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 ...

其中，海光信息（688041.SH）吸收合并中科曙光（603019.SH）100%股权以1159.67亿元的交易规模排 名第一；新奥股份（600803.SH）子公司收购新奥能源（2688.HK）65.89%股权以552.97亿元的交易规 模排名第二；湘财股份（600095.SH）吸收合并大智慧（601519.SH）以172.13亿元的交易规模排名第 三。 "'并购六条'实施以来，沪市披露各类资产重组方案676单，同比增长15%；重大资产重组80单，同比增 长200%。"上交所副总经理王泊6月28日在"2025上市公司论坛"上表示。 第二，交易形式多种多样。上市公司之间的吸收合并、私有化上市公司开始增多，标志着产业并购逻辑 的不断升级。例如，国泰君安吸并海通证券、中国船舶拟吸并中国重工，交易规模均超千亿元。瀚蓝环 境私有化收购港股上市公司粤丰环保，新奥股份私有化港股上市公司新奥能源。 据Wind统计显示，2025年上半年，中国并购市场（包含中国企业跨境并购）呈现出"量减价增"的显著 特征，全市场共披露3531起并购事件，同比下降3.92%；交易规模约7983亿元，同比上升约1.86%。 值得注意的是，上半年百亿 ...

Group 1 - The core viewpoint of the articles highlights the transition of China's economy from high-speed growth to high-quality development, leading to increased merger and acquisition (M&A) activities among companies to better meet market demands [1] - Chinese companies are increasingly capable of engaging in M&A and expanding globally, driven by a shift in management power from the "first generation" to the "second generation" or professional managers, along with a greater emphasis on management incentives [1][2] - Since 2023, regulatory bodies have encouraged M&A and implemented various optimization measures, with multiple supportive policies introduced in 2024, including the new "National Nine Articles" and the revision of management regulations for major asset restructuring [1][2] Group 2 - The domestic M&A market has been heating up, with notable transactions such as Anta's acquisition of Jack Wolfskin and Tencent Music's proposed acquisition of Himalaya, alongside significant involvement from private equity and venture capital firms [2] - Local state-owned enterprises are increasingly establishing M&A funds, with Shenzhen launching a 4 billion yuan fund and Shanghai's state-owned fund matrix totaling over 50 billion yuan, indicating a growing trend in state-backed M&A initiatives [2] - The high valuations in emerging industries have begun to correct, creating favorable conditions for companies and investors seeking M&A opportunities, while the pressure on fund managers to exit investments is rising due to regulatory scrutiny [3]

本期导读： 一级市场正在酝酿一场并购大潮。 作者丨FOFWEEKLY 本期推荐阅读5分钟 今年，国内 并购基金十分热闹，亚洲资管巨头 PAG也来了。 31亿，落地了 自开年起，各地并购基金/母基金就争相设立，国资联手上市公司整合资源的案例也层出不穷。 而日前，一则工商变更信息，揭开了资管巨头太盟投资集团（PAG）人民币基金布局的又一关键落 子——"苏州太盟一号股权投资基金"又有新动态。 虽然，该基金还暂未完成备案， 但Buyout巨头牵头，足以引起行业广泛关注。 时间拨回至2024年初，苏州相城母基金公示拟立项项目中，"太盟一号产业股权投资基金"便已现 身，策略直指控股型并购交易，辅以结构性少数股权投资。 线索一经披露便引发行业高度关注。此后，太盟在苏州的布局迅速推进。 2024年4月29日，太盟（苏州）股权投资管理有限公司注册成立。随后，苏州太盟一号股权投资基 金合伙企业（有限合伙）于2024年6月注册成立， 至今年6月末，该基金通过工商变更实现增资至 31亿元，认缴出资的LP包括多家知名机构的身影。 据太盟官网官网披露：太盟投资集团拥有逾27年的历史，建立了亚太地区最具规模的多元化、多 资产品种基金管理和 ...

来源： 弘玺资本 近日，弘玺资本旗下管理基金弘成基金作为核心发起方之一，联合中银资本私募基金管理（北京） 有限公司、宁波通商惠工产业投资基金合伙企业（有限合伙）、宁波华翔电子股份有限公司，共同 推动设立了全国首支AIC链主并购型股权投资基金宁波中瀛扶摇兴象股权投资基金（有限合伙） （简称"中瀛兴象基金"）。基金已于6月14日在宁波顺利完成工商注册登记。中瀛兴象基金规模达 10亿元人民币，其设立开创了"AIC属地政府属地分行国有企业产业龙头"五方协同赋能的新模式。 基金将重点围绕汽车产业链资源整合，通过股权投资等资本运作，推动制造业尤其是汽车零部件和 整车制造产业不断向高端迈进，助力宁波象山打造现代化产业集群，加快培育发展新质生产力。该 基金也是全国范围内首次引入产业方作为核心，打造以产业链主为核心的AIC股权投资基金。 弘成基金作为象山县重要的产业投资平台，深度参与本次合作，充分体现了地方资本对支持本土核 心产业发展的坚定决心和战略眼光。通过引入国家级金融资源和创新资本运作模式，各方强强联 合，将充分发挥中国银行集团的全球化综合优势、地方政府及国资平台的资源整合能力，以及链主 企业的产业引领作用，共同拓展产业 ...

7月3日，据日经中文网报道，日本船井电机株式会社（FUNAI，下文简称"船井电机"）在债权人 会议上宣布，拟将公司部分电视业务转让给中国创维集团。 创维预计将接管船井电机的北美市场业务，该业务主要负责销售飞利浦销售品牌电视。与此同时， 公司还将重新雇用在日本负责维修船井电机品牌电视的子公司员工，并经营该业务，以帮助创维在 日本提高家电产品销售额。此外，创维还将向船井电机采购维修电视所需要的零部件。 图片来源：创维 ▶ 关于集邦 据了解，在日本电视市场上，海信集团等中国企业的影响力不断增强。如果能够将船井电机的日本 业务纳入旗下，创维在日本市场的竞争力有望大幅提升。（集邦Display整理） #创维 #电视 【集邦Display显示产业交流群】 另据日本媒体透露，船井电机还尝试转让其日本境内电视机等影音设备（AV）业务给创维，但进 展并不顺利。 去年12月有消息称，船井电机已确定开始破产程序，破产申请方面的相关人士已开始进行谈判， 要将电视业务出售给创维。但随后，创维方面今年2月回应称，"没有收购。如果有任何收购计划 或事实，集团上市公司会对外发布公告"。 上下滑动查看 ...

Core Viewpoint - The A-share market is experiencing a significant surge in merger and acquisition (M&A) activities, driven by companies seeking rapid growth and strategic repositioning amid economic challenges [1][5]. Summary by Sections M&A Activity Overview - In 2023, the M&A projects reviewed by the Shanghai and Shenzhen Stock Exchanges reached 13, with a 100% approval rate, except for one case that was postponed [3]. - The number of M&A projects in the first half of 2023 has already reached 86.67% of the total from the previous year [6]. Economic Context - The global M&A trend aligns with the A-share market, with a 15% increase in transaction value to $1.5 trillion in the first half of 2025, and a 19% rise in large transactions over $1 billion [5]. - The current geopolitical and economic uncertainties, including the ongoing Russia-Ukraine conflict and trade tensions initiated by the U.S., are making business operations more challenging, particularly for small and medium-sized enterprises [5]. Government Policies - The Chinese government has introduced various policies to support M&A activities, such as measures to enhance the resilience of industrial chains and reforms in the M&A market [6]. - Specific policies include the "Eight Measures to Deepen the Reform of the Sci-Tech Innovation Board" and revised regulations on major asset restructuring [6]. Types of M&A - Strong mergers are observed, such as the restructuring of Haiguang Information with Zhongke Shuguang and the merger of Guotai Junan with Haitong Securities, which are aimed at leveraging capital during economic downturns [6]. - There is a notable increase in both upstream and downstream industry mergers, as well as cross-industry acquisitions, allowing companies to quickly gain market share and technological capabilities [6][7]. Market Dynamics - Companies are increasingly targeting core technologies through acquisitions, exemplified by Dongshan Precision's acquisition of Solstice Optoelectronics to overcome technological barriers [7]. - Traditional industries facing stagnation are also pushing for M&A, as seen with real estate company *ST Jinke's intention to acquire photovoltaic assets [7]. Caution for Investors - While the enthusiasm for M&A is high, not all mergers guarantee success, and post-merger integration may not meet expectations, leading to potential pitfalls for investors [7].

21世纪经济报道记者孙永乐 上海报道 经历2024年一整年的低迷，今年以来A股IPO市场持续回暖，上半年高达177个IPO项目获得受理，仅在6 月30日，就有41家企业集中"报考"。 随着券业整合步伐的加快，IPO（首次公开发行）承销保荐江湖悄然生变，长期由"三中一华"（中信证 券、中金公司、中信建投、华泰联合证券）主导的投行业务格局迎来重塑。 据21世纪经济报道记者统计，上半年A股IPO"受理潮"中出现了38家券商的身影，头部券商凭借资源整 合能力迅速抢占先机，而中小券商因客户储备不足、专业能力短板，在"抢跑"中速度有限。 两家合并券商表现亮眼，国泰海通（601211.SH）上半年新增受理26个IPO项目，超越连续多年领跑的 中信证券，位居榜首；国联民生（601456.SH）也以黑马之势杀入前五，新增受理9个IPO项目。 承销榜首易主 2025年上半年，A股股权融资市场呈现显著的结构性增长。 据Wind数据统计，中国内地股票市场通过IPO、增发和可转债等方式，共完成全口径募资事件132起， 较去年同期增加19起，合计募集资金攀升至7098.54亿元，同比增幅高达520.69%。 从券商承销总额来看，上半年， ...