比如，百亿级乃至千亿级大规模重大资产重组频现。前述中国船舶吸收合并中国重工即为典型案例，合 并后总资产将超过4000亿元。 再比如，随着监管一再强调鼓励加快上市公司向新质生产力转型步伐，在新增并购重组计划的上市公司 中，涉及半导体，以及计算机、通信和其他电子设备制造业领域的企业数量颇多。典型如华大九天定增 收购芯和半导体100%股权、富乐德定增收购富乐华100%股权、国科微定增收购中芯宁波94.366%股权 等。 另一个值得关注的信号是，在6月18日发布的科创板"1+6"新政中，监管支持上市公司聚焦做优做强主 业，吸收合并上市不满3年的科创板上市公司。在受访人士看来，这或将加速新上市企业的并购重组脚 步。 日前，中国船舶吸收合并中国重工100%股权获上交所审核通过。这是两大超千亿级旗舰造船上市公司 的合并，也是A股有史以来规模最大的上市公司吸收合并。 此次重组完成后，存续公司中国船舶将成为全球最大造船上市公司，资产规模、营业收入规模、手持订 单数均领跑全球。 并购重组，已然成为监管重点鼓励方向。从近期上市公司公告来看，无论是央企国企还是民营企业，并 购重组热情均颇为高涨。 日前，中国船舶吸收合并中国重工100 ...

腾讯出手了。 近日，晨壹基金旗下上海晨峦企业管理合伙企业（有限合伙）发生工商变更，新增广西腾讯创业投资有限公司、无锡晨壹成长股权投资基金（有限合伙）、 厦门金圆展鸿二期股权投资合伙企业（有限合伙）、珠海众烨投资企业（有限合伙）等为合伙人。 晨壹基金的掌门人——刘晓丹曾是华泰联合证券的灵魂人物，操刀不少经典案例，被称为"并购女王"。2019年，刘晓丹成立晨壹基金管理（北京）有限公 司，完成私募股权、创业投资基金管理人备案登记，任晨壹基金的管理合伙人，聚焦并购领域。 腾讯出手 天眼查显示，上海晨峦企业管理合伙企业（有限合伙）成立于2022年2月，执行事务合伙人为晨壹红启（北京）咨询有限公司，经营范围含企业管理、企业管 理咨询、信息咨询服务。该合伙企业由晨壹红启（北京）咨询有限公司、北京晨壹并购基金（有限合伙）等共同出资成立。 今年7月，上海晨峦企业管理合伙企业（有限合伙）的合伙人名单新增加了广西腾讯创业投资有限公司、无锡晨壹成长股权投资基金（有限合伙）、厦门金圆 展鸿二期股权投资合伙企业（有限合伙）、珠海众烨投资企业（有限合伙）、深圳舟益管理咨询合伙企业（有限合伙）等，注册资金由4.61亿元增至11.61亿 元。 ...

Core Viewpoint - The transaction involves a share swap merger where China Shipbuilding Industry Co., Ltd. will absorb China Shipbuilding Heavy Industry Co., Ltd., aiming to enhance operational quality and competitiveness in the shipbuilding industry [8][11][19]. Summary by Relevant Sections Transaction Overview - The merger will be executed through a share swap, with China Shipbuilding issuing A-shares to all shareholders of China Heavy Industry [9][10]. - After the merger, China Heavy Industry will cease to be listed and will transfer all assets, liabilities, and operations to China Shipbuilding [11][16]. Business Impact - The merger aims to eliminate competition between the two companies, consolidate their shipbuilding operations, and enhance their core competencies [16][17]. - The combined entity will focus on high-end, green, and intelligent shipbuilding, aiming to create a world-class shipbuilding enterprise [17][21]. Financial Metrics - Post-merger, total assets for China Shipbuilding are projected to increase significantly from approximately 18.20 billion to 40.36 billion RMB, while total liabilities will rise from about 12.67 billion to 26.41 billion RMB [21]. - The merger is expected to enhance operational scale and revenue, with projected operating income increasing from approximately 7.86 billion to 13.34 billion RMB [21]. Shareholder Structure - The shareholding structure will change, with China Shipbuilding Group's stake in the merged entity decreasing from 50.42% to 49.29% [18][20]. - The merger will result in a new share exchange ratio of 1:0.1339, meaning each share of China Heavy Industry will convert to approximately 0.1339 shares of China Shipbuilding [12][19]. Strategic Goals - The merger aligns with national strategies for state-owned enterprise reform and aims to strengthen the global competitiveness of China's shipbuilding industry [8][16]. - The transaction is expected to leverage synergies between the two companies, enhancing their market position and operational efficiency [17][19].

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 ...