并购浪潮愈发猛烈了。 这并非一句空泛的感受，而是年末市场最真实的温度。 从"并购六条"的政策东风激活市场，到地方政府真金白银设立基金、出台奖励，一场自上而下、由点及 面的并购浪潮已然形成。 近期，几个关键城市均有关键落子，为市场注入新的活力。 12月3日，上海虹桥国际中央商务区联合相关区政府发布了《关于建设并购集聚区的支持政策》，旨在 系统性地打造并购服务高地。政策拿出了极具吸引力的直接激励：对引入的优质并购基金管理人给予奖 励，并对并购贷款提供贴息，单项奖补最高可达3000万元。 12月1日，一只规模高达300亿元人民币的"北京京国创智算并购股权投资基金"完成工商注册。其名称直 指"智算"，且主要出资方北京能源集团认缴出资达299.9亿元，充分彰显了国资力量以巨量资本精准布 局前沿科技赛道的战略意图。 并购潮 A股上市公司并购的数量与规模持续提升，各地扶持政策与并购基金/母基金频繁落地…… 当"并购"成为投资人密集讨论的关键词时，市场的结构性机会已然发生。 近日，北京、上海等一线城市接连在并购领域落下关键一子，更为这场席卷而来的大潮注入了新的、强 劲的动力。 一场并购盛宴已然开启。 11月25日，厦门产业并 ...

Core Viewpoint - The article highlights the emergence of a significant merger and acquisition (M&A) wave in the market, driven by supportive policies and capital influx from local governments and investment funds [4][8][19]. Summary by Sections M&A Market Dynamics - The number and scale of M&A activities among A-share listed companies are on the rise, with various supportive policies and funds being established across regions [5][12]. - Major cities like Beijing and Shanghai are implementing key policies to enhance the M&A landscape, injecting new vitality into the market [9][12]. Policy and Fund Initiatives - On December 3, Shanghai announced support policies for building an M&A aggregation area, offering direct incentives for quality M&A fund managers and interest subsidies for M&A loans, with a maximum single award of 30 million RMB [9]. - A new 30 billion RMB "Beijing Jingguochuang Intelligent Computing M&A Equity Investment Fund" was registered, showcasing state-owned capital's strategic intent to invest in cutting-edge technology sectors [9]. - The Xiamen Industrial M&A Equity Investment Fund was also established with a capital of 2 billion RMB, aimed at supporting local enterprises through capital injection and resource integration [10]. Market Trends and Future Outlook - According to statistics, 1,750 listed companies disclosed 2,168 M&A events in the first 11 months of the year, indicating a significant increase compared to the previous year [13]. - The market is expected to see new highs in both the number and scale of M&A activities by 2025, characterized by mainstream industrial mergers, diversified payment methods, and increased market-driven transactions [13]. - The article notes a shift in the perception of M&A from a backup exit strategy to a key strategic tool for companies [17]. Strategic Importance of M&A - The strategic importance of M&A in the Chinese market is growing due to factors such as economic restructuring, evolving industry competition, and the optimization of corporate governance [15]. - State-owned enterprises are actively seeking M&A opportunities in emerging industries like semiconductors, smart manufacturing, and biomedicine [16]. Conclusion - The article concludes that the M&A wave is just beginning, driven by ongoing policies, industrial demand, and technological advancements, emphasizing the importance of understanding the direction of this trend for market participants [19].

Group 1: Capital Market Development Initiatives - Local governments are increasingly focusing on guiding capital towards technology innovation and emerging industries, reflecting a strategic approach to enhance the role of capital markets in supporting the real economy [1][2][3] - Various regions, including Shaanxi, Guangdong, and Zhejiang, have introduced measures to support the listing and financing of technology-driven enterprises, aiming to create a favorable environment for hard technology companies [2][3] Group 2: Support for Hard Technology Enterprises - Shaanxi's recent measures include 16 initiatives aimed at nurturing potential listing companies and optimizing the listing process for technology firms, emphasizing a mechanism that promotes a virtuous cycle among technology, industry, and finance [2] - The goal is to have over 80% of new listed companies come from the technology innovation sector, with a target of issuing technology innovation bonds exceeding 1 trillion yuan [3] Group 3: Mergers and Acquisitions (M&A) Encouragement - The M&A market has seen increased activity due to supportive policies from both central and local governments, which provide a solid institutional framework for development [4][5] - Local governments are promoting state-owned capital M&A funds, focusing on strategic emerging industries, to enhance resource integration and accelerate the commercialization of new technologies [5] Group 4: Strengthening Corporate Governance - There is a shift in corporate governance from mere compliance to effective substance, with local governments emphasizing the need for improved incentive mechanisms within listed companies [6] - Measures include enhancing cash dividend policies and the role of independent directors, which are expected to elevate the governance standards of listed companies and ensure better returns for shareholders [6]

Group 1: Capital Market Development - Local governments are increasingly focusing on guiding capital towards technology innovation and emerging industries, reflecting a strategic approach to enhance the role of capital markets in supporting the real economy [1][3] - Various regions, including Shaanxi, Guangdong, and Zhejiang, have introduced measures to support the listing and financing of technology-driven enterprises, aiming to create a favorable environment for hard technology companies [3][4] - By December 4, 100 companies have gone public this year, raising over 100 billion yuan, with Jiangsu, Guangdong, and Zhejiang leading in the number of IPOs [5] Group 2: Encouragement of Mergers and Acquisitions - The mergers and acquisitions market has remained active this year, supported by a series of policies aimed at enhancing the institutional framework for such activities [7][8] - Beijing and Shenzhen have released plans to promote high-quality development through mergers and acquisitions, particularly in strategic emerging industries like artificial intelligence and biomedicine [7][8] - Local governments are establishing state-owned capital merger funds to invest in advantageous local industries and strategic emerging sectors, facilitating the integration of resources and accelerating the commercialization of new technologies [8] Group 3: Strengthening Corporate Governance - The governance of listed companies is transitioning from mere compliance to effective substance, with local governments focusing on improving incentive and restraint mechanisms [9][10] - Shaanxi's measures emphasize the need for a stable and predictable cash dividend mechanism to enhance shareholder returns [11] - Guizhou's plan highlights the importance of independent directors and audit committees in strengthening corporate governance and internal controls, with A-share companies announcing or implementing mid-year dividends exceeding 760 billion yuan [12]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600863证券简称：内蒙华电公告编号：临2025-072 债券代码：240363债券简称：23蒙电Y1 债券代码：240364债券简称：23蒙电Y2 内蒙古蒙电华能热电股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨关联交易报告书 （草案）（上会稿）的修订说明 公司近日收到上海证券交易所出具的《关于内蒙古蒙电华能热电股份有限公司发行股份及支付现金购买 资产并募集配套资金暨关联交易的审核中心意见落实函》（上证上审（并购重组）〔2025〕102号） （以下简称"《落实函》"）。根据《落实函》及上海证券交易所审核意见的要求，公司于2025年12月5 日披露了《内蒙古蒙电华能热电股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易 报告书（草案）（上会稿）》（以下简称"草案(上会稿)")等文件，具体内容详见公司披露在上海证券交 易所网站（http://www.sse.com.cn）的相关文件。 相较公司于2025年12月3日披露的《内蒙古蒙电华能热电股份有限公司发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书（草案）（二次修 ...

Group 1: Core Insights - Local governments are increasingly implementing measures to support the development of capital markets, focusing on fostering new productive forces and enhancing corporate governance [1] - The emphasis is on guiding capital towards technology innovation and emerging industries, thereby creating a virtuous cycle between capital markets and the real economy [1] Group 2: Support for Hard Technology Enterprises - The capital market's improved inclusivity is providing a fertile ground for hard technology enterprises to grow, with various local governments promoting the integration of technological and industrial innovation [2] - Shaanxi Province has introduced 16 measures to support the listing and financing of technology enterprises, including a mechanism for nurturing potential listing candidates [2] - Other provinces like Guangdong and Zhejiang are also implementing supportive policies to encourage technology enterprises to list on various stock exchanges [2] Group 3: Encouragement of Mergers and Acquisitions - The mergers and acquisitions market has been active this year, driven by a series of supportive policies from both central and local governments [4] - Beijing's financial authorities have issued guidelines to promote mergers and acquisitions as a means to enhance the quality of listed companies, particularly in strategic emerging industries [4] - Shenzhen is also supporting leading companies in strategic sectors to engage in mergers and acquisitions to enhance their capabilities [5] Group 4: Strengthening Corporate Governance - The governance of listed companies in China is transitioning from mere compliance to effective substance, with local governments focusing on improving incentive and restraint mechanisms [6] - Measures in Shaanxi and Guizhou emphasize the importance of cash dividend mechanisms and the role of independent directors in enhancing corporate governance [6] - As of now, A-share listed companies have announced or implemented mid-year dividends exceeding 760 billion yuan, indicating a trend towards better shareholder returns [6]

● 本报记者 昝秀丽 在中央金融工作会议提出"培育一流投资银行和投资机构"的要求后，中国证券行业的深刻变革持续进 行。一方面，业内并购重组浪潮迭起，券商通过整合提升综合实力；另一方面，国际化布局加速推 进，"出海"航道日益拓宽。在双轮驱动之下，中资券商正朝着功能完善、更具国际竞争力的目标稳步迈 进。 展望"十五五"，行业共识逐渐清晰：培育一流投行任重道远。证券公司需进一步聚焦主责主业、强化功 能发挥，在综合化与精品化并行的路径中把握机遇。随着监管体系持续完善，一个更健康、更具活力的 行业新生态有望加速形成，引领证券业步入高质量发展新周期。 综合化与国际化并举 中信建投证券非银及金融科技首席分析师赵然认为，中国香港市场、亚太市场需求溢出为更多券商提供 了切入机会，成为全行业可共享的板块性机遇。 广发证券非银首席分析师陈福表示，中信证券、中金公司的投行业务在本土均处于龙头地位，以机构、 投行业务出海巩固客群优势。华泰证券则优先开拓零售业务的国际化之路，以此建立独特优势。在"中 国投资、投资中国"服务链条中，中资券商具有天然优势，投行业务、跨境衍生品业务均前景广阔。同 时，当前全球化财富管理需求持续深化，中资券商可 ...

在服务硬科技方面，《若干措施》指出，要构建赋能上市培育机制，促进科技—产业—金融良性循环。 将有潜力的科技企业纳入省级上市后备企业名单，优化上市政务服务绿色通道机制。聚焦科技创新关键 领域，分层分类做好跟踪辅导，引导企业到合适板块上市。 从加速培育新质生产力，支持科技型企业上市融资，到鼓励上市公司运用并购重组等工具做优做强，再 到强化上市公司治理体系……近期，地方政府支持资本市场发展的举措不断涌现，绘就了地方版资本市 场发展路线图。 用好资本市场工具，是发展地方经济的重要抓手之一。南开大学金融发展研究院院长田利辉表示，地方 政府的一系列部署折射出各地更加注重引导资本有序投向科技创新、新兴产业领域，发挥资本市场在服 务实体经济中的作用，通过支持企业融资、并购重组等方式，构建资本市场与实体经济协同发展的良性 机制。 培育硬科技企业上市 资本市场制度包容性的提升，为以"硬科技"为立身之本的企业提供了成长沃土，借力资本市场，各地政 府纷纷推动科技创新和产业创新深度融合，助力硬科技企业上市。 陕西省近日出台的《关于深化资本市场改革助力陕西高质量发展的若干措施》（以下简称《若干措 施》），提出加强上市后备企业的联合培育、 ...

Group 1: Company Announcements - Chongqing Water intends to acquire wastewater treatment projects for a total of 255 million yuan, including assets and related debts from three wastewater treatment plant expansion projects [1] - Beijiete plans to acquire controlling interest in Yunnan Wenye Nonferrous Metals Co., Ltd. through a share acquisition agreement [2] - Suhao Huihong is set to conduct an asset swap with its controlling shareholder, Suhao Holdings, involving the transfer of a 2.33% stake in Zijin Property Insurance for 262 million yuan [3] Group 2: Shareholding Changes - Sun Cable's major shareholder, Xiamen Xiangyu Group, and its concerted parties plan to reduce their holdings by up to 3%, totaling no more than 21.67 million shares [4] - Haike Xinyuan's shareholder, a strategic asset management plan, intends to reduce its stake by up to 2.50%, equating to 557.41 million shares [5] - Dongwang Times' shareholder, Dongyang Xinling Technology Co., Ltd., plans to reduce its holdings by up to 1.20%, amounting to 10.13 million shares [6] Group 3: Fundraising and Dividend Distribution - Meilixin plans to raise no more than 1.2 billion yuan through a private placement to fund semiconductor equipment projects and supplement working capital [7] - China Construction Bank has approved a cash dividend distribution of approximately 48.605 billion yuan for the first half of 2025, with a per-share dividend of 0.1858 yuan [8]

中证报中证网讯(记者吴科任)近日，为推动四川省产业转型升级和高质量发展，积极发挥资本市场枢纽 功能，加快企业上市和上市公司并购重组，四川省委金融办会同四川证监局联合印发《四川省推进企业 上市和上市公司并购重组三年行动方案(2026-2028)》(简称"《行动方案》")。 《行动方案》以企业上市前、中、后不同阶段可能遇到的问题为导向，提出了有针对性的五大方面22项 具体举措，为企业上市全生命周期保驾护航。五大方面包括：加强指导培育，做大上市后备企业规模； 整合资源集中攻坚，提高上市成功率；推进并购重组和再融资，提高上市公司质量；加大纾困解难力 度，化解上市公司风险；加强组织保障，形成工作合力。 四川省委金融办协调创新处负责人表示，《行动方案》紧扣企业上市全生命周期，精准聚焦四大服务对 象——上市后备企业、在审在辅企业、有并购重组意愿和有再融资需求的上市公司、经营困难的上市公 司。通过找准重点服务对象，为靶向施策、精准发力筑牢基础，确保服务效能直达关键环节。 比如，调研中有多家上市后备企业反映，缺订单、缺应用场景是他们面临的较大困难。对此，《行动方 案》提出帮助企业拓展市场、协调应用场景落地等具体举措，尽快做大规 ...