6月9日，重组办法修订发布后首单上市公司之间吸收合并交易案迎来新进展。当晚，海光信息和中科曙 光双双披露重大资产重组预案公告。 6月10日晚间，鸿合科技发布详式权益变动报告书，披露了此次筹划实控人变更的详细情况。合肥瑞丞 拟作为普通合伙人暨执行事务合伙人设立基金，以15.75亿元收购鸿合科技25%股份并取得公司控制 权。这是"并购六条"发布以来，A股市场首单CVC（企业风险投资）收购上市公司的案例。 迅实国际金融控股董事长应伟平表示，私募投资基金具有产业链、资本、技术和人才等优势，在产业链 上下游通常拥有众多被投企业，入主上市公司后可借助上市公司主体发挥产业协同效应，帮助上市公司 解决业务转型等问题，开拓新的增长空间，推动上市公司做大做强。 可以看到，在政策暖风下，越来越多的上市公司开始探索用足用好政策红利，实现外延式高质量发展。 并购标的含"新"量高 近期，多个具有标杆意义的A股市场并购重组案例不断涌现。市场人士分析，5月修订发布的《上市公 司重大资产重组管理办法》在简化审核程序、创新交易支付工具、鼓励私募基金参与等方面作出优化， 催生出一批优质典型并购重组案例，这些重组标的更加优质、产业协同特征更加明显。 ...

图片来自视觉中国 作者｜杨敏 发自新加坡 其次是加强粮食和能源安全。印尼正推动食用油、生物燃料等重点领域的产能扩张，并加快开发太阳能、水电等可再生 能源。"我们的目标是实现100%绿色能源供应，新首都努山塔拉也将实现完全由清洁能源供电。" 第三是印尼强调区域合作的重要性。他指出，印尼正推动东盟数字支付互联互通，并计划于今年8月在中国与日本之间 启动跨境支付试点。同时，印尼也在深化与地区伙伴在可持续发展方面的合作。 印尼有潜力在中美博弈之间，扮演 "中间人"的角色，帮助中国企业在合规前提下寻找更灵活的国际路径 …… 在全球经济不确定性加剧的背景下，印度尼西亚如何保持增长动能、优化政策环境、吸引外资，正成为区域各方关注的 焦点。新一届政府上台后，总统普拉博沃提出一系列新政策，包括强化主权基金运作、推进国企改革、发展绿色能源与 下游产业链，力图为印尼经济注入新动能。这些政策背后蕴含哪些机遇，又将面临怎样挑战？ "印尼不仅拥有丰富的自然资源，更具备活力充沛的人力资本，为全球投资者提供了坚实的长期合作基础。"在6月4日于 新加坡举行的"亚洲愿景伙伴计划"（Asia New Vision Partnership，简称A3 ...

文 | 付一夫 城市"抢人大战"，风云再起。 进入2025年，全国各地忽然又掀起了新一轮人才争夺的浪潮。比如，广州南沙不仅为应届毕业生提供免 费住宿和面试路费补贴，新引进落户的本科生、硕士、博士每月还可分别申领1000元、2000元、4000元 生活补贴，连续支持30个月；苏州提出对人工智能领域顶尖人才顶格支持，给予最高1亿元项目资助和 最高1000万元购房补贴。还有许多城市也都纷纷拿出看家本领，试图吸引各路人才的加盟。力度之大与 诚意之深，着实令人叹为观止。 个中深意，耐人寻味。 01 "抢人大战"并不是新鲜事，早在2018年前后就曾出现过。 犹记得那时，以南京、武汉、成都、西安、长沙等为代表的一众二线城市，先后放出"送户口""送房 补""免费租借办公区"等大招来吸引人才，希望以此来提升城市活力并推动经济发展。而那场"抢人大 战"的范围，足足涉及数十个城市之多。 与之相比，本轮"抢人大战"在诸多方面都发生了显著的变化： 首先，是参与城市范围与层级的显著拓展。 2018年前后的那场"抢人大战"，主角其实是二线及以下城市，而北上广深等一线城市因为受到人口规模 控制等客观条件的限制，当时表现相对克制。不过在202 ...

Core Viewpoint - The second batch of Yangtze River Delta Innovation Alliances has been announced, aiming to enhance technological innovation and industrial integration in the region [1][3]. Group 1: Innovation Alliances - A total of 12 new innovation alliances have been established, each led by a prominent company in the region [2]. - The leading companies and their respective innovation alliance names include: - Jiangsu Hengtong Optic-Electric Co., Ltd. leading the "Yangtze River Delta Marine Information Transmission Technology Innovation Alliance" - Jiangsu Aosai Kang Pharmaceutical Co., Ltd. leading the "Yangtze River Delta Antimicrobial Infection Drug Research Innovation Alliance" - Nanjing Meichen Microelectronics Co., Ltd. leading the "Yangtze River Delta Low Earth Orbit Satellite Communication Integration Technology Innovation Alliance" - And others across various sectors such as AI, semiconductor technology, and automotive [2]. Group 2: Objectives and Future Plans - The goal of these alliances is to create a collaborative framework involving leading technology enterprises, academic institutions, and various innovation entities to tackle major technological challenges [3]. - Future plans include improving organizational structures and operational mechanisms, leveraging the influence of leading units, and fostering innovation across the entire industrial chain [3]. - The alliances will focus on forward-looking collaborative research, joint tackling of key technologies, and the transformation and industrialization of scientific achievements to enhance the autonomous innovation capabilities and core competitiveness of key industries in the Yangtze River Delta [3].

Core Insights - The trend of "Gaokao + Study Abroad" is gaining popularity among Chinese students and parents, providing a dual pathway for higher education opportunities [1][2][3] - The number of students applying for overseas universities using Gaokao scores is expected to increase significantly, with a notable rise in applications to popular destinations like the UK and Australia [1][3] - The diversification of application channels for overseas studies, including direct applications based on Gaokao scores, is becoming more common, reflecting a shift from traditional pathways [3][4] Group 1: Trends in Study Abroad - The number of students applying for overseas undergraduate programs is increasing, with a significant rise in applications to the UK and Australia [1][3] - The "Gaokao + Study Abroad" approach is seen as a way to alleviate exam pressure for students, providing them with more options [2][3] - The percentage of students applying directly to UK universities through international courses has risen from 46.6% in 2019 to 72.8% in 2024 [3] Group 2: Popular Fields of Study - Popular fields for Chinese students studying abroad include Electrical Engineering, Dentistry, Computer Science, Information Security, and Microelectronics, aligning with domestic industry demands [4] - The trend of choosing fields related to emerging industries, such as AI and green energy, is evident, with 60% of returnees working in new technology sectors [4][5] Group 3: Study Destination Preferences - The UK remains the top choice for Chinese students due to its prestigious universities and strong academic reputation, with 158,300 Chinese students enrolled in the 2022-2023 academic year [5] - Singapore has emerged as a strong contender in the study abroad market, ranking second in the study environment index, surpassing the US and Canada [5] Group 4: Policy and Market Dynamics - Countries are optimizing their study abroad policies to attract global talent, particularly in high-tech industries [6] - The increasing preference for international talent in the job market is driving improvements in study abroad services, with universities collaborating with Chinese companies for career planning [5][6]

金融界6月4日消息，上证指数高开高走，上证新兴产业指数 (上证新兴，000067)上涨0.38%，报6601.0 点，成交额365.43亿元。 从上证新兴产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证新兴产业指数持仓样本的行业来看，工业占比30.15%、信息技术占比27.27%、医药卫生占比 12.77%、原材料占比11.94%、通信服务占比8.18%、可选消费占比5.72%、公用事业占比3.97%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，上证新兴产业指数近一个月下跌0.37%，近三个月下跌6.25%，年至今下跌5.04%。 据了解，上证新兴产业指数选取沪市中规模大、流动性好的50家新兴产业上市公司证券作为指数样本， 以综合反映沪市新兴产业上市公司证券的整体表 ...

Core Viewpoint - The investment data in various regions is steadily recovering, indicating an increasing role of investment in expanding demand and optimizing supply [1] Group 1: Fixed Asset Investment - From January to April, the national fixed asset investment (excluding rural households) reached 14,702.4 billion yuan, with a year-on-year growth of 4.0% [1] - The contribution of manufacturing investment to overall investment growth is significant, with a year-on-year increase of 8.8%, which is 4.8 percentage points higher than the total investment growth rate [2] Group 2: Manufacturing Investment - High-tech manufacturing investment, particularly in computer and office equipment manufacturing, grew by 28.9%, while aerospace and equipment manufacturing increased by 23.9% [2] - In Anhui Province, automotive manufacturing investment surged by 39.2%, with its share of manufacturing investment rising from 11% to 15.3% year-on-year [2] Group 3: Private Investment - Private investment in Henan Province increased by 9.7%, surpassing the national average of 9.5% and the provincial investment growth rate by 3.3 percentage points [4] - The implementation of the Private Economy Promotion Law is expected to further enhance private investment vitality [4] Group 4: Policy Measures - The National Development and Reform Commission plans to utilize new local government special bonds and strengthen credit punishment to accelerate the clearance of debts owed to private enterprises [5] - Various regions are actively implementing measures to optimize the business environment and encourage investment, such as Shandong's international cooperation events and Anhui's streamlined government services [6] Group 5: Investment Potential - The investment potential in China remains substantial, driven by broad space for industrial upgrading and significant investment needs in social welfare [7] - The internal driving force for investment growth is still insufficient, necessitating efforts to improve investment efficiency and optimize investment structure [7]

Economic Overview - The province's economy continued to show a stable and positive development trend in April, with industrial growth remaining robust and investment and consumption growth accelerating, with key indicators surpassing the national average [4]. Industrial Growth - In April, the province's industrial added value above designated size increased by 8.0% year-on-year, exceeding the national average by 1.9 percentage points [1]. - The automotive and parts industry and the electronic information industry saw year-on-year added value growth of 17.3% and 13.0%, contributing 10.7% and 9.9% to the province's industrial growth, respectively [1]. - The electrical machinery and equipment manufacturing industry experienced a year-on-year added value growth of 23.0%, accelerating by 0.7 percentage points compared to March, and outpacing the province's industrial growth by 15 percentage points [1]. - From January to April, the province's industrial added value increased by 8.6% year-on-year, higher than the national average by 2.2 percentage points [1]. Investment Trends - From January to April, fixed asset investment in the province grew by 6.4% year-on-year, accelerating by 1 percentage point compared to the first quarter and exceeding the national average by 2.4 percentage points [2]. - Investment in projects above 100 million yuan increased by 10.6% year-on-year, contributing 6.7 percentage points to the overall investment growth [2]. - Industrial investment surged by 26.6% year-on-year, accelerating by 4.7 percentage points compared to the first quarter, and outpacing the national average by 14.9 percentage points [2]. - Private investment showed vitality with a year-on-year growth of 9.7%, slightly above the national average of 9.5% [2]. Consumption Performance - In April, the total retail sales of consumer goods reached 206.739 billion yuan, growing by 8.1% year-on-year, which is 3 percentage points higher than the national average [3]. - The retail sales of computers and related products, wearable smart devices, and home appliances saw significant year-on-year growth of 140.4%, 110.0%, and 42.6%, respectively [3]. - From January to April, the total retail sales of consumer goods amounted to 946.793 billion yuan, with a year-on-year growth of 7.2%, surpassing the national average by 2.5 percentage points [3]. Emerging Industries - The province's high-tech manufacturing industry added value increased by 13.5% year-on-year in April, with the new energy vehicle industry and the next-generation information technology industry growing by 14.5% and 11.5%, respectively [3]. - High-tech manufacturing investment rose by 24.6% year-on-year from January to April, accelerating by 7.9 percentage points compared to the first quarter [3]. - The share of new energy power generation in the province's industrial power generation reached 23.5%, increasing by 1.7 percentage points compared to the first quarter and 6.1 percentage points compared to the full year of 2024 [3].

Summary of Conference Call Notes Industry or Company Involved - Focus on the investment outlook for the A-share market and related sectors in China Core Points and Arguments 1. **Optimistic Investment Outlook for 2025** The company holds an optimistic view on investment opportunities in the second half of 2025, primarily driven by the anticipated Federal Reserve interest rate cuts, which are expected to fall below 1% from the current level above 5% [1][2] 2. **Impact of Federal Reserve Rate Cuts on Capital Flows** The expected rate cuts by the Federal Reserve will alter global capital flow patterns, directing international capital from developed markets to emerging markets, particularly benefiting the A-share market [2][6] 3. **Focus on High Dividend Yield Assets** There is a strategic emphasis on high dividend yield sectors, such as food and beverage and public utilities, which are expected to gain value as interest rates decline [3][6] 4. **Three Main Investment Themes for 2025** The company identifies three key investment themes for the second half of 2025: - High dividend strategies focusing on leading companies related to people's livelihoods - Emerging industries like robotics - Aging population themes, particularly in pharmaceuticals and home care for the elderly [4] 5. **Long-term Holding Strategy** A "buy and hold" strategy is emphasized, focusing on building a resilient asset portfolio to withstand market volatility. The current A-share market is viewed as being at a historical valuation low, with strong policy support and stable earnings from leading companies providing confidence [5][6] 6. **Response to U.S.-China Tariff Policies** The company believes that while U.S. tariffs may cause short-term pain, they will ultimately benefit China's production optimization and industry consolidation. The overall impact on the A-share market is considered neutral, with a recommendation to focus on competitively strong leading companies [3][6] 7. **Cautious Approach to Emerging Industries** Although there is recognition of the potential in emerging industries like robotics, the company prefers to wait for clearer industry dynamics before making investments in these areas [6] 8. **Focus on Aging Population Needs** The company highlights the growing demand related to the aging population, with the number of individuals aged 78 and above expected to increase from 32 million in 2025, indicating a long-term growth opportunity in related sectors [4][6] 9. **Balancing Risk and Return** The strategy to balance risk and return involves a buy-and-hold approach, focusing on constructing a resilient portfolio with an emphasis on essential consumer goods and defensive sectors [6] Other Important but Possibly Overlooked Content - The discussion includes a detailed analysis of the implications of macroeconomic factors, such as interest rates and demographic changes, on investment strategies in the A-share market and related sectors [1][2][4][5][6]

Group 1 - The core viewpoint of the news is that Hangzhou Garden's strategic investment in Zhichu Automotive Technology is a significant move to position itself in emerging industries and explore industrial synergy under the "dual carbon" goals [1][2][3] - Zhichu Automotive Technology, established on June 17, 2022, has quickly emerged in the automotive technology sector, focusing on advanced vehicle chip platform development and production supply, particularly in smart cockpit and intelligent driving domains [1][2] - The investment aligns with the ongoing transformation in the automotive industry, where electric vehicles and smart connected cars are becoming key growth drivers, with global sales of new energy vehicles continuing to rise [2] Group 2 - Hangzhou Garden aims to leverage its expertise in urban planning and landscape design to contribute to the development of smart transportation infrastructure, creating harmonious designs for electric vehicle charging stations that enhance urban aesthetics [2] - The technology from Zhichu Automotive may enhance the visitor experience in cultural tourism projects, such as smart guided vehicles in scenic areas, showcasing innovative applications of their automotive technology [2] - The company will closely monitor Zhichu Automotive's development and may consider further investments if significant technological advancements are made, which would support the dual carbon goals and enhance competitive positioning in emerging industries [3]