, and total assets expected to surpass 1 trillion yuan, making it the fourth trillion-level securities firm in the industry [2] - The merger will enhance CICC's business matrix, allowing for synergy with the strengths and customer resources of Dongxing and Cinda Securities, significantly improving regional competitiveness and service capabilities [2] - The number of CICC's business outlets will increase from 245 to 436, and the retail customer base will grow from 9.72 million to over 14 million [2] Group 3: Market Reaction - The market responded positively, with Dongxing Securities hitting the daily limit up, and CICC and Cinda Securities both seeing gains of over 5% after resuming trading [3] - This merger is not CICC's first foray into industry consolidation, as it previously merged with CITIC Securities in 2016, rebranding it as "CICC Wealth" to leverage its strengths in retail brokerage, network layout, cross-border services, and high-net-worth wealth management [3]

格隆汇12月18日｜A股三大指数涨跌不一，截至午间收盘，沪指涨0.16%报3876.4点，深证成指跌 0.85%，创业板指跌1.81%，北证50涨0.64%。全市场成交额10592亿元，较上日成交额放量190亿元，超 3600股上涨。盘面上，商业航天概念股爆发，医药商业、军工装备、IP经济板块涨幅居前；元件、海 南、电池板块走低。中金公司正在筹划吸收合并东兴证券(601198)、信达证券，东兴证券涨停，中金涨 超5%，信达证券涨4.55%。 | 上证指数 | | | | | 深证成指 | | | 创业板指 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | -3876.40 | | | | | ·13111.78 | | | -3118.30 | | | | +6.12 +0.16% | | | | | -112.73 -0.85% | | | -57.6 -1.81% | | | | 市场概况 66.33%用户看涨 > | | | | | | | | | | | | | | | | | 2619 | | | ...

真正的难题写在后面：如何将庞大的资产数字，转化为真实的竞争优势？ 作者：胡群 封图：图虫创意 "万亿券商"的蓝图将从纸面走向现实，而市场的考卷才刚刚展开。 12月17日晚，中国国际金融股份有限公司（下称"中金公司"； 601995.SH）发布公告，披露了换股吸收合并东兴证券与信达证券的预案全文，并宣布公司 A股股票将于次日复牌。至此，这场自11月20日开启停牌、牵动市场神经的券商整合案，完成了第一阶段的理论设计，即将进入更为复杂的实践验证阶 段。 12月18日开市，中金公司的股票代码将结束长达20个交易日的静默。但这并非简单的交易重启，而更像一场面向全体投资者的公开"答辩"。市场将用最直 接的定价行为，对这份"三合一"方案的可行性、溢价合理性及协同前景，投下第一轮信任票。 根据预案，本次交易的核心定价基准已然清晰：中金公司作为存续方，换股价定为36.91元/股；东兴证券与信达证券的换股价分别为16.14元/股与19.15元/ 股，对应换股比例为1:0.4373和1:0.5188。其中，东兴证券定价较基准溢价26%，体现了对其区域网络价值的认可。交易完成后，一个总资产超1万亿元、 净资产约1715亿元的行业新巨 ...

| 代码 | 名称 | . | 涨幅% ↓ | | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | --- | | 601198 | 东兴证券 | 1 | | 9.98 | 467亿 | 33.10 | | 601995 | 中金公司 | 1 | | 6.16 | 1788亿 | 10.20 | | 601059 | 信达证券 | 1 | | 5.68 | 610亿 | 26.03 | 中金公司在停牌20个交易日之后，披露吸收合并东兴证券、信达证券预案。A股市场东兴证券复牌涨 停；中金公司复牌一度涨停，目前涨幅收窄至6%；信达证券复牌一度涨超8%，目前涨幅在6%以内跌。 昨晚，中金公司公告称，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。与此同时，此次中金合并东兴证券、信达证券预案也浮出水面。中金公司的A股换股价 格为36.91元/股，东兴证券的A股换股价格为16.14元/股，信达证券的A股换股价格为19.15元/股。根据 上述价格，东兴证券、信达证券与中金公司A股的换股比例分别为1:0.4373、1:0.518 ...

【导读】化工板块走高，多股直线拉涨停 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 12月18日早盘，A股三大指数集体低开，之后震荡攀升。截至发稿，上证指数率先飘红。 | W | | | 上证指数(000001) | | | | --- | --- | --- | --- | --- | --- | | | | | 12-18 10:39:42 | | | | 3876.75 | | 昨收 | 3870.28 | | 成交额 3441.99亿 | | +6.47 | +0.17% | 今开 | 3857.26 | 成交量 | 222.39亿 | | 上涨 | 1527 | 平台 | 94 | 下跌 | 716 | | 最高价 | 3880.93 | 市图率 | 16.22 | 近20日 | -1.38% | | 最低价 | 3856.42 | 市净率 | 1.47 | 今年来 | 15.66% | | सेव | 모 | 日K | | 周K | | | 叠加 | | | 均价: -- | | | | 3904.41 | | | | | 0.88% | 从板块来看，化工板块震荡拉升，零售、商业航天、光 ...

| 代码 | 简称 | 收盘价（元） | 换手率（%） | 涨停板封单（万股） | 封单资金（万元） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 600118 | 中国卫星 | 58.10 | 7.95 | 4047.95 | 235185.87 | 国防军工 | | 601198 | 东兴证券 | 14.44 | 0.32 | 9667.67 | 139601.13 | 非银金融 | | 001331 | 胜通能源 | 23.76 | 0.35 | 3312.21 | 78698.14 | 公用事业 | | 002969 | 嘉美包装 | 5.52 | 0.13 | 13070.89 | 72151.31 | 轻工制造 | | 002565 | 顺灏股份 | 16.69 | 14.11 | 4227.02 | 70549.05 | 轻工制造 | | 002044 | 美年健康 | 6.02 | 13.07 | 10402.11 | 62620.68 | 医药生物 | | 300342 | 天银机电 | 30.20 | 24.83 | 1685.7 ...