政策和现实需求的"同频共振"，让沪市公司重大资产重组的"产业逻辑"和"提质增效"被不断强化和激 活，产业并购和股东注资型交易成为最主要方向。2025年，沪市新增的重大资产重组案例中，产业并购 超五成、大股东注资占两成。同时，六成标的属于新质生产力行业、硬科技属性较强，集中在半导体行 业、汽车产业链等行业。 业内人士指出，此轮并购重组的"深度激活"不仅体现在数量，更体现并购动机正朝着产业并购、高质量 发展的方向演进，从前一轮的注重规模扩张，变为注重质量提升，逐步形成政策－市场－产业的正向循 环。 2025年，"并购六条"走过第一个完整自然年度。 这一年，以沪市为观测窗口，全年新增各类资产并购超800单，同比增加11%，其中重大资产重组90 单，同比增长55%。 在重组数据"井喷"的背后，折射出的是"并购六条"对2025年资本市场的深远改变：各类标志性案例交织 呈现，成为市场信心的"助推器"；并购的产业整合和转型升级逻辑被不断强化，成为高质量发展的"硬 抓手"；价值聚焦重于规模优先的市场共识不断凝聚，成为良好并购生态的"催化剂"。 站在2025年尾声回望，发端于资本市场2024年"924新政"的新一轮并购重组实现 ...

2025.12.15 本文字数：2655，阅读时长大约4分钟 作者 |第一财经 黄思瑜 "并购六条"落地以来，A股并购重组活跃度提升了多少？ 行至年末，"并购六条"也即将走过第一个完整自然年度。以沪市为观测窗口，全年新增各类资产并购超 800单，同比增加11%，其中重大资产重组90单，同比增长55%。 产业并购和股东注资型交易，成为最主要方向。 上交所数据显示，2025年沪市新增的重大资产重组中，产业并购超五成、大股东注资占两成。同时，六 成标的属于新质生产力行业、硬科技属性较强，集中在半导体行业、汽车产业链等行业。 各类标志性、创新型、示范性案例也渐次落地：多个"首单"落地，包括首单跨界并购实现并表、首单收 购未盈利资产、首单多元化支付等；大规模吸收合并交易方兴未艾，A吸A、港吸A频现；创新型跨境 并购交易不断涌现。 "这一轮并购呈现出做优存量的态势，包括地方政府、标的公司、各类企业等各方都开始转变思路，更 注重质量提升和长期价值，这是我们观测到的一个生态的改变。"有业内人士称，并购的产业整合和转 型升级逻辑被不断强化，成为高质量发展的"硬抓手"；价值聚焦重于规模优先的市场共识不断凝聚，成 为良好并购生态的 ...

产业并购和股东注资型交易成为最主要方向。 "并购六条"落地以来，A股并购重组活跃度提升了多少？ 行至年末，"并购六条"也即将走过第一个完整自然年度。以沪市为观测窗口，全年新增各类资产并购超 800单，同比增加11%，其中重大资产重组90单，同比增长55%。 产业并购和股东注资型交易，成为最主要方向。 上交所数据显示，2025年沪市新增的重大资产重组中，产业并购超五成、大股东注资占两成。同时，六 成标的属于新质生产力行业、硬科技属性较强，集中在半导体行业、汽车产业链等行业。 各类标志性、创新型、示范性案例也渐次落地：多个"首单"落地，包括首单跨界并购实现并表、首单收 购未盈利资产、首单多元化支付等；大规模吸收合并交易方兴未艾，A吸A、港吸A频现；创新型跨境 并购交易不断涌现。 "这一轮并购呈现出做优存量的态势，包括地方政府、标的公司、各类企业等各方都开始转变思路，更 注重质量提升和长期价值，这是我们观测到的一个生态的改变。"有业内人士称，并购的产业整合和转 型升级逻辑被不断强化，成为高质量发展的"硬抓手"；价值聚焦重于规模优先的市场共识不断凝聚，成 为良好并购生态的"催化剂"。 活跃度提升，产业并购成主力 站在 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 总市值超过100万亿元，投资者信心和预期明显改善，市场韧性和抗风险能力明显增强，今年以来，资本市场 总体稳健活跃，实现了量的合理增长和质的有效提升。 "十五五"规划建议明确了下一阶段资本市场改革发展的方向和目标："提高资本市场制度包容性、适应性，健 全投资和融资相协调的资本市场功能。"业内认为，增强对科技创新的制度包容性，提升上市公司投资价值， 优化"长钱长投"市场生态，更好地发挥资本市场作为资源优化配置平台的核心功能是重要着力点。 积极发展直接融资 积极发展股权、债券等直接融资，是"十五五"规划建议提出的明确任务，也是提高资本市场制度包容性、适 应性的关键举措。 上市公司是价值之源，高质量的上市公司是资本市场稳定运行的基石。近年来，监管部门持续深化并购重组 市场改革，发布实施"并购六条"，支持上市公司转型升级、做优做强。A股市场并购交易在数量、规模与质 量上实现明显跃升，尤其是科技创新驱动、产业深度整合成为主流。 以沪市为例，自2024年9月"并购六条"发布以来，沪市上市公司披露各类并购交易超过1000单，重大资产重组 中半数为科技类并购，同比增长287%， ...

中新社上海12月5日电 (谢梦圆)在2025年中国国际海事会展现场，多家国际航运企业高管驻足中国船企 展台，详细询问产品细节，并抛出合作"橄榄枝"。这一场景背后，是近年来全球造船业持续"向东看"的 清晰趋势——大量新船订单涌入中国，其中，高附加值船型的建造多由长三角船厂承接。 老牌造船强国优势减弱，东南亚部分国家船舶附加值相对较低，日韩在高端船型市场占有部分份额，但 规模效应与成本控制有待优化。 "几年前，中韩两国在造船订单量和完工量方面尚难分伯仲，但目前情况却大大改变。"挪威船级社 (DNV集团)高级副总裁兼海事部大中华区总经理科莱(Norbert Kray)直言，去年，中国获得了全球超六成 的造船订单，这一趋势预计延续至今年，"就船舶设计和制造而言，中国造船业已居全球领先"。 多位业内人士认为，当前，"绿色"与"智能"已成为决定船东订单流向的关键词。长三角船厂敏锐捕捉到 这一趋势，在大型集装箱船、能源运输船等高端品类制造方面发力。 据悉，截至今年6月，中国已承接全球近七成绿色船舶订单，并实现了对主流船型的全覆盖。 近年来，沪东中华开发出一系列绿色船舶设计方案。本届会展上，沪东中华展出了自主研发的全球最大 ...

Core Viewpoint - The report highlights significant growth in China's civil steel shipbuilding industry, with a projected production increase and substantial year-on-year growth rates for 2025 [1] Industry Summary - According to the National Bureau of Statistics, the production of civil steel ships in China is expected to reach 5.59 million deadweight tons in September 2025, representing a year-on-year increase of 59.3% [1] - Cumulative production from January to September 2025 is projected to be 39.05 million deadweight tons, reflecting a cumulative growth of 19% [1] - The report is based on data compiled by Zhiyan Consulting, a leading industry consulting firm in China, which specializes in in-depth industry research and market analysis [1]

"资本+科创+产业"三轮驱动 并购重组助力上市公司激活新质生产力 ◎记者 温婷 黄坤 从资本赋能到产业整合，再到技术突破，并购重组正以"三轮驱动"模式，为新质生产力发展开辟新路 径。 11月28日，上海证券报·中国证券网与平安银行联合主办的"价值提升，质启未来"上市公司并购重组与 价值提升主题论坛在位于上海陆家嘴的中国金融信息中心举行。超130家上市公司代表、政府监管机构 人士及头部中介机构专家齐聚一堂，就推动产业升级和价值再造中的"并购重组"实践展开深入探讨。 并购重组重塑产业格局 "这些政策强调产业整合与转型升级，鼓励国有企业通过并购重组实现资源协同、规模效应和技术整 合。"周汉民表示，新规落地后，科创板重大重组数量已超2024年全年，半导体、软件领域并购占比显 著提升。 双向奔赴实现价值共创 "资本市场及并购重组被赋予了促进产业升级、优化资源配置、培育新质生产力的重要历史使命。"平安 银行党委委员、副行长方蔚豪从金融机构实践视角，阐述了他对并购重组赋能产业升级的思考。 自2020年起，平安银行着力打造并购金融服务能力，6年间全行并购贷款规模复合增长率接近30%，跻 身股份制商业银行第一梯队。在支持上市公 ...

Core Viewpoint - The Japanese shipbuilding industry is undergoing a significant revival effort, with the government planning to establish a special fund of 1 trillion yen (approximately 47 billion RMB) to increase Japan's global market share from 13% to 20% by 2035 [1] Group 1: Government Initiatives - The initiative has been strongly promoted by the ruling Liberal Democratic Party and is included in the proposed supplementary budget for the fiscal year 2025, indicating the government's commitment [1] - The fund aims to modernize old facilities, establish automated production lines, and enhance research and development in new energy ship technologies [1] Group 2: Industry Challenges - Japan's shipbuilding industry faces severe challenges, having seen its global market share drop from nearly 50% in the 1970s to less than 10% today, lagging behind China and South Korea [1] - High labor costs and an aging workforce are significant internal challenges, with younger generations reluctant to enter the shipbuilding sector [3] Group 3: Competitive Landscape - South Korea dominates the high-end ship sector, particularly LNG vessels, capturing over 70% of new global orders in this category, with profit margins exceeding 12% [1] - In contrast, many Japanese shipyards remain focused on traditional ship types, resulting in low profitability [1] Group 4: Strategic Partnerships - Japan is actively seeking collaboration with the United States to form a joint shipbuilding revitalization fund, aiming to explore opportunities in military and transoceanic transport vessels [3] - This strategy reflects Japan's intention to become a substitute center for shipbuilding for Western countries amid a "de-China" supply chain shift [3] Group 5: China's Competitive Edge - China's shipbuilding industry has made significant advancements, particularly in the new energy ship sector, holding a global market share of over 40% and dominating with 68.3% of new orders in the first half of 2025 [3][5] - The recent merger of China Shipbuilding Group and China State Shipbuilding Corporation has further strengthened China's competitive position, with a combined asset scale exceeding 4 trillion RMB [5]

Core Insights - The global shipping industry is undergoing a significant green transformation, with green ships becoming a key driver for low-carbon transition. This is supported by policies such as the IMO's 2025 Net Zero Framework and China's Green Development Action Plan for Shipbuilding Industry (2024-2030) [1][2][14] Group 1: Industry Overview - The IMO's Net Zero Framework is a milestone document that combines mandatory emission limits with greenhouse gas pricing, requiring ocean-going vessels over 5,000 gross tons to gradually reduce their greenhouse gas fuel intensity [1][19] - China's shipbuilding industry has formed a globally leading industrial system, achieving significant progress in green technology research and development, ecological construction, and demonstration applications [2][15] - The technology landscape for green ships shows a "multi-pronged" approach, with clean energy technologies, such as LNG and methanol-powered vessels, leading the way [2][24][31] Group 2: Financial Support - The financial support for the green shipping industry is crucial, with an estimated investment need of approximately $1-1.9 trillion by 2050 to achieve net-zero emissions [16] - China is building a diversified financing system that includes debt, equity, and insurance, with various financial products being developed to support green ship construction [5][16] - Internationally, frameworks like the Poseidon Principles are pushing financial institutions to incorporate carbon performance into project evaluations, with tools like green bonds and sustainable development-linked loans being widely adopted [5][16] Group 3: Regional Development - Coastal provinces in China have formed distinctive industrial clusters, with Shanghai leading in high-end ship design and green port construction, while Jiangsu excels in LNG-powered shipbuilding [4][23] - Shandong focuses on hydrogen and LNG applications, while Fujian aims to develop electric vessels, and Liaoning is advancing its green methanol industry [4][23] Group 4: Challenges and Recommendations - The green shipping industry faces challenges such as insufficient market mechanisms and lagging supporting infrastructure [6][18] - Recommendations include enhancing policy and market synergy, diversifying financial products, and accelerating the construction of clean fuel refueling stations and shore power facilities [6][18]

Core Insights - The shipping industry is undergoing a green transformation, with green ships becoming a central focus. Global policies and technological innovations are advancing, particularly with the International Maritime Organization (IMO) set to implement the "IMO Net Zero Framework" in 2025, which will accelerate the decarbonization of maritime shipping by establishing greenhouse gas intensity requirements and a global carbon pricing mechanism [11][20][17]. Group 1: Overview of the Green Shipping Industry - Green ships are leading the shipping industry's transition towards sustainability, with significant progress in technology, industry chain ecology, and demonstration applications [12]. - The green shipping technology landscape includes clean energy technologies, energy efficiency improvements, and carbon capture technologies, each with varying maturity and application potential [21][22]. - China's green shipping industry has formed a globally leading industrial system, with key regions like Shanghai, Jiangsu, and Shandong developing distinctive paths for green ship development [43]. Group 2: Financial Support for Green Shipping - Financial support is crucial for the development of the green shipping industry, with diverse financing paths emerging, including medium to long-term loans, supply chain finance, and transformation loans [2][49]. - The domestic green financing landscape is evolving, with green bonds and leasing becoming increasingly important, while international frameworks like the Poseidon Principles guide financial institutions in investing in green shipping [13][50]. - Shanghai has emerged as a financial hub for green shipping, integrating shipping enterprises into local carbon markets and launching innovative financial tools to support the green shipping sector [14][49]. Group 3: Challenges and Recommendations - The green shipping sector faces challenges such as insufficient economic incentives for mandatory emissions reductions, comprehensive financing risks, and difficulties in ecological investment [15]. - Recommendations for advancing the green shipping industry include enhancing policy and market mechanisms, developing diversified financing solutions, and increasing investments in supporting infrastructure like clean fuel supply and carbon capture [15][49]. Group 4: Related Ecosystem - The development of green shipping is interconnected with port terminals, logistics services, and maritime services, forming a comprehensive ecosystem for sustainable shipping [38]. - Green ports are being developed in China, with significant achievements in reducing environmental impacts and enhancing operational efficiency [39]. - The logistics sector, while diverse, shows varying degrees of green transformation, with cargo shipping progressing faster than passenger shipping in adopting low-carbon technologies [41].