As the earnings season concludes, the performance of integrated securities firms faces its first market test. Ongoing brokerage consolidations now offer a prime window to assess future prospects through their annual reports. Among these, the absorption of Dongxing Securities and Cinda Securities by CICC has captured significant market attention. The dual growth in revenue and profit reported by all three firms for 2025 provides a solid asset foundation for this merger case. According to data from the Securities Association of China, the 150 securities firms in the industry achieved a 19.95% year-on-year increase in annual revenue and a 31.20% rise in net profit for 2025. The profit growth of the three merging firms significantly outpaced the industry average. On the evening of May 18, CICC released the latest transaction proposal, marking a substantial step forward in the tri-party restructuring. In terms of asset scale, the merged entity will become the industry's fourth securities firm with total assets exceeding one trillion yuan. Multiple business revenues will rank within the industry's top three, firmly securing a position among the "2-3 internationally competitive investment banks" previously outlined by regulatory authorities. Based on data from the end of 2025, the proposal indicates that post-integration, CICC's total assets will reach 1.03 trillion yuan, with net assets attributable to shareholders reaching 183.3 billion yuan. The merged CICC will rank fourth in the industry for both total assets and net assets, entering the "trillion-yuan club" as the fourth firm. From a performance perspective, the merged entity's 2025 operating revenue and net profit attributable to shareholders will increase by 31% and 41%, respectively, compared to the current CICC. Its industry rankings will improve by two and five places to third and fourth, respectively. By business segment, the enhancement to brokerage operations is most pronounced. Post-merger net commission income from brokerage is projected to reach 8.183 billion yuan, an approximate 33% increase over the original CICC, lifting its ranking to eighth in the industry. Furthermore, the "new CICC" will maintain a leading position in investment banking net income, ranking second in the industry. Cinda Australia Equity Fund and mixed funds hold relatively strong AUM rankings, potentially strengthening the competitiveness of the equity fund business. Notably, the growth in the post-merger financial statements is not merely a linear sum. Considering CICC's superior capital utilization capabilities compared to Dongxing Securities and Cinda Securities, the merged entity is expected to have greater flexibility within its financial statements, generating synergistic effects where the whole is greater than the sum of its parts. Regarding core business strengths, the merged CICC will emerge as a comprehensive investment banking player with a more balanced business portfolio. CICC's investment banking business has long maintained an industry-leading position. It is one of the few firms consistently ranked in the top tier across A-share, Hong Kong stock, and U.S. stock markets, with particularly outstanding expertise in servicing large-scale, cross-border, and complex projects. In 2025, CICC served Chinese companies in 56 global IPOs, raising a total of $26.783 billion, ranking first in the market. Acting as sponsor and lead underwriter for 41 Hong Kong IPO projects with a total underwriting size of $7.9 billion, it also secured the top market position. Notable projects included CATL, Seres, Sanhua Intelligent Controls, and Haitian Flavouring & Food. Continuing the positive momentum into the first quarter of 2026, CICC achieved significant results in domestic and overseas financing for its investment banking business. It underwrote 5 A-share IPO projects with a total underwriting value of 6.173 billion yuan, leading the industry in both project count and financing scale. For Hong Kong IPOs, it underwrote 17 projects, serving as sponsor for 14 of them, topping the industry in all three core metrics: number of sponsorships, number of underwriting deals, and total funds raised. It successfully guided prominent companies like Biren Technology, MiniMax, and Zhipu AI to the capital markets, continuously aiding enterprises in new quality productive forces to broaden their financing channels. As the only two listed securities firms within an AMC system, Cinda Securities and Dongxing Securities possess distinctive advantages in their investment banking operations. Cinda Securities holds a significant market share in bankruptcy restructuring and special opportunity investments, while Dongxing Securities has accumulated extensive experience serving small and medium-sized IPO projects on the ChiNext and Beijing Stock Exchange. Additionally, the combined total assets of the AMC shareholders of Dongxing and Cinda amount to 3 trillion yuan, with financial investment scales reaching 1.6 trillion yuan. Their portfolios present lifecycle demands for revitalization, disposal, and reinvestment. The synergy among the three investment banks signifies that CICC's professional expertise with leading enterprises and international operations will effectively complement the service capabilities of Dongxing and Cinda in growth-oriented companies and special asset sectors. Furthermore, it indicates that CICC will integrate with the extensive client base and project resources of the AMC groups. The post-merger entity may gain access to broader markets for asset disposal, restructuring, and securitization, further expanding its profit potential. Regarding branch network, post-merger CICC will rank third in the industry by number of business outlets. Its retail client base will grow by nearly 50% to over 15 million, marking a strategic shift from a focus on "core hubs" to a diversified "multi-point" geographical presence. As of the end of 2025, CICC operated 247 business outlets. Dongxing Securities and Cinda Securities, deeply rooted for years in Fujian and Liaoning provinces respectively, have focused on second-tier cities, accumulating a substantial mass clientele and an extensive network of下沉 outlets. By the end of 2025, Dongxing Securities had 91 business outlets, with 36 (40%) located in Fujian. Cinda Securities operated 103 outlets, with 34 (33%) in Liaoning. After the merger, the new CICC's business outlets will increase to 441, surpassing CITIC Securities (352) and Huatai Securities (270), securing the third position in the industry. The significant geographical complementarity formed by the combined branch resources will further strengthen CICC's national network advantage, propelling its strategy from deep cultivation in core regions towards coordinated multi-point development. CICC's long-term presence in economically developed areas has established a professional and mature service model. With the further完善 of its geographical footprint, this replicable advanced model will extend to key potential regions like Fujian and Liaoning, creating new performance growth points. From a client perspective, estimates suggest the merged entity's retail client base will increase from nearly 10 million to over 15 million, a rise of approximately 50%. Concurrently, its investment advisor headcount will increase by about 49% to roughly 5,800. It is noteworthy that CICC successfully integrated China Investment Securities and has steadily advanced its transition to a买方投顾 model. By the end of 2025, the scale of买方投顾 products under management exceeded 130 billion yuan. The simultaneous expansion of the client base and advisory capabilities, combined with successful experience in merger integration and business upgrades, creates optimistic prospects for scaling wealth management operations post-merger. After market close on April 29, the three securities firms released their first-quarter 2026 financial reports. CICC achieved revenue of 8.825 billion yuan, a year-on-year increase of 54.26%, and net profit attributable to shareholders of 3.577 billion yuan, up 75.19% year-on-year. Dongxing Securities and Cinda Securities also reported solid first-quarter performance, further strengthening the fundamental业绩 base of this merger. With the substantive disclosure of financial indicators, the subsequent progress of the powerful alliance between CICC, Dongxing Securities, and Cinda Securities will undoubtedly continue to attract sustained attention from the capital market.