导语：资本市场仍习惯用并购重组叙事寻找确定性拐点，用"资本运作"看待行业困境。但白酒没有救世主。 在增长放缓的行业中，任何一丝火花，都可能被迅速放大为有落地可能的希望。 针对市场盛传的 " 剑南春拟收购水井坊 " 的传闻，剑南春相关人士向媒体表示传闻不实。水井坊则于 12 月 26 日发布澄清公告，明确否认相关事项。 图源：水井坊公告 澄清公告发布之前，当日水井坊股价迅速拉升并触及涨停。 为何一则明显缺乏现实基础的消息，仍能迅速点燃市场情绪、并给水井坊进行了一次乐观的"情绪定价"？ 2025四川民营企业100强（部分），图源：公众号双流发布 剑南春的资本化之路可谓一波三折。 2023 年初，白酒行业传被列入 IPO" 禁止类 " 、注册制改革更强调服务实体经济与硬科技导向，叠加历史遗留的股 权改制问题，几乎堵死了剑南春通过常规 IPO 通道实现资本化的路径。 剑南春不仅无法通过股权融资获得扩张资金，也无法为现有股东提供有效的退出机制，更无法享受到上市公司在品牌曝光、市场估值和并购重组方面的 天然优势。 在融资能力、并购空间和资本叙事上的结构性劣势，在行业下行期被进一步放大。 当其他头部酒企能够通过定向增发、发 ...

Core Viewpoint - The merger and acquisition (M&A) trend is expanding across various industries, supported by new policies from local governments in Shanghai, Beijing, and Shenzhen aimed at promoting high-quality M&A activities from 2025 to 2027 [1][2]. Group 1: Government Initiatives - The Shanghai Municipal Government has released the "Shanghai Action Plan to Support Mergers and Acquisitions of Listed Companies (2025-2027)" outlining twelve key objectives [1]. - The Beijing Securities Regulatory Bureau and the Beijing Municipal Financial Office held a seminar on M&A activities in the Beijing area on November 27 [1]. - The Shenzhen Municipal Financial Office has issued a draft action plan for promoting high-quality M&A development [1]. Group 2: Market Activity - The A-share M&A market remains active, with 22 listed companies disclosing M&A progress this week, including notable firms such as Huylu Ecology, Daye Co., and Wens Foodstuffs [1][2]. - Yibin Paper recorded six consecutive trading days of gains after announcing plans to acquire a 67% stake in vinegar fiber company [1]. - Youa Co. achieved three consecutive trading days of gains following its announcement to acquire 100% of Shangyang Tong Technology [1]. Group 3: Specific M&A Transactions - Huylu Ecology plans to increase its stake in Diaoheng Technology, constituting a major asset restructuring [1]. - Daye Co. intends to acquire 100% of AL-KO Gerate GmbH, marking a significant asset restructuring [1]. - Wens Foodstuffs is set to acquire 91.38% of Jun Cheng He Rui for 1.61 billion yuan, focusing on biomass energy [1]. - Hason Co. is planning to acquire 100% of Chenling Optical and 45% of Suzhou Langkes, with its stock already suspended [3]. - Youa Co. aims to purchase 100% of Shenzhen Shangyang Tong Technology, marking a strategic shift into the power semiconductor sector [2].

登录新浪财经APP 搜索【信披】查看更多考评等级 文 孙汝祥 夏欣 2025年堪称上市公司监管领域的"大年"，在监管规则体系完善、推动高质量发展、全链条严打财务造假 等方面均成效卓然。 这一年，上市公司监管从"问题驱动型"的零散规则修补迈向系统性"顶层设计型"的系统法规建构。 2025年12月，中国证监会就《上市公司监督管理条例（征求意见稿）》（以下简称《监管条例》）公开 征求意见。这份覆盖上市公司"全生命周期"的文件，强化全链条监管，标志着我国首部上市公司监管行 政法规即将出炉，也宣告着对上市公司的监管将进入一个更加系统化、法治化的新阶段。 这一年，并购重组市场活力迸发，助力上市公司高质量发展的同时，A股公司常态化分红也形成了良好 生态。 2025年5月中国证监会发布修改后的《上市公司重大资产重组管理办法》（以下简称《重组办法》）， 以更大力度支持上市公司并购重组。数据显示，A股上市公司2025年年内披露重大资产重组超200单， 是2024年的1.4倍。 2025年1—12月，A股上市公司实施现金分红2.55万亿元，1066家沪深公司宣告中期分红7870亿元，进一 步彰显了资本市场的长期投资价值和吸引力。 ...

Core Insights - In 2025, a total of 40 companies were approved for mergers and acquisitions in the A-share market, achieving a 100% approval rate [1][9]. Independent Financial Advisors Performance Ranking - A total of 19 independent financial advisory firms participated in the 40 approved M&A projects, with the top three firms being: - First: Huatai United with 8 projects - Second: CITIC Construction with 7 projects - Third: CITIC Securities with 6 projects [1][11][12]. Legal Advisors Performance Ranking - 25 law firms were involved in the legal services for the 40 approved M&A projects, with the top three being: - First: Beijing King & Wood Mallesons with 5 projects - Second: Beijing Jiyuan with 4 projects - Third: Beijing Zhonglun, Shanghai Jintiancheng, and Zhejiang Tiancai, each with 3 projects [2][13][15]. Accounting Firms Performance Ranking - 19 accounting firms provided auditing services for the 40 approved M&A projects, with the top three being: - First: Tianjian with 9 projects - Second: Lixin with 7 projects - Third: Xinyong Zhonghe with 4 projects [4][16]. Asset Appraisal Agencies Performance Ranking - 20 asset appraisal agencies were involved in the asset evaluation for the 40 approved M&A projects, with the top three being: - First: Zhonglian Appraisal with 10 projects - Second: Jinzhen Appraisal with 5 projects - Third: Zhongqihua with 4 projects [6][17].

Core Viewpoint - In 2025, all 40 companies that underwent merger and acquisition (M&A) reviews in the A-share market were approved, achieving a 100% approval rate. Group 1: Independent Financial Advisors Performance Ranking - A total of 19 independent financial advisory firms participated in the 40 approved M&A projects, with the top three firms being: - First: Huatai United with 8 projects - Second: CITIC Construction with 7 projects - Third: CITIC Securities with 6 projects [1] Group 2: Legal Advisors Performance Ranking - 25 law firms were involved in the legal services for the 40 approved M&A projects, with the top three firms being: - First: Beijing King & Wood Mallesons with 5 projects - Second: Beijing JY with 4 projects - Third: Beijing Zhonglun, Shanghai Jintiancheng, and Zhejiang Tiance each with 3 projects [3] Group 3: Accounting Firms Performance Ranking - 19 accounting firms provided auditing services for the 40 approved M&A projects, with the top three firms being: - First: Tianjian with 9 projects - Second: Lixin with 7 projects - Third: Xinyong Zhonghe with 4 projects [7] Group 4: Asset Appraisal Agencies Performance Ranking - 20 asset appraisal agencies were involved in the asset evaluation for the 40 approved M&A projects, with the top three agencies being: - First: Zhonglian Appraisal with 10 projects - Second: Jinzhen Appraisal with 5 projects - Third: Zhongqihua with 4 projects [10]

星标★IPO日报 精彩文章第一时间推送 经历数年的波动与调整，全球并购市场在2025年展现出全面回温迹象。其中，我国并购市场迎来根本性的规则重塑，迸发活力，并购上会家数接近翻倍， 重大重组交易量超前六年总和。 步入2026年，随着宏观经济周期的可能转向、科技革命深化、地缘政治格局演变及监管环境持续优化，并购活动有望迎来更具结构性的增长机遇。 张力制图 政策持续优化 在"十五五"规划关于并购重组的政策表述中，对上市公司并购重组的定位更为积极，其中提出要持续深化并购重组市场改革，支持上市公司转型升级、做 优做强，以服务新质生产力发展与培育世界一流企业。 自2024年新"国九条"定调后，"并购六条"（《关于深化上市公司并购重组市场改革的意见》）及新版《上市公司重大资产重组管理办法》在2025年相继落 地，形成了一套鼓励产业并购、提升市场效率的"政策组合拳"。 2025年，中国并购市场在数量和规模上均实现了显著增长。 Wind数据显示，年内A股公司披露的并购重组事件总计达4044单，其中构成重大资产重组的项目有147单，同比激增44.12%；且2025年全年重大资产重组 上会次数为29次，涉及28家公司，值得注意的是 ...

同时，公司拟向不超过35名特定对象发行股份（锁定期6个月），募集资金不超过75.56亿元， 用于华力微技术升级改造项目，华力微特色工艺研发及产业化项目，补充流动资金、偿还债务 及支付中介机构费用。 12月31日晚间，华虹公司（688347）发布了发行股份购买资产并募集配套资金暨关联交易报告 书（草案）。 | 交易形式 | | 发行股份购买资产并募集配套资金 | | --- | --- | --- | | 交易方案简介 | | 上市公司拟通过发行股份方式向华虹集团等 4 名交易对方购买其合计 持有的华力微 97.4988%股权,并拟向不超过 35 名符合条件的特定对象 | | 发行股票募集配套资金。 | | | | 交易价格(不含募集 826,790.22 万元 配套资金金额) | | | | 名称 交易 | 上海华力微电子有限公司 | | | 主营业务 | | 主要从事 12 英寸集成电路晶圆代工服务,为通信、消费电子等终端应 | | | 用领域提供完整技术解决方案。 | | | 所属行业 标的 | C39 计算机、通信和其他电子设备制造业 | | | 符合板块定位 | | √是 □否 □不适用 | | 其他 ...

受益于"六条""科创板八条"等重磅举措的出台，2025年国内并购重组市场展现出前所未有的活力。本文 为《数说2025》并购重组篇，将带您深度拆解国内并购重组的五大趋势。 整体来看，2025年以来，国内并购重组市场呈现五大特征。并购重组效率显著提升，买方对优质资产更 愿意开出好价，央企并购交易总价值创新高，企业"强强联合"趋势显著，传统行业聚焦新质生产力并购 意愿增强，资本市场功能得到有效发挥。 政策密集驱动 并购重组浪潮涌动 2025年以来，政策层面持续"松绑"。5月，中国证监会发布《上市公司重大资产重组管理办法》，深化 上市公司并购重组市场改革。12月初，中国证监会发布的《上市公司监督管理条例(征求意见稿)》则进 一步规范并购重组行为，减少市场争议、稳定市场预期。 在地方层面，支持并购重组的文件也密集出炉。北京发布《助力并购重组促进上市公司高质量发展的意 见》，明确将以并购重组为抓手，精准锚定新质生产力方向，全面驱动上市公司质量提升与首都产业升 级。深圳市印发《深圳市推动并购重组高质量发展行动方案(2025—2027年)》，支持战略性新兴产 业"链主"企业、龙头上市公司开展上下游并购。 2026年是"十五五 ...

Core Viewpoint - The National Financial Regulatory Administration has issued a notification regarding the revised "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," marking the first comprehensive adjustment since the original guidelines were implemented in 2015 [1][3]. Summary by Relevant Sections Revision Highlights - The revised measures consist of 34 articles and focus on four main areas: expanding the scope of acquisition loans to include equity investments, optimizing loan conditions, setting differentiated qualification requirements for banks, and emphasizing the assessment of the acquirer's debt repayment ability [3][4]. - A significant highlight is the clear categorization of acquisition loans into two types: controlling acquisitions and equity investments, addressing the rising demand for industry consolidation and transformation through equity investments [3][4]. Loan Conditions - For controlling acquisitions, the maximum loan proportion of the acquisition transaction price has been increased from 60% to 70%, and the maximum loan term has been extended from seven years to ten years, facilitating financing for acquisition transactions [4][5]. - The introduction of equity investment loans allows banks to provide financing for transactions that do not meet control standards, with specific conditions such as acquiring at least 20% of the target company's shares in a single transaction [5]. Economic Context - The measures aim to support the transformation of traditional industries and the development of emerging industries, enhancing the effectiveness of financial services in the real economy [3][4]. - The implementation of these measures is expected to increase the supply of funds in the acquisition market, optimize resource allocation, and facilitate the smooth transition between old and new development dynamics [4].

Core Viewpoint - The company is undergoing a significant restructuring involving the acquisition of assets through a combination of cash and stock issuance, which aims to enhance its operational capabilities and market position in the outdoor advertising sector [8][14][25]. Group 1: Transaction Overview - The restructuring plan involves the acquisition of 90.02% of the target company's shares for a total transaction price of 779,442.45 million yuan, with cash consideration of 2,964.95 million yuan and stock consideration of 776,477.51 million yuan [9][12]. - The transaction will increase the company's total shares to 15,907,251,607, with the issuance of 1,465,051,881 new shares [14][25]. Group 2: Impact on Business Operations - The target company operates in a similar sector, focusing on outdoor advertising and digital media platforms, which will allow the company to expand its media resource coverage and enhance its competitive edge [14][25]. - Post-transaction, the company expects an increase in total assets and revenue, although there will be a slight short-term dilution in earnings per share, with a decrease of 0.03 yuan per share for 2024 and 0.02 yuan per share for the first nine months of 2025 [14][25]. Group 3: Approval and Compliance - The transaction has undergone various approval processes, including board meetings and independent director reviews, and is pending approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission [15][17]. - The company has committed to strict compliance with information disclosure obligations and legal procedures throughout the transaction process [18][19]. Group 4: Investor Protection Measures - The company has implemented measures to protect investor interests, including providing a network voting platform for shareholders and ensuring separate counting of votes from minority shareholders [20][21]. - All parties involved in the transaction have guaranteed the authenticity and completeness of the information provided, assuming legal responsibility for any misrepresentation [23][24].