证券代码：000100 证券简称：TCL 科技 上市地：深圳证券交易所 TCL 科技集团股份有限公司 发行股份及支付现金购买资产 并募集配套资金报告书（草案）摘要 | 项目 | 交易对方 | | --- | --- | | 发行股份及支付现金购买资产 | 深圳市重大产业发展一期基金有限公司 | | 募集配套资金 | 不超过 35 名（含）符合条件的特定对象 | 独立财务顾问 二〇二五年三月 声明 一、上市公司声明 本公司及全体董事、监事、高级管理人员保证重组报告书及其摘要内容的真 实、准确、完整，保证不存在虚假记载、误导性陈述或重大遗漏，并对其内容的 真实性、准确性、完整性承担个别和连带的法律责任。 本公司第一大股东及其一致行动人、全体董事、监事、高级管理人员承诺， 如本次交易所提供或披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司 法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在 上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的 书面申请和股票账户提交上市公司董事会，由上市公司董事会代其向证券交易所 和证券登记结算机构申请锁定；未在两个交易日内提交锁定申请的， ...

之 独立财务顾问报告 申万宏源证券承销保荐有限责任公司 关于 TCL 科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 独立财务顾问 | 日 字 | | --- | | 独立财务顾问声明与承诺 . | | 一、独立财务顾问声明 | | 二、独立财务顾问承诺 | | 軽 Y * | | 一、一般术语 | | 二、专业术语……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 重大事项提示 . | | 一、本次重组方案简要介绍 . | | 二、募集配套资金简要介绍……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 14 | | 三、本次交易对上市公司的影响………………………………………………………………………………………………………………………………………………………………… ...

Financial Support for Private Enterprises - The meeting held by the People's Bank of China and other departments emphasizes the importance of financial support for the high-quality development of private enterprises, aiming to implement a moderately loose monetary policy and enhance credit supply to private and small enterprises [2][3] - Financial institutions are encouraged to treat all types of enterprises equally and to increase credit investments in private and small enterprises, while also improving the credit enhancement system for small and medium-sized enterprises [2][3] Digital Currency Development - The People's Bank of China has called for a steady advancement in the research and application of digital currency, which is expected to drive the digital transformation of finance, enhance regulatory efficiency, and promote financial inclusion [4][6] - This initiative is seen as a significant step towards optimizing the existing financial system and laying the groundwork for future financial development [4][6] Quality Development of Pension Services - Eight departments, including the National Development and Reform Commission, have issued measures to promote the high-quality development of inclusive pension services, focusing on enhancing home-based care capabilities and integrating AI technologies in pension institutions [5][6] - The measures aim to improve service quality and expand the range of services available to the elderly population [5][6] Hong Kong Economic Outlook - The Financial Secretary of Hong Kong has projected an economic growth of 2% to 3% for the year 2025, with a focus on developing core industries such as finance, innovation technology, and tourism [6] - A reinforced fiscal consolidation plan has been proposed to control public spending while minimizing negative impacts on public services and social welfare [6] Mergers and Acquisitions in Capital Markets - The China Securities Regulatory Commission plans to promote mergers and acquisitions among listed companies, focusing on high-quality leading companies to enhance market efficiency and support national strategies [7] - This policy aims to facilitate resource allocation towards quality enterprises, thereby fostering industrial upgrades and technological innovation [7] Manufacturing Sector Performance - The manufacturing Purchasing Managers' Index (PMI) for February stands at 50.2%, indicating a significant recovery in manufacturing activity, although small and medium-sized enterprises show weaker performance [8] - The resilience of the manufacturing sector suggests that the pressure on the government to implement stimulus measures may ease during the upcoming Two Sessions [8]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to enhancing the quality of the capital market by supporting qualified companies in various sectors, including traditional Chinese medicine and biomedicine, to issue and list stocks, while also promoting mergers and acquisitions to facilitate asset integration and industrial upgrades [2][3][4]. Group 1: Support for Specific Industries - The CSRC will actively support qualified traditional Chinese medicine and biomedicine companies in their stock issuance and listing processes [2]. - The CSRC aims to assist qualified companies in the western regions of China through mergers and acquisitions to promote asset integration and industrial upgrades [3]. - The CSRC plans to support qualified heating companies in issuing Real Estate Investment Trusts (REITs) to enhance asset management and promote effective investment [6]. Group 2: Market Mechanisms and Reforms - The CSRC will deepen the market-oriented reform of mergers and acquisitions, encouraging leading companies to engage in absorption mergers and utilize various financial instruments for mergers and acquisitions [4]. - The CSRC is working to optimize and expand the connectivity between mainland China and Hong Kong's financial markets, enhancing mechanisms such as stock and bond links [5]. Group 3: Current Market Conditions - The CSRC has determined that the current conditions do not support the establishment of a new securities exchange in Chongqing, citing the existing exchanges in Shanghai, Shenzhen, and Beijing as sufficient to meet market needs [7][8]. - The CSRC noted that the conditions for launching REITs-based ETFs are not yet fully met, as the REITs market is still in its early stages [9]. Group 4: Proposal Handling and Efficiency - In 2024, the CSRC handled a total of 424 proposals from the National People's Congress and the Chinese People's Political Consultative Conference, focusing on enhancing the stability of the capital market and addressing public concerns [10].

Core Viewpoint - The A-share market has experienced a significant pullback, particularly in the ChiNext index, which fell over 3% amid a broader global market decline, raising questions about future market direction and investment opportunities [2][4]. Group 1: Market Performance - The A-share market adjusted in response to a collective downturn in global markets, with over 4,700 stocks declining [2]. - The trading volume in the two markets decreased to 1.8 trillion, with technology and brokerage sectors leading the declines, while automotive, consumer, and healthcare sectors also weakened [3][4]. Group 2: Reasons for Decline - The primary reasons for the A-share decline include a pullback in the global technology sector and unexpected negative news [5]. - The overnight drop in U.S. markets, particularly with Nvidia's revenue growth slowing down, contributed to negative sentiment across Asia-Pacific markets, including Japan, Hong Kong, and A-shares [5][6]. - The U.S. threat to impose additional tariffs on Chinese imports has also heightened market concerns, with China's Ministry of Commerce expressing strong opposition [7]. Group 3: Investment Strategy - Despite short-term market volatility, structural opportunities remain, and investors are advised to adjust strategies based on risk tolerance while seeking quality assets at lower prices [8]. - The upcoming National People's Congress (NPC) is expected to influence market trends, with historical data suggesting positive performance before the meetings and potential adjustments during the sessions [12][14]. Group 4: Sector Opportunities - Three main sectors are anticipated to benefit from potential policy support during the NPC: technology growth (focusing on AI and robotics), cyclical sectors (including infrastructure and real estate), and state-owned enterprise reforms [14][15][16]. - Historical analysis indicates that the market often experiences a rally leading up to the NPC, with a focus on small-cap stocks outperforming large-cap stocks [13].

以下文章来源于并购最前线 ，作者岳笑笑 并购最前线 . 投资界（PEdaily.cn）旗下，专注并购动态 并购时代。 作者 I 岳笑笑 报道 I 投资界-并购最前线 上海吹响号角。 近日，在 "虹桥并购集聚区建设大会"上，虹桥国际中央商务区和长宁区政府分别发布 《虹桥国际中央商务区建设并购集聚区行动计划》 "虹桥并购8条"和《虹桥并购集聚区 长宁核心功能片区主要政策措施》两大政策。 这一次，上海发力并购——《行动计划》不仅提出8大重点任务，还明确规划目标：到 20 27年末将打造" 1+3+N"并购体系、聚集1- 2家头部并购基金、目标实现并购交易规模 50 0亿元。 上海宣布 打造500亿并购集聚地 上海并购潮起。 当天会上，《虹桥国际中央商务区建设并购集聚区行动计划》"虹桥并购8条"和《虹桥并 购集聚区长宁核心功能片区主要政策措施》一同发布。其中，《行动计划》提出8大重点 任务，即"虹桥并购8条"。 其中， "升级大虹桥全球投资并购在线项目库"则被列为8大重点任务之首。早在去年3 月，虹桥国际中央商务区发起建设"大虹桥全球投资并购在线项目库"，截止到今年1月底 已收录优质跨境项目126 8个，吸引360多 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a significant increase in private sector risk appetite, with January's social financing stock growth maintaining at 8.0% and new social financing reaching 7.06 trillion yuan, a year-on-year increase of 586.6 billion yuan [6] - The report discusses the impact of tariffs on trade, indicating that current tariff measures have led to a 1.9% decline in Chinese exports and a 0.7% increase in U.S. inflation [11][14] - The report emphasizes the importance of AI investment driven by the localization of DeepSeek, predicting a compound annual growth rate of 46.2% for China's intelligent computing scale from 2023 to 2028 [32][34] Summary by Sections Private Sector Risk Appetite - In January, new loans amounted to 5.13 trillion yuan, with a year-on-year increase of 210 billion yuan, indicating a strong start to the year despite a high base in 2024 [6] - The report notes that the increase in loans is primarily driven by short-term loans, with 2.8 trillion yuan of the 4.3 trillion yuan increase being short-term [7] - The report also mentions that the M2 growth rate was 7.0%, while M1 growth was only 0.4%, reflecting a divergence in deposit and monetary growth [8] Tariff Impact Analysis - The report outlines three potential scenarios regarding tariffs, with varying impacts on Chinese exports and U.S. inflation [11][12][16] - The first scenario suggests a minimal impact with a tariff increase of no more than 20%, while the second scenario could lead to a 12.5% reduction in Chinese exports and a 0.4-0.8% increase in U.S. inflation [14][16] - The third scenario posits that tariffs may serve as leverage for broader negotiations, potentially resulting in lower overall tariff increases [17][18] AI Investment and Localization - The report identifies a surge in demand for AI applications due to the localization of DeepSeek, which is expected to accelerate deployment in sectors like government and finance [33] - It predicts that the investment in AI infrastructure will significantly increase, with a focus on domestic AI chip companies adapting to DeepSeek models [34] - The report also highlights the potential for mergers and acquisitions in the "hard technology" sector, driven by state-owned enterprises [34] Market Strategy and Outlook - The report anticipates a sideways movement in the stock index following a rapid rebound, with technology remaining a key focus area [39] - It emphasizes the importance of AI-related investments and the potential for growth in sectors benefiting from technological advancements [40] - The report suggests that the market will continue to react to external policy changes and internal economic conditions, with a focus on high-dividend assets amid volatility [43][44]

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码立即购买/试读 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 同业竞争与关联交易 2. 尽职调查 财务与会计 尽调内容 E 组织结构与内部控制 关键人员 风险因素 经营业绩 财务规范 常见问题 商务费用 隐性负债 整体考虑 操作时间 并购比例 考虑因素 并购方式 e 保障措施 交易作价 操作费用 3. 方案设计 后续经营 业绩对赌 后续收购 注意事项 ...

自2024年9月24日，证监会宣布实施一系列"松绑"并购重组的政策后，并购重组市场越演越热，并逐渐有 成为PE、VC、产业基金主要退出渠道的趋势。 为了帮助大家快速了解当前并购重组市场政策和操作要点，我们节选了课程 《并购交易精讲（政策、撮 合、10类审核要点、20大案例）》 的部分内容，从 政策梳理、交易要点、案例解析 等多个角度进行分 享： 近期并购重组政策梳理 想要快速了解并购重组最新市场导向，最高效的方法就是从政策入手！对此，课程系统梳理了大量政策内 容，我们节选了部分予以分享： 并购重组经典案例 想从各个角度了解并购重组的实操要点，可以从经典案例下手。对此，课程系统分析了20个经典并购重组 案例，囊括央企整合、券商并购、类借壳交易、蛇吞象交易、借壳上市、上市公司之间并购等不同类型。 关于部分央企整合案例： (二) 中国船舶+中国重工 以下为并购重组相关法律法规概览： | 类别 | 规则名称 | 颁布日期 | | --- | --- | --- | | | 《上市公司重大资产重组管理办法（2023年修 《公开发行证券的公司信息披露内容与格式准则 第26号——上市公司重大资产重组（2023年10月 20 ...

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 扫码立即购买/试读 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 为了让大家更清楚地了解手册讲了啥，我们随便翻几页 简单看看。 第1章略览 在实践中，大多数并购重组之所以会失败，往往是由于双方信息不对称、没有好好沟通造成的。所以， 第1章 直接了当地分享了 买卖双方需要了解的事项。 例如，买方在接触卖方的时候，就应该评估其未来的 财务规范可行性和难度 ， ...