证监会首席律师程合红：鼓励科技型上市公司综合运用股份、定向可转债、现金等多种支付工具实施并 购重组 智通财经6月5日电，证监会首席律师程合红6月5日在2025天津五大道金融论坛上发表主旨演讲时表示， 下一步，证监会将大力支持上市公司并购重组。落实好新修订的《上市公司重大资产重组管理办法》， 进一步激发并购重组市场活力。支持上市公司收购有助于强链补链、提升关键技术水平的优质未盈利资 产。鼓励科技型上市公司综合运用股份、定向可转债、现金等多种支付工具实施并购重组，推动股份对 价分期支付机制、重组简易审核程序落地。 (中证报) ...

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250605 证监会发布修改后的《上市公司重大资产重 组管理办法》，深化并购重组市场改革 2025 年 06 月 05 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《中国人民银行：开展 4545 亿元人民 币 7 天期逆回购操作》 2025-06-03 《市场交投活跃，看好北证 50 上涨趋 势》 2025-06-02 东吴证券研究所 1/7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：中国证监会于 2025 年 6 月 4 日发布修改后的《上 ...

Group 1 - The core point of the news is the strategic merger between Zhongke Shuguang and Haiguang Information, marking the first absorption merger between listed companies under the new merger and acquisition regulations in China [1] - The merger aims to enhance technological synergy and strengthen ecological advantages, with Zhongke Shuguang's expertise in high-end computing, storage, and cloud computing complementing Haiguang Information's focus on domestic architecture CPUs and core chip design [1] - The merger is expected to optimize the industrial layout from chips to software and systems, consolidating high-quality resources across the information industry chain and leveraging the leading role of the merged entity [1] Group 2 - During the suspension of trading, related ETFs have attracted attention, with significant capital inflow, such as over 15 million yuan into the Information Technology ETF (562560) [2] - The ETF tracks the CSI All-Share Information Index, where Haiguang Information and Zhongke Shuguang rank as the 5th and 9th largest constituent stocks, respectively, accounting for nearly 5% of the index [2] - The merger signals a substantial phase in the consolidation of China's computing power industry chain, with expectations for increased focus on technology and merger integration in the market [2]

Core Viewpoint - The A-share market is experiencing a significant increase in merger and acquisition (M&A) activities, driven by supportive policies and a more active market environment, which is expected to facilitate resource integration and transformation for companies [1][4][7]. M&A Activity Summary - From September 24, 2024, to May 23, 2025, there were 1,076 newly announced M&A transactions in the A-share market, representing a year-on-year increase of 9.6% [1][4]. - The Sci-Tech Innovation Board and the Growth Enterprise Market accounted for 359 M&A transactions, with a year-on-year growth of 12.9% [1]. - Major asset restructurings reached 135 cases, showing a substantial year-on-year increase of 114.3% [1]. New Transaction Models - Anhui Fulede Technology Development Co., Ltd. became the first company to pass the restructuring review under the new regulations, utilizing a combination of share issuance and convertible bonds for payment [2][3]. - The transaction involved 59 counterparties, showcasing innovative payment methods to meet diverse compensation requirements [3]. - Hunan Friendship Apollo Commercial Co., Ltd. announced a strategic shift to the power semiconductor sector through an acquisition, aiming to enhance its profitability and growth potential [3]. Regulatory Changes - The "National Nine Articles" introduced in April 2024 emphasized the need for M&A reform to invigorate the market [4]. - The China Securities Regulatory Commission (CSRC) released the "Six Articles on M&A" on September 24, 2024, focusing on enhancing support for industrial integration and improving regulatory flexibility [4]. - The revised "Major Asset Restructuring Management Measures" published on May 16, 2025, aims to simplify review processes and promote innovative transaction tools [4]. Market Trends - Since the release of the "Six Articles," the Shenzhen Stock Exchange has reported a total of 817 M&A transactions with a combined value of 379.7 billion yuan, reflecting a year-on-year increase of 63% in volume and 111% in value [5][6]. - Major asset restructurings in the Shenzhen market totaled 99 transactions, amounting to 178.4 billion yuan, with year-on-year increases of 219% in volume and 215% in value [6]. - The majority of new restructuring projects are focused on industries such as semiconductors, basic chemicals, information technology, and equipment manufacturing [6]. Opportunities for Securities Firms - The ongoing M&A activities present new growth opportunities for securities firms, as the revised regulations are expected to lower costs and enhance the incentive mechanisms for all parties involved [7]. - The implementation of the new measures is likely to boost revenues for financial advisory services and improve the bargaining power for value-added services [7]. - The changes are anticipated to optimize resource allocation within the securities industry, leading to increased concentration and efficiency [7].

两家重组企业一个是芯片设计领域龙头，一个是服务器制造龙头，二者"强强联合"标志着国产AI产业进入"全链条协同"新阶段。 芯片设计方掌握自主架构处理器研发能力，在金融、通信等领域已突破关键性能瓶颈； 服务器制造商则拥有覆盖全国70%省级政务云平台的算力网络，并在超算中心建设领域占据主导地位。 5月底，A股两大AI算力巨头双双发布公告，宣布进行战略重组。作为5月16日国内"并购新规"后的首单重组，两大AI巨头的"强强联合"， 或反映国产AI板块的投资价值正在通过产业链深度整合、政策红利释放和国产替代加速三重驱动力实现跃升。 一、芯片与整机之间的"协同升级" 双方整合后，将实现从芯片设计、整机制造到算力服务的完整闭环，预计技术研发周期缩短30%，产品迭代速度提升40%。 （1）审批效率革命：科技类并购审核时间从3个月压缩至30天，企业可快速捕捉技术迭代窗口。例如，允许"先并购后备案"的机制，使企 业能在48小时内锁定海外技术团队； （2）估值包容性提升：对未盈利的初创企业、跨境技术并购给予更高估值容忍度，AI芯片企业收购海外实验室时，允许以"首付+技术对 赌"模式降低资金压力； 图：A股AI算力需求持续走高 （信息 ...

6月2日，瀚蓝环境（600323）发布公告称，私有化收购粤丰环保的所有条件达成，粤丰环保自当天下午 4时起于香港联交所撤销上市地位。自2024年7月官宣以来，该项百亿级重大并购计划引发广泛关注，历 经近一年终于圆满完成。 此次重大并购将对我国环保行业格局带来哪些变化和影响？对于提升并购重组市场活力有哪些示范效 应？日前，中国证券报记者独家专访了瀚蓝环境总裁金铎，全面了解此次并购计划的前后历程及公司未 来发展规划。 ● 本报记者 武卫红 并购计划成功落地 2024年7月7日，瀚蓝环境发布公告称，公司正在筹划通过间接子公司瀚蓝香港以协议安排方式私有化收 购粤丰环保，整体金额约为119.5亿港元。 一纸公告，迅速引发外界密切关注。瀚蓝环境是"中国环境企业十强"之一，粤丰环保是广东省最大的垃 圾焚烧发电企业，行业影响力较大，且并购金额巨大，又横跨A股和H股两个市场，双方并购重组究竟 有哪些重要考量因素？ "早在2020年，瀚蓝环境在制定未来五年发展规划的时候，就明确提出通过并购重组扩大业务规模、提 升市场份额，为公司长远发展奠定基础。"金铎表示，去年以来国家出台新"国九条"等一系列重磅政 策，进一步激发并购重组市场活 ...

6月2日，瀚蓝环境发布公告称，私有化收购粤丰环保的所有条件达成，粤丰环保自当天下午4时起于香 港联交所撤销上市地位。自2024年7月官宣以来，该项百亿级重大并购计划引发广泛关注，历经近一年 终于圆满完成。 此次重大并购将对我国环保行业格局带来哪些变化和影响？对于提升并购重组市场活力有哪些示范效 应？日前，中国证券报记者独家专访了瀚蓝环境总裁金铎，全面了解此次并购计划的前后历程及公司未 来发展规划。 ● 本报记者 武卫红 并购计划成功落地 2024年7月7日，瀚蓝环境发布公告称，公司正在筹划通过间接子公司瀚蓝香港以协议安排方式私有化收 购粤丰环保，整体金额约为119.5亿港元。 "早在2020年，瀚蓝环境在制定未来五年发展规划的时候，就明确提出通过并购重组扩大业务规模、提 升市场份额，为公司长远发展奠定基础。"金铎表示，去年以来国家出台新"国九条"等一系列重磅政 策，进一步激发并购重组市场活力，公司积极响应国家号召，紧紧抓住机遇，积极谋划并一步步推动并 购计划实施。 2000年12月，瀚蓝环境在上交所上市。上市以来，瀚蓝环境通过并购重组连续跨越发展，最终发展成为 全国环保行业第一梯队企业。2006年，公司成功并 ...

Group 1 - In May 2025, A-share new account openings totaled 1.56 million, with individual investors accounting for 1.5484 million and institutional investors for 0.07147 million, reflecting a year-on-year increase of 22.86% despite the impact of the "May Day" holiday [1][3][5] - The total number of new accounts opened in 2025 showed a fluctuating trend, peaking in March at 3.0655 million, followed by a decline in April and May due to seasonal factors [5][6] - The increase in new accounts is positively correlated with market performance, indicating a strong market sentiment and confidence among investors, particularly after a significant surge in October to December 2024 [6][7] Group 2 - The rise in individual investor participation is expected to benefit brokerage firms, with forecasts indicating a new cycle of growth in the securities industry in 2025, particularly in brokerage and proprietary trading businesses [7] - Analysts predict that the performance of the securities industry will continue to recover, with growth prospects for brokerage and margin financing businesses, while proprietary and asset management businesses show resilience [7] - The current market conditions suggest potential upward movement, with strong beta attributes in the brokerage sector likely to enhance overall market sentiment [7]

Meeting Overview - The annual general meeting of Puyuan Precision Electric Technology Co., Ltd. is scheduled for June 25, 2025, at 1:00 PM [3][4] - The meeting will be held at the company's conference room located at 8 Keling Road, Suzhou High-tech Zone [3][4] - Shareholders must present their securities account card and identification to attend the meeting [2][3] Meeting Procedures - The meeting will include sign-in, distribution of materials, and registration for speaking [4] - The agenda includes the announcement of the number of shareholders present, reading of meeting rules, and voting on various proposals [4][5] - Voting will be conducted both on-site and through the Shanghai Stock Exchange's online voting system [3][4] Financial Performance - For 2024, the company reported a revenue of CNY 775.83 million, a 15.70% increase from CNY 670.54 million in 2023 [6][8] - The net profit attributable to shareholders decreased by 14.50% to CNY 92.30 million [8] - The company's total assets reached CNY 3.85 billion, up 17.98% from CNY 3.27 billion in 2023 [7][8] Key Financial Metrics - Basic earnings per share decreased by 18.33% to CNY 0.49 [6][7] - The company's R&D expenditure as a percentage of revenue increased to 26.64% from 21.30% [7] - The weighted average return on equity fell to 3.11% from 4.00% [7] Corporate Governance - The board of directors held 11 meetings in 2024, ensuring compliance with legal and regulatory requirements [13][14] - Independent directors actively participated in meetings and provided oversight on financial reports and significant corporate actions [14][21] - The company completed the acquisition of Beijing Nais Electronics Co., Ltd., marking a strategic shift towards comprehensive solution provision [21][22]

Group 1 - A total of 121 listed companies have disclosed significant restructuring events as of May 26 this year, significantly higher than the 45 companies during the same period last year [1] - The recent trend in A-share mergers and acquisitions (M&A) shows three main characteristics: industrial integration becoming mainstream, the value of "shell" resources further diminishing, and technology-driven central state-owned enterprises taking the lead in M&A [1] - The restructuring activities are primarily focused on core businesses and industrial cooperation, with horizontal integration, vertical integration, and strategic cooperation accounting for over 50% of the significant restructuring events [1] Group 2 - The proportion of A-share companies engaging in industrial mergers has been increasing year by year since 2021, indicating a shift towards industry-led M&A activities [2] - Analysts suggest that the current environment is favorable for industrial capital mergers, driven by changes in IPO policies, tightening financing conditions in the primary market, and the accumulation of cash reserves by quality listed companies [2] - The experience gained from the M&A boom between 2013 and 2015 and the subsequent goodwill impairment has led to more cautious and strategic approaches to external mergers by industrial capital [2] Group 3 - The logic of value reshaping, market integration, and industrial chain collaboration is expected to strengthen in the future, with traditional companies likely to acquire "hard tech" firms that do not yet meet listing conditions for business transformation [3] - Mature companies are anticipated to engage more in horizontal mergers to expand market share and gain industry influence, while technology firms will seek to acquire startups in cutting-edge fields for explosive growth opportunities [3] - License-based companies are expected to implement more mergers and integrations to enhance competitiveness in the industry, such as in the brokerage sector [3]