Core Viewpoint - The merger between China Shipbuilding Industry Corporation and China Shipbuilding Heavy Industry Corporation aims to enhance operational quality, core competitiveness, and shareholder value through the integration of their shipbuilding and repair businesses, aligning with national policies for state-owned enterprise reform [10][12][17]. Summary by Sections Merger Details - The merger will be executed through a share swap, where China Shipbuilding will issue A-shares to the shareholders of China Shipbuilding Heavy Industry [10][11]. - The exchange ratio is set at 1 share of China Shipbuilding Heavy Industry for 0.1335 shares of China Shipbuilding, based on the adjusted share prices after dividend distributions [12][13]. Business Impact - Post-merger, China Shipbuilding will inherit all assets, liabilities, and operations of China Shipbuilding Heavy Industry, eliminating direct competition between the two entities [17]. - The merger is expected to optimize resource allocation, enhance production efficiency, and strengthen the competitive position of the combined entity in the global shipbuilding market [18]. Financial Implications - The merger will result in a significant increase in total shares outstanding, with China Shipbuilding's total share capital rising from 447,242.88 million shares to 752,562.13 million shares post-merger [19][20]. - The financial performance indicators of China Shipbuilding are anticipated to improve as a result of the merger, leveraging synergies and enhancing operational capabilities [20]. Shareholder Structure - The controlling shareholder structure will remain unchanged, with China Shipbuilding Group continuing to hold a significant stake in the merged entity [20]. - The merger will lead to a redistribution of shareholding percentages among existing shareholders, with China Shipbuilding Group's stake decreasing from 44.47% to approximately 26.71% post-merger [19][20].

Group 1 - The China Securities Regulatory Commission approved the share swap merger of China Shipbuilding (600150.SH) and China Shipbuilding Industry Corporation (601989.SH), marking the first completed merger project under the new restructuring regulations [1] - This merger is the largest absorption merger in A-share history and will create a combined entity with total assets exceeding 400 billion yuan and annual revenue surpassing 130 billion yuan [2] - The merger aims to eliminate competition between the two companies in the shipbuilding sector and enhance their strategic capabilities and value [2] Group 2 - The global shipbuilding industry is currently experiencing a structural recovery, driven by the aging fleet and increasing demand for new vessels, particularly in the context of green and low-carbon initiatives [3] - The merged entity will integrate high-quality assets from China Shipbuilding Industry Corporation and leverage its advantages in ship design and manufacturing, enhancing research and manufacturing capabilities [3] - The merger will optimize the industrial layout of the shipbuilding sector, improve resource allocation, and strengthen the competitive edge in high-end ship manufacturing [3] Group 3 - Since the implementation of the new merger policies, nearly 70% of restructuring transactions in the Shanghai market have been focused on industrial mergers or major shareholder injections, indicating a trend towards resource optimization and industrial upgrading [4] - The merger of China Shipbuilding and China Shipbuilding Industry Corporation serves as a typical case supporting national strategic initiatives in the context of the new policies [4]

本报讯(记者李雯珊)为推进落实《广州市支持上市公司并购重组实现高质量发展的若干措施(2025-2027 年)》(简称"并购重组十条")，激发上市公司并购重组市场活力，支持上市公司向新质生产力方向转型升 级。7月18日，"赋能产业.并创新机"2025广州市上市公司并购重组交流会成功举办。 广州市高度重视并购重组工作，自"并购重组十条"政策实施以来，在广州市委市政府的有力领导下，市 委金融办积极开展并购重组工作。一是加强与广东证监局、证券交易所、广东股权交易中心的工作联 动，举办专项政策宣讲会、并购重组培训交流会、并购重组路演活动等，加强与沪深北三大交易所沟通 争取并购支持；二是会同相关部门及各区加快推动并购重组项目储备。梳理市属国有企业的并购重组情 况以及11个战略性产业集群及未来产业的龙头企业名单，以拟上市、并购重组意向企业为核心，进行分 类管理；三是持续对接上市公司并购重组意向及相关标的，形成并购重组的"意向库"和"标的库"，引导 金融机构加大并购贷款等工具创新，推动国资组建总规模达130亿元的产业发展并购基金及上市公司高 质量发展基金，为广州企业并购重组提供专业辅导和融资服务。 目前广州市境内外上市公司达 ...

Group 1 - The Shenzhen Stock Exchange (SZSE) has initiated a regular visiting mechanism to enhance the quality of listed companies, focusing on supporting technological innovation and addressing external challenges [2][4] - Over 200 listed companies in regions such as Guangdong, Zhejiang, Jiangsu, Beijing, and Shanghai have been visited, allowing for in-depth discussions on business models, core technologies, and challenges faced by companies [2][3] - The SZSE has implemented over 150 measures in response to company feedback, primarily in areas such as information disclosure, mergers and acquisitions, refinancing, and equity incentives [3] Group 2 - The Guangxi Securities Regulatory Bureau has established a collaborative mechanism with local governments to enhance the innovation and competitiveness of listed companies, aiming to improve overall investment value [5][7] - In 2024, Guangxi listed companies' R&D expenditure reached 6.316 billion yuan, a year-on-year increase of 18.62%, with significant advancements in traditional industries' digital and green transformations [12] - The Beijing Securities Regulatory Bureau has conducted extensive visits to nearly 200 listed companies in the first half of 2025, achieving a problem resolution rate exceeding 95% [15][19] Group 3 - The Beijing Securities Regulatory Bureau has focused on addressing common issues faced by listed companies, such as housing security, personnel settlement, and financing needs, through coordinated efforts with various government departments [17] - The implementation of policies like "merger six articles" and "science and technology innovation board eight articles" has encouraged companies to utilize mergers and acquisitions for transformation and upgrade [18] - The ongoing regular visits by regulatory bodies are seen as a crucial strategy to enhance service quality and regulatory effectiveness, fostering a better business environment for high-quality development [19]

Core Viewpoint - Tianjin has introduced measures to support mergers and acquisitions (M&A) that allow state-owned assets and government-guided funds to exit low-profit or loss-making projects under the premise of fulfilling their responsibilities [1] Group 1: Policy Measures - The Tianjin Municipal Financial Management Bureau, Tianjin Securities Regulatory Bureau, and other departments have jointly released several measures to support M&A and restructuring [1] - A capital market service platform will be established to enhance information sharing and business collaboration [1] - Innovative product offerings such as Sci-tech bonds and public REITs will be expanded [1] Group 2: Resource Development - The initiative will leverage 12 key industrial chains, listed backup resources, and enterprises from the Tianjin High-tech Innovation Park to identify quality M&A targets [1] - A resource database covering a modern industrial system will be constructed [1] Group 3: Service Alliance - A capital market service alliance will be formed, involving banks, securities firms, funds, and law firms to create a professional M&A service team [1] - Policy training and precise matchmaking will be conducted through a technology finance roadshow center [1] Group 4: Regulatory Support - Green channels for registration and environmental assessments will be opened for key industrial projects [1] - Regulatory measures will be implemented in accordance with the law, and a performance evaluation and error-correction mechanism for state-owned assets and government-guided funds will be established [1]

Core Viewpoint - The Tianjin Municipal Financial Management Bureau, in collaboration with the Tianjin Securities Regulatory Bureau and other departments, has issued measures to support mergers and acquisitions (M&A) to enhance resource allocation and facilitate industrial transformation and upgrading. Group 1: Key Measures - The measures focus on five main areas: supporting enterprise M&A, gathering M&A funds, establishing a service system, strengthening M&A supervision, and improving work mechanisms, with a total of 13 specific measures proposed [1][2]. - The initiative encourages listed companies and leading enterprises to engage in M&A activities related to advantageous, emerging, and future industries, particularly targeting key enterprises in traditional sectors like metallurgy and light industry [1][2]. - Support is provided for horizontal mergers, absorption, and cross-industry acquisitions to enhance industrial concentration and promote transformation towards high-end, intelligent, and green industries [1]. Group 2: Financial Support and Platforms - The measures propose the establishment of a capital market service platform in Tianjin to offer diversified financing services and to conduct a city-wide inventory of M&A project candidates [2]. - Government investment funds are encouraged to set up M&A mother funds and to accelerate the cultivation of M&A fund clusters through market-oriented methods [1][2]. - The measures also include the innovation of financing tools and the relaxation of loan ratios for technology enterprise M&A transactions, allowing loans to account for up to 80% of the transaction value [1].

新华财经天津7月17日电（记者李亭） 天津市地方金融管理局等7部门印发实施《天津市支持并购重组 若干措施》（简称《若干措施》），从支持企业并购重组、集聚并购基金、建立健全服务体系等五个方 面，针对性提出13项措施，进一步发挥并购重组资源配置功能，更好赋能和服务产业转型升级和提质增 效。 在强化并购监管促发展，规范市场行为方面，天津将依法依规对企业并购重组事项进行监管，健全完善 市属国资基金和政府投资基金绩效评价机制和容错机制，强化风险防范和正面宣传引导，督促上市公司 在并购重组过程中杜绝各类违法违规行为。 在完善工作机制，夯实组织保障方面，天津将成立并购重组工作专班，统筹推动并购重组相关工作并协 调解决并购重组中遇到的问题和困难。 《若干措施》由天津市地方金融管理局、天津证监局、天津市财政局、天津市发展改革委、天津市国资 委、天津市科技局、天津市工业和信息化局联合印发。下一步，并购重组工作专班各成员单位将形成工 作合力，推动《若干措施》落地见效。 （文章来源：新华财经） 在支持企业并购重组，推动高质量发展方面，天津将推动围绕优势产业、新兴产业、未来产业开展产业 链上下游并购、有助于补链强链和提升关键技术水平的 ...

金十数据7月16日讯，河南省人民政府办公厅印发《河南省支持上市公司并购重组若干政策措施》。 《措施》要求，引导银行发放并购重组贷款，合理确定并购贷款规模、用途、利率和期限，在合规前提 下适当向科技型企业倾斜。支持上市公司、平台公司、产业链核心企业新设基金或利用现有基金参与并 购重组，加强与国家相关基金对接合作，争取资金支持。引导社会资本积极参与并购重组。 河南：引导银行发放并购重组贷款，适当向科技型企业倾斜 ...

Group 1 - The article discusses the recent issuance of policies by the Henan Provincial Government to support mergers and acquisitions (M&A) for listed companies, aiming to promote high-quality industrial development [1] - It emphasizes the importance of leveraging M&A to optimize resource allocation, enhance traditional industries, and foster the growth of emerging and future industries [1] - The policies encourage listed companies to pursue M&A for transformation and upgrading, aiming to create a second growth curve while integrating technological and industrial innovation [1] Group 2 - The focus is on guiding resources towards new productive forces such as artificial intelligence, low-altitude economy, biomedicine, new materials, and high-end equipment [1] - Support is provided for listed companies to conduct M&A around their core business and key links in the industrial chain, enhancing resource integration and increasing industry concentration and competitiveness [1]

Historical Review of Size and Style Rotation - From 2008 to 2010, small-cap stocks outperformed due to significant economic stimulus and abundant liquidity, with small-cap stocks being more sensitive to funding[6] - Between 2011 and 2013, large-cap stocks gained favor as economic growth pressures increased, highlighting their defensive attributes[8] - The period from 2013 to 2015 saw a resurgence of small-cap stocks driven by the rise of new industries and increased M&A activity, with leverage funds entering the market[9] - From 2016 to 2021, large-cap stocks dominated as supply-side reforms improved profitability for leading companies, while M&A activity cooled[10] - In the 2021 to 2023 period, small-cap stocks regained strength due to changes in funding structure and the rise of new industries like AI[12] Growth vs. Value Style Rotation - From 2011 to 2014, value stocks outperformed as the economy shifted from stimulus-driven growth to self-sustained growth, with GDP growth declining[15] - In 2015, growth stocks saw a rebound due to the rise of the internet and new industries, despite ongoing economic pressures[19] - The period from July 2016 to October 2018 favored value stocks as traditional industries improved amid tightening liquidity[21] - From November 2018 to July 2021, growth stocks outperformed due to the rise of new industries and favorable liquidity conditions[23] - From August 2021 to August 2024, value stocks are expected to dominate due to tightening global liquidity and geopolitical uncertainties[25] Key Indicators and Future Outlook - The historical analysis indicates that size and style rotations are influenced by fundamental factors, liquidity, valuation, and policy[27] - The correct prediction rate for small-cap outperformance since 2005 is 69%, while for growth vs. value since 2011 is 77%[2] - In the first half of 2025, small-cap stocks outperformed with a 7.54% increase in the CSI 1000 index compared to a 1.37% increase in the CSI 300 index[2] - The outlook for the second half of 2025 suggests a potential shift towards large-cap stocks due to institutional investor preferences and external uncertainties[2]