就A 股市场而言，5 月份将进入2季报的验证阶段，对年内的业绩预期将给予重要指引。如果业绩端有超预期的表现，后市行情或围绕业绩的回升展开新一 轮的部署。如果业绩端表现低于预期，则市场将延续此前政策博弈和题材博弈的特征，市场的驱动力将更多来自于估值端。行业配置方面，二季度可关注： （1）一季报业绩端具有相对确定性或股息率较高带来一定防御属性的有色金属和基础化工部分细分领域、家用电器和银行行业；（2）业绩真空期叠加海外 流动性宽松预期有望推升市场风险偏好下，消费、TMT 板块的主题性投资机会。 主力净流入行业板块前五：军工，新能源汽车，大金融，券商，通用航空； 主力净流入概念板块前五：国企改革，央企改革，出海龙头，人形机器人，军 工集团； 主力净流入个股前十：东方财富、中航成飞、立讯精密、拓斯达、中国船舶、新易盛、中信证券、中航沈飞、比亚迪、赢时胜 根据《中国核能发展与展望（2023）》，预计到2035年，我国核能发电量在总发电量的占比将达到10%，相比2022年翻倍。从行业格局上看，核电运营牌照 较为稀缺，目前仅中广核、中核、国家电投和华能四家企业具备资质，而伴随着我国核电技术的发展，目前三代技术已成为主流，四 ...

Group 1 - The core viewpoint of the news is that Caixin Securities has resumed its IPO process after updating its financial information, showing promising financial performance in 2024 with revenue of 4.045 billion yuan and net profit of 1.054 billion yuan, leading among five other preparatory IPO brokers [1][5] - Caixin Securities' IPO application was accepted by the Shanghai Stock Exchange on March 1, 2023, and it entered the "inquired" status shortly after receiving inquiries from the exchange on March 21, 2023 [2][3] - The IPO process faced interruptions due to the expiration of financial documents, requiring resubmission, and was further complicated by regulatory actions against its accounting firm, leading to a halt in the IPO review process [3][5][6] Group 2 - The current IPO environment has become more stringent since the second half of 2023, with a noticeable slowdown in new stock issuances and many companies withdrawing their IPO applications, making it challenging for Caixin Securities to proceed [5][6] - The focus of the IPO process has shifted towards supporting new productive enterprises, which may limit the chances for smaller firms like Caixin Securities to secure IPO approval, as their listing would compete for resources with these prioritized companies [6][7] - Given the current market conditions, it may be more beneficial for Caixin Securities to pursue mergers and acquisitions rather than focusing solely on the IPO process, as this aligns better with industry trends and regulatory support for consolidation among brokerages [6][7]

■朱宝琛 从上市公司披露的情况来看，以横向或垂直整合为目的的并购事件不断涌现，数量持续增长。同时，不少上市公司称，开 展并购重组是为了拓宽业务领域，发挥协同效应，实现业务整合和产业链延伸。这反映出，越来越多的上市公司通过筹划高质 量产业并购，优化资产结构和业务布局，提升核心竞争力，推动产业向更高层次发展。 第二，推动上市公司并购重组向新求质、向智寻进。 "并购六条"明确，"支持运作规范的上市公司围绕产业转型升级、寻求第二增长曲线等需求开展符合商业逻辑的跨行业并 购，加快向新质生产力转型步伐"。 事实上，在"并购六条"发布后新增的重大重组案例中，不少都指向了"硬科技"领域。这有助于相关上市公司通过并购重组 快速获得关键技术，降低研发成本，加速创新成果转化；有助于相关上市公司优化产业链、供应链布局，实现补链强链，开拓 第二增长曲线，提升公司的投资价值。 在看到一系列政策激发并购重组市场活力的同时，也要看到，在实践中仍有一些困惑待解。如果政策能给出更明晰的预 期，无疑将进一步提升市场各参与者的信心，推动更多优质企业通过并购重组的方式集聚优势资源、做强做优。 5月8日晚间，中国船舶工业股份有限公司和中国船舶重工股份有 ...

Core Viewpoint - The article discusses the differentiated development and specialized operations of small and medium-sized securities firms in China, emphasizing their strategies to adapt to regulatory guidance and industry consolidation trends [1][2]. Group 1: Regulatory Guidance and Industry Trends - In March 2023, the China Securities Regulatory Commission issued guidelines to support differentiated development for small and medium-sized institutions, encouraging them to leverage their unique resources and capabilities [1]. - The securities industry is experiencing a wave of mergers and acquisitions, leading to increased market concentration and prompting many small firms to seek acquisition opportunities [1][7]. Group 2: Regional Development Characteristics - Many small and medium-sized securities firms have distinct regional characteristics, often backed by local state-owned assets, and are focusing on regional development strategies [2]. - For instance, Guosheng Securities aims to deepen its presence in Jiangxi province while also serving national needs, leveraging local resources for competitive advantage [2][3]. Group 3: Business Specialization and Performance - Small and medium-sized firms are focusing on niche areas to differentiate themselves, with some achieving notable success in research and commission income despite a general decline in the industry [4][5]. - Companies like Dongbei Securities are positioning themselves as comprehensive firms specializing in small and innovative enterprises, achieving significant market presence in specific sectors [5]. Group 4: Mergers and Acquisitions - Many small and medium-sized securities firms are actively pursuing mergers and acquisitions to enhance their market competitiveness, with firms like Guoyuan Securities and Dongbei Securities expressing intentions to seek high-quality partnerships [7]. - Guoyuan Securities emphasizes that mergers and acquisitions are crucial for enhancing market competitiveness and company valuation, while also ensuring risk control [7].

Core Viewpoint - A total of 16 A-share listed companies disclosed their latest merger and acquisition progress this week, with significant developments including a change in control for Huina Technology, which will resume trading on May 12 [1][2]. Group 1: Companies Disclosing M&A Progress - Hengerdai announced plans to acquire high-precision CNC grinding business assets from Germany's SIS on February 9 [2]. - Landai Technology intends to acquire an 18% stake in its subsidiary Chongqing Taiguan on February 9 [2]. - Jinchengxin plans to acquire a 5% stake in Colombia's CMH to gain control on February 8 [2]. - Qingdao Beer is set to acquire 100% equity of Jimo Huangjiu on May 7 [2]. - Hainan Development plans to acquire a 51% stake in Wangying Technology on May 7 [2]. - Western Gold intends to cash purchase 100% equity of Xinjiang Meisheng on May 7 [2]. - Huayi Group plans to acquire 60% equity of San Aifu for 4.091 billion yuan on May 6 [2]. - Xinbang Intelligent is planning asset purchases, leading to a stock suspension on May 6 [2]. - Huina Technology's controlling shareholder is planning a change in control, resulting in a stock suspension on May 6 [2]. - ST Huazong intends to cash purchase a 34% stake in its subsidiary Zhejiang Zhuangchen on May 6 [2]. - Tongyu Heavy Industry's actual controller will change to the Shandong Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading [2]. - Chaoao Sensor will see Zhongchuang Xinhang gain control, with stock resuming trading [2]. - Huibo Yuntong plans to acquire control of Baode Computer, leading to a stock suspension on May 5 [2]. - Electric Investment Energy is planning asset restructuring, resulting in a stock suspension on February 2 [2]. - Yongli Co. intends to acquire a 50% stake in Ketaike for full control on May 5 [2]. - Xingye Yinxin plans to acquire Atlantic Tin Industry Co., Ltd. for 454 million yuan on May 5 [2].

智通财经5月10日讯（编辑 平方）近期，A股并购重组热度持续攀升。拟购买WAC 100%股权的万向钱 潮周五收盘2连板，拟购买电力集团89.3%股权并募集配套资金的淮河能源周五收盘涨停。消息面上，5 月7日，证监会主席吴清在参加国新办新闻发布会时表示，支持上市公司通过并购重组转型，目前证监 会正在抓紧修订上市公司重大资产重组管理办法，进一步完善并购6条的配套措施，以更大力度支持上 市公司并购重组。 据智通财经不完全统计，截至发稿，本周披露并购重组进展的A股上市公司共有16家，分别为恒而达、 蓝黛科技、金诚信、青岛啤酒、海南发展、西部黄金、华谊集团、信邦智能、汇纳科技、*ST华嵘、通 裕重工、苏奥传感、慧博云通、电投能源、永利股份和兴业银锡，具体情况如下图： | | | 本周披露并购重组进展的A股上市公司 | | --- | --- | --- | | 证券简称 | 公告时间 | 具体内容 | | 恒両达 | 5月9日 | 拟收购德国SMS公司高精度数控磨床业务相关资产 | | 蓝黛科技 | 5月9日 | 拟收购控股子公司重庆台冠18%股权 | | 金诚信 | 2月8日 | 拟收购哥伦比亚CTH公司5%股权并取 ...

Core Viewpoint - The domestic merger and acquisition (M&A) market in China is experiencing significant growth, driven by both state-owned enterprises and local governments establishing M&A funds to optimize industrial structure and attract investment [1][2][6]. Group 1: Recent Developments in M&A - Anta has fully acquired the German brand Jack Wolfskin, and Tongcheng Travel has acquired Wanda's hotel management business, indicating a trend of active participation in M&A by major companies [1]. - Local governments are increasingly setting up M&A funds, with Zhejiang province preparing a 10 billion yuan fund and Shenzhen launching a 2 billion yuan fund to drive M&A activities [1]. - The Shanghai state-owned capital M&A fund matrix has been established with a total scale exceeding 50 billion yuan, focusing on various sectors including integrated circuits and biomedicine [1]. Group 2: Factors Driving M&A Growth - The slowdown in GDP growth, the transition of family businesses to modern management, and the need for industry leaders to consolidate for value creation are key factors driving M&A activities [3]. - The current M&A wave is policy-driven, with recent regulations aimed at enhancing core business strengths rather than merely increasing market value as seen in previous M&A trends [4][5]. Group 3: Role of Local Governments - Local governments view M&A funds as a new model for attracting investment, allowing for the integration of businesses into local economies and promoting industrial upgrades [2][6]. - M&A funds can facilitate the relocation of company headquarters and support traditional industries in achieving technological upgrades [6][8]. Group 4: Challenges and Opportunities - The Chinese M&A market is still developing, with domestic M&A market share at less than 10%, compared to 60%-70% in mature markets like the US [3]. - Key challenges include a lack of leveraged tools for M&A funds and uncertainties surrounding exit mechanisms, which differ significantly from those in the US and Hong Kong markets [8][9]. - Local state-owned capital is better suited for establishing M&A mother funds due to their advantages in risk diversification and long-term planning [9].

Business Performance and Focus Areas - In 2024, the company will focus on semiconductor display equipment, automotive intelligent cockpit systems, semiconductor packaging and testing equipment, and new energy equipment [2][3] - The company aims to enhance R&D in flexible display module equipment, Mini/Micro LED equipment, and precision assembly equipment for VR/AR/MR [2][3] Shareholder Actions and Market Confidence - The controlling shareholder, Mr. Nie Quan, reduced his holdings by 3,511,600 shares (1.95% of total shares) between March 10 and March 28, 2025 [3] - The company emphasizes that shareholder reductions are based on personal financial needs and are compliant with disclosure obligations [3][4] Stock Price and Investor Relations - The company is committed to maintaining its market value and improving management levels to enhance investor relations [4][5] - There is a focus on reasonable profit distribution plans to improve investor returns, considering the company's development and legal compliance [5] Industry Position and Competitiveness - The company has over 20 years of experience in the semiconductor display equipment industry, achieving a leading position in product R&D and manufacturing processes [6][7] - It has established strong partnerships with renowned manufacturers and brands in the semiconductor display field, leveraging its industry experience and technological advantages [6][7] Future Plans and Strategic Considerations - The company is exploring opportunities for asset restructuring and strategic partnerships, aligning with regulatory support for mergers and acquisitions [7][8] - The company will disclose its operational status in regular reports, ensuring transparency with investors [8]

中信建投证券宏观分析师、研究发展部副总裁朱林宁深入剖析了国内外宏观政治经济形势，指出当前全 球经济分化与地缘冲突加剧，逆全球化趋势日益显著，给上市公司的发展带来了诸多挑战。中信建投投 行委并购部执行总经理白罡分析了2025年并购市场形势与趋势，指出全球及中国并购市场均呈回暖态 势，政策支持推动并购重组市场活跃度提升。上市公司并购重组市场触底反弹，呈现大市值公司参与度 高、发股类交易占比提升等特点。同时，展望未来，并购市场将持续活跃，跨境并购、产业整合及新兴 领域并购将成为重点方向，为投资者和企业提供了重要参考。中信建投期货金属首席研究员江露分享了 企业通过产融协同赋能上市公司高质量发展的成功案例和实践经验，为与会企业通过期货市场实现产融 协同提供了新的发展思路。 会议最后，与会企业代表普遍认为，此次"破局谋变，智领未来"上市公司发展新引擎研讨会的成功举 办，不仅为北京上市公司提供了一个交流合作的平台，更为上市公司的高质量发展注入了新的活力和动 力。（燕云） 2025年5月9日，由北京上市公司协会指导、中信建投（601066）证券企业家办公室主办的"破局谋变， 智领未来"上市公司发展新引擎研讨会在北京中信大厦圆 ...

Core Insights - The article emphasizes the importance of capital operations for listed companies, highlighting that it is not merely a financial game but a core strategy for survival and transformation in a competitive market [1][4] - It raises critical questions about the true nature of capital operations, urging investors and companies to discern whether actions like capital increases or equity transfers are value-releasing or risk-hiding [1][4] Group 1: Capital Operations - Capital operations are essential for companies to navigate the complexities of the market, with successful examples contrasting with failures due to poor strategic alignment and valuation assessments [4][5] - The article discusses a failed acquisition case where a Chinese herbal medicine company spent 1 billion to acquire an AI pharmaceutical firm, resulting in significant losses due to lack of synergy and poor execution [4] - Conversely, 康健医疗's strategy of combining capital increase and equity transfer demonstrated a clever approach, albeit with potential compliance risks [4][5] Group 2: Strategic Guidelines - Goheal's "Precision Five-Step Method" is presented as a widely recognized practical guide for capital operations, emphasizing strategic positioning, transaction structure design, control arrangements, compliance checks, and integration for value release [5][6] - The first step involves identifying synergistic targets that enhance core capabilities rather than chasing trendy investments [5] - The second step warns against high valuation traps, noting that the median premium rate for private enterprise acquisitions reached 62.42% in 2024, leading to performance-related challenges [5][6] Group 3: Governance and Compliance - Control arrangements are crucial, as ownership percentage does not guarantee control; governance mechanisms must be designed to ensure true decision-making power [5][6] - Compliance and execution are highlighted as complex, especially in cross-border transactions, where legal frameworks must be navigated carefully [6] - The final step focuses on integration and value realization, stressing that cultural and operational alignment is vital for successful mergers and acquisitions [6] Group 4: Market Perception - The article encourages a deeper understanding of capital operations, urging stakeholders to look beyond surface-level announcements to assess the underlying strategic intentions of companies [7] - It posits that companies should not merely be seen as players in a capital game but as strategists in industrial upgrades [7]