近日，凤形股份（002760）有限公司(以下简称"凤形股份")发布《发行股份购买资产并募集配套资金暨 关联交易预案》，宣布拟通过发行股份的方式，收购广东华鑫金属资源有限公司持有的白银华鑫九和再 生资源有限公司75%股权。至此，凤形股份成为深圳证券交易所市场(以下简称"深市")年内又一例推进 重大资产重组的上市企业。 今年以来，在政策支持与市场需求的双重驱动下，深市并购重组市场正呈现出量质齐升的良好发展态 势。数据显示，2025年以来，截至目前，深市新增披露并购重组1104单，涉及金额合计达5537亿元，分 别同比增长54%和55%；其中，新增披露重大资产重组更是突破百单，同比增长60%。 记者了解到，接下来，深交所将继续深入落实《关于深化上市公司并购重组市场改革的意见》(以下简 称"并购六条")，积极发挥平台作用，优化监管服务效能，凝聚市场各方合力，加快推动更多重组标杆 性项目落地，进一步支持上市公司通过并购重组做优做强。同时，加大对并购重组内幕交易、利益输送 等违法违规行为的打击力度，切实增强并购重组市场改革成效。 三大趋势勾勒深市并购全景图 今年以来，深市并购重组市场围绕"产业赋能、案例创新、提质增效"形 ...

并购重组作为资本市场核心功能之一，在优化资源配置效率、培育新质生产力发展、推动产业整合升 级、提升上市公司质量和投资价值等方面，发挥着重要的作用。 今年以来，伴随着监管政策持续优化，深市并购重组市场活跃度持续提升，数据显示，2025年以来，深 市新增披露并购重组1104单，金额合计5537亿元，分别同比增长54%和55%；其中，新增披露重大资产 重组更是突破百单，达到109单，同比增长60%。 2024年9月24日，证监会发布《关于深化上市公司并购重组市场改革的意见》（以下简称"并购六 条"），支持上市公司向新质生产力方向转型升级，鼓励加强产业整合，进一步提高监管包容度，提升 重组市场交易效率。 2025年5月16日，证监会修订发布《重大资产重组管理办法》，细化"并购六条"有关改革举措。深交所 同步修订审核规则及配套指南，优化监管审核机制，完善分类监管标准，加强服务引导力度，支持上市 公司依规高效开展并购重组。 在一系列举措推动下，深市并购重组市场"量质齐升"，并展现出三大鲜明特征：一是"产业并购"+"新质 生产力"双轮驱动。在109单重大资产重组中，产业并购占比八成，新质生产力标的占比七成，主要集中 在半导 ...

Core Viewpoint - The stock of FAW Jiefang has shown fluctuations, with a recent increase of 2.08% in price, but a year-to-date decline of 15.58%, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, FAW Jiefang reported a revenue of 43.996 billion yuan, reflecting a year-on-year decrease of 2.52%. However, the net profit attributable to shareholders increased by 2.34% to 372 million yuan [2]. - Cumulatively, since its A-share listing, FAW Jiefang has distributed a total of 10.055 billion yuan in dividends, with 940 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for FAW Jiefang reached 82,000, an increase of 4.65% from the previous period. The average number of circulating shares per shareholder decreased by 4.44% to 60,035 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 35.5357 million shares, a decrease of 2.5704 million shares from the previous period. Additionally, E Fund CSI 300 ETF has entered as a new shareholder with 12.1146 million shares [3]. Market Activity - As of December 22, FAW Jiefang's stock price was 6.88 yuan per share, with a trading volume of 76.7491 million yuan and a turnover rate of 0.23%. The total market capitalization stands at 33.858 billion yuan [1]. - The stock has experienced a slight increase of 2.23% over the last five trading days, but a decline of 3.78% over the last 20 days and 3.10% over the last 60 days [1]. Business Overview - FAW Jiefang, established on June 10, 1997, and listed on June 18, 1997, is primarily engaged in the research, production, and sales of commercial vehicles. The company's main business revenue composition is 92.89% from commercial vehicles and 7.11% from spare parts and others [1]. - The company is classified under the automotive industry, specifically in the commercial vehicle sector, and is involved in various concepts such as mergers and acquisitions, shared economy, complete vehicles, state-owned enterprise reform, and smart vehicles [1].

Core Viewpoint - China Shenhua Energy Co., Ltd. announced a significant acquisition plan to purchase equity in 12 core energy companies under the State Energy Group for a total transaction price of 133.598 billion yuan, marking a record in A-share mergers and acquisitions and symbolizing a key move in the professional integration of state-owned enterprises [1][2]. Transaction Overview - The transaction will be executed through a combination of issuing A-shares and cash, with cash accounting for 70% and shares for 30% of the payment [1]. - The specific assets to be acquired include 100% equity in Guoyuan Power, Xinjiang Energy, and a chemical company, among others, along with a cash purchase of 100% equity in Inner Mongolia Construction Investment [2]. Asset and Profitability Enhancement - The acquisition will significantly enhance China Shenhua's asset scale and profitability, with total assets projected to increase from 635.909 billion yuan to 896.587 billion yuan [3]. - Coal reserves will rise from 4.158 billion tons to 6.849 billion tons, a 64.72% increase, while the recoverable coal reserves will grow by 97.71% [4]. - The annual coal production is expected to increase by 56.57%, and power generation capacity will grow by 27.82% [4]. Financial Projections - Post-transaction, total operating revenue is expected to rise from 162.266 billion yuan to 206.509 billion yuan, with net profit attributable to shareholders increasing from 29.255 billion yuan to 32.637 billion yuan [4]. - Earnings per share are projected to increase by 6.10% in 2024 and 4.40% in the first seven months of 2025 [4]. Industry Integration - The merger aims to resolve long-standing competition issues between China Shenhua and the State Energy Group, effectively integrating the "coal-electricity-transportation-port-navigation" supply chain [5]. - The transaction is expected to enhance emergency response capabilities during critical energy supply periods [5]. Market Impact and Future Outlook - China Shenhua has committed to a shareholder return plan, ensuring a cash dividend ratio of no less than 65% of net profit from 2025 to 2027 [7]. - The company’s market capitalization is approximately 790.9 billion yuan, and the merger is anticipated to serve as a model for future mergers and acquisitions in the industry [7]. - This integration aligns with national energy security goals and demonstrates the capital market's role in supporting the real economy and the high-quality development of state-owned enterprises [7].

Group 1 - China Shenhua announced a merger and acquisition plan exceeding 130 billion yuan, intending to purchase stakes in China Energy Group and Guoyuan Power, along with other equity acquisitions [2][7] - The A-share market is seeing active mergers and acquisitions, with 32 listed companies disclosing restructuring progress this week [2][7] - Former Chongqing Mayor Huang Qifan predicts that the RMB exchange rate against the USD may rise to around 6:1 in the next decade, which could enhance trade balance and economic development [2][7] Group 2 - CITIC Securities highlights increasing factors for RMB appreciation, suggesting investors adapt their asset allocation accordingly, with about 19% of industries potentially benefiting from improved profit margins due to currency appreciation [2][7] - Shanxi Province has lifted the ban on fireworks, transitioning from a complete ban to scientific restrictions, which may stimulate industry growth and related consumption [3][8] - Seven chief strategists from major brokerages forecast a likely upward trend for A-shares and Hong Kong stocks in 2026, driven by technology and overseas expansion [3][8] Group 3 - The lithium battery industry is experiencing positive developments, with Shengxin Lithium Energy signing a framework agreement for lithium salt product supply worth over 20 billion yuan from 2026 to 2030 [3][8] - Tianqi Lithium's third-phase chemical-grade lithium concentrate expansion project is set to reach an annual capacity of 2.14 million tons, ensuring raw material supply [3][8] - Three new stocks will be available for subscription next week, covering tourism, new materials, and optical communication sectors [3][8] Group 4 - Several central banks, including those of Russia, the UK, Mexico, and Chile, have announced interest rate cuts, leading to a rise in gold and silver prices, with silver reaching a historic high of over 67 USD per ounce [4][9][10] - The first L3-level autonomous driving special license plate has been issued to Changan Automobile, marking a shift from technology validation to mass production application [4][10]

● 本报记者 赵中昊 胡雨 在建设金融强国的战略指引下，我国证券行业正迎来一轮"自上而下、政策驱动"的深度整合浪潮。近 日，中金公司宣布换股吸收合并东兴证券与信达证券，交易完成后预计总资产规模将跨越万亿元大关， 一家新的"航母级"券商雏形初现。这仅是行业变局的缩影，2025年以来，包括国泰君安与海通证券合并 在内的多起重磅案例陆续落地。 业内人士认为，此轮并购旨在超越简单的规模叠加，其核心逻辑已从解决个体问题升级为服务国家战 略，证券行业发展模式从单纯的规模扩张转向追求功能协同与专业能力的跃迁，以期优化金融供给、锻 造一流投行，标志着行业步入以功能跃迁为核心的高质量发展新阶段。 行业并购风起云涌 头部券商格局生变 日前，中金公司吸收合并东兴证券、信达证券再迎实质性进展：中金公司正式宣布换股方式吸收合并东 兴证券及信达证券的方案，交易完成后预计总资产规模将超过万亿元，又一家"航母级"券商呼之欲出， 新一轮证券行业并购重组浪潮提速。 据中国证券报记者不完全统计，2025年已有包括中金公司吸收合并前述两家券商在内的多起并购重组案 例取得进展。其中，国泰君安吸收合并海通证券、国信证券收购万和证券、浙商证券吸收合并国都 ...

Group 1 - Zhongtian Jingzhuang announced that its partner Changjiang Semiconductor intends to acquire 100% equity of Zhengzhong International Education, thereby indirectly gaining control of China High-Tech [1] - Changjiang Semiconductor plans to introduce semiconductor packaging business to China High-Tech, focusing on HBM packaging and customized packaging products, with specifics to be determined by future developments [1] Group 2 - Jinshi Resources announced a plan to purchase 15.7147% equity of Nuoya Fluorochemical for 257 million yuan, making it the second-largest shareholder of Nuoya Fluorochemical [2] - This transaction is a strategic investment leveraging upstream resource advantages to target quality entities in the downstream fine chemical sector [2] Group 3 - Guanshang Technology plans to acquire at least 60% equity of Liao Jing Electronics through a share issuance, while also raising matching funds; the transaction remains uncertain [3] - The company's stock will be suspended from trading starting December 22 [3] Group 4 - Delin Hai's vice chairman Ma Jianhua intends to reduce his shareholding by up to 196,000 shares, representing no more than 0.1735% of the total share capital [4] - This reduction will not exceed 25% of his total shareholding prior to the sale [4] Group 5 - Mercury Home Textiles announced that shareholders Li Lijun and Li Yujian plan to collectively reduce their holdings by no more than 1.72% of the total shares [5] - Li Lijun plans to reduce up to 1.52 million shares (0.5791% of total shares), while Li Yujian plans to reduce up to 3 million shares (1.1429% of total shares) [5] Group 6 - Kairuide announced that its major shareholder Hubei Nonggu Group plans to reduce its holdings by up to 3% of the total shares, totaling 11.03 million shares [6] - The reduction will occur through both centralized bidding and block trading methods [6] Group 7 - Victory Energy reported significant stock price volatility, with a cumulative increase of 77.22% over six consecutive trading days, indicating a high risk of rapid decline [7] - The stock price has significantly deviated from the company's fundamentals, suggesting potential for a sharp downturn [7] Group 8 - Wantong Development announced that its controlling shareholder Jia Hua Holdings has had 364 million shares frozen, representing 100% of its holdings and 19.28% of the company's total shares [8] - The controlling shareholder has faced overdue debts totaling 1.301 billion yuan, with ongoing negotiations to resolve contractual disputes [8]

【三十余家A股上市公司本周披露并购重组最新公告 观想科技筹划购买辽晶电子不低于60%股权明起停 牌】智通财经12月21日电，据智通财经不完全统计，截至发稿，本周（12月15日-12月21日）包括观想 科技、金石资源、东方智造、东方雨虹、四川成渝、七一二、天创时尚（维权）、中国神华、四川九 洲、东方电缆、金达莱、银星能源、旭升集团、中微公司、万隆光电、普路通、联创电子、锋龙股份、 美克家居、中金公司、凤形股份、东杰智能、嘉美包装、联合精密、华菱线缆、珈伟新能、皮阿诺、东 方园林（维权）、百纳千成、中泰化学（维权）、TCL科技和复星医药在内的32家A股上市公司披露并 购重组进展最新公告。其中，观想科技公告，筹划购买辽晶电子不低于60%股权，股票明起停牌。小财 注：截至周五收盘，实控人拟变更为追觅科技创始人俞浩的嘉美包装录得6天4板。 转自：智通财经 MACD金叉信号形成，这些股涨势不错！ ...

Core Insights - The securities industry in China has shown significant recovery in 2025, enhancing its ability to serve the real economy and new productive forces, with a notable merger between Guotai Junan and Haitong Securities completed [2][4] - The industry is accelerating the construction of first-class investment banks, with increased strength in overseas subsidiaries and a deepening of high-level opening-up [2][4] Industry Development - The securities industry has become a more prominent service provider for direct financing, with significant contributions to the listing of leading technology companies and major state-owned enterprises [4] - In the first half of 2025, 42 listed securities firms achieved a total of 5.568 billion yuan in income from selling financial products, a year-on-year increase of 32% [4] - The total assets of 107 securities companies reached 14.5 trillion yuan, an increase of over 10% from the end of 2024, while net assets grew to 3.3 trillion yuan [5] - The industry is expected to continue supporting the real economy and new productive forces in 2026, with a focus on facilitating more quality enterprises and technology companies to go public [5][6] Investment Banking - The investment banking sector has shown signs of recovery, with a focus on serving the real economy through equity financing and mergers and acquisitions [8] - In 2025, the A-share IPO market saw over 100 companies listed, with total fundraising reaching 110 billion yuan, indicating a shift towards quality over quantity [8] - The Hong Kong IPO market also rebounded, with 91 companies completing IPOs and raising a total of 259.889 billion HKD, marking a significant recovery [9] - Mergers and acquisitions are becoming a key method for investment banks to deepen their service to the real economy, with policies encouraging industry consolidation [9][10] Wealth Management - The wealth management business of securities firms saw significant growth in 2025, with total income from related businesses reaching approximately 145.028 billion yuan, a year-on-year increase of about 37.4% [11] - The brokerage business has become a core growth engine, with net income from brokerage fees increasing by 74.64% [11] - The transition from earning trading commissions to management and service fees is evident, with over 90% of new accounts opened online [13] Asset Management - The asset management industry is undergoing a restructuring, with a focus on high-quality development and a halt in the pursuit of public fund licenses [16] - As of October 2025, the total scale of private asset management products reached 5.79 trillion yuan, reflecting a 5.95% increase from the beginning of the year [16] - The industry is exploring new paths for development, emphasizing collaboration between asset management and wealth management [17][18] Mergers and Acquisitions - The wave of mergers and acquisitions in the securities industry intensified in 2025, with significant deals such as the merger of Guotai Junan and Haitong Securities [19][20] - The industry is witnessing a shift from simple scale expansion to capability complementarity and strategic transformation [19] - Policies are in place to support the consolidation of leading institutions, aiming to create a few internationally competitive investment banks by 2035 [20][21]

Core Viewpoint - The securities industry in China has shown significant recovery in 2025, with a focus on enhancing its capabilities to serve the real economy and new productive forces, alongside a notable increase in investor asset allocation and satisfaction. The merger of Guotai Junan and Haitong Securities marks a step towards building a first-class investment bank, while the industry continues to strengthen its overseas subsidiaries and deepen high-level openness [2][4][5]. Industry Development - The securities industry has increasingly demonstrated its functional capabilities, with total assets of 107 securities firms reaching 14.5 trillion yuan, a growth of over 10% from the end of 2024. Net assets rose to 3.3 trillion yuan, showing steady growth [5]. - In the first three quarters of 2025, 43 listed securities firms reported a combined operating income of 419.56 billion yuan, with an average year-on-year increase of 40%, and a net profit of 169.29 billion yuan, reflecting an average increase of 88.68% [5]. - The merger of Guotai Junan and Haitong Securities has been completed, achieving a "1+1>2" effect, while other mergers, such as CICC with Dongxing Securities and Xinda Securities, are in progress [4][5]. Investment Banking - The investment banking sector has shown signs of recovery, focusing on serving the real economy through equity financing, mergers and acquisitions, and cross-border service upgrades. The A-share IPO market saw over 100 companies listed, with total fundraising reaching 110 billion yuan [7][8]. - The Hong Kong IPO market has rebounded, with 91 companies completing IPOs and raising a total of 259.89 billion HKD, marking a significant recovery [8]. - Mergers and acquisitions have become a key avenue for investment banks to deepen their services to the real economy, with policies guiding the market towards industrial integration and transformation [8]. Wealth Management - The wealth management business of securities firms has seen significant growth, with a total revenue of approximately 145.03 billion yuan in the first three quarters of 2025, a year-on-year increase of about 37.4% [11]. - Brokerage fee income reached 111.78 billion yuan, up 74.64%, while asset management fees were 33.25 billion yuan, showing a modest increase [11]. - The transition from earning trading commissions to management and service fees is evident, with over 90% of new accounts opened online and more than 80% of transactions conducted via mobile apps [13]. Asset Management - The asset management industry is undergoing a restructuring, with the total scale of private asset management products reaching 5.79 trillion yuan, an increase of 5.95% from the beginning of the year [15]. - The pursuit of public fund licenses has been paused, with several firms withdrawing their applications, indicating a shift in focus towards private asset management strategies [16]. - Collaboration between asset management and wealth management is emerging as a new development path, with firms expected to enhance their offerings in active management and client service [17]. Mergers and Acquisitions - The wave of mergers and acquisitions in the securities industry has intensified, with significant deals such as the merger of Guotai Junan and Haitong Securities and the absorption of Dongxing and Xinda Securities by CICC [18][19]. - Policies supporting the consolidation of leading firms aim to enhance core competitiveness and encourage differentiated development among smaller firms [19]. - The industry is expected to see a clearer new structure by 2026, with a focus on integrating resources and enhancing the international competitiveness of Chinese securities firms [19].