Mergers and Acquisitions - Yubang Power plans to acquire 10% equity of Yubang Zhiyuan for 30 million yuan, increasing its direct stake from 66% to 76% [1] - Xiamen Airport is planning to acquire 100% equity of Zhaoxiang Technology using its own funds, which constitutes a related party transaction but is not expected to be a major asset restructuring [2] - SIRUI Technology has decided to terminate its plan to acquire equity in Ningbo Aola Semiconductor and raise supporting funds through share issuance or cash payment [3] - Rhine Biology is planning a change of control and intends to acquire at least 80% equity of Beijing Jinkangpu through share issuance and cash payment, along with raising supporting funds [4] Shareholding Changes - Juhe Materials' shareholder Chen Yaomin plans to reduce his stake by up to 2.80%, transferring 6.7769 million shares, which represents 2.80% of the total share capital [5] - Donghua Testing's controlling shareholder Liu Shigang and his associate Luo Mian plan to reduce their holdings by up to 1.99%, totaling 2.7525 million shares, due to personal financial needs [6] - Lide New Energy's shareholder Shandong Electric Construction, holding 5.6813%, plans to reduce its stake by up to 1% for operational management needs [7] Risk Matters - Tianyuan Dike's chairman Chen You has been placed under detention by the local supervisory committee, but the company's board operations and management remain normal [8] - Yangfan New Materials announced that the detention measures against its controlling shareholder and director Fan Peiren have been lifted, allowing him to resume his duties, with the company's operations remaining normal [9]

中证报中证网讯（记者 黄一灵）12月8日，2025年并购金融大会在沪举行。会上，浦发银行 （600000）、中国太保（601601）、国泰海通（601211）证券作为核心发起机构发起成立"并购联盟"， 推动并购重组市场高质量发展。 "并购重组既是资本市场优化资源配置的核心抓手，也是培育新质生产力、驱动经济转型升级的重要引 擎。"上海市政府副秘书长、市发展改革委主任顾军表示，《上海市支持上市公司并购重组行动方案 （2025-2027年）》发布一年来，上海并购市场呈现"量质齐升"的良好态势。上海在集成电路、生物医 药、人工智能等重点领域推动一批标杆案例成功落地，以并购重组切实提升产业集群的核心竞争力。 随着并购热潮持续升温，市场各方都期盼能有一个客观、准确、可量化的观测工具。在此背景下，中国 经济信息社与浦发银行联合发布"中国并购综合指数（2025）"。指数结果显示，以2022年一季度为基 期，基点为100点，指数在2025年三季度已达125.9点，显示出并购市场活力显著增强。浦发银行董事长 张为忠表示，并购重组在企业转型升级过程中是一个重要驱动力量，以产业协同、战略协同为目标的并 购已经成为主流。 《行动方案》 ...

论坛期间，安徽上市公司综合发展能力50强、综合业绩20强、总投资规模20强、营运能力20强、创新能 力20强、ESG绩效20强等系列榜单同步出炉。 在主旨演讲环节，国家金融与发展实验室主任张晓晶发表《"十五五"时期中国资本市场发展展望》的演 讲。深圳证券交易所党委委员、副总经理李辉、北京证券交易所副总经理周箴，分别围绕健全资本市场 功能，赋能创新型中小企业高质量发展等发表演讲。 中国建设银行安徽省分行党委书记、行长关雁翎，广慧并购研究院院长、广慧并购投资联盟主席俞铁 成，智象未来创始人兼首席执行官梅涛，安孚科技董事长夏茂青，从进一步发挥资本市场融资功能，金 融服务实体经济、推动科技创新、加快并购等方面，展开了精彩对话。 此外，论坛还达成并推进系列合作。国元证券与安徽寿县八公山国有林场举行了"安徽省林业碳票+上 市公司ESG场景应用合作签约"；合肥利夫生物科技有限公司、安徽华赛能源科技股份有限公司进行了 企业路演，展示优质项目潜力，搭建资本对接桥梁。 作为本次论坛重头戏，《安徽上市公司发展报告（2025）》（以下简称《报告》）重磅发布。报告围绕 新质生产力、人工智能、县域发展、并购重组、市值管理等资本市场热点话 ...

论坛期间，安徽上市公司综合发展能力50强、综合业绩20强、总投资规模20强、营运能力20强、创新能 力20强、ESG绩效20强等系列榜单同步出炉。 在主旨演讲环节，国家金融与发展实验室主任张晓晶发表《"十五五"时期中国资本市场发展展望》的演 讲。深圳证券交易所党委委员、副总经理李辉、北京证券交易所副总经理周箴，分别围绕健全资本市场 功能，赋能创新型中小企业高质量发展等发表演讲。 作为本次论坛重头戏，《安徽上市公司发展报告（2025）》（以下简称《报告》）重磅发布。报告围绕 新质生产力、人工智能、县域发展、并购重组、市值管理等资本市场热点话题,通过数据分析和对标分 析,结合安徽区域市场和上市公司实践,全景式探讨安徽上市公司高质量发展路径。 近年来，安徽大力推进企业上市梯次培育，常态化开展"万家企业资本市场培训"，累计培训企业家和干 部超14万人次；深入实施"迎客松行动"计划和"科创100"专项行动，"十四五"以来，安徽新增境内上市 公司62家。截至2025年11月末，全省境内上市公司总数达186家，较"十三五"末增长近50%，实现16个 地级市上市公司全覆盖，境内上市公司数量跃升至全国第7位。其中，科创板上市公 ...

新华财经上海12月9日电（记者杜康）并购重组对提升企业竞争力、推动科技创新、培育新质生产力具 有深远意义。近年来，中央和地方政府围绕并购重组密集出台一系列重磅支持政策，政策红利持续释 放，市场活力不断激发，标杆案例密集涌现。 在8日举办的2025年并购金融大会上，中国经济信息社与浦发银行联合发布"中国并购综合指数 （2025）"，指数创新融合数据来源，构建了兼顾上市与非上市、标准化与非标市场的全景观测体系， 力求全面反映中国并购市场的整体活跃度与发展趋势，打造洞察并购市场的全新"风向标"。 据悉，"中国并购综合指数（2025）"除了一个综合指数，还包含长三角区域并购指数和科创并购指数2 个专项子指数，以及中国并购市场和跨境并购2个专题，以"1+2+2"的形式全面刻画中国并购市场态 势。 长三角是中国经济最活跃的区域之一，也是并购活力涌动的沃土。报告显示，自"并购六条"政策发布以 来，长三角区域子指数增速显著强于综合指数，截至2025年第三季度同比增长42.4%，高于主指数 35.5%的同比增幅。领军城市上海的表现尤为突出，同期增幅达77.2%，显示出极强的政策敏感性与市 场弹性。 当前，长三角并购市场呈现政策 ...

Group 1 - The global economy is undergoing significant adjustments, with technological innovation becoming the core driver for industrial upgrades and economic growth [1] - Private equity (PE) and venture capital (VC) are essential in empowering technology enterprises and optimizing resource allocation [1][3] - The 18th Shanghai International Private Equity Forum (2025SIPEF) focused on the theme "Gathering Capital Power to Support Technological Innovation," bringing together industry leaders, investors, and government representatives [1] Group 2 - Yangpu District is positioned as a key area for innovation in Shanghai, with over 8,300 digital economy enterprises, including major players like Douyin and Meituan [1] - The district aims to accelerate the construction of a capital investment cluster and a financial service system to support technology transformation and enterprise growth [2] - The macroeconomic outlook for China emphasizes the need for expanding both domestic and foreign demand, with a focus on optimizing supply and enhancing overall economic performance [2][3] Group 3 - The Chinese merger and acquisition (M&A) market remains active, driven by policy support and industry consolidation, with PE firms needing to enhance their capabilities throughout the investment cycle [3] - Discussions at the forum highlighted the importance of cross-regional and cross-industry collaboration in M&A to create value and manage risks effectively [5] - The healthcare sector is experiencing rapid technological advancements, with a focus on source innovation and industrialization to drive high-quality development [6]

Core Viewpoint - The A-share merger and acquisition (M&A) market has entered a concentrated window period since December, with multiple listed companies disclosing M&A progress, driven by policy support and internal development needs [1][2]. Group 1: Market Activity - From December 1 to December 9, 39 listed companies announced M&A progress, with 5 companies disclosing M&A announcements for the first time, compared to only 1 company in the same period in 2024 [1]. - The M&A market in December shows a trend of "traditional industries seeking transformation and emerging industries undergoing strong integration," focusing on enhancing core competitiveness [1][3]. Group 2: Policy Influence - The increase in M&A activity is attributed to continuous policy easing and active guidance, particularly the "Six M&A Policies" released in September 2024, which significantly improved review efficiency and encouraged industrial mergers, especially in sectors like software information, new energy, and biomedicine [1][3]. Group 3: Specific Company Actions - State Power Investment Corporation's subsidiary, Electric Power Investment Holdings, plans to transform its business focus to nuclear power through a three-step strategy involving asset swaps and fundraising, with a total transaction value of approximately 151.08 billion yuan for the asset swap [2]. - Harbin Weidi Electronics announced a cash acquisition of a 51% stake in Jiangsu Zhiyue Tiancheng, aiming to gain control and enhance its automotive electronics product offerings [3]. - Yunnan Enjie New Materials is planning to issue shares to acquire 100% of Qingdao Zhongke Hualian New Materials, emphasizing the integration of industry chain resources to strengthen core competitiveness [3].

Core Viewpoint - The central financial work meeting in October 2023 emphasizes the political and people-oriented nature of financial work, highlighting the importance of mergers and acquisitions (M&A) in optimizing resource allocation and supporting national strategies [1][2]. Group 1: Importance of Mergers and Acquisitions - M&A is recognized as a key measure to support the development of technology finance, enhance the quality of financial services, and promote high-quality economic development [1][3]. - The integration of resources through M&A is crucial for enhancing the overall strength and competitiveness of the national economy, thereby contributing to the well-being of the people and advancing common prosperity [2][3]. Group 2: Achievements and Benefits - M&A has effectively guided resources towards key areas of new productive forces, such as technology innovation, helping companies acquire critical technologies and improve production capabilities [3][4]. - The health of the M&A market has provided quality wealth management options for investors, with companies enhancing their profitability and dividend mechanisms through strategic acquisitions [4]. Group 3: Challenges in the M&A Market - The M&A market faces challenges such as market failures, where asset pricing may not adequately reflect market dynamics, leading to significant deviations from reasonable valuation ranges [5][6]. - Issues like insider trading, financial fraud, and conflicts of interest are prevalent, undermining market fairness and investor rights [7]. Group 4: Future Development and Recommendations - To promote healthy development in the M&A market, it is recommended to strengthen regulatory effectiveness, enhance policy support, and improve the protection of investor rights [8][9]. - Suggestions include optimizing approval processes, establishing a more diverse valuation method system, and enhancing financial support for key sectors [9][10].

近年来，并购重组政策环境显著优化。去年9月"并购六条"进一步激发并购重组市场活力，支持上市公 司向新质生产力方向转型升级。今年5月《上市公司重大资产重组管理办法》推出了包括重组股份对价 分期支付机制在内的系列改革举措。正在公开征求意见的《上市公司监督管理条例》提出规范并购重组 行为。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。 政策红利持续释放带来并购重组市场活跃度提升，鲁信文认为，风险防控仍是成功的关键。企业在进行 并购重组时会面临多重风险，比如战略规划缺失、政策变动冲击评估、跨行业整合挑战等战略风险，同 时也会遇到估值及商誉减值、信息不对称、收购方财务杠杆等财务和估值风险。 （原标题：风险治理成行业焦点 上市公司或转向主动管理） 21世纪经济报道记者 吴佳楠 深圳报道 上市公司作为资本市场的基石，稳健运营是摆在金融行业和上市公司面前的课题。 近期由北京大成（深圳）律师事务所举行的"上市公司风险治理论坛"上，原深圳市政协副主席徐友军表 示，上市公司是中国企业参与国际竞争的"尖刀部队"，许多成功企业起步时往往依托于一个大行业、大 市场或大企 ...

在《上海市支持上市公司并购重组行动方案（2025—2027年）》（下称上海"并购十二条"）发布一周年之际，2025年并购金融大会12月8日在沪举行。 活动现场，"中国并购综合指数（2025）"对外发布，浦发银行、太保集团、国泰海通证券作为核心发起机构发起成立"并购联盟"。 政策暖风激发并购市场活力 并购重组对提升企业竞争力、推动科技创新、培育新质生产力具有深远意义。去年印发的上海"并购十二条"提出，力争到2027年，将上海打造成为产业 能级显著提升、并购生态更加健全、协作机制多元长效的上市公司并购重组先行区和示范区。 "并购重组既是资本市场优化资源配置的核心抓手，也是培育新质生产力、驱动经济转型升级的重要引擎。"上海市政府副秘书长、市发展改革委主任顾 军指出，上海"并购十二条"发布一年来，上海并购市场呈现"量质齐升"的良好态势。上海在集成电路、生物医药、人工智能等重点领域推动一批标杆案例成 功落地，以并购重组切实提升产业集群的核心竞争力。他勉励金融机构勇当"主力军"，各类企业争做"排头兵"，市区部门做好"服务员"，努力将上海打造成 为全球并购重组的首选地。 图为上海市政府副秘书长、市发展改革委主任顾军致辞 会 ...