大家好，我是乔叔，今天咱们说说2026年资本市场的一次彻底大变样，这背后到底是谁在暗中发力，让 实体经济跑得更快更稳。 两三年前，很多地方还习惯用土地和政策补贴的手段来招引企业，一些高精尖项目就算来了也是浅尝辄 止。 到2025年，这一套在淄博遇到了大难题。以江化微的收购为例，外界都以为国企买下这家半导体材料公 司是要"伸手管事"，可事情完全不是那么回事 国资并不插手管理，而是派懂资本运作的人，这个动作让不少人摸不着头脑。 拼产业链：资本动手，生态先行 整个链条比过去更有章法，半导体和人工智能这些"硬骨头"产业最受青睐，并购把一堆小公司串成了产 业集群，一步步把关键节点牢牢抓在自己手里。 上市公司：市值管理变脸 过去一提"市值管理"，外界容易想到短线操作、股价波动。如今这个词的含义完全升级。比如贵州茅 台，既注重企业内功，把品质和运营抓牢，也通过高分红、回购，真金白银回馈股东，还主动和投资者 互动。 其实背后的算盘是要把江化微当"吸铁石"，让它带动半导体上下游企业集结在淄博。这个路子不输给那 些大手笔挖项目，但更聪明。 传统的招引模式往往效果有限，单靠地和补贴拉不来全链条。国企通过入股+资本操作，重点打造产业 ...

证券日报网讯 12月4日，艾森股份在互动平台回答投资者提问时表示，公司并购的资产应当符合科创板 定位，并与公司主营业务具有协同效应。公司在寻找并购标的时，主要关注半导体材料产业链的垂直整 合与横向拓展，围绕公司"一主两翼"战略及全球化布局需求。 （文章来源：证券日报） ...

Core Viewpoint - The termination of the acquisition deal between Guokewai and SMIC reflects the complexities of industry consolidation, strategic considerations of companies, and a rational return of the capital market [1] Group 1: Transaction Termination - The acquisition aimed to acquire 94.366% of the shares of SMIC Ningbo, a key player in high-end BAW filter manufacturing technology, but was halted due to a lack of consensus on transaction-related matters [2] - Financial data revealed that SMIC Ningbo has been in a continuous loss state, with cumulative losses exceeding 1.8 billion yuan from 2023 to Q1 2025, despite its technical scarcity [2] - Guokewai's financial situation is also concerning, with a revenue decline of 2.50% year-on-year to 1.172 billion yuan in the first three quarters of 2025 and a net profit drop of 89.42% [2] Group 2: Market Reaction - Following the termination announcement, Guokewai's stock price did not experience significant fluctuations, indicating that the market had anticipated this outcome [3] - In Q3 2025, Guokewai reported a revenue increase of 22.6% year-on-year to 431 million yuan, with a nearly 60% reduction in loss compared to Q2, suggesting a gradual recovery in its main business [3] - The company invested 518 million yuan in R&D in the first three quarters, accounting for 44.24% of its revenue, highlighting its focus on innovation [3] Group 3: Industry Insights - The termination of the acquisition serves as a case study for semiconductor industry consolidation, emphasizing that technological synergy does not guarantee commercial success [4] - Financial health is crucial in determining the limits of consolidation, especially during industry downturns, where acquiring loss-making assets can negatively impact the acquirer's performance [4] - While Guokewai avoided high-risk integration, it also missed a strategic opportunity to enter the chip manufacturing sector quickly, necessitating a focus on R&D and business recovery in the short term [4]

Core Viewpoint - Enjie Co., Ltd. is planning a significant acquisition to enhance its market competitiveness by purchasing 100% of Qingdao Zhongke Hualian New Materials Co., Ltd. and raising matching funds [1][4] Group 1: Acquisition Details - The acquisition aims to integrate upstream production equipment for lithium-ion battery separators, which may strengthen Enjie's supply chain security and cost control capabilities [6][4] - Zhongke Hualian specializes in the research, production, and sales of wet-process lithium-ion battery separator production equipment, which aligns with Enjie's core business [1][4] - The acquisition is seen as a strategic move to solidify Enjie's competitive edge in the lithium battery separator market [6][4] Group 2: Financial Performance - Enjie reported a loss of 5.56 billion yuan in 2024 and a further loss of 860 million yuan in the first three quarters of 2025, indicating ongoing financial pressure [1][8] - The company's revenue for 2023 was 120.42 billion yuan, a decrease of 4.36% year-on-year, with a net profit decline of 36.84% [8][10] - As of September 2025, Enjie had interest-bearing liabilities of 156 billion yuan, which is 6.37 times its cash reserves [2][10] Group 3: Market Position and Stock Performance - Enjie has maintained its position as the leading player in the lithium battery separator industry for seven consecutive years, with products supplied to major battery manufacturers like CATL and BYD [1][6] - Despite financial challenges, Enjie's stock price has seen significant fluctuations, rising from 25.87 yuan per share in June 2025 to 66.36 yuan by November 20, 2025 [10][11] - The market anticipates that the acquisition will optimize Enjie's supply chain and improve profitability, although uncertainties remain regarding the successful execution of these plans [11][12]

Core Insights - The pharmaceutical industry has seen a significant increase in merger and acquisition (M&A) activities since 2025, with 64 disclosed M&A events in A-shares, totaling approximately 110.38 billion yuan [1] - The trend indicates a dual-driven strategy of M&A and business development (BD) collaborations, focusing on enhancing innovation and filling gaps in capabilities [1][3] - The primary focus of M&A activities is on innovative drug research and development, medical services, and medical devices, reflecting a shift towards high-value sectors [1][2] M&A Trends - Pharmaceutical companies are increasingly acquiring near-commercial or mature technology platforms as a shortcut to catch up with technological advancements and address R&D shortcomings [2] - Notable M&A examples include Shijiazhuang Pharmaceutical's acquisition of a 29% stake in a biotech firm for 1.1 billion yuan and China Biologic's planned acquisition of 95.09% of a Shanghai-based company for 951 million USD [2] BD Collaborations - BD collaborations are also crucial for supplementing innovative drug pipelines, as seen in Changchun High-tech's partnership with ALK for allergy immunotherapy products [3] - Experts indicate that the current M&A and BD collaboration landscape is reshaping the industry, with a focus on building barriers in cutting-edge technologies like dual antibodies and ADCs [3] Industry Integration - The pharmaceutical industry is undergoing deeper integration, aiming to create a comprehensive closed-loop system encompassing R&D, production, and sales [4] - External collaborative M&A is a key pathway to achieving this closed-loop, as demonstrated by Chengdu Kanghua's acquisition aimed at enhancing its vaccine ecosystem [4] Capital Dynamics - The M&A landscape in 2025 is characterized by a multi-faceted capital structure, with leading companies taking the lead, supported by industry funds and flexible participation from social capital [6] - Leading firms are playing a stabilizing role, as seen in Beijing Tiantan's acquisition to enhance its plasma collection capabilities [6] Investment Strategies - Industry funds are exploring a "capital + BD" light asset model, with companies like Shanghai Fosun investing in innovative drug and medical device sectors [7] - Social capital is adopting a structured investment approach to empower innovation, focusing on AI medical applications and innovative drugs [7] Future Outlook - There is an expectation of continued capital investment in gene therapy, ADCs, and dual antibody platforms, indicating a sustained focus on high-value innovation areas [8]

Core Viewpoint - The article discusses the strategic acquisition of Zhongke Hualian by Enjie Co., aiming to strengthen the supply chain integration and enhance its core business in the lithium battery industry, despite facing financial losses in recent quarters [2][3][5][12]. Group 1: Company Performance - In the first three quarters of the year, Enjie Co. reported revenue of approximately 9.54 billion, a year-on-year increase of about 27.8%, but incurred a loss of approximately 86.32 million, a decline of about 119% year-on-year [5]. - The gross margin for the same period was 15.9%, down 5.07%, while the net margin was -1.19%, a decrease of 7.19% year-on-year [5]. - The 2024 annual report indicates a revenue of approximately 10.16 billion, a year-on-year decrease of about 15.6%, with a loss of 555.6 million and a non-recurring net loss of 613 million [5]. Group 2: Strategic Moves - Enjie Co. is not halting its expansion despite losses; it is pursuing the acquisition of Zhongke Hualian and has initiated a second phase of a 1.6 billion square meter separator project in Yunnan, with a total investment of about 4.5 billion [6][7]. - The company also announced the early redemption of its convertible bonds issued in 2020, which could dilute earnings per share in the short term [8] . Group 3: Industry Context - The acquisition of Zhongke Hualian is seen as a move to enhance upstream control, as the company is a key player in the separator equipment sector, providing automated solutions that are in high demand [9][10]. - Zhongke Hualian has established production bases and is set to produce 800 million square meters of high-performance wet lithium battery separators annually after the completion of its new production lines [11]. - The lithium battery industry is experiencing a recovery, with leading companies seeking to optimize technology and strengthen supply chain control amid a competitive landscape [12].

公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当前持有新奥能源34.28%股 权，拟对新奥能源进行私有化，并在港股上市;交易完成后新奥能源将退市并成为新奥股份的全资子公 司，相关程序持续推进。根据重组方案，新奥能源计划股东每股股份可获得2.9427股新奥股份发行的H 股股份(估价18.86港元/股)及24.50港元现金付款，对应总价值80港元，较11月28日收盘价存在12.8%空 间。若2025年并购完成，可获取新奥股份0.96元/股的分红，对应股息率6.7%。 公司深入挖掘客户需求，泛能业务规模持续扩张，截至2025年9月底，公司累计投运装机6.9GW，在建 装机1.6GW。公司智家业务较快发展，渗透率存在提升空间，2020-2024年智家业务毛利CAGR为 22.7%，有望持续增厚业绩。 天然气零售气量稳健，降本顺价盈利改善 截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方 ...

截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方米，同比增长4.2%;2025Q1-3实现零售气量191.9亿立方 米，同比增长2.0%，高于全国天然气表观消费量同比增速。居民顺价持续推进，助力毛差修复，2024 年公司毛差0.54元/立方米，同比提升0.04元/立方米。成本端受益于国际气价下行，有望持续改善，在 手长协挂钩日本JCC原油价格指数，下行趋势亦带来成本改善空间。 燃气接驳利润占比持续下降，影响减弱期待企稳 华源证券发布研报称，首次覆盖，给予新奥能源(02688)"买入"评级，新奥能源作为全国性城燃企业， 正通过私有化整合实现与母公司新奥股份（600803）的协同效应。公司天然气业务稳健，泛能及智家业 务具备成长空间，私有化流程推进促进产业链一体化整合。 华源证券主要观点如下： 民营全国性城燃公司，私有化促进优势协同 公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当 ...

业内人士指出，此次合作有望实现"1+1>2"的协同效应，不仅将推动暖芯半导体实现从"单点技术突 破"到"全链条系统布局"的跨越，更将助力打破国外企业在半导体温控领域的垄断格局，推动国产品牌 实现高质量发展。未来，双方将以资本为支撑、技术为核心、服务为纽带，共同书写中国温控行业高质 量发展的新篇章。 公开资料显示，暖芯半导体成立于2021年，专注于半导体温控领域深耕多年，已形成"以半导体温控设 备为核心、流体/压力零配件为辅助"的清晰业务格局。凭借扎实的技术积累与优质的服务能力，公司成 功服务多家行业头部客户，在竞争激烈的半导体辅助设备市场中构筑了独特的核心竞争力。 当前，半导体行业正处于高速发展的黄金期，而半导体温控设备作为集成电路制造不可或缺的关键设 备，市场需求持续攀升。尤其是随着先进制程推进，超低温精准控制、智能自适应温控等技术成为行业 竞争核心，这一领域也面临着技术迭代加速与市场竞争加剧的双重挑战。 对于此次合作，市场普遍认为契合产业链整合的行业趋势。华源控股作为上市企业，不仅2025年前三季 度实现归母净利润8560.66万元，同比增长45.91%，具备坚实的资金实力，还在品牌影响力、供应链整 合、 ...

Core Insights - China Tongfu (01763.HK) signed a strategic cooperation agreement with China National Nuclear Corporation Capital Holdings Co., Ltd. at the second Nuclear Technology Application Industry Chain Co-Chain Action Conference on November 27 [1] Group 1: Strategic Cooperation - The agreement focuses on promoting the integration of the nuclear technology application industry chain and overcoming key technological bottlenecks [1] - The collaboration aims to cultivate new productive forces through resource sharing and complementary advantages [1] Group 2: Areas of Collaboration - The partnership will involve deep cooperation in areas such as mergers and acquisitions, establishment of new companies, equity investments, and securities business [1] - The goal is to create a new pattern of coordinated development between technology and finance, as well as industry and finance [1] Group 3: Development Goals - The strategic cooperation is designed to empower China Tongfu with financial capital to achieve high-quality development [1]