Core Viewpoint - Local state-owned enterprises (SOEs) are actively acquiring listed companies this year, driven by industrial merger funds and state-owned venture capital platforms, to enhance local industrial integration and improve resource allocation efficiency [1][3]. Group 1: Recent Acquisitions - Shanghai State-owned Assets' Shanghai Biopharmaceutical M&A Fund has initiated significant acquisitions, including a strategic investment of 1.851 billion yuan in Kanghua Biotech and plans to acquire shares in Weikang Medical [1][2]. - Other local SOEs, such as Hubei's Changjiang Industrial Investment Group and Anhui's Jiangdong Investment, have also made notable acquisitions, indicating a broader trend across various regions [1][3]. Group 2: Strategic Motivations - There are three main strategic drivers for local SOEs acquiring listed companies: 1. To conduct high-quality mergers as part of deepening state-owned enterprise reforms [1][3]. 2. To use listed companies as a new lever for precise investment attraction [3][6]. 3. To promote industrial integration and upgrade, aiming to create leading enterprises in key sectors [1][3]. Group 3: Market Trends and Future Outlook - The trend of local SOEs controlling listed companies is expected to continue, supported by policies like the "M&A Six Guidelines" and the need for industrial integration amid economic transformation [6]. - Potential future hot sectors for acquisitions include new energy, high-end equipment manufacturing, new materials, and biomedicine, aligning with local industrial upgrading needs [6].

将投中网设为"星标⭐"，第一时间收获最新推送 拥抱变化，坚持不变。 作者丨 簪竹 来源丨 投中网 人民币募资市场，再度传来振奋人心的好消息。 近日，信宸资本（中信资本旗下私募股权投资业务）宣布，其新一期人民币并购基金已顺利完成关 账，规模超 45 亿元。投中网发现， 该基金规模较上一期 30 亿元大幅增长 50% 。 眼下一级市场募资端持续承压，即使 2025 年市场活跃度有所提升，整体数据仍不容乐观 —— CVSource 投中数据显示， 2025 上半年新成立基金 1966 支，同比减少 18% ，环比下降 19% ；募集规模为 10665 亿元，同比减少 32% 。 在市场持续低迷的情况下，募资规模还能实现稳定上行，足以证明 LP 对于机构的高度认可。据了 解，信宸资本此轮募资得到了来自政府引导基金、保险资金、母基金、券商及企业等多元化 LP 的 支持，其中既有信宸资本的长期合作方，也有新 LP 的参与。 过去两年，在新 " 国九条 " 、 " 并购六条 " 等一系列政策红利和产业整合升级需求攀升的双重浪 潮推动下，国内并购市场迎来"黄金窗口期"。但放眼望去，市场上新涌现的并购基金多由地方政 府、上市公 ...

近年来并购重组公司数量 单位:家 344 206 192 148 123 102 96 88 77 75 2025年 2024年 2023年 2022年 2021年 2020年 2019年 2018年 2017年 2016年 注：2025年数据截至8月8日 2025年以来，并购重组市场明显提速，涉及公司数量显著增加。从大背景来看，无论是政策端的大力推动，还是市场主体的积极参与，都使得 并购重组愈发活跃。数据显示，本轮并购重组浪潮呈现四大特征：规模更大、双创公司占比高、政策包容性更强、聚焦产业整合。这些新特征 有望对各个行业的竞争格局进行重塑，并为经济的高质量发展注入全新活力。 特征一：规模更大 据证券时报·数据宝统计，以首次披露日期为准，截至8月8日，2025年以来有88家上市公司公开了作为竞买方的并购重组事件。以此粗略年化 计算，今年通过并购重组的公司数量有望突破140家，创下自2020年以来的新高。 并购重组事件的规模也呈现显著扩大的趋势，诸多大型交易引人瞩目。例如，海光信息对中科曙光100%股权的吸收合并；中国神华计划收购 其控股股东所持的煤炭、坑口煤电等相关资产；湘财股份对大智慧100%股权的吸收合并 ...

Core Viewpoint - The wave of mergers and acquisitions (M&A) is being significantly driven by local state-owned capital M&A funds, which are evolving from mere "fund providers" to "industry integrators" that play a crucial role in strengthening and supplementing local industries [1][6][8]. Group 1: Local State-Owned Capital M&A Funds - Numerous provinces and cities have introduced policies or established state-owned capital M&A funds, with at least ten regions reported to have done so in the past year [1][3]. - The Shanghai Biopharmaceutical M&A Fund, part of a larger state-owned capital M&A fund matrix with a total scale exceeding 50 billion yuan, aims to enhance the integration of the biopharmaceutical industry [3][4]. - The establishment of these funds is seen as a strategic move to optimize the layout of state-owned capital and promote regional economic transformation [6][8]. Group 2: Mechanism Improvement Suggestions - Experts suggest six areas for improvement in the mechanisms and operations of state-owned capital M&A funds: investment, governance, incentives, exit strategies, talent, and policy [1][11]. - Recommendations include establishing a dual-track guidance system for investment, enhancing governance structures, and creating long-term performance evaluation systems [11][12]. - The focus is on transitioning from "policy-driven" to "market-driven, industry-driven, and value-driven" approaches to maximize the effectiveness of these funds [12]. Group 3: Economic Impact and Strategic Importance - Local state-owned capital M&A funds are crucial for addressing the challenges of technological and industrial revolutions, helping to develop new productive forces and optimize local industrial structures [6][8]. - These funds can facilitate the integration of resources and attract investments in key sectors, thereby promoting local economic development and enhancing the innovation capabilities of leading enterprises [7][8]. - The funds are positioned to play a stabilizing role in the capital market, particularly during downturns, by acting as strategic investors to prevent the outflow of core technologies and capacities [8].

Core Viewpoint - The recent acquisition plan by China Shenhua to acquire 13 energy companies is a significant move in response to new regulations encouraging major listed companies to integrate within their industry chains, aiming to create a super energy conglomerate [2][4]. Group 1: Acquisition Details - China Shenhua's acquisition plan involves a total asset scale exceeding 650 billion yuan, with the target companies spanning coal mining, coal power, coal chemical, and logistics [4]. - The acquisition will enhance China Shenhua's operational integration, adding high-quality coal production capacity and improving logistics efficiency through a self-operated network [4][5]. Group 2: Regulatory Trends - The new merger regulations, including the "Six Merger Guidelines" and the revised management measures for major asset restructuring, are expected to promote industry consolidation and cross-industry mergers [3][6]. - The regulatory environment is becoming more accommodating, allowing for greater flexibility in payment methods and performance commitments during acquisitions [12][13]. Group 3: Market Dynamics - There is an increasing trend of cross-industry mergers, particularly in technology sectors such as semiconductors and high-end manufacturing, following the introduction of supportive policies [6][10]. - The market is witnessing a rise in acquisitions involving loss-making companies, provided they meet specific criteria that ensure the potential for future profitability and operational synergy [7][10]. Group 4: Supportive Policies - Current policies encourage major listed companies to focus on core business integration and support mergers that enhance industry concentration [5][12]. - The regulatory framework now allows for more diverse evaluation methods for transaction pricing and has established simplified review processes for technology-driven mergers [13].

Core Viewpoint - The article discusses the resurgence of mergers and acquisitions (M&A) among state-owned enterprises (SOEs) in China, highlighting China Shenhua's significant plan to acquire 13 energy companies, which is a response to new regulations encouraging industry consolidation and integration [1][3]. Group 1: M&A Trends - Trend 1: Full Industry Chain Integration is creating record levels of consolidation, with China Shenhua's acquisition plan expected to exceed 650 billion yuan in total assets [3][4]. - Trend 2: Cross-industry mergers are accelerating, supported by new policies since the release of the "M&A Six Guidelines" in September 2024, with over 30 cross-industry M&A announcements made [6][7]. - Trend 3: Protection of minority shareholders is becoming a critical baseline, with new regulations allowing the acquisition of quality but unprofitable assets, provided that measures are in place to protect minority interests [9][10]. Group 2: Regulatory Changes - Trend 4: Policy relaxation allows loss-making companies to engage in acquisitions, with strict requirements for both parties involved in such transactions [12][13]. - Trend 5: Regulatory tolerance is at an all-time high, with more flexible payment methods and autonomous arrangements for performance commitments in M&A transactions [16][17].

Group 1 - The core viewpoint of the articles highlights the increasing trend of state-owned enterprises (SOEs) in the Yangtze River Delta region engaging in mergers and acquisitions (M&A) to promote local industrial integration and development, shifting from financial investments to deep industrial integration [1][2][3] - In 2025, there have been 17 cases of SOEs directly or indirectly participating in the acquisition of A-share listed companies, with over half of the targets in the machinery, electronics, petrochemicals, and computer sectors, indicating a focus on regional resource optimization and industrial collaboration [1][2] - The current wave of M&A is driven by local governments' strategies to enhance industrial clusters, aiming to strengthen, supplement, and extend the industrial chains [1][2][3] Group 2 - SOEs are utilizing specialized M&A funds to strategically invest in or take control of "chain leader" companies, thereby enhancing local industries and releasing synergistic effects [2][3] - A notable example is the strategic investment by a Shanghai biomedical M&A fund in MicroPort Medical, which aims to support the development of the biomedical sector and attract talent and technological breakthroughs [2][3] - The trend of cross-provincial acquisitions is evident, with SOEs from Jiangsu, Anhui, and Zhejiang acquiring companies in Guangdong and Chongqing, showcasing an upgraded model of "capital attraction + industrial attraction" [5][6] Group 3 - The integration of high-quality scientific and technological assets into SOEs through M&A not only facilitates strategic upgrades for these companies but also optimizes the industrial layout for local SOEs [6] - Data indicates that most of the listed companies acquired by SOEs in the Yangtze River Delta this year have market values below 10 billion yuan, with 10 companies valued under 5 billion yuan and 7 between 5 billion and 10 billion yuan [5][7] - The approach of using M&A as a tool for local industrial development serves as a model for other regions, promoting resource integration and enhancing local industrial chains [3][5]

本报记者 吴晓璐 据Wind资讯数据统计，截至8月4日，今年以来已有61家A股公司控股股东、实际控制人完成变更。从变更后实控人性质来 看，有16家实控人变更为地方国资（含2家不同地方国资之间变更）。 近年来，地方国资频频通过并购等方式收购上市公司，强化产业整合，提升资源配置效率，实现优势资源协同发展，在提 高上市公司的持续经营和盈利能力，提升上市公司价值的同时，也可以带动地方经济转型升级。 推动地方经济转型升级 据记者梳理，上述16家地方国资收购的上市公司中，有8家通过协议转让获得控制权，有5家通过"协议转让+表决权委托/ 放弃"获得控制权。另外，通过司法拍卖、"定增+表决权委托"以及大股东增持获得控制权的各有1家。从行业来看，基础化工 行业有3家，数量最多，其次电子和有色金属行业分别有2家。从公司来看，有5家属于战略性新兴产业企业，其中2家为科创板 公司，其他为传统产业企业。 对于此次权益变更，锡港启兴表示，洪汇新材在特种氯乙烯及相关行业不断技术革新、探索研究，在国内外同行业中处于 领先地位，为锡山区当地经济发展、当地产业集群持续转型升级起到了重要的积极作用。锡山区国服中心高度重视新兴产业、 重点产业投资， ...

南华期货硅产业链周报 ——短期向下空间有限，关注供给端政策 夏莹莹 投资咨询证书：Z0016569 余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务：证监许可【2011】1290号 2025年08月03日 【产业表现】 【核心逻辑】 基本面看，工业硅处于落后产能出清的产业周期逻辑，供应过剩压力持续。丰水期临近，西南地区企业陆续 增加开炉，复产预期逐渐落地，库存将有进一步累库风险。而下游需求端多晶硅利润改善有望拉动工业硅需 求，但需警惕若"反内卷"措施落地后，企业采取限产等生产调整，将对工业硅需求形成压制。因此，下半 年工业硅与多晶硅的联动逻辑可划分为两个阶段： 第一阶段为整合预期主导期：多晶硅产业整合预期推升市场价格上涨，企业利润修复将带动开工率提升，进 而形成"多晶硅价格走高→利润改善→开工率回升→工业硅需求增加→工业硅价格上行"的传导链条； 第二阶段为措施落地验证期：若多晶硅整合措施实质性落地且以限产为核心手段，将直接抑制对工业硅的原 料需求，触发"多晶硅限产→工业硅需求收缩→工业硅价格承压下行"的连锁反应。 所以整体来看，两阶段的核心差异在于产业整合从"预期 ...

Core Viewpoint - China Shenhua (601088.SH) is initiating a significant asset injection plan from its controlling shareholder, the State Energy Investment Group, to address competition issues within the industry, which is expected to enhance its coal resource reserves and integrated operational capabilities [1] Group 1: Asset Acquisition and Integration - The transaction involves the acquisition of core assets including coal, pithead coal power, and coal chemical assets from the State Energy Group, corresponding to equity stakes in 13 target companies [1][2] - The acquisition is anticipated to position China Shenhua among the top in current merger and acquisition transactions, with a substantial financial scale [1] - The integration of these assets is expected to significantly increase China Shenhua's coal production capacity and enhance its market influence [3] Group 2: Operational Enhancements - China Shenhua's coal production capacity is currently 350 million tons per year, with a projected production of 327 million tons in 2024, leading the industry [2] - The company has a total installed power capacity of 46.264 million kilowatts, primarily from coal-fired power, which will be further strengthened through the acquisition of pithead coal power assets [3] - The logistics and sales capabilities will be improved through the acquisition of coal transportation, port, and shipping companies, creating a comprehensive supply chain from coal mines to end-users [4] Group 3: Strategic Importance and Policy Support - This acquisition marks a critical step in fulfilling the commitment to avoid competition between the State Energy Group and China Shenhua, as outlined in agreements dating back to 2005 [5] - The transaction aligns with recent policy initiatives aimed at enhancing the quality of state-owned enterprises and facilitating professional integration within the industry [6] - The completion of this acquisition is expected to significantly boost China Shenhua's overall competitiveness in the energy sector [6]