李晶昀 AI图 银行股也紧随其后，工商银行（601398）、农业银行（601288）、中国银行（601988）、建设银行（601939）、交通银行（601328）、江苏银行 （600919）、杭州银行（600926）、成都银行（601838）等均创历史新高。 此外，军工、半导体芯片、数字货币等方向涨幅居前。 东莞证券表示，目前国内经济运行总体平稳且外贸仍具有较强韧性，随着七八月关税暂缓期结束，出口对经济的拖累或逐步显现，稳内需的重要 性进一步体现，增量政策的窗口可能移至8月之后。往后看，沪指3400点一直是市场关注的重要关口，大盘在放量突破后，或将站上一个新台阶。 在经济维持韧性与政策工具箱蓄力的支撑下大盘仍有上行动力。中长期看，预计市场有望呈现逐步向上的修复走势。板块上建议关注金融、机械 设备、大消费和TMT等板块。 银河证券首席策略分析师杨超在2025年中期策略会演讲称，A股资金面将延续稳中向好，当前估值较海外成熟市场仍处低位，投资性价比相对较 高，下半年有望呈现震荡向上行情。市场风格将偏向大盘，成长股机会仍然较大。他强调结构性机会聚焦四大方向：安全资产、科技创新、大消 费及并购重组主题。 6月25日午后 ...

日前举办的2025年陆家嘴论坛出台了一揽子金融开放政策，标志着我国资本市场处于从"要素型开放"迈 向"制度型开放"的新阶段。薛军表示，中国银河证券将牢牢把握服务实体经济的根本宗旨，在开展国际 合作中有新举措，在促进"科技—产业—金融"良性循环中有新作为。 薛军介绍，2025年是"十四五"规划的收官之年，也是中国银河证券成立25周年。作为中国大型的证券公 司之一，公司服务客户超1800万，托管资产超5万亿元，已发展成为国内分支机构最多、亚洲网络布局 最广的投资银行之一。 薛军表示，作为公司各项业务发展的重要支撑，研究业务在过去一年中取得了显著进步。公司研究人员 不断增加，依托国际化布局，坚持专业化发展模式，推动研究立体化发展，研究质量和影响力持续提 升。"未来，我们将不断提升研究实力和品牌知名度，打造国际化、专业化、特色化的研究队伍，为客 户提供前瞻性、全球化的研究观点和优质精准化的研究服务。"薛军说。 6月24日，中国银河证券在上海举办主题为"新格局·新供给"的2025年中期策略报告会。 中国银河证券研究团队认为，随着资本市场改革持续深化，A股市场"筑基行稳"，具备更坚实的支撑。 新兴产业变革与制度创新正成为 ...

稀土板块央国企也在推进内外部稀土资产整合重组。5月14日晚间，中国稀土在投资者关系活动记录表 中提到，现阶段，其正积极配合中国稀土集团开展解决同业竞争问题的相关工作，择机开展并购重组。 业内人士认为，以同业整合为特点的横向并购有望成为资源类企业并购重组的主流类型，这类整合有助 于企业扩大市场份额、提升产业集中度。 电投能源拟定增收购白音华煤电100%股权、厦门港务拟定增收购集装箱码头集团70%股权……2025年 上半年，央国企旗下上市公司主导的并购重组案例呈现"体量大、速度快"的特点。 据国信证券统计，截至2025年6月23日收盘，首次披露日期在今年、正在进行中的央国企作为竞买方的 重大并购重组共有16例。 国信证券策略首席分析师王开认为，央国企龙头企业通过整合分散资源，将有效提升自身估值水平，并 增强市场对优质资产的价值重估预期。与此同时，并购重组进程的推进将促进产业集中度提升，进而推 动形成"以高质量龙头企业引领创新发展"的产业格局。 产业整合驶入"快车道" 从近期披露的重组进展看，央国企旗下上市公司的产业整合明显提速。 5月5日晚间，市值超400亿元的褐煤巨头电投能源公告称，于4月30日公司收到实际控制 ...

本次培训会上，有关中介机构引用境内A股企业赴港上市后，融资规模增长、海外市场份额提升等典型 案例，直观展现企业赴港上市的机遇与发展空间，旨在推动安徽省A股上市公司加快布局"A+H"双平 台，提升国际影响力和全球市场竞争力。 6月24日，安徽省委金融办联合人行安徽省分行、安徽证监局共同举办全省上市公司高质量发展专项培 训会，聚焦"A+H"上市、并购重组及再融资、科创债等话题，为辖区上市公司提供相关政策解读及业务 指导。 安徽省有关单位、各市地方金融管理职能部门、全省A股上市公司、省上市公司协会及长三角（安徽） 资本市场学院等260余名嘉宾参加本次培训会。 近一年多来，伴随着系列支持政策密集发布，内地企业赴港上市迎来黄金窗口期。新"国九条"出台后， 中国证监会发布5项资本市场惠港合作措施，明确表示将支持内地企业赴港发行上市。与此同时，香港 联交所陆续推出适用于生物医药企业上市的"18A"和新兴科技企业上市的"18C"等特殊上市规则，允许 公司以保密形式递交上市申请，并专门配套"科企专线"服务，为医药、科技企业在提交上市申请前提供 专门指引、解答关键问题，协助企业更有效率地筹备上市。 2025年以来，内地赴港上市企 ...

Core Viewpoint - Yachuang Electronics (301099) is planning to acquire a 37.0337% stake in Shanghai Analog Semiconductor Technology Co., Ltd. for approximately 298 million yuan, despite the target company currently being in a loss-making state and having a high valuation increase rate of 467.34% [1][4][5] Group 1: Acquisition Details - The acquisition is part of Yachuang Electronics' strategic development direction, aimed at enhancing its self-developed integrated circuit (IC) business and expanding its product range [5][11] - Shanghai Analog, established in 2018, specializes in high-quality mixed-signal integrated circuit research, design, testing, and sales, focusing on automotive smart drives and signal chain products [5][6] - The target company reported revenues of approximately 51.55 million yuan and 16.96 million yuan for 2024 and Q1 2025, respectively, with corresponding net losses of about 104 million yuan and 15.99 million yuan [6][9] Group 2: Financial Performance - Yachuang Electronics' total short-term and long-term borrowings amount to approximately 1.446 billion yuan, with a rising debt-to-asset ratio from 29.47% in 2021 to 61.36% in 2024, although it decreased to 56.4% in Q1 2025 [9][8] - The company reported revenues of approximately 1.418 billion yuan, 2.203 billion yuan, 2.47 billion yuan, and 3.61 billion yuan from 2021 to 2024, with net profits of approximately 92.41 million yuan, 154 million yuan, 53.26 million yuan, and 124 million yuan, respectively [9][10] Group 3: Industry Context - The integrated circuit industry is experiencing rapid growth, driven by the increasing demand for digitalization and smart technologies, with expectations for further expansion due to advancements in 5G, artificial intelligence, and the Internet of Things [10][11] - Yachuang Electronics has completed four acquisitions since its listing, focusing on expanding its electronic component distribution business and automotive power management IC market [11][12]

国泰海通晨报 2025 年 06 月 24 日 [Table_Summary] 1、我们提出了有别于市场的研究框架，并在过往到验证。基于此，我们认为猪价在未来或先稳 后降，并在年末降至低位。产能去化是行业当前主题，关注价格、政策、疫病的催化。考虑当前 行业趋势及估值低位，重点推荐生猪养殖板块，推荐牧原股份、温氏股份、巨星农牧、神农集团， 相关标的德康农牧。 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 2、经济、资金和供需演绎下的债市下行空间。 3、离岛免税销售降幅明显收窄、客单价强势反弹，数据修复迹象逐步确立。叠加封关政策推进、 "即买即退"落地与对美加税背景，免税行业迎来配置新窗口。 [Table_ImportantInfo] 今日重点推荐 行业专题研究：农业《猪周期：产能去化的趋势与节奏》 2025-06-20 林逸丹（分析师）021-38676666、王艳君（分析师）021-38676666、巩健（分析师）021-38676666 年初至今价格极致稳定的背后。年初至今价格十分平稳，代表了供需在这一价格水 ...

星标 ★ IPO日报 精彩文章第一时间推送 6月22日晚间，一家创业板上市公司邵阳维克液压股份有限公司（301079.SZ，下称"邵阳液压"、"上市公司"）发布公告称，正在筹划通过发行股 份及支付现金方式收购重庆新承航锐科技股份有限公司（下称"新承航锐"、"标的公司"）全部或部分股权，并募集配套资金。 公司股票自6月23日开市起停牌，预计在不超过10个交易日内披露交易方案。 值得注意的是，两家企业都是国家级专精特新"小巨人"企业。 一方是液压系统领域的领军者，另一方是高端锻件制造的技术突破者，在国产替代浪 潮下，两大"小巨人"企业试图通过这场"联姻"实现强强联合。 而市场似乎已提前嗅到了这场资本运作的气息， 此次停牌前，邵阳液压股价表现异常亮眼。 6月20日收盘，公司股价涨停报31.90元/股，今年以 来累计涨幅高达109.46%。 AI制图 上市公司业绩承压 邵阳液压前身可追溯至1968年成立的邵阳液压件厂，曾参与国家"三线建设"。2021年10月登陆创业板，成为我国液压领域首家A股上市公司。 公司是国内三大液压产品配套基地之一，主营业务为液压柱塞泵、液压缸及液压系统整体解决方案，产品广泛应用于工程机械、冶 ...

Core Viewpoint - The Shanghai Stock Exchange's M&A Review Committee has approved the asset purchase by ChipLink Integrated Circuit Manufacturing Co., Ltd., indicating that the transaction meets restructuring conditions and information disclosure requirements [1] Group 1: Transaction Details - ChipLink plans to acquire a 72.33% stake in ChipLink Yuezhou from 15 parties, including Binhai ChipXing and Yuan Zhi No.1, through a combination of issuing shares and cash payment [3][4] - The total transaction price for the 72.33% stake is approximately 589.66 million yuan, with an assessed value of 815.2 million yuan for 100% of ChipLink Yuezhou, reflecting a 132.77% increase in value [3][6] - The share issuance price is set at 4.04 yuan per share, with a total of approximately 1.31 billion shares to be issued [3] Group 2: Financial Performance of ChipLink Yuezhou - ChipLink Yuezhou reported revenues of 13.66 million yuan in 2022, 156.03 million yuan in 2023, and 179.80 million yuan for the first ten months of 2024 [6][7] - The net profit attributable to the parent company was -70.04 million yuan in 2022, -111.57 million yuan in 2023, and -86.78 million yuan for the first ten months of 2024, indicating ongoing losses [6][7] - The company is currently in a loss-making position and is not expected to achieve profitability in the short term, which may dilute immediate return indicators for the parent company [6]

Core Viewpoint - The securities industry is experiencing a significant surge, with notable stock performances and a trend towards mergers and acquisitions, reflecting regulatory encouragement for industry consolidation [1][6]. Group 1: Market Performance - Guosheng Jinkong has seen a limit-up increase, with other stocks like Xiangcai Co., Jinlong Co., and China Galaxy also showing strong performance [1]. - The E Fund Hong Kong Securities ETF rose by over 3%, while various other securities ETFs increased by more than 2% [1][3][4]. Group 2: Mergers and Acquisitions - The securities industry has seen a rise in merger activity, with notable cases such as Guolian's merger with Minsheng and Zheshang's merger with Guodu, indicating a trend towards "strong alliances" and regional collaboration [6]. - Regulatory support for industry consolidation is evident, with mergers viewed as an effective means for brokers to achieve external growth and enhance overall competitiveness [6]. Group 3: Financial Performance - In Q1 2025, 42 listed brokers achieved a total revenue of 125.5 billion yuan, a year-on-year increase of 20.18%, and a net profit of 52.0 billion yuan, up 79.75% year-on-year [6]. Group 4: Future Outlook - The market sentiment for the second half of the year is expected to remain positive, benefiting brokerage firms' income from brokerage services and accelerating wealth management transformations [7]. - The brokerage sector is anticipated to maintain a stable operating environment, with performance pressures expected to increase in the latter half of 2025 [8].

Group 1 - The main financing method for listed companies this year remains private placements, with 70 companies completing placements by June 22, raising a total of 580.95 billion yuan, a year-on-year increase of 529.39% [1] - The top five sectors for fundraising through private placements include banking, non-bank financials, public utilities, defense and military, and basic chemicals, with three banks raising a total of 415 billion yuan [1] - Major state-owned banks, such as Bank of China and Bank of Communications, have significantly contributed to the increase in private placement scale, with Bank of China raising 165 billion yuan and Bank of Communications raising 120 billion yuan [1] Group 2 - The majority of private placements are subscribed by institutional investors and natural persons, with nine companies having their entire placements subscribed by major shareholders this year [2] - The recovery of the private placement market is supported by policy initiatives, including the China Securities Regulatory Commission's merger guidelines released in September last year, which have revitalized the market [2] - The active period of mergers and acquisitions among A-share listed companies is becoming an important investment theme, allowing investors to participate in quality M&A transactions through private placements [2]