编者注：A股中船系午后拉升，中国重工、中国船舶双双涨停，中船特气、中船防务、中国动力跟涨。 中国船舶与中国重工的造船业"世纪大重组"，终于在历时一年的协调与审批后，步入了"临门一脚"环节。 8月5日晚间，两公司同时发布公告称，中国船舶换股吸收合并中国重工的交易早前已获证监会正式批复。接下来，两家公司股票将自8月13日起停牌，复牌 日期不定。此后中国船舶将正式通过换股吸并方式，向中国重工所有股东发行股份并收购其全部资产，中国重工将撤牌退市。 值得注意的是，在审议两船合并的股东大会中，有部分异议股东对所有议案全部投出反对票，他们将有权获得两公司大股东中国船舶集团提供的现金选择 权，可在8月13日前提交执行现金选择权的申请。根据两公司公告，中国船舶、中国重工的异议股东持有股份数量分别为1853.85万股和32305.32万股，对应 现金选择权价格为30.01元/股和4.03元/股，总价值分别为5.56亿元和13.02亿元。 不过，以上现金选择权或大概率不会被异议股东执行——从当前股价来看，截至8月5日，吸并主导方中国船舶股价已经来到35.01元/股，其较现金选择权溢 价16.6%。而只有中国船舶股价低于或接近现金选 ...

2025.08.06 本文字数：3769，阅读时长大约6分钟 作者 |第一财经 黄思瑜 A股市场并购重组持续活跃，不仅有"重量级"央国企并购的新进展，创新性并购重组案例也相继涌现。 8月4日晚间，中国船舶（600150.SH）与中国重工（601989.SH）双双发布公告，换股吸收合并事项已 获得证监会批复，将正式进入实施阶段，两家公司股票将自8月13日起停牌，中国重工股票将停牌至终 止上市，而中国船舶将在异议股东收购请求权申报结果公告当日复牌。 | 中国船舶 | | 35.01 | +0.97 | | | 昨收 34.04 | | 最高 35.30 | | 成交额 33.59亿 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600150 | | | +2.85% | | | 今开 35.20 | | 最低 34.28 | | 换手率 2.15% | | | | 分时图 ▼ | | | | | | | 叠加 | レ | 覽价 | 五植 | | 明细 | | 35.30 | | | | ...

A股市场并购重组持续活跃，不仅有"重量级"央国企并购的新进展，创新性并购重组案例也相继涌现。 8月4日晚间，中国船舶（600150.SH）与中国重工（601989.SH）双双发布公告，换股吸收合并事项已获得证监会批复，将正式进入实施阶段，两家公司 股票将自8月13日起停牌，中国重工股票将停牌至终止上市，而中国船舶将在异议股东收购请求权申报结果公告当日复牌。 中国船舶与中国重工8月5日股价走势图 "并购六条"是中国证监会于2024年9月24日发布的《关于深化上市公司并购重组市场改革的意见》的简称。Wind数据显示，以首次披露日为口径，"并购 六条"发布以来至2025年8月5日，A股市场有2400余家上市公司披露了并购重组公告，其中一些创新性并购重组案例受到市场关注，支付方式多元化也成 为此轮并购重组的突出特征。 与此同时，为紧抓并购重组发展机遇，股权投资机构、券商投行等也积极参与其中，调配各种资源，向并购重组业务倾斜。 央国企加速并购整合 "并购六条"落地以来，监管机构持续完善相关配套措施支持并购重组，市场活跃度持续高涨。央国企整合与硬科技并购已逐渐成为此轮并购重组浪潮的两 大核心趋势。 在国企改革政策支持、产 ...

Core Viewpoint - The A-share market is experiencing a surge in mergers and acquisitions (M&A), with significant developments in state-owned enterprises (SOEs) and innovative restructuring cases emerging [5][6]. Group 1: Recent M&A Activities - On August 4, China Shipbuilding (600150.SH) and China State Shipbuilding Corporation (601989.SH) announced that their share-swap merger has received approval from the China Securities Regulatory Commission (CSRC), set to be implemented with stock suspension starting August 13 [5][8]. - The merger transaction is valued at approximately 115.15 billion yuan, with a swap ratio of 1:0.1339, allowing shareholders of China State Shipbuilding to exchange their shares for those of China Shipbuilding [8][9]. - China Shenhua (601088.SH) is also planning to acquire assets from the State Energy Group, involving over ten companies, indicating a trend of large-scale M&A transactions in the market [10][11]. Group 2: Policy and Market Trends - The "M&A Six Guidelines," introduced by the CSRC in September 2024, has led to over 2,400 listed companies in the A-share market announcing M&A activities, with a notable increase in innovative cases and diverse payment methods [6][8]. - The integration of SOEs and hard technology acquisitions has become a core trend in the current M&A wave, driven by national policies supporting SOE reform and industry upgrades [8][9]. - Since the introduction of the "M&A Six Guidelines," three major M&A transactions exceeding 100 billion yuan have been recorded, highlighting the growing trend of large-scale mergers [9]. Group 3: Diverse Payment Methods - The revised "Major Asset Restructuring Management Measures" introduced in May 2025 has facilitated various payment methods for M&A, including installment payments and convertible bonds, enhancing market activity [14][15]. - Companies like China Power and Changhong High-Tech are utilizing convertible bonds as a payment tool in their acquisitions, reflecting the trend of innovative financing mechanisms in M&A [15][16]. - The introduction of new policies allowing for increased leverage in acquisition loans has further stimulated M&A activities, with companies like Foxit Software planning to utilize bank loans for acquisitions [15][16]. Group 4: Institutional Involvement - Investment firms and securities companies are actively participating in the M&A market, adapting their strategies to align with the evolving regulatory environment and market dynamics [18][19]. - Securities firms are enhancing their capabilities in M&A services, focusing on valuation, transaction execution, and post-merger integration to better support clients [19][20]. - The trend of institutional involvement in M&A is expected to continue, with a focus on industry integration and transformation, leading to more cautious and strategic approaches to restructuring [20].

Core Viewpoint - The merger between China Shipbuilding and China State Shipbuilding has received official approval from the China Securities Regulatory Commission, marking a significant step in the restructuring of China's shipbuilding industry [2][5]. Group 1: Merger Details - The merger involves a share swap where China Shipbuilding will absorb China State Shipbuilding, leading to the latter's delisting [2]. - The stock of both companies will be suspended from trading starting August 13, with no specified date for resumption [2][4]. - Dissenting shareholders have the option to cash out at prices of 30.01 yuan per share for China Shipbuilding and 4.03 yuan per share for China State Shipbuilding, with total values of 5.56 billion yuan and 13.02 billion yuan respectively [5]. Group 2: Financial and Operational Impact - The combined total assets of the two companies will exceed 400 billion yuan by the end of 2024, surpassing the 300 billion yuan asset scale of the previous "South-North Train" merger [7]. - In 2024, China Shipbuilding and China State Shipbuilding are projected to achieve revenues of 78.58 billion yuan and 55.44 billion yuan, respectively, with combined annual revenues exceeding 100 billion yuan [7]. - The order backlog includes 322 vessels for China Shipbuilding valued at 216.96 billion yuan and 216 vessels for China State Shipbuilding valued at 233.77 billion yuan, totaling 15% of the global order backlog [8]. Group 3: Market Context and Future Outlook - The merger is seen as a response to the ongoing consolidation trend in the state-owned enterprise sector, with a streamlined approval process taking only 71 days [8]. - The merger is expected to enhance resource synergy, improve bargaining power, and facilitate the integration of green ship technology and military-civilian fusion experiences [7][11]. - Analysts predict that the Chinese shipbuilding industry will remain busy due to a long-term supply-demand imbalance, benefiting from a new cycle of demand in the global shipbuilding market [11].

Core Viewpoint - The merger between China Shipbuilding and China State Shipbuilding has received regulatory approval, marking a significant step in the restructuring of China's shipbuilding industry, with the aim of enhancing resource synergy and market competitiveness [1][4][8]. Group 1: Merger Details - The merger involves a share swap where China Shipbuilding will absorb China State Shipbuilding, leading to the latter's delisting [1][4]. - The merger has been in the works for over a year, with the approval process taking only 71 days, indicating strong support for state-owned enterprise consolidation [8]. - Following the merger, both companies will halt trading on August 13, with a resumption date yet to be determined [1][3]. Group 2: Financial and Operational Impact - Combined assets of the two companies will exceed 400 billion yuan, surpassing the asset scale of previous major mergers in the industry [7]. - In 2024, the two companies are projected to achieve combined revenues exceeding 1 trillion yuan and net profits over 50 billion yuan [7]. - The order backlog for China Shipbuilding stands at 322 vessels with a total weight of 24.61 million tons, valued at 216.96 billion yuan, while China State Shipbuilding has 216 vessels valued at 233.77 billion yuan, together accounting for 15% of the global order backlog [7]. Group 3: Strategic Advantages - The merger will facilitate the integration of complementary technologies and enhance bargaining power in the market [7][11]. - The consolidation is expected to reduce internal competition and improve supply chain resilience, positioning the new entity to better capitalize on the upcoming shipbuilding cycle [11]. - The merger aligns with the trend of state-owned enterprises leveraging capital markets for integration, potentially leading to more M&A activities in the future [8][11].

股票代码：002761 股票简称：浙江建投 上市地点：深圳证券交易所 债券代码：127102 债券简称：浙建转债 上市地点：深圳证券交易所 浙江省建设投资集团股份有限公司 发行股份购买资产 并募集配套资金暨关联交易报告书（草案） 摘要（修订稿） 交易对方类型 交易对方名称 发行股份购买资产 国新建源股权投资基金（成都）合伙企业（有限合伙） 交易对方 募集配套资金认购方 浙江省国有资本运营有限公司 独立财务顾问 二〇二五年八月 释义 本重组报告书摘要中，除非文意另有所指，下列词语具有如下含义： 一般释义 联交易报告书（草案）摘要（修订稿）》 要 多喜爱集团股份有限公司，系上市公司曾用名，上市公司于2021年6月28日更 多喜爱 指 浙江省建设投资集团有限公司，曾用名为浙江省建设投资集团股份有限公司 （非目前存续的上市公司）、浙江省建工集团有限责任公司，统一社会信用 原浙建集团 指 代码为91330000142912793U，已于2021年6月25日注销，注销前系上市公司 子公司 国新建源基金、 国新建源股权投资基金（成都）合伙企业（有限合伙），曾用名为国新建信 发行股份购买资 指 股权投资基金（成都）合伙企业（ ...

浙江天册律师事务所 关于 浙江省建设投资集团股份有限公司 发行股份购买资产并募集配套资金 暨关联交易之 补充法律意见书（一） 浙江杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901110 传真：0571-87901500 补充法律意见书（一） 目 录 补充法律意见书（一） 浙江天册律师事务所 关于浙江省建设投资集团股份有限公司 发行股份购买资产并募集配套资金暨关联交易之 补充法律意见书（一） 编号：TCYJS2025H1323 号 致：浙江省建设投资集团股份有限公司 浙江天册律师事务所接受浙江建投的委托，担任浙江建投本次发行股份购买 资产并募集配套资金暨关联交易项目的专项法律顾问，已为浙江建投本次发行股 份购买资产并募集配套资金暨关联交易事项出具"TCYJS2025H0590 号"《浙江天 册律师事务所关于浙江省建设投资集团股份有限公司发行股份购买资产并募集配 套资金暨关联交易之法律意见书》（以下简称"《法律意见书》"）。 鉴于浙江建投于 2025 年 7 月 9 日收到深圳证券交易所上市审核中心"审核函 〔2025〕130010 号"《关于浙江省建设投资集团股份有限 ...

当前，技术创新进入前所未有的活跃期，新兴产业、未来产业发展势头强劲。谁能率先突破技术瓶颈， 抢先构建创新生态体系，谁就能在新一轮技术革命和产业变革中占据先发优势。并购重组为企业提供了 一条"向新向优"的高效路径。 8月5日，狮头科技发展股份有限公司（以下简称"狮头股份"）披露并购重组事项进展情况。公司拟通过 发行股份及支付现金的方式，收购杭州利珀科技股份有限公司（以下简称"利珀科技"）100%股权。交 易完成后，利珀科技将成为狮头股份全资子公司。借此，狮头股份将切入机器视觉领域，打造第二增长 曲线，有望成为"AI+智能制造解决方案商"。 本报记者 刘晓一 在一系列利好政策推动下，A股市场并购重组热潮涌动。截至8月5日，Wind数据显示，年内首次披露的 并购重组事项达113起，是去年同期的2倍多，重点覆盖电子元件、新能源、生物科技等战略性新兴产 业，其中不乏央国企的身影。 北京科方得科技发展有限公司研究负责人张新原对《证券日报》记者表示，从交易规模来看，今年A股 大额并购案例频现，有的项目交易金额突破百亿元，资金主要流向具备核心技术和高增长潜力的标的； 从交易类型而言，横向整合以提升市场份额、纵向延伸以完善产业 ...

证券日报网讯国元证券8月5日在互动平台回答投资者提问时表示，公司如有并购重组相关披露事项均会 根据法律法规及时履行信息披露义务。 ...