A remarkably impressive prospectus for a STAR Market listing has simultaneously unveiled a capital feast that has been brewing for years. Within Changxin Technology's latest prospectus, the presence of five brokerages has come to light: China Merchants Securities Co.,Ltd., Huaan Securities, China Securities, Founder Securities, and CICC. Through their subsidiaries or affiliated funds, they quietly positioned themselves several years ago. Based on the latest valuation estimates, if Changxin Technology completes its IPO within this year, the combined book value of the equity held by these four brokerages (after deducting liquidity discounts) could reach a staggering 32.7 billion yuan. This figure is equivalent to the annual net profit of several small and medium-sized brokerages. Among them, China Merchants Securities Co.,Ltd. entered at the angel investment round, holding approximately 505 million shares with unrealized gains potentially nearing 20 billion yuan. This could directly propel its 2026 net profit into the industry's top three. Meanwhile, Huaan Securities, after layer-by-layer calculation, indirectly holds about 264 million shares, corresponding to a book value exceeding 10 billion yuan—nearly five times the company's 2025 net profit. Its 2026 net profit ranking could leap from outside the top twenty into the top ten. It is understood that China Merchants Securities Co.,Ltd. intensified its investment layout in the biopharmaceutical and semiconductor industry chains in recent years, with Changxin Technology being a major successful project. This "nuclear explosion" in brokerage performance, driven by primary market equity investments, may rewrite the industry's profit ranking table. It once again confirms that equity investment is a realm where miracles are created and could also be the explosive point for brokerages to expand their PB imagination.

Changxin's valuation is estimated between 2 to 3 trillion yuan. The updated prospectus data from Changxin Technology is nothing short of explosive. The company anticipates first-half revenue of 110 to 120 billion yuan, a year-on-year increase of 612.53% to 677.31%; net profit attributable to shareholders is projected between 50 to 57 billion yuan, soaring by 2244.03% to 2544.19%. If extrapolated linearly, surpassing the 100 billion yuan annual net profit milestone is almost certain. Market valuation calculations for its listing primarily employ the forward price-to-earnings ratio method. Using a conservative estimate of 100 billion yuan in annual net profit as the base and referencing the latest valuations of the global DRAM big three—Samsung Electronics with a TTM P/E of about 20.8x and SK Hynix around 18.5x—analysts have provided two valuation anchors considering Changxin's premium position in the domestic market and the STAR Market's current average valuation of about 94x. Under a conservative scenario with a 20x P/E ratio, the corresponding market cap would be approximately 2 trillion yuan. In an optimistic scenario, factoring in domestic substitution attributes coupled with over 2000% earnings growth and a 30x P/E ratio, the market cap could reach 3 trillion yuan. For primary market financial investors, due to a 12-month lock-up period, the fair value at year-end post-listing requires a liquidity discount deduction. A one-year lock-up typically references a 15% liquidity discount, meaning the valuation is measured at 85% of the shareholding value.

The shareholding paths of the five brokerages have emerged, with China Merchants Securities Co.,Ltd. holding the heaviest position. Through layered and nested ownership structures, the scale and paths of the five brokerages' holdings in Changxin Technology have become clear. Reportedly, China Merchants Securities Co.,Ltd.介入 at Changxin's angel financing stage. Through its wholly-owned subsidiary, CMS Investment, it directly subscribed for a capital contribution of 323.711 million yuan, holding 323.7136 million shares, representing a 0.54% pre-issuance stake. Additionally, another wholly-owned subsidiary, CMS致远 Capital, holds indirect stakes through two fund routes: one holds a 26.27% share in Zhong'an CMS Fund, which holds 467.9879 million Changxin shares (0.78%); the other holds a 20% share in Anhui Transportation Holding CMS Industrial Investment Fund, which holds 291.0879 million Changxin shares (0.48%). After穿透 calculation, China Merchants Securities Co.,Ltd. indirectly holds a total of approximately 504.87158 million Changxin shares, a 0.84% stake. Based on a 3 trillion yuan valuation, the corresponding market value of China Merchants Securities Co.,Ltd.'s holdings is 22.646 billion yuan. After a 15% liquidity discount, the year-end book value would be about 19.249 billion yuan. This figure even exceeds China Merchants Securities Co.,Ltd.'s full-year 2025 net profit of 12.3 billion yuan, meaning this single equity investment in Changxin could, on paper, create one and a half times "China Merchants Securities Co.,Ltd.".

Huaan Securities achieved indirect holdings in Changxin through two investment paths. Combined, these paths give Huaan an indirect 0.4391% stake in Changxin, totaling approximately 263.9086 million shares. At a 3 trillion yuan valuation, the corresponding share value is 11.838 billion yuan, with a post-discount book value of about 10.062 billion yuan. This is roughly five times Huaan's 2025 full-year net profit of 2.111 billion yuan, indicating a极为显著 earnings enhancement effect.

As the sponsor for this IPO, China Securities also appears on the shareholder list through its wholly-owned subsidiary, China Securities Investment. It holds a 26.57% share in Hefei Shuimu Xinxin Xiangrong Equity Investment Fund, which in turn holds a 52.34% share in Xinxin Lirun. After逐层穿透, China Securities indirectly holds a total 0.15% stake in Changxin, about 88.96 million shares. The corresponding market value is 3.990 billion yuan, with a post-discount book value of approximately 3.392 billion yuan.

In comparison, CICC, through its wholly-owned subsidiary CICC Capital Operations acting as the executive partner of CICC Gongying, holds a 0.02%穿透 stake in CICC Gongying, which directly holds 190.4198 million Changxin shares. Simultaneously, CICC Capital also holds极小量 shares indirectly through多层嵌套 involving CICC Qirong Equity Investment Fund, Beijing Junlian, etc.,最终 through Huaxin Ketai. The total持股比例 is about 0.00077%, merely approximately 81,000 shares, corresponding to a book value of about 0.003 billion yuan.

Furthermore, Founder Securities' subsidiary, Founder Hesheng, managed Hezhuang Fund for a direct investment of 200 million yuan and invested 300 million yuan through Hefei Xinxin Lirun Technology Partnership.

China Merchants Securities Co.,Ltd.有望跻身前三, Huaan Securities或冲进前十. The earnings enhancement effect from these unrealized equity investment gains is substantial enough to rewrite industry rankings. Based on 2025 net profit data for listed brokerages, China Merchants Securities Co.,Ltd. ranked sixth with 12.318 billion yuan, CICC tenth with 9.800 billion yuan, China Securities eleventh with 9.454 billion yuan, and Huaan Securities twenty-fourth with 2.111 billion yuan. Assuming a linear extrapolation of the industry's average 30% net profit growth, the estimated 2026 net profits for the four brokerages are approximately: China Merchants Securities Co.,Ltd. 16 billion yuan, CICC 12.7 billion yuan, China Securities 12.3 billion yuan, and Huaan Securities 2.7 billion yuan.

After叠加 the unrealized book gains from Changxin equity investments (post liquidity discount), the new net profit figures are震撼. China Merchants Securities Co.,Ltd.'s net profit would reach approximately 35.2 billion yuan (16 billion plus 19.2 billion), a figure not only far exceeding its original level but also positioning it directly among the industry's top three. China Securities' net profit would reach about 15.7 billion yuan (12.3 billion plus 3.4 billion), with its ranking有望大幅提升. The most引人注目 is Huaan Securities: its常规预估 net profit of 2.7 billion yuan plus 10.062 billion yuan in unrealized gains totals approximately 12.8 billion yuan. This suggests Huaan could leap from a mid-sized brokerage ranked twenty-fourth into the industry's top ten, competing alongside established players.

Following Changxin Technology, how many similar "潜伏" investments are awaiting their bloom? For brokerages themselves, equity investment is no longer just a supplementary side business but a force足以改变行业座次 and expand PB imagination空间.