美国更好并购集团 并购的价格，不仅是"值多少钱"的问题，更是"凭什么值"的逻辑架构。 在一级市场，估值是故事决定的；在二级市场，估值是信仰决定的；而在并购市场，估值往往是算出来的，但必须讲得动听。这听起来像是魔法，但其实背 后藏着一整套科学与艺术并存的定价机制。 "千金难买心头好，万亿也得精估值。"这句话若出自资本市场老手之口，听来虽俗，却不失真理。在这片以市值为话语权，以数字为战场的江湖中，并购重 组不再只是权力与股权的转移，它更像一场复杂的"暗棋"博弈——表面上谈的是价格，背地里拼的是智慧、信息和策略。 最近，某上市公司通过一笔估值高达80亿元的重组案再次登上热搜，一边是收购方豪掷资金"all in"背水一战，一边是市场质疑其估值偏高、盈利承诺虚高。 于是，老问题又一次浮上水面：并购重组到底是为企业赋能，还是为资本找"出路"？ 作为长期参与上市公司并购重组实务操作的美国更好并购集团（Goheal），我们决定今天就来揭一揭这背后的"定价密码"。 比如，在市盈率管理趋严的背景下，监管不再接受"闭着眼睛给高估值"的定价模型；又如，目标公司一旦传出负面舆情，哪怕是谣言，也可能导致整个收购 方案被迫重估甚至中止。这 ...

Group 1 - Carbon black is a crucial raw material widely used in rubber products, plastics, coatings, inks, and other chemical products, with N339 carbon black being a common type that significantly influences market pricing through its supply and demand dynamics [2] - The primary component of carbon black is carbon, which has a high specific surface area and adsorption properties, enhancing the strength, toughness, wear resistance, and corrosion resistance of rubber products [2] - N339 carbon black is extensively applied in tires, rubber hoses, leather, coatings, and plastics, making its supply and demand critical to the overall carbon black market pricing [2] Group 2 - The supply-demand relationship is a key factor affecting N339 carbon black pricing, with production relying on carbon sources like coal, where rising coal prices can lead to increased raw material costs and negatively impact supply [3] - Demand for N339 carbon black is closely linked to the rubber, plastics, and coatings industries, which are influenced by the economic cycle; demand typically increases during economic growth and decreases during downturns, affecting market supply and pricing [3] - Other factors influencing N339 carbon black pricing include fluctuations in raw material prices, particularly coal, and environmental policies that may require manufacturers to adopt more eco-friendly production methods, potentially increasing production costs [4]

图片来源： Sequoia Capital Z Highlights Bret Taylor 是 Sierra 联合创始人，曾任 Facebook CTO 与 Salesforce 联席 CEO ，是硅谷最具产品与技术 融合视角的创业者之一。本次对谈由红杉资本合伙人 RV 现场主持，聚焦 AI 时代软件商业模式的演进路 径。 从工程师到企业家：重塑自我定位的创业旅程 主持人： 下一位嘉宾是BretTaylor。他曾是Google第一届APM项目成员，那段重写整个Google地图的 传奇经历就出自他手。之后他创办公司，担任过Facebook的CTO，如今再次创业，和我们共同重新定 义企业的门户入口。与Bret同台的还有我们的合伙人Ravi Gupta，他从送外卖的小哥成长为金融新 贵。请欢迎Ravi和Bret！ Ravi Gupta： 你是那种被称为"万倍效能工程师"的少数人之一，偏偏又精通企业销售，这种组合极 为罕见。今天我们可以从宏观趋势聊到销售实务。但在说具体策略前，我想先问：你是如何突破"卓 越工程师"这个定位的？ Bret Taylor： 这其实是很多创业者面临的核心问题创业者通常对某件事有独特的洞察 ...

Core Viewpoint - The difficulty of obtaining shares in Hong Kong IPOs has increased compared to the previous year, with a notable discussion surrounding the "loss of rights" for retail investors due to the special offering structure of Ningde Times' IPO [1] Group 1: IPO Market Dynamics - Among 27 new stocks, excluding the SPAC listing of Zhaogang Group, 9 stocks had a subscription success rate of 10% or lower [1] - Ningde Times applied for an exemption from the allocation mechanism, ensuring that retail investors receive a fixed portion of 7.5%, while institutional investors secured over 90% of the shares [1] Group 2: Regulatory Changes - The Hong Kong Stock Exchange is systematically reducing the influence of retail investors in the IPO process [1] - In February, the CEO of Hong Kong Stock Exchange, Charles Li, mentioned that increasing the proportion of new shares allocated to book-building would allow for better negotiation between buyers and sellers, aiming to reflect market demand more accurately and minimize post-listing price volatility [1]

Financial Data and Key Metrics Changes - The company has nearly tripled the number of phase three assets since 2021, now having over 20 unique assets with blockbuster potential launching in the next three to five years [5][6] - The company has invested over $70 billion into business development over the last few years, enhancing its pipeline and portfolio [9] Business Line Data and Key Metrics Changes - The late-stage pipeline is strong, with two assets, WIN Revere and Cat Baxtive, already in the midst of launching and performing well [5][6] - The early-stage pipeline includes 50 different programs moving from phase one to phase two, indicating robust development activity [6] Market Data and Key Metrics Changes - The company is focusing on US manufacturing to mitigate tariff risks and has invested $12 billion in manufacturing capital in the US from 2018 to 2024 [14][15] - The company plans to invest an additional $9 billion in manufacturing and R&D facilities by 2028 [15] Company Strategy and Development Direction - The company aims to grow through the KEYTRUDA loss of exclusivity (LOE) by focusing on innovation and expanding its product portfolio [8][10] - The strategic framework includes investing in and augmenting the pipeline, with a focus on oncology and expanding into cardiometabolic and immunology sectors [9][91] Management's Comments on Operating Environment and Future Outlook - Management acknowledges significant macroeconomic challenges, including MFN (Most Favored Nation) pricing and tariffs, but remains focused on innovation as the path to long-term sustainability [10][12] - The company is actively engaging with the administration regarding drug pricing reforms and believes that addressing middlemen costs is crucial for lowering drug prices [29][32] Other Important Information - The company is committed to producing both drug product and drug substance in the US by 2026, which aligns with its strategy to enhance domestic manufacturing capabilities [21][23] - The company is exploring opportunities in combination therapies and bispecific antibodies to enhance its pipeline in immunology [88][90] Q&A Session Summary Question: How does the company rank the various sectoral pressures? - Management identified MFN as the most significant policy question, followed by tariffs and FDA changes, but noted that these have not yet had a direct impact on operations [12][16] Question: What steps has the company taken regarding KEYTRUDA and tariffs? - The company has shifted to US manufacturing for KEYTRUDA and brought in inventory to mitigate tariff impacts, viewing this as a no-regret move [20][21] Question: What is the company's strategy for the subcutaneous KEYTRUDA? - The company plans to price the subcutaneous version competitively to maximize adoption and access, ensuring it aligns with the IV pricing [53][54] Question: What is the outlook for WIN Revere? - The launch of WIN Revere is progressing well, with expectations for steady growth driven by physician confidence and safety profiles [57][58] Question: What is the potential for enicetide in the market? - The company believes enicetide can democratize access to LDL cholesterol lowering, with a significant unmet need in cardiovascular disease [71][76]

Global Markets Daily: Dollar Depreciation—Repatriation Not Required (Cahill/Kanter) Dollar Depreciation—Repatriation Not Required The Dollar is overvalued, and we think it has further to fall. In currency markets, valuation is not a catalyst because it is not a very strong anchor; there are no underlying cash flows like coupon payments or dividends. Instead, when we think of valuation we use it as a starting point for analysis—why is the currency over- or under-valued, and are those forces likely to shift o ...

Core Insights - The rising insurance premiums for new energy vehicles (NEVs) are a common concern among owners, with average premiums significantly higher than those for traditional fuel vehicles [1][2] - The average insurance premium for NEVs in China reached 4,395 yuan in 2023, which is 63% higher than that of fuel vehicles, even when accounting for factors like vehicle age [1][2] Group 1: Reasons for High Premiums - The core factors influencing insurance premiums are the claims ratio, which is positively correlated with premiums, determined by average claim amounts and accident frequency [2] - The average claim amount for NEVs is higher due to rapid technological upgrades and integrated vehicle designs, leading to increased repair costs [2] - The accident frequency for NEVs is elevated due to their use in ride-hailing and freight services, where vehicles may not be insured according to their operational nature, thus increasing risk for insurers [2] Group 2: Solutions to the Premium Dilemma - Reducing the claims ratio is essential to address the high insurance costs for NEVs, with companies like PICC and China Taiping enhancing their pricing and claims management capabilities [3][4] - Regulatory bodies are actively working on policies to improve the insurance landscape for NEVs, including encouraging manufacturers to open repair networks and establish risk-sharing mechanisms [3][4] - Future initiatives include optimizing pricing models, developing new insurance products tailored for NEVs, and leveraging technology such as big data and blockchain to enhance risk assessment and pricing accuracy [5]

五矿期货：贵金属价格表现短期将偏弱势 国信期货：风险偏好回暖与美元强势或延续金银震荡调整 光大期货：黄金多空分歧加剧短期或难以摆脱震荡整理态势 FXStreet网站：金价在多重负面因素的影响下或继续下跌 SP Angel：避险需求减弱金价承压下跌但中国购金需求仍支撑金价 【机构观点分析】 五矿期货表示，北京时间29日凌晨公布的美联储会议纪要所传递出的货币政策信息偏鹰派，与此同时， 关税与贸易风险进一步释放，上述因素对于贵金属价格形成利空因素。美联储会议纪要显示，议息会议 参会者一致认为美国经济前景的不确定性增加，当前采用谨慎的货币政策是合适的。此外，美国国际贸 易法院支持对于特朗普在所谓"解放日"宣布的关税实施永久禁令，而这意味着大部分关税都将暂停实 施。海外关税风险因素释放，美联储货币政策预期表态偏鹰派，双重利空因素下贵金属价格表现短期将 偏弱势。 国信期货表示，贸易司法博弈与美联储滞胀困局的共振，正在重塑贵金属定价逻辑。短期看，风险偏好 回暖与美元强势或延续金银震荡调整，COMEX黄金或以3250美元／盎司左右（沪金760元／克附 近）、白银或围绕32.5美元／盎司附近（沪银8100元／千克左右）成为多空 ...

欢迎扫描下方二维码关注： 2024年度企业所得税汇算清缴临近尾声，小编提醒您检查一下《中华人民共 和国企业年度关联业务往来报告表》是否一并报送，应报送情形可点击右侧链接 查看详情 → 《关于2024年度关联申报及同期资料准备的提示》 。 此外， 小编还整理了一些 关联申报易报错的情形， 供大家参考， 一起来看看吧~ 五种申报易错情形如下 ⊗ 情形一： 未正确选择表单 ⊗ 情形二： 《报告企业信息表》中部分栏次未正确勾选 ⊗ 情形三： 《中华人民共和国企业年度关联业务往来汇总表》中交易总金额未 准确填写 注意啦 ⊗ 情形四： 《有形资产所有权交易表》中"来料加工"填报错误 ⊗ 情形五： 《金融资产交易表》中关联交易内容填报有误 下面我们来围绕这些情形具体分析一下 情形一 未正确选择表单 Tips： 为满足纳税人个性化申报需求，关联业务往来申报表共有22张表单， 除3张必 《报告企业信息表》中部分栏次未正确勾选 ③ 误勾选 "预约定价安排" 预约定价安排 是指企业就其未来年度关联交易的定价原则和计算方法，向税 务机关提出申请，与税务机关按照 独立交易原则 协商、确认后达成的协议。 企业执行预约定价安排的，可以不准 ...

随着LPR（贷款市场报价利率）下调以及银行存款利率普降，三季度普通型人身险产品预定利率上限将大概率调降。在市 场普遍预期LPR年内仍将下调、利率中枢持续下移的背景下，保险业面临的利差损风险不容小觑，加速推进从"利差依赖"向"三 差平衡"转型至关重要。 利率是影响保险业尤其是寿险业经营的关键因素之一。以险资配置为例，债券作为保险资金的核心配置资产，其收益与市 场利率紧密挂钩，利率上行时，新发行债券票面利率同步抬升，保险公司投资收益水涨船高；而在利率下行周期，债券票面利 率持续走低，直接压缩新增投资收益空间。值得注意的是，保险业利率调整往往滞后于市场，这种时间差在利率下行周期容易 放大利差损风险。 在稳定利差方面，险企还需从负债端与资产端双向深入推进转型。负债端需加速产品结构转型，摒弃对"高保证"产品的依 赖，推广"低保证+高浮动"产品。以传统定价模式的增额终身寿险为例，其在一定时期很好满足了消费者的储蓄需求，但在当 前形势下，其成本较高且具有刚性特征，不利于险企灵活应对市场环境变化。险企可引入挂钩国债收益率或LPR的动态定价机 制，将产品收益与市场利率联动，以规避成本锁定风险。资产端则需强化久期管理与多元配置， ...