"并购六条"发布以来，上市公司在2025年掀起并购高潮，更具包容性的并购重组制度激活了资本市场新 生态。12月7日，在2025上证（巢湖）上市公司高质量发展大会的圆桌对话环节，多位上市公司创始 人、董事长围绕新质生产力领域的并购重组展开头脑风暴，共同研判2026年的产业并购新机遇、跨境并 购新挑战、并购交易新模式。 借力产业并购 实现行业领跑 "并购重组已成为提高上市公司质量的重要手段，目前，A股上市公司围绕新兴市场领域的并购重组活 跃度、包容性和灵活性正在全面提升。"中国科学技术大学科技商学院、管理学院执行院长叶强在主持 圆桌对话时表示。 当前，并购重组已成为A股公司实现跨越式发展的重要路径，也是企业筑就头部地位、抢抓产业机遇的 关键抓手，不断为高质量发展注入强劲动力。 "并购重组是企业实现外延式发展的重要路径之一。和元生物一直具有整合发展的理念，也体验过并购 重组带来的发展红利。"和元生物董事长潘讴东表示，公司在新三板转板科创板前，通过并购特定技术 领域的领先企业，成功跻身细胞与基因治疗领域头部阵营。 利元亨则是跨境并购的受益者。利元亨创始人、实控人卢家红介绍称，利元亨几年前收购了一家欧洲知 名装备企业的 ...

本报记者 吴晓璐 12月5日，中国证监会就《上市公司监督管理条例（公开征求意见稿）》（以下简称《条例》）公开征求意见。《条例》 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。 自去年9月份"并购六条"出台以来，上市公司并购重组活跃度持续提升，并且逐步从"重数量"向"重质量"转变。在市场人士 看来，《条例》平衡规范与效率，进一步明确市场预期，引导产业整合，推动并购重组质效提升。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，《条例》将进一步推动并购重组实现从"量"到"质"的深 刻变革，助力产业升级，引导资本流向新质生产力领域，构建合规、透明、价值导向的市场生态，进而推动并购重组成为资本 市场高质量发展的"强引擎"，为中国经济高质量发展注入持久动能。 强化全流程监管 推动并购转向"价值创造" 《条例》突出对并购重组活动的支持，明确收购、重大资产重组的基本含义，稳定各方参与的市场预期；在强化重点规 范，明确开展并购重组基本要求的同时，进一步发挥并购重组优化公司股权和资产业务结构，支持产业整合升级的重要作用。 与此同时，吸收合并、购买优质 ...

国联民生证券总裁葛小波表示，本轮证券行业并购重组浪潮是券商在金融强国战略下的主动作为。展望未来，要建设一流投行，券商需依靠内生增长和外延 式发展"两条腿"走路，既要用好并购工具做大规模，也要跨越自身业务转型的门槛，实现能力的提升。 展望未来，中国人民大学国际并购与投资研究所所长汪昌云表示："未来，在政策、产业与资本的协同发力下，并购重组市场将持续迸发活力，成为培育新 质生产力、推动产业结构升级的核心引擎。" （文章来源：证券日报） 本报讯 （记者于宏）近年来，并购重组日渐成为资本市场热议的话题。12月5日，中国人民大学国际并购与投资研究所、对外经济贸易大学并购与重组研究 中心联合主办的第四届中国并购与重组论坛（2025）在京举行，论坛以"并购重组：融合创新，擎动新质生产力"为主题，围绕并购重组如何赋能科技创新、 助力企业转型升级等议题展开探讨。 "并购重组是提升行业集中度、克服行业'内卷'的重要举措。"中国上市公司协会会长宋志平表示，企业在并购重组过程中，要考虑双方战略是否吻合、能否 产生协同效应、风险是否可控等问题。在并购后的整合中，要注重业务整合、机构整合、市场整合、管理整合和文化整合五方面，其中文化的认 ...

12月8日，在《上海市支持上市公司并购重组行动方案（2025-2027年）》（简称上海"并购十二条"）发布一周年之际，2025年并购金融大会在沪举行。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"，产业链各环节携手助力提升上 海国际金融中心服务能级，推动并购重组市场高质量发展。 指数洞察：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。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。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在 致辞中指出，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 ...

本报讯 （记者于宏）近年来，并购重组日渐成为资本市场热议的话题。12月5日，中国人民大学国际并 购与投资研究所、对外经济贸易大学并购与重组研究中心联合主办的第四届中国并购与重组论坛 （2025）在京举行，论坛以"并购重组：融合创新，擎动新质生产力"为主题，围绕并购重组如何赋能科 技创新、助力企业转型升级等议题展开探讨。 展望未来，中国人民大学国际并购与投资研究所所长汪昌云表示："未来，在政策、产业与资本的协同 发力下，并购重组市场将持续迸发活力，成为培育新质生产力、推动产业结构升级的核心引擎。" "并购重组是提升行业集中度、克服行业'内卷'的重要举措。"中国上市公司协会会长宋志平表示，企业 在并购重组过程中，要考虑双方战略是否吻合、能否产生协同效应、风险是否可控等问题。在并购后的 整合中，要注重业务整合、机构整合、市场整合、管理整合和文化整合五方面，其中文化的认同和融合 尤为关键。 国联民生（601456）证券总裁葛小波表示，本轮证券行业并购重组浪潮是券商在金融强国战略下的主动 作为。展望未来，要建设一流投行，券商需依靠内生增长和外延式发展"两条腿"走路，既要用好并购工 具做大规模，也要跨越自身业务转型的门槛 ...

12月8日，由证券时报主办的"第十九届中国上市公司价值论坛暨2025新质生产力巡礼宜宾行"在四川省 宜宾市开幕。中泰证券投行委主任姜天坊在分享中表示，并购重组市场正处于政策红利与产业需求共振 的黄金期。当下正处在"十四五"圆满收官、"十五五"谋篇布局的历史节点，并购重组的定位已悄然改变 ——它不再是简单的规模扩张工具，而是围绕产业逻辑助力企业升级的核心抓手。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：价值线 天风证券周K线走势 图，截至12月8日 近日，天风证券（维权）（601162）与昔日大股东同日收到证监会相连编号的立案告知书，其实这场风 暴早有征兆：从主动投案、曾被业内称为"发审委一姐"的前证监会官员郭旭东，到失联被查、有"债券 女王"之称的天风证券前常务副总裁翟晨曦，再到年初已被留置的前董事长余磊。 一系列人物或主动或被动接受调查，都和一家民营公司有关：武汉当代集团。 把这么多人拖进泥潭的武汉当代集团，从一出生起便非同寻常，创始人不寻常，起家业务更不寻常：它 发家于"小便"生意。 价值线获悉，武汉当代集团发达之后，请了中央部委司局级干部为其服务，成为其业绩更进一步的"基 础"。 虽一度达到千亿版图，但当代集团最终仍帝国坍塌。多年来，涉及不少高官权贵的谜团也正陆续浮出水 面…… 天风证券及原股东被立案调查 11月29日，天风证券发布公告，公司于2025年11月28日收到中国证监会下发的《立案告知书》（编号： 证监立案字【0052025018】号）。因涉嫌信息披露违法违规、 ...

Core Viewpoint - The regulatory environment for the securities industry is shifting towards a more positive stance, which is expected to catalyze market trends and enhance the development of the brokerage sector [2][3]. Group 1: Regulatory Changes - The regulatory body has proposed to "moderately open capital space and leverage limits," which is seen as a significant benefit for brokerage firms. This change is expected to enhance capital strength, allowing firms to better engage in capital-intensive and innovative derivative businesses [2][3]. - The industry is encouraged to transition from "price competition" to "value competition," with leading firms focusing on resource integration to create internationally influential benchmark institutions, while smaller firms should concentrate on niche markets and specialized services [3][4]. Group 2: Business Opportunities - The three main business areas of brokerage firms are likely to benefit directly from the regulatory changes: 1. Margin trading and securities lending (two-way financing) may see expanded opportunities, meeting investor financing needs and increasing brokerage income from capital intermediation [4]. 2. Proprietary trading could see increased asset allocation in equity assets, enhancing returns through optimized operations related to other comprehensive income (OCI) [4]. 3. International business, which typically has higher leverage, may allow large brokerages to further increase overall leverage through capital increases in their international business segments [4]. Group 3: Industry Consolidation - The regulatory framework will focus on differentiated supervision, promoting the development of quality institutions while imposing stricter regulations on underperforming ones. This is expected to enhance industry concentration and competitiveness [4]. - The use of mergers and acquisitions is encouraged to achieve complementary advantages and efficient resource allocation, aiming to form several internationally influential leading institutions during the "14th Five-Year Plan" period [4].

Group 1: M&A Activity Overview - From November 3 to December 7, 2025, there were a total of 392 M&A events involving listed companies, with 85 classified as significant M&A transactions[10] - Out of the total M&A events, 82 were completed, and 6 were significant M&A transactions that reached completion[10] Group 2: Policy Updates - On December 5, 2025, the China Securities Regulatory Commission (CSRC) released a draft regulation aimed at standardizing M&A activities and supporting industrial integration and corporate transformation[8] - The Central Financial Office emphasized the role of large state-owned financial institutions in supporting the real economy and maintaining financial stability[8] Group 3: Major M&A Transactions - Notable transactions include a bid by Top Group for 100% of Wuhu Changpeng, valued at CNY 33,000, and a bid by Electric Power Investment for 100% of Electric Power Nuclear Holdings, valued at CNY 5,539,371.08[14] - The total value of significant M&A transactions involving central state-owned enterprises reached CNY 11,596,655.7 for the acquisition of 100% of Zhongke Shuguang[16] Group 4: M&A Failures - There were 16 failed M&A attempts during the reporting period, including a bid by Di'ao Microelectronics for 100% of Rongpai Semiconductor, which was unsuccessful[19] - Other notable failures included attempts by Jiemite and Huakang Co. for various stakes in their respective targets, with total values of CNY 109,800 and CNY 358,061.77 respectively[20]

Core Insights - The chairman of the China Securities Regulatory Commission (CSRC) highlighted the broad development space for the securities industry during the 8th Member Conference of the China Securities Association, indicating a shift towards a more positive regulatory attitude, which may act as a catalyst for the sector's market performance [1] Group 1: Regulatory Changes and Opportunities - Regulatory easing is expected to directly benefit core operations of securities firms by allowing for "appropriate opening of capital space and leverage limits," which is seen as a significant advantage for the brokerage sector [1][2] - The three main business areas of securities firms are likely to benefit from this regulatory shift: - Margin financing and securities lending (two-way financing) may see expanded space to meet investor financing needs and enhance brokerage income [1] - Proprietary trading could increase through optimized operations related to Other Comprehensive Income (OCI), improving returns on equity assets [1] - International business, which typically has higher leverage, may see large brokerages increase capital in this area to enhance overall leverage [1] Group 2: Industry Transformation - The regulatory body emphasized the need for the industry to shift from "price competition" to "value competition," encouraging leading firms to enhance resource integration and develop into internationally influential benchmark institutions [2] - Smaller firms are advised to focus on niche markets and specialized services to create "small but beautiful" boutique service providers, which aligns with the evolving demands for wealth management services [2] Group 3: Industry Consolidation and Classification - The regulatory framework will implement differentiated supervision, promoting "stronger support for the strong and limitations for the weak," optimizing evaluation metrics for high-quality institutions while exploring tailored policies for smaller and foreign firms [2] - The CSRC aims to leverage mergers and acquisitions to achieve complementary advantages and efficient resource allocation, aspiring to form several internationally influential leading institutions during the 14th Five-Year Plan period [2] Group 4: Valuation and Profitability - As of December 5, 2025, the CSI All Share Securities Index (399975.SZ) had a price-to-book ratio of approximately 1.47, indicating it is at the 38.04th percentile over the past decade, while the price-to-earnings ratio stood at about 17.09, at the 13.53rd percentile, suggesting attractive valuations [4] - The regulatory guidance is expected to enhance capital efficiency and leverage, potentially driving the industry's return on equity (ROE) higher, which may lead to a healthier and more efficient industry ecosystem [4]