本刊记者 石青川 近日，国家金融监督管理总局《商业银行并购贷款管理办法（征求意见稿）》（以下简称《办法》）的 征集意见期已到，这意味着并购贷款将迎来新规。 与此同时，资本市场层面、监管层亦明确表态支持上市公司并购重组，致力于打通"科技—产业—金 融"的良性循环。 这一套精准有力的"政策组合拳"，正引导金融活水更安全、更高效地流向符合国家战略方向的产业整合 与升级，为优化经济结构注入强劲的"投资新动力"。 参股型并购纳入新规 《办法》是2024年4月《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称新"国 九条"）的延伸。它与新"国九条"提出的"加大并购重组改革力度，多措并举活跃并购重组市场"，今年 新出台的重组审核规则中科创板并购重组分类审核等政策同频共振，形成了从非上市公司到上市公司、 从债务资金到权益资金的全面支持体系。 并购贷款，即企业之间发生并购时，并购方资金可通过贷款方式筹措。 我国最早的《贷款通则》不允许使用商业贷款进行并购与投资，直到 2008年《商业银行并购贷款风险 管理指引》放开了并购贷款业务，但当时要求自有资金更多，也就是杠杆率限制较低。后来经过多次修 订与新规补充，才有了 ...

Group 1 - The 15th National Games is co-hosted by Guangdong, Hong Kong, and Macau, featuring advanced transportation services including over 300 autonomous vehicles in Guangzhou [1] - Guangzhou has launched 5 autonomous bus routes specifically for the National Games, enhancing connectivity for media and attendees [1] - A significant breakthrough is the establishment of cross-border electronic wallet interoperability, allowing seamless payment for residents of Hong Kong and Macau when using public transport in Guangzhou [2] Group 2 - Macau is promoting a vibrant sports culture through various community activities, enhancing its identity as a "Sports City" [3] - The Macau government supports nearly 2,000 sports associations, fostering a strong atmosphere for public fitness and engagement [3] - The concurrent hosting of the historic Grand Prix during the National Games adds to the dynamic sports environment in Macau [3]

Core Insights - CPE Yuanfeng has announced a strategic partnership with Burger King, owned by Restaurant Brands International (RBI), to establish a joint venture named "Burger King China" aimed at expanding the brand's presence in the Chinese market [1][2] - CPE Yuanfeng will inject an initial capital of $350 million into Burger King China to support restaurant expansion, marketing, menu innovation, and operational enhancements [1] - The joint venture will operate under a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China, with CPE Yuanfeng holding approximately 83% of the equity and RBI retaining about 17% [1] Investment and Growth Strategy - The partnership aims to leverage CPE Yuanfeng's local market expertise and insights to enhance Burger King's product offerings and brand marketing, while also expanding physical store locations and digital capabilities [1][2] - The plan includes increasing the number of Burger King outlets in China from approximately 1,250 to over 4,000 by 2035, alongside achieving sustainable same-store sales growth [1]

Core Viewpoint - The construction of the 300 MW compressed air energy storage power station by Jiuquan Nengjian Yuneng Technology Co., Ltd. is progressing rapidly, supported by proactive services from the State Grid Jiuquan Power Supply Company, highlighting the importance of efficient collaboration in major energy projects [1][3][4]. Group 1: Project Overview - The 300 MW compressed air energy storage project is the first engineering demonstration of non-combustion 300 MW compressed air storage technology globally, with a total investment of 2.571 billion yuan [3]. - The project is designed for an energy storage/compression duration of 8 hours and a power release/generation duration of 6 hours, and it is included in national and provincial major construction projects [3]. - The project is expected to be connected to the grid by the end of 2025, playing a significant role in promoting green energy transition [3]. Group 2: Service and Support - To ensure the project's smooth progress, the company has established a "green service exclusive channel" and formed a cross-professional "elite service team" to actively engage with project units [3]. - The service team has innovated a "parallel advancement and pre-review" working model, breaking traditional sequential processes to enhance efficiency [3]. - The dedicated customer manager provides continuous support throughout the project, ensuring seamless coordination and responsiveness, which has been positively received by the project's electrical manager [4]. Group 3: Strategic Importance - The successful advancement of this project is a significant step for Jiuquan City in establishing itself as a key national renewable energy industry base [4]. - The State Grid Jiuquan Power Supply Company aims to provide strong and reliable power support for major regional projects, demonstrating its commitment to high-quality economic and social development [4].

Core Insights - JD.com achieved a record high transaction volume during the 2025 11.11 shopping festival, simplifying promotional strategies to enhance consumer shopping experiences [1] Payment Experience - JD.com Payment collaborated with over 80,000 merchants and more than 120 banks, offering various benefits such as "payment waivers," cash back, and discounts using digital RMB, leading to a 40% year-on-year increase in quick payment transaction volume [1] - The number of JD.com Payment users reached 650 million, with nearly 10 million users participating in the "payment waiver" activity [1][4] - The "post-payment cash back" initiative significantly boosted sales, with transaction volumes for partnered products doubling year-on-year [1] Bank Marketing Strategies - The 11.11 shopping event saw diverse bank marketing strategies, enhancing user engagement and transaction volumes through initiatives like "bank category days" and "credit card points redemption" [5][6] - Specific promotional days were created in collaboration with various banks, offering exclusive discounts and incentives, which resulted in an average order volume increase of over 138% for participating banks [8] Credit Card Points Utilization - The integration of credit card points for cash redemption on JD.com has expanded, allowing users to effectively utilize previously idle points, with over 30 million users having access to this feature [9] - During the 11.11 event, the number of transactions using points redemption doubled year-on-year, with a 70% increase in transaction volume [9] Digital RMB Adoption - The use of digital RMB has gained traction, with JD.com promoting its adoption through various discounts and campaigns, resulting in an 80% year-on-year increase in user activity and transaction volume [10] Collaborative Ecosystem - JD.com Payment has expanded its partnerships across various sectors, enhancing payment options in travel, dining, and e-commerce, creating a positive feedback loop that benefits users, banks, and the platform [11]

Core Viewpoint - On November 12, 2023, GF Fund Management Co., Ltd. announced adjustments to the large-scale subscription limits for the C-class shares of the GF New Power Mixed Securities Investment Fund, effective from November 12, 2025, to meet investor demand [1] Group 1: Fund Adjustments - The announcement specifies that the large-scale subscription (including transfer-in, regular fixed investment, and irregular investment) limits for the C-class shares of the GF New Power Mixed Securities Investment Fund will be adjusted [1] - The detailed adjustments for the sub-funds are provided, indicating that the GF New Power Mixed A fund will not suspend large-scale subscriptions, while the GF New Power Mixed C fund will have a subscription limit of 1 million yuan for both subscription and transfer-in [1]

Group 1 - The core announcement is regarding the convening of a meeting for the holders of the Fuyanda New Power Flexible Allocation Mixed Securities Investment Fund to discuss the termination of the fund contract [2][39]. - The meeting will be held via communication methods including paper voting, network voting, and telephone voting, with the voting period from November 13, 2025, to December 8, 2025 [2][12][15]. - The rights registration date for fund holders to participate in the meeting is set for November 12, 2025 [9]. Group 2 - The agenda for the meeting includes the proposal to terminate the fund contract, which requires a two-thirds majority approval from the participating fund holders [7][35]. - If the proposal is approved, the fund will enter a liquidation process, and no new subscriptions or transfers will be accepted thereafter [44][45]. - The fund management company will organize the liquidation process under the supervision of the fund custodian and relevant authorities [45][54]. Group 3 - Fund holders can authorize others to vote on their behalf, and the authorization must be submitted in a specified format [19][21]. - The voting process will be monitored and audited to ensure transparency and compliance with regulations [30][31]. - The management company has prepared for potential risks, including the possibility of the proposal being rejected or the meeting not reaching quorum [55][56].

Core Viewpoint - The Global Energy Interconnection Development and Cooperation Organization (GEIDCO) held an online training event to promote the outcomes of the 2025 Global Energy Interconnection Conference, emphasizing the importance of clean and low-carbon energy transition and sustainable development in the West Asia-North Africa region [1][2] Group 1 - The event featured over 50 senior officials from energy and electricity sectors, representatives from power companies, research institutions, and international organizations, highlighting the collaborative effort in energy transition [1] - The conference outcomes provide a comprehensive blueprint for building a global energy interconnection, offering significant references for policy-making, industrial planning, and international cooperation [1] - The training aims to enhance knowledge sharing, experience exchange, and technical discussions between China and Arab countries, accelerating global energy transition and climate action [1] Group 2 - The training included specialized lectures from five experts on topics such as the "Global Power Development Transition Report 2025" and "Global Energy Interconnection Development and Outlook 2025," showcasing the future prospects for renewable energy and regional grid interconnection in the West Asia-North Africa region [2] - GEIDCO has established regional committees and national committees in Saudi Arabia, UAE, and Jordan, with over 80 regional members covering 16 countries, fostering close cooperation with international and regional organizations, governments, and enterprises [2]

上海新动力汽车科技股份有限公司董事会 2025年度第五次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 上海新动力汽车科技股份有限公司（以下简称"公司"）董事会2025年度第五次临时会议于2025年11月7 日以通讯表决方式召开。徐秋华先生因到龄退休已向公司董事会辞去董事职务，本次会议应出席董事7 名，实际出席7名。会议符合《公司法》及《公司章程》的有关规定。经与会董事审议，通过如下议 案： 一、关于公司董事、高级管理人员变动的议案 徐秋华先生因到龄退休，已向公司董事会辞去公司董事、总经理和董事会相关专门委员会委员职务。公 司董事会对徐秋华先生在公司任职期间为公司发展作出的贡献表示衷心的感谢。 股票简称：动力新科 动力B股 股票代码：600841 900920 编号：临2025-072 根据公司经营需要，经公司董事长提名，并经董事会提名委员会审核通过，同意聘任刘建超先生（简历 附后）担任公司总经理，任期自本次董事会审议通过之日起至本届董事会任期结束之日止。 刘建超先生具有发动机行业经营管理等方面丰富的实践经验 ...

证券代码：300152 证券简称：ST 新动力 公告编号：2025-076 雄安新动力科技股份有限公司 关于公司股票交易被实施其他风险警示暨可能被实施退市风险警示 相关事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、公司被实施其他风险警示暨可能被实施退市风险警示的相关情况 雄安新动力科技股份有限公司(以下简称"公司或新动力")2024 年度财务 报告内部控制被中兴财光华会计师事务所（特殊普通合伙）出具了否定意见的审 计报告。根据现行《深圳证券交易所创业板股票上市规则》第 9.4 条第（四）项 规定，公司出现"（四）最近一个会计年度财务报告内部控制被出具无法表示意 见或者否定意见的审计报告，或者未按照规定披露财务报告内部控制审计报告" 的情形，公司股票交易被深圳证券交易所实施其他风险警示；根据《深圳证券交 易所创业板股票上市规则》第 10.4.4 条第（五）项规定，上市公司出现"首个 会计年度财务报告内部控制被出具无法表示意见或者否定意见的审计报告，或者 未按照规定披露财务报告内部控制审计报告"的情形，上市公司应当立即披露股 票交易可能被实施 ...