专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 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！ 11月28日，2025分析师大会举行，中国社会科学院学部委员、国家金融与发展实验室理事长、中国资本 市场学会学术委员会主任李扬主旨演讲《中国金融结构正在发生积极变化》。 李扬表示，大力发展资本市场是"十五五"金融改革的重点之一。当前，中国经济已经基本结束了过去40 余年不断扩大增量的发展路径，进入了存量调整为主的时代。并购是存量调整的主要载体和手段。 并购作为一种重要的企业战略行为，已成为上市公司实现快速成长和转型升级的核心动力。2024年9月 24日，中国证监会发布《关于深化上市公司并购重组市场改革的意见》（简称"并购六条"），明确提出 鼓励上市公司通过并购重组实现转型升级。 这一政策的出台，为上市公司并购提供了更加宽松的政策环境，也为新一轮经济周期的启动注入了强大 动力。 附演讲PPT： C MILD 国 标题 1. 社会融资结构的变化 NIFO 日 22463 1.2 融资结构变化在货币供给结构上的映射 货币供给M2持续增长, MI 相对增长更快，表明 ...

Group 1 - Guosheng Technology opened up 2.33% after achieving 10 consecutive trading days of gains [1] - Aerospace concept stocks such as Aerospace Development opened up 9.55% after 7 consecutive trading days of gains [1] - LeiKe Defense reached a trading limit after 4 consecutive trading days of gains [1] Group 2 - MengTian Home opened up 0.94% following a stock transfer, achieving 6 gains in 8 trading days [1] - JinFu Technology reached a trading limit due to mergers and acquisitions after 5 consecutive trading days of gains [1] - The consumer sector saw MaoYe Commercial open up 9.92% after 4 consecutive trading days of gains [1] Group 3 - HaiXin Food opened up 0.97% after 3 consecutive trading days of gains [1] - HaiWang Bio, a flu prevention concept stock, opened flat [1] - Hainan local stock Hainan Ruize opened up 4.10% after 3 consecutive trading days of gains [1] Group 4 - Robot concept stock RuiNeng Technology opened up 7.91% after 2 consecutive trading days of gains [1] - XiangYang Bearing opened up 0.34% after 2 consecutive trading days of gains [1]

Core Viewpoint - Mergers and acquisitions (M&A) are driving new productive forces in the industry through a "three-wheel drive" model of capital empowerment, industrial integration, and technological breakthroughs [1][2]. Group 1: M&A Market Dynamics - The capital market serves as the core hub for M&A, with recent regulatory reforms from the China Securities Regulatory Commission (CSRC) aimed at invigorating the M&A market [2][4]. - Policies such as the "M&A Six Articles" and "Science and Technology Innovation Board Eight Articles" are designed to guide capital towards hard technology and support traditional industries in transformation [2][4]. Group 2: Financial Institutions' Role - Financial institutions like Ping An Bank are enhancing their M&A financing capabilities, with a compound annual growth rate of nearly 30% in M&A loan scale since 2020, providing over 100 billion yuan in financing for M&A transactions [5][6]. - The focus is on supporting listed companies in industrial upgrades, overcoming key technological challenges, and facilitating cross-border M&A [5][6]. Group 3: Industry Trends and Challenges - The current M&A wave is characterized by a strong industrial drive, particularly in hard technology sectors such as semiconductors and biomedicine, aligning with the internal needs of listed companies for integration and technological upgrades [6][7]. - Companies are encouraged to adopt a dual approach of "external expansion + refined management" to enhance value through M&A and operational efficiency [8][9]. Group 4: Strategic Insights - Successful companies are those that can navigate through cycles and strategically position themselves for future growth, emphasizing the importance of targeted M&A based on core competencies [9]. - The need for effective selection of M&A targets and achieving integration synergies is highlighted as a critical challenge for listed companies [9][10].

Core Viewpoint - The A-share M&A market is experiencing significant growth driven by policy catalysts, with over 70 listed companies announcing major M&A activities since November, particularly in the TMT sector, as companies seek to enhance their value through strategic acquisitions [1] Group 1: TMT Sector Focus - The TMT sector, especially semiconductor companies, is at the forefront of M&A activities, with firms like Xidi Micro and Hu Silicon Industry making significant acquisitions to strengthen their positions in the semiconductor supply chain [2] - Notable transactions include Xidi Micro's acquisition of Chengxin Micro and Hu Silicon's acquisition of three semiconductor material companies, indicating a trend of companies seeking to consolidate and enhance their technological capabilities [2] - Companies like SIRUI and Puran are also involved in significant M&A activities, with SIRUI planning to acquire a stake in Aola Semiconductor, which complements its existing product offerings [2][3] Group 2: Acquisition Methods - Issuing shares for asset purchases has become the predominant method for M&A, accounting for nearly 40% of recent announcements, while cash acquisitions represent about 25% [5] - Traditional industries are increasingly looking to enter the tech sector through cross-industry acquisitions, often utilizing share issuance due to limited cash reserves [5] Group 3: Cross-Industry Acquisitions - Companies like Ribo Fashion and Hason are attempting to diversify into new sectors, such as lithium battery materials and precision metal components, respectively, to counter declining profitability in their core businesses [6][7] - Ribo Fashion's acquisition of a majority stake in a special chemical materials company is part of its strategic transformation, while Hason's multiple acquisitions aim to expand its product offerings amid ongoing financial struggles [6][7]

Group 1: Key Points on 嘉戎技术 (Jiarong Technology) - 嘉戎技术 plans to acquire 100% equity of 杭州蓝然 (Hangzhou Lanran) through a combination of issuing shares and cash payment, which is expected to constitute a major asset restructuring [1][3] - The total amount of funds raised through the issuance of shares for this transaction will not exceed 1 billion yuan, which is 100% of the transaction price for the asset acquisition [3] - 杭州蓝然 focuses on the research and application of electrodialysis technology, primarily engaged in the R&D, production, sales, and technical services of ion exchange membranes and related equipment, forming a comprehensive electrodialysis industry chain [3][4] Group 2: Strategic Implications - Post-acquisition, the company will enhance its capability to provide integrated solutions combining pressure-driven and electric-driven membrane processes, particularly in strategic emerging fields such as lithium extraction from salt lakes and lithium battery recycling [4][5] - The technology integration will effectively address high-salinity and high-organic wastewater treatment challenges, promoting near-zero emissions and cost reduction for clients, thereby strengthening the company's competitive edge [4][5] Group 3: Market Context - Recent policies supporting mergers and acquisitions have led to increased activity in the A-share market, with expectations for continued momentum in M&A activities, particularly in sectors like semiconductors, new energy, new materials, biomedicine, high-end equipment, and robotics [1]

Core Viewpoint - The ST sector has shown remarkable performance in 2023, with an overall increase of over 30%, significantly outperforming the CSI 300 index, and 17 companies have seen their stock prices double this year [2][3]. Group 1: ST Sector Performance - The ST sector index has increased by 31.97% over the past year, while the CSI 300 index has only risen by 16.89% [3]. - The surge in the ST sector is attributed to mergers and acquisitions (M&A), which have become a core driver of performance [5]. Group 2: Mergers and Acquisitions - A significant factor in the ST sector's success is the implementation of new policies, such as the "National Nine Articles" and "M&A Six Articles," which have led to a re-evaluation of "shell resources" [5]. - Among the 178 ST companies, 157 have engaged in M&A activities in the past year, representing 88% of the sector [5]. - *ST Yushun has become a "ten-bagger" this year due to its cross-border M&A strategy, with a significant acquisition plan announced [6]. Group 3: Company Examples - *ST Lvkang has also seen its stock price double this year, driven by the successful divestiture of its photovoltaic film business [8]. - Other companies like *ST Weier, *ST Jiawo, and *ST Songfa have also experienced significant stock price increases due to M&A activities [9]. Group 4: Financial Performance - The strong performance of the ST sector is supported by substantial improvements in financial results, with companies like Century Huatong reporting a 70.27% increase in revenue and a 131.51% increase in net profit [10]. - *ST Songfa has transformed its business model and returned to profitability, achieving significant revenue growth [10]. Group 5: Institutional Investment - The ST sector has attracted significant institutional investment, with public funds increasing their holdings in *ST Huatong dramatically over a short period [12]. - Notable investors have also engaged in acquiring stakes in various ST companies, indicating strong market interest [12]. Group 6: Market Trends and Expectations - There is an expectation of a "hat removal" trend in the ST sector, particularly from November to the following March, based on historical data showing average gains prior to such events [14]. - Analysts suggest focusing on companies that have turned profitable, those undergoing significant asset restructuring, and monitoring progress on resolving financial issues [15].

Core Insights - The M&A market is experiencing a shift from scale expansion to value creation, with an increasing willingness among listed companies to engage in mergers and acquisitions [1][3] - A total of 153 major asset restructuring cases have been disclosed in the A-share market this year, representing a year-on-year increase of approximately 45% [1][3] - The trend of mergers and acquisitions is being driven by policy support from government agencies and local authorities, promoting professional integration among listed companies [1][9] Group 1: M&A Activity and Trends - The A-share M&A market has been active this year, with many companies focusing on transformation through acquisitions to seek new growth points [3] - Notable cases include China International Capital Corporation's plan to merge with Dongxing Securities and Xinda Securities, potentially creating a new securities "giant" with assets reaching 1,009.5 billion yuan [3][4] - The wave of mergers in the securities industry is part of a broader trend, with significant activity also observed in sectors like semiconductors and biomedicine [4] Group 2: Cross-Border M&A - Cross-border M&A has seen significant growth, with policies facilitating overseas acquisitions, allowing Chinese companies to connect domestic and international markets [6][7] - The total value of cross-border M&A transactions by A-share companies and their subsidiaries has reached a five-year high, indicating a strong upward trend [6] - Companies are increasingly looking to acquire advanced technologies and new market opportunities through overseas mergers [6][7] Group 3: Policy Support - The recent surge in M&A activity is attributed to the "Six M&A Guidelines" released in September 2024, which have enhanced market activity [9] - The State-owned Assets Supervision and Administration Commission has emphasized the need for state-owned enterprises to enhance their integration capabilities in strategic emerging industries [9] - Local policies, such as Guangdong's financial support for industry chain integration, are encouraging listed companies to utilize various payment methods for mergers and acquisitions [9] Group 4: Challenges and Considerations - Companies must address challenges related to integration, cultural conflicts, and governance issues during mergers [10] - Regulatory scrutiny and the complexity of M&A processes can increase costs and affect efficiency, necessitating improvements in the M&A environment [10]

Core Viewpoint - The recent merger and acquisition (M&A) market in China is experiencing significant activity, driven by policy support and a shift towards value creation rather than mere scale expansion, with an increasing willingness among listed companies to engage in M&A [1][3]. Group 1: M&A Market Activity - As of November 27, 2024, there have been 153 major asset restructuring announcements in A-shares, representing a year-on-year increase of approximately 45%, with deep mergers driven by industrial integration becoming mainstream [1]. - Notable cases include China International Capital Corporation (CICC) planning to absorb Dongxing Securities and Xinda Securities through a share issuance, potentially creating a new securities "carrier" with a combined asset scale of 1,009.5 billion [3]. - The wave of M&A in the securities industry is gaining momentum, with previous mergers such as Guotai Junan and Haitong Securities, indicating a transformative trend across the market [3]. Group 2: Strategic Focus and Sectors - Various companies are pursuing M&A for strategic realignment, including state-owned enterprises focusing on strategic restructuring and private enterprises entering new sectors to build a second growth curve [4]. - Key sectors for M&A activity include semiconductors and biomedicine, with a notable increase in transaction amounts in the technology sector, facilitating a transition to new productive forces [4]. Group 3: Cross-Border M&A Growth - Cross-border M&A has seen significant growth, with 2024 marking the highest transaction volume in nearly five years, driven by policies facilitating overseas acquisitions and the pursuit of advanced technologies and new market opportunities [6]. - Companies like Zhizheng Co. and Luxshare Precision have engaged in cross-border transactions, highlighting the importance of global resource utilization for expansion [6]. Group 4: Policy Support - The recent M&A wave began with the release of the "Six M&A Guidelines" in September 2024, which has significantly boosted market activity, with ongoing policy enhancements [9]. - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for state-owned enterprises to enhance their integration capabilities in strategic emerging industries, promoting resource concentration through asset restructuring and equity cooperation [9]. Group 5: Challenges and Recommendations - Companies are advised to clearly define M&A objectives, avoid blindly chasing trends, and address challenges such as integration difficulties and information asymmetry [10]. - Regulatory bodies are encouraged to focus on the complexities of M&A and streamline processes to reduce costs and improve efficiency in M&A activities [10].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688293 证券简称：奥浦迈 公告编号：2025-107 上海奥浦迈生物科技股份有限公司 关于收到上海证券交易所审核中心 意见落实函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 上海奥浦迈生物科技股份有限公司董事会 2025年11月29日 上海奥浦迈生物科技股份有限公司（以下简称"公司"或"奥浦迈"）拟通过发行股份及支付现金方式购买 澎立生物医药技术（上海）股份有限公司100.00%股权（以下简称"本次发行股份及支付现金购买资 产"），并向不超过35名特定投资者发行股票募集配套资金（以下简称"本次募集配套资金"，与本次发 行股份及支付现金购买资产合称"本次交易"）。 公司于2025年11月28日收到上海证券交易所（以下简称"上交所"）出具的《关于上海奥浦迈生物科技股 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的审核中心意见落实函》（上证科审（并购重 组）〔2025〕35号）（以下简称"《落实函》"）。根据《公司法》《证券法》《上市公司重大资产重 ...

证券时报记者 程丹 近期并购重组市场多点开花，既有如中金公司拟换股吸收合并两家券商等典型案例，也有来自部委、地方政府的 政策支持，助推上市公司专业化整合。并购重组市场呈现从规模扩张向价值创造的趋势，资源配置高效集聚，上 市公司并购重组意愿不断提升。 境外并购显著增长 随着政策对跨境并购进一步便利化，并购已经成为中国企业连接国内国际两个市场的桥梁。上交所副总经理王泊 近日在上交所国际投资者大会上介绍，从企业层面看，一方面，积极"走出去"，通过海外并购获得先进的技术和 新的市场机遇；另一方面，大力"引进来"，通过并购引入外资完善内部治理，提升公司形象。 2024年，A股公司及其子公司公布的跨境并购交易额达到了近5年来的最高点，今年这一趋势仍在持续升温。如至 正股份跨境换股收购AAMI，成为新战投管理办法发布后的首单跨境换股案例，为企业利用全球资源拓展了路径； 又如立讯精密收购Leoni AG及其下属全资子公司股权。跨境并购已经成为中国企业拓展全球产业链、追求高质量 发展的关键途径。 据Wind数据统计，截至11月27日，年内A股公司披露重大资产重组153单，同比增长约45%，以产业整合为导向的 深度并购成为主流。 ...