Group 1 - The A-share market has rebounded with a trading volume exceeding 1.2 trillion yuan, indicating a recovery in investor sentiment [1] - The leading securities ETF (560090) saw a significant increase in trading volume, rising by 1.65% with a turnover of nearly 95 million yuan, marking a 148% increase compared to the previous trading day [1][3] - Major components of the securities ETF index all experienced gains, with notable increases from Huaxin Co. and Dongwu Securities, both rising over 4% [3] Group 2 - In May 2025, fixed asset investment in China reached 191,947 billion yuan, reflecting a year-on-year growth of 3.7% [4] - The retail sales of consumer goods totaled 41,326 billion yuan in May, showing a year-on-year increase of 6.4% [4] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, indicating stable economic performance [4] Group 3 - The overall economic operation in May 2025 was stable, providing support for the upward movement of A-share listings [5] - The securities industry has shown significant recovery in performance, with a continuous increase in trading volume and a favorable policy environment [5][6] - The self-operated income of listed securities firms has maintained rapid growth, contributing to the overall performance recovery of the industry [5] Group 4 - The merger and acquisition market remains active, with several significant transactions and restructuring efforts underway, which are expected to enhance the synergy effects within the industry [6] - The valuation of the securities sector remains low, with the latest price-to-book ratio at 1.38x, indicating strong investment value [10] - The securities ETF (560090) tracks the CSI All Share Securities Companies Index, providing an efficient investment tool for exposure to the securities sector [10]

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 年中惠 5折 仅需 99.5元 折后还可叠加 满减 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 上工中九共中进工作为 并购目的 协同效应 重组类别 支付方式 并购重组基础知识 融资安排 操作流程 1. 基础内容 相关协议 中介机构 并购共识 操作周期 收购方类别 标的公司类别 实操常见问题 标的渠道 e 中介机构 并购前的考量 双方诉求 失败案例警示 ...

2024年A股只完成了100家IPO上市，是近十年来的最低IPO上市数量。在IPO收紧、并购政策频出的背 景下，越来越多拟IPO企业、IPO撤材料以及辅导阶段的企业，开始转向并购重组，通过并购踏入资本 市场。 在这股浪潮的推动下，2025年各行各业公司以及央国企的专业化整合都在进一步加速。为了帮助大家及 时把握这一轮热潮，了解并购重组操作实务，我们最新上线了 《企业并购重组实操手册》 。 企业并购重组实操手册 1.纸质资料《企业并购重组实操手册》 2.线上课程《并购逻辑与实践：丹纳赫VS爱尔眼科》 3.梧桐定制笔记本1个 企业并购重组实操手册 年中惠 5折 仅需 99.5元 折后还可叠加 满减 《企业并购重组实操手册》共有 342页 ， 17.3万字 ，11个章节，主要从 交易买方、卖方、中介机构 的角度，梳理了 并购重组各个环节 的操作要点和常见问题。 实施程序 Θ 查询与复核 线下调查 业务与技术 同业竞争与关联交易 2. 尽职调查 财务与会计 尽调内容 e 组织结构与内部控制 关键人员 风险因素 经营业绩 财务规范 常见问题 商务费用 隐性负债 整体考虑 操作时间 并购比例 考虑因素 并购方式 e 保障 ...

证券板块 本周券商行情驱动因素主要来自中美谈判缓和提振市场情绪以及行业并购重组主题持续发酵。1）6 月 6 日，证监会核 准中央汇金成为长城国瑞证券等 8 家金融机构的实际控制人；2）国信并购案临近审核，6 月 13 日，国信证券公告其 发行股份收购万和证券 96.08%股权事项，将于 6 月 19 日接受深交所并购重组委审核，进一步强化券商并购重组主题。 投资建议：建议关注四条主线：（1）港交所：ADT 增长有望驱动业绩与估值提升（25/05 ADT 为 2103 亿元，同比+50%； 累计 ADT 为 2423 亿元；截至 25/05 末上市公司数量 2633 家，同比+23 家）。（2）四川双马：创投行业或会迎来进一步 政策催化，科技赛道占优，创投业务有望受益。公司管理基金的已投项目——奕斯伟科技（2024/12/24 状态更新为已 问询）、奕斯伟计算技术（2025/5/30 向港交所递交上市申请）、邦德激光（高端装备，2024/1/3 进行上市辅导备案）、 屹唐半导体（2025/3/13 证监会批复注册）、群核科技（"杭州六小龙"之一，2025/2/14 向港交所递交上市申请）、丽 豪半导体（拟最快 ...

Core Viewpoint - The micro-cap stock index has seen a significant recovery, with a cumulative increase of nearly 30% over the past two months, driven by multiple factors including policy support and market dynamics [1][3][4]. Group 1: Market Performance - The micro-cap indices, including the CSI 1000, CSI 2000, and Guozheng 2000, have risen by 11.09%, 18.27%, and 14.43% respectively since April 8, significantly outperforming related indices [3]. - The Wind micro-cap stock index reached a new historical high on June 12, reflecting strong market recovery [2][3]. Group 2: Factors Driving Recovery - The recovery in micro-cap stocks is attributed to a combination of financial support policies, liquidity injections from interest rate cuts, and a shift in investor sentiment [4]. - The acceleration of AI industrialization and advanced manufacturing themes has redirected funds towards more flexible micro-cap stocks, enhancing their relative advantages [4]. Group 3: Fund Management and Investment Strategies - Several micro-cap strategy funds have implemented purchase limits due to rapid inflows, with notable funds like Nuon Multi-Strategy and CITIC Prudential announcing restrictions on large purchases [5][6]. - The performance of these funds has been strong, with returns of 18.49% and 29.44% from April 8 to June 13, and year-to-date net value growth rates of 26.21% and 33.94% respectively [6]. - Fund managers are cautious about the rapid growth in fund size, as it may impact existing investors and create pressure on finding sufficient investment opportunities [6][7].

Mergers and Acquisitions - Bozhong Precision plans to acquire 70% stake in Shanghai Wodian for 420 million yuan, aiming to enter the automotive intelligent equipment market and establish a diversified business model of "3C + new energy + automotive" [1] Shareholding Changes - Hengrui Medicine's senior vice president plans to reduce holdings by up to 47,670 shares, representing 0.007% of the total share capital due to personal financial needs [2] - Guomao Co., Ltd.'s actual controller plans to reduce holdings by up to 19,772,600 shares, accounting for 3% of the total share capital, with a minimum selling price not lower than the IPO price [3] - Baoli International's shareholder plans to reduce holdings by up to 27,468,000 shares, representing 3% of the total share capital after excluding repurchased shares, due to personal financial needs [4] Risk Matters - Yong'an Pharmaceutical warns of high speculation risk as its stock price has surged significantly, deviating from the market trend, although there are no major changes in fundamentals [5] - ST Kevin alerts investors about rational investment and risk awareness due to a cumulative price deviation of 12.32% over three trading days, confirming no violations of fair information disclosure [6] - Annie Co. states that there are no undisclosed significant matters, despite a cumulative price deviation exceeding 20% over two trading days, and confirms stable operational conditions [7]

证券研究报告|投资策略周报 [Table_Date] 2025 年 06 月 15 日 [Table_Title] 聚焦 6.18 陆家嘴论坛，A 股上攻行情仍在路上 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾： 本周 A 股、港股指数先扬后抑，周五中东地缘冲突使得资金流出风险资产，全球股指普遍回调，中国权益市场亦 跟随调整。A 股市场成交额放量，主要指数多数收跌，仅创业板指、微盘股指上涨；北证 50、科创 50 领跌。一级 行业方面，本周 A 股有色金属、石油石化、农林牧渔领涨；食饮、家电、建材领跌；热门概念来看，稀土永磁、 油气开采受外围扰动因素走强。大宗商品方面，避险情绪推升油价和黄金大涨，本周 WTI 原油、ICE 布油期货涨超 13%，COMEX 黄金涨 3.3%。外汇方面，美元指数跌破 98 关口，人民币汇率震荡。 ·市场展望：聚焦 6.18 陆家嘴论坛，A 股上攻行情仍在路上。近期中美伦敦谈判进展符合市场预期，但中东地缘 局势再次扰动全球风险偏好，A 股短期跟随震荡调整。我们认为地缘事件对国内而言更多是情绪上的短期冲击，影 响 A 股的核心因素还是自身 ...

Group 1 - The core viewpoint of the articles emphasizes the effectiveness of the "Science and Technology Innovation Board" (STAR Market) as a reform pilot, enhancing the capital market's support for technological innovation and improving the quality of listed companies in the A-share market [1][2] - The implementation of the "STAR Market Eight Articles" and "Merger and Acquisition Six Articles" has led to a series of supportive policies aimed at invigorating the merger and acquisition market, resulting in a more dynamic and efficient environment for transactions [2][3] - The number of mergers and acquisitions has significantly increased, with 106 new transactions reported, showcasing a rise in both quantity and quality, particularly in the cash and major restructuring deals since 2025 [3][4] Group 2 - The continuous optimization of merger and acquisition mechanisms has injected strong momentum into the STAR Market, with new policies enhancing the efficiency and convenience of the market [2][5] - The introduction of diverse payment tools for mergers and acquisitions, including convertible bonds and acquisition loans, has facilitated the integration of upstream and downstream industries, promoting collaborative effects [5][6] - The STAR Market's focus on acquiring high-quality, unprofitable "hard technology" companies has led to 28 transactions involving such targets, breaking traditional valuation frameworks and establishing a multi-dimensional valuation system [5][6]

Core Viewpoint - Western Gold Co., Ltd. plans to acquire 100% equity of Xinjiang Meisheng Mining Co., Ltd. from Xinjiang Nonferrous Metals Industry Group Co., Ltd. using its own funds and loans, which will enhance its core competitiveness and profitability through increased gold production capacity [1][4]. Group 1: Acquisition Details - The acquisition will make Xinjiang Meisheng a wholly-owned subsidiary of Western Gold, which primarily operates in the non-ferrous metal mining sector [1]. - Xinjiang Meisheng's core asset is the Katerba Asu gold-copper polymetallic mine project, with a proven ore reserve of 25.67 million tons, including 7.87 tons of gold [1]. - The project is expected to reach an annual production capacity of 1.2 million tons of ore, yielding approximately 3.3 tons of gold annually [1]. Group 2: Strategic Implications - The acquisition aligns with Western Gold's overall development strategy and is supported by government policies encouraging mergers and acquisitions among listed companies [3]. - The transaction is expected to significantly enhance Western Gold's resource reserves and production capacity, optimizing its industrial layout and driving performance growth [4]. - Analysts note that the acquisition price reflects a premium over the book value due to the large resource reserves and the rising gold prices, indicating potential substantial returns for Western Gold [3].

作者丨蒲凡 编辑丨张楠 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 并购流行起"差异化对价"。 最近一年，投资圈越来越流行"并购进入黄金时代"的说法。人们给出的理由主要有两个，一个是目前距离美元大放水时代已经整整过去了4年，创业者们 不再抱有幻想、投资人们没有了耐心，优质资产纷纷回到一个合理的估值区间，是抄底的好窗口；另一个是新"国九条""科创板八条"等一系列政策出 台，赋予了"并购"前所未有的正面定性，买方数量将大大增加。 近日，上海奥浦迈生物科技股份有限公司（以下简称"奥浦迈"）宣布将收购澎立生物医药技术（上海）股份有限公司（以下简称"澎立生物"）。交易对 手除了澎立生物实控人JIFENG DUAN控制的实体外，均是澎立生物的外部投资机构。经奥浦迈与交易对方充分协商，澎立生物100%股权的最终交易总 价约为14.51亿元。 这笔交易再一次复现了2023年底，歌尔股份收购驭光科技的操作，即相比最后一轮融资，收购折价近半。根据奥浦迈发布的公告， 澎立生物用2年半时 间完成了估值1460%的倍增，又在3年后出现了55%的折价，过程中"欲IPO而不得"，最终被一家营收规模、净利润都未明显强于自己 ...