【文/观察者网 柳白】 "法国的技术明珠可能会成为中国的猎物。"中国公司并购法企，让法国学者五味杂陈。 法国《世界报》（Le Monde）7月10日报道称，近期三家大型法国公司相继被中国资本收购，分别涉及 化工、汽车和能源等法国关键工业领域，表明中国企业正加快进入欧洲市场的步伐。 法国业界人士称，一旦国家层面未能对困难企业给予针对性援助，这些企业一旦陷入困境，往往只能依 赖中国买家，随着中美之间贸易战的持续，这一风险可能会成为结构性问题。 今年4月，中国化工巨头万华集团通过其匈牙利子公司宝思德化学（Borsodchem），收购了法国化工旗 舰企业康睿（Vencorex）的特种异氰酸酯业务，此案已获法国里昂商业法院批准。 "近年来，中国在法国的投资有起有伏，"法国国家工艺学院产业政策专家奥利维耶·鲁昂西（Olivier Lluansi）分析，"2024年投资势头有所减弱，但最近几个月又有所回升，尽管规模尚不显著。中国主要 的目标还是进入整个欧洲市场，而法国并非其首选门户。" 法国化工旗舰企业康睿（Vencorex）位于蓬得克莱的化工厂 虽然中国位列对法投资国家前十，但根据研究机构Trendeo的数据，2020至 ...

Group 1 - The recent learning session by Shanghai State-owned Assets Supervision and Administration Commission focused on cryptocurrencies and stablecoins, indicating a shift in the industry towards "cross-border clearing + asset tokenization" as Chinese securities firms upgrade their virtual currency trading licenses [1] - The brokerage sector is experiencing a bullish sentiment due to increased trading volumes, with daily average stock trading reaching 1.6 trillion yuan, a nearly 60% year-on-year increase, and margin financing remaining high at 1.8 trillion yuan, up nearly 20% year-on-year [2] - The implementation of reforms in the Sci-Tech Innovation Board and the relaxation of IPO regulations are expected to improve the investment banking business for brokerages, with a significant increase in IPO projects being processed [2] Group 2 - The industry has seen multiple significant merger and acquisition events in 2023, indicating a sustained interest in M&A themes [3] - The China Securities Regulatory Commission has issued a plan to promote the high-quality development of public funds, which may lead fund managers to increase allocations to currently underweighted sectors, including non-bank financials [3] - Historical data suggests that during bullish market expectations, the brokerage index's price-to-book (PB) ratio can quickly recover to above 2 times, with the current PB ratio at 1.47, indicating substantial potential for growth in the brokerage sector [4]

值得一提的是，上半年的重大并购重组项目对于交易规模的影响巨大。例如，今年6月，国内算力产业最大吸 并案——海光信息（688041.SH）换股吸收合并中科曙光（603019.SH）预案公布，最终交易规模高达1159.69 亿元，中信证券与中邮证券分别为两家公司的独立财务顾问。 数据来源：Wind（首次披露日口径，数据统计区间为2025年1月1日至7月10日） 近两年，在政策的不断优化下，资本市场"并购热潮"渐起。数据显示，2024年9月以来，A股重大资产重组 （含定增并购）近200起，相比此前大幅增长。 券商中国记者统计发现，今年以来券商不断发力并购重组业务，共有44家券商作为独立财务顾问或财务顾问服 务并购重组项目。排名方面，交易数量前三的券商遥遥领先，分别是中金公司、中信证券、华泰证券。 中金、中信、华泰并购业务领先 在各类中介机构中，券商今年依然在并购业务领域领跑，成交规模占据全市场份额的60%以上。Wind数据显 示，按照并购重组项目首次披露日口径计算，今年以来，共有44家券商作为独立财务顾问或财务顾问服务并购 重组项目。 交易数量方面，头部集中情况明显，排名前三的中金公司、中信证券、华泰证券遥遥领先， ...

Core Viewpoint - The integration of securities firms through mergers and acquisitions is a complex process that often faces significant challenges, with many past cases failing to achieve expected synergies due to ineffective integration strategies [1]. Group 1: Regulatory Challenges - The complexity of multi-level regulatory approvals can lead to lengthy processes, typically taking 6-12 months, which may result in business stagnation and talent loss [2]. - The new "one participation, one control, one license" policy, effective from May 2025, allows for a more flexible licensing framework, supporting the public fund transformation of securities firms [3]. - Effective communication with regulatory bodies prior to mergers is essential to clarify strategic significance and expected synergies, alongside planning for license integration [4]. Group 2: Cultural Integration - Cultural differences between merging firms can create significant integration challenges, often underestimated, affecting decision-making styles, risk preferences, and performance orientation [5]. - A systematic diagnosis of both firms' cultures is necessary to identify key differences and commonalities, with leadership driving the integration process to foster a unified vision [6]. Group 3: Business Synergy - Achieving business synergy is critical but often hampered by unclear planning and execution issues, with the pace of integration needing careful management to avoid disrupting business continuity [7]. - Information systems integration poses technical challenges due to differing architectures and data standards, with historical failures leading to operational disruptions [8]. - A detailed integration roadmap should be established, categorizing business lines for integration based on their characteristics and customer sensitivity, while ensuring smooth transitions for client relationships [9]. Group 4: Organizational Structure and Personnel - The restructuring of organizational frameworks post-merger involves multiple levels, and poorly designed structures can lead to inefficiencies in decision-making and collaboration [10]. - Integrating executive teams is crucial, with careful selection processes needed to avoid leadership conflicts and ensure business continuity [11]. - Personnel integration should prioritize stability, with strategies to manage redundancies and promote team cohesion, while ensuring fair compensation practices [12][13]. Conclusion - The integration of securities firms is a systematic endeavor that requires careful planning and execution across various dimensions to realize expected synergies, emphasizing the importance of viewing integration as a core aspect of mergers rather than a secondary task [15].

Core Viewpoint - The biopharmaceutical industry is experiencing an increase in mergers and acquisitions (M&A) activity, transitioning from fragmented competition to concentrated development, with a focus on innovative technology platforms and global capabilities [1][3][4]. Group 1: M&A Activity and Trends - In the first half of 2025, the biopharmaceutical sector saw a "volume and price increase" in M&A, characterized by diverse acquirers but predominantly led by major companies [1][4]. - A total of 49 M&A transactions were recorded in the domestic innovative drug sector by June 30, 2025, with a total value of approximately 12.7 billion yuan, indicating a stable number of deals but a significant decrease in total value compared to the previous year [4]. - The industry is predicted to continue a "high-frequency, small-scale" M&A trend in the second half of 2025, focusing on core therapeutic areas and distressed asset integration [5][6]. Group 2: Drivers of M&A - The increasing competition in the industry has made it more challenging for single companies to independently complete full-cycle R&D, leading to a rational choice of resource integration through M&A [2][6]. - Three main types of companies are driving M&A: state-owned pharmaceutical companies leveraging financial and policy advantages, private leading enterprises enhancing their niche advantages through horizontal mergers, and innovative tech firms acquiring cutting-edge technology platforms [3][4]. - Large pharmaceutical companies with ample cash flow are particularly active in this M&A wave, taking advantage of low market valuations to lower acquisition costs and build competitive barriers in specific disease areas [3][4]. Group 3: Policy Environment - Recent policies have been supportive of M&A activities, with local governments establishing substantial industry funds to facilitate mergers and acquisitions [3][4]. - Policies have created a favorable institutional environment for M&A in the pharmaceutical sector, significantly lowering barriers and improving review efficiency and payment flexibility [4][8]. - The government has introduced various supportive measures, including a 10 billion yuan biopharmaceutical industry M&A fund in Shanghai and a proposed 50 billion yuan health industry fund in Beijing [3][4]. Group 4: Challenges and Considerations - While M&A can help companies acquire quality assets, there are concerns about rising management costs and integration failure risks, which pose challenges to operational efficiency [8]. - Cultural differences and business synergy difficulties may undermine the benefits of M&A, necessitating a focus on technological complementarity to avoid blind expansion [8]. - The current market conditions suggest that while M&A is a necessary strategy for industry consolidation, companies must balance short-term growth with long-term efficiency and core competitiveness [8].

来源：市场资讯 2025年已过半，距离"并购六条"颁布也过了9个月，这期间A股上市公司并购重组市场焕然一新、持续 向好。4月，我们曾以"并购六条"半年度为维度对A股上市公司重组进行了回顾（详见《"并购六条"半年 度上市公司重组市场回顾》）。时间又过去三个月，在这期间涵盖了"年报季"、上市公司并购重组新规 修订等重要事项，并购重组市场也有一些新的变化。 许可类项目审核加速，预计全年审核数量将"触底反弹" 截至2025年6月30日，三大交易所受理的许可类重组项目共计60家次。其中，2025年以前受理的案例18 家次，2025年上半年受理的案例42家次。 按受理时间排序如下图所示： 自5月开始，交易所受理项目数量大幅提升，尤其是6月份，单月受理达23家次项目。5月和6月累计受理 数量30家次，占截至6月30日在会项目的50%。 "并购六条"后首次公告的许可类重组案例，有不少在各自年报数据更新后纷纷披露重组草案，直接推动 了五六月份的受理高峰。此外，五六月份受理的30家次案例中，有27家次是在《上市公司重大资产重组 管理办法（2025年修正）》颁布（即5月16日）之后受理的，不排除其中有重组新规正式落地的影响。 就审 ...

华夏时报记者黄敏璇胡梦然深圳报道 上市14年、去年业绩首亏的光韵达（300227）(300227.SZ)正在寻求跨界并购。 日前，光韵达公告，公司拟以3.52亿元收购深圳市亿联无限科技有限公司(下称"亿联无限")56.03%股 权，取得标的公司控制权，以此切入通信设备制造领域。 值得注意的是，亿联无限曾在2023年6月冲刺创业板IPO，但在2024年3月突然撤回。IPO折戟后的亿联 无限业绩暴跌，2024年净利润2867万元，相比2023年6201万元降幅超半。此外，公司还存在二股东涉案 和子公司土地退回导致损失等多重风险。 光韵达今年4月就曾公告收购亿联无限的意向协议，彼时收购股权比例为100%，如今降至56.03%。收购 股权比例大幅降低基于哪些考虑？光韵达方面7月10日回复《华夏时报》记者表示："本次收购的一部分 资金会考虑使用并购贷款解决，因此由收购全部股权调整为部分股权可以降低公司财务费用规模。同时 考虑到亿联无限过去两年业绩略有下滑，公司通过分步收购，可以降低标的公司经营不确定性带来的影 响，降低收购带来的商誉等风险。故经过双方友好协商，决定降低收购比例。" 标的公司IPO折戟，净利润腰斩 公告显 ...

Core Insights - Meta's aggressive acquisition strategy, including the $14.8 billion purchase of a 49% stake in Scale AI, reflects a deep-seated anxiety about keeping pace in the AI sector [1][6] - The competition among major tech companies for AI talent is intensifying, with significant financial resources being allocated to secure top researchers and teams [11][12] Group 1: Meta's Acquisition Strategy - Meta's recent acquisitions include Scale AI, with a valuation of $30 billion, and attempts to acquire other AI companies like Perplexity and Safe Super Intelligence [6][8] - The acquisition of Scale AI is primarily a talent acquisition, bringing in CEO Alexandr Wang to lead a new AI team focused on developing advanced models [6][12] - Meta's recruitment efforts have included offering $100 million transfer fees to top AI researchers from OpenAI, highlighting the high stakes in talent acquisition [8][11] Group 2: Industry Trends and Comparisons - The current trend in AI acquisitions is characterized by buying talent rather than assets, as the industry is still in its early stages [12][13] - Other tech giants like Google and Microsoft are also engaging in similar acquisition strategies to bolster their AI capabilities, indicating a broader industry trend [11][12] - The ease of exit strategies for startups in the U.S. contrasts with the situation in China, where high-value talent acquisitions are less common [14][15] Group 3: Future Outlook - The AI sector is expected to see further evolution in acquisition strategies, with a focus on different types of talent as the industry matures [15][16] - The potential for U.S. companies to acquire Chinese AI startups is anticipated, reflecting a growing interest in cross-border talent acquisition [15][16]

【市场数据】 截至10日收盘，上证综指涨0.48%，报3509.68点；科创50指数跌0.32%，报979.99点；深证成指涨 0.47%，报10631.13点；创业板指涨0.22%，报2189.58点。 4、据智通财经，7月10日，外交部发言人毛宁主持例行记者会。法新社记者提问，美国总统特朗普昨天 宣布将对进口的铜征收50%的关税，理由是国家安全，请问中方对此有何评论？"这个问题我们立场非 常明确。"毛宁强调，我们一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 5、7月10日，据央视新闻，针对《关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知》，财政部对有关方面关注的问题进行了解答。解答提到，对于4500万元人民币以上的医疗器械政府 采购项目，未分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过该项目合同总金 额的50%；分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过分包后单个采购包 合同金额的50%。采购人分包开展采购时，应当结合采购实际，按照专业类型、专业领域、规格等次 等，对采购项目合理分包。 6、据央广网 ...

推进3个半月，华大九天（301269）(301269.SZ)的重组以失败告终。 7月9日晚间，华大九天公告称，公司决定终止重大资产重组。 消息发布之后，7月10日，华大九天股价跌5.27%，报收108.64元/股，总市值589.85亿元，单日蒸发32.8 亿元。 长江商报记者注意到，2025年3月末，华大九天发布重组预案，公司拟以发行股份及支付现金的方式收 购芯和半导体科技(上海)股份有限公司(以下简称"芯和半导体")100%股份并募集配套资金。本次交易是 华大九天在2024年12月易主中国电子集团之后推出的首笔资产重组，作为国内电子设计自动化(EDA)行 业的龙头企业，通过本次重组，华大九天将补齐多款关键核心工具，有助于打造全谱系全流程能力，助 力实现EDA全流程工具系统。 本次交易中，募集配套资金的认购方中国电子集团为华大九天实际控制人，中电金投为中国电子集团控 制的企业，因此本次重组构成关联交易。 值得关注的是，本次交易也是中国电子集团入主华大九天之后，上市公司推出的首单资产重组。 2024年12月，中国电子集团筹划华大九天控制权变更，具体为华大九天第二届董事会成员有4名董事辞 职，中国电子集团提名的5 ...