21世纪经济报道记者赵云帆 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 择权时，两家公司的现金选择权才可能被异议股东大额执行。 ...

"未来并购市场中，产业整合与产业转型升级逻辑将更加鲜明。" 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） 这项千亿级并购之后，"重量级"并购交易有望再现。8月1日晚间，中国神华（601088.SH）也公告称，拟购买国家能源集团持有的煤炭、坑口煤电以及煤制 油煤制气煤化工等相关资产并募集配套资金，涉及十余家公司相关股权。 "随着'并购六条'的深入推进和典型案例的渐次落地，推动了传统行业转型升级的'向新力'和产业整合的'行动力'，其中央企转型升级、产业整合活力被极大 激发。"有业内人士表示。 自"并购六条"发布以来，A股市场已出现3单千亿级并购，除了中国船舶吸收合并中国重工外，还有2单分别为已经实施完毕的国泰君安吸收合并海通证券， 6月9日晚披露预案的海光信息（6 ...

证券日报网讯力合科创（002243）8月5日在互动平台回答投资者提问时表示，公司投资孵化业务始终践 行"投早、投小、投硬科技"的战略，硬科技早期项目的孵化培育有其客观发展规律，需要合理的成长周 期。公司将持续积极把握并购重组新政机遇，重点关注已投企业，持续推动产业协同发展。 ...

近期，北交所上市公司掀起了一股投资并购的热潮。相关上市公司对标的公司或投入巨资，或实施大手 笔并购，也引起了资本市场的极大关注。个人以为，在北交所上市公司出现投资并购潮的背景下，曾经 发生在沪深上市公司的并购负面案例不可重演，以下四个方面的问题须重视。 并购重组是资本市场永恒的主题，这对于北交所上市公司而言同样如此。作为我国资本市场的重要组成 部分，北交所上市公司启动并购，甚至出现投资并购潮，市场其实不应大惊小怪，而应以平常心视之。 北交所上市公司出现投资并购潮，原因上是多方面的。首先，新"国九条"后监管部门出台"并购六条"， 政策上的支持信号非常明朗，无形中也会坚定上市公司实施并购重组的信心。正如股谚所云，"政策之 树常青"，无论是对于个股的炒作，还是上市公司的相关重大事项，政策所产生的影响力，是其他方面 所无法比拟的。 再就是上市公司、所处行业、市场发展的必然选择。像上市公司要想做大做强，并购重组是不可或缺 的。这样的案例在市场中较为多见。比如当年中信证券与长江证券都处于同一起跑线上，但最终中信证 券通过不断并购，在规模不断扩张的同时，市场影响力也不断强化，也早已步入头部券商的行列。与之 相比，长江证券显 ...

Group 1 - The core point of the article highlights the significant stock price increase of Longyang Electronics, which closed at 51.72 yuan with a daily trading volume of 498 million yuan, driven by market enthusiasm for expected performance growth from acquisitions and technological uniqueness [1][2] Group 2 - Market enthusiasm is primarily fueled by two expectations: first, the performance growth driven by mergers and acquisitions, including the recent acquisition of 70% of Deyou New Materials and plans to acquire 51% of Changzhou Weisi Shuanglian Technology, with projected net profit growth of 72.29% in 2024 and 61.68% in January-February 2025 [2] - Second, the technological scarcity provides significant growth potential, as Longyang Electronics is one of only two companies globally capable of mass-producing HVLP5 copper foil, which supports high-frequency signal transmission above 224Gbps and is compatible with Nvidia's GB300 and Rubin architecture servers, with a value of 100-200 USD per cabinet [2] - However, after the market close, the company issued a notice clarifying that the HVLP copper foil product is still in the verification stage and has not yet generated revenue, indicating significant uncertainty regarding its industrialization and commercialization [2]

《局市》此前也对这笔交易有过分析，详见前文《安孚科技重组进度滞后，南孚电池沦为资本游戏道 具？》。 7月25日， 安孚科技 （603031.SH）收购子公司安孚科技少数股权的交易，在通过上交所重组委会议后 正式提交注册。 该重组自2024年10月28日获上交所受理，到今年7月才上会审核，共历时8个多月。今年以来， 并购重 组 审核明显提速，但这笔交易却历经多次调整方案，最终才得以过关。 我们认为，安孚科技重组的审核过程，是今年具有代表性的一个案例。这笔交易的过会，体现出当下审 核尺度的要求，对于并购重组市场有一定借鉴意义。 首先，通过交易所问询函中的关注点，以及交易方案多次调整的过程，能够看到上市公司、交易对方和 审核部门进行了反复沟通和博弈，最终过会的方案较之初始版本，打了不少"补丁"，背后是部分交易对 方作出让步。 其次，由于安孚科技自身为持股平台，偏向资本运作，这笔交易并非典型意义上的产业并购，但底层资 产南孚电池较为稳健优质，上市公司基本面没有太大风险，最终交易所充分考虑了中小投资者利益，在 注册制规则允许下予以谨慎放行。 01 交易对价被"砍掉"13% 本次交易是收购安孚科技子公司安孚能源的少数股权 ...

Group 1 - The Chinese securities regulatory authority emphasizes the importance of promoting mergers and acquisitions (M&A) to enhance the investment value of listed companies, indicating a rise in market activity in M&A and restructuring [1] - The A-share market is witnessing accelerated professional integration, with both traditional and emerging industries engaging in M&A, reflecting a sustained increase in market activity [1] - Analysts expect more benchmark M&A cases to emerge in the future, driven by policy support [1] Group 2 - The recent rally in sectors like military and pharmaceuticals has pushed the Shanghai Composite Index above 3600 points, prompting investors to focus on identifying high-potential assets based on valuation and growth prospects [2] - Analysts highlight that sectors such as non-ferrous metals, ultra-high voltage, and power equipment are currently undervalued yet possess better growth potential [2] - The semiconductor equipment and materials sectors are identified as key opportunities in the technology growth direction for the second half of the year [2] Group 3 - Five listed banks reported positive performance for the first half of 2025, with both revenue and net profit showing year-on-year growth [3] - The banking sector is expected to maintain stable growth due to a potential stabilization of net interest margins and ongoing optimization of asset-liability structures [3] Group 4 - There is a growing trend of international capital increasing allocations to Chinese assets, driven by improvements in policy and fundamentals [4] - Nearly 60% of sovereign wealth funds prioritize China as an investment market, and Chinese stocks have become the second-largest overseas investment destination for South Korean investors [4] - Recent data shows that five overseas-listed Chinese ETFs attracted over $2 billion in a single month, indicating strong international interest [4] Group 5 - Hainan Province is set to pilot cross-border asset management policies, enhancing the convenience of cross-border capital flow and supporting the development of a centralized operation center for cross-border funds [5] Group 6 - The China Futures Association has proposed new regulations to address the issue of "involution" in the futures industry, aiming to shift from price competition to value creation [6] Group 7 - The mechanical industry in China is expected to continue its stable growth in the second half of 2025, with key economic indicators projected to grow at around 5.5% [8] - The industry has shown resilience in exports and stable production and sales growth, despite facing challenges such as insufficient demand and profit compression [8] Group 8 - The recent acquisition of Ansys by Synopsys for $35 billion marks a significant event in the EDA industry, expected to enhance market scale and meet customer needs in circuit and physical domains [9] - The acquisition is anticipated to create a substantial market presence, with Ansys holding a 42% market share in simulation software [9] Group 9 - Nine small and medium-sized banks have had their credit ratings upgraded recently, benefiting from regional economic development and capital strengthening measures [10] - Conversely, four small rural banks have seen their ratings downgraded, reflecting varying circumstances across the sector [10] Group 10 - The financial sector is expected to see an increase in social financing in July, with predictions of potential interest rate cuts and reserve requirement ratio reductions by the central bank in the near future [11] - These measures are aimed at reducing financing costs for the real economy and stimulating consumption and investment [11] Group 11 - Local state-owned enterprises are increasingly acquiring A-share listed companies, with 61 companies experiencing changes in controlling shareholders this year, indicating a trend towards resource optimization and economic transformation [12] Group 12 - New floating management fee rate funds are being launched, aligning the interests of fund managers and investors, with fees linked to investment performance [13]

近期，A股上市公司专业化整合加速，传统产业与新兴产业并购齐头并进，并购形式更加多元，折射出 并购重组市场活跃度持续提升。市场人士预期，未来，更多具有标杆意义的并购重组案例有望持续涌 现。东吴证券首席经济学家芦哲表示，近期并购重组大部分基于产业自身补链强链的整合需求，从产业 协同性角度出发挑选投资标的，逐步回归产业链延伸需求的并购本源。（中证报） ...

● 本报记者 昝秀丽 政策支持并购重组的信号再次释放。中国证监会近期召开2025年年中工作会议强调，大力推动上市公司 提升投资价值，抓好"并购六条"和重大资产重组管理办法落实落地。 近期，A股上市公司专业化整合加速，传统产业与新兴产业并购齐头并进，并购形式更加多元，折射出 并购重组市场活跃度持续提升。市场人士预期，未来，更多具有标杆意义的并购重组案例有望持续涌 现。 专业化整合加速 在传统产业并购方面，传统行业通过并购实现转型升级的诉求较为强烈。例如，海南高速（000886）拟 收购交控石化51.0019%股权。 业内人士认为，随着政策持续发力，在传统产业领域，专业化整合将继续深化，企业通过并购实现规模 效应和资源优化配置，提升行业集中度。在新兴产业领域，更多的企业将通过并购切入新赛道，加快技 术创新和产业升级。 一个最新案例是中国神华（601088）启动大规模资产重组。中国神华相关负责人表示，公司启动此次大 规模重组，拟一次性整合13家核心煤炭及相关产业主体，系统性注入控股股东国家能源集团主要煤炭产 业链资产。这是继2025年1月，中国神华公告对国家能源集团杭锦能源有限责任公司100%股权收购并于 次月实现 ...

Core Viewpoint - The Chinese government is signaling strong support for mergers and acquisitions (M&A) and restructuring in the market, emphasizing the need for listed companies to enhance investment value and implement management measures for significant asset restructuring [1] Group 1: Accelerated Professional Integration - A-share listed companies are actively engaging in M&A and restructuring focused on their core businesses, reflecting an accelerated trend of professional integration [1] - China Shenhua has initiated a large-scale asset restructuring, planning to integrate 13 core coal and related industry entities, which will fundamentally improve the overlap issues with its controlling shareholder, the State Energy Group [1] Group 2: Traditional and Emerging Industries - M&A activities are occurring across both traditional and emerging industries, with significant interest in sectors like semiconductors and high-end manufacturing [2] - Notable transactions include Chipone Technology's acquisition of a 72.33% stake in Chipone Yuzhou and Northern Huachuang's acquisition of Chip Source Micro, aimed at enhancing their semiconductor equipment industry chain [2] - High-tech companies, often in early loss stages but with substantial growth potential, are being targeted by mature firms for M&A to facilitate technology upgrades and industry transformation [2] Group 3: Diverse M&A Forms - The implementation of the "Six Guidelines for M&A" has led to a more diversified approach in M&A forms, including absorption mergers, private placements, and asset swaps [3] - Absorption mergers are particularly encouraged, with new regulations establishing simplified review processes for such transactions, thereby unlocking potential in this area [3] Group 4: Institutional Participation - The recent amendments to the Major Asset Restructuring Management Measures are expected to increase private equity fund participation in M&A activities, enhancing institutional capabilities in post-investment empowerment and resource integration [4]