● 本报记者 昝秀丽 近期，多个具有标杆意义的A股市场并购重组案例不断涌现。市场人士分析，5月修订发布的《上市公 司重大资产重组管理办法》在简化审核程序、创新交易支付工具、鼓励私募基金参与等方面作出优化， 催生出一批优质典型并购重组案例，这些重组标的更加优质、产业协同特征更加明显。随着政策包容度 持续提升，更多具有标杆意义的优质案例有望不断涌现，持续为实体经济发展注入新活力。 典型案例持续落地 6月9日，天亿马拟通过发行股份及支付现金方式购买星云开物全部或部分股权（取得控股权）并募集配 套资金是代表案例之一。 除天亿马外，中国证券报记者梳理发现，不少公司将并购目光投向新兴产业和新质生产力领域，并购标 的含"新"量高的代表性案例不在少数。国科微拟通过发行股份及支付现金的方式向宁波甬芯等交易对方 购买其合计持有的中芯宁波股权，并拟向符合条件的特定对象发行股票募集配套资金。浙江力诺拟收购 徐州化工机械有限公司100%股权，提升公司在调节阀领域的技术水平和生产能力，增强公司综合实 力。 证监会最新数据显示，在并购重组领域，今年以来战略性新兴产业上市公司披露资产重组超140单，是 去年同期的2倍。 东吴证券首席经济学家 ...

Group 1 - The demand for securities analysts is increasing, with notable personnel changes in various brokerage firms, indicating a strong need for quality research talent [2][3] - As of June 26, 2023, the total number of analysts in the securities industry reached 5,632, an increase of 66 from the beginning of the year and 687 from the same period last year, despite an overall decrease in industry personnel [2][3] - 48 brokerage firms have increased their number of analysts this year, with Dongfang Caifu Securities adding 26 analysts and several others adding over 10 [2][3] Group 2 - The accelerated flow of analysts reflects the determination of brokerage firms to transform and upgrade their research capabilities, especially in light of the economic transition and industry upgrades [3][4] - Brokerage firms are focusing on emerging industries and niche sectors as key areas for business breakthroughs, with many establishing new research institutes dedicated to these fields [4][5] - Positions specifically for analysts focusing on emerging industries are being created, such as the chief analyst for embodied intelligence at Guojin Securities [4][5] Group 3 - The recruitment of talent related to emerging industries is being strengthened, with firms like Huaxi Securities actively seeking analysts in areas such as low-altitude economy and quantum technology [5][6] - The industry is increasingly prioritizing composite talents with technological backgrounds and cross-disciplinary knowledge, indicating a shift towards hiring technical expert analysts [6]

Core Viewpoint - The article emphasizes the Chinese government's efforts to optimize the business environment and stimulate private sector investment, highlighting a significant push towards involving private capital in various projects, with over 10 trillion yuan in investments being promoted [1][4]. Group 1: Government Initiatives - The National Development and Reform Commission (NDRC) has introduced a platform to promote projects to private capital, with over 3,200 quality projects amounting to more than 3 trillion yuan [1][4]. - The NDRC aims to establish a coordination mechanism for promoting projects to private capital, enhancing support for land use, environmental assessments, and financing [4][6]. - The government is reducing restrictions on private investment in key sectors, as evidenced by the decrease in the number of items on the Market Access Negative List from 117 to 106 [6]. Group 2: Investment Trends - There is a noticeable increase in private investment in new infrastructure and emerging industries, with significant interest in artificial intelligence and low-altitude economy projects [6][12]. - The participation of private capital in major infrastructure projects is rising, with examples like the San'ao nuclear power project, where private capital's share increased from 2% to 10% [10]. - The NDRC has recommended 92 infrastructure REITs projects to the China Securities Regulatory Commission, with 70 projects already issued, expected to drive over 1 trillion yuan in new investments [12][13]. Group 3: Regional Policies - Local governments are implementing supportive policies to attract private investment, such as Tianjin's efforts to eliminate restrictions in procurement and bidding processes [6][7]. - Jiangsu province has seen an increase in major projects funded by private enterprises, with 228 projects planned for the year, focusing on strategic emerging industries [14]. - Shandong province is promoting technological upgrades in traditional industries, with a focus on artificial intelligence integration [14]. Group 4: Economic Performance - From January to May, private investment remained stable, with a 5.8% increase in non-real estate private investment [18]. - The hospitality and catering sectors saw a 25.3% increase in private investment, while infrastructure and manufacturing sectors also experienced growth [18]. - Private enterprises' sales revenue growth outpaced the national average, indicating a positive trend in the private sector's economic performance [18].

Core Viewpoint - Anhui province is leveraging its geographical advantages and industrial capabilities to enhance its economic presence within the Yangtze River Delta region and to develop emerging industries, particularly in the automotive sector, which has seen significant growth and investment [3][4][14]. Group 1: Economic Growth and Integration - In 2024, Anhui's GDP surpassed 5 trillion, moving closer to becoming an "economic powerhouse" [3]. - Anhui ranked first among central provinces in import and export value in the first quarter of 2024, with the highest growth rate in the Yangtze River Delta [3]. - The province's automotive production in the first quarter of 2024 exceeded that of Guangdong, making it the top producer in the country [3]. Group 2: Infrastructure Development - The launch of the Yangtze River Delta Super Ring High-Speed Railway in June 2024 significantly enhances connectivity between Anhui and key cities in the region, facilitating economic interactions [5][7]. - This railway is crucial for Anhui, as it reduces the time and space distance with Jiangsu and Zhejiang, promoting more frequent economic exchanges [7]. Group 3: Industrial Strategy - Anhui aims to integrate into the Yangtze River Delta's industrial system, moving beyond mere investment attraction to deeper industrial collaboration [9][10]. - The province benefits from lower labor and land costs compared to Jiangsu and Zhejiang, making it an attractive location for businesses [10]. - In 2024, Anhui saw a 9.1% year-on-year increase in actual investment from Jiangsu, Zhejiang, and Shanghai, totaling 853.24 billion [11]. Group 4: Emerging Industries - Anhui is focusing on developing a complete industrial chain for emerging industries, particularly in the automotive sector, which has transformed from a follower to a leader in national production [16][18]. - The province's automotive production reached 3.57 million units in 2024, accounting for over 1/9 of the national total, with a significant portion being new energy vehicles [21][22]. - The automotive industry in Anhui is supported by a robust supply chain, with various cities specializing in different components, contributing to a comprehensive automotive ecosystem [20][21]. Group 5: Future Prospects - Anhui's strategic position as a key junction between the Yangtze River Delta and central-western regions is expected to enhance its role in domestic and international trade [26]. - The province's participation in the Belt and Road Initiative and the operation of the China-Europe Railway Express are anticipated to further integrate Anhui into global supply chains [26].

Core Viewpoint - The Chinese government is actively promoting private investment by optimizing the business environment and reducing barriers, with a focus on new infrastructure and emerging industries, leading to a significant increase in private investment confidence [1][6][10]. Group 1: Investment Projects and Amounts - As of June 25, over 10 trillion yuan in projects are being promoted to private capital, with more than 3,200 quality projects recommended by the National Development and Reform Commission (NDRC) [1][6]. - The total number of projects being promoted has reached 11,752, with a total investment amount of 10.15 trillion yuan [6]. - Local governments are also introducing supportive policies to attract private capital, with specific project lists being established in provinces like Tianjin and Hubei [6][7]. Group 2: Focus on Emerging Industries - The current project recommendations include key sectors such as transportation, energy, and new infrastructure, as well as emerging industries like artificial intelligence and low-altitude economy [4][10]. - Private investment is increasingly directed towards new projects, with significant interest in new infrastructure, artificial intelligence, and quantum information [10]. Group 3: Policy Support and Legislative Framework - The implementation of the Private Economy Promotion Law on May 20 has provided strong signals to support private investment in major national strategies and projects [9]. - The NDRC is establishing a special coordination mechanism to promote private capital participation in project construction and enhance support for land use, environmental assessments, and financing [4][8]. Group 4: Trends in Private Investment - Private investment in traditional industries is also experiencing a transformation, with a notable increase in industrial technological upgrades, particularly in sectors like steel and building materials [10]. - Data shows that from January to May, private investment remained stable, with a year-on-year growth of 5.8% in non-real estate private investment [15].

Group 1 - The Guangdong Provincial Government has officially released the "Guangdong Province Economic Continuity and Domestic Circulation Work Plan," focusing on seven key tasks to promote high-quality economic development and support domestic circulation [1][3] - The plan includes specific measures for precise support to enterprises, stabilizing employment, and boosting consumption, with an emphasis on capital market development [3][4] - The plan aims to establish a new action plan for high-quality development in emerging sectors by September 2025, with policies to support industries such as commercial aerospace, low-altitude economy, and nuclear medicine [3] Group 2 - The plan outlines initiatives to enhance consumer spending, including encouraging local governments to issue housing subsidies and consumption vouchers, particularly for first-time homebuyers and families with multiple children [4] - In the real estate sector, measures include promoting "old-for-new" housing exchanges and optimizing the process for transferring second-hand homes with mortgages [4] - The plan also aims to improve the financing coordination mechanism for urban real estate and expand the coverage of the "white list" to support compliant project financing [4]

Group 1 - The Ministry of Human Resources and Social Security has announced the addition of 17 new occupations, including cross-border e-commerce operation managers and drone swarm flight planners, along with 42 new job roles such as sleep health managers and generative AI system testers, indicating a strong growth trend in these sectors [1] - The 2025 employment outlook report by Zhaopin highlights the importance of professional fit, industry growth potential, and job prospects for graduates during the current job selection season [1] Group 2 - Emerging and future industries are in a talent reserve phase, with significant long-term development prospects, as indicated by the government's focus on cultivating these sectors and the strong recruitment growth in positions like drone engineers and algorithm engineers, with year-on-year growth rates exceeding 30% [2] - The demand for production and manufacturing roles is leading the recruitment landscape, with a notable emphasis on "professional alignment" as a key advantage in employment, particularly in fields such as mechanical design and automation [3] - The top ten industries for recruitment demand from January to May 2025 include education, logistics, and real estate, reflecting a trend towards "aligned employment" in various sectors [3] Group 3 - Hangzhou has consistently ranked in the top ten of the "2024 Most Attractive Cities for Talent" list, driven by rapid development in industries like smart IoT and biomedicine, attracting a significant influx of talent [4] - The trend of "people following industries" is prevalent in major cities, suggesting that job seekers should consider the industrial development characteristics of cities when choosing employment opportunities [4]

证券研究报告 | 2025年6月21日 估值周观察(6月第4期) 日韩估值扩张 策略研究 · 专题报告 证券分析师：王开 021-60933132 wangkai8@guosen.com.cn S0980521030001 证券分析师：陈凯畅 021-60375429 chengkaichang@guosen.com.cn S0980523090002 请务必阅读正文之后的免责声明及其项下所有内容 核心观点 请务必阅读正文之后的免责声明及其项下所有内容 • 近一周（2025.6.16-2025.6.20）海外市场分化明显，日韩估值扩张。美股横盘震荡，欧股普跌，亚太多数走强，韩国持续强劲，韩国 综合指数和KOSPI50涨幅均超过4%，港股结束上涨趋势，指数均回调超1%。估值方面，日韩温和扩张，其余市场整体小幅收缩。德国 DAX指数虽下跌0.7%，但PE扩张1.04x，为唯一PE变化幅度超过1x的指数。港股除恒生科技指数，其余估值分位数仍处高位区间。韩 国综合指数各项估值分位数快速拉升，滚动1年PE分位数从20%到86%，PS分位数位于极高水平。 • A股核心宽基全线下跌，中小盘成长估值大幅收缩。近一周(2025 ...

就业是民生之本，高校毕业生等青年就业更是重中之重。今年以来，福建聚焦"稳就业"目标，以创新服 务、产业赋能、政策保障多维发力，全力构建高质量就业生态，为经济社会发展注入强劲动能。数据显 示，2025年1-4月，全省城镇新增就业10.54万人，就业困难人员实现就业0.73万人。 多元场景拓宽就业路精准对接供需两端 福建各地各部门积极探索创新就业服务形式，通过福建直播带岗、就业夜市、地铁站招聘会以及专项行 动等多种方式，为求职者与企业搭建起高效便捷的沟通桥梁。 6月6日晚，福州东二环泰禾广场"就业夜市"热闹开市。曾是全职妈妈的杨女士惊喜发现，这里的岗位与 她的工作经验高度匹配，"在家门口就能找工作，太方便了！"当晚，23家企业带来涵盖不同学历和技能 需求的岗位，现场还设有公共就业服务专区，为求职者提供职业规划、政策咨询等服务。 福州市总工会举办的毕业季就业"职"通车专场招聘会，吸引近400名求职者，47人当场达成初步就业意 向。福建理工大学的王同学成功投递简历，"全职教师岗的灵活计酬模式很适合我。"今年以来，福州市 总工会走进近10所高校，开展10余场就业创业活动，精准服务400余名学子。 不久前，福建省人社厅举 ...

华勤技术：全资子公司拟参与投资私募股权投资基金 智通财经6月18日电，华勤技术(603296.SH)公告称，公司全资子公司上海摩勤智能技术有限公司拟作为 有限合伙人认缴出资2500万元人民币认购安徽高新元禾璞华私募股权投资基金合伙企业（有限合伙）二 期募集份额，占本次出资后安徽元禾认缴出资总额的1.61%。该基金主要投资于长三角区域内十大新兴 产业，重点关注半导体和智能制造等硬科技领域项目。 ...