星标★IPO日报 精彩文章第一时间推送 经历数年的波动与调整，全球并购市场在2025年展现出全面回温迹象。其中，我国并购市场迎来根本性的规则重塑，迸发活力，并购上会家数接近翻倍， 重大重组交易量超前六年总和。 步入2026年，随着宏观经济周期的可能转向、科技革命深化、地缘政治格局演变及监管环境持续优化，并购活动有望迎来更具结构性的增长机遇。 张力制图 政策持续优化 在"十五五"规划关于并购重组的政策表述中，对上市公司并购重组的定位更为积极，其中提出要持续深化并购重组市场改革，支持上市公司转型升级、做 优做强，以服务新质生产力发展与培育世界一流企业。 自2024年新"国九条"定调后，"并购六条"（《关于深化上市公司并购重组市场改革的意见》）及新版《上市公司重大资产重组管理办法》在2025年相继落 地，形成了一套鼓励产业并购、提升市场效率的"政策组合拳"。 2025年，中国并购市场在数量和规模上均实现了显著增长。 Wind数据显示，年内A股公司披露的并购重组事件总计达4044单，其中构成重大资产重组的项目有147单，同比激增44.12%；且2025年全年重大资产重组 上会次数为29次，涉及28家公司，值得注意的是 ...

文 | 周涛 2026奔腾而至，枣庄，这座立志于"转型振兴"的工业老城，正在"一张蓝图绘到底"的战略定力下全速奔跑。 2025年12月27日，中共枣庄市委十二届九次全体会议暨市委经济工作会议举行。这场会议以习近平新时代中国特色社会主义思想为指导，总结"十四五"收官 之年的经济工作，部署"十五五"开局之年的发展任务，为枣庄这座老工业基地的转型之路锚定新航向。 会议提出了"十五五"时期枣庄经济社会发展的主要目标：综合实力跨越发展，产业能级加快跃升，数智赋能创新突破，改革开放持续深化，城乡区域协同发 展，共同富裕扎实推进，绿色低碳步伐加快，治理能力显著增强。在此基础上再奋斗五年，到二〇三五年基本建成新时代社会主义现代化强市。 "十四五"时期，枣庄交出了一份亮眼答卷。全市综合实力持续攀升，发展质量稳步提升。数据显示，2025年1至11月，枣庄16项主要经济指标中，14项增速 位居山东省前10位，其中9项居前5位、7项居前3位。地区生产总值同比增长5.7%，连续15个季度高于全省平均水平；一般公共预算收入增长4.5%，增速居 全省首位。这些数字背后，是枣庄在产业升级、改革创新、民生保障等方面的扎实努力。 曾经的枣庄，因 ...

Core Insights - The core message emphasizes the resilience and strategic determination of the company, Oriental Yuhong, in navigating a challenging market environment in 2025, showcasing a commitment to practical efforts and hard work [2][4]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 20.601 billion yuan, with a year-on-year growth of 8.51% in the third quarter, despite a 3.75% decline in the national building materials market [2]. - The operating cash flow increased significantly by 184.56%, indicating a strong financial position [2]. Green and Digital Transformation - The company has made significant strides in green and digital transformation, obtaining the first domestic "green building materials certification" and "product carbon footprint certification" in July 2025 [3]. - New eco-friendly products were launched, including modified asphalt rolls and bio-based waterproof coatings, contributing to a comprehensive green building materials system [3]. Global Expansion Strategy - Oriental Yuhong is actively pursuing a global expansion strategy, with a focus on "overseas first" and a dual approach of "self-built capacity + trade mergers" [6]. - In October 2025, the company acquired Chilean building materials retailer Construmart S.A. for approximately 880 million yuan, and in December, it planned to acquire 60% of Brazilian Novakem for about 144 million yuan [6]. Collaborative Efforts - The company is deepening collaborations and exploring new models for Chinese enterprises to expand overseas, including strategic partnerships in Indonesia and Kazakhstan [7]. - In December 2025, Oriental Yuhong launched a new overseas brand "OYH" and an integrated ecological strategy, marking a strategic upgrade from "product export" to "ecological export" [7]. Domestic Market Strategy - The company is implementing a "platform + creator" model, focusing on retail and partner empowerment, with engineering and retail channel revenues accounting for 84.06% in the first half of 2025 [8]. - The sand powder business has seen significant growth, with production capacity increasing from 1.8 million tons to 10 million tons from 2021 to 2024 [8]. Future Outlook - For 2026, the company aims to achieve a score of 80 and ultimately reach a peak of 90, supported by its domestic market breakthroughs and global expansion efforts [6][9]. - The company is committed to becoming the most valuable enterprise in the global building materials industry, leveraging AI, green innovation, and a collaborative ecosystem [9].

Core Viewpoint - Xiamen Xiang'an International Airport is set to be the largest newly constructed airport in China during the 14th Five-Year Plan period, with plans to commence operations by the end of 2026 [1] Group 1: Airport Features and Innovations - The airport's terminal decoration construction is expected to be completed by December 30, 2025, entering the flight acceptance phase [1] - The airport features a large photovoltaic roof system, the largest of its kind in China, with an area of approximately 56,000 square meters and a capacity of 11.5 megawatts [3] - The photovoltaic panels are designed with a matte texture to reduce glare, controlling sunlight reflectivity to below 2% to avoid interference with pilots' visibility [4] Group 2: Energy Efficiency and Carbon Reduction - The photovoltaic system is projected to generate approximately 13 million kilowatt-hours annually, meeting over 15% of the terminal's electricity needs and reducing carbon emissions by about 9,350 tons each year [6] - The airport employs a "time-shift" cooling system using water storage tanks to save energy, which can save around 4.5 million kilowatt-hours annually and reduce CO2 emissions by approximately 3,440 tons [8] - Through various green measures, including photovoltaic power generation and efficient equipment, the airport aims to achieve an annual carbon reduction of 230,000 tons upon operation, moving towards a long-term goal of a zero-carbon airport [10] Group 3: Capacity and Operations - Upon completion, the airport is expected to accommodate an annual passenger throughput of 45 million, a cargo throughput of 750,000 tons, and 380,000 aircraft takeoffs and landings [10]

Core Insights - The implementation of the old-for-new consumption policy since 2025 has significantly boosted sales and consumer engagement, with over 2.6 trillion yuan in sales benefiting more than 360 million people [1][2] Group 1: Economic Impact - The policy has supported continuous expansion in consumption, with retail sales of consumer goods growing by 4.0% year-on-year from January to November, accelerating by 0.5 percentage points compared to the previous year, and contributing over 1 percentage point to total retail sales [1] - Retail sales of home appliances have surpassed 1 trillion yuan, breaking historical records [1] Group 2: Industry Upgrades - In the automotive sector, nearly 60% of old vehicles replaced were new energy vehicles, leading to a retail market share of over 50% for new energy passenger cars for nine consecutive months, reaching 59.4% in November [1] - Over 90% of home appliances replaced were first-level energy efficiency products, indicating a significant upgrade in product quality [1] - Sales of communication equipment have shown continuous growth for 11 months [1] Group 3: Environmental Benefits - The recycling of scrapped vehicles increased by 24.5% in 2025, resulting in the recycling of approximately 9.6 million tons of steel and 1.3 million tons of non-ferrous metals, which reduced carbon emissions by about 24.5 million tons [1] Group 4: Quality of Life Improvement - Since the full implementation of the policy in September 2024, over 480 million direct subsidies have been issued to consumers, facilitating the entry of numerous green, low-carbon, and smart products into daily life [2] - For every two new household cars sold, one benefited from the old-for-new subsidy, and the replacement of old electric bicycles exceeded nine times that of 2024, with 90% of new bicycles meeting current national safety standards [2] Group 5: Boosting Offline Retail - The policy has led to increased consumer foot traffic in physical stores, enhancing cross-scenario consumption in leisure, entertainment, and dining, with a reported 30% increase in consumer spending in areas with concentrated home appliance replacement stores [2]

Core Insights - The report outlines China's energy transition path towards 2060, emphasizing that non-fossil energy will dominate the energy structure, accounting for over 80% of total energy consumption by 2060 [1][2] Energy Consumption and Structure - In 2024, China's primary energy consumption is projected to reach approximately 5.97 billion tonnes of coal equivalent (Btce), with non-fossil energy consumption surpassing oil for the first time at 19.7% [2][8] - Energy consumption growth is expected to plateau around 6.94 Btce by 2035, followed by a decline to about 5.95 Btce by 2060 [2][8] - Coal consumption is anticipated to stabilize above 4.8 billion tonnes annually through 2029, with a significant reduction to below 0.5 billion tonnes by 2060 [9] - Oil consumption is projected to peak between 790-800 million tonnes before declining to 260 million tonnes by 2060 [10] - Natural gas consumption is expected to peak at 620 billion cubic meters (Bcm) between 2035-2040, then decline to 420 Bcm by 2060 [11] Electrification and Final Energy Consumption - Electricity is set to become the largest terminal energy source, surpassing coal during the 14th Five-Year Plan, with final energy consumption projected to peak above 4.6 Btce by the mid-2020s [13] - The electrification rate, including hydrogen, is expected to rise from 32% in 2024 to 71% by 2060, indicating a significant shift towards clean electricity in various sectors [3][13] Challenges in Energy Transition - The report highlights challenges in the energy transition, particularly regarding the integration of renewable energy sources like wind and solar into the grid, which faces absorption bottlenecks [4][12] - The economic viability of new clean energy carriers and technologies, such as green hydrogen and carbon capture, utilization, and storage (CCUS), remains a concern for large-scale commercialization [4] Policy and Future Scenarios - The report presents three scenarios for energy transition: Coordinated Development, Security Challenge, and Green Drive, with the Coordinated Development scenario seen as the optimal path for achieving carbon neutrality [5][18] - Policy trends are shifting from controlling energy consumption to focusing on carbon emissions, with a move from direct subsidies to target-based mechanisms, and from government-led initiatives to market-driven approaches [7][18]

总台记者 方锌妮：乍一看，每一块板好像都一样，但秘密藏在细节里。玻璃表面有细微的磨砂纹理。这不是为了美观，而是为了"防眩光"，能将阳光 反射率控制在2%以下，避免对飞行员视线造成干扰。 央视网消息：厦门翔安国际机场是"十四五"期间国内规模最大的新建机场，计划2026年底通航。2025年12月30日，厦门翔安国际机场航站楼装修装饰施 工全部完成，全力进入校飞验收阶段。通过技术创新和系统优化减少碳排放是它的特点。它怎么给自己供电？跟记者去现场一探究竟。 总台记者 方锌妮：我现在站在厦门翔安国际机场航站楼指廊的顶部，站在这里，海风很大，但最让人震撼的是我身后这一片"深蓝色的海洋"。您可能 想不到，这整个光伏屋顶，其实是一个巨型的"绿色充电宝"。 这不是普通的屋顶，而是目前国内装机容量最大的航站楼屋面光伏系统，总面积约5.6万平方米，相当于近8个标准足球场，装机容量达11.5兆瓦。 记者从当地供电公司了解到，它的原理是利用夜间电力将冷能储存于罐中，白天再释放用于供冷。这一"移峰填谷"的模式，每年可节约电量450万度， 减少二氧化碳排放约3440吨。 厦门翔安国际机场建设指挥部工程建设部部长 沈峻：从规划到建设，绿色低 ...

Core Insights - The opening of the Sophia Square Visitor Warm Station and the launch of the new space dual-energy photovoltaic direct drive products mark a significant step for Harbin in enhancing its "customer-centric" services and promoting green clean energy in extremely cold regions [1][14] Group 1: Event Overview - The event was attended by notable leaders and guests, including representatives from the Harbin Youth League, China Energy Conservation Association, and Four Seasons Mu Ge Group, highlighting the collaborative effort in promoting tourism and clean energy [3][5] - The Harbin Youth League emphasized the importance of the Warm Station in supporting the city's development as a youth-oriented city and its role in enhancing the quality of life for visitors [3] Group 2: Technological Innovations - Four Seasons Mu Ge Group introduced three new products: the True Cool Photovoltaic Direct Drive Air Conditioner, Green King Photovoltaic Electric Water Heater, and Heat Dominator Photovoltaic Direct Drive Unit, showcasing significant advancements in green technology [8][10] - These products utilize photovoltaic direct drive technology to improve energy efficiency, reduce overall energy consumption, and provide economic benefits to users, aligning with environmental sustainability goals [8][10] Group 3: Industry Impact - The Warm Station serves as a successful example of integrating air energy technology with the tourism and ice-snow industries, setting a benchmark for the industry under the "dual carbon" strategy [5] - The application of air energy heat pumps in extremely cold environments has been validated, demonstrating their stability and efficiency, which could encourage broader adoption in similar climates [5][11] Group 4: Future Prospects - The Warm Station is expected to evolve from a convenience service to a low-carbon education base, reflecting the company's commitment to green development and the integration of technology in enhancing the ice-snow economy [7][14] - The initiative aims to foster a harmonious relationship between people and nature, promoting sustainable development in Harbin's ice-snow tourism sector [7][14]

Core Viewpoint - The article highlights a successful "pasture-light complementary" project in Lanying County, which integrates photovoltaic power generation with deer farming and fruit tree planting, transforming previously barren land into a productive ecosystem that benefits both the environment and local communities [3][4][11]. Group 1: Project Overview - The project, initiated by a returning entrepreneur, Wang Xiaoyu, utilizes barren land for photovoltaic panels and deer farming, creating a sustainable model that generates continuous economic benefits [3][4]. - The project officially started in November 2023, with the first batch of deer introduced in August 2024, and has since expanded from an initial herd of 420 to around 500 deer [6][10]. Group 2: Economic Impact - The photovoltaic station generates approximately 1 million kilowatt-hours of electricity monthly, contributing an annual income of around 10 million yuan, while total project revenue has surpassed 20 million yuan [6][10]. - The project employs over 60 local villagers, providing an average annual income of about 50,000 yuan per person, thus revitalizing the local economy and reducing the need for villagers to seek work elsewhere [10][11]. Group 3: Environmental and Agricultural Benefits - The integration of deer farming and fruit tree cultivation creates a closed-loop system where deer manure serves as organic fertilizer, enhancing soil fertility and reducing reliance on chemical fertilizers [10]. - The project promotes biodiversity by incorporating various agricultural practices, including raising free-range chickens and geese, which contribute to pest control and further enrich the soil [10][11]. Group 4: Future Plans and Vision - The entrepreneur aims to replicate the project's success in other similar barren areas, promoting a model that combines renewable energy development with agricultural productivity [11]. - Plans include expanding the variety of farmed animals and fruit trees, as well as leveraging social media to share the project's journey and promote the integration of renewable energy in rural agriculture [13].

Core Viewpoint - The National Development and Reform Commission, Ministry of Water Resources, and State Administration for Market Regulation have issued a notice to implement water efficiency labeling for specific products, aiming to enhance water efficiency standards in the industry [1][2]. Group 1: Implementation Rules - The notice revises the implementation rules for water efficiency labeling for three product categories: toilets, smart toilets, and dishwashers [1]. - The implementation timeline for toilets is set for May 1, 2026, with a one-year grace period for products manufactured or imported before this date [1]. - Smart toilets will have their rules implemented on April 1, 2027, allowing a two-year grace period for pre-existing products [1]. - Dishwashers will also follow the April 1, 2027, implementation date, with a one-year grace period for products manufactured or imported before this date [1]. Group 2: Promotion of Green Consumption - The relevant authorities will strengthen the organization and supervision of the water efficiency labeling system, promoting high-efficiency water-saving products [2]. - The initiative aims to foster green consumption and support the transition to a green and low-carbon production and lifestyle [2].