Group 1 - The Shenzhen Municipal Government has introduced measures to promote high-quality development in the semiconductor and integrated circuit industry, including a 5 billion yuan "Semi Industry Private Equity Fund" to support the entire industry chain optimization [1] - The China Securities Regulatory Commission (CSRC) released guidelines to deepen the reform of the listed companies' merger and acquisition (M&A) market, encouraging companies to focus on technological innovation and industrial upgrades [1][2] - The semiconductor sector has seen a significant increase in M&A activities, with over 70% of newly disclosed asset acquisitions in Shenzhen's stock market related to new productivity industries [1][2] Group 2 - Semiconductor companies are actively pursuing innovation and collaboration through M&A, transforming policy benefits into practical advancements in technology [2] - For instance, Anhui Fulede Technology Co., Ltd. plans to acquire Jiangsu Fulehua Semiconductor Technology Co., Ltd., which holds a 19% market share in the active metal brazing copper ceramic substrate market, enhancing Fulede's position in the semiconductor materials sector [2] - Another example includes Robotech's acquisition of the German company ficonTEC, which specializes in semiconductor automation and testing equipment, aiming to accelerate domestic production in electronic packaging [3] Group 3 - The current wave of technological revolution and industrial transformation is driving the need for effective M&A strategies to enhance resource allocation and accelerate technology transfer, particularly in the semiconductor industry [4] - Policies have been implemented to support M&A activities, including financial subsidies to reduce initial costs and direct participation from industry funds, providing dual support for companies [4][5] - The semiconductor M&A market is experiencing not only an increase in transaction volume but also an improvement in the quality of mergers, with larger companies using M&A to build ecological barriers and smaller firms leveraging it as a growth opportunity [5]

风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 今日市场良性分歧，量能小幅放大至 1.5 万亿+。盘面亮点颇多：一是高标全部晋级，此前短线赚钱效 应未打开，现高标表现佳，失败断板股多修复，不过投机高度仍待提升；二是昨晚智元机器人拿下科创 板小壳票控股权，事件驱动下，产业链概念股集合顶一字后炸板，科创板重组并购壳概念逆势走强，需 理清炒作重点；三是关于全 A 指数，924 以来有三波持续赚钱效应，清明节关税后的行情践行"慢牛"， 指数跌不下去，调整后常反包，投资者要理解顺势、概率与应对。今日强趋势股有大智慧、惠城环保 等；主要题材涉及稳定币/金融、PCB/固态变压器、电力、机器人等。 高标全部晋级 和讯自选股写手 股票名称["柳钢","金一文化","大智慧","惠城环保","铜冠铜箔","昭衍新药","东山精密", ...

中国前首富钟睒睒旗下养生堂以34亿元重金，锁定北交所市值龙头锦波生物10.58%股权，缔造北交所 史上最大规模现金定增。这笔震动资本市场的交易，不仅将重组胶原蛋白赛道推向聚光灯下，更揭示了 医美产业格局剧变的前奏。 钟睒睒的"大健康棋局"：为何选中锦波生物？ 对坐拥农夫山泉与万泰生物的钟睒睒而言，此次落子绝非简单的财务投资，而是其大健康帝国转型的关 键拼图： 寻找新增长极： 农夫山泉增速放缓，万泰生物陷疫苗价格战，重组胶原蛋白市场高达45%的年复合增 长率（预计2030年达2193.8亿元），成为不可错失的"第二曲线"。 技术+消费的完美互补： 锦波生物手握核心技术与稀缺资质，却苦于消费端拓展；养生堂坐拥农夫山泉 200万零售终端、8000家美妆门店及万泰生物成熟的医疗推广体系，正是锦波急需的"商业化引擎"。 战略协同升级： 20亿定增资金中，11.5亿将投入"人源化胶原蛋白FAST数据库与产品开发平台"，借助 AI与高通量技术加速研发。养生堂的产业资本与渠道能力，将助力其从"技术独角兽"向"消费医疗巨 头"跃迁。 千亿市场暗战：红利盛宴下的生死竞速 北交所"明星股"：手握三张"王牌"的胶原蛋白技术巨头 重组 ...

行业 贵金属日评 日期 2025 年 7 月 10 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 特朗普将大美丽法案签署成法而美国财政部也开始加快发债步伐，美元汇率 和美债利率回升并利空贵金属，9 日亚盘时段伦敦黄金跌至 3285 美元/盎司附近； 但特朗普威胁对铜、药品和半导体开征关税并向乌克兰出售武器以抵抗俄罗斯， 也在一定程度上提振了贵金属的避险需求。特朗普 2.0 新政推动全球政经格局重 组进入乱纪元模式，黄金的避险需求得到极大提振；目前看黄金波动性上升但中 线上涨趋势保持良好，伦敦黄金或在 3120-3500 美元/盎司之间震荡整 ...

Core Insights - The annual "500 Wealth Creation List" by New Fortune has been released, with Zhang Yiming of ByteDance topping the list for the first time at 481.5 billion yuan, while Zhong Shanshan's wealth has decreased to 360 billion yuan, dropping him to second place after four consecutive years as the richest [1][22]. Company Overview - Zhong Shanshan's business empire has faced significant challenges, with Nongfu Spring's bottled water revenue declining by 21.3%, marking its worst performance since going public, and Wantai Biological's net profit plummeting by 91.5% due to increased competition in the HPV vaccine market [2][22]. - Despite these setbacks, Zhong has actively invested in new ventures, including a 3.4 billion yuan stake in Jinbo Biological, a rising player in the medical beauty sector [2][23]. Industry Dynamics - The medical beauty industry is characterized by the emergence of "female billionaires," with notable figures like Yang Xia, founder of Jinbo Biological, who has a net worth of 11.5 billion yuan [4][6]. - Jinbo Biological, established later than its competitors, has seen its stock price surge by 802% since its listing on the Beijing Stock Exchange in 2023, reaching a market value of over 50 billion yuan [7][11]. - The company has achieved a gross margin of 92.02%, surpassing that of Moutai, despite its revenue being significantly lower than that of its competitors [11][15]. Financial Performance - Jinbo Biological's revenue has grown from 233 million yuan in 2021 to 1.443 billion yuan in 2024, with net profit increasing from 57 million yuan to 732 million yuan during the same period [11][12]. - The company has successfully commercialized its recombinant collagen products, receiving multiple medical device registrations, which has contributed to its competitive edge [11][12]. Market Challenges - The medical beauty sector is currently experiencing intense competition, particularly in the recombinant collagen market, which has seen a decline in the popularity of hyaluronic acid products [12][15]. - Jinbo Biological's marketing expenses have surged by 56.73% in 2025, indicating a strategic shift towards expanding its consumer market presence [15][17]. - The company faces challenges in building brand recognition among consumers, as a significant portion of its revenue is still reliant on medical institutions [15][17]. Strategic Moves - Zhong Shanshan's investment in Jinbo Biological is seen as a strategic move to enhance his business portfolio, particularly in the high-margin collagen market, which is projected to reach a market size of 219.3 billion yuan by 2030 [21][23]. - The partnership with Yang Xia and Jinbo Biological is expected to leverage Zhong's existing distribution networks to strengthen brand presence in the consumer market [21][23].

7 月10日，龙光集团(03380.HK)发布公告宣布，公司全资附属公司深圳市龙光控股有限公司境内债券重组已完成投票，涉及的 21 笔公司债券 及资产支持证券重组议案均获得投资人表决通过。 这意味着龙光境内债券重组宣告成功。本次重组获得投资人高度支持，大部分债券表决提前通过。 今年以来，房企债务重组持续释放积极信号。近期，多家房企债务重组节奏明显加快，取得重要突破，行业化债态势逐步明朗。 中国企业资本联盟中国区首席经济学家柏文喜认为，企业根据自身情况和投资人需求，灵活调整方案，力求找到一个既能保障投资人利益，又 能实现企业可持续经营的平衡点，有助于在债务重组过程中取得更好的效果。龙光债券重组方案呈现出诸多亮点和创新，为行业提供了可借鉴 的范例，有助于其他房企加快债务重组进程。 下一步，龙光将根据债券持有人会议议案相关条款的约定，快速落地相关后续工作，安排债券持有人就其持有的债券在重组方案选项中进行选 择及分配。 一位投资人士认为，在当前房企流动性仍较为紧张的背景下，龙光此次重组的资源筹措力度远超市场预期。 一方面，公司此前为境内债券提供的29项增信资产，此次按照开发阶段属性分门别类，匹配不同重组选项，全部用于 ...

Group 1 - China Resources Sanjiu (华润三九) acquired 28% stake in Tianshili (天士力) to strengthen its full industry chain layout in traditional Chinese medicine [1] - Luxshare Precision (立讯精密) acquired part of the subsidiary equity of Wentai Technology (闻泰科技) to enhance its ODM resources in the Android ecosystem [1] - Zhizheng Co., Ltd. (至正股份) plans to acquire 99.97% of Advanced Packaging Materials International Ltd. to transition from rubber and plastic manufacturing to semiconductor packaging materials and specialized equipment [1] Group 2 - Since the release of the "Six Merger Rules" by the China Securities Regulatory Commission (证监会), Shenzhen's merger and acquisition market has seen a surge, with 263 new disclosed M&A transactions and a total transaction amount exceeding 57 billion yuan [1][4] - The "Six Merger Rules" aim to enhance the role of the capital market in M&A, support the injection of quality assets into listed companies, and improve investment value [2][3] - The Shenzhen Municipal Financial Office has proposed an action plan to promote high-quality development of M&A, introducing 14 innovative measures [2] Group 3 - The M&A market in Shenzhen is characterized by strong chain reinforcement, accelerated business integration among state-owned enterprises, and cross-industry mergers aiding transformation and upgrading [4] - Notable cases include China General Nuclear Power (中国广核) acquiring 100% of the subsidiary Taishan Nuclear Power, enhancing its nuclear energy project reserves and market share [4] Group 4 - Shenzhen is recognized for its unique ecological conditions supporting M&A, with over 20,000 national high-tech enterprises and more than 1,020 national specialized and innovative "little giant" companies [6] - The city has a robust private equity and venture capital fund management scale exceeding 1.5 trillion yuan, fostering a fertile environment for M&A activities [6] Group 5 - The Shenzhen Securities Regulatory Bureau has established a merger and acquisition project resource library, collecting over 500 potential M&A targets, including more than 460 specialized and innovative enterprises [7] - Future plans include enhancing the resource library and facilitating project matching and roadshows to better serve various M&A needs [7]

Core Viewpoint - The introduction of the "Six Guidelines for Mergers and Acquisitions" has created new development opportunities in the A-share M&A market, with a significant increase in transaction volume and value in 2025 compared to 2024 [1][2]. Group 1: M&A Market Development - In the first half of 2025, there were 68 M&A transactions in the A-share market, with a total transaction value of 298.8 billion yuan, surpassing the total of 158.9 billion yuan for the entire year of 2024 [1]. - The "Six Guidelines" aim to enhance the development of new productive forces, improve regulatory inclusiveness, and increase payment flexibility and review efficiency, thereby injecting new vitality into the high-quality development of the real economy [1][2]. Group 2: Company Strategy and Operations - The company has adjusted and optimized its M&A business layout in line with the strategic deployment of serving the "third entrepreneurship" of the China Merchants Group and aims to become a leading investment bank [2][4]. - The company is focusing on three key sectors: digital technology, green technology, and life sciences, enhancing its professional service capabilities in M&A [3][4]. Group 3: Policy Environment and Market Dynamics - The "Six Guidelines" have significantly optimized the M&A regulatory environment, reducing transaction costs and enhancing the flexibility of securities firms [3]. - The new policies encourage the acquisition of unprofitable assets and relax restrictions on cross-industry mergers, signaling a positive development for new productive forces and industry integration [3]. Group 4: Future Goals and Initiatives - The company aims to cultivate core competitiveness by integrating into the national strategy and enhancing its service capabilities to support high-quality economic development [5][6]. - The company plans to deepen reform and innovation, focusing on technology finance and modern investment banking transformation [5][6].

华润三九收购天士力28%的股权，巩固在中药领域的全产业链布局；立讯精密收购闻泰科技部分子公司 股权，补足安卓生态ODM资源；至正股份拟收购先进封装材料国际有限公司99.97%的股权，由橡胶及 塑料制造商向半导体封装材料和专用设备行业转型…… 政策"阳光"普照 并购重组是企业实现基业长青的"关键棋"、突破增长瓶颈的"高速路"，也是经济高质量发展的"助推 器"。新"国九条"发布以来，并购重组政策红利持续释放。 2024年9月，证监会发布"并购六条"，以发挥资本市场在企业并购重组中的主渠道作用，适应新质生产 力的需要和特点，支持上市公司注入优质资产、提升投资价值。 招商证券党委书记、董事长霍达表示，"并购六条"通过允许收购未盈利资产、放宽跨界并购限制、完善 吸并锁定期等规定，向市场传递了积极发展新质生产力、鼓励产业整合的明确信号，拓宽"链主"企业遴 选优质标的的范围，释放了积极有力的政策红利，有利于激发并购重组市场活力，促进并购交易的市场 化发展。 "并购六条"发布后，深圳证监局等有关部门陆续出台并购重组支持政策，健全制度保障。2024年11月， 深圳市委金融办就《深圳市推动并购重组高质量发展的行动方案》公开征求意 ...

Core Viewpoint - Beijing Huada Jiutian Technology Co., Ltd. has decided to terminate its major asset restructuring plan due to the inability of the parties involved to reach an agreement on key transaction terms, ensuring the protection of the company's and shareholders' interests [1][5][7]. Group 1: Major Asset Restructuring Overview - The company signed a framework agreement on March 28, 2025, to acquire 100% of Chip and Semiconductor Technology (Shanghai) Co., Ltd. through a combination of issuing shares and cash payments [1][2]. - The restructuring was expected to constitute a major asset restructuring and related party transaction, but it did not qualify as a restructuring listing [2]. Group 2: Process and Communication - The company adhered to regulatory requirements and disclosed necessary information throughout the restructuring process, including risk warnings related to uncertainties [3][4]. - The company’s stock was suspended from trading starting March 17, 2025, to facilitate the restructuring process [4]. Group 3: Termination Reasons and Procedures - The decision to terminate the restructuring was made after thorough discussions and negotiations among the parties, as they could not agree on core transaction terms [5][6]. - The board of directors and the supervisory board convened on July 9, 2025, to approve the termination of the restructuring plan, which did not require shareholder approval as no draft restructuring plan had been disclosed [6][14]. Group 4: Impact of Termination - The termination of the restructuring is not expected to adversely affect the company's ongoing operations or strategic development, and it does not harm the interests of the company or minority shareholders [7]. Group 5: Commitment and Future Plans - The company has committed not to plan any major asset restructuring within one month following the announcement of the termination [8][22]. - An investor briefing is scheduled for July 11, 2025, to discuss the termination and address investor concerns [27][30].