文/ 国盛证券首席经济学家 熊园 ， 国盛证券宏观分析师 朱慧 按惯例，4月底将召开经济工作相关的政治局会议，基于一季度经济表现、对等关税进展，近期总理座 谈会、国常会、国新办发布会等系列会议，我们有4点前瞻： 按 惯 例 ， 4 月 底 将 召 开 经 济 工 作 相 关 的 政 治 局 会 议 ， 基 于 一 季 度 经 济 表 现 、 对 等 关 税 进 展 。 本 文前 瞻 认 为 ，会 议总 基 调应 会 更 加 积 极 、 更 加 扩 张、应会有"真金白银"（实际规模与节奏相机抉择），立足当下、着眼长 远 ， 全 力 " 稳 预 期 、 稳 增 长 、 稳 外 贸 、 稳 就 业 、 稳 股 市 、 稳 楼 市 " 等 各 种"稳"，应会加力推动既定的存量政策落地，也应会推出一批增量政策， 尤其是"更大力度的中央加杠杆、更持续的稳股市稳楼市、更精准的扩内 需促消费、更大范围的扩开放、更针对性的强产业促改革"等。 前瞻1 经济形势上，应会肯定一季度经济起步平稳、开局良好、延续回升向好态势，但应也会直面困难，着重 强调"今年的形势比较特殊"，包括外部环境更趋严峻复杂、外部冲击对我国经济平稳运行造成一定 ...

Core Viewpoint - In the context of a cooling equity financing environment, mergers and acquisitions (M&A) have become a primary path for investment banks to seek new revenue streams, leading to a mixed performance in the financial advisory business among listed brokers [1][2]. Group 1: Financial Advisory Business Performance - Among 25 listed brokers, 11 achieved positive growth in financial advisory business net income, with the highest increase reaching 53%, while 14 experienced declines, with the largest drop at 61% [1][2]. - The total net income from financial advisory services for these brokers was 3.351 billion yuan, a slight decrease of 2% compared to 2023, indicating significant divergence among individual brokers [2]. - The top eight brokers captured a significant share of the financial advisory market, with their combined net income accounting for 79% of the total, an increase of 4 percentage points from the previous year [4]. Group 2: M&A Market Trends - The number of major asset restructuring announcements in the A-share market reached 112 in 2024, a year-on-year increase of 9.8%, largely influenced by the "M&A Six Guidelines" policy [2]. - However, the actual completion scale of major asset restructuring transactions fell to 81.241 billion yuan, a decline of 76% year-on-year, reflecting the complexities of M&A transactions [2]. - Despite the high concentration in the financial advisory market, there is a notable income stratification among the top brokers, with significant gaps in revenue between the leading firms [4][5]. Group 3: Future Outlook - The M&A market is expected to remain active, with projections indicating a double-digit growth in transaction volume in 2025, driven by ongoing state-owned enterprise reforms and increasing overseas investment demands [7]. - Several brokers have emphasized their commitment to seizing M&A opportunities, particularly in supporting technology companies and emerging industries [8].

南方财经全媒体记者冯玉怡 珠海报道 截至2024年3月末，华发科技板块投资主体包括华金资本（持股比例28.45%，未纳入合并范围）、英飞 尼迪（持股比例61.67%，未纳入合并范围）和珠海科技创业投资有限公司等。华发科技已形成产业运 营、产业投资、产业招商协同联动的战略格局，运营主要围绕新能源、半导体集成电路、生物医药及大 健康三大行业。 据联合资信报告相关数据显示，2023年底，华发科技资产总额为485.00亿元，所有者权益合计为328.91 亿元；2023年营业收入54.67亿元，利润总额为7.31亿元（投资收益11.33亿元）。截至2024年3月末，华 发科技主要所持A股上市股权市值约为68.77亿元。 组建珠海科技集团 4月11日，格力金投旗下控股公司包括航宇微(300053.SZ)、阳普医疗(300030.SZ)等公司均收到控股股东 格力金投的《关于股权结构拟变动调整的通知》，两家公司发布的《关于控股股东上层股权结构拟发生 变动的提示性公告》称，公司实际控制人珠海市国资委下发《关于组建珠海科技产业集团有限公司的通 知》（珠国资【2025】50 号），根据《珠海市 2025 年市属国有企业专业化整合方 ...

继今年1月划归上海管理后，近日中保投资有限责任公司（下称"中保投"）新任董事长和总裁正式落定。 上海市人民政府4月10日发布消息显示，市人民政府同意贾飙任中保投董事长，免去其中保投总裁职务； 李军任中保投总裁。 贾飙升任中保投董事长 中保投于2015年12月成立，注册资本12亿元，由27家保险公司、15家保险资产管理公司以及4家社会资 本共46家股东单位出资设立。 2015年6月，国务院批复同意《中国保险投资基金设立方案》，设立中国保险投资基金。中保投担任中国 保险投资基金的普通合伙人，负责基金设立、募集和管理工作。 中保投曾是原银保监会管委会统筹管理的会管单位之一，后归国家金融监督管理总局管理。今年1月，中 保投划归上海管理。 2月27日，上海市委组织部发布上海市市管干部任职前公示，其中提及，现任中保投总裁、党委副书记贾 飙，拟任市管企业党委书记，并提名任董事长。 贾飙是一位专家型管理干部，见证了保险行业和保险资金运用的发展壮大历程，组织修订了重大疾病定义 和发生率表等，近年来围绕保险投资进行了深入的管理实践。 资料显示，贾飙出生于1971年12月，毕业于南开大学经济学院金融学专业，经济学博士研究生。曾任原 ...

Core Viewpoint - The announcement of a potential professional integration involving Deep Kangjia A by its controlling shareholder, Overseas Chinese Town Group, aims to optimize resource allocation among state-owned enterprises [2][4]. Group 1: Company Overview - Deep Kangjia A, established in May 1980, is a technology-driven industrial group focusing on electronic technology, with its main shareholder being Overseas Chinese Town Group [6]. - The company operates in various sectors, including consumer electronics, semiconductors, and PCB circuit boards, and has been focusing on the semiconductor industry in recent years [6]. Group 2: Recent Developments - The proposed integration may lead to a change in the controlling shareholder, but the actual controller will remain the State-owned Assets Supervision and Administration Commission of the State Council [4]. - Deep Kangjia A has been experiencing a decline in performance, with an expected loss of 2.65 billion to 2.95 billion yuan for 2024 due to the exit from non-core businesses [6]. Group 3: Industry Context - The trend of professional integration among state-owned enterprises has been accelerating, with several recent examples of asset restructuring [8]. - The State Council's emphasis on optimizing state-owned capital and promoting strategic restructuring indicates a broader push for efficiency and competitiveness in the industry [9].

Core Viewpoint - The stock of Kaili New Materials (688269) is currently showing a weak performance with a comprehensive score of 48.58, indicating a bearish trend in the market [1]. Price Analysis - The current main cost for the stock is 24.70 yuan, with a 5-day main cost at 26.91 yuan, a 20-day main cost at 27.34 yuan, and a 60-day main cost at 25.66 yuan [1]. - The stock has not experienced any limit-up or limit-down events in the past year [1]. Technical Analysis - The short-term resistance level is at 27.92 yuan, while the short-term support level is at 26.98 yuan. If the stock price falls below the short-term support, a cautious approach is recommended [2]. - The mid-term resistance level is at 28.28 yuan, and the mid-term support level is at 26.86 yuan. A breach of the mid-term support indicates weak buying interest from major funds [2]. - The presence of a gap in the K-line pattern suggests potential market direction; an upward gap with high volume may signal a buying opportunity, while a downward gap indicates a possible market reversal [2][3]. - The "Double Flying Crows" pattern suggests that the market may be reaching a peak and could reverse [2][3]. Fund Flow Data - As of April 7, 2025, the net inflow of main funds is 20.24 thousand yuan, accounting for 0% of the total transaction volume. There is a net inflow of 80.31 thousand yuan from large orders, while large orders show a net outflow of 60.07 thousand yuan, and retail investors have a net outflow of 56.42 thousand yuan [2][3]. Financial Data - The latest financial report indicates earnings per share of 0.49 yuan, operating profit of 0.69 billion yuan, and a net profit of approximately 63.99 million yuan. The sales gross margin stands at 13.621% [4]. Related Industry/Concept Sectors - The stock is associated with several sectors, including Chemical Products (-10.95%), New Materials (-11.89%), Energy Conservation and Environmental Protection (-12.29%), and Central State-Owned Enterprise Reform (-9.59%) [4].

Core Viewpoint - The announcement details the revisions made to the Board of Directors' Rules of Procedure for Shanghai Electric Power Co., Ltd., aimed at enhancing corporate governance in accordance with new regulations and internal practices [1][18]. Summary by Sections Major Revisions - The revisions include the establishment of a decision-making authority for the Chairman and General Manager, requiring the Board to approve a list of authorized decision-making matters [1][3]. - The requirement for directors to personally sign written confirmations for periodic reports has been emphasized, prohibiting delegation of this responsibility [1][11]. Comparison of Revisions - The previous rule mandated that matters requiring Board decisions must be reviewed by the Board to ensure decision-making authority [2]. - The revised rule maintains this requirement while allowing the Board to authorize the Chairman and General Manager for specific decision-making within the scope of shareholder meeting authorizations [2][3]. Investment Authorization - Specific investment thresholds have been established for various projects, such as: - Investments in subsidiaries with registered capital below 500 million yuan require Board approval if the capital is below 30 million yuan [3][5]. - Investments in domestic infrastructure projects below 1.8 billion yuan require Chairman approval, while those below 100 million yuan can be approved by the General Manager [4][5]. - For mergers and acquisitions, transactions below 400 million yuan require Chairman approval [5][6]. Financial Management - The rules specify that the General Manager can approve annual operating expense plans after Board approval, ensuring that financial management aligns with corporate governance standards [8][9]. - The Chairman has the authority to adjust long-term loan limits by no more than 10% within the approved annual budget [8][9]. Governance Structure - The revisions include a new chapter dedicated to the appointment and dismissal of senior management, enhancing clarity in governance [10]. - The rules also stipulate that the Board must adhere to relevant laws and regulations when approving related party transactions [10][12]. Meeting Procedures - The revised rules outline procedures for convening Board meetings, including conditions under which meetings must be called within five working days [11][12]. - Proposals that are not approved cannot be re-evaluated within a month unless significant changes occur [14][15]. Conclusion - The revised Board Rules have been approved by the Board and are pending shareholder approval, reflecting a commitment to improved governance practices [18].

通过对各地政府工作报告中2025年的工作重点进行词频统计，西南证券首席经济学家叶凡发现，"创新""科 技""现代化"等与科技创新有关词汇出现频次较高，其次是"绿色""生态""消费""旅游""养老"等关键词。对应到 产业模式上，首发经济、AI+等在全国两会上提及的概率较大。 他表示，首发经济在多元化消费场景、服务消费和文化旅游业中的落地，是消费潜力挖掘的重点方向。 DeepSeek的横空出世有望催生AI应用需求爆发，预计到2035年，我国AI核心产业规模将突破1.73万亿元，占全 球30%以上。此外，2025年是国有企业改革深化提升行动的冲刺、收官之年，央国企并购重组有望持续加快， 科技、能源、农业、金融、物流等或是重点。 德邦证券研究所宏观组负责人张浩则表示，全国两会即将召开，地方两会、集体调研及集体学习是重要前瞻信 号。预计全国两会或将关注三个方面，经济增长目标或维持5%，提振消费是重中之重，财政货币与各项产 业、区域、环保等政策协同配合助力广义财政扩张是政策发力关键。 他建议，关注体制机制改革的重要牵引作用，统一全国大市场、民营经济高质量发展、深化国资国企改革和改 善消费环境、营商环境是四个重点方向。"2 ...

普华永道中国官方公众平台，欢迎关注！ 预计2025年并购交易量或将有两位数增长。 本文为IPO早知道原创 以下文章来源于普华永道 ，作者普华永道 普华永道 . 作者｜C叔 微信公众号｜ipozaozhidao 据IPO早知道消息，2月28日，普华永道发布了《2024年中国企业并购市场回顾与前瞻》。报告显 示，2024年中国企业并购市场交易额与2023年相比下滑16%，跌至2,770亿美元，创下近年新 低；然而，得益于风险投资交易量的大幅回升，2024年的总交易量相较2023年增长24%。 | | | | | | 2020年至2024年并购交易数量和交易金额概览 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2020 | | 2021 | | 2022 | | 2023 | | 2024 | | 交易量变 交易额变 16% 2024 16% 2024 | | | | 交易量 交易额 | | 交易量 | 交易额 | 交易量 | 交易额 | 交易量 | 交易领 | ...

（图片来源：东方财富APP，统计截至2025/2/28，不作投资推荐） 还没上车和刚上车的人都沉默了…… 两市成交额有些缩量，为1.8万亿，盘面上，科技、券商板块跌幅居前，汽车、消费、医疗等集体走弱。 机构分析认为，A股市场近期波动加大，一方面题材端累计涨幅已经较大，兑收风险上升；另一方面，以两会为主线的政策题材仍在酝酿。展望来看，下 周即将进入两会阶段，政策预期的兑现情况将影响行情的发展。 A股下跌原因，后市何去何从？ 摘要 1、在全球市场大跌的背景下，A股出现回调，创业板指跌超3%，发生了什么？ 2、科技板块跌幅居前，后市会怎么走？还能上车吗？ 3、下周，全国两会即将召开，复盘历史两会前后市场走向，哪些板块有望迎来机会？ 真话白话说财经，理财不说违心话 --这是第1308 篇白话财经- - 今天，一改前几日的强势表现，A股港股在外围市场集体走弱的背景下出现调整，创业板指跌超3%，有超4700只个股下跌。 对于今天A股的下跌，主要还是受到外围科技板块调整以及突发利空事件影响。 1、外围市场大跌，科技股集体回调。 隔夜美股三大指数集体调整，英伟达因发布业绩营收同比增速放缓，下跌超8.48%，科技巨头集体下跌， ...