证券代码：601198 证券简称：东兴证券 公告编号：2026-001 1 东兴证券股份有限公司 关于重大资产重组的进展公告 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。 一、本次交易的基本情况 东兴证券股份有限公司（以下简称公司或东兴证券）与中国国际金融股份有 限公司（以下简称中金公司）、信达证券股份有限公司（以下简称信达证券）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合并东兴证券、信达证券（以 下简称本次交易）。本次交易预计构成《上市公司重大资产重组管理办法》规定 的重大资产重组，不构成重组上市。 二、本次交易进展情况 公司于 2025 年 12 月 17 日召开第六届董事会第十一次会议，审议通过了《关 于<中国国际金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券 股份有限公司预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 公司刊登在上海证券交易所网站的相关公告。经向上海证券交易所申请，公司 A 股股票于 2 ...

Group 1 - The "Second Sina Finance Golden Unicorn Best Investment Advisor" selection commenced in June 2025, attracting over 70 institutions and more than 15,000 investment advisors nationwide [1][4] - The evaluation process lasted over six months, involving multi-dimensional assessments and competitions, resulting in over a hundred top elite investment advisors emerging [1][4] - The awards for the "Second Sina Finance Golden Unicorn Best Investment Advisor Service Institution" were also announced [1][4] Group 2 - The honor list for the "Second Sina Finance Golden Unicorn Emerging Investment Advisor Service Institutions" was released [5]

中金公司公告称，公司正筹划换股吸收合并东兴证券、信达证券，预计构成重大资产重组。2025年12月 17日，公司董事会已审议通过交易预案相关议案。公司A股股票于2025年12月18日开市起复牌。截至公 告披露日，交易相关审计等工作未完成。本次交易尚需各方董事会、股东会及监管机构批准，存在不确 定性，提醒投资者关注后续公告及风险。 ...

证券日报网讯 1月14日，东兴证券（601198）在互动平台回答投资者提问时表示，公司子公司东兴香港 无产品销售出口业务。 ...

Core Viewpoint - The report from Dongxing Securities highlights that solar energy is the preferred energy source for space activities, with the potential for significant growth in the space photovoltaic market driven by the concept of space data centers and advancements in technology [1][2]. Market Demand - Solar energy is identified as the primary energy source for space activities, with current demand mainly for satellite solar wings. The industry is small but rapidly expanding. If the concept of space data centers is realized, it could lead to over 800GW of space photovoltaic installation demand, surpassing current global ground photovoltaic annual additions [2]. - Leading domestic companies are focusing on the space photovoltaic market, accelerating technology research and scenario exploration, indicating a shift from concept validation to explosive growth in the sector [2]. Technology Development - The main requirements for space photovoltaic technology include high efficiency, lightweight, and adaptability to extreme temperatures and strong radiation. The current mainstream technology on the ground is TOPCON, which faces limitations in radiation resistance and lightweight modifications [3]. - Gallium arsenide (GaAs) is the current mainstream technology for space photovoltaics, achieving over 30% efficiency but with high production costs due to the scarcity of gallium, leading to prices around 1000 RMB/W, significantly higher than ground photovoltaic systems [3]. - P-type HJT batteries are seen as a potential replacement for GaAs due to their compatibility with space conditions, offering lightweight and excellent low-temperature performance [3]. Future Prospects - Perovskite tandem batteries are expected to become a significant option for next-generation space photovoltaics, with theoretical efficiencies reaching 45%, surpassing GaAs. They are lightweight and flexible, which could lead to substantial weight reductions for satellites and lower launch costs [4]. - Perovskite's flexibility allows for diverse solar wing designs, making it suitable for the unique requirements of space equipment [4]. Related Companies - Companies to watch include Junda Co., Ltd. (02865), Dongfang Risheng (300118.SZ), Mingyang Smart Energy (601615.SH), and GCL-Poly Energy (03800) [5].

Core Viewpoint - Dongxing Securities has shown mixed performance in recent trading and financial results, with significant fluctuations in both revenue and net profit, indicating potential investment opportunities and risks in the securities sector [1][2]. Trading Performance - On January 9, Dongxing Securities' stock rose by 0.43%, with a trading volume of 677 million yuan. The margin trading data indicated a financing purchase of 109 million yuan and a repayment of 132 million yuan, resulting in a net financing outflow of 23.38 million yuan [1]. - As of January 9, the total margin trading balance for Dongxing Securities was 1.736 billion yuan, with the financing balance at 1.731 billion yuan, accounting for 3.86% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level [1]. Margin Trading Details - In terms of securities lending, on January 9, Dongxing Securities repaid 10,600 shares and sold 10,800 shares, with a selling amount of 150,000 yuan based on the closing price. The remaining securities lending volume was 363,700 shares, with a balance of 5.0518 million yuan, which is below the 10th percentile of the past year, indicating a low level [1]. Financial Performance - As of September 30, Dongxing Securities reported a total of 101,300 shareholders, a decrease of 10.54% from the previous period. The average circulating shares per person increased by 11.79% to 31,925 shares [2]. - For the first nine months of 2025, Dongxing Securities achieved an operating income of 3.610 billion yuan, a year-on-year decrease of 55.25%. However, the net profit attributable to shareholders increased by 69.56% to 1.599 billion yuan [2]. Dividend and Shareholder Information - Since its A-share listing, Dongxing Securities has distributed a total of 5.055 billion yuan in dividends, with 1.202 billion yuan distributed in the last three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, the Guotai CSI All-Index Securities Company ETF ranked as the fourth largest shareholder with 50.1041 million shares, an increase of 20.1364 million shares from the previous period [3].

Core Insights - The Chinese M&A market experienced significant growth in 2025, with a total of 8,151 disclosed transactions and a transaction volume of approximately 25,894 billion yuan, representing a year-on-year increase of about 16.12% [1] - The recovery of the M&A market is attributed to a combination of policy, industry, and capital resonance, marking a shift in China's economic development from "quantity increase" to "quality improvement" [1][3] - The trend indicates a transition in the regulatory framework from "fatherly" control to a "market-friendly" service model, significantly reducing institutional transaction costs and enhancing market vitality [1][3] Regional Distribution - Beijing led the M&A market with a transaction volume of 10,930 billion yuan, up 48.59% year-on-year; Shanghai followed with 6,092 billion yuan, down 14.92%; and Guangdong ranked third with 4,593 billion yuan, down 17.89% [2] - There were 28 M&A events exceeding 100 billion yuan, with notable transactions including China Shenhua's acquisition of Guoyuan Power at 1,335.98 billion yuan, and CICC's mergers with Dongxing Securities and Xinda Securities at 1,142.75 billion yuan [2] Industry Distribution - The industrial sector led M&A activity with a transaction volume of 7,605 billion yuan, up 11.67% year-on-year; the real estate sector saw a remarkable increase of 549.36% to 4,443 billion yuan; and the information technology sector reached 2,855 billion yuan, up 35.84% [2][3] - The significant growth in the real estate sector is attributed to necessary asset-liability restructuring, with many transactions aimed at project clearance and risk mitigation [3] M&A Trends and Strategies - The industrial sector's M&A activity reflects a shift from "spreading out" to "stepping up," focusing on enhancing supply chain resilience and precision [3][4] - Horizontal integration M&A events accounted for 5,966 billion yuan, representing 22.70% of total transaction volume, indicating a deep structural phase of "stock reshuffling" across various industries [4] - Companies are increasingly pursuing "structural power" through horizontal mergers, aiming to establish stronger competitive barriers and enhance management efficiency and technological innovation [4] Future Outlook - In 2026, two key areas of focus are expected: strategic acquisitions in hard technology industries, particularly in semiconductors and industrial software, and professional integration led by state-owned enterprises in sectors like new energy and high-end equipment [5] - Cross-border M&A in the high-tech sector is anticipated to gain momentum as Chinese companies seek to acquire advanced technologies and talent globally, enhancing their position in the global tech supply chain [5][6]

Core Viewpoint - International oil prices are expected to decline, with a relatively abundant supply and weak demand leading to short-term price pressure [1][5]. Oil Price Decline - As of January 2, 2026, Brent crude futures settled at $60.75 per barrel, down 2.72% from the previous month, while WTI crude futures settled at $57.32 per barrel, down 2.25% [2]. - ESPO crude spot price decreased by $3.34 to $48.91 per barrel, a decline of 6.39% [2]. - OPEC crude spot price fell to $61.78 per barrel, down $2.68, a decrease of 4.16% [2]. - China's crude oil monthly average price (Daqing) was $58.20 per barrel, down $2.54, a decline of 4.19% [2]. U.S. Refinery and Product Supply - U.S. refinery utilization rate increased to 94.7%, up 0.6 percentage points [3]. - Gasoline supply rose to 8,563 thousand barrels per day, an increase of 237 thousand barrels per day, or 2.85% [3]. - Oil product supply decreased to 19,376 thousand barrels per day, down 813 thousand barrels per day, a decline of 4.03% [3]. U.S. and China Oil Import/Export Trends - U.S. crude oil imports averaged 6,170.40 thousand barrels per day, up 480.20 thousand barrels per day, an increase of 8.44% [4]. - U.S. crude oil exports averaged 3,932.25 thousand barrels per day, up 386 thousand barrels per day, a rise of 10.88% [4]. - China's crude oil imports increased to 5,089.00 thousand tons, up 253.00 thousand tons, an increase of 5.23% [4]. - China's crude oil exports fell to 79,460.25 tons, down 92,659.89 tons, a decline of 53.83% [4].

Core Insights - In 2025, the A-share IPO market saw a significant recovery, with 112 companies successfully issuing shares, an increase of 10 from 2024, representing a year-on-year growth of 9.8% [1] - The total funds raised through these IPOs reached 130.835 billion yuan, nearly doubling from 66.280 billion yuan in 2024, marking a year-on-year increase of 97% [1] - Leading brokerage firms played a crucial role in this IPO financing process, with Guotai Junan Securities leading the way by underwriting 19 projects [1][2] Brokerage Distribution - The top five underwriters in terms of the number of IPOs were Guotai Junan (19), CITIC Securities (17), CITIC Jianzhong (12), China Merchants Securities (10), and Huatai United (9) [2] - The ranking of underwriters based on the amount raised shows CITIC Securities at the top with 24.654 billion yuan from 17 IPOs, followed by Guotai Junan with 19.535 billion yuan from 19 IPOs [3] Notable Performances - China Merchants Securities made a notable leap in its ranking, underwriting 10 IPOs and achieving a significant increase in underwriting amounts, now ranking sixth in the industry [4] - An example of a successful IPO is Nanguang Digital, which raised 2.714 billion yuan and achieved the fastest listing record since the implementation of the registration system, taking only 144 days from acceptance to listing [4] - The rapid IPO process is attributed to supportive government policies aimed at accelerating the digital transformation of the energy sector, reflecting the commitment of brokerage firms like China Merchants Securities to enhance their financial services [4][5]

Core Insights - In 2025, China's M&A market saw a total of 8,151 disclosed transactions, a slight decrease of 0.72% year-on-year, while the transaction scale increased to approximately 25,894 billion RMB, reflecting a growth of 16.12% year-on-year [1][2] M&A Market Overview - The total M&A transaction amount in 2025 increased by about 3,595 billion RMB compared to 2024, indicating a strong recovery in market demand driven by policy support and a positive response from the capital market [1] - The quarterly breakdown of M&A transaction scales for 2025 was 4,272 billion RMB, 4,610 billion RMB, 7,410 billion RMB, and 9,602 billion RMB [2] Regional Distribution - The most active region in China's M&A market in 2025 was Beijing, with a transaction scale of 10,930 billion RMB, up 48.59% year-on-year; Shanghai ranked second with 6,092 billion RMB, down 14.92%; and Guangdong ranked third with 4,593 billion RMB, down 17.89% [6] Industry Distribution - The top three industries by M&A transaction scale were: - Industrial sector: 7,605 billion RMB, up 11.67% - Real estate sector: 4,443 billion RMB, up 549.36% - Information technology sector: 2,855 billion RMB, up 35.84% [10] M&A Method Distribution - The distribution of M&A methods showed that: - Agreement acquisitions led with a scale of 10,681 billion RMB, accounting for 39.75% of the total scale - Issuing shares to purchase assets ranked second with 3,319 billion RMB, accounting for 12.35% - Auction-type acquisitions ranked third with 2,645 billion RMB, accounting for 9.84% [12] Purpose of M&A - The distribution of M&A purposes indicated that: - Horizontal integration M&A transactions accounted for 5,966 billion RMB, or 22.70% of the total transaction scale - Asset adjustment and strategic cooperation transactions accounted for 2,498 billion RMB and 2,059 billion RMB, or 9.51% and 7.84% respectively [13] M&A Scale Distribution - Transactions exceeding 100 billion RMB accounted for the highest proportion, at 42.14% of the total transaction amount, while transactions between 10 billion and 100 billion RMB accounted for 34.48% [16] Top 10 M&A Transactions - The largest M&A transactions in 2025 included: 1. Wantong Development's 12.63% equity judicial auction: 2,316.10 billion RMB 2. China Shenhua's private placement acquisition of Guoyuan Power and 12 other companies: 1,335.98 billion RMB 3. CICC's share swap merger with Dongxing Securities and Cinda Securities: 1,142.75 billion RMB [17][19]