Group 1 - The core discussion at the 2025 Global Investor Conference focused on the progress of the M&A market, including topics such as valuation discrepancies, investor expectations, and challenges in deal design and cross-industry integration [1][2] - The Shenzhen Stock Exchange has implemented measures to enhance the efficiency of M&A reviews, with a reported average time reduction of 20% for major asset restructurings from 2022 to 2024 [2][3] - The number of disclosed restructuring projects has approached 800, with significant growth in major asset restructurings, which increased by over 200% year-on-year [2][3] Group 2 - The current M&A market is characterized by a notable gap between valuations in M&A transactions and IPO valuations, which poses challenges for both buyers and sellers [4][5] - The average static P/E ratio for major asset purchases by listed companies from 2022 to 2024 is reported to be between 13x and 16x, significantly lower than IPO valuations [5][6] - The semiconductor industry has seen a shift in seller sentiment, with sellers becoming more willing to accept lower valuations due to changing market conditions and regulatory clarity [6][7] Group 3 - Cross-industry mergers are facing challenges, including the complexity of integrating unrelated businesses and the difficulty in reaching consensus on key terms [7][8] - Regulatory support for cross-industry mergers is conditional, requiring that the acquiring company is of good quality and that the target company has strong competitive advantages in its niche market [8]

◎孔令仪 记者 何漪 徐正刚表示，"并购六条"发布后，深市并购重组市场规模和活跃度显著提升，累计披露重组项目接近 800单。其中，重大资产重组超过90单，同比增长超过200%。产业并购、新质生产力方向成为主流，估 值包容性明显提升。 "目前看，深市并购重组实施效果良好。统计显示，2022年至2024年完成重组的深市公司，重组完成当 年，总体收入、利润均大幅增长，收入增速超过50%的深市公司占四成，利润增速超过50%的占三成， 行业地位、规模效应进一步提升。"徐正刚说。 本次规则修订后，简易审核程序正式落地实施，监管包容度进一步提升。徐正刚表示，下一步，深交所 将继续积极发挥平台作用，进一步完善并购重组制度机制，提升监管服务质效，更大力度支持上市公司 深交所2025全球投资者大会圆桌讨论现场。 记者 何漪 摄 并购重组，加快发展新质生产力。 并购重组作为资本市场的核心工具，在优化资源配置效率、培育新质生产力发展、推动产业整合升级等 方面，发挥着愈发重要的作用。近日，中国证监会公布实施修改后的《上市公司重大资产重组管理办 法》，沪深北交易所也分别同步修订发布了配套规则。并购重组迎来重要机遇期。 5月19日至20日 ...

Group 1: M&A Market Trends - The current M&A market is experiencing significant activity, with nearly 800 disclosed restructuring projects, and major asset restructurings exceeding 90, representing a year-on-year increase of over 200% [2] - The Shenzhen Stock Exchange is enhancing review efficiency, aiming to reduce the average time for major asset restructurings by 20% from 2022 to 2024 [2][3] - Many small and medium-sized enterprises are seeking acquisitions by listed companies due to pressures from slow IPO reviews and limited financing options [2] Group 2: Valuation Challenges - There is a notable discrepancy between M&A valuations and IPO valuations, with the average static P/E ratio for major asset purchases between 13x and 16x, significantly lower than IPO valuations [5] - The market is witnessing a phenomenon of price inversion, where sellers are becoming more willing to accept lower valuations, with some indicating a willingness to accept a 50% reduction [6][5] - Regulatory bodies are increasingly recognizing the need for valuation flexibility to facilitate reasonable transaction pricing between parties [6] Group 3: Cross-Industry M&A Challenges - Cross-industry mergers face significant challenges, including complex integration processes and differing corporate cultures, which can lead to high failure risks [7] - Successful cross-industry acquisitions require a strong competitive position for the target company and a willingness from the acquiring company to adapt and integrate new capabilities [8] - Regulatory support for cross-industry mergers is conditional, emphasizing the need for quality in both the acquiring and target companies [8]

专题：专题｜深交所2025全球投资者大会：投资中国就是投资未来 徐正刚表示，自"并购六条"发布后，深市并购重组市场规模和活跃度显著提升，累计披露重组项目接近 800单。其中，重大资产重组超过90单，同比增长超过200%。其中，产业并购、新质生产力方向成为主 流。估值包容性明显提升。审核效率进一步提高，典型案例持续涌现，重组实施效果良好，微并购作用 有效发挥。下一步，深交所将更大力度支持上市公司并购重组，加快发展新质生产力。一是加大对优质 公司的支持力度。二是提高监管的包容度。是进一步提升审核效率，压缩审核用时。四是坚持以投资者 为本，严防带病闯关。 MACD金叉信号形成，这些股涨势不错！ 胡晓表示，头部并购基金正从传统财务赋能向战略赋能升级。除了前期在投资之前要对行业、市场包括 企业标的本身的讨论做相应的工作以外，进入标的之后如何去做投后工作，为企业增加更多的价值，提 出了更多的要求。 责任编辑：常福强 李文楣介绍，迈瑞以境内跨界补新、境外聚焦补强的战略深耕并购，借 ODI （境外直接投资政策）路 径破解跨境资金难题，曾因整合保守踩坑，如今提速优化，在政策东风下，持续以并购驱动全球医疗器 械赛道突破。 5月1 ...

报告导读： 5月以来主题交易热度小幅回升，港口海运相关主题大涨，科技类主题边际 转弱。上市公司并购重组政策优化落地，国务院做强国内大循环工作推进会强调深挖潜 力提振消费。推荐：AI智能体/具身智能/并购重组/内需消费。 主题温度计：港口海运相关主题大涨，科技类主题边际转弱。 5 月 12 日 -5 月 16 日热点主题日均成交 额平均 4.73 亿元，日均换手率 3.25% ， 5 月以来交易热度小幅回升。热点主题结构上科技主题边际走 弱，军工信息化、卫星互联网、航发等军工相关主题回调，电力、黄金相关主题走弱；关税谈判催化下的 港口、海运类主题大涨，内需相关的动保、宠物经济和离境退税主题走强。上市公司并购重组政策优化有 望提振各参会与主体积极性，国务院做强国内大循环工作推进会强调深挖潜力提振消费，而人工智能、机 器人等新兴科技领域增联催化不断，看好增量政策与产业增长势能共振的主题方向。 主题一： AI 智能体。 AI 智能体公司 Manus 开放普通用户注册，阿里 AI 助手 " 心流 " 上线高级研究功 能，字节跳动发布 Agent 产品 " 扣子空间 " ，百度推出智能体 " 心响 " 。 AI Agen ...

Core Viewpoint - *ST Yushun's stock price has surged by 204.18% from March 31, 2025, to May 20, 2025, despite the company's ongoing financial struggles and risk of delisting [1][6]. Group 1: Stock Performance and Trading Suspension - The company announced a trading suspension starting May 21, 2025, due to significant stock price fluctuations and investor concerns, with the suspension expected to last no more than three trading days [1]. - The Shenzhen Stock Exchange has been monitoring *ST Yushun's unusual trading behavior and has warned investors about trading risks [3]. Group 2: Financial Performance - *ST Yushun has faced continuous financial pressure, with annual revenues below 300 million yuan over the past five years and negative net profits [4]. - In the 2024 annual report, the company reported revenues of 220.28 million yuan, a year-on-year increase of 41.94%, but a net loss of 17.58 million yuan [6][7]. Group 3: Acquisition and Restructuring Plans - The recent stock surge is linked to a proposed acquisition involving *ST Yushun and three companies related to a data center project, which is expected to constitute a significant asset restructuring [6][7]. - The acquisition is still in the planning stage, with the framework agreement requiring further negotiations and necessary decision-making processes, indicating uncertainty regarding the finalization of the deal [8]. Group 4: Market Capitalization - As of May 20, 2025, *ST Yushun's stock price was 14.54 yuan per share, with a total market capitalization of 4.075 billion yuan [8].

在增长红利渐行渐远的存量时代，并购成为企业实现快速增长的关键路径。数据显示，2024年以来，我 国并购重组市场活跃度显著提升。 近日，在深交所举办的2025年全球投资者大会上，深交所创业板公司管理部总监徐正刚介绍，"并购六 条"发布后，深市并购重组市场规模和活跃度显著提升，累计披露重组项目接近800单。其中，重大资产 重组超过90单，同比增长超过200%。 政策多措并举活跃并购重组市场 当前，全球正在迎来新一轮科技革命和产业革命，科技创新已成为市场竞争的最前沿和主战场。与此同 时，中国正处在全面深化改革开放、推动经济结构转型升级的关键时期，以科技创新引领新质生产力发 展，加快建设现代化产业体系，是实现高质量、可持续发展的关键。 资本市场是资源配置的重要平台，可以汇集各类要素资源，助力企业科研攻关、转型升级。并购重组作 为资本市场核心工具，在优化资源配置效率、培育新质生产力发展、推动产业整合升级、畅通创新资本 良性循环、提升上市公司竞争力和投资价值、助力企业全球化布局等方面，发挥着愈加重要的作用。 2024年以来，我国出台了多项支持并购重组的政策措施。2024年4月，新"国九条"提出，多措并举活跃 并购重组市场 ...

星标 ★ IPO日报 精彩文章第一时间推送 日前， 国旅文化投资集团股份有限公司（600358.SH，下称"ST联合"）发布公告，公司正在筹划以发行股份及支付现金的方式，购买江西润田实 业股份有限公司（下称"润田实业"）部分或全部股权，并募集配套资金，以实现公司对润田实业的控制。 由于本次交易预计构成重大资产重组，ST联合股票目前处于停牌状态。 据悉，ST联合成立于1998年12月，是江西省第一家旅游类上市公司，主要从事互联网广告、"跨境购"、旅游三个业务板块。 今年3月18日，公司因此前涉嫌信息披露违法违规，根据上交所相关规定，公司股票被实施其他风险警示，股票简称由"国旅联合"变更为"ST联 合"。 2021年，公司实现营业收入8.24亿元，归母净利润0.25亿元，但此后连续三年下滑，并且归母净利润由盈转亏。 2022年至2024年，公司营业收 入分别为5.65亿元、5.43亿元、3.65亿元，归母净利润分别为0.75亿元、-0.13亿元、-0.64亿元。 根据上交所股票上市规则， 最近一个会计年度净利润为负值且营业收入低于3亿元的股票，将被实施退市风险警示，ST联合2024年业绩已经接近 这一红线。 20 ...

Market Overview - A total of 102 stocks hit the daily limit up in the A-share market, with 77 stocks remaining after excluding 25 ST stocks, resulting in a limit-up rate of 70.83% [1] Limit-Up Stocks - The highest limit-up order volume was for Tianqimo with 881,500 hands, followed by ST Lingnan, Zongyi Shares, and Palm Shares with 806,100 hands, 767,600 hands, and 407,200 hands respectively [2] - Notable stocks with consecutive limit-ups include *ST Lvkang with 5 consecutive limit-ups, and *ST Jinguang, Liren Liren, Zhengzhong Design, and *ST Hengjiu with 4 consecutive limit-ups [2] Mergers and Acquisitions - The China Securities Regulatory Commission (CSRC) recently announced modifications to the "Management Measures for Major Asset Restructuring of Listed Companies," which has led to multiple stocks in the mergers and acquisitions sector hitting the limit-up [3] - Tianqimo plans to acquire 50% equity of Dongshi Shares [4] - Zongyi Shares intends to gain control of Jilaiwei through cash capital increase or share transfer [5] - Oufeiguang plans to purchase 28.2461% equity of Oufeimicroelectronics (Nanchang) through share issuance and cash payment [5] Pet Economy - Stocks related to the pet economy that hit the limit-up include Yuanfei Pet, Tianyuan Pet, and Yiyi Shares [6] - Yuanfei Pet has launched high-end baking staple food and freeze-dried products under its own brand [7] - Tianyuan Pet is expanding its pet food business to enhance domestic sales channels [7] - Yiyi Shares has established a comprehensive online and offline channel layout for its brands [7] Cultural and Creative Economy - Stocks related to the cultural and creative economy that hit the limit-up include Chuangyuan Shares, Aofei Entertainment, and Guangbo Shares [9] - Chuangyuan Shares focuses on "IP + Technology + Cultural Creation" and aims to develop a product matrix with creative and practical value [9] - Aofei Entertainment continues to invest in content creation, leveraging popular IPs like "Pleasant Goat and Big Big Wolf" [9] - Guangbo Shares plans to expand its IP derivative product line by 2025 [9] Institutional Investment - Institutional net purchases exceeded 300 million for Zhongzhou Special Materials, with Oufeiguang, Liyang Chip, and Zhongzhou Special Materials being the top three net purchases [10][11] - Specific net buying amounts include 311 million for Oufeiguang and 233 million for Liyang Chip [11]

Group 1: R&D Investment and Achievements - In 2024, the company's R&D expenses reached CNY 56.53 million, representing a year-on-year increase of 13.19% [2] - Key R&D projects include the approval of the drug "Perindopril" in December 2024 and the development of "Maltose Iron Gel" [2] Group 2: Financial Performance - In 2024, the company achieved an operating income of CNY 847 million, a growth of 5.92% year-on-year, and a net profit attributable to shareholders of CNY 42.19 million, up 67.45% [5] - The increase in performance was driven by revenue growth, reduced financial expenses related to financial liabilities, and increased government subsidies [5] Group 3: Market Position and Future Plans - The company is focusing on multi-channel sales strategies for its smoking cessation drug, with expectations of continued high growth this year [6] - There are currently three companies competing in the domestic market for smoking cessation drugs [6] - The company has no current plans for mergers or acquisitions but will disclose any future plans promptly [6] Group 4: Shareholder Engagement and Financial Health - The decline in net assets is primarily due to the acquisition of minority shareholder equity in a subsidiary and obligations related to share buybacks [4] - The company emphasizes balancing profit distribution with reinvestment needs to enhance investor confidence [5]