Group 1 - The core investment focus includes four key areas: strengthening leading technology innovation companies, traditional sector consolidation trends, increased willingness for state-owned enterprises to manage market value, and diverse options for unlisted companies [1] Group 2 - The first focus area emphasizes the support for technology innovation enterprises through mergers and acquisitions under the new restructuring policies [1] - The second focus area highlights the strong willingness for mergers and acquisitions in industries with low historical concentration [1] - The third focus area indicates that state-owned enterprises are likely to enhance their market value management, with mergers and acquisitions being a significant direction [1] - The fourth focus area notes that many unlisted companies are considering mergers and acquisitions as a strategic option due to changes in the IPO environment [1]

新华财经北京5月18日电（刘玉龙、丁晶）建立重组股份对价分期支付机制、新设重组简易审核程序、 明确上市公司之间吸收合并的锁定期要求……16日，中国证监会发布了《关于修改<上市公司重大资产 重组管理办法>的决定》，积极回应市场关切，推动《关于深化上市公司并购重组市场改革的意见》 （以下简称"并购六条"）各项措施全面落地，将进一步释放市场活力。 ——推动"并购六条"各项措施全面落地 2024年9月24日，中国证监会发布"并购六条"，提出了助力新质生产力发展、加大产业整合支持力度、 提升监管包容度、提高支付灵活性和审核效率、提升中介机构服务水平、依法加强监管等六方面的举 措。其中，部分举措需要配套修改《上市公司重大资产重组管理办法》（以下简称："重组办法"）予以 落实，如，对私募投资基金投资期限与重组取得股份的锁定期限实施"反向挂钩"、适当提高对并购重组 形成的同业竞争和关联交易的包容度、建立重组股份对价分期支付机制、建立重组简易审核程序等。 本次证监会对"重组办法"在简化审核程序、创新交易工具、提升监管包容度等方面作出优化。 证监会数据显示，"并购六条"发布以来，并购重组市场规模和活跃度大幅提升，上市公司累计披露 ...

Core Viewpoint - The strategic cooperation agreement signed between Fosun International and CITIC Group aims to explore new collaboration models in comprehensive finance, cultural tourism, health, and internationalization, creating a new benchmark for cooperation between state-owned and private enterprises [1] Group 1: Strategic Cooperation - The cooperation will focus on areas such as comprehensive finance, health, cultural tourism, advanced manufacturing, new urbanization, consumer trade, information technology, and rural revitalization, promoting resource sharing and mutual benefits [1][2] - Both companies aim to set new benchmarks in three areas: cooperation between state-owned and private enterprises, comprehensive financial services for private enterprises, and collaboration in cultural tourism and health [1] Group 2: Business Synergies - Fosun International has a strong presence in health, happiness, and wealth sectors, while CITIC Group has diversified operations in comprehensive finance, advanced manufacturing, advanced materials, new consumption, and new urbanization, indicating significant potential for collaboration [2] - Fosun's tourism division, which includes well-known resort brands, can enhance cooperation with CITIC's investment projects in the cultural tourism sector, exemplified by their joint project in Shenzhen's Jinsha Bay [2] Group 3: International Collaboration - CITIC Group has established a global financial service network and has operations in over 150 countries, while Fosun has a deep industrial layout in more than 35 countries, indicating vast opportunities for international collaboration [3]

从收益能力看，截至2025年5月13日，央企现代能源ETF自成立以来，最高单月回报为10.03%，最长连涨月数为7个月，最长连涨涨幅为23.43%，涨跌月数比 为11/10，上涨月份平均收益率为3.25%，年盈利百分比为100.00%，历史持有1年盈利概率为82.54%。截至2025年5月13日，央企现代能源ETF近1年超越基准 年化收益为1.28%。 回撤方面，截至2025年5月13日，央企现代能源ETF今年以来最大回撤7.91%，相对基准回撤0.33%。 费率方面，央企现代能源ETF管理费率为0.50%，托管费率为0.10%，费率在可比基金中最低。 截至2025年5月14日 11:20，中证国新央企现代能源指数(932037)上涨0.15%，成分股中国稀土(000831)上涨3.27%，云铝股份(000807)上涨2.39%，中国铝业 (601600)上涨1.21%，中国石油(601857)上涨1.10%，中材科技(002080)上涨1.09%。央企现代能源ETF(561790)上涨0.19%， 冲击7连涨。最新价报1.06元。 渤海证券指出，我国目前对中重稀土实行出口管制，中重稀土战略价值重估；出口管制 ...

Group 1 - The market experienced a broad rally, with the military industry and telecommunications leading the gains. The ChiNext Index performed the best, while the Sci-Tech 50 Index lagged behind [3][12]. - The overall market valuation increased, with the broad-based indices showing a general rise. The ChiNext Index is currently at a low valuation compared to its historical levels [15][27]. - The defense and military, electric equipment, and telecommunications sectors saw the highest increases, while real estate, electronics, and retail sectors performed the weakest [12][36]. Group 2 - The relative PE of the ChiNext Index to the CSI 300 has risen, indicating a shift in valuation dynamics favoring the ChiNext [17]. - The overall ERP for the A-share market has slightly decreased but remains within one standard deviation, suggesting continued investment value in A-shares [18]. - Valuations across major industries are diverging, with non-bank financials, coal, non-ferrous metals, telecommunications, electronics, and agriculture at near one-year lows [29][39]. Group 3 - The current valuation of the food and beverage, agriculture, and public utilities sectors is considered relatively cheap based on PE and PB deviation metrics [39][44]. - The current PEG values indicate that dividend and financial sectors have the lowest valuations, suggesting high allocation value [21]. - The popular concepts such as cultivated diamonds, Huawei Harmony, and robotics are currently at high historical valuation percentiles [46].

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 邵翼 (8621)23297818× shaoyi@swsresearch.com 2025 年 05 月 11 日 新能源重卡持续高增带动供应链， Robotaxi 继续催化科技行情 看好 ——2025/5/5-2025/5/9 汽车周报 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 汽车 ⚫ 观点：4 月新能源重卡预计销量在 1.25 万-1.3 万辆左右，同比增长超过 1.7 倍，行业渗 透率在 20%左右，创历史新高。而小马智行车展带来全新 7 代 Robotaxi 后，整车降本 显著优化盈利模型，再次为我们看好科技成长提供了支撑。吉利整合极氪，欲将其私有 化，帮助吉利更好地进行内部整合，提高经营效率以释放利润，让我们提高了吉利在这 轮新能源竞争中的持续盈利的信心。继续看好小米，吉 ...

Group 1: Ride-Hailing Industry Risks - Multiple cities, including Zhengzhou, Xichang, Shenzhen, and Haikou, have issued risk warnings for the ride-hailing industry, indicating market saturation [1] - Zhengzhou's daily operational vehicle ratio is 83.7%, with an average daily income of only 210 yuan per vehicle; Xichang has a taxi ownership of 40.5 per 10,000 people, significantly higher than similar cities [1] - In Shenzhen, the average daily orders per vehicle are only 12.4, while in Haikou, 36% of ride-hailing vehicles have fewer than 5 daily orders, prompting calls for rational risk assessment before entering the market [1] Group 2: Corporate Mergers and Restructuring - The merger between China Shipbuilding and China Shipbuilding Heavy Industry has made substantial progress, with the Shanghai Stock Exchange accepting the application for the merger [2] - Following the merger, China Shipbuilding Heavy Industry will be delisted, and all its assets will be inherited by China Shipbuilding, addressing issues of industry competition [2] - Both companies reported significant growth in Q1, with net profits increasing by over 180% year-on-year, reflecting a strategic restructuring trend among state-owned enterprises [2] Group 3: Home Appliance Market Challenges - The home appliance market is expected to recover in 2024 due to policy support, but small appliances continue to face pressure, with significant declines in retail sales for kitchen appliances and electric toothbrushes [3] - Leading brands like Joyoung and Bear have experienced revenue and profit declines, with Joyoung facing its largest drop in five years [3] - The industry struggles with product homogenization, insufficient R&D investment, and ineffective marketing, although some brands are attempting to expand overseas and transform channels [3] Group 4: Executive Compensation in the Energy Sector - In the A-share energy storage sector, over 20 companies reported that their chairpersons' annual salaries exceeded one million yuan, with nearly half seeing salary increases [4] - The top three earners are BYD's Wang Chuanfu (7.655 million yuan), Zhejiang Chint's Nan Cunhui (5.7994 million yuan), and CATL's Zeng Yuqun (5.743 million yuan), with Zeng's salary down 10.36% despite a 15% increase in net profit to 50.7 billion yuan [4] - CATL's energy storage battery business has a gross margin of 26.84%, surpassing that of its power battery segment, while BYD and Chint Electric's performance aligns with their chairpersons' salary growth [4] Group 5: Trade and Tariff Issues - U.S. small business owners are struggling with high tariffs, with one case showing a $3,000 product incurring over $4,600 in tariffs, highlighting the burden of tariff policies [5] - The April CPI decreased by 0.1% year-on-year but increased by 0.1% month-on-month, while the core CPI rose by 0.5%, indicating economic resilience [5] - PPI fell by 2.7% year-on-year, influenced by declining international commodity prices and weak domestic demand, with expectations of moderate CPI recovery and significant PPI downward pressure [6] Group 6: Corporate Restructuring and Layoffs - Panasonic announced plans to lay off 10,000 employees globally starting in the 2025 fiscal year, with 5,000 in Japan and South Korea, as part of a strategy to terminate unprofitable businesses and consolidate operations [7] - The company's fiscal report for 2024 showed a revenue of 8.46 trillion yen, a 0.5% year-on-year decline, and a net profit of 366.2 billion yen, down 17.5% [7] - The restructuring aims for profit growth by 2026, although a loss of 130 billion yen is anticipated for the 2025 fiscal year [7]

近期，国央企重组浪潮成为了资本市场的一大亮点。5月8日，中国船舶宣布计划通过向中国重工全体换 股股东发行A股股票的方式进行换股吸收合并中国重工，并已获得上交所的受理和审核。随着中国船舶 收购中国重工、海联讯吸收合并杭汽轮等重大并购重组事件，不仅标志着国央企改革的深入推进，也为 中小投资者带来了新的机遇与挑战。 2024年政策端发布了一系列对并购重组的支持，比如"新国九条""并购六条"等等，"并购六条"发布后， 监管机构持续完善相关配套措施支持并购重组。2024年12月，国务院国资委印发《关于改进和加强中央 企业控股上市公司市值管理工作的若干意见》，要求央企控股上市公司积极开展有利于提高投资价值的 并购重组。与此同时，随着"并购六条"的出台，各个地方政府也积极响应。开源证券认为，在监管机构 与地方政府的共同助力下，新一轮并购重组政策窗口期已开启。 从首次披露口径看，截至2025年4月30日，"并购六条"落地以来累计新披露交易已达114起，仅7个多月 便超过2023年全年披露数量。从交易方案看，并购重组方案设计也为适应新质生产力发展呈现出一些新 特征，包括更加多样的支付方式、更加市场化的估值方法、更加灵活的交易设 ...

证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 证 券 研 究 报 2025 年 05 月 08 日 重点公司更新：整车（蔚来、上 汽、零跑、长城）、零部件 看好 ——一周一刻钟，大事快评（W105） 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 行 业 研 究 / 行 业 点 评 1. 整车：蔚来、上汽、零跑、长城 蔚来：萤火虫车型在车展表现超出预期，后续有望迎来经营拐点。在车展上，蔚来萤 火虫车型的质感、设计与用户洞察均超出预期，具备在中国市场实现规模化销售的潜力。 该车原计划主打欧洲市场，但考虑到欧洲变数，转向中国成为关键。若萤火虫月销量达 4000–5000 辆，总销量将从 1 万辆左右提升至 2–2.5 万辆，有望复制小鹏 Mona M03 的 路径——通过放量摊薄成本，推动毛利率回升，并激发市场对其 ...

国新的央企科技引领采用过去一年归母净利润增速、营收增速、总市值、研发支出占营业收入比例这四个指标计算得分；诚通的央企科技创新则采用专利数 量、专利质量和股权激励实施情况综合评估打分。 每经记者｜黄小聪 每经编辑｜叶峰 昨日，受消息面影响，军工、央企科技等板块表现比较突出，多只主题ETF涨幅居前。其中涉及央企科技、央企科创主题的ETF，主要跟踪的是中证国新央 企科技引领指数和中证诚通央企科技创新指数。 那么，这两个指数都有哪些区别？这一期我们就来详细聊一聊。 六大不同点 1、定制主体 中证国新央企科技引领指数由国新投资有限公司定制；中证诚通央企科技创新指数由中国诚通集团定制。 2、选样方法 3、行业分布 中证国新央企科技引领指数按中证二级行业分类，目前前三大行业分别为航空航天与国防、电子和半导体，占比分别为44.8%、19.9%、15.2%，权重合计占 比接近80%，行业集中度较高，聚焦于计算机、电子、通信等战略性新兴行业。 中证诚通央企科技创新指数权重分布占比最高的五个行业依次为电信服务、航空航天与国防、电子、电力设备及有色金属，行业分布相对较为均衡，前五大 权重合计超过80%。 4、前十大权重股 中证国新央 ...