CITIC Construction Investment: Accelerating Regional Integration and Mergers & Acquisitions as Dual Main Lines Rewrite the Securities Industry Landscape

CITIC Securities Research Report states that Dongwu Securities is planning to acquire Donghai Securities, marking a new phase of regional financial resource integration. Since 2025, industry mergers and acquisitions have been rapidly implemented, forming a dual mainline pattern of top-tier alliances to create first-class investment banks and regional integration led by local state-owned assets to develop domestic leaders. The driving logic has shifted from policy-led to a combination of policy and market resonance, promoting the industry from dispersed competition to tiered segmentation. The leading pattern is being reshaped into a multi-strong coalition, with smaller brokers accelerating exit, and regional integration of small and medium-sized brokers opening up a differentiated development path. (People’s Financial News)

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