随着2025年上半年收官，A股并购市场在政策暖风和产业升级的双重驱动下呈现复苏态势。 自"并购六条"发布以来，并购重组市场规模和活跃度大幅提升。据IPO日报统计，从并购上会项目数量上来看，2025年上半年的上会项目已经 达到2024年全年的86.67%，且并购重组过会率为100%；从受理情况来看，2025年上半年受理的并购重组项目已经远远超过了2024年全年，上 市公司发起并购重组的热情高涨。 IPO日报统计发现，近年来上市公司并购重组活跃度明显提升。除了发布并购计划的上市公司显著增加，随着多项支持政策的发布，并购上会 项目的数量也相应有所增长。 2024年全年，沪深交易所分别审核了7起、8起并购重组项目，全年共计15起并购项目上会。 据IPO日报统计，今年上半年，2025年沪深交易所并购重组委已经审核了13家上市公司的并购重组项目，不考虑罗博特科首次上会暂缓审议， 目前并购重组过会率为100%。 与此同时，半导体行业成为本轮并购浪潮的热门赛道。 AI制图 受理项目激增 据证监会披露，"并购六条"发布以来，上市公司累计披露资产重组超1400单，其中重大资产重组超160单。2025年年初至5月中旬，上市 公司筹 ...

Core Viewpoint - Chongqing Zhenbao Technology Co., Ltd. has officially received acceptance for its IPO application on the Sci-Tech Innovation Board, becoming the first company from Chongqing to be accepted this year [1] Group 1: Company Overview - Zhenbao Technology is one of the few companies in China that has achieved mass production of non-metallic components for advanced integrated circuit manufacturing equipment and high-generation, high-voltage display panel manufacturing equipment [1] - The company's main products include equipment components made of silicon, quartz, silicon carbide, and alumina ceramics, as well as surface treatment services such as thermal spraying regeneration, anodizing, and precision cleaning [1] Group 2: Financial Performance - The company's projected revenue for the years 2022 to 2024 is 386 million yuan, 506 million yuan, and 635 million yuan respectively, while the net profit attributable to the parent company is expected to be 81.62 million yuan, 108 million yuan, and 152 million yuan, indicating a continuous improvement in profitability [2] Group 3: Client Relationships - Zhenbao Technology has established partnerships with major domestic display panel manufacturers such as BOE, Huaxing Optoelectronics, and Tianma Microelectronics, as well as international integrated circuit manufacturers like Intel, GlobalFoundries, United Microelectronics, and Texas Instruments [2] - The company maintains business relationships with key domestic integrated circuit manufacturers including Jinghe Integrated, China Resources Microelectronics, Chipone Technology, Wuhan Xinxin, Jita Semiconductor, and Guangdong Core Semiconductor [2] Group 4: Industry Position and Impact - Zhenbao Technology is recognized as a national high-tech enterprise, a national specialized and innovative "little giant" enterprise, and has received various accolades such as a national intellectual property advantage enterprise and a demonstration enterprise for technological innovation in Chongqing [2] - The IPO is expected to enhance the company's role in promoting the localization process in the semiconductor sector, aiding China's semiconductor industry in breaking foreign technology monopolies and achieving a higher level of self-reliance [2]

Core Viewpoint - The A-share merger and acquisition (M&A) market is experiencing a recovery driven by supportive policies and industrial upgrades, with significant increases in project numbers and completion rates in 2025 compared to previous years [1][3][4]. Group 1: M&A Market Activity - The number of M&A projects submitted for review in the first half of 2025 reached 86.67% of the total for 2024, with a 100% approval rate for M&A restructuring [1][3]. - From January to mid-May 2025, over 600 asset restructuring plans were disclosed by listed companies, 1.4 times that of the same period last year, with major asset restructurings increasing to approximately 90, a 3.3 times increase [3]. - The total transaction amount for completed major asset restructurings exceeded 200 billion, an 11.6 times increase compared to the same period last year [3]. Group 2: Policy Support - Recent policies, including the revised "Major Asset Restructuring Management Measures," have created a favorable environment for companies to enhance their industrial chain resilience through M&A [6][7]. - The new measures introduced simplified review processes, adjusted regulatory requirements for share issuance in asset purchases, and established a mechanism for staggered payments for restructuring shares [7][8]. Group 3: Semiconductor Industry Focus - The semiconductor sector has emerged as a hot spot for M&A activity, with over 20 disclosed restructuring plans since the beginning of 2025 [10]. - Notable M&A cases include major players like Huada Jiutian and Haiguang Information, indicating a trend of both horizontal and vertical integration within the semiconductor industry [10][11]. - The ongoing M&A wave in the semiconductor industry is seen as a strategy for companies to quickly acquire key technologies and enhance market competitiveness, particularly in the context of domestic substitution efforts [11].

7月1日早盘，A股整体窄幅震荡，银行板块再度领涨。教育、软饮料、摩托车、银行、电力、贵金属等 主题涨幅居前。近期热度较高的科创半导体ETF(588170)早盘上涨近1%。指数成分股中，耐科装备、中 船特气、安集科技、芯源微、中科飞测、神工股份等涨幅居前。 民生证券认为，受益AI快速发展，HBM需求强劲。海外三巨头垄断市场，国产率几乎为零。制造工艺 是核心壁垒，重视产业链发展机遇。从产业链来看，HBM产业上游主要包括电镀液、前驱体、IC载板 等半导体原材料及TSV设备、检测设备等半导体设备供应商；中游为HBM生产，下游应用领域包括人 工智能、数据中心以及高性能计算等。在HBM制造中，TSV工序是主要难点，其涉及光刻、涂胶、刻 蚀等复杂工艺，是价值量最高的环节。一方面，美国或持续加大HBM采购限制，上游设备、材料国产 厂商有望迎来发展机遇；另一方面，美国限制及国内自主可控的迫切性有望加速国产HBM的突破。 该机构认为，国产HBM量产势在必行，当前国产HBM或处于发展早期，上游设备材料或迎来扩产机 遇。建议关注：1)HBM设备：精智达、华海清科、芯源微、拓荆科技、中微公司等；2)材料：鼎龙股份 （300054）、雅 ...

综合来看，机构普遍预期下半年市场整体难现系统性大涨，区间震荡、主题轮动仍是主基调。在此环境 下，"均衡配置"成为应对波动、控制风险的共识性策略；同时，结构性机会依然丰富，科技革新、消费 变迁、稳定红利及政策驱动方向被重点看好。 市场研判：震荡延续，轮动主导 本报（chinatimes.net.cn）记者叶青 见习记者 栗鹏菲 北京报道 2025年上半年即将收官，上半年A股上演区间震荡与热点快速轮动，主线行情难觅。步入下半年，市场 将如何演绎？投资者又该如何布局？多家公募基金及券商机构观点近期密集出炉。 展望下半年，多家机构的核心判断趋同：市场整体或延续震荡格局，主题轮动特征显著。 华夏沪深300指数增强基金经理袁英杰告诉《华夏时报》记者，上市公司盈利增速能否显著回升存在不 确定性，这制约了市场发动整体性行情的基础。他预计，"主题板块轮动"将继续成为市场的主要运行特 征。当前，企业盈利表现是市场关注的绝对焦点，这使得基本面因子有望贡献正向收益，以基本面为核 心的策略模型表现可能优于历史均值。但他同时提醒，策略或产品的波动性可能加大，择时难度显著提 升，因此更建议投资者着眼长远，进行长期配置。 招商基金投资管理一 ...

For the exclusive use of JATIN CHAWLA at TVF CAPITAL ADVISORS PTE LTD on 22-Jun-2025 22 June 2025 Global Semiconductor Capital Equipment China WFE Import Tracker (May 2025): Imports resilient with YTD YoY -2%, upside risk to our full year projection Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Alrick Shaw +1 917 344 ...

行业研究丨深度报告丨半导体与半导体生产设备 半导体基石系列之三: 自主可控驱动业绩高增+ 订单兑现,把握设备材料投资机遇 l 证券研究报告 | 请阅读最后评级说明和重要声明 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年初以来，半导体板块经历了一段由 AI 带来的上涨行情之后进入调整期，多重挑战交织 导致半导体需求的增长缺乏相应的催化剂。但从估值角度来讲，随着半导体行业盈利加速释放， 板块动态市盈率已消化至 2024 年年中水平。半导体设备和材料估值水平均低于半导体板块， 设备板块的估值压力来自于对资本开支持续性的担忧，而材料板块则在于中游制造产能扩张的 不确定性。展望后续行情，我们认为估值进一步下行的可能性有限，且随着本土晶圆制造综合 能力的不断提升，业绩的兑现和订单的落地有望助力半导体设备和材料板块预期向好发展。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 半 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 广发证券指出，高技术制造业PMI连续4月高于荣枯线至50.9%，延续较好发展态势。半导体行业在 AI等新技术带领下呈现增长动力，汽车电子、新能源、物联网、大数据和人工智能等领域需求提升。 国产化持续推进，中美贸易摩擦凸显半导体供应链安全和自主可控的重要性，政府在产业政策、税收、 人才培养等方面加大了对本土半导体制造的支持，国内晶圆制造及其配套产业环节加速发展势在必行。 固态电池、复合集流体等新技术的兴起为锂电设备行业带来增长点，25年将成为固态电池商业化关键 年，其成熟有望带来设备的全面更新及价值量成倍增加。半导体设备领域，国产替代持续推进，行业成 长空间明确。 半导体设备ETF（159516）跟踪的是半导体材料设备指数（931743），该指数由中证指数有限公司 编制，从A股市场中选取涉及半导体材料研发、设备制造等业务的 ...

Al Expert Call #42 Takeaways EQUITY: TECHNOLOGY US EDA software restrictions and impact on China Quick Note We hosted our Al Expert Call Series #42 on 13 June, featuring "US EDA software restrictions and impact on China". On 29 May, Reuters reported that the US government had notified the US EDA software companies to get licenses for supplying to China customers (news). The expert shared his views on the progress and impact of EDA export control, global/China EDA market size and competition landscape, as we ...

数据显示，截至2025年5月30日，上证科创板综合指数(000680)前十大权重股分别为海光信息(688041)、 寒武纪(688256)、中芯国际(688981)、金山办公(688111)、百利天恒(688506)、联影医疗(688271)、中微 公司(688012)、澜起科技(688008)、传音控股(688036)、华润微(688396)，前十大权重股合计占比 22.3%。 科创综指ETF华夏(589000)，场外联接(华夏上证科创板综合ETF联接A：023719；华夏上证科创板综合 ETF联接C：023720)。 （文章来源：每日经济新闻） 2025年6月13日，上海证券交易所科创板正式开板6周年。一直以来，科创板强调"硬科技"定位，已上市 的588家公司中，集成电路、生物医药、高端制造三个领域公司占比超六成。截至目前，科创板集成电 路领域公司总数达119家，占A股同类上市公司的"半壁江山"。相关企业涵盖上游芯片设计、中游晶圆 代工及下游封装测试，形成上下游链条完整、产业功能齐备的发展格局。生物医药领域上市公司总数 113家，重点介入癌症、乙肝、丙肝、艾滋病等治疗领域，已成为美国、中国香港之外全球主要 ...