近期，兴业证券全球首席策略师张忆东在一次路演中分享了对未来资本市场的展望。 投资作业本课代表整理了要点如下： 1、 未来较长时期，甚至可能十年或更久，我们做大类资产配置最重要的一个时代背景，就是大国博弈的时代。 但 "牛市风雨无阻"， 很明显我们对中期还是非常乐观，但是 短期需要耐心，耐心的方向依然是做多。 2、美国现在基本上靠两端：一是服务消费，二是真正的科技先进制造。 科技已成为美国经济长期竞争力的"诺亚方舟"。 从这个逻辑来说，我们认为不要低估这一次AI科技浪潮，我的判断是，它很可能是一个" 刚性泡沫 "。而这一次 AI到现在为止，我认为它还属于一个大周期的初 期。 3、 我们认为中国的牛市，为什么未来我们看一个长牛，恰恰对应的是中国经济增长模式的变化——高质量发展。而且高质量发展最核心的就是盘活资产端。 4、在这种逻辑下，资本市场就像过去二十多年的房地产一样，它是枢纽， 它盘活了金融，盘活了产业。 一方面，这个资本市场一定是一个长牛，而且是一个震荡向上，不是疯牛、快牛，不是短期快速的快涨快跌，绝对不是2014、15年那种行情。 另一方面，从大类资产配置的角度来说，中国社会财富的再配置，这个力量足以让我 ...

Core Viewpoint - The Shenzhen Stock Exchange's merger and acquisition review committee approved Hongchuang Holdings' issuance of shares to acquire 100% equity of Hongtu Industrial for a transaction value of 63.5 billion yuan, marking a significant strategic shift towards a full aluminum industry chain integration [1][3]. Group 1: Transaction Details - Hongchuang Holdings plans to acquire Hongtu Industrial, which operates across the entire aluminum product value chain, including electrolytic aluminum and alumina, with an annual production capacity of 6.459 million tons for electrolytic aluminum and 19 million tons for alumina [3]. - The acquisition will transform Hongchuang Holdings from a single aluminum deep processing business to a comprehensive company covering electrolytic aluminum, alumina, and aluminum deep processing, enhancing industry concentration and promoting green low-carbon transformation [3][5]. Group 2: Financial Impact - Hongtu Industrial's projected revenues are 128.95 billion yuan and 149.29 billion yuan for 2023 and 2024, respectively, with net profits of 6.76 billion yuan and 18.15 billion yuan [4]. - Post-transaction, Hongchuang Holdings expects significant growth in total assets, net assets, operating income, and net profit, with total assets and revenue exceeding 100 billion yuan, positioning the company among the world's largest aluminum producers [5]. Group 3: Market Performance - Hongchuang Holdings' market capitalization is approximately 26.6 billion yuan, while its parent company, China Hongqiao, has a market cap of about 317.6 billion HKD (approximately 288.8 billion yuan) [5]. - Both Hongchuang Holdings and China Hongqiao have seen substantial stock price increases this year, with Hongchuang Holdings rising over 160% and China Hongqiao increasing by more than 190% [5].

Core Viewpoint - The approval of Aopu Mai's asset acquisition through a share issuance marks a significant innovation in the A-share market, demonstrating the operational feasibility of new mechanisms introduced in the "Six Merger Rules" [1][2]. Group 1: Aopu Mai's Project Significance - Aopu Mai's restructuring project serves as a key innovation mechanism transitioning from policy to practice, providing a strong demonstration effect for the market [2]. - The acquisition of Chengli Biopharmaceutical Technology will enhance synergy and complementarity between the two companies, as Aopu Mai specializes in cell culture media and CDMO services, while Chengli focuses on CRO services [2]. Group 2: Innovative Payment Mechanism - The share issuance payment mechanism alters the traditional risk distribution model in mergers and acquisitions, transferring part of the future uncertainty risk from the acquiring company to the seller [2][3]. - This mechanism allows for performance-based installment payments, enabling the acquiring company to adjust payments based on actual operational performance, thus binding the interests of both parties more closely [2][3]. Group 3: Private Equity Fund Incentives - The "reverse linkage" policy between private equity fund investment duration and the lock-up period for shares acquired through restructuring significantly enhances the exit channels for patient capital, boosting confidence among private equity funds [3][4]. - The revised regulations shorten the lock-up period from 12 months to 6 months for qualifying funds, accelerating capital recovery and improving overall returns [3][4]. Group 4: Active M&A Market - The implementation of innovative mechanisms is reshaping the M&A market ecosystem, with the "Six Merger Rules" encouraging private equity funds to actively participate in mergers and acquisitions [5]. - Various regions have established new industrial merger funds, with scales ranging from several billion to over 10 billion, targeting sectors like high-end manufacturing and biomedicine [5][6]. Group 5: Government and Corporate Strategies - Local governments are increasingly using merger funds to attract quality industrial resources, which has become a vital strategy for regional industrial upgrades and economic restructuring [6][7]. - Companies are also setting up industrial merger funds across various sectors, indicating a growing trend in the market [6][7]. Group 6: Future Outlook - The ongoing implementation of the "Six Merger Rules" is expected to lead to more flexible industrial integration cases in strategic emerging industries like semiconductors and new materials [7]. - There is an anticipation for continuous optimization of the merger review process and diversification of payment tools, aiming for a better balance between market inclusivity and risk prevention [7].

Company Overview - Aopu Mai Biotechnology Co., Ltd. plans to acquire 100% equity of Plenitude Biopharmaceutical Technology (Shanghai) Co., Ltd. for a total transaction price of 1.451 billion yuan [1] - Aopu Mai specializes in cell culture products and clinical new drug process development and production services (CDMO), with its main revenue sources being cell culture products and CDMO services [1] - In the first three quarters of 2025, Aopu Mai's cell culture product business generated revenue of 239 million yuan, a year-on-year increase of 32.56%, making it the company's "core pillar" [1] Industry Context - The biopharmaceutical CDMO industry is highly competitive, with significant market segmentation between comprehensive CDMO leaders and specialized institutions [1] - The number of companies in the industry is large, with leading enterprises having a much higher global revenue share compared to second-tier companies [2] - Mergers and acquisitions among mid-tier companies can help expand business capabilities and improve industry efficiency [2] Acquisition Details - Aopu Mai's acquisition of Plenitude Biopharmaceutical aims to enhance its CDMO service capabilities and expand its customer base by integrating Plenitude's resources [2] - Plenitude Biopharmaceutical reported revenue of 187 million yuan and a net profit of 23.86 million yuan in the first half of 2025 [2] - The acquisition involves 31 parties and will utilize a differentiated pricing model, including stock and cash payments, to facilitate the transaction [3] Strategic Importance - The acquisition is seen as a key decision for Aopu Mai to achieve its strategic goals and further integrate its business operations [4] - Analysts suggest that the synergy post-acquisition will primarily manifest in customer flow between early-stage and later-stage business units, potentially enhancing profitability and increasing the share of overseas business [5]

据奥浦迈12月10日公告，公司以"发行股份+现金"方式收购澎立生物的交易方案，已于8日获上交所并购 重组委审议通过。这也是"并购六条"发布以来，A股首单同时落地"重组股份对价分期支付"与"私募投资 基金锁定期反向挂钩"两项创新机制的项目。 这次交易至少有三个方面值得市场关注。首先就是突破了传统的"一次性支付"。在以股份支付对价的部 分，奥浦迈首期只支付69.13%的股份，其余部分与业绩对赌挂钩，分三期支付。 这些失败的案例原因各不相同，但价格是绕不开的核心问题。价格太低，卖方不愿意卖，溢价太多，又 要牵涉到支付方式的选择、业绩对赌条款如何设计、业绩补偿如何兑现等问题。要解决的问题越多，达 成协议的难度就越大。并购对象可能股东众多，各自诉求不同，统一的定价很难获得股东的一致支持。 笔者留意到，奥浦迈公告提及，澎立生物财务投资者拿到的对价，是"经过交易各方多轮谈判"的结果， 其中难度之大可想而知。 上市公司的并购事项往往被视为利好，股价因此大涨的情况十分常见。如果并购告吹，股价则可能大幅 下跌。以奥拉股份为例，此前*ST双成也准备对其实施并购，上市公司股价一飞冲天，累计最大涨幅超 过7倍，但随着财务风险暴露、重组 ...

Core Viewpoint - Sirepu (688536) announced the termination of its planned acquisition of 86.12% of Ningbo Aola Semiconductor Co., Ltd. through share issuance or cash payment, citing that the conditions for the major asset restructuring were not fully mature [1][6]. Company Summary - Sirepu has been actively promoting the major asset restructuring in compliance with relevant laws and regulations, engaging in discussions with the transaction parties, but ultimately decided to terminate the plan to protect the interests of the company and its shareholders [3][8]. - Despite the termination of the acquisition, Sirepu plans to continue pursuing its strategic goals and explore various business cooperation opportunities with Aola Semiconductor when conditions are favorable [5][9]. Industry Summary - The M&A market has seen increased activity due to policies like the "M&A Six Guidelines," but changing market conditions have led many companies to adjust or terminate their major asset restructuring plans. Over ten non-related major restructuring transactions have been terminated this year, with a termination rate higher than that of related transactions (19%) [4][9]. - Analysts suggest that companies adjusting or terminating expansion plans in the current market environment is a rational response to uncertainties and risk management [5][9]. Performance Summary - Sirepu has established itself as a leader in signal chain chips, with three main product lines: signal chain, power, and mixed-signal. The company reported a revenue of 582 million yuan in the third quarter, representing a year-on-year growth of 70.29%, marking six consecutive quarters of growth [5][9]. - The company remains committed to its platform development strategy, focusing on innovation and value creation, and aims to strengthen its R&D and manufacturing capabilities while optimizing its product layout to become a leading analog and mixed-signal chip design company both domestically and internationally [10].

邀请函 上市公司并购、控制权交易、并购基金的最新交易设计实操和典型案例分析专题培训 2025年12月20-21日【上海】 并购重组是上市公司实现市值管理的重要举措之一，自2024.9.24并购六条以来已经一年多，系列配套政 策利好不断、新质生产力领域成为并购热点、国资参与进入快车道、交易数量金额持续增长、并购路径 日益多元化、创新方案频出、私募基金模式灵活创新。 当然也有很多中止、否决、停滞不前案例，对于上市公司并购的资金需求大、多方决策博弈、胜券率 高、交易模式多样、交易设计复杂、前中后周期长，离不开对最新政策监管了解、尽调谈判决策、产业 形势研判、交易方案设计、估值定价调整、财税法律风控、配套融资匹配、市值管理、国资特别关注、 私募基金参与模式热点、并购后整合管控等专业知识和最新实操的深入理解和熟练运用。 在此背景下，产融公会&启金智库 将于 2025年12月20-21日（周六/日）在 上海 举办 《上市公司并购、 控制权交易、并购基金的最新交易设计实操和典型案例分析专题培训》，本次是2025年上市公司并购重 组重整专题第10期，2024年已举办了6期，本期特邀4位行业实战派资深主讲嘉宾，深入分享最新经验 ...

今年以来，山西证监局聚焦服务科技创新和新质生产力发展，支持优质科技创新企业用好资本市场工具，不断提升拟上市 企业监管服务质效，更好地推动科技创新、产业升级。截至2025年10月末，山西共41家A股上市公司，其中，主板34家， 创业板4家，北交所3家；70家新三板挂牌公司；11家在辅导期及已提交股票发行申请的拟上市公司。 今年以来，山西证监局聚焦服务科技创新和新质生产力发展，支持优质科技创新企业用好资本市场工具，不断提升拟上市 企业监管服务质效，更好地推动科技创新、产业升级。截至2025年10月末，山西共41家A股上市公司，其中，主板34家， 创业板4家，北交所3家；70家新三板挂牌公司；11家在辅导期及已提交股票发行申请的拟上市公司。 积极支持科技型企业上市 山西目前的上市公司中，煤炭及相关产业占据主导地位，白酒、钢铁等传统产业的上市公司表现突出，而生物医药、智能 制造等新兴领域正逐步发展。山西证监局表示，下一步将采取系列举措支持科技型企业上市。 山西证监局建立了科创企业后备库，集中开展科创企业调研，引导省内行业协会与晋创谷创新驱动平台建立长效对接机 制，推动国家制造业转型升级基金与省内链主型龙头、专精特新和 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft of the "Regulations on the Supervision and Administration of Listed Companies," aiming to refine rules on acquisitions and major asset restructuring, clarify the roles and independence of financial advisors, and support industrial integration and corporate transformation [1][4]. Group 1: M&A Market Trends - In the first three quarters of this year, China's M&A transaction volume exceeded 940 billion yuan, with 2,943 transactions, marking an end to a two-year decline in transaction volume while the number of transactions continues to decrease [5]. - The shift from "quantity" to "quality" in M&A activities reflects a strategic evolution towards focusing on scale and quality rather than mere expansion [5]. Group 2: Importance of M&A - M&A has become a crucial tool for fostering new productive forces, serving as a springboard for traditional companies to break industry limitations and switch tracks, while also acting as a catalyst for technology companies to quickly address shortcomings and achieve innovation [5]. - For the entire industrial ecosystem, M&A can optimize resource allocation and enhance global competitiveness [5]. Group 3: Key Considerations for M&A - **Strategic Focus**: Companies should align M&A activities with long-term development strategies, focusing on industrial logic and long-term value, avoiding short-term market trends [2][5]. - **Integration Management**: Successful M&A relies equally on transaction and integration; companies must elevate post-merger integration to a strategic level, forming specialized teams and detailed plans to ensure cultural and operational alignment [6]. - **Risk Management**: Companies should maintain a strong risk awareness, conducting thorough due diligence before M&A decisions, assessing not only financial data but also potential challenges such as technological barriers and cultural differences [3][6].

近日，中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见，提出细化完善上市 公司收购、重大资产重组等规定，进一步明确财务顾问的职责定位和独立性要求，支持产业整合升级和 企业转型。同时，在近日举行的第四届中国并购与重组论坛（2025）上，并购重组相关话题成为焦点。 政策暖风频吹，企业并购动作频频。根据上述论坛发布的数据，今年前三季度我国并购交易规模超过 9400亿元，交易笔数为2943笔。对比来看，交易规模结束连续两年下行趋势，而笔数仍在缩减。这 一"规模升、数量降"的变化，折射出我国并购重组活动正从"重数量"的粗放扩张，转向"重规模、重质 量"的战略进阶。 其二，整合为要，追求价值融合。并购的成功与否，一半在交易，一半在整合。企业必须将并购后的整 合管理提升到战略高度，组建专业的整合团队，制定详尽的融合计划。从企业文化、组织架构到业务流 程、技术标准，进行系统性梳理与深度对接，尤其要重视对核心人才的激励，让创新活力在新的土壤中 持续迸发。成功的整合不仅能够为企业自身创造增量价值，也能为产业整合与升级提供可复制的模式， 从而提升整个资本市场的资源配置效率。 并购重组已成为培育新质生产力的重要抓手 ...