"两船合并"再迎新进展。 8月4日晚间，中国重工（601989）（601989.SH）、中国船舶（600150）（600150.SH）同步发布公 告，为推进吸收合并事项，拟开展异议股东现金选择权有关事宜，并披露异议股东行权价格。中国船 舶、中国重工股票将在8月13日停牌，其中中国重工将停牌直至终止上市。 中国船舶拟通过向中国重工全体换股股东发行A股股票的方式，换股吸收合并中国重工，中国船舶为吸 收合并方，中国重工为被吸收合并方。这一交易已于7月18日取得证监会出具的同意注册批复。这也标 志着A股史上规模最大的吸收合并案正式落地。根据2024年度财务数据估算，合并后的中国船舶总资产 将突破4000亿元，营业收入超1300亿元，手持订单规模跃居全球首位，成为全球最大的船舶上市公司。 合并后的中国船舶，将原本分散于两个上市公司的资产、订单、技术力量等资源汇聚至一个更为强大 的"资本容器"。市场分析认为，这场A股史上规模最大的吸收合并案，正重塑全球造船业的竞争格局。 千亿级整合进入倒计时 作为中国船舶集团核心军民品主业上市公司，中国船舶主营业务涵盖造船、修船、海洋工程及机电设备 等领域，旗下拥有江南造船、外高桥（60 ...

Core Viewpoint - The merger between China Shipbuilding and China State Shipbuilding has received regulatory approval, marking a significant step in the restructuring of China's shipbuilding industry, with the aim of enhancing resource synergy and market competitiveness [1][4][8]. Group 1: Merger Details - The merger involves a share swap where China Shipbuilding will absorb China State Shipbuilding, leading to the latter's delisting [1][4]. - The merger has been in the works for over a year, with the approval process taking only 71 days, indicating strong support for state-owned enterprise consolidation [8]. - Following the merger, both companies will halt trading on August 13, with a resumption date yet to be determined [1][3]. Group 2: Financial and Operational Impact - Combined assets of the two companies will exceed 400 billion yuan, surpassing the asset scale of previous major mergers in the industry [7]. - In 2024, the two companies are projected to achieve combined revenues exceeding 1 trillion yuan and net profits over 50 billion yuan [7]. - The order backlog for China Shipbuilding stands at 322 vessels with a total weight of 24.61 million tons, valued at 216.96 billion yuan, while China State Shipbuilding has 216 vessels valued at 233.77 billion yuan, together accounting for 15% of the global order backlog [7]. Group 3: Strategic Advantages - The merger will facilitate the integration of complementary technologies and enhance bargaining power in the market [7][11]. - The consolidation is expected to reduce internal competition and improve supply chain resilience, positioning the new entity to better capitalize on the upcoming shipbuilding cycle [11]. - The merger aligns with the trend of state-owned enterprises leveraging capital markets for integration, potentially leading to more M&A activities in the future [8][11].

Core Viewpoint - The merger between China Shipbuilding (600150) and China Heavy Industry (601989) marks a significant development in the A-share market, with China Shipbuilding set to absorb China Heavy Industry through a share exchange, making it the largest merger in A-share history [1][4]. Group 1: Merger Details - China Shipbuilding will issue A-shares to all shareholders of China Heavy Industry, leading to a continuous suspension of trading for both companies starting August 13, 2025, with the last trading day for China Heavy Industry being August 12, 2025 [1][2]. - The merger is a continuation of the 2019 "South-North Ship" central enterprise restructuring, with the plan announced in September 2024 and approved by the China Securities Regulatory Commission in July 2025 [3]. Group 2: Financial Impact - Post-merger, China Shipbuilding's total assets are expected to exceed 400 billion yuan, with projected revenues over 130 billion yuan and a backlog of orders exceeding 450 billion yuan, positioning it as the largest shipbuilding enterprise globally in terms of asset scale and order volume [4]. - For the first half of 2025, China Shipbuilding anticipates a net profit attributable to shareholders between 2.8 billion and 3.1 billion yuan, reflecting a year-on-year increase of 98.25% to 119.49%, while China Heavy Industry expects a net profit between 1.5 billion and 1.8 billion yuan, representing a growth of 181.73% to 238.08% [4]. Group 3: Market Reaction - Following the merger announcement, shares of China Shipbuilding and related "Chinese character" stocks surged, with over 110 concept stocks rising, indicating strong market sentiment towards the merger [5]. - The stock price of China Shipbuilding increased by 38% over the past three months, reflecting market expectations regarding the merger [4].

央视网消息：记者从中船集团获悉，8月5日，第二艘国产大型邮轮"爱达·花城号"首台主发电机正式发电，为全船相关设备提供动力，这 也标志着这艘邮轮的建造进入设备调试与系统功能验证阶段。 截至目前，第二艘国产大型邮轮"爱达·花城号"项目总体进度超80%。下阶段将重点围绕内装工程和设备系统调试开展工作，确保2026年3 月顺利出坞，年底前完工交付。 曹征伟称："主发电机动车以后，我们紧接着围绕主机这块开展负载实验。未来动力系统、电力系统，包括一些服务系统都开始全面调 试，为邮轮下阶段内装工作的开展打下坚实基础。" 主发电机是邮轮的核心设备，就像是邮轮的"心脏"，它是船舶配电系统和推进系统的主电源。正式发电，意味着与之相关的300多台设备 达到了完工状态。 中船集团外高桥造船国产大型邮轮项目现场总指挥兼总设计师陈刚称："主发电机动车是整个邮轮动力系统开始系统调试的第一个设备， 这也是整个邮轮最庞大的系统。它的调试成功也为后面其他的系统调试和系统联调打下坚实基础，这是整个邮轮调试主干路线上的第一步。在 非常有序、可靠的情况下，启动了主发电机动车。" 据介绍，"爱达·花城号"共配置了5台大功率发电机，基于安全返港的设计，分 ...

21世纪经济报道记者赵云帆 中国船舶与中国重工的造船业"世纪大重组"，终于在历时一年的协调与审批后，步入了"临门一脚"环 节。 8月5日晚间，两公司同时发布公告称，中国船舶换股吸收合并中国重工的交易早前已获证监会正式批 复。接下来，两家公司股票将自8月13日起停牌，复牌日期不定。此后中国船舶将正式通过换股吸并方 式，向中国重工所有股东发行股份并收购其全部资产，中国重工将撤牌退市。 值得注意的是，在审议两船合并的股东大会中，有部分异议股东对所有议案全部投出反对票，他们将有 权获得两公司大股东中国船舶集团提供的现金选择权，可在8月13日前提交执行现金选择权的申请。根 据两公司公告，中国船舶、中国重工的异议股东持有股份数量分别为1853.85万股和32305.32万股，对应 现金选择权价格为30.01元/股和4.03元/股，总价值分别为5.56亿元和13.02亿元。 不过，以上现金选择权或大概率不会被异议股东执行——从当前股价来看，截至8月5日，吸并主导方中 国船舶股价已经来到35.01元/股，其较现金选择权溢价16.6%。而只有中国船舶股价低于或接近现金选 择权时，两家公司的现金选择权才可能被异议股东大额执行。 ...

"未来并购市场中，产业整合与产业转型升级逻辑将更加鲜明。" A股市场并购重组持续活跃，不仅有"重量级"央国企并购的新进展，创新性并购重组案例也相继涌现。 8月4日晚间，中国船舶（600150.SH）与中国重工（601989.SH）双双发布公告，换股吸收合并事项已获得证监会批复，将正式进入实施阶段，两家公司股 票将自8月13日起停牌，中国重工股票将停牌至终止上市，而中国船舶将在异议股东收购请求权申报结果公告当日复牌。 （中国船舶与中国重工8月5日股价走势图） 这项千亿级并购之后，"重量级"并购交易有望再现。8月1日晚间，中国神华（601088.SH）也公告称，拟购买国家能源集团持有的煤炭、坑口煤电以及煤制 油煤制气煤化工等相关资产并募集配套资金，涉及十余家公司相关股权。 "随着'并购六条'的深入推进和典型案例的渐次落地，推动了传统行业转型升级的'向新力'和产业整合的'行动力'，其中央企转型升级、产业整合活力被极大 激发。"有业内人士表示。 自"并购六条"发布以来，A股市场已出现3单千亿级并购，除了中国船舶吸收合并中国重工外，还有2单分别为已经实施完毕的国泰君安吸收合并海通证券， 6月9日晚披露预案的海光信息（6 ...

Economic News - The Ministry of Commerce reported that China's service trade import and export totaled 38,872.6 billion yuan in the first half of the year, a year-on-year increase of 8.0% [1] - The China Logistics and Purchasing Federation announced that the logistics industry prosperity index for July was 50.5, indicating continued expansion but a slight slowdown in growth [1] - The People's Bank of China and six other departments stated that by 2027, the financial system supporting the high-end, intelligent, and green development of manufacturing will be basically mature [1] - The National Healthcare Security Administration announced that 55 types of drugs will be included in the 11th batch of centralized procurement, with rational bidding from enterprises [1] - The Supreme People's Court reported that 1,156 cases of medical insurance fraud were concluded in 2024, recovering over 400 million yuan in losses [1] - The Shanghai Stock Exchange revealed that the number of new A-share accounts in July increased by 71% year-on-year, reflecting a recovery in the A-share market [1] Company News - China Shipbuilding Industry Corporation plans to absorb and merge China Shipbuilding Heavy Industry Company, leading to the latter's delisting [5] - Green通科技 intends to use 45,040 million yuan of raised funds to acquire a 46.92% stake and invest 8,000 million yuan in Damo Semiconductor, resulting in a 51% stake in the company [5] - Shanghai Washba established a joint venture with Yuyuan Rare Earth New Materials Co., with a registered capital of 200 million yuan [5] - Maiwei Bio's chairman received an administrative penalty from the China Securities Regulatory Commission for suspected short-term trading [5] Bond Market Analysis - The Ministry of Finance announced that starting August 8, 2025, interest income from newly issued government bonds will be subject to VAT, reversing previous exemptions [7] - The policy aims to narrow the tax burden differences in the bond market and is expected to help alleviate fiscal pressure, as public budget revenue decreased by 0.3% year-on-year in the first half of the year [8] - The impact of the VAT restoration on 10-year government bonds is estimated to be around 10 basis points for self-operated accounts and 5 basis points for asset management products [9] - The new tax policy may lead to a widening of the yield spread between new and old bonds, with credit bonds potentially becoming more attractive [10] - The bond market is expected to experience fluctuations in the short term, with a projected yield range of 1.6% to 1.8% [12]

以下是2025年8月5日全球财经热点的综合梳理与分析： --- 1. 企业重大重组与市场动态 - 中国船舶吸收合并中国重工：两家央企启动换股吸收合并，交易规模达1151.5亿元，合并后中国重工退市，中国船舶成为存续 主体。此案例被视为央企专业化整合的标杆，可能推动后续更多并购重组活跃。 - A股市场热度持续：7月新开户数达196万户，同比增71%，市场交投活跃；当日沪指涨0.96%收复3600点，军工、机器人、液冷 服务器等板块领涨，成交额突破1.6万亿元。 - 消费贷贴息新政：国务院拟通过贴息降低居民融资成本，重点支持购车、家电等消费，但利率是否重返"2字头"仍存疑。 - 国债利息恢复征税：8月8日起新发行国债利息将征增值税，可能影响债券收益率及银行负债成本。 - "两新"政策成效显著：上半年制造业销售收入增长8.9%，高技术产业和数字经济核心产业分别增长14.3%和10.1%。 3. 公司热点 - 特斯拉与马斯克：董事会批准授予马斯克价值约300亿美元的受限股票，以激励其留任；同时，其薪酬方案争议及特斯拉股价 波动引发市场关注。 - 安踏收购锐步传闻：安踏回应称"不评论市场传言"，但潜在交易可能重塑运动服 ...

2025年8月5日，三大指数集体收涨，沪指收复3600点，收盘价创阶段新高。国防军工板块延续升势，代码有"八一"的国防军工ETF（512810）盘中摸高 1.59%，场内最高价创2022年8月11日以来新高！全天成交额连续3日突破1亿元。 国防军工ETF（512810）80只成份股45涨5平30跌，商业航天领涨，航天智装一度20CM涨停，航天科技涨停封板。地面兵装继续上攻，长城军工4天3板再创 历史新高。航发动力、中航沈飞等权重股收跌拖累指数表现。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 | 成交额 ▼ | 总市值1 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 002265 | 建设工业 | 41.89 c | 4.00% | 49.15亿 | 433亿 | | 2 | 600879 | 航大电子 | 11.06 c | 2.50% | 38.68 Z | 365亿 | | 3 | 601606 | 长城军工 | 42.71 c | 9.99% | 37.84 Z | 309亿 | | 4 | 600967 | 内蒙一机 | 21.51 ...

New Stock Issuance - The new stock issuance for Zhigao Machinery (证券代码: 920101) is priced at 17.41 CNY per share, effective from August 5, 2025[1] - China Heavy Industry (证券代码: 601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (证券代码: 600150) has a buyback request period from August 13 to August 15, 2025[1] Offer and Acquisition Periods - Shenkou Co., Ltd. (证券代码: 002633) has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly (证券代码: 300326) has a tender offer period from July 17 to August 15, 2025[1] - Happiness Blue Ocean (证券代码: 300528) has a significant announcement on July 30, 2025[1] Market Volatility - There are reports of severe abnormal fluctuations for Tibet Tourism (证券代码: 600749) as of July 31, 2025[1] - ST Suwu (证券代码: 600200) also reported significant volatility on July 30, 2025[1] - The stock of ST YaTai (证券代码: 000691) is under observation for abnormal trading activities as of August 5, 2025[1]