备受关注的*ST宇顺（002289.SZ）重组有了新进展。 5月25日，*ST宇顺发布重大资产重组进展公告。公告中提到，公司已聘请有相关资质的中介机构，公司及各中介机构正在对标的公司开展尽职调查、审 计、评估等核查工作。 在对标的进行尽调的同时，*ST宇顺还在与交易对方在内的有关各方就交易方案的核心问题持续进行沟通、磋商和审慎论证。 多位投行人士告诉记者，一般而言，进入尽调阶段是并购重组的关键环节，意味着交易进入实质性阶段。 在此以前，由于宣布拟现金收购三家数据中心100%股权，该股连获22个涨停板，自今年初至今的区间涨幅达到了308.42%，位列今年A股涨幅第二位。随 着交易的推进，市场对于*ST宇顺重组的一举一动异常关注。 记者辗转联系上*ST宇顺董事长嵇敏。嵇敏表示："感谢对上市公司的关注，但目前我们不便接受采访。" 重组进入关键节点 据*ST宇顺公告，根据此前框架协议及补充协议的约定，公司及有关各方有序推进重大资产重组的各项工作。 本次进展公告的核心即*ST宇顺对外宣布中介机构开始入场对标的公司进行尽调、评估，相关方围绕方案进行讨论。 本次重组始于今年4月。彼时，*ST宇顺宣布筹划重大资产重组，同时签 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：000878 股票简称：云南铜业上市地点：深圳证券交易所 上市公司声明 本公司及全体董事、监事、高级管理人员保证预案及其摘要的内容真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并对所提供信息的真实性、准确性和完整性承担相应的法律责任。 本公司控股股东及其一致行动人、董事、监事、高级管理人员承诺，如本次交易因所披露或提供的信息 涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中国证监会立案调查的，在形成 调查结论以前，不转让在上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让 的书面申请和股票账户提交上市公司董事会，由上市公司董事会代为向证券交易所和证券登记结算机构 申请锁定；未在两个交易日内提交锁定申请的，授权上市公司董事会核实后直接向证券交易所和证券登 记结算机构报送相关主体的身份信息和账户信息并申请锁定；上市公司董事会未向证券交易所和证券登 记结算机构报送相关主体的身份信息和账户信息的，授权证券交易所和证券登记结算机构直接锁定相关 股份。如调查结论发现存在违法违规情节，承诺锁定股份自愿用于相关投资者赔偿 ...

Core Viewpoint - The introduction of the "Six Guidelines for Restructuring" will inject certainty into the merger and acquisition market, further releasing market vitality and guiding the stable and long-term development of listed companies' mergers and acquisitions [1][4]. Group 1: Development Trends of Mergers and Acquisitions - The legal degree of mergers and acquisitions by listed companies will further improve [5]. - Mergers and acquisitions will become more market-oriented [6]. - Mergers and acquisitions will trend towards normalization [7]. - The internationalization level of mergers and acquisitions will gradually increase [9][10]. - The professionalism and complexity of mergers and acquisitions will increase [11][12]. - The effectiveness of merger integration will become a key indicator for measuring the success or failure of mergers and acquisitions [13][14]. Group 2: Historical Context and Previous Reforms - The "Six Guidelines for Mergers" and the "Six Guidelines for Restructuring" have stimulated and released market vitality for listed companies' mergers and acquisitions [2][3]. - Previous reforms aimed at regulating the merger and acquisition market were implemented due to the chaotic environment created by high-leverage acquisitions and excessive valuations in 2015 [2]. Group 3: Strategies for Listed Companies - Companies should integrate mergers and acquisitions into their development strategies to seize opportunities [15]. - Establishing specialized merger and acquisition teams is essential to enhance professionalism [15]. - Companies must strengthen compliance training and management for merger and acquisition activities [16]. - Emphasizing and effectively managing merger integration is crucial for success [17].

5月22日，记者从上交所获悉，自2024年9月24日"并购六条"发布以来，沪市上市公司并购重组市场从规 模扩张转向价值创造。从"并购六条"发布后的数据来看，重组数量和金额增长明显。沪市已披露资产重 组654单，其中重大资产重组78单，已披露交易金额达1466亿元。今年以来，已披露资产重组284单，是 上年同期的1.3倍；其中重大资产重组43单，是上年同期的3.2倍。(央视新闻) ...

浙商证券股份有限公司 关于浙江涛涛车业股份有限公司 持续督导期 2025 年培训情况报告 深圳证券交易所： 浙商证券股份有限公司（以下简称"浙商证券"或"保荐人"）作为浙江涛涛车业 股份有限公司（以下简称"涛涛车业"或"公司"）首次公开发行股票并上市的保荐人， 根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指 引第 13 号—保荐业务》等法规和规则的相关规定以及涛涛车业的实际情况，认真 履行保荐人应尽的职责，对涛涛车业董事、监事、高级管理人员及其他相关人员 进行了 2025 年度持续督导后续培训，现将相关培训情况报告如下： 一、培训基本情况 二、培训的主要内容 （一）详细介绍新公司法主要修订内容及对上市公司的影响、"并购六条"、 再融资最新政策、2024 年资本市场情况等。 浙商证券选派具有证券、法律、财务专业知识和工作经验的业务骨干对公司 培训对象进行了系统、细致的培训工作。本次培训促使公司培训对象增强法制观 念和合规意识，加强理解作为上市公司管理人员在上市公司信息披露、股份变动 管理等方面所应承担的责任和义务。本次培训的范围符合《深圳证券交易所上市 公司自律监管指引第 13 号—保荐 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Major Asset Restructuring Management Measures" to encourage private equity funds to participate in mergers and acquisitions (M&A) of listed companies, which is expected to enhance market efficiency and activity [1][10][13]. Group 1: Regulatory Changes - The revised measures include a "reverse linkage" mechanism that reduces the lock-up period for private equity funds, allowing them to better manage exit points and enhance investor confidence [1][6][11]. - The introduction of a phased payment mechanism for restructuring shares and simplified review procedures are significant aspects of the new regulations [1][11][12]. - The new rules aim to address long-standing issues faced by private equity funds, such as difficulty in exiting investments, long cycles, and high risks [3][4][11]. Group 2: Market Impact - The "reverse linkage" mechanism allows private equity funds to shorten their lock-up period from 12 months to 6 months after a 48-month investment period, which is expected to increase participation in M&A activities [6][7]. - The new regulations are anticipated to stimulate the M&A market by improving the operational efficiency of private equity funds and encouraging them to actively seek acquisition targets [4][9][10]. - Since the introduction of the "M&A Six Measures" last September, there have been at least 10 disclosed cases of private equity funds participating in M&A of listed companies [9]. Group 3: Future Outlook - The revised measures are expected to enhance the efficiency of the M&A market, allowing for better resource allocation and integration within industries [11][12][13]. - The phased payment mechanism is seen as a significant innovation that can reduce buyer pressure and risks, thereby encouraging more companies to engage in M&A activities [12][13]. - Overall, the new regulations are likely to boost investor confidence in the capital market and facilitate the flow of capital towards more promising sectors and enterprises [13].

Core Viewpoint - Jiangxi Changyun participated in the 2025 online collective reception day for investors, addressing key concerns and providing updates on company performance and strategic direction [1] Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 1.565 billion, an increase of 1.42% year-on-year, completing 108.98% of the annual budget [11] - The company reported a net profit of -26.44 million for Q1 2025, with revenue increasing by 12.80 million but costs rising by 25.35 million [6][10] - The company turned a profit in 2024 due to a 21.96 million increase in revenue and additional government subsidies of 18.25 million [5] Group 2: Cost Reduction and Efficiency Improvement - The company has implemented cost-cutting measures, reducing management expenses by 16.91 million (6.13%) and financial expenses by 1.35 million (1.65%) compared to the previous year [2] - The company aims to enhance operational efficiency through digital transformation and resource optimization, focusing on reducing costs and improving financial management [9][13] Group 3: Business Strategy and Future Direction - The company is focusing on transforming its business model, emphasizing market-oriented strategies and digitalization to enhance service offerings [7][8] - Plans include expanding customized transportation services and integrating new technologies to improve operational capabilities [3][4] - The company is exploring potential mergers and acquisitions to revitalize its business and align with national policies supporting corporate restructuring [12] Group 4: Industry Context and Challenges - The company acknowledges challenges in the public transportation sector, particularly in profitability, and is adapting its strategies to address these issues [12][14] - The company is committed to improving safety and compliance management as part of its operational strategy [14]

证券研究报告 并购重组跟踪（二十） ——附"重组办法"修订前后对比 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年5月19日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、《重组办法》修订 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：政策更新 ✓ 证监会发布《关于修改<上市公司重大资产重组管理办法>的决定》，强调建立重组股份对价分期支付机 制、新设重组简易审核程序、提高监管包容度，鼓励私募基金参与上市公司并购重组 日 期 主 体 文件/会议/事件 主要内容 | 一：政策更新 | | | | | --- | --- | --- | --- | | ✓ | | | ...

原标题：如何看待新修订的《上市公司重大资产重组管理办法》？ 作者：粤开证券首席经济学家、研究院院长罗志恒 二是交易方式、退出机制极大优化，实现了"灵活有序"。一方面，建立了分期支付机制，允许上市公司 在48个月内分期支付股份对价。不仅缓解了上市公司一次性融资压力，如首期发行30%股份即可锁定核 心资产，也有利于避免科技企业并购时的估值波动风险。另一方面，引入了私募基金"反向挂钩"安排， 明确私募基金投资期限满48个月的，锁定期限可相应缩短。这有助于鼓励私募基金参与上市公司并购重 组，同时吸引长期资本、耐心资本。 下一阶段，并购市场将被进一步激活，产业链整合将进一步提速。但这一过程必然带来新的问题挑战， 需要前瞻预判，特别需要关注以下四个问题： 一是如何打消地方政府顾虑，更好推动地方政府参与并购重组浪潮。特别是在异地吸收合并过程中，被 吸收法人主体往往会客观上灭失，进而产生纳税主体灭失的问题。这就需要大力推动"反三角"收购—— 买方新设SPV吸收合并卖方标的，吸并完成后注销SPV主体，打消地方政府对纳税主体、公司数量减少 的担忧。因此需要尽快推出示范性案例，细化相关监管指引。 粤开证券宏观分析师原野 5月7日， ...

（原标题：和讯投顾刘远航：周末突发4条重磅消息，A股将呈现窄幅震荡行情） 5月18日，和讯投顾刘远航称，周末突发4条重磅消息，下周一A股走势值得关注。 第三条消息，证监会深化上市公司并购重组市场改革，旨在激发市场活力，鼓励私募基金参与并购重 组。私募基金的参与将为上市公司带来更多资金和资源，利好高新技术初创企业、有重组预期的ST板 块及小市值公司。 第一条消息关于关税，金毛宣布未来2-3周为贸易伙伴设定新关税税率，部分自媒体解读为利空，但实 际并非如此。其意在减少与贸易额度不大国家的谈判精力，统一设定基准税率，对我国而言不算利空。 第二条消息，穆迪下调美国主权信用评级，从AAA降至AA1。此前，全球评级机构巨头会议和标普已 将美国评级调至AAA以下，至此美国失去最后的主权AAA信用评级。该消息美股盘后发布，尚未在美 股市场体现，理论上周一美股或会有所反应。 第四条消息，7部门联合声明发挥财税政策作用，撬动金融资源支持科技创新。同时，商务部回应美方 滥用出口管制措施，限制华子升糖芯片（此处推测表述有误，或为特定芯片）问题，将采取措施维护中 国企业正当权益，凸显芯片国产替代的紧迫性。 综合来看，周末消息面偏中性， ...