Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Core Points - The North Exchange A-shares performed exceptionally well in the first half of 2025, with the North Exchange 50 Index reaching a new high of 1500 points, an increase of 39.45%, significantly outperforming other indices [1][2] - A total of 37 stocks doubled in value, with 138 stocks rising over 50%, indicating a strong market profit effect [1] - The merger and acquisition activities are accelerating, with Keda Control announcing the acquisition of HaiTu Technology, marking the first acquisition of a New Third Board company by a North Exchange company [1][6] Group 1: Market Performance - The North Exchange 50 Index began to rise rapidly from January 2025, despite a brief decline in April, and recovered to reach a new high on May 21 [2] - As of June 30, 2025, the North Exchange 50 Index had a cumulative increase of 39.45%, outperforming the Shanghai Composite Index, ChiNext Index, and Hang Seng Index [2] - The net asset value of several North Exchange-themed funds reached new highs in the first half of 2025, with public fund holdings in the North Exchange amounting to 6.743 billion yuan, a 24.45% increase from the end of 2024 [2] Group 2: Regulatory Actions - The North Exchange has implemented strict monitoring on *ST stocks, particularly *ST Guandao and *ST Yunchuang, due to their continuous price increases [4] - A total of 27 cases of abnormal trading behavior were subjected to self-regulatory measures, including the suspension of trading for four individuals [4][5] - The regulatory measures aim to protect the market and investors, ensuring healthy market development [5] Group 3: Mergers and Acquisitions - The North Exchange has seen a significant increase in merger and acquisition activities, with 30 important investment and acquisition events occurring since its establishment in 2022 [6] - Keda Control's acquisition of a 51% stake in HaiTu Technology for 209.1 million yuan has attracted market attention, showcasing the North Exchange's role in facilitating mergers with New Third Board companies [6] - Analysts suggest that the trend of mergers and acquisitions will continue, with a focus on resource integration and enhancing operational efficiency [7]

银河证券研报认为，上周市场行情仍然处于较快轮动状态中，短期来看，市场进入中报业绩预告披露 期，叠加美国关税谈判的不确定性，A股市场震荡概率加大，建议关注业绩确定性相对较高的细分方 向。在一系列政策加持下，市场情绪总体回升，以我为主的内涵有望推动市场形成新稳态。重点关注月 底中央政治局会议，政策聚焦板块有望受到资金面的关注，新动能领域或更加受益。长期来看，A股资 金面有望延续稳中向好态势，估值相比于海外成熟市场来讲仍处于偏低位置，A股市场投资性价比相对 较高。后续市场有望呈现出震荡向上的行情特征。配置方面，第一，安全边际较高的资产。低估值、高 股息特性契合中长期资金配置需求，在外部不确定性与低利率环境下兼具安全边际与收益确定性。第 二，科技仍将是中长期配置主线。海洋经济概念上周迎来重磅政策利好，后续关注政策进一步落地以及 产业趋势催化。第三，政策提振下的大消费板块。以旧换新政策显效，今年第三批消费品以旧换新资金 将在7月下达。新消费潜力在消费行为重构与技术深度赋能下持续释放。第四，并购重组主题。 ...

| | | 本周披露并购重组进展的A股上市公司 | | --- | --- | --- | | 证券简称 | 公告时间 | 具体内容 | | 邵阳液压 | 7月4日 | 拟购买新承航锐100%股份 股票复牌 | | 国投中鲁 | 7月4日 | 拟购买电子院100%股份 股票复牌 | | 吴帆生物 | 7月4日 | 拟1.6亿元收购杭州福斯特100%股权 | | 中红医疗 | 7月4日 | 拟6.97亿元收购东南亚SEA3公司75%股权并增资 | | 木林森 | 7月4日 | 子公司拟2.56亿元购买音瑞光电18.77%股权 | | 海顺新材 | 7月3日 | 全资子公司收购思瑞文100%股权 | | 海南高速 | 7月2日 | 拟购买交控石化51%股权 预计构成重大资产重组 | | 经纬辉开 | 7月2日 | 拟收购参股公司诺思微12.44%股权 | | 泰尔股份 | 7月2日 | 拟收购控股子公司燊泰智能19.39%股权 | | 苏州规划 | 7月1日 | 拟购买东进航科控股权 股票停牌 | | 中科环保 | 7月1日 | 以3.54亿元收购贵港环保和平南环保100%股权 | | 桓通胶份 | 7月1日 | ...

Core Insights - The seminar titled "The Legendary Secretary of the Board" focused on modern corporate governance, the redefined value of board secretaries, and new opportunities in mergers and acquisitions as the Chinese capital market surpasses a total market value of one hundred trillion [1][3] Group 1: Key Themes from the Seminar - The concept of a "legendary board secretary" was emphasized, highlighting their role as chief governance officers who not only ensure compliance but also lead innovative practices in the capital market [3] - The importance of inheritance in corporate governance was discussed, with a focus on integrating value concepts into generational driving forces [3] - The seminar featured discussions on the "Four High Paths" strategy by Phoenix Publishing and Media Group, aimed at fostering a new development pattern through comprehensive external cooperation [3] Group 2: Insights on Corporate Governance - The core of corporate governance was explored through the lens of a modern enterprise system with Chinese characteristics, emphasizing the need for independent governance and limited shareholder responsibilities [5] - Practical experiences were shared regarding the role of an "active and progressive board," including the importance of external directors and thorough proposal evaluations [5] - The three-tiered approach to governance modernization was highlighted, showcasing the evolution from foundational systems to board innovation [5] Group 3: Cultural and Technological Transformations - The impact of AI technology, IP development, and cultural globalization on the publishing industry was discussed, showcasing how these elements contribute to new narratives in the sector [7] - Successful case studies, such as the global IP operations of companies like Pop Mart, were presented to illustrate the commercial value of innovation in cultural enterprises [7] - The surge in international expansion of online literature and short dramas was noted as evidence of China's cultural transmission potential in a technology-driven era [7] Group 4: Mergers and Acquisitions Insights - A roundtable forum addressed the new opportunities in mergers and acquisitions, with insights from experienced board secretaries on the importance of cultural integration and strategic upgrades [9] - Key principles for successful mergers were outlined, including the assessment of management capabilities and the integration of external resources [9] - The consensus reached during the seminar emphasized the importance of respecting rules, adhering to responsibilities, and valuing professionalism in corporate governance [9]

中国人民大学金融信息中心、万和证券股份有限公司北京分公司联合北京上市公司协会主办，北京济安金信科技有限公司和兴业银行北京西城中心支行承 办的"笃行致远·科产创融实践之旅——上市公司系列活动（首场）"暨"提升北京上市公司质量—价值管理与并购重组研讨会"，于2025年7月4日在北京国 二招宾馆会议厅成功举办。本次活动吸引了近40家上市公司参与，旨在探讨上市公司在高质量发展中面临的战略困境和实际问题，推动区域经济发展。 活动以证监会《上市公司监管指引第10号-市值管理》为基础，通过政策解读、专业支撑和产业协同的进阶构建模式，形成了"政策赋能·价值重构·产业跃 升"三维联动机制。 万和证券首席经济学家陈健瑜博士在主题演讲中，指出如何持续做大市值是上市公司的痛点，我国上市公司市值分布逐渐呈现两极分化，中小市值占比较 多，国内外对比差距显著，国内上市公司规模普遍偏低，提升上市公司市值势在必行。目前上市公司市值管理与并购重组政策环境持续提升，国家及地方 均出台积极政策支持并购重组，2024年"并购六条"后至2025年5月间，重大并购公告数量同比增长113.64%。陈博士详细介绍了以价值创造为导向的并购重 组策略：协同效益与 ...

编 辑丨朱益民 大河奔流，潮立中天。 今 年 以 来 ， A 股 江 湖 风 雷 激 荡 ， 一 方 面 ， 关 税 扰 动 下 不 确 定 性 因 素 增 多 ， 另 一 方 面 ， DeepSeek引发中国资产价值重估，以成长、金融为两端的"哑铃"风格愈演愈烈。 整体来看，受益于一揽子新政影响，A股市场震荡回升。截至2025年6月30日，2025年中市值 百强榜隆重出炉， 入围企业总市值41.63万亿元，较去年同期 （截至2024年6月30日，下同） 的35.33万亿元增长17.83% 。 作 者丨杨坪 实习生宋晨曦 宁王、迪王跻身万亿 "巨龙" 俱乐部 华山之巅，科技新锐与传统豪强交锋。 从前十榜来看，央国企仍占据主要席位 ，工、农、建三大行占据前三席，贵州茅台从前二掉 到第四位，央企"巨龙"中移动、中石油分别排名第五和第七，中国银行、招商银行排名第六 和第八。 动力电池霸主宁德时代、比亚迪以迅雷不及掩耳之势突破万亿市值大关，力压中国人寿、中 国平安等金融巨子，分别跻身百强榜第九和第十席位，成为前十榜中的新面孔。 过去一年来，宁德时代、比亚迪市值涨幅分别达到了46.16%、47.64% ，截至6月30日 ...

Core Insights - The meetings held by the Hebei Securities Regulatory Bureau focused on mergers and acquisitions (M&A) policies, tax planning, and financial service innovations, with over 150 representatives from regulatory bodies, listed companies, and financial institutions attending [1][2] Group 1: M&A Policies and Trends - The revised "Management Measures for Major Asset Restructuring of Listed Companies" emphasizes policy optimization, including phased payment mechanisms, enhanced regulatory inclusiveness, simplified review processes, and support for industrial integration [1] - In the first half of 2025, A-share M&A transaction volume increased by 71% year-on-year, with 77% of transactions being industrial integration types, highlighting the dominance of control transactions, asset injections, and bankruptcy reorganizations [3] - The average review cycle for M&A has been reduced by 40%, with simplified procedures allowing for registration completion in as little as 10 working days [4] Group 2: Tax Planning and Compliance - Companies must pay attention to the handling of six major tax types during restructuring, including VAT and corporate income tax, and should plan tax arrangements in advance to mitigate potential risks [1][2] - Representatives emphasized the importance of compliance and communication with tax authorities and professional institutions throughout the M&A process, establishing a comprehensive risk control system [2] Group 3: Strategic Insights from Case Studies - Companies like Boshen Co. shared experiences from significant acquisitions, emphasizing the need for strategic alignment and enhanced management capabilities post-merger to mitigate goodwill risks [3] - The Hebei Securities Regulatory Bureau encourages listed companies, especially small and medium-sized enterprises, to leverage M&A opportunities to enhance capital operation activity and achieve industrial upgrades and strategic transformations [4]

Group 1 - The company plans to acquire 31.00% equity of Anhui Anfu Energy Technology Co., Ltd. through issuing shares and cash payment [1] - The company intends to raise supporting funds by issuing shares to no more than 35 specific investors [1] - The Shanghai Stock Exchange's M&A Review Committee will hold a meeting on July 11, 2025, to review the company's application for this transaction [1][2] Group 2 - The transaction is subject to approval by the Shanghai Stock Exchange and registration by the China Securities Regulatory Commission [2] - There is uncertainty regarding whether the transaction will pass the review and obtain registration, as well as the timeline for these processes [2]

Group 1 - The company plans to issue shares and pay cash to acquire 100% of the target company, Xincheng Hangrui, from 38 parties including Ling Jun and Deng Hongxin, while also raising matching funds from no more than 35 specific investors [8][14][15] - The target company specializes in the research, production, and sales of metal forging and casting products, which are widely used in various industries such as energy, aerospace, and marine [14][15] - The transaction is expected to enhance the company's product offerings in high-end manufacturing and core components, aligning with its strategic development goals [14][15] Group 2 - The company has committed to ensuring the accuracy and completeness of the information provided regarding the transaction, and any misleading statements or omissions will result in legal liability [2][4][5] - The transaction is subject to approval from the board of directors, shareholders, and relevant regulatory authorities, and cannot be executed until these approvals are obtained [17] - The company will disclose the final transaction price and related financial data in the restructuring report after the completion of the audit and evaluation processes [8][14][17] Group 3 - The transaction is anticipated to create synergies in production processes, product technology, and customer resources between the company and the target company [15][16] - The company aims to leverage the target company's expertise in high-strength forging products to enhance its offerings in defense and marine sectors [15][16] - The transaction will not change the actual controller of the company, and the specific impact on the company's equity structure will be assessed after the completion of the audit and evaluation [16][17]