值得一提的是，上半年的重大并购重组项目对于交易规模的影响巨大。例如，今年6月，国内算力产业最大吸 并案——海光信息（688041.SH）换股吸收合并中科曙光（603019.SH）预案公布，最终交易规模高达1159.69 亿元，中信证券与中邮证券分别为两家公司的独立财务顾问。 数据来源：Wind（首次披露日口径，数据统计区间为2025年1月1日至7月10日） 近两年，在政策的不断优化下，资本市场"并购热潮"渐起。数据显示，2024年9月以来，A股重大资产重组 （含定增并购）近200起，相比此前大幅增长。 券商中国记者统计发现，今年以来券商不断发力并购重组业务，共有44家券商作为独立财务顾问或财务顾问服 务并购重组项目。排名方面，交易数量前三的券商遥遥领先，分别是中金公司、中信证券、华泰证券。 中金、中信、华泰并购业务领先 在各类中介机构中，券商今年依然在并购业务领域领跑，成交规模占据全市场份额的60%以上。Wind数据显 示，按照并购重组项目首次披露日口径计算，今年以来，共有44家券商作为独立财务顾问或财务顾问服务并购 重组项目。 交易数量方面，头部集中情况明显，排名前三的中金公司、中信证券、华泰证券遥遥领先， ...

来源：市场资讯 2025年已过半，距离"并购六条"颁布也过了9个月，这期间A股上市公司并购重组市场焕然一新、持续 向好。4月，我们曾以"并购六条"半年度为维度对A股上市公司重组进行了回顾（详见《"并购六条"半年 度上市公司重组市场回顾》）。时间又过去三个月，在这期间涵盖了"年报季"、上市公司并购重组新规 修订等重要事项，并购重组市场也有一些新的变化。 许可类项目审核加速，预计全年审核数量将"触底反弹" 截至2025年6月30日，三大交易所受理的许可类重组项目共计60家次。其中，2025年以前受理的案例18 家次，2025年上半年受理的案例42家次。 按受理时间排序如下图所示： 自5月开始，交易所受理项目数量大幅提升，尤其是6月份，单月受理达23家次项目。5月和6月累计受理 数量30家次，占截至6月30日在会项目的50%。 "并购六条"后首次公告的许可类重组案例，有不少在各自年报数据更新后纷纷披露重组草案，直接推动 了五六月份的受理高峰。此外，五六月份受理的30家次案例中，有27家次是在《上市公司重大资产重组 管理办法（2025年修正）》颁布（即5月16日）之后受理的，不排除其中有重组新规正式落地的影响。 就审 ...

【市场数据】 截至10日收盘，上证综指涨0.48%，报3509.68点；科创50指数跌0.32%，报979.99点；深证成指涨 0.47%，报10631.13点；创业板指涨0.22%，报2189.58点。 4、据智通财经，7月10日，外交部发言人毛宁主持例行记者会。法新社记者提问，美国总统特朗普昨天 宣布将对进口的铜征收50%的关税，理由是国家安全，请问中方对此有何评论？"这个问题我们立场非 常明确。"毛宁强调，我们一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 5、7月10日，据央视新闻，针对《关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知》，财政部对有关方面关注的问题进行了解答。解答提到，对于4500万元人民币以上的医疗器械政府 采购项目，未分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过该项目合同总金 额的50%；分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过分包后单个采购包 合同金额的50%。采购人分包开展采购时，应当结合采购实际，按照专业类型、专业领域、规格等次 等，对采购项目合理分包。 6、据央广网 ...

Group 1 - The core viewpoint emphasizes the strong confidence injected into the market by the policy direction of the China Securities Regulatory Commission, which focuses on optimizing capital market mechanisms such as stock and bond financing and mergers and acquisitions [1] - The "Six Guidelines for Mergers and Acquisitions" released in September 2024 has led to a noticeable increase in private equity funds' participation in equity acquisitions of listed companies, reflecting a resonance effect between policy dividends and market demand [1][2] - The role of private equity funds is evolving from traditional financial investment to deep industrial empowerment, as they acquire controlling stakes in listed companies to integrate resources and enhance value creation [1][6] Group 2 - The "Six Guidelines" clearly support private equity funds in acquiring listed companies for industrial integration, and recent regulatory changes have simplified the approval process for major asset restructurings, providing a more flexible institutional framework for private equity participation [2] - Data shows that the number of disclosed merger and acquisition cases by listed companies increased by 15% year-on-year in 2024, with a staggering 460% surge in major transactions following the release of the "Six Guidelines" [2] - Private equity funds are shifting their investment logic from pre-IPO financing to deeper involvement in the secondary market, aiming for a closed-loop operation of investment, acquisition, and exit [2][3] Group 3 - The integration strategy of private equity funds focuses not only on acquiring equity but also on revitalizing industrial chain resources and reconstructing commercial value post-acquisition [6] - Private equity funds leverage their understanding of enterprise operations and industry development to facilitate business synergies and technological integration for acquired companies [6][7] - The "Six Guidelines" encourage listed companies to pursue cross-industry mergers that align with their business logic, promoting collaboration in emerging industries [6] Group 4 - The characteristics of the six typical cases post the "Six Guidelines" indicate that small and medium-sized private enterprises in technology and consumer sectors are the primary targets for private equity funds, chosen for their industrial value and operational feasibility [5] - The acquisition methods employed by private equity funds, such as "agreement acquisition + original controlling shareholder transferring voting rights," have become mainstream for obtaining control of listed companies [4] - The innovative practice of "GP first investment, fund later fundraising" enhances fundraising efficiency and attracts strategic co-investment from industrial capital [4] Group 5 - The potential of private equity funds in empowering traditional enterprises under transformation pressure is highlighted, as they aim to resolve short-term debt issues while optimizing business structures for sustainable growth [7] - Industry experts suggest optimizing tax policies to support the development of merger funds, which are currently underdeveloped despite the significant potential in China's venture capital market [8] - Recommendations include establishing mechanisms for loan products tailored to private equity acquisitions and developing a multi-tiered liquidity support system to address fund duration mismatches [8]

Mergers and Acquisitions - Shijia Photon plans to acquire equity in Dongguan Fuke Xima Communications Technology Co., Ltd. through a combination of issuing shares and cash payment, with the transaction price yet to be finalized [1] - Jifeng Technology intends to purchase a 5.29% stake in Sichuan Jifeng Juli Industrial Development Co., Ltd. for 7.1625 million yuan, aiming for 100% ownership post-transaction [2] - Jingce Electronics has completed the signing of an agreement to acquire approximately 4.83% of Shanghai Jingce Semiconductor Technology Co., Ltd. for 183 million yuan from the National Integrated Circuit Industry Investment Fund [3] Earnings Disclosure - Sairisi expects a net profit of 2.7 billion to 3.2 billion yuan for the first half of 2025, representing a year-on-year increase of 66.20% to 96.98% [4] - WuXi AppTec anticipates a revenue of approximately 20.799 billion yuan for the first half of 2025, with an adjusted net profit of about 6.315 billion yuan, reflecting a year-on-year growth of approximately 44.43% [5] - Guosheng Financial Holdings projects a net profit of 150 million to 220 million yuan for the first half of 2025, indicating a year-on-year increase of 236.85% to 394.05% [6] Shareholding Changes - Baoshui Technology announced that Shengbang Kaimi plans to reduce its stake by up to 1%, equivalent to a maximum of 12.0015 million shares, between August 4 and November 3 [7] - Wantong Development reported that shareholder Beijing Fuyuan intends to reduce its holdings by up to 3%, or 57.5074 million shares, through various trading methods [8] - Xingsen Technology's controlling shareholder plans to reduce its stake by up to 1.5%, approximately 25.344 million shares, within three months following the announcement [9]

Group 1 - The overall activity level of the A-share merger and acquisition market in China has weakened, characterized by "high frequency, diverse subjects, and broad fields" [1][2] - A total of 68 disclosed merger and acquisition events were recorded during the period, with a total transaction amount of 1610.13 billion RMB, showing a decrease in both the number of significant merger and acquisition events and transaction amounts compared to the previous period [1][2] - The real estate management and development, machinery, electronic equipment, instruments and components, media, electrical equipment, automotive parts, software, pharmaceuticals, and capital markets sectors are highlighted as active areas for mergers and acquisitions [1][2] Group 2 - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - Despite the decline in the number and amount of mergers and acquisitions, there is an upward trend in structural reorganization driven by optimized regulatory policies [1][2] - The report anticipates that the merger and acquisition market will further release integration and value reconstruction potential supported by economic recovery, policy encouragement, and capital market reforms [1][2] Group 3 - 28 listed companies announced or planned restructuring during the period, with an average stock price fluctuation of 5.03% over two weeks [2][5] - 29 companies achieved significant progress after announcing restructuring plans, with an average stock price fluctuation of 5.90% [2][5] - The number of major restructuring events decreased by 17.07% compared to the previous period, and research enthusiasm declined by 26.32% [2][5] Group 4 - The report includes detailed information on specific companies involved in restructuring, including their stock codes, names, industries, and restructuring purposes [3][4][7] - Notable companies such as Wanxiang Qianchao and Guoke Microelectronics are engaged in strategic cooperation and horizontal integration through capital increases and acquisitions [3][4][7] - The report also highlights the market capitalization and price-to-earnings ratios of companies involved in restructuring, indicating their financial performance and market response [5][10]

证券代码：603758 证券简称：秦安股份 上市地点：上海证券交易所 重庆秦安机电股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易预案 交易对方类型 交易对方名称 饶亦然、深圳市亦高实业有限公司、深圳市远致星火私募股 权投资基金合伙企业（有限合伙）、西藏华建兴业实业有限 公司、珠海亦高投资合伙企业（有限合伙）、深圳市吉城光 发行股份及支付 电科技有限公司、新余市长业亿立创业投资合伙企业（有限 现金购买资产 合伙）、深圳市君汇鑫亦咨询合伙企业（有限合伙）、厦门 市穗满时时投资合伙企业（有限合伙）、深圳市清显科技有 限公司、李俊华、尤俊衡 本公司控股股东、实际控制人、全体董事、监事、高级管理人员承诺，如 其为本次交易所披露或提供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，暂 停转让在本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本公司董事会，由本公司董事会代其向上交 所和中登公司申请锁定；未在两个交易日内提交锁定申请的，授权本公司董事 会核实后直接向上交所和中登公司报送其身份信息和账 ...

2022年8月，长方集团强行接管康铭盛后，致力于内部控制的完善建设和有效实施，针对内控缺陷环节 积极整改规范；全面接管康铭盛并调整变更康铭盛的管理团队，把李迪初、聂卫、彭立新等康铭盛原管 理团队清理出公司，确保2022年、2023年康铭盛及整个上市公司的稳定持续合规经营。 经过积极整改，2023年4月27日，中兴财光华出具了《关于深圳市长方集团股份有限公司原2021年度审 计报告无法表示意见涉及事项影响已消除的专项说明审核报告》。2023年4月28日，公司向深交所递交 申请，申请撤销退市风险警示。2024年4月25日，中兴财光华出具了《关于深圳市长方集团股份有限公 司2022年度内部控制审计报告否定意见涉及事项影响已消除的专项说明审核报告》，同时对公司2023年 度内部控制出具了标准无保留意见的内部控制审计报告。2024年4月26日，公司向深交所提交申请，申 请撤销其他风险警示。目前李迪初、聂卫、彭立新等康铭盛原管理人员早已被免职并离开康铭盛，相关 人员的影响也已消除。6月27日，公司收到深圳证监局出具的《行政处罚决定书》，公司因涉嫌信息披 露违法违规被立案事宜正式画上句号。 7月10日，*ST长方（3003 ...

近日，《深圳市关于促进半导体与集成电路产业高质量发展的若干措施》(以下简称《若干措施》)出台 实施，并设立总规模50亿元的"赛米产业私募基金"，以"政策+资本"组合拳，支持产业全链条优化提 质。 并购重组市场持续向"优"赋能 事实上，在完善更加适配科技创新和产业变革的金融服务体系，资本市场始终大有可为，除了借助产业 基金定向赋能外，并购重组更是能够以市场化方式破解创新要素分散、技术壁垒高筑等行业痛点，为产 业高质量发展提供更具穿透力的金融支撑。 2024年9月份，证监会发布的《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")指 出，支持上市公司围绕科技创新、产业升级布局，引导更多资源要素向新质生产力方向聚集。此后，深 圳证券交易所市场(以下简称"深市")新增披露的资产收购类重组中，新质生产力行业占比超七成。其 中，半导体作为战略性新兴产业的核心，典型案例相继涌现。 半导体企业不断向"新"聚力 事实上，自"并购六条"发布以来，在相关政策的指引下，半导体企业正积极向创新深水区挺进。从技术 攻坚到产业链协同，一批代表性企业通过并购重组等市场化手段，将政策红利转化为突破技术难题的实 际动能，在新质生产 ...

华润三九（000999）收购天士力（600535）28%的股权，巩固在中药领域的全产业链布局；立讯精密 （002475）收购闻泰科技（600745）部分子公司股权，补足安卓生态ODM资源；至正股份（603991） 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…… 自证监会发布《关于深化上市公司并购重组市场改革的意见》(即"并购六条")以来，深圳并购重组热潮 涌动，且呈向"新"聚集之势。数据显示，"并购六条"发布至今，深圳上市公司新增披露并购重组263 笔，196笔重组披露交易金额，合计超570亿元。 在深圳证监局协同与指导下，深证并购基金联盟、深圳并购重组项目资源库等陆续建立，阳光普照、种 子丰盈、土壤肥沃的并购"生态雨林"正加速形成，持续赋能新质生产力与社会经济高质量发展。 ● 本报记者黄灵灵 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 ...