M&A Dynamics - From June 3 to June 8, there were 63 merger and acquisition (M&A) events involving listed companies, with 16 classified as significant M&A events[9] - Out of the total M&A events, 9 were completed, including 1 significant M&A[9] Policy Updates - The People's Bank of China emphasized the need to optimize systems for listings, M&A, and equity incentives based on technological innovation characteristics[7] - The Shanghai Stock Exchange plans to encourage listed companies to increase dividend payouts and enhance market value management tools[7] Major M&A Events - Notable M&A transactions included Baota Industrial acquiring 100% of Electric Power Investment New Energy for CNY 80,927,000[13] - A total of 4 M&A events involved state-owned enterprises as acquirers during the reporting period[13] M&A Failures - There were 3 failed M&A attempts, including a significant transaction by Guangdong Hongyuan due to a lack of consensus on the final transaction plan[15][17] - The failed transactions involved a total value of CNY 19,800,000 for one of the deals[17] Control Changes - Three companies reported changes in actual control, including Jinzi Ham and Diou Home, with the changes occurring between May 30 and June 5, 2025[19] Market Performance - The restructuring index underperformed the Wind All A index by -0.12% during the reporting period[21] - Over a mid-term view, the restructuring index showed fluctuations within a positive range compared to the Wind All A index[21] Risk Factors - Economic recovery in China is slower than expected, which may increase market uncertainty[26] - Geopolitical risks and uncertainties regarding U.S. policies towards China could negatively impact A-share liquidity[26]

Group 1 - The software ETF has a turnover rate of 2.75% during trading, with a transaction volume of 800.73 million yuan, and has the highest average daily transaction volume of 1.59 billion yuan over the past month among comparable funds [3] - The software ETF has seen a significant growth in scale, increasing by 24.92 million yuan over the past two weeks, ranking first among comparable funds [3] - The software ETF's share has grown by 1.889 billion shares over the past six months, also ranking first among comparable funds [3] Group 2 - The Ministry of Industry and Information Technology held a meeting on June 6 to discuss key work reports in the integration of information technology and industrialization, emphasizing the need to enhance the supply capacity of software and hardware products [3] - Huachuang Securities noted that the integration and restructuring of the Xinchuang industry chain is accelerating towards "technology complementary integration" and "ecological closed-loop construction," forming a dual path of "software service providers + hardware manufacturers" and "system-application full-chain connectivity" [3] - As of May 30, 2025, the top ten weighted stocks in the CSI Software Service Index account for 59.85% of the index, including companies like iFLYTEK, Kingsoft Office, and Tonghuashun [3]

而此前一个月（4月10日至5月9日）仅为348份，月度增幅达到了惊人的371.26%。 并购重组的热度持续上升！ 最近一个月，并购重组活动大幅回升。券商中国记者以"控制权变更"为关键词，在wind资讯搜索相关公告，过去一个月涉及此关键词的公告达到了1292份，而此前 一个月仅为348份，增幅超过370%。与此同时，记者以"控制权变更+停牌"进行搜索发现，过去一个月相关公告达到了81份，而此前一个月仅29份。 中国证监会近日发布修改后的《上市公司重大资产重组管理办法》，旨在深化并购重组市场改革、激发市场活力。在今年政策强调简化审批、提高效率的原则下， 审核速度也持续提升。据东吴证券统计，2025年不到半年时间，并购重组已完成的项目数量已经超过2024年全年。随着政策的支持力度逐渐增强，后续来看并购重 组项目释放将进入明显的活跃期。 今天早上，中国银河和中金公司等股票再度强势拉升。易明医药、*ST东晶等连续拉板，亦在一定程度上反映了并购重组的预期正在增加。 暴增超37 0% 自2016年之后，A股市场并购重组活动沉寂了相当长一段时间，这期间虽有一些个例，但与之前相比，无论是重组活动的活跃度，还是这类题材在二级市场 ...

Group 1 - The core viewpoint highlights the recent rebound in technology sectors, particularly in military, pharmaceutical, and TMT industries, with the Sci-Tech Innovation Board ETF (589630) rising nearly 1.5% [1] - The A-share merger and acquisition market has been active this year, with significant participation from Sci-Tech Innovation Board companies, especially in sectors like biomedicine, semiconductors, and new-generation information technology [1] - Data indicates that out of 86 major restructuring events in 2025, 18 involved Sci-Tech Innovation Board companies, showing a significant increase compared to the same period last year [1] Group 2 - Dongwu Securities emphasizes the importance of self-reliance in technology, focusing on sectors such as artificial intelligence, autonomous control, new energy technology, aerospace information technology, and data elements [1] - In aerospace information technology, areas like low-altitude economy, satellites, and commercial space are highlighted as key focus points [1] - The report suggests that the AI sector should concentrate on AI agents, AI applications (like standalone software and smart terminals), humanoid robots, and autonomous driving [1] Group 3 - Western Securities notes that the level of merger and acquisition activity reflects the direction of the industrial cycle, with the highest number of mergers occurring in the automotive, electronics, and machinery sectors in 2024 [2] - The report indicates that the trends in automotive intelligence, semiconductor self-control, and high-end manufacturing are accelerating technological upgrades and industry evolution [2] - It is suggested that if AI commercialization leads to performance improvements through mergers and acquisitions, it could create a mainline market trend; otherwise, it may only represent a short-term thematic opportunity [2] Group 4 - The Sci-Tech Innovation Index ETF from Guotai (code: 589630) tracks the Sci-Tech Innovation Index (code: 000680), which includes representative stocks from the Sci-Tech Innovation Board, with an average market capitalization of approximately 11 billion [2] - The index focuses on technology innovation companies, covering more early-stage innovative firms and emphasizing hard technology sectors [2] - Investors without stock accounts can consider Guotai's linked ETFs for the Sci-Tech Innovation Board Comprehensive ETF [2]

Group 1 - The three major indices collectively strengthened on June 9, with significant movements in the brokerage and fintech sectors, as evidenced by the rise of the brokerage ETF fund (515010) by 1.8% and the fintech ETF (516100) by 1.52% [1] - As of June 5, six brokerages have implemented share buybacks totaling 129 million shares and 1.31 billion yuan, reflecting a positive market signal and boosting investor confidence [1] - The trend of brokerage buybacks and the "quality improvement and efficiency enhancement" actions indicate the industry's focus on long-term value and align with regulatory efforts to promote high-quality capital market development [1] Group 2 - The brokerage ETF fund (515010) tracks the CSI All Share Securities Company Index and has the lowest management and custody fee rate of 0.2%, making it an attractive investment option for those optimistic about the brokerage sector [2] - The fintech ETF (516100) closely follows the CSI Financial Technology Theme Index, covering high-growth sectors such as internet brokerages, financial IT, mobile payments, and AI, allowing investors to benefit from the long-term growth of the fintech industry [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the brokerage sector, with the CSI All Share Securities Company Index rising by 1.77% as of June 9, 2025, and individual stocks like Xinda Securities increasing by 10.01% [1] - The brokerage ETF (159842) has seen a recent increase of 1.78%, with a latest price of 1.03 yuan, and a cumulative rise of 2.22% over the past week [1] - The trading volume for the brokerage ETF reached 48.78 million yuan, with a turnover rate of 2.77% during the session [1] Group 2 - The latest scale of the brokerage ETF has reached 1.736 billion yuan [2] - The trend of stock buybacks and "quality improvement and efficiency enhancement" actions in the brokerage industry reflects a focus on long-term value and aligns with regulatory efforts to promote high-quality development in the capital market [2] - The encouragement of industry consolidation by regulators is expected to enhance the investment attractiveness of the brokerage sector, with mergers and acquisitions serving as effective means for external growth and improving overall competitiveness [2]

1、为保持银行体系流动性充裕，中国人民银行6月5日发布公告称，央行将在6月6日以固定数量、利率招标、多重价位中标方式开展1万亿元买断式逆回购 操作，期限为3个月（91天）。这是央行首次对将要开展的买断式逆回购操作进行预告，也是首次在月初公告买断式逆回购操作。 2、6月3日，中国太保发布太保战新并购基金，目标规模300亿元，首期规模100亿元，该私募股权基金旨在推动上海战略性新兴产业加快发展和重点产业 强链补链；同日，中信银行获准筹建金融资产投资公司，注册资本拟为100亿元，有利于中信银行围绕战略性新兴产业、专精特新等重点领域，开展股权 投资等业务。 A股 1、在政策利好背景下，并购重组市场持续升温。数据显示，今年以来，A股上市公司共有1600余起并购重组事件；其中，86起事件构成重大重组，远超 去年同期的40起。 2、今年以来，A股市场持续震荡，结构性机会不断出现。第三方机构提供的数据显示，今年前五个月私募股票策略产品平均收益率达7.46%。 3、据Wind资讯数据统计，科技创新债券（包括在银行间市场发行上市的科创票据和在沪深北三大交易所发行上市的科技创新公司债券）成交额达2040.96 亿元，环比增长65. ...

【导读】国内并购交易规模同比增长超50%，上市公司、国资、私募积极参与并购基金 自去年9月"并购六条"政策实施以来，并购市场规模与活跃度均显著提升，今年一季度国内并购交易规 模同比增长超50%。 当前，并购的参与主体更多元，模式、手段等更丰富，上市公司也瞄准了并购基金，作为有限合伙人 (LP)参与设立，希望达成产业链协同、技术革新或业务跨界拓展。多地相继出台了针对并购基金的支持 政策，并宣布设立并购基金，促进产业整合升级。 受访私募认为，并购基金为市场带来新机遇，为股权创投机构拓宽退出路径、增加投资选项。 国内并购交易规模 同比增长50.3% 今年以来，并购市场活跃度显著提升。清科研究中心数据显示，2025年第一季度，国内并购交易规模达 2248.89亿元，同比增长50.3%。 并购基金为市场带来新机遇 华鲁弘信负责人称，今年以来，国内并购市场出现爆发式增长，尤其是上市公司作为收购方开展并购的 动能明显增强。同时，并购的参与主体更多元，出现了央企与央企、央企与地方国企、国企和民企之间 的并购案例，也出现了投资类机构控股上市公司的案例，如鸿合科技（002955）正在筹划的控股权转 让；并购的模式更加丰富，出现了 ...

行业研究丨深度报告丨建筑与工程 [Table_Title] 深度解析建筑板块并购重组 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本篇报告，我们梳理了建筑板块多家央企上市公司并购重组案例，包括：中材国际、深桑达 A、 中国能建、安徽建工、中交设计，这些企业公司通过并购重组整合了内外部优质资源，在业务 规模和竞争力方面，实现新的突破。 分析师及联系人 [Table_Author] 张弛 张智杰 袁志芃 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 龚子逸 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 建筑与工程 cjzqdt11111 [Table_Title2] 深度解析建筑板块并购重组 [Table_Summary2] 并购重组：央地政策频繁出台，建筑企业跨行业发展迎来机遇 2024 年新"国九条"发布，对活跃并购重组市场作出重要部署，2025 年 5 月，中国证监会发 布了《关于修改＜上市公司重大资产重组管理办 ...

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250608 并购重组驶入"快车道"助力科技企业估值 提升 [Table_Summary] ◼ 政策红利密集释放 在资本市场加速发展的浪潮中，并购重组作为产业沿链补链的关键，直 接关乎创新产业发展机遇的把握和产业升级的进程。政策推进的节奏是 并购重组市场的关键驱动力。在此背景下，为了鼓励和活跃资本市场， 助力上市公司实现高质量发展，监管机构推出了一系列直击并购市场难 点痛点的举措，精准发力优化并购重组环境。 ◼ 本轮并购重组最新进展 ◼ 本轮并购重组成效和特点 央国企主导整合浪潮：本轮并购重组政策除了监管层面在积极推动，从 中央到地方的产业政策中也频频提及"国有企业"。从中央层面为国有 企业松绑，拓宽国有企业创新投资和并购重组的路径，是培育"耐心资 本"的必要手段。2025 年已完成的并购项目中，国有企业数量占比 50%， 金额占比 68%。国央企合并有望促进国有资本进一步向符合国家战略 的重点行业、关键领域和优势企业集中，推动国央企的产业结构调整升 级，优化国有资本的布局与资源配置，实现资源向维系国家安全、掌握 国民经济命脉和关乎国计民生的重要行业和关 ...