Core Viewpoint - The announcement indicates that Cinda Securities is planning a share swap merger with Dongxing Securities and China International Capital Corporation (CICC) through the issuance of A-shares to all shareholders of both companies [1] Group 1: Transaction Details - The transaction is expected to constitute a significant asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" but will not qualify as a restructuring listing [1] - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities as part of the share swap merger [1] Group 2: Current Status - As of the date of the announcement, the auditing and related work for the transaction has not been completed [1] - The company will convene a board meeting to review the relevant proposals for the transaction once the related work is finalized, and will fulfill subsequent legal and regulatory disclosure obligations [1]

Group 1 - The core point of the article is that China International Capital Corporation (CICC) is planning a major asset restructuring by issuing A-shares to acquire Dongxing Securities and Xinda Securities, which is expected to be a significant merger but will not constitute a restructuring listing [1] - The trading plan is subject to approval from the boards of directors, shareholders, and regulatory authorities, with the outcome and timeline remaining uncertain [1] - The resumption of trading for the company's A-shares is scheduled for December 18, 2025, after the completion of relevant audits and procedures [1]

Core Viewpoint - The alternative investment landscape among securities firms in China is experiencing a significant divergence, with some firms retracting while others are expanding their investments [2][5]. Group 1: Firms Retracting - Firms like Caida Securities and Dongxing Securities are reducing their capital in alternative investment subsidiaries due to poor financial performance, with Caida's subsidiary reporting a revenue of -1.19 million yuan and a net loss of 2.47 million yuan for the first nine months of 2025 [2][3]. - Northeast Securities' alternative subsidiary reported a total revenue of -1.84 million yuan and a net loss exceeding 16 million yuan in 2024, leading to a capital reduction to 1 billion yuan [3]. - The overall trend shows that many smaller securities firms are facing capital pressure and liquidity risks due to the requirements of the Sci-Tech Innovation Board's co-investment system, which mandates a 2%-5% co-investment ratio and a 24-month lock-up period [3][6]. Group 2: Firms Expanding - In contrast, firms like Caitong Securities and Guohai Securities are increasing their capital in alternative investment subsidiaries, with Caitong planning to raise up to 2 billion yuan to enhance its capital strength [5][6]. - Guohai Securities announced a 500 million yuan capital increase, citing rapid growth in investment business and the need to bolster capital for competitive advantage [5]. - Other firms, such as Zhongtai Securities and Nanjing Securities, are also focusing on alternative investments, targeting specialized and innovative enterprises, indicating a shift from passive co-investing to proactive investment strategies [5][6]. Group 3: Industry Trends - The divergence in strategies reflects a broader shift in the industry from a focus on scale to a more refined approach to capital management, emphasizing project selection, post-investment support, and exit management [6]. - Experts suggest that the current environment necessitates a transition from "broad arbitrage" to "meticulous cultivation," focusing on precise project screening, risk control, and efficient capital turnover [6]. - The changes in capital allocation strategies among securities firms highlight the industry's adaptation to regulatory changes and market conditions, with a growing emphasis on professional capabilities and risk management [6].

Core Viewpoint - Multiple brokerage firms are reducing their alternative investment subsidiaries, indicating a strategic restructuring within the industry as firms differentiate their approaches to alternative investments [1][4]. Group 1: Company Actions - Dongxing Securities announced a capital reduction for its subsidiary Dongxing Investment, decreasing its registered capital from 20 billion to 7 billion yuan, following a previous reduction of 10 billion yuan [2]. - Zhongshan Securities' parent company Jinlong Co. agreed to reduce the capital of its wholly-owned subsidiary Shenzhen Jinhong Shaohui Investment Co., by 150 million yuan, bringing its registered capital down to 50 million yuan [1]. - Northeast Securities decided to reduce the capital of its subsidiary Dongzheng Rongda Investment Co. by 2 billion yuan due to poor performance, with reported total revenue of -1.836 million yuan and a net loss exceeding 16 million yuan in 2024 [3]. Group 2: Industry Trends - The alternative investment landscape among brokerages is becoming increasingly polarized, with some firms like Zhongyuan Securities, Dongbei Securities, and Guodu Securities reducing capital, while others like Caitong Securities and Guohai Securities are increasing their investments [1][4]. - Guohai Securities announced a 500 million yuan capital increase for its alternative investment subsidiary, raising its registered capital to 1.5 billion yuan, citing rapid growth in investment business as a reason [4]. - Caitong Securities plans to increase its wholly-owned alternative investment subsidiary's capital by up to 2 billion yuan, raising its registered capital from 1.5 billion to a maximum of 3.5 billion yuan [4]. Group 3: Expert Insights - Industry experts suggest that the frequent capital reductions are driven by performance volatility and underwhelming results from alternative investment subsidiaries [3]. - The new company law mandates that registered capital must be fully paid within five years, prompting brokerages to adjust their capital structures to mitigate compliance risks [3]. - According to Tian Lihui, the director of the Financial Development Research Institute at Nankai University, the capital management of brokerages is maturing, shifting from a focus on scale to a more refined approach to capital returns [3][5].

证券代码：601198 证券简称：东兴证券 公告编号：2026-004 东兴证券股份有限公司 2025 年度第五期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东兴证券股份有限公司（以下简称公司）于 2025 年 9 月 22 日成功发行东兴 证券股份有限公司 2025 年度第五期短期融资券（以下简称本期短期融资券），本 期短期融资券发行规模为人民币 20 亿元，票面利率为 1.69%，期限为 143 天， 兑付日期为 2026 年 2 月 12 日（详见公司于 2025 年 9 月 24 日登载于上海证券交 易所网站 www.sse.com.cn 的《东兴证券股份有限公司 2025 年度第五期短期融资 券发行结果公告》）。 特此公告。 董事会 2026 年 2 月 13 日 1 东兴证券股份有限公司 2026 年 2 月 12 日 ， 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 2,013,242,191.78 元。 ...

Group 1 - The company successfully issued its fifth short-term financing bond for the year 2025 on September 22, 2025, with a total issuance scale of RMB 2 billion and a coupon rate of 1.69% for a term of 143 days [1] - On February 12, 2026, the company redeemed the principal and interest of this short-term financing bond, totaling RMB 2.013 billion [1]

新纽科技发布公告，配售协议的所有条件已获达成，且配售事项已于2026年2月11日完成。合共6000万 股配售股份已由配售代理根据配售协议的条款及条件按配售价每股配售股份0.300港元成功配售予承配 人，相当于紧随配售事项完成后公司经配发及发行配售股份扩大的已发行股本的约5.98%。 香港联交所最新资料显示，2月11日，新纽科技(09600)股东将股票存入东兴证券(香港)，存仓市值1770 万港元，占比6.36%。 ...

新纽科技发布公告，配售协议的所有条件已获达成，且配售事项已于2026年2月11日完成。合共6000万 股配售股份已由配售代理根据配售协议的条款及条件按配售价每股配售股份0.300港元成功配售予承配 人，相当于紧随配售事项完成后公司经配发及发行配售股份扩大的已发行股本的约5.98%。 智通财经APP获悉，香港联交所最新资料显示，2月11日，新纽科技(09600)股东将股票存入东兴证券(香 港)，存仓市值1770万港元，占比6.36%。 ...

跟投狂赚超30亿！券商为何仍密集减资另类投资子公司？ 科创板跟投狂赚超30亿元，多家券商却在密集减资另类投资子公司，背后逻辑值得关注！ 值得关注的是，券商另类投资业务，尤其是科创板跟投，在2025年曾贡献了可观的浮盈。2025年券商科 创板IPO跟投总规模为11.21亿元，以上市首日收盘价计，实现浮盈高达30.65亿元。 近日，东兴证券（601198）公告，已完成对其另类投资子公司东兴投资的3亿元减资。 而对中小券商来说，科创板跟投制度所要求的2%~5%的跟投比例、24个月的锁定期，可能意味着不小 的净资本压力和流动性风险。因此，中小券商通常难以"分羹"。 事实上，2025年至今，已有至少5家券商宣布对旗下另类投资子公司进行减资。减资主体以中小券商为 主，包括东兴证券、中山证券、国都证券、东北证券（000686）和中原证券（601375）等。 另外，业内人士指出，券商减资子公司的安排更多是一种战略性调整，为的是提升整体的资金使用效 率。 不过，这笔收益高度集中在头部券商手中。在2025年的19个科创板IPO项目中，中信证券（600030）一 家就独揽8个项目。 ...

Core Viewpoint - The recent announcements of capital reductions by several securities firms, including Dongxing Securities, highlight a strategic shift towards improving capital efficiency in the alternative investment sector, particularly among smaller firms [1][2][9]. Group 1: Capital Reduction Announcements - Dongxing Securities announced the completion of a 300 million yuan capital reduction for its subsidiary Dongxing Investment, lowering its registered capital from 1 billion yuan to 700 million yuan [1][3]. - Zhongshan Securities also reported a capital reduction of 150 million yuan for its subsidiary Shenzhen Jinhong Shaohui Investment, reducing its registered capital from 200 million yuan to 50 million yuan [2]. - Since 2025, at least five securities firms have undertaken capital reductions for their alternative investment subsidiaries, primarily among smaller firms [2][3]. Group 2: Reasons for Capital Reduction - The primary reason cited for these capital reductions is to enhance overall capital utilization efficiency [2][9]. - Many firms are reallocating freed-up capital into wealth management, international business, or other core operations that offer higher turnover and synergy [10]. - The trend of capital reduction is seen as a strategic adjustment to optimize resource allocation and improve financial performance [9][10]. Group 3: Market Context and Performance - In 2025, the alternative investment sector, particularly the "Star Market" follow-on investments, generated significant returns, with securities firms earning up to 3.065 billion yuan in investment income [2][7]. - However, the majority of these returns were concentrated among leading firms, making it challenging for smaller firms to participate effectively [8]. - The capital adjustments reflect a broader trend where firms are either reducing or increasing capital based on their specific business needs and market conditions [5][10]. Group 4: Diverging Strategies Among Firms - While many firms are reducing capital, some, like Guohai Securities, have opted to increase capital by 500 million yuan to support rapid business growth [5]. - This divergence indicates a split in strategy within the industry, where some firms are focusing on enhancing their capital strength while others are streamlining operations [5][10]. - The regulatory environment, including new company laws, also influences these capital adjustments, as firms aim to meet compliance requirements while managing capital efficiency [10].