以下为晚报正文： 1、七部门：设立"国家创业投资引导基金" 重要程度：★★★★★ 科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委印发《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》，设立"国家创业投资引导基金"。 其中提到，发挥国家创业投资引导基金支持科技创新的重要作用，将促进科技型企业成长作为重要方向，培育发展战略性新兴产业特别是未来产业，推动重 大科技成果向现实生产力转化，加快实现高水平科技自立自强，培育发展新质生产力。 拓宽创业投资资金来源。将金融资产投资公司（AIC）股权投资试点范围扩大到18个城市所在省份，支持保险资金参与金融资产投资公司股权投资试点。鼓 励社保基金会在自身业务范围和风险防控要求下开展股权基金投资，支持科技创新。 2、前4个月社融增量16.34万亿，4月M2同比增8%！业内解读 重要程度：★★★★ 央行5月14日发布的数据显示，4月末，广义货币（M2）余额同比增长8%，增速均较3月末时明显加快；人民币贷款余额同比增长7.2%，还原地方债务置换 影响后增速超过8%；前4个月，社会融资规模增量累计为16.34万亿元，比上年同期多3 ...

为推动陕西上市公司高质量发展，加深辖区上市公司高管对并购重组最新政策的理解，服务上市公司用 好并购重组工具，5月13日，在陕西证监局和深圳证券交易所指导下，陕西上市公司协会联合陕西资本 市场服务中心成功举办"加快推动陕西企业运用并购重组实现高质量发展"培训会。辖区上市公司董事 长、总经理及投融资负责人200余人参加此次培训。 陕西证监局党委委员、副局长李国强在培训会上指出，上市公司要紧紧围绕高质量发展的核心目标，认 真做好各项工作：一是要主动把握政策窗口红利期，积极运用并购重组实现产业链优化升级，不断培养 上市公司核心竞争力；二是要严防财务造假、资金占用等违法违规行为，筑牢信息披露根基，特别是防 范信息披露低级错误发生，争做"优等生"；三是健全投资者回报机制，在积极主动落实好常态化分红、 增持、回购等各项工作要求的同时，积极运用交易所互动平台，搭建与投资者的良好互动；四是要坚守 合规经营底线，持续提高内部管理水平，不断增强应对外部冲击的韧性。 陕西证监局公司监管处处长张峰传达了最新的并购重组及信息披露监管要求。他指出，自"并购六条"实 施以来，全市场并购活跃度明显提升，政策包容度提高。强调辖区上市公司要审时度 ...

Group 1 - A-share market sees a surge in mergers and acquisitions (M&A) activity, with multiple companies announcing related transactions in May [1][2] - *ST Kaiyuan, a company involved in coal quality testing equipment and vocational education, has applied to revoke its delisting risk warning following a restructuring process [1] - The company reported a net profit of -17.81 million yuan for Q1 2025, with a year-on-year decline of 158.37% [1] Group 2 - Cash acquisitions are becoming the preferred method for many listed companies, with some opting for small equity stakes and capital increases to gain shares in target companies [2] - Salt Lake Co. intends to invest approximately $300 million in cash to acquire shares in Australian company Highland Resources, aiming to become its largest shareholder [2] - The ongoing M&A market is driven by the need for industry consolidation and resource optimization among state-owned enterprises, indicating a sustained hot market for future M&A activities [2]

Core Viewpoint - The recent merger and acquisition activities in the Shenzhen Stock Exchange (SZSE) are being driven by policy support, capital empowerment, and industrial upgrades, leading to a significant increase in the number of disclosed projects and total transaction value since the introduction of the "Six Guidelines" by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Merger and Acquisition Trends - The SZSE has seen a total of 767 disclosed merger and acquisition projects since the "Six Guidelines" were released, with a combined value of 2,940 billion yuan, including 89 major asset restructurings valued at 1,149 billion yuan [1]. - Companies are increasingly focusing on synergistic effects through mergers and acquisitions, enhancing industrial integration and improving supply chain layouts [2]. - Notable examples include State Power Investment Corporation's acquisition of 100% of China National Nuclear Power Co., which aims to consolidate nuclear power assets, and Beijing Huada Jiutian's acquisition of a leading EDA company to strengthen its position in the integrated circuit industry [2]. Group 2: Transformation and Upgrading - Many companies are pursuing cross-industry acquisitions to accelerate structural adjustments and technological innovations, such as Shandong Yanggu Huatai's acquisition of a company specializing in polyimide materials for semiconductor applications [3]. - Companies are also focusing on strengthening weak links in their supply chains by acquiring quality but unprofitable assets, as seen in Jingrui Electronic Materials' acquisition of a majority stake in a microelectronics materials company [3]. - Mergers and acquisitions are becoming a vital channel for companies planning to go public to achieve asset securitization, exemplified by China Nuclear Suval's acquisition of a nuclear instrument company that previously withdrew its IPO application [3]. Group 3: Regulatory Support and Efficiency - The CSRC is actively reforming the merger and acquisition environment to enhance efficiency, including simplifying review processes and allowing flexible payment methods for transactions [6][7]. - Since the implementation of the "Six Guidelines," two companies in the SZSE have utilized targeted convertible bonds to improve the flexibility and efficiency of their mergers and acquisitions [6]. - Future regulatory measures are expected to further support mergers and acquisitions for technology-driven companies, enhancing review efficiency and payment flexibility [7].

华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 2025年的A股市场，并购重组正以超预期的速度掀起新一轮浪潮。 据Wind数据显示，截至5月12日，年内A股上市公司新增66单重大资产重组，同比增长144.44%。这一数据不仅反 映了市场并购活动的活跃程度，也预示着企业转型升级、产业整合的步伐正在加快。 值得一提的是，上述66单重大资产重组中，有7单为央企控股上市公司重组，8单为地方国有上市公司重组。 湖南汽车工程职业大学产教融合研究院执行副院长、中国企业联合会特约高级研究员刘兴国在接受《华夏时报》 记者采访时表示，今年以来，资本市场重大重组事项显著增加，这和当前发展环境和企业发展战略调整有关。一 方面，多年增长缓慢导致的经营压力，使得不少企业寻求通过重组整合寻求新机遇，为市场提供了丰富的重组机 会与空间；另一方面，随着"十四五"规划收官与"十五五"规划布局交替，企业战略调整步伐加快，并购重组需求 激增，双向推动之下，资本市场迎来了重大重组整合的新高潮。 "重组整合具有周期性波动特征，特殊事件往往能加速其增长，但浪潮过后，市场或将进入并购重组相对沉寂的阶 段。"刘兴国表示。 ...

Core Insights - The "Six Merger Rules" have led to an increase in merger and acquisition (M&A) activities in the Shenzhen market, with 767 new disclosures totaling 294 billion yuan since the announcement [1] - Major asset restructurings have also seen significant activity, with 89 cases amounting to 114.9 billion yuan, indicating a trend towards industrial integration and transformation [1] Group 1: M&A Activity and Trends - Shenzhen-listed companies are actively improving operational quality and efficiency through M&A, responding to supply-side structural reforms and industrial upgrades [2] - Central state-owned enterprises are enhancing asset integration, exemplified by the acquisition of 100% equity in China Power Nuclear by China Power Investment, valued at 57.1 billion yuan [2] - The acquisition of Baiyin Coal Power by China Power Investment Group aims to expand business scale and promote clean energy transition [2] Group 2: Strategic Acquisitions - Huada Jiutian plans to acquire 100% equity in Chip and Semiconductor, a leading EDA company, to enhance its EDA solution offerings [3] - Longyang Electronics intends to acquire 100% equity in Deyou New Materials, expanding its product range in functional coating materials for consumer electronics [3] - Jingrui Electric Materials aims to acquire 76.1% equity in Hubei Jingrui to boost production of high-purity chemicals essential for the semiconductor industry [3] Group 3: Market Dynamics and Financing - The M&A market is becoming more active as companies seek to achieve asset securitization through restructuring, influenced by a tightening IPO market [5] - Companies are innovating in payment methods for acquisitions, such as using convertible bonds, to balance stakeholder interests [6] - The acquisition of Jiangsu Keda by Lingyi Technology through cash and convertible bonds will enhance its presence in the automotive parts market [6] Group 4: Future Outlook - The combination of policy support, capital empowerment, and industrial upgrades is expected to drive Shenzhen-listed companies to adopt a more open approach, enhancing China's new productive forces [7]

Group 1 - The resilience of China's economy is highlighted, with A-share listed companies showing strong performance and adaptability under current external pressures [1][2] - In Q1 2025, 5,400 listed companies reported a total net profit of 1.49 trillion yuan, reflecting a year-on-year growth of 3.64%, with over 70% of companies achieving profitability [1][2] - The majority of A-share companies, nearly 90%, derive their revenue from the domestic market, indicating a stable growth outlook for these firms [2] Group 2 - A-share companies have diversified their export markets significantly, with export revenue increasing from 4.9 trillion yuan in 2018 to 9.4 trillion yuan in 2024, a growth of 92% [3] - The proportion of companies with direct export revenue to the U.S. has decreased, with 91% of companies reporting that U.S. exports account for less than 10% of their total revenue [3] - High-tech products such as advanced equipment, integrated circuits, and electric vehicles are driving overseas revenue growth in various sectors [3] Group 3 - The China Securities Regulatory Commission (CSRC) is focused on supporting companies affected by U.S. tariffs through regulatory adjustments and promoting mergers and acquisitions for transformation and upgrading [4][5] - Since the introduction of the "merger and acquisition guidelines," nearly 1,400 restructuring projects have been disclosed in the A-share market, marking a 40% increase year-on-year [5] - Mergers and acquisitions are seen as a key strategy for companies to enhance competitiveness, improve financial performance, and optimize governance structures [5]

5月以来，A股并购重组呈现多点开花的局面。一方面，已发布重组预案的公司有序推进并购进程，受 理、问询进度备受关注；另一方面，新增并购案例层出不穷，交易模式偏向以现金为主的"短平快"，并 购方向则看向以产业协同为首的新兴产业、未来产业。 上证报记者关注到，仅5月13日一天，就有十多家上市公司密集发布并购重组相关公告，其中近半数是 首次宣布并购计划。从交易方式来看，现金收购成为更多上市公司的首选，不少公司以小额参股、增资 等形式获得相关标的公司股权，个别涉及控股权的收购仍以现金及发行股份相结合的方式进行。从并购 目的来看，产业协同仍是主流趋势，既有横向整合扩展市场，也有垂直整合完善产业链条。 "并购重组蕴含着方案设计、标的对接与多方博弈的独特魅力，当前众多潜在项目正处于关键推进阶 段。"民生证券投行业务部经理项捷克对记者表示，在"并购六条"引导下，上市公司通过产业整合提升 竞争力、央国企加速资源优化配置，企业发展的内生动力正成为推动并购市场持续升温的核心引擎，预 示着未来并购市场将持续保持火热态势。 现金并购频现交易便捷性受青睐 据不完全统计，5月13日，至少有15家A股公司披露了并购重组相关公告，其中有7家公司 ...

Group 1 - Company announced an earnings briefing on May 13, 2025 [1] - Company is actively applying and exploring the expansion of artificial intelligence in its operations [2] - The company is in the construction phase of the trifluoroacetyl series product project, which is an important raw material in the organic chemical field [6][29] Group 2 - The company aims to strengthen its potassium salt position, expand the fluorine industry, increase veterinary drug varieties, and enhance R&D capabilities as part of its development strategy [9] - The company is currently focusing on the semiconductor materials sector through its investment in Chip Pure Semiconductor [17] - The company reported a significant increase in sales revenue for Q1 2025, with a year-on-year growth of 27.78% [40] Group 3 - The company is considering mergers and acquisitions as part of its strategic planning [7][8] - The company is committed to improving its market valuation and investor returns despite current low market capitalization [13][26][39] - The company is monitoring the impact of new U.S. tariff policies, noting that its export sales to the U.S. are relatively small and have not had a significant negative impact [38]

Group 1: Company Development and Financial Performance - The company aims for "stability while seeking change and striving for breakthroughs" in its 2025 development plan, focusing on optimizing management and business areas [2] - The company did not distribute profits for the 2024 fiscal year due to a negative distributable profit situation, ensuring long-term stability and sustainable development [3] - In 2024, the company reported a revenue of 442.58 million, a decrease of 31.26% compared to the previous year, primarily due to a decline in demand for continuing education services and increased market competition [5][6] Group 2: Risks and Challenges - The company's goodwill is valued at 1.029 million, significantly reduced from a peak of 1.4205693 billion, indicating a substantial release of goodwill impairment risk [4] - As of the end of 2024, the company had accounts receivable of approximately 227 million, with a significant portion owed by government institutions and schools, but the risk of these becoming bad debts is relatively low [10][11] Group 3: Business Initiatives and Future Plans - The company has opened two offline stores for the "Zhongke Duote Children's Attention" project in Guangdong, with plans to enhance revenue through online marketing and product sales [8] - The continuing education business accounts for 62.53% of the company's revenue, with future plans to stabilize existing operations while exploring industry standards and leveraging AI technology for personalized teacher training [12]