A-share Market - The A-share merger and acquisition market is heating up, with over 1,600 events reported this year, including 86 major restructurings, significantly higher than 40 in the same period last year [2] - The A-share market has shown structural opportunities amidst ongoing fluctuations, with private equity stock strategy products achieving an average return of 7.46% in the first five months of this year [2] - The trading volume of technology innovation bonds reached 204.096 billion yuan, with a month-on-month increase of 65.25% and a year-on-year increase of 214.92% [2] - The number of equity incentive plans in the A-share market has been gradually increasing, with over 5,600 plans implemented in nearly 20 years, involving more than 2,900 listed companies [2] - The Shenzhen Stock Exchange announced a periodic adjustment to the ChiNext index, replacing 8 samples, effective June 16, 2025 [2] Financial Sector - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity, marking the first pre-announcement of such an operation [4] - China Pacific Insurance launched a 30 billion yuan private equity fund aimed at promoting the development of strategic emerging industries [4] - Public fund institutions are increasingly focusing on free cash flow strategy funds, with 25 new funds established this year, raising nearly 15 billion yuan [4] - The total amount of fund dividends this year has approached 90 billion yuan, with equity funds showing a significant increase in dividend distribution [4] Trust Industry - The China Trust Industry Association reported that the trust industry scale is approaching 30 trillion yuan by the end of 2024, with a year-on-year growth of over 20% [5] - Funds directed towards the securities market are the main growth driver, exceeding 10 trillion yuan and accounting for nearly 50% of the total trust funds [5] Stock Market Dynamics - In the week of June 9-13, 44 stocks in the A-share market will face unlocks, with a total market value of 46.709 billion yuan based on the closing price on June 6 [6] Logistics and Economic Indicators - The China Logistics and Purchasing Federation reported a logistics industry prosperity index of 50.6% for May, indicating continued expansion, with notable growth in central and western regions [7] - The State Taxation Administration reported a 3.6% year-on-year increase in sales revenue for the private economy in the first four months, surpassing the national average [7] - New first-tier cities are experiencing significant population inflows, with a total increase of 997,300 people in 2024 [7]

Group 1: Market Overview - Domestic M&A transaction volume increased by over 50% year-on-year, reaching 224.89 billion yuan in Q1 2025 [3][4] - The "M&A Six Guidelines" policy has significantly boosted market activity, particularly in sectors like semiconductors and artificial intelligence [3][4] - The number of M&A transactions in the Shenzhen market surged, with 817 deals totaling 379.7 billion yuan, marking increases of 63% and 111% respectively [4] Group 2: Participants and Strategies - A diverse range of participants is engaging in M&A, including state-owned enterprises, private equity, and listed companies acting as limited partners in M&A funds [1][5] - Listed companies are increasingly establishing M&A funds, with notable examples including a 9 billion yuan fund by Taikang Insurance [5] - The focus has shifted towards deep integration of industrial chains and technological innovation, moving away from traditional market value management [5][6] Group 3: Opportunities and Challenges - M&A funds are seen as a new opportunity for private equity firms, providing broader exit paths and investment options [2][8] - The rise of state-owned M&A funds is enhancing the synergy between primary and secondary markets, facilitating corporate growth and reducing reliance on IPOs [9] - While M&A funds offer flexible exit strategies, challenges such as valuation disputes and integration difficulties remain [7][10]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11]. Core Insights - The report analyzes several mergers and acquisitions (M&A) cases among central state-owned enterprises (SOEs) in the construction sector, highlighting how these companies have integrated quality resources to achieve breakthroughs in business scale and competitiveness [3][25]. - The recent policy changes, including the new "National Nine Articles" and amendments to the asset restructuring management measures, are expected to invigorate the M&A market, providing opportunities for companies facing operational pressures or growth limitations [6][20]. Summary by Sections M&A Analysis - The report details various M&A cases, including: - **China National Materials International**: Acquired subsidiaries to enhance its competitive edge and resolve internal competition issues [6][28]. - **Shenzhen Sanda A**: Acquired a majority stake in China System to strengthen its smart city industry chain [7][65]. - **China Energy Engineering**: Planned a merger with Gezhouba to eliminate competition and enhance synergy [8]. - **Anhui Construction Engineering**: Merged with Anhui Construction Group for overall listing [8]. - **China Communications Construction**: Divested design assets to facilitate a reverse merger with Qilian Mountain [9]. Policy Environment - The report emphasizes the supportive policy environment for M&A activities, with multiple central and local government initiatives aimed at enhancing the efficiency of capital allocation and encouraging strategic restructuring among SOEs [20][21]. Industry Trends - The construction industry is transitioning towards maturity, with signs of peak growth potential. The report notes a decline in revenue and profit for listed construction companies, indicating a need for horizontal expansion or vertical integration through M&A to sustain growth [20][25]. - In 2024, the total revenue for the construction sector was approximately 86,962.78 billion yuan, reflecting a year-on-year decrease of 4.29% [20]. Investment Opportunities - The report identifies potential investment targets that are under operational pressure or facing growth constraints, particularly those that could benefit from central and local policy support [25].

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250608 并购重组驶入"快车道"助力科技企业估值 提升 [Table_Summary] ◼ 政策红利密集释放 在资本市场加速发展的浪潮中，并购重组作为产业沿链补链的关键，直 接关乎创新产业发展机遇的把握和产业升级的进程。政策推进的节奏是 并购重组市场的关键驱动力。在此背景下，为了鼓励和活跃资本市场， 助力上市公司实现高质量发展，监管机构推出了一系列直击并购市场难 点痛点的举措，精准发力优化并购重组环境。 ◼ 本轮并购重组最新进展 ◼ 本轮并购重组成效和特点 央国企主导整合浪潮：本轮并购重组政策除了监管层面在积极推动，从 中央到地方的产业政策中也频频提及"国有企业"。从中央层面为国有 企业松绑，拓宽国有企业创新投资和并购重组的路径，是培育"耐心资 本"的必要手段。2025 年已完成的并购项目中，国有企业数量占比 50%， 金额占比 68%。国央企合并有望促进国有资本进一步向符合国家战略 的重点行业、关键领域和优势企业集中，推动国央企的产业结构调整升 级，优化国有资本的布局与资源配置，实现资源向维系国家安全、掌握 国民经济命脉和关乎国计民生的重要行业和关 ...

Group 1 - The report emphasizes the investment strategy focusing on the "smile curve" in the consumer sector, with attention on mass consumer goods represented by soft drinks on the left end and new consumption trends on the right end [1] - The current A-share market is transitioning from the technology growth phase to the domestic consumption phase, with significant movements in sectors such as banking, technology, and consumer goods [1] - The Hong Kong market has seen a rise in new consumption stocks characterized by a "self-indulgent" attribute, driven by themes of technological advancement and growth opportunities [1] Group 2 - The report identifies sectors with strong industry barriers under the current uncertain overseas trade environment, including chemical raw materials, biomedicine, and electronic chemicals, which have shown resilience during trade tensions [2] - There is a notable increase in merger and acquisition activities, with nearly 2,500 announcements in the first five months, particularly in emerging industries like machinery, electronics, and biomedicine [2] - The report suggests that domestic high-end manufacturing and innovative pharmaceuticals are likely to benefit from synergistic effects through industry consolidation [2] Group 3 - The report highlights a mixed economic outlook in the U.S., with inflation pressures easing but consumer confidence under significant strain, indicating potential challenges for future economic growth [3] - The U.S. service sector PMI fell below the growth line, suggesting a "stagflation" scenario that limits the Federal Reserve's ability to ease monetary policy [3] Group 4 - The report maintains a positive outlook on the Japanese yen against the U.S. dollar, supported by strong fundamentals and a tightening monetary policy environment in Japan [4] - It notes that the Japanese stock market is in a long-term allocation range, but rising interest rates could pressure corporate profits, especially for companies with significant overseas revenue [4] - The report warns of potential upward risks in Japanese government bond yields as the Bank of Japan normalizes its monetary policy [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company is expected to benefit from the booming local science and technology innovation industry in Shaanxi Province, leading to continuous improvement in various business segments. The ongoing merger with Guorong Securities is anticipated to create synergies and accelerate the establishment of a first-class comprehensive investment bank [2]. - Revenue projections for 2025-2027 are estimated at 7.1 billion, 7.5 billion, and 8.1 billion yuan, reflecting year-on-year growth rates of 6%, 6%, and 7% respectively. Net profit attributable to shareholders is expected to be 1.5 billion, 1.6 billion, and 1.8 billion yuan, with growth rates of 7%, 8%, and 9% respectively [2]. Summary by Sections 1. Local Science and Technology Innovation Opportunities - Shaanxi Province is a major hub for educational resources, with a high concentration of universities and research institutions, fostering a conducive environment for innovation [14][15]. - Recent government policies aim to enhance the transformation of technological advantages into economic benefits, with significant increases in funding for high-tech industries [15][16]. 2. Business Transformation Focus - The company is actively transitioning towards capital-driven and professional-driven business models, with significant expansions in capital-intensive operations and a focus on wealth management and investment banking [6][7]. - The merger with Guorong Securities is expected to enhance regional coverage and client resources, improving overall competitiveness [6][7]. 3. Financial Performance and Projections - The company has consistently reported positive net profits since its listing, with a strong growth trajectory in revenue and net profit from 2018 to 2024 [53][54]. - The revenue structure is shifting from brokerage services to proprietary trading, with a notable increase in the contribution from self-operated businesses [57]. 4. Market Position and Competitive Landscape - The company holds a leading market position in Shaanxi, with over 50% of its branches located in the province, and has been recognized for its support of local economic development [45][46]. - The company’s financial metrics, including total assets and net assets, have shown significant growth, positioning it favorably within the industry [49][50].

Group 1: Market Overview - A total of 65 stocks hit the daily limit up in the A-share market, with 50 stocks remaining after excluding 15 ST stocks, resulting in a limit-up rate of 68.42% [1] Group 2: Notable Stocks - Yiming Pharmaceutical saw a limit-up with a closing order amount exceeding 4 billion yuan, following a significant share transfer agreement that changed its controlling shareholder [2] - The highest closing order volume was recorded by Zhongjia Bochuang with 378,900 hands, followed by Haitai Development and Yiming Pharmaceutical [2] - ST United achieved a six-day consecutive limit-up, while several other stocks also recorded multiple consecutive limit-ups [2][3] Group 3: Mergers and Acquisitions - ST United plans to acquire 100% of Run Tian Industrial and raise matching funds [3] - Haitai Development is planning to acquire controlling stakes in Zhixueyun (Beijing) Technology Co., Ltd. [4] - Hunan Development intends to purchase stakes in multiple hydropower companies, including 85% of Hunan Xiangtou Yuanling Power Co., Ltd. [4] Group 4: Silver Industry - Hunan Silver focuses on silver-related operations including mining, smelting, materials, and trading [5] - Baiyin Youse reported a silver metal reserve of 1,832.5 tons as of the end of December 2024 [6] - Shengda Resources has a total verified silver metal amount of approximately 12,000 tons across its seven mining subsidiaries [6] Group 5: Computing Power Sector - Huamai Technology is expanding its communication infrastructure and developing data centers and IoT services [7][8] - Erli San has comprehensive capabilities in computing, storage, and network infrastructure, supporting data centers and mobile communications [8] - Nanling Technology provides cloud connectivity between local data centers and cloud platforms, catering to the demand for hybrid cloud computing environments [8] Group 6: Institutional Investments - Changshan Pharmaceutical received a net purchase of over 200 million yuan from the Shenzhen Stock Connect [9] - The top net purchases by institutional seats included Xue Ren Co., Ltd. and Changshan Pharmaceutical [9]

北京证监局、行业协会第三联合党委相关负责同志，协会理事长姜修昌同志，监事长袁正刚同志出席会 议。协会秘书长李洪海主持会议，北京证监局相关负责同志发表讲话。北京上市公司433家会员单位及 证券时报等新闻媒体代表参会。(燕云) 会议要求，面对当前资本市场复杂形势，各上市公司要在推动高水平科技自立自强、建设现代化产业体 系、增强市场信心等方面发挥重要作用，以合规稳健促高质量发展。一是稳市场，提升抗风险能力。要 切实落实市值管理要求，用好用足回购增持再贷款政策工具，全力维护资本市场平稳运行。利用并购重 组新政策推动自身产业升级，全方位强化实力。二是守底线，筑牢合规意识。要进一步健全财务管理制 度，规范财务核算，不断提升全员道德水平和财务人员专业能力，坚决杜绝各类造假行为。三是抓基 础，夯实治理根基。要强化内外部制约制衡，充分发挥独董、审计委员会、外部审计机构的监督作用。 要不断建立健全中国特色现代企业制度，持续提升公司治理水平。 会议强调，协会要围绕"协助监管、服务会员、规范提高"宗旨定位，认真倾听会员心声、积极回应诉 求，开展更多内容丰富、形式多样、扎实有效的工作；协会各工作委员会成员要切实履职担当，挖掘辖 区丰富 ...

Group 1: Company Overview - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. focuses on high-performance implantable medical devices, specifically in the neurosurgery field, offering products such as artificial dura mater patches and absorbable regenerative fibers [4][5]. - The company aims to provide comprehensive solutions for key implantable medical devices required in craniotomy surgeries [4]. Group 2: Recent Investor Relations Activity - The investor relations activity included a teleconference held on June 6, 2025, with participation from various securities firms and investment entities [2][4]. - Key personnel involved in the meeting included the Chairman and Vice General Managers, highlighting the company's commitment to transparency and communication with investors [4]. Group 3: Strategic Acquisition - The company plans to acquire 100% equity of Yijie Medical through a combination of issuing shares and cash payments, involving 10 transaction parties [10]. - This acquisition is expected to enhance the company's capabilities in the interventional medical device sector, leveraging Yijie Medical's expertise in biocompatible materials [5][10]. Group 4: Market Position and Future Plans - Yijie Medical has established a marketing team with extensive experience in promoting neuro-interventional medical devices, successfully entering major hospitals [6][7]. - The company is focused on maintaining a balance between organic growth and strategic acquisitions to enhance shareholder value and market presence [10]. Group 5: Regulatory and Financial Considerations - The asset evaluation and auditing for the acquisition are ongoing, with the final transaction price to be determined based on regulatory assessments [8]. - The company will adhere to regulatory requirements, including shareholder approval and necessary disclosures to the Shenzhen Stock Exchange and the China Securities Regulatory Commission [8].

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is expected to create a "carrier-level" giant in the domestic computing power industry, attracting significant market attention [1] Group 1: Shareholder Transition - After the merger, original small investors of Zhongke Shuguang will become shareholders of Haiguang Information [2] - Investors who meet the suitability requirements for the Sci-Tech Innovation Board but have not yet opened trading permissions can do so by following standard procedures [2] - Investors who do not meet the suitability requirements can hold or sell their Haiguang Information shares but must meet the requirements to buy additional shares [3] Group 2: Trading Permissions for Delisted Stocks - Similar to the merger case, original shareholders of A-share companies that delist and enter the "old three boards" must also consider trading permissions [4] - In 2024, the number of A-share delistings reached 52, a record high, indicating a stricter policy for problematic listed companies [5] - Original shareholders can trade their holdings in delisted companies but must open "delisted board" trading permissions to buy other stocks in that category [5]