截至9月30日，北投科技股东户数3.95万，较上期减少2.53%；人均流通股42338股，较上期增加2.59%。 2025年1月-9月，北投科技实现营业收入31.34亿元，同比增长236.19%；归母净利润-3.44亿元，同比增 长43.49%。 分红方面，北投科技A股上市后累计派现3.34亿元。近三年，累计派现0.00元。 今年以来北投科技已经1次登上龙虎榜，最近一次登上龙虎榜为1月6日，当日龙虎榜净买入2315.08万 元；买入总计7239.38万元 ，占总成交额比16.47%；卖出总计4924.30万元 ，占总成交额比11.20%。 资料显示，广西北投科技股份有限公司位于广西壮族自治区南宁市西乡塘区新康西路158号，成立日期 2000年3月16日，上市日期2016年8月15日，公司主营业务涉及数智工程、勘察设计与试验检测、新材料 及机电设备的生产与销售等业务,主要聚焦于智慧交通领域。主营业务收入构成为：有线电视行业 99.29%，其他(补充)0.71%。 北投科技所属申万行业为：传媒-电视广播Ⅱ-电视广播Ⅲ。所属概念板块包括：融资融券、5G、国资改 革、并购重组、乡村振兴等。 1月20日，北投科技盘中下 ...

在电商主业方面，狮头股份通过精细化运营稳住销售基本盘与毛利率，同时开拓免税等新市场渠道、拿 下多款知名品牌产品的独家代理权，实现增量突破。据了解，狮头股份2025年成功引入3个大健康领域 的品牌合作伙伴并建立行业口碑。此外，公司还通过优化供应链、开展精益化管理等实现降本增效。 值得注意的是，在"并购六条"新政鼓励下，狮头股份于2025年发起一轮并购重组，拟以6.624亿元购机 器视觉企业杭州利珀科技股份有限公司(以下简称"利珀科技")97.44%股份。公司表示，该收购案一直在 有序推进，已于2025年11月完成首轮交易所问询。 未来重组完成后，外界对狮头股份的定义将不再局限于电商。 公开资料显示，利珀科技成立于2012年，由浙江大学博士团队创办，作为国家高新技术企业及专精特 新"小巨人"企业，是国内少数具备自主研发工业机器视觉算法、可视化集成开发软件平台和计算成像系 统能力的公司。 2026年1月19日晚间，狮头股份（600539）(600539.SH)发布公司2025年度业绩预告，2025年度归母净利 润预计同比减亏23.36%—38.55%。 公告显示，2025年，狮头股份营业收入较上年同期基本持平，但亏 ...

半导体领域再现重大资产重组。 19日晚，盈方微公告称，公司拟收购上海肖克利信息科技股份有限公司（以下简称"上海肖克利"）100%股份、FIRST TECHNOLOGY CHINA LIMITED（富士德中 国有限公司，以下简称"富士德中国"）100%股份，预计将构成重大资产重组，公司股票将于1月20日开市时起复牌。盈方微表示，本次重组是对上市公司半导体分 销业务的巩固与强化，实现了对半导体赛道的精准聚焦与布局升级。 目前，A股并购重组市场持续活跃。据不完全统计，1月15日以来，包括盈方微、荣盛发展、延江股份、民爆光电等12家上市公司披露了并购重组进展最新公告。有 分析指出，展望未来，预计并购重组市场在政策的支持下或将持续活跃，科技行业的并购活动可能成为常态，央国企重组以及跨行业并购也或将变得更加频繁。 | 证券代码 | 证券简称 | 公告时间 | 重组事件 | | --- | --- | --- | --- | | 000670.SZ | 盈方微 | 1月19日 | 拟收购上海肖克利100%股份、富士德中国100%股份 | | 002146.SZ | 荣盛发展 | 1月19日 | 子公司拟4000万元收购英德 ...

Group 1: Mergers and Acquisitions - Mingde Bio plans to invest 35.71 million yuan to acquire 51% of Hunan Lanyi's equity, making it a subsidiary. The total transaction value is 35.71 million yuan, with potential further acquisition of remaining equity based on performance from 2026 to 2028 [1] - Xin Fengming's wholly-owned subsidiary, Dushan Energy, aims to acquire 35% of Dushan Port Development for a base price of 259 million yuan to enhance its supply chain capabilities and increase port throughput [2] Group 2: Shareholding Changes - Hongya CNC's controlling shareholder plans to increase their stake in the company by investing between 30 million and 60 million yuan, reflecting confidence in the company's future [3] - Huning Co. shareholders plan to collectively reduce their holdings by up to 1.1972%, with specific reductions from multiple shareholders [4] - Meihua Medical's shareholders plan to reduce their holdings by up to 2.51%, with specific amounts detailed for various shareholders [5] Group 3: Regulatory Issues - ST New Power received an administrative regulatory measure from the Hebei Securities Regulatory Bureau due to inconsistencies in shareholder meeting resolutions, violating disclosure regulations [6] - Zhengfan Technology received a warning letter from the Shanghai Securities Regulatory Bureau for irregularities in its general manager meetings and investment management [7]

2026年1月19日晚间，狮头股份（600539.SH）发布公司2025年业绩预告，2025年度归母净利润预计同 比减亏23.36%-38.55%。 近两年来，狮头股份业绩持续改善。现有主业实现增长的同时，该公司还在寻找战略转型机遇，拟通过 并购重组切入人工智能赛道打造公司第二增长曲线。 自2025年狮头股份的并购重组项目启动以来，一直在有序推进中。2025年9月，并购申请获上交所受 理，11月完成首轮问询，如果未来并购完成，狮头股份成长空间有望进一步打开。 狮头股份成立于1999年，2001年在A股上市。目前，狮头股份的主营业务为电商服务及净水龙头（含配 件）制造业务，电商服务为第一大主营业务。 业绩持续改善 亏损大幅收窄 公告显示，2025年，狮头股份营业收入同比基本持平，但净利润亏损幅度明显收窄，预计实现归母净利 润-1820万元至-2270万元，同比减亏23.36%-38.55%；预计实现扣非净利润-2120万元至-2570万元，同比 减亏27.96%-40.57%。 关于业绩表现，狮头股份表示，电商业务受行业竞争加剧及产品同质化影响，销售收入增长面临阶段性 压力。自2021年以来，电商线上渗透率长期 ...

Key Points - Yidian Tianxia's stock will resume trading on January 20, 2026, after a suspension for price volatility investigation, confirming no significant changes in its business operations [1] - Trina Solar expects a net loss of 6.5 billion to 7.5 billion yuan for 2025 due to supply-demand imbalance and rising raw material costs, despite a slight recovery in product prices [1] - Tianjian Technology anticipates a net loss of 176 million to 250 million yuan for 2025, which may trigger delisting risk warnings [2] - Jiangxi Copper plans to register and issue debt financing tools not exceeding 25 billion yuan, including medium-term notes and short-term financing bonds [2] - Shuijingfang forecasts a 71% decline in net profit for 2025, attributed to a deep adjustment phase in the liquor industry and high inventory levels [3] - Hualing Cable terminated its acquisition of Hunan Xingxin Aerospace due to failure to reach agreement on specific terms, with no adverse impact on its operations [3] - Jianghuai Microelectronics will change its controlling shareholder to Shanghai State-owned Assets Supervision and Administration Commission, with stock resuming trading on January 20, 2026 [4][5] - Dingtong Technology expects a 120% increase in net profit for 2025, while other companies like Mingtai Aluminum and Anfu Technology also project significant profit growth [6] - Several companies, including Shanghai Petrochemical and Sanfangxiang, anticipate substantial net losses for 2025, indicating ongoing challenges in their respective sectors [10]

1月16日，世茂能源在公告中表示，本次筹划事项终止的原因是，停牌期间，公司控股股东世茂投资及 实际控制人，与交易对方就筹划控制权变更事项进行了充分沟通与论证，但双方就部分核心条款未能达 成一致意见。 据公开材料，上市公司控制权变更谈判涉及的核心条款通常包括股份转让价格、审批程序、业绩承诺、 表决权处理、资金来源、过渡期安排、违约责任等。 国浩律师（上海）事务所合伙人、国浩金融证券合规委员会主任黄江东介绍，从实践来看，控制权变更 事项中所谓"核心条款"，往往集中在几类问题上。一是控制权交割安排，包括股份转让比例、表决权安 排、生效条件以及控制权过渡期的治理结构设计；二是交易对价及定价机制，尤其是在市场波动较大背 景下，转让价格是否包含控制权溢价、是否设置价格调整或补偿条款，容易产生分歧；三是后续承诺与 约束安排，例如原控股股东是否需要作出业绩承诺、锁定期安排、竞业限制及潜在兜底责任；四是监管 不确定性因素，包括交易是否可能触发强制要约、是否存在同业竞争、关联交易或实控人认定风险等。 "上述条款往往彼此高度关联，一旦在关键环节上难以平衡风险与收益，交易终止在所难免。"黄江东 说。 值得注意的是，宣布筹划股份转让5 ...

境内外市场IPO 登陆资本市场壮大发展优势 146单并购重组项目落地实施 产业升级步伐 持续加速 "企业上市是未来发展的新起点，获得融资的同时也提升了品牌形象。在港股上市，引入越来越多的国际投资者，这意味着公司需要构建起更加完善的合 规体系，持续稳健经营发展。"去年9月，深圳自行车企业大行科工在港股上市，该公司创始人韩德玮提到。 虽然身处传统产业，这家深企依然凭借折叠自行车细分领域的深耕，在全国市场打响品牌，成为上市公司预示着企业发展迈入新阶段。2025年，港交所 IPO融资额登顶全球第一，成为最热门的发行地：117家公司在港上市，IPO募资额达2856.93亿港元，较前一年大增逾两倍。同期，A股市场共有116家企 业首发上市，累计募集资金1317亿元，增幅也接近一倍。 在IPO市场升温的背景下，深圳企业成功迈向资本市场。在2025年，深圳新增19家上市企业，其中A股6家，包括深交所创业板4家、上交所科创板1家、北 交所1家，另外13家企业选择在境外上市。 科技实力强、出海步伐快成为深圳新上市企业的主要特征：峰岹科技成功构建"A+H"股两地上市格局，成为港股半导体行业"电机驱控芯片第一股"；影石 创新登陆科创 ...

Core Viewpoint - The development of strategic emerging industries is essential for enhancing international competitiveness and achieving proactive development amidst global economic challenges and uncertainties. Mergers and acquisitions (M&A) are increasingly recognized as a means to optimize the layout of these industries, emphasizing the importance of quality and effectiveness in M&A processes [1][4]. Group 1: Current Status of Strategic Emerging Industries - The number of enterprises in strategic emerging industries in China has significantly increased, with 96,000 large-scale industrial enterprises engaged in this sector by the end of 2023, accounting for 19.5% of all large-scale industrial enterprises. Including smaller enterprises, the total exceeds 2 million, surpassing traditional manufacturing [2]. - By the end of 2024, 66 national industrial clusters have formed across nine major fields, including information technology and biomedicine, with notable regional advantages in areas like the Yangtze River Delta and the Pearl River Delta [2]. - In terms of revenue, the leading sectors in strategic emerging industries include new-generation information technology, new energy, and high-end equipment manufacturing, which together account for 85% of total revenue in this sector [2]. Group 2: Challenges Facing Strategic Emerging Industries - The current industrial layout is fragmented, with a low proportion of revenue from strategic emerging industries relative to total A-share company revenue, indicating a need for stronger economic impact [3]. - Innovation capabilities are lacking, with many enterprises not mastering key technologies, leading to reliance on imports for critical materials and components [3]. - There is a structural imbalance in talent supply, with existing talent not aligning well with the needs of strategic emerging technologies, and a lack of effective talent incentive mechanisms [3]. Group 3: Role of Mergers and Acquisitions in Enhancing Investment Efficiency - M&A can optimize resource allocation by integrating production equipment, human resources, and technology, thus enhancing investment efficiency and avoiding resource wastage [4][5]. - The realization of synergies through M&A can lead to improved operational efficiency, reduced costs, and increased revenues, thereby enhancing overall investment efficiency [6][7]. - M&A can also expand market share by consolidating supply chains and production processes, allowing companies to gain stronger bargaining power and improve investment returns [7]. Group 4: Recommendations for Enhancing Investment Efficiency in Strategic Emerging Industries - Companies should carefully plan and define goals for the development of strategic emerging industries, focusing on high-quality M&A targets that possess core technologies and are positioned in critical segments of the supply chain [8]. - There is a need to cultivate key enterprises within strategic emerging industries to enhance industry concentration and scale efficiency, leveraging both independent R&D and M&A strategies [9]. - Continuous resource integration post-M&A is crucial for maximizing the benefits of synergies and enhancing the overall value of enterprises within strategic emerging industries [10]. - A focus on cultural integration and talent incentive mechanisms is necessary to align employee goals with corporate objectives, fostering innovation and collaboration [11].

Group 1 - The core viewpoint of the article highlights the increasing activity in the domestic merger and acquisition (M&A) market, driven by a series of supportive policies from regulatory authorities, particularly the new guidelines on M&A loans issued by the National Financial Regulatory Administration [1][2][3] - The new M&A loan management regulations allow for a higher proportion of controlling M&A loans in the transaction price, increasing the limit from 60% to 70%, and extending the loan term from seven years to ten years, thereby facilitating financing for M&A transactions [3][4] - The implementation of these regulations has led to a rapid increase in M&A loan projects being approved and disbursed by various commercial banks within a short period, indicating a positive market response to the new policies [2][3][4] Group 2 - The new regulations specifically include minority stake acquisitions in the scope of M&A loans, which aligns with current industrial upgrade needs and is expected to promote industrial integration and high-quality economic development [4][7] - Several banks, including Industrial and Commercial Bank of China and Agricultural Bank of China, have successfully issued the first M&A loans under the new regulations, demonstrating proactive engagement with local enterprises to meet their financing needs [4][5][6] - The regulatory environment is further supported by multiple government departments encouraging industrial mergers and acquisitions, particularly in technology sectors such as electronics and biomedicine, which are seeing increased M&A activity [8][9]