作者：开源证券副总裁、研究所所长孙金钜 二是多环节优化审核效率，进一步加大产业整合支持力度。修订后的《重组办法》新设重组简易审核程 序，明确符合条件的并购重组交易可直接绕过交易所并购重组委，在5个工作日内直接完成注册。这一 改革将并购重组审核流程从之前的数月压缩至两周内（交易所2个工作日内受理、5个工作日内审核，证 监会5个工作日完成注册），显著提高了并购重组的审核效率。同时，重组简易审核程序适用于上市公 司之间换股吸收合并和不构成重大资产重组的优质上市公司发行股份购买资产等两类并购交易，表明政 策鼓励头部上市公司通过吸收合并和产业链收购加大产业整合支持力度，未来同行业大额并购有望愈发 活跃。 三是多路径激发市场活力，进一步畅通"募投管退"良性循环。修订后的《重组办法》通过分期支付机 制、明确吸收合并锁定期、私募基金"反向挂钩"等多种路径进一步激活并购重组市场活跃度。分期支付 机制方面，建立重组股份对价分期支付机制，将申请一次注册、分期发行股份购买资产交易的批文有效 期延长至48个月。这有助于上市公司结合标的后续经营状况灵活调整股份支付安排，显著缓解了上市公 司并购重组过程中的短期流动性压力。吸收合并锁定期方 ...

从2024年4月份，新国九条的推出可以看到，推动上市公司高质量发展是新国九条里最重要的一部分内 容。除了外延式发展改变上市公司的质量，同时通过并购重组和内延方式发展双重提高上市公司的质 量。 从2024年9月份，中央政治局工作会议提出来，支持上市公司通过并购重组发展，这也是历史以来第一 次在中央政治局会议上把并购重组提出来，说明并购重组已经得到了中央领导的支持。通过中央政治局 会议和2024年9月份并购六条的推出，在二级市场得到了很好的反响，二级市场的整个指数发生了翻 转，说明整个国家的支持政策是非常有影响力和指导性的。 实际上从并购重组这些政策来看，他看到了很积极的影响。 1、开始重拾信心，不管是各行各业，半导体也是最重要的一个支持国家命脉的产业，也是在2024年年 底开始出现了比较大的翻转。信心提升这块，不管是买方还是卖方，还是投资机构，都开始续力做并购 重组，有幸的是元禾璞华也是在新并购六条推出之前，先知先觉，做了一只并购基金，专为半导体新质 生产力的发展做出我们自己的贡献。 2、除了信心提升以外，在市场的关注度这块，牛俊岭看到各大报纸以及各大公众号开始宣传并购重 组，和IPO同时宣传，说明市场的关注度 ...

新华财经北京5月19日电 （胡晨曦）A股三大指数5月19日涨跌不一，沪指全天窄幅震荡，至收盘时基本 走平；创业板指则低位调整，最终小幅收跌；微盘股指数涨超2%再创新高。盘面上，并购重组概念股 逆势大涨，安彩高科、滨海能源、金鸿顺等多股涨停；港口航运股再度走强，南京港等涨停；房地产板 块集体走强，华夏幸福、华远地产、沙河股份等涨停。下跌方面，机器人概念股迎来调整，龙溪股份等 多股跌超5%。 至收盘时，上证指数报3367.58点，平收，成交额约4372亿元；深证成指报10171.09点，跌幅0.08%，成 交额约6493亿元；创业板指报2032.76点，跌幅0.33%，成交额约2903亿元。 热点板块 盘面上，港口航运、房地产、化学纤维、兵装重组、ST板块、可控核聚变等板块和概念股涨幅居前； 电机、小金属、白酒、人形机器人、金属钴、AI PC等板块和概念股跌幅居前。 机构观点 巨丰投顾：周一市场震荡运行，港口航运板块涨幅居前。目前，大盘经过短线强震后逐步趋稳，政策利 好预计将推动A股市场进一步上行，建议投资者逢低进场。短线可关注兼并重组、数字中国等题材，中 线建议持续关注大消费、半导体、机器人等受益于政策支撑的行 ...

5月19日，A股主要指数小幅震荡，截至收盘，沪指平收报3367点，深证成指跌0.08%，创业板指跌0.33%。全天成交 1.12万亿元，较前一交易日缩量52亿元，全市场超3500股上涨。 具体来看： 港口航运概念爆发，连云港、宁波海运、盐田港、南京港等涨停，凤凰航运、日照港涨超8%。消息面上，Vizion数据 显示，在中美宣布互降关税后，截至5月13日，7天平均订舱量较5月5日飙升277%。中美外贸企业发货需求迅速回升， 带来中美航线货量出现明显反弹。华源证券认为，90天中美关税窗口期引发的集运美线抢运潮或将带来美线量价齐 升；此外，亚洲支线集运运价也将受溢出效应带动，有望利好相关公司业绩。 | 代码 名称 | 涨幅量 | 张跌 | 现价 | | --- | --- | --- | --- | | 601008 连云港 | +10.07% | +0.75 | 8.20 | | 600798 宁波海运 | +10.04% | +0.45 | 4.93 | | 000088 盐田港 | +10.04% | +0.49 | 5.37 | | 601018 宁波港 | +10.03% | +0.37 | 4.06 | ...

Market Overview - The A-share market experienced a narrow fluctuation on May 19, with the Shanghai Composite Index closing flat, the Shenzhen Component Index down 0.08%, and the ChiNext Index down 0.33% [2][3] - Over 3,500 stocks in the market rose, with more than 100 stocks increasing by over 9% [5] Sector Performance - The chemical fiber sector showed strength, while the port shipping, real estate, and food processing manufacturing sectors had notable gains. Conversely, the robotics, liquor, small metals, and chemical pharmaceuticals sectors faced declines [5] - M&A concept stocks surged against the trend, with nearly 20 stocks, including Jinlihua Electric and Jiangtian Chemical, hitting the daily limit [6] Capital Flow - Main capital inflows were observed in the real estate, aerospace, and food and beverage sectors, while there were outflows from the automotive, consumer electronics, and internet services sectors [7] - Specific stocks such as Jincai Hulian, Midea Group, and Zhaoyi Innovation saw net inflows of 427 million, 379 million, and 351 million respectively [8] - In contrast, Hongbaoli, BYD, and Tongda Co. experienced net outflows of 817 million, 554 million, and 383 million respectively [9] Institutional Insights - Huatai Securities noted that the A-share market is in a weak stabilization phase of the inventory cycle, with continued capacity clearance. The market is expected to be in a state of "top and bottom" [10] - Zhongtai Securities highlighted the dividend attributes of bank stocks, recommending attention to major banks and quality city commercial banks due to improved cost-effectiveness of high dividends [10] - Huajin Securities emphasized that liquidity is loose and policies are proactive, suggesting a sustained strong oscillation in the A-share market [11]

Core Viewpoint - The recent amendments to the major asset restructuring management measures by the China Securities Regulatory Commission (CSRC) are expected to boost market confidence and enhance the enthusiasm for mergers and acquisitions (M&A) in the market [2][5][8]. Group 1: Policy Changes and Market Impact - The CSRC has introduced a series of arrangements in the revised restructuring measures, including simplifying review processes, innovating transaction tools, and enhancing regulatory inclusiveness [2][4]. - The new simplified review process allows certain restructuring transactions to bypass the review by the M&A committee of the stock exchange, with the CSRC making registration decisions within five working days [4][5]. - The restructuring measures have led to a significant increase in M&A activity, with over 1,400 asset restructuring disclosures and more than 160 major asset restructurings reported since September 2024 [7][8]. Group 2: Market Trends and Investment Opportunities - Analysts highlight four key investment directions: strengthening leading technology companies, industry consolidation in traditional sectors, increased willingness for state-owned enterprise (SOE) value management through M&A, and diverse options for unlisted companies considering M&A [9][10]. - The current M&A wave is characterized by two main trends: consolidation among SOEs and M&A activities focused on "hard technology" sectors, driven by supportive policies and market conditions [9][10]. - Potential M&A targets include undervalued SOEs looking to enhance their valuations through restructuring and "hard technology" companies that have established platform layouts and disclosed M&A intentions [10].

2025年05月18日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报（2025年第十六期） 并购六条正式落地 关注券商重组机会 增持 维持评级 市场表现: 本期（2025.5.12-2025.5.16）非银(申万)指数+2.49%、行业排 2/31,券商Ⅱ指 数+2.18%,保险II指数+3.58%; 上证综指+0.76%，深证成指+0.52%，创业板指+1.38%。 个股涨跌幅排名前五位：红塔证券（+13.84%）、锦龙股份（+13.18%）、瑞达 期货（+10.28%）、中国人保（+10.20%）、广发证券（+6.09%）； 个股涨跌幅排名后五位：中油资本（-2.66%）、海南华铁（-2.35%）、香溢融通 (-1.68%）、东北证券（-1.47%）、中粮资本（-0.92%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块上涨 2.18%,跑赢沪深 300 指数 1.07pct,跑赢上证综 指数 1.42pct。当前券商板块 PB 估值为 1.33 倍，位于 2020 年 20 分位点附近，处 于历史低位。 本周,5 月 16 日,证监会发布了《关于修改＜上市公 ...

Market Overview - A-shares experienced a slight decline on Monday morning, with the Shanghai Composite Index down 0.09% to 3364.44 points and the Shenzhen Component Index down 0.36% to 10142.78 points, while the ChiNext Index fell 0.53% to 2028.66 points [1] - The total trading volume for the Shanghai market was 284.8 billion yuan, and for the Shenzhen market, it was 422.7 billion yuan [1] Sector Performance - The sectors showing gains included ports, ST stocks, mergers and acquisitions, and controllable nuclear fusion, with significant increases in stock prices [1][2] - Conversely, sectors such as PEEK materials, humanoid robots, chemical pharmaceuticals, and synthetic biology saw declines [1] Institutional Insights - Citic Securities noted that new public fund regulations may lead to a trend towards conservative asset allocation and a focus on core asset pricing rather than marginal information flow pricing [3] - Chang'an Fund expressed optimism about the A-share market, citing that current valuations are at a bottom level and ongoing policy support will improve market expectations [3] - China Galaxy suggested that the A-share market will demonstrate resilience, recommending focus on dividend-paying sectors, technology narratives, and consumer sectors supported by policy initiatives [3] Economic Data - The National Bureau of Statistics reported that in April, the industrial added value increased by 6.1% year-on-year, the service production index rose by 6.0%, and retail sales of consumer goods grew by 5.1% [4] - From January to April, fixed asset investment (excluding rural households) increased by 4.0%, and total retail sales reached 1618.45 billion yuan, up 4.7% year-on-year [4] Company Announcements - Xiaomi announced the release of its self-developed SoC chip "Xuanjie O1" and the SUV model "YU7" on May 22, along with the flagship smartphone "Xiaomi 15S Pro" [5] Regulatory Developments - The Vice Chairman of the China Securities Regulatory Commission indicated that new policies to deepen reforms in the Sci-Tech Innovation Board and the ChiNext Board will be introduced soon to support enterprise innovation and growth [6]

Market Overview - Major indices experienced fluctuations and closed lower, with the Shanghai Composite Index down 0.09% and the Shenzhen Component Index down 0.36%, while the North Exchange 50 Index rose by 1.32% [1] - The port and shipping sector continued to show strength, with Nanjing Port and Ningbo Maritime both achieving five consecutive trading limits. Following the adjustment of tariffs between China and the U.S., shipping demand surged, with average booking volumes for container transport soaring by 277% [1] Real Estate Sector - The real estate sector showed robust performance, with several stocks such as Konggang Co., Ltd. and Shahe Co., Ltd. hitting the daily limit. The National Bureau of Statistics indicated that policies aimed at stabilizing the real estate market have begun to show effects, with transaction prices stabilizing and increased activity in some first- and second-tier cities [1][4] - A total of 32 stocks in the ST sector also reached their daily limit, indicating strong market interest [4] Mergers and Acquisitions - The mergers and acquisitions concept saw significant gains, with stocks like Guangzhi Technology and Xiamen Port reaching their daily limits. This surge was influenced by the recent announcement from the China Securities Regulatory Commission regarding amendments to the management measures for major asset restructuring of listed companies [2][5] Individual Stock Performance - Among the tradable A-shares, over 2900 stocks rose while 2305 fell, with 93 stocks hitting the daily limit and only one stock hitting the lower limit. New listings included N Taili, which opened with a 163.93% increase, and N Weigao, which opened with an 88.64% increase [3] - The average market capitalization of stocks that hit the daily limit was 5.6 billion, with 42 stocks having a market capitalization below 3 billion [6] Sector Highlights - The real estate, power equipment, and construction decoration sectors had the highest number of stocks hitting the daily limit, with 11, 8, and 6 stocks respectively [3] - The port and shipping sector, along with the real estate sector, showed significant activity, with multiple stocks achieving consecutive trading limits [1][4]

Core Viewpoint - The A-share market is experiencing a mixed performance with a slight decline in major indices, while certain sectors show strength due to recent regulatory changes that may boost M&A activities and related financing opportunities [3][7]. Market Overview - As of the midday close, the Shanghai Composite Index is at 3364.44 points, down 0.09%, the Shenzhen Component Index at 10142.78 points, down 0.36%, and the ChiNext Index at 2028.66 points, down 0.53% [3]. - Overall, nearly 3000 stocks in the market are rising, indicating a mixed sentiment among investors [5]. Sector Performance - PEEK materials, robotics, biomedicine, and consumer electronics sectors are among the biggest decliners, while port shipping, real estate, tourism and hotels, controllable nuclear fusion, education, and chemical fiber sectors are performing well [7]. - The M&A and restructuring concept is active, with ST stocks continuing their upward trend [7]. Regulatory Changes - On May 16, the China Securities Regulatory Commission (CSRC) officially implemented revised regulations on major asset restructuring for listed companies, aimed at simplifying review processes and enhancing regulatory inclusiveness [7]. - According to Dongwu Securities, the new regulations are expected to increase M&A projects and related financing activities, providing more opportunities for securities firms to participate as financial advisors, which could help offset declines in investment banking revenues [7]. Institutional Perspectives - Huatai Securities notes that the A-share market is currently in a weak stabilization phase of the inventory cycle, with ongoing capacity clearance, and suggests a "top-down" market condition [9]. - Zhongtai Securities emphasizes the investment value of bank stocks, particularly large banks and quality rural commercial banks, due to their dividend attributes [10]. - Guotai Junan Securities remains optimistic about the future of the A/H index, citing a decrease in risk-free rates and a shift towards a more investable and return-focused capital market [10].