每经编辑｜彭水萍 沪指延续强势，再刷年内新高。"牛市旗手"证券板块直线拉升，证券ETF（512880）涨近2%，成交额超 15亿元。 除此之外，证券板块还有稳定币和并购事件催化。受益于稳定币、虚拟资产的发展，券商或将迎来新的 业务蓝海，支撑业绩及估值提升。2024年以来，证券行业并购案例频发，通过并购重组，同一或相似股 东下的资源整合有望提速，行业内上市公司盈利能力有望加速修复。 当前资金加速流入证券ETF（512880），证券ETF（512880）跟踪中证全指证券公司指数，集齐A股上 市证券公司，当前规模位居同类第一，感兴趣的投资者也可以关注相关布局机会。 风险提示： 而本次反弹之际，证券板块和大盘走势相差不大。以2025年4月7日为本轮行情转折点，截至2025年8月8 日，证券指数涨9.83%，沪深300涨6.31%。A股券商相较于H股券商也呈现明显欠涨现象。或许也正是 因为如此，资金开始博弈A股证券板块补涨空间。 市场成交活跃度方面，2025年7月，A股市场新开户数达196万户，同比增长71%，环比增长19%，2025 年已累计新开1456万户。 风险偏好方面，截至2025年8月7日，市场两融余额达到2 ...

Macro Economic Overview - In July, China's export year-on-year growth rate continued to show positive growth, with a 6.1% increase from January to July, which is a 0.2 percentage point acceleration compared to the first half of the year. Imports decreased by 2.7%, with the decline narrowing by 1.1 percentage points compared to the first half of the year. The trade surplus reached 683.51 billion USD [6][7] - In July, exports grew by 7.2% year-on-year, with a month-on-month increase of 1.3 percentage points. Imports increased by 4.1% year-on-year, showing a significant month-on-month acceleration of 3.0 percentage points. The trade surplus for July was 98.24 billion USD [6][7] Trade Partners Analysis - ASEAN and EU continued to support China's export growth in July, contributing 2.6 and 1.4 percentage points respectively to the year-on-year growth rate. In contrast, exports to the US decreased by 21.7%, which was a 5.5 percentage point increase in the decline compared to the previous month [7][8] - The total import and export volume with ASEAN in July was 86.03 billion USD, with exports increasing by 16.6% year-on-year. The total with the EU was 74.55 billion USD, with exports rising by 9.2% year-on-year [7] Industry Performance - The overall activity in the A-share merger and acquisition market has decreased, with 50 disclosed merger events totaling 209.01 billion RMB from July 21 to August 3. This represents a decline in both the number and value of significant mergers compared to the previous period [10] - The real estate management and development, basic chemicals, electronic equipment, and textile sectors are highlighted as active areas for mergers and acquisitions [10] Key Stocks - The report lists key stocks for August, including SF Holding (002352.SZ), Satellite Chemical (002648.SZ), and others, indicating potential investment opportunities in these companies [5]

Core Viewpoint - *ST Sailong (002898) has undergone a change in control, leading to the resignation of all members of its fourth board of directors, including key executives and board members [1][3][4]. Group 1: Board Resignations - The entire fourth board of directors, consisting of 9 members, has submitted resignation letters, including Chairman and President Cai Nanguai [3][4]. - Cai Nanguai will continue to hold other positions within the company despite resigning from his roles as Chairman, President, and Strategic Decision Committee Chair [3]. - Director Tang Lin has also resigned from all positions, holding 722.39 million shares as of the announcement date [3]. Group 2: New Board Candidates - The company has proposed new candidates for the fourth board of directors, including 贾晋斌, 陈科, and others as non-independent director candidates, and 王淑芳, 张建民, and 张凯 as independent director candidates [4]. Group 3: Management Changes - The board has approved the appointment of 陈科 as the new President, effective immediately following the board meeting [5]. - 陈科 has a background in accounting and investment management, having worked with KPMG and other firms [5]. Group 4: Stock Performance - Following the announcement, *ST Sailong's stock price reached a closing price of 16.81 CNY per share, marking a 5% increase and a total market capitalization of 29.59 billion CNY [5]. - The stock has seen a year-to-date increase of over 70%, attributed to merger and acquisition speculation [5].

8月10日晚，*ST赛隆（002898）公告称，因公司控制权已发生变更，公司第四届董事会所有成员和部 分高管均递交了辞职报告。 和高涨的股价相对比的却是惨淡的财报。上市公司财报显示，该公司2025年中报预亏1300万—1800万， 净利润同比最高-1120%。2024年净利润亏3315万，同比-448%。 赛隆药业董监高"大换血"，董事会集体辞职 公告显示，蔡南桂先生申请辞去董事长、董事、总裁、战略决策委员会主任委员职务，但将继续担任公 司其他职务。 董事唐霖女士申请辞去董事、战略决策委员会委员、审计委员会委员职务，辞职后不再担任公司任何职 务。 董事兼常务副总裁刘达文先生申请辞去公司董事、常务副总裁、战略决策委员会委员、提名委员会委 员、薪酬与考核委员会委员职务，辞去上述职务后将继续在公司工作。 董事兼副总裁李剑峰先生申请辞去公司董事、战略决策委员会委员职务，辞去上述职务后继续担任公司 副总裁。 董事、副总裁、董事会秘书张旭女士申请辞去公司董事、战略决策委员会委员职务，辞去上述职务后继 续担任公司副总裁、董事会秘书，其未持有公司股份。 董事邓拥军先生申请辞去公司董事、战略决策委员会委员职务，辞去上述职务后继 ...

8月10日晚，*ST赛隆（002898）公告称， 因公司控制权已发生变更，公司第四届董事会所有成员和部分高管均递交了辞职报告。 8月8日尾盘，*ST赛隆突然涨停。截至当日收盘，*ST赛隆股价报16.81元/股，涨幅达5%，总市值为29.6亿元。受益于并购重组概念，公司今 年来股价涨幅超70%。 | _SZSE CNY 15:00:00 闭市 | | | | | △ △ + | | --- | --- | --- | --- | --- | --- | | 委比 | 100.00% 委差 | 3884 | Wind ESG评级 B | | 详情 | | 卖五 | | | 令年 | 74.74% 120日 | 63.36% | | 卖四 | | | 5日 | 12.67% 250日 | 97.76% | | 英三 | | | 20日 | 24.80% 52周高 | 16.98 | | 卖二 | | | 60日 | 110.92% 52周低 | 5.77 | | 率一 | | | | 2023 2024 | 2025Q1 | | 际— | 16.81 | 3858 | EbS | 0.05 -0.19 | -0.0 ...

Group 1 - The core viewpoint of the report is that the Chinese securities industry is experiencing a significant recovery driven by both policy and market factors, with notable improvements in revenue and profit metrics for 2024 [1][12][17]. - In 2024, a total of 150 securities firms achieved a combined operating income of RMB 438 billion, representing an 8.0% year-on-year increase, and a net profit of RMB 159.8 billion, up 16.2% year-on-year, marking the first positive growth in net profit since 2022 [1][12][19]. - The total assets of the securities industry reached RMB 12.47 trillion, reflecting a 5.4% year-on-year growth, while net assets and net capital also showed steady increases, indicating enhanced risk resilience and operational robustness [1][12][19]. Group 2 - The revenue structure of the industry is continuously optimizing, with proprietary trading accounting for 43% of total revenue, showcasing the adaptability of securities firms in volatile markets [1][26][27]. - Brokerage business remains stable at 28% of total revenue, transitioning towards a "buy-side advisory" model through technological empowerment [1][26][27]. - Investment banking revenue has decreased to 8% due to tightened financing policies, necessitating a strategic shift to adapt to the changing market landscape [1][27][28]. Group 3 - The dual opening-up strategy has deepened, with Chinese securities firms accelerating overseas expansion and significant growth in trading volumes through the Shanghai-Hong Kong Stock Connect [1][32][33]. - By the end of 2024, 32 listed securities firms had overseas asset scales that increased by 18.1% year-on-year, indicating a robust international presence [1][33][34]. - The number of foreign-invested securities firms in China reached 19, with 5 being wholly foreign-owned, reflecting the increasing competitiveness of foreign players in the Chinese market [1][35][36]. Group 4 - The integration of artificial intelligence technologies is becoming prevalent in the industry, with leading firms increasing their investments in information technology to enhance research, customer service, and risk management capabilities [2][41][42]. - The report highlights a trend of mergers and acquisitions within the industry, driven by regulatory changes that encourage resource optimization and integration [2][12][28]. - The securities industry is urged to align with national strategies and investor needs, focusing on enhancing professional capabilities amidst a landscape characterized by increased compliance and technological empowerment [2][13][28].

Group 1 - The company, DreamNet Technology, has responded to the Shenzhen Stock Exchange's inquiry regarding its merger and acquisition restructuring, addressing concerns about control stability, historical equity transfers, and asset evaluation to ensure smooth transaction progress [1] - The controlling shareholder, Yu Wensheng, holds 14.05% of the company's shares, with a pledge ratio of 79.97%. Despite the high pledge ratio, there is a low risk of forced liquidation due to the availability of over 20% of shares for further financing and the shareholder's good credit status [2] - The valuation of the target company in the current transaction is set at 1.312 billion yuan, reflecting an increase from previous valuations due to factors such as improved profitability and asset scale [2][3] Group 2 - The asset evaluation methods used, including the income approach and asset-based approach, show significant differences, with the income approach providing a more comprehensive view of the company's value as a light-asset operation [3] - The company expects to recognize goodwill of 815 million yuan post-transaction, with a commitment to enhance management capabilities and monitor goodwill value to mitigate impairment risks [4] - The transaction pricing varies based on performance commitments, with the overall valuation for those assuming commitments set at 1.384 billion yuan, while others are valued at 1.12 billion yuan, reflecting a market-driven negotiation process [5][6] Group 3 - The target company is projected to achieve revenues of 1.281 billion yuan and 1.363 billion yuan in 2023 and 2024, respectively, with a year-on-year growth of 6.36% in 2024, although net profit is expected to decline by 23.41% [7] - The main revenue sources for the target company include brand retail, brand operation management, and channel distribution, with stable long-term partnerships with major brands [8] - The risk of share pledge resolution is low, and the pricing for the transfer of shares to a related party is deemed fair, with no signs of interest transfer [9]

Group 1 - The response from Shanghai Zhonghua Asset Appraisal Co., Ltd. to the Shenzhen Stock Exchange regarding the merger and acquisition inquiry of DreamNet Cloud Technology Group provides key insights into the transaction details, including evaluation methods, revenue growth, qualification renewal, and goodwill risk [1] - Under the income approach, the net asset book value attributable to the parent company shareholders is 495 million, with an assessed value of 1.312 billion, resulting in an increment of 817 million; under the asset-based approach, the single entity report net asset book value is 170 million, with an assessed value of 610 million, leading to an increment of 440 million [1] - The asset-based approach shows a significant increase in long-term equity investment assessed value, with a book value of 104.95 million and an assessed value of 500.94 million, resulting in an increment of 395.99 million and a growth rate of 377.31%, primarily due to the operational accumulation of subsidiaries and asset appraisal increments [1] Group 2 - The target company's revenue has fluctuated in recent years, with a significant increase in 2021 due to e-commerce development and new brand additions, followed by a decline in growth rate; however, a rebound is expected in 2024 due to brand and channel advantages [2] - The income approach predicts stable revenue growth, aligning with industry trends, leading advantages, and the company's actual operating conditions, while also considering the sustainability and impact of subsidy policies [2] - After the transaction, the listed company is expected to add 815 million in goodwill, which will undergo impairment testing; any impairment could adversely affect the company's net profit, net assets, and total assets [2]

Group 1: Free Preschool Education Policy - The State Council has announced a gradual implementation of free preschool education, starting from the autumn semester of 2025, exempting public kindergartens from charging care fees for children in their final year [2][3] - The policy is expected to benefit approximately 12 million children this autumn semester, with financial support from the central and local governments to compensate kindergartens for lost income [2][3] - This initiative aims to reduce childcare costs and promote educational equity, contributing to long-term population development strategies [3] Group 2: Brain-Computer Interface Industry Development - Seven departments, including the Ministry of Industry and Information Technology, have issued guidelines to achieve breakthroughs in key brain-computer interface technologies by 2027, establishing a comprehensive technology and industry system [4][5] - The guidelines aim to expand the application of brain-computer interface products across various sectors, including industrial manufacturing and healthcare, and to foster the growth of 2 to 3 industry clusters [4][5] - The brain-computer interface sector is expected to see significant innovation and the emergence of globally influential companies by 2030, with a focus on enhancing innovation capabilities [4][5][6] Group 3: Financial Support for New Industrialization - The People's Bank of China and other departments have released guidelines to support new industrialization, proposing 18 measures to enhance the financial system's adaptability to manufacturing [7][8] - The guidelines emphasize the importance of financial support for high-end, intelligent, and green manufacturing, aiming for a mature financial system by 2027 [7][8] - The focus is on optimizing financial policies to support key technologies and products, ensuring that manufacturing enterprises' credit needs are met [8] Group 4: China's Foreign Trade Performance - China's total goods trade value reached 25.7 trillion yuan in the first seven months of the year, with a year-on-year growth of 3.5%, and exports increased by 7.3% [9][10] - In July, exports grew by 8%, marking the highest growth rate of the year, while imports rose by 4.8%, indicating a recovery in domestic demand [9][10] - The performance is attributed to Chinese manufacturers leveraging the US-China tariff pause and actively exploring new markets in Southeast Asia, Africa, and Latin America [10] Group 5: Beijing Real Estate Policy Adjustment - Beijing has announced a policy change allowing families to purchase an unlimited number of homes outside the Fifth Ring Road, provided they meet certain residency and tax criteria [13][14] - The policy aims to stimulate the real estate market and is accompanied by increased support for housing provident funds, including higher loan limits for second homes [13][14] - Despite the easing of purchase limits, the policy does not eliminate the qualification requirements for non-local families, indicating a cautious approach to market adjustments [14] Group 6: Commercial Health Insurance Development in Shanghai - Shanghai has introduced the "New 18 Measures" to promote the high-quality development of commercial health insurance, particularly in supporting the biopharmaceutical industry [15][16] - The measures focus on enhancing collaboration between basic medical insurance and commercial insurance, addressing payment mechanisms and regulatory innovations [15][16] - The initiative aims to improve the accessibility and affordability of innovative drugs and medical devices, potentially boosting the commercial health insurance market [16] Group 7: Mergers and Acquisitions in State-Owned Enterprises - China Shipbuilding and China Heavy Industry have received approval for a merger, marking a significant consolidation in the state-owned enterprise sector [17][18] - This merger is part of a broader trend of accelerated integration among state-owned enterprises, with a focus on enhancing industrial efficiency and competitiveness [17][18] - The recent regulatory changes have led to increased activity in the M&A market, with a notable rise in large-scale transactions [18]

有投行人士对此表示，放眼全球交易所，纳斯达克允许未盈利 AI 企业直接上市，港交所推出"特专科 技"章节，而A股上述一系列政策的落地，保障了科创板、创业板包容性增强的节奏和效果，也对"全球 主要市场主动适应科技发展趋势，加大制度机制创新"给出了中国解法。 （文章来源：国际金融报） 2025年以来，截至8月7日，证监会新增披露的全国辅导备案企业约243家， 6月、7月两个月合计新增辅 导备案企业约112家，远高于前五个月平均每月20家-30家的水平，显示出在政策暖风的背景下，企业上 市筹备热情出现明显升温。 不过，真正走到发审会门前的只有 43 家，过会率95.35%；新增IPO上市62家，募资总额超过634亿元。 不难看出，IPO企业供给端温和增长，但所谓"扩容"并未发生，监管层把节奏牢牢卡在了"滴灌"而非"漫 灌"。 除了首发批文、上市的节奏控制，过去大半年，证监会悄悄把"逆周期调节"贯彻在多个方面。 一方面，证监会对产能过剩领域实施"红灯暂停"，对硬科技、绿色低碳实行"绿色通道"，但同步提高信 息披露质量。另一方面，2025 年，证监会继续对 IPO 在审企业实施 25% 左右的现场检查比例，延续 202 ...