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]

证券代码：603031 证券简称：安孚科技 公告编号：2025-054 安徽安孚电池科技股份有限公司（以下简称"公司"）拟以发行股份及支付 现金的方式购买宁波九格众蓝股权投资合伙企业（有限合伙）、袁莉、华芳集团 有限公司、张萍、钱树良和安徽金通新能源汽车二期基金合伙企业（有限合伙） 持有的安徽安孚能源科技有限公司（以下简称"标的公司"）31.00%的股权，同 时，公司拟向不超过 35 名特定对象发行股份募集配套资金（以下简称"本次交 易"）。 安徽安孚电池科技股份有限公司 关于上海证券交易所并购重组审核委员会审核公司 发行股份及支付现金购买资产并募集配套资金暨 关联交易事项会议安排的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次交易尚需经上交所审核通过及中国证券监督管理委员会同意注册后方 可实施。本次交易能否通过审核、取得注册，以及最终通过审核、取得注册的时 间均存在不确定性，本公司将根据审核进展情况及时履行信息披露义务，敬请广 大投资者关注后续公告并注意相关投资风险。 特此公告。 安徽安孚电池科技股份有限公司董事 ...

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]

Core Viewpoint - Shandong Xinchao Energy Co., Ltd. reported a significant decline in revenue and net profit for 2024, with a net profit of approximately 2.04 billion RMB and a negative retained earnings balance, leading to a proposal of no cash dividends for shareholders [2][3][13]. Company Overview - The company operates primarily in the exploration, development, and sales of oil and gas, with all assets located in the Permian Basin of Texas, USA [4][5]. - The company has undergone structural adjustments to enhance its oil and gas asset holdings and ensure sustainable development [4][5]. Financial Performance - In 2024, the company achieved a total revenue of 8.36 billion RMB, a decrease of 5.50% from the previous year [8][13]. - The net profit attributable to the parent company was 2.04 billion RMB, with a negative retained earnings balance of approximately -2.54 billion RMB at year-end [2][8]. - The company reported a basic earnings per share of 0.2993 RMB, down 21.59% from the previous year [10][13]. Industry Trends - International oil prices experienced a slight decline, with WTI closing at 72.44 USD per barrel at the end of 2024, a decrease of 1.40% from 2023 [3][4]. - The number of operational drilling rigs in the U.S. decreased to an average of 599 in 2024, down 12.81% from 2023 [4][5]. - The U.S. upstream oil and gas industry has shown strong merger and acquisition activity, indicating a trend of consolidation among major energy companies [4][5].

（原标题：上市公司动态 | 中国船舶吸收合并中国重工审核通过，三棵树预计上半年净利同比增 81%-119%） 重点要闻 中国船舶吸收合并中国重工审核通过 上交所官网显示，中国船舶工业股份有限公司发行股份购买资产事项经重组委会议审核通过。根据披 露，中国船舶拟向中国重工全体换股股东以发行A股股票的方式换股吸收合并中国重工。交易完成后， 中国重工将终止上市并注销法人资格，中国船舶成为存续公司，实际控制人不变。中国船舶将承继及承 接中国重工的全部资产负债、业务、人员、合同及其他一切权利与义务。 此次中国船舶换股吸收合并中国重工交易金额1151.5亿元、涉及总资产超4000亿元。将催生全球规模最 大、业务最完备的上市造船巨头——新"中国船舶"。今年一季度，中国船舶实现营业总收入158.58亿 元，同比增长3.85%；实现归母净利润11.27亿元，同比增长180.99%。一季度，中国重工实现营业总收 入122.16亿元，同比增长20.12%；归母净利润5.19亿元，同比增长281.99%。在国有经济优化布局、市 值管理加快落地的背景下，央企进一步加大了战略性重组、专业化整合和前瞻性布局的力度。 三棵树预计上半年净利润同 ...

Core Viewpoint - The acquisition of a minority stake in Anhui Yingliu Aviation Technology Co., Ltd. by Yingliu Co., Ltd. is under scrutiny due to the company's ongoing losses and the valuation methods used for the transaction [1][3]. Group 1: Acquisition Details - Yingliu Co., Ltd. plans to acquire 28.4615% of Yingliu Aviation for approximately 484 million yuan, with the overall valuation of Yingliu Aviation set at 1.672 billion yuan [2][3]. - Yingliu Aviation reported losses of approximately 50.5 million yuan in 2024 and 11.91 million yuan in the first quarter of the current year [3]. Group 2: Valuation Methodology - The valuation of Yingliu Aviation was assessed using both asset-based and market methods, with the asset-based method yielding a value of approximately 1.213 billion yuan and the market method yielding 1.672 billion yuan, resulting in a difference of about 459 million yuan, or 27.45% [3]. - Yingliu Co., Ltd. argues that the asset-based method fails to capture the value of core resources and future profitability potential due to ongoing R&D investments and initial losses typical in the industry [3][4]. Group 3: Financial Arrangements - The company has secured a bank loan of 380 million yuan from Bank of Communications for the acquisition, with a loan term of 10 years and an interest rate of 2.75% [5][6]. - Yingliu Co., Ltd. maintains that its operational cash flow and existing financing capabilities will adequately cover both daily operational needs and the funds required for the acquisition [6][7].

Mergers and Acquisitions - Aladdin announced its participation in the auction for 81.96% equity of Kasma Holdings, with a transfer base price of 202 million yuan, aiming to expand sales channels and integrate downstream resources [1] - *ST Baoshi received approval from the Ningxia State-owned Assets Supervision and Administration Commission for the acquisition of 100% equity of Ningxia Electric Power Investment New Energy Co., Ltd. through major asset replacement and cash payment [2] - Guotou Zhonglu disclosed a transaction plan to acquire 100% shares of China Electronic Engineering Design Institute through share issuance, with the specific transaction price yet to be determined [3] Shareholding Changes - MaiPu Medical announced that shareholder Tang Ying plans to reduce holdings by no more than 1% of the company's shares, totaling up to 665,100 shares [4] - Yue Wannianqing disclosed that a 10% shareholder, Hehe Investment, plans to reduce holdings by no more than 6% of the company's shares, totaling up to 4.8 million shares [5] - *ST Huawang announced that shareholder Wu Qun plans to reduce holdings by no more than 1.76% of the company's shares, totaling up to 15,414,300 shares [6] Regulatory Issues - Liuhua Co. received an administrative regulatory decision from the Guangxi Securities Regulatory Bureau due to issues related to accounting irregularities and failure to fulfill obligations regarding the integrity of appointed directors and supervisors [7] - *ST Huike was investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws [8][9] - Tuisijingang announced that two vice presidents were arrested for violating important information disclosure laws, but stated that this would not impact the company's normal operations [10]

Financial Performance - Whirlpool expects a net profit of approximately 205 million yuan for the first half of 2025, an increase of about 174 million yuan or approximately 559% year-on-year [2] - Chipmotion Technology anticipates a net profit between 138 million to 169 million yuan for the first half of 2025, representing a year-on-year growth of approximately 144.46% to 199.37% [2] Mergers and Acquisitions - China Shipbuilding's absorption merger with China Shipbuilding Industry Corporation has been approved by the Shanghai Stock Exchange, pending further regulatory approvals [3] - Guotou Zhonglu plans to acquire 100% of China Electronic Engineering Design Institute through a share issuance, which constitutes a major asset restructuring [4] Shareholder Actions - Aotewei's actual controllers plan to transfer 4.99% of the company's shares, totaling 15.75 million shares, due to personal funding needs [5] - Yaguang Technology's chairman has been placed under detention, but the company's operations remain normal [5] Industry Developments - Ningbo Port expects a 9.8% year-on-year increase in container throughput for the first half of 2025 [8] - Three Trees anticipates a net profit growth of 80.94% to 119.04% for the first half of 2025 [8] - Zhuhai Group expects a net profit increase of 50.97% to 75.23% for the first half of 2025 [8] Project Wins - Sanxing Medical's subsidiary has pre-qualified for a 306 million yuan project with Southern Power Grid [8] - Hopu Co., Ltd. has jointly won a 449 million yuan shared energy storage demonstration project [8] - Hongsheng Huayuan's subsidiary has pre-qualified for an 1.127 billion yuan project with Southern Power Grid [8]

丨 来源： 新华财经 2025-07-03 目前广东辖区内披露、完成重大资产重组交易超20单，首单百亿级"A收H"、首单跨 界脱困转型等典型案例不断涌现，资本循环明显提速。 新华财经广州7月3日电 记者从广东证监局获悉，随着并购新规陆续出台，广东并购 重组市场活力迸发，不断加速。"并购六条"发布以来，广东辖区上市公司新增披露并购 重组227单，涉及金额780亿元，交出亮眼的成绩单。 畅通资本循环 重磅案例接续落地 广东证监局数据显示，目前广东辖区内披露、完成重大资产重组交易超20单，持续 位居全国首位；多个有代表性的重磅并购重组项目如首单百亿级"A收H"、首单跨界脱困 转型等典型案例接续落地，一批上市公司通过并购重组实现了资源整合与业务协同、战 略资产获取与核心能力增强、市场规模扩大与竞争力提升、投资价值提升与股东回报增 加，有力提振市场信心，资本循环明显提速。目前，广东证监局持续创新工作方法，支 持和引导辖区上市公司结合发展需要积极谋划开展并购重组 ， 不断做好培育和发展新质 生产力这篇大文章。 推动地方建章立制。为推动并购重组、激活广东资本市场，广东印发《关于高质量 发展资本市场 助力广东现代化建设的若干 ...