<p>两家由国家支持的上海券商已公布合并计划，创建一家价值 860 亿美元的公司，推动北京的目标，即打造能够与华尔街精英竞争的投资银行。</p>
<p>根据 4 月 19 日向上海证券交易所提交的文件，东方证券计划通过发行 A 股和现金的方式收购上海证券的 100% 股份。</p>
<p>该交易标志着中国金融格局改革的最新一步。根据最新的财务披露，合并后的实体截至 2025 年年末持有约 5830 亿元人民币（约合 1090 亿新元）的资产。这使其在中国券商中按资产规模排名前十。</p>
<p>该提案是在 2024 年合并形成国泰海通证券之后提出的，标志着该行业内合并趋势的持续。北京正在努力发展国内投资银行，使其能够与高盛和摩根士丹利等全球巨头竞争。</p>
<p>根据文件，东方证券的 A 股交易将从周一开始暂停，暂停期最长可达 10 个交易日。彭博社的中国券商指数在香港早盘交易中上涨了 1.6%，逆势而上。</p>
<p>东方证券的最大股东是申能集团，截至 2025 年末持有 26.6% 的股份，而上海证券则由百联集团持有 50% 的股份，根据他们最新的财务报告。这两个实体均由上海国有资产管理部门拥有。</p>
<p>另见</p>
<p></p>
<h3>让我们结合券商托管模式的优势和 CDP 的无缝体验</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0aab0eec6a996e21f7a9695534f8512a80427383de27ba5b492b6f2c88874d65/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0aab0eec6a996e21f7a9695534f8512a80427383de27ba5b492b6f2c88874d65/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>高盛、美国银行、Citadel 与零售券商在期权清算方面的冲突</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，送到您的邮箱。</p>
<p>东吴证券预计申能将继续成为新实体的最大股东，该实体将依托东方证券在财富和资产管理方面的优势，以及上海证券广泛的经纪网络和客户基础，分析师孙婷在周日的报告中写道。</p>
<p>尽管当局多年来一直考虑合并最大的国有投资银行，但进展缓慢，直到习近平主席在 2023 年敦促监管机构推动行业整合为几家大型券商。证券监管机构也表示支持这一举措，目标是在 2035 年前拥有两到三家能够在全球竞争的银行。</p>
<p>近期势头有所增强，国泰海通形成了最大的券商，而中国国际金融公司则计划吸收两家小型竞争对手，交易总值达 160 亿美元。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送到您的邮箱，免费。</p>

东方证券

券商ETF

国泰中证全指证券公司ETF

华宝中证全指证券公司ETF

<p>上海的两家国有券商计划合并，成立一家价值 860 亿美元的公司，以增强中国的投资银行能力。东方证券将通过发行 A 股和现金收购上海证券。此次合并旨在将新实体定位为中国前十名券商之一，资产约为 5830 亿元人民币。这一举措是该行业整合趋势的一部分，得到了北京发展具有竞争力的国内投资银行的目标的支持。在合并进行期间，东方证券的 A 股交易将暂停最多 10 天</p>

<p>TWO state-backed brokerages in Shanghai have unveiled plans to merge, creating a US$86 billion firm and advancing Beijing’s ambition to forge investment banks capable of competing with Wall Street’s elite.</p>
<div class="lb-trans"><p>两家由国家支持的上海券商已公布合并计划，创建一家价值 860 亿美元的公司，推动北京的目标，即打造能够与华尔街精英竞争的投资银行。</p>
</div><p>Orient Securities intends to acquire a 100 per cent stake in Shanghai Securities via a mix of A-share issuance and cash, according to a Sunday (Apr 19) filing with the Shanghai Stock Exchange.</p>
<div class="lb-trans"><p>根据 4 月 19 日向上海证券交易所提交的文件，东方证券计划通过发行 A 股和现金的方式收购上海证券的 100% 股份。</p>
</div><p>The deal marks the latest step in an overhaul of China’s financial landscape. The combined entity held assets of approximately 583 billion yuan (S$109 billion) as at year-end 2025, according to the most recent financial disclosures. That puts it in the top ten of China’s brokerages in terms of assets.</p>
<div class="lb-trans"><p>该交易标志着中国金融格局改革的最新一步。根据最新的财务披露，合并后的实体截至 2025 年年末持有约 5830 亿元人民币（约合 1090 亿新元）的资产。这使其在中国券商中按资产规模排名前十。</p>
</div><p>The proposal follows the 2024 merger that created Guotai Haitong Securities, signalling a sustained trend towards mergers within the sector. Beijing is trying to develop its domestic investment banks to allow them to compete with global heavyweights such as Goldman Sachs and Morgan Stanley.</p>
<div class="lb-trans"><p>该提案是在 2024 年合并形成国泰海通证券之后提出的，标志着该行业内合并趋势的持续。北京正在努力发展国内投资银行，使其能够与高盛和摩根士丹利等全球巨头竞争。</p>
</div><p>Trading of Orient Securities’ A-shares will be suspended from Monday for a period of up to 10 trading days, according to the filing. A Bloomberg gauge of Chinese brokerages rose 1.6 per cent in Hong Kong early morning trade, bucking a broader market decline.</p>
<div class="lb-trans"><p>根据文件，东方证券的 A 股交易将从周一开始暂停，暂停期最长可达 10 个交易日。彭博社的中国券商指数在香港早盘交易中上涨了 1.6%，逆势而上。</p>
</div><p>Orient’s largest shareholder is Shenergy Group, which held a 26.6 per cent stake at the end of 2025, while Shanghai Securities is 50 per cent owned by Bailian Group, according to their latest financial reports. Both those entities are owned by Shanghai’s state-owned assets administrator.</p>
<div class="lb-trans"><p>东方证券的最大股东是申能集团，截至 2025 年末持有 26.6% 的股份，而上海证券则由百联集团持有 50% 的股份，根据他们最新的财务报告。这两个实体均由上海国有资产管理部门拥有。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Let’s combine the benefits of the broker custody model and the seamless experience of the CDP</h3>
<div class="lb-trans"><h3>让我们结合券商托管模式的优势和 CDP 的无缝体验</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0aab0eec6a996e21f7a9695534f8512a80427383de27ba5b492b6f2c88874d65/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/0aab0eec6a996e21f7a9695534f8512a80427383de27ba5b492b6f2c88874d65?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Goldman, BOA, Citadel clash with retail brokers over options clearing</h3>
<div class="lb-trans"><h3>高盛、美国银行、Citadel 与零售券商在期权清算方面的冲突</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，送到您的邮箱。</p>
</div><p>Soochow Securities expects Shenergy to remain the largest shareholder of the new entity, which will build on Orient’s strength in wealth and asset management as well as Shanghai Securities’ extensive brokerage network and client base, analysts led by Sun Ting wrote in a note on Sunday.</p>
<div class="lb-trans"><p>东吴证券预计申能将继续成为新实体的最大股东，该实体将依托东方证券在财富和资产管理方面的优势，以及上海证券广泛的经纪网络和客户基础，分析师孙婷在周日的报告中写道。</p>
</div><p>While the authorities have mulled combining the largest state-run investment banks for years, progress was slow until President Xi Jinping urged regulators in 2023 to push the consolidation of the industry into a few large brokerages. The securities watchdog also voiced its support for the move, with the goal of having two to three banks that can compete globally by 2035.</p>
<div class="lb-trans"><p>尽管当局多年来一直考虑合并最大的国有投资银行，但进展缓慢，直到习近平主席在 2023 年敦促监管机构推动行业整合为几家大型券商。证券监管机构也表示支持这一举措，目标是在 2035 年前拥有两到三家能够在全球竞争的银行。</p>
</div><p>The momentum has picked up recently, with Guotai Haitong forming the largest broker and China International Capital following with a plan to absorb two smaller rivals in a deal worth a combined US$16 billion. BLOOMBERG</p>
<div class="lb-trans"><p>近期势头有所增强，国泰海通形成了最大的券商，而中国国际金融公司则计划吸收两家小型竞争对手，交易总值达 160 亿美元。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯，送到您的邮箱，免费。</p>
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China to form brokerage with US$86 billion assets by merging firms

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中国将通过合并公司组建一家拥有 860 亿美元资产的券商