本期导读： 并购市场持续升温。今年并购基金井喷，产业巨头也火力全开。 作者丨FOFWEEKLY 本期推荐阅读5分钟 安踏、同城旅行、分众传媒…… 2025年掀起了一波并购热潮，一众巨头开启大手笔收购动作。 "现在不是买不买的问题，而是买什么、怎么买。"在北京一个饭局上，某 产投集团投资负责人向 我们感叹。 据她介绍，从去年年底开始，就一直在忙着寻找并购标的。 无独有偶，日前，某文旅集团负责人也向我们透露出并购需求：1亿以下，二级公司可直接决策。 从头部企业的" 战略级收购 "，到大型产业集团 的"产业链整合" ，今年，巨头们开始买买买了。 巨头们买买买 并购市场热闹起来了。 "安踏收购德国狼爪"、"SKP 要被卖了"、"江南春买了竞对"、"同程旅行收购万达"…… 近期，市场上关于并购的新闻层出不穷，而A股上市公司发布的并购重组案例也持续增加。有数据 显示，今年以来A股发布的并购重组数量比去年同期出现翻倍式增长。 随着"并购六条"政策效应不断释放，A股并购重组热度持续攀升。据媒体报道，Wind数据显示：今 年以来，有超300家上市公司首次披露并购计划。 从并购规模看，超十亿元甚至百亿元的并购案例逐渐增多； 从行 ...

Group 1: Mergers and Acquisitions Activity - In 2024, Guangdong listed companies are actively engaging in mergers and acquisitions (M&A), leveraging opportunities from the new technological revolution to upgrade the industrial structure and promote high-quality economic development [1][2] - Guangdong listed companies completed 66 M&A transactions in 2024, with a total value of 549.3 billion, ranking first in the country [2] - Major asset restructuring cases include Guangdong Hongda's acquisition of 21% of Xuefeng Technology for over 2.2 billion and Gree Real Estate's asset swap to acquire 51% of a duty-free group [2] Group 2: Policy Support - The China Securities Regulatory Commission (CSRC) has introduced several policies, including the "Eight Measures for the Sci-Tech Innovation Board" and "Six Measures for Mergers and Acquisitions," to support listed companies in M&A activities [2] - Guangdong Province issued measures to enhance the quality of capital markets, encouraging listed companies to utilize M&A and equity incentives to improve development quality [2][3] Group 3: Strategic Developments - Guangzhou has implemented measures to support listed companies and large enterprise groups in M&A, focusing on enhancing competitiveness and leading the industrial chain [3] - The Guangdong Securities Regulatory Bureau is establishing a merger and acquisition ecosystem and has created a database of over 2,000 potential M&A targets [3] Group 4: Company-Specific Developments - Huanlan Environment's acquisition of Yuefeng Environmental is expected to significantly enhance its overall strength and competitiveness, contributing to high-quality development [4] - Songfa Co. plans to transform its main business from daily ceramic products to shipbuilding and high-end equipment through the acquisition of Hengli Heavy Industry [4] - Guangdian Measurement aims to strengthen its "industry + capital" dual-drive strategy by actively investing in quality projects and enhancing existing business through digital technology [4]

随着"并购六条"落地见效，A股并购重组市场持续活跃。Wind数据显示，今年以来，共有300余家上市 公司首次披露重大资产重组计划，产业整合与新质生产力方向成为主流趋势，多地政府发文鼓励区域内 上市公司实施并购重组，审核端也出现了跨界并购过会的案例。 一位大型券商投行人士表示，本轮并购重组更尊重市场规律，对于科技创新支持力度较大，上市公司参 与并购重组的积极性被充分调动。同时，跨界并购与产业链纵向整合日益成为更多上市公司的破局新 机，由并购重组带动的产业整合将加快资本市场生态的优胜劣汰。 并购重组市场持续活跃 并购重组是支持经济转型升级、实现高质量发展的重要市场工具。去年以来，在"并购六条""科创板八 条"等政策的助推下，并购重组市场持续活跃，产业整合类并购成为主流，围绕新质生产力方向的整合 已成趋势，各种典型案例不断出现，包括试水未盈利资产收购、上市公司之间收购整合、拟IPO企业转 向重组实现证券化等。 跨界并购有新动向 支持政策继续加码 今年以来，对于并购重组的支持力度，逐步从国家部委传递到地方政府。 3月，国家金融监督管理总局宣布开展适度放宽科技企业并购贷款政策试点工作，试点范围为18个城 市。对于"控股 ...

2025年4月23日晚，宁波精达（603088）(603088.SH)公告2025年一季度报告。报告期内，公司实现营业 收入1.86亿元，实现归母净利润3637.71万元。公司2025年一季度业绩增速回落，主要受2024年同期高基 数、季节性营收分布及海外市场结构性调整等因素影响。此外，销售回款中承兑汇票占比提高对当期现 金流有所影响。尽管短期数据承压，公司通过多元化外销布局、产业链整合及高分红策略，持续强化长 期竞争力。 高基数压制同比增速，订单周期影响释放节奏。回溯公司2024年一季度表现，公司营收与归母净利润分 别达1.83亿元(同比+17.23%)和0.53亿元(同比+40.97%)，创近四年单季度峰值。该表现缘于新能源车用 压力机订单集中交付及微通道换热器设备国际供应链放量。高基数效应下，2025年一季度即使维持同等 规模，同比增速亦将显著承压。 从季节性规律看，公司营收呈现"前低后高"特征。2019—2024年财报显示，一季度营收占比约为 22.59%，第二至第四季度占比约为77.41%。这与下游家电、汽车行业生产周期密切相关——设备采购 多集中在上半年招标，下半年进入交付验收阶段。2025年一季 ...

随着"并购六条"政策效应不断释放，A股并购重组热度持续攀升。Wind数据显示，今年以来，共有超 300家上市公司首次披露并购计划。从并购规模看，超十亿元甚至百亿元的并购案例逐渐增多；从并购 赛道看，半导体、电子设备、机械设备等领域更受上市公司青睐；从并购主体看，除了上市公司主动发 起并购之外，多地政府部门也积极加入，设立并购基金，力挺产业并购。 A股并购重组日益活跃的背景下，相关交易也在交易模式、支付方式、业绩承诺等方面呈现出更多的新 特征。此外，交易所严防"忽悠式"重组的同时，进一步提升监管包容度，结合新交易模式进行更加市场 化、可预期的问询。A股并购重组正步入"量质齐升"的新阶段。 并购热度持续攀升 今年以来，A股并购市场延续"并购六条"发布后的积极态势，整体活跃度提升，产业并购呈现多点开花 的局面。 资深投行人士王骥跃预计，今年并购市场活跃度将会延续，上市公司并购仍以产业并购为主，龙头企业 更倾向于通过纵向整合提升产业链韧性。 并购重组呈现三大新特征 2025年以来的并购重组呈现更多新特征。 第一，灵活的支付工具增加了交易弹性。记者发现，上市公司并购重组出现多笔使用可转债支付的案 例。"并购六条"发布以 ...

证券研究报告 并购重组跟踪（十六） 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年4月22日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 1. 上周并购动态回顾 注：上周为4.14-4.20，（如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 4.14-4.20，以上市公司作为竞买方的并购事件中，共计2例为"失败"，剔除失败事件后，共发生并购重组事件85例 ，重大并购重组 ...

Group 1: Company Strategy and Financial Management - The company emphasizes value management and has developed a value enhancement plan to address market risks and improve revenue scale [4][26]. - The company plans to encourage major shareholders and executives to increase their holdings under suitable conditions to boost investor confidence [9][12]. - The company aims to enter new industry sectors through mergers and acquisitions, depending on its financial status and operational conditions [5][19]. Group 2: Revenue and Project Management - The company expects the ShaJing project to contribute approximately 1.24 billion CNY in revenue for 2024, with plans for further revenue growth in 2025 [30][21]. - The company is focusing on improving occupancy rates and rental prices for existing projects to enhance operational efficiency and profitability [37][26]. - The company is actively seeking quality commercial projects in the Greater Bay Area and surrounding cities to expand its business operations [19][21]. Group 3: Risk Management and Compliance - The company is addressing the risk of being delisted by implementing measures to manage its market value and improve financial performance [39][26]. - The company has clarified that the recent adjustments in accounting practices regarding utility fees will not significantly impact its financial status or operations [8][16]. - The company maintains a debt repayment plan, with 41.88 million CNY due in 2025 and 69.06 million CNY in 2026, indicating a structured approach to managing its liabilities [22][24]. Group 4: Shareholder Communication and Market Perception - The company is aware of negative publicity and is taking steps to protect its image, including reporting misinformation to relevant platforms [15][36]. - The management is committed to transparency and will disclose any plans for share buybacks or major shareholder actions to enhance market confidence [12][35]. - The company acknowledges the challenges posed by the current market environment but remains optimistic about future growth and recovery [19][39].

今日导读 1. 近期，A股上市公司发布并购重组的案例持续增多。据记者不完全统计，4月14日至4月20日披露并购重组进展的公司数量达到20家。 不少上市公司在并购重组公告中提到，重组有利于拓宽业务领域，实现产业链整合延伸。中国企业资本联盟中国区首席经济学家柏文喜 认为，并购重组通常是为了实现公司战略目标，如拓展业务、整合资源或进入新市场。 3.美团4月19日公告称，近日，有多条包含"美团封杀骑手去某平台跑单""不要去跑某平台，查到就是永久封号"等内容的聊天截图，在 社交平台上广泛传播。美团严正声明称，相关内容纯属编造，均为谣言。美团面向全行业招募优质骑手，不会违规限制任何骑手的准入 准出，更不会因此对骑手进行永久封号处置。针对上述谣言截图，公司已固定证据，对未经核实就散播上述谣言的账号以及幕后推手， 也将通过法律手段维护自身权益。 宏观消息 1、财政部4月24日发行2025年中央金融机构注资特别国债(一期)，竞争性招标面值总额 1650亿元 ，为5年期固定利率附息债；发行2025年超长期特别 国债(一期)(20年期)，竞争性招标面值总额500亿元；发行2025年超长期特别国债(二期)(30年期)，竞争性招标面值 ...

Core Viewpoint - The article highlights the surge in mergers and acquisitions (M&A) among Shenzhen-listed companies, driven by supportive policies and the need for industry transformation and technological advancement [4][5]. Group 1: M&A Activity Overview - Since the release of the "Six M&A Guidelines" in September last year, Shenzhen-listed companies have disclosed 184 M&A transactions with a total transaction value of 40.687 billion yuan [1][5]. - Notable M&A cases include China Resources Sanjiu's acquisition of a 28% stake in Tianjin-listed Tianshili for 6.212 billion yuan, and China General Nuclear Power's acquisition of 100% of the Taishan Nuclear Power Station for 1.204 billion yuan [2][3]. Group 2: Types of M&A Transactions - The M&A activities encompass both large-scale consolidations by state-owned enterprises and smaller, rapid acquisitions by mid-cap companies [2][3]. - Companies are engaging in horizontal mergers to strengthen core businesses and vertical mergers to integrate supply chains, while cross-border M&A is also gaining traction [7] . Group 3: Policy and Market Drivers - The supportive policy environment, including the "Six M&A Guidelines" and subsequent initiatives, has activated M&A demand among companies [5][6]. - The industrial drive is significant, with traditional sectors like basic chemicals and machinery leading the M&A wave, while high-tech sectors such as electronics and pharmaceuticals dominate new industry acquisitions [6]. Group 4: Future Outlook - The ongoing transformation in the capital market is shifting focus from quantity to quality, making M&A a crucial avenue for resource allocation [6]. - Companies are increasingly viewing M&A as a pathway to enhance operational quality and connect with the capital market, reflecting a broader trend of industry consolidation and transformation [6][7].