<p>兩家由國家支持的上海券商已公佈合併計劃，創建一家價值 860 億美元的公司，推動北京的目標，即打造能夠與華爾街精英競爭的投資銀行。</p>
<p>根據 4 月 19 日向上海證券交易所提交的文件，東方證券計劃通過發行 A 股和現金的方式收購上海證券的 100% 股份。</p>
<p>該交易標誌着中國金融格局改革的最新一步。根據最新的財務披露，合併後的實體截至 2025 年年末持有約 5830 億元人民幣（約合 1090 億新元）的資產。這使其在中國券商中按資產規模排名前十。</p>
<p>該提案是在 2024 年合併形成國泰海通證券之後提出的，標誌着該行業內合併趨勢的持續。北京正在努力發展國內投資銀行，使其能夠與高盛和摩根士丹利等全球巨頭競爭。</p>
<p>根據文件，東方證券的 A 股交易將從週一開始暫停，暫停期最長可達 10 個交易日。彭博社的中國券商指數在香港早盤交易中上漲了 1.6%，逆勢而上。</p>
<p>東方證券的最大股東是申能集團，截至 2025 年末持有 26.6% 的股份，而上海證券則由百聯集團持有 50% 的股份，根據他們最新的財務報告。這兩個實體均由上海國有資產管理部門擁有。</p>
<p>另見</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413/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/2e071124db37b1f74b042a75f9c092c7d57ddc27eee677fcd49f7b87edc59413/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>讓我們結合券商託管模式的優勢和 CDP 的無縫體驗</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、美國銀行、Citadel 與零售券商在期權清算方面的衝突</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察信息，送到您的郵箱。</p>
<p>東吳證券預計申能將繼續成為新實體的最大股東，該實體將依託東方證券在財富和資產管理方面的優勢，以及上海證券廣泛的經紀網絡和客户基礎，分析師孫婷在週日的報告中寫道。</p>
<p>儘管當局多年來一直考慮合併最大的國有投資銀行，但進展緩慢，直到習近平主席在 2023 年敦促監管機構推動行業整合為幾家大型券商。證券監管機構也表示支持這一舉措，目標是在 2035 年前擁有兩到三家能夠在全球競爭的銀行。</p>
<p>近期勢頭有所增強，國泰海通形成了最大的券商，而中國國際金融公司則計劃吸收兩家小型競爭對手，交易總值達 160 億美元。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>

東方證券

券商ETF

國泰中證全指證券公司ETF

華寶中證全指證券公司ETF

<p>上海的兩家國有券商計劃合併，成立一家價值 860 億美元的公司，以增強中國的投資銀行能力。東方證券將通過發行 A 股和現金收購上海證券。此次合併旨在將新實體定位為中國前十名券商之一，資產約為 5830 億元人民幣。這一舉措是該行業整合趨勢的一部分，得到了北京發展具有競爭力的國內投資銀行的目標的支持。在合併進行期間，東方證券的 A 股交易將暫停最多 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>兩家由國家支持的上海券商已公佈合併計劃，創建一家價值 860 億美元的公司，推動北京的目標，即打造能夠與華爾街精英競爭的投資銀行。</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>根據 4 月 19 日向上海證券交易所提交的文件，東方證券計劃通過發行 A 股和現金的方式收購上海證券的 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>該交易標誌着中國金融格局改革的最新一步。根據最新的財務披露，合併後的實體截至 2025 年年末持有約 5830 億元人民幣（約合 1090 億新元）的資產。這使其在中國券商中按資產規模排名前十。</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>該提案是在 2024 年合併形成國泰海通證券之後提出的，標誌着該行業內合併趨勢的持續。北京正在努力發展國內投資銀行，使其能夠與高盛和摩根士丹利等全球巨頭競爭。</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>根據文件，東方證券的 A 股交易將從週一開始暫停，暫停期最長可達 10 個交易日。彭博社的中國券商指數在香港早盤交易中上漲了 1.6%，逆勢而上。</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>東方證券的最大股東是申能集團，截至 2025 年末持有 26.6% 的股份，而上海證券則由百聯集團持有 50% 的股份，根據他們最新的財務報告。這兩個實體均由上海國有資產管理部門擁有。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>讓我們結合券商託管模式的優勢和 CDP 的無縫體驗</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、美國銀行、Citadel 與零售券商在期權清算方面的衝突</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，送到您的郵箱。</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>東吳證券預計申能將繼續成為新實體的最大股東，該實體將依託東方證券在財富和資產管理方面的優勢，以及上海證券廣泛的經紀網絡和客户基礎，分析師孫婷在週日的報告中寫道。</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>儘管當局多年來一直考慮合併最大的國有投資銀行，但進展緩慢，直到習近平主席在 2023 年敦促監管機構推動行業整合為幾家大型券商。證券監管機構也表示支持這一舉措，目標是在 2035 年前擁有兩到三家能夠在全球競爭的銀行。</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>近期勢頭有所增強，國泰海通形成了最大的券商，而中國國際金融公司則計劃吸收兩家小型競爭對手，交易總值達 160 億美元。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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送到您的郵箱，免費。</p>
</div>

China to form brokerage with US$86 billion assets by merging firms

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申能股份

百聯股份

東吳證券

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Bank of America Corp

中國將通過合併公司組建一家擁有 860 億美元資產的券商