上证报中国证券网讯 9月19日早盘，美股三大股指全线上涨。北京时间21时42分，道指上涨0.05%，标 普500指数上涨0.19%，纳指上涨0.34%。今年以来，纳指累计涨幅已经超过16%。 来源：上海证券报·中国证券网 数据来源：Wind | 名称 | 现价 | | 涨跌幅 | 年初至今 | | --- | --- | --- | --- | --- | | 道現斯工业指数 | 46164.85 22.43 0.05% | | | 8.51% | | 纳斯达克指数 | 22547.38 c 76.65 0.34% 16.76% | | | | | 标普500 | 6644.67 12.71 0.19% 12.97% | | | | ...

Core Viewpoint - The introduction of new policies such as the "National Nine Articles" and "Merger and Acquisition Six Articles" marks the beginning of a new era for large-scale mergers and acquisitions in China, emphasizing the capital market's role as the main channel for these activities [1][3]. Group 1: Advantages of Mergers and Acquisitions - Mergers and acquisitions are essential for forming world-class enterprises by achieving necessary operational scale and competitive advantages [3]. - They facilitate structural adjustments and upgrades for listed companies, thereby improving their overall quality [3]. - Mergers and acquisitions support innovative companies in entering the capital market and help private equity investors achieve a closed loop of fundraising, investment, management, and exit [3]. - They enhance industry concentration, mitigate internal competition, and promote healthy industry development [4]. - Mergers and acquisitions enable Chinese companies to participate in global industrial integration, accelerating their international expansion efforts [4]. Group 2: Current Trends and Characteristics - The current wave of international expansion is characterized by a predominance of private enterprises and a focus on the manufacturing sector [4]. - Chinese companies are increasingly going global with technology, equipment, management capabilities, and brand recognition, leading to a "big outbound" trend [4]. - Two primary modes of internationalization include "greenfield investments" to establish factories abroad and mergers for international layout [4]. Group 3: Principles and Integration Post-Merger - Mergers and acquisitions should not blindly pursue scale and quantity; they must adhere to four principles: alignment with corporate strategy, clear benefits, potential for synergy, and manageable risks [4]. - Post-merger integration encompasses five aspects: business integration, organizational integration, market integration, management integration, and cultural integration, with cultural integration being particularly crucial [4].

Core Viewpoint - *ST Hengjiu has received a warning letter from the Jiangsu Securities Regulatory Bureau due to violations in insider information management, highlighting ongoing regulatory scrutiny and governance issues within the company [2][4]. Group 1: Regulatory Actions - The company has been issued a warning letter for non-compliance with the insider information registrant management regulations, specifically failing to maintain proper registration of insiders [4]. - Key executives, including the former chairman Yu Rongqing and board secretary Zhang Dongyun, are held primarily responsible for these violations [4]. - The Shenzhen Stock Exchange has also issued a regulatory letter to the company and its executives, urging strict adherence to securities laws and accurate information disclosure [4]. Group 2: Company Background and Financial Issues - *ST Hengjiu, officially known as Hengjiu Technology, operates in the imaging consumables and information security sectors, focusing on the development and sales of laser organic photoconductor products [6]. - The company has faced deteriorating management conditions, with a formal investigation initiated by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws [6]. - In June 2025, the company and its responsible parties were fined a total of 25.5 million yuan for false disclosures in multiple periodic reports from 2019 to 2021, with significant penalties imposed on key individuals [6]. - The company is at risk of delisting, having reported a net profit of -4,710.40 yuan and failing to meet revenue thresholds, leading to risk warnings on its stock [6]. Group 3: Market Performance - As of September 19, the stock price of *ST Hengjiu was 4.77 yuan per share, with a total market capitalization of approximately 1.282 billion yuan [7].

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 郑维汉）9月19日，摩尔线程智能科技（北京）股份有限公司（简称"摩尔线程"）科创板IPO迎来新进展。 上交所官网显示，上交所上市审核委员会定于9月26日召开2025年第40次上市审核委员会审议会议，审核摩尔线程首发事项。摩尔线程科创板IPO由中信证 券保荐，律师事务所、会计师事务所分别为竞天公诚、安永华明。 摩尔线程主要从事全功能GPU及相关产品的研发、设计和销售，致力于为AI、数字孪生、科学计算等高性能计算领域提供计算加速平台，是兼顾图形渲染 与AI计算的国产GPU公司，多元产品布局覆盖从云到端，可应用于大模型训练推理、数字孪生、消费电子、数字办公、云计算等领域，服务云计算数据中 心、智算中心建设、能源、制造等多个关键行业。 ...

上证报中国证券网讯（记者 陈梦娜）9月19日早盘，上海建工跌停。截至9点50分，该股报3.49元/股， 下跌10.05%。该股此前连续五日涨停。 来源：上海证券报·中国证券网 9月18日晚，上海建工发布股票交易风险提示公告称，公司股票价格短期涨幅较大，9月12日至9月18日 五个交易日累计涨幅达61%，显著高于同行业上市公司。其中，9月17日和9月18日，公司股票换手率持 续较高，分别为24.68%和25.83%，明显放量，击鼓传花效应十分明显，交易风险极大，随时有快速下 跌的可能。 ...

针对这些挑战，蔡洪平提出，跨境并购整合是当前有效的突破路径。中国企业可以收购欧洲高端企业， 将其核心技术与中国的高效生产优势相结合，助力中国企业快速扩张海外市场。他建议，企业出海时选 择人均GDP6000美元以上、文明程度较高的市场，重点关注产业结构和政治稳定性。 "中国企业出海已进入新阶段，如今必须依靠文化出海。"蔡洪平提出，在中国制造业崛起和出海进程 中，需注重文化融合，"不要只讲钱，还要让世界感受到中国的文化魅力，让他们真正喜爱中国。" 目前，中国凭借庞大的工业体量、高效的供应链和不断提升的科技实力，正逐渐成为全球制造与创新的 中心。蔡洪平介绍称，中国制造业具有多种优势，2024年，中国在全球制造业的市场份额为31.6%，基 础设施投资总额自1997年至2024年间约为美国的10倍，出口结构也实现从低技术向高科技主导的转变， 研发投入持续扩大，工程人才储备丰富，生产力水平不断提升。 但他也指出，中国制造企业在出海过程中仍面临现实困境。欧美企业已形成具有明显壁垒的产业"集 群"，掌握大部分国际标准与规则制定权，中国产品难以在现有体系中获得认证与认可。此外，欧美制 造业具有高科技、高价格、高品质、低效率等特 ...

上证报中国证券网讯（记者 骆民）中国瑞林公告，公司董事会于近日收到公司董事长章晓波递交的 《辞职报告》，章晓波因年龄原因，申请辞去公司第三届董事会董事、董事长、董事会战略委员会委员 及主任委员、审计委员会委员、提名委员会委员和薪酬与考核委员会委员职务。章晓波辞任后，不再担 任公司及控股子公司任何职务。 来源：上海证券报·中国证券网 ...

Core Viewpoint - The recent exposure of details regarding the "30 billion quantitative private equity fund run" incident reveals the manipulation of the securities market by the involved parties, leading to significant legal consequences for the perpetrators [1][3][5]. Group 1: Incident Overview - The involved parties, including the actual controllers Mao and Yao of Panjing Investment, utilized FOF funds and private equity funds to manipulate the stock market, specifically targeting a stock code-named "Penguin" [1][3]. - From November 2017 to July 2019, the perpetrators controlled 55 accounts to trade the "Penguin" stock, eventually becoming one of its major shareholders by September 2020 [3][4]. Group 2: Legal Proceedings - The Shanghai First Intermediate Court sentenced Mao, Yao, and another accomplice to prison terms ranging from three years and six months to seven years for manipulating the securities market, along with fines between 1.5 million to 2.5 million yuan [5][6]. - Despite their refusal to confess, the Supreme People's Procuratorate utilized advanced AI tools to analyze the structure and operations of the involved funds, leading to a thorough investigation and eventual convictions [5][6]. Group 3: Industry Implications - The case has highlighted a black and gray industrial chain involving illegal financing practices through FOF and private equity funds, indicating a need for stricter regulatory oversight in the private equity sector [6][7]. - Regulatory bodies have intensified their scrutiny of private equity fund operations, aiming to eliminate illegal practices and promote healthy development within the industry [7][8].

两年前震惊市场的量化私募跑路事件，相关细节近日曝光。 最高人民检察院19日在微信公众号发布信息称，杭州"30亿元量化私募跑路"涉事人——磐京股权投资基 金管理（上海）有限公司（简称"磐京投资"）的实控人毛某和姚某，利用FOF基金、私募基金操纵证券 市场，甚至在被控制后自恃手法隐蔽复杂，拒不交代任何犯罪事实。最终，最高人民检察院通过全方位 实质审查、全流程追赃挽损，侦破了这场资本迷局，以操纵证券市场罪分别判处毛某、姚某、白某某有 期徒刑七年至三年六个月不等。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 利用FOF进行场外配资、操纵市场 据最高人民检察院披露信息，磐京投资董事长、实控人毛某系知名高校法律专业高材生，另一名实控人 姚某则系海归金融精英，通过其母亲代持磐某基金股份。 2017年11月至2019年7月，毛某、姚某盯上了一只代号"企鹅"的股票，并通过控制的磐京投资旗下基金 账户、私募产品账户、个人账户等共计55个账户交易这只股票。直至2020年9月17日，磐京投资及其一 致行动人成为"企鹅"公司的大股东之一，毛某受聘担任该公司总经理。 值得一提的是，2022年末上海市公安局锁 ...

Group 1 - The majority of major stock indices in the Asia-Pacific region closed lower on September 19, with the Nikkei 225 index down by 0.57% to 45045.81 points [1] - In the Nikkei 225, notable gainers included Edawad Testing, which rose by 3.37%, and Mitsubishi Corporation, which increased by 1.88%. Conversely, Fast Retailing fell by 4.49%, and Ricoh Holdings dropped by 3.38% [1] - The South Korean Composite Index closed down by 0.46% at 3445.24 points, with SK Square gaining 3.84% and Kakao rising by 3.55%. However, LG Chem decreased by 3.32%, and Korea Zinc fell by 3.09% [1] Group 2 - The New Zealand S&P 50 index closed up by 0.85% at 13231.66 points [2]