Group 1 - The core viewpoint of the article highlights the significant achievements of Guangdong's capital market in the past year, driven by the "9·24" financial policy, which has facilitated over 150 billion yuan in mergers and acquisitions and 6,343.75 billion yuan in financing through domestic capital markets [2][3][4] - More than 250 listed companies have disclosed and completed industrial mergers and acquisitions exceeding 150 billion yuan, with over 60% belonging to Guangdong's strategic emerging industries [3][4] - The total market value of listed companies in Guangdong reached 17.6 trillion yuan, a 26.2% increase from the beginning of the year, indicating a stable and growing market environment [5][6] Group 2 - The strategic emerging and specialized enterprises account for half of the listed companies in Guangdong, with significant revenue growth in the computer, communication, and other electronic equipment manufacturing sectors [4][5] - The capital expenditure in the computer, communication, and other electronic equipment manufacturing industries increased by 22.3% year-on-year, while the automotive manufacturing sector saw a 51.7% increase [4] - Guangdong's listed companies have shown a strong commitment to research and development, with a total R&D expenditure of 158.9 billion yuan, reflecting an 11.6% year-on-year increase [6] Group 3 - The establishment of a "large investment advisory" ecosystem in Guangdong is a key focus for enhancing the investment side of the capital market, with new institutions being set up to support this initiative [8][9] - The Guangzhou Investment Advisory Academy has conducted 31 training sessions, covering 1,707 professionals, indicating a strong push towards improving investment advisory capabilities [9] - The fund advisory business has gained recognition, with over 80% of clients in trial institutions reporting profitability, showcasing the effectiveness of long-term rational investment guidance [9][10]

今年是新疆维吾尔自治区成立70周年。70年来，新疆实现了从贫穷落后封闭到繁荣进步开放的历史性跨越，创造 了举世瞩目的人间奇迹。而新疆资本市场的蓬勃发展景象，正是区域经济腾飞的缩影。一组数据可以佐证：截至 今年8月底，新疆61家上市公司总市值超过9000亿元。2025年上半年，新疆板块总营收突破3000亿元，合计归母净 利润超100亿元；超半数上市公司披露现金分红方案，预计分红总额超110亿元。 新疆资本市场有何重大变化，形成了怎样的核心竞争力？证券时报记者近日采访当地监管部门与上市企业发现， 新疆资本市场正稳步突破地域局限，加速融入全国统一大市场。越来越多的新疆上市公司用好用足多层次资本市 场融资工具做强主业，以具有新疆特色优势的现代化产业体系为引领，不断拓展高质量发展新空间。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 陈雨康 稳扎稳打 新疆板块向"新"发力 昔日风沙深处的远疆，今朝已成资本浪潮奔涌的西部高地。回望过往，新疆资本市场一步一个脚印，写下了精彩 的追赶篇章。 1994年2月，新宏信登陆深交所，奏响了新疆企业叩开资本市场大门的序曲，实现了从无到有的跨越。 2007年12月，金风 ...

Macro Economic Insights - The cumulative profit of national industrial enterprises from January to August 2025 showed a year-on-year increase of 0.9%, improving from a previous decline of 1.7% [4] - In August, the revenue of industrial enterprises improved slightly with a year-on-year increase of approximately 2.3%, which is an improvement of 1.2 percentage points from the previous value [5] - The profit growth rate in August saw a significant recovery of 21.9 percentage points to 20.4%, marking three consecutive months of marginal improvement [5] Industry Performance - The profit structure indicates an increase in the proportion of public utilities, with the profit share of upstream mining, midstream equipment, downstream consumption, and public utilities being 28.4%, 39.2%, 21%, and 11.4% respectively [7] - The cumulative profit of upstream industries improved by 3.8 percentage points to -9.1% year-on-year, with significant improvements in black metallurgy and non-ferrous metallurgy [7] - The "anti-involution" industries saw a larger profit improvement, with cumulative profit growth of 3.8 percentage points to -4.3% year-on-year, while non-anti-involution industries improved by 2.8 percentage points to 0.9% [7] Real Estate Sector - New housing transaction area increased month-on-month, with 20 cities showing a rise in second-hand housing transaction area [44] - The Shanghai "Good House" regulation was implemented to enhance residential quality through 17 specific measures [44][45] - The land transaction area increased year-on-year, with a decrease in premium rates, indicating a stabilizing real estate market [46] Coal Industry - The price of thermal coal rebounded above 700 yuan per ton, with a peak price of 706 yuan per ton [52] - Coking coal prices have shown a significant rebound, with a cumulative increase of 66.48% from the low of 719 yuan [52] - The report predicts that thermal coal prices will continue to recover, with a target price of around 750 yuan, while coking coal prices are expected to follow a market-driven model [53] Gaming and AI Applications - The gaming industry is experiencing a high growth cycle, with stable issuance of game licenses and a rich reserve of new games [49] - The upcoming National Day holiday is expected to boost game revenue and rankings due to promotional activities [49] - Major tech companies are increasing investments in AI infrastructure, which is anticipated to accelerate the commercialization of AI applications across various sectors [50] M&A Activity - The "M&A Six Guidelines" have led to a significant increase in merger and acquisition activities, with 163 new transactions disclosed since its implementation [38][39] - The focus of M&A activities has shifted towards industrial integration and new productivity acquisitions, particularly in the hard tech sector [39] - The report highlights that the new M&A projects have shown profitability effects, with several companies experiencing significant stock price increases post-merger [39] Small and Mid-Cap Stocks - Companies such as Tianyouwei, Hongjing Optoelectronics, and Huaxin Precision are highlighted as key players in their respective fields, with strong growth potential [33][34][36] - Tianyouwei is noted for its high gross margin of 37.19% and strong international sales growth [33] - Hongjing Optoelectronics is expanding into new markets such as AI hardware and industrial inspection, with a significant portion of revenue coming from new business areas [34][35]

Group 1: North Exchange Market Insights - The North Exchange is witnessing its second major asset restructuring, with Chuangyuan Xinke planning to acquire 100% equity of Shanghai Weiyu Tiandao Technology for a total price not exceeding 900 million yuan, at a price of 18.88 yuan per share [2][5][6] - The North Exchange market is currently in a phase of consolidation, with average weekly trading volume dropping to 22.2 billion yuan and the North Exchange 50 index declining by 3.11% [6][7] - Despite the current market challenges, there is optimism for a rebound post the National Day holiday, driven by ongoing mergers and acquisitions and the implementation of new policies [6][7] Group 2: Media Industry Overview - Mango TV has launched a new singing talent show, "Voice Rising 2025," in collaboration with multiple major provincial TV stations and online platforms, marking a unique cooperative production model in the industry [9][10] - The new broadcasting policies are expected to revitalize the long-form drama market, with Mango TV's rich content reserve likely to enhance membership growth and viewer engagement [10][11] - The company anticipates revenue growth driven by advertising and increased viewership from its upcoming shows, with projected revenues for 2025-2027 at 14.22 billion, 15.26 billion, and 16.65 billion yuan respectively [12] Group 3: Semiconductor Equipment Sector - Fuchuang Precision is a leading manufacturer of precision components for semiconductor equipment, focusing on metal materials and expanding production capacity in multiple locations including Shenyang, Nantong, Beijing, and Singapore [13][14][15] - The global semiconductor wafer capacity is expected to grow at a compound annual growth rate (CAGR) of 7% from 2024 to 2028, with significant demand driven by advanced process expansions [15] - The company aims to strengthen its full-chain advantages through independent research and development, enhancing its position in the domestic semiconductor equipment market [16]

进展：并购交易方案持续创新，并购失败与赚钱效应皆有显现。从方案设计看， "并购六条"一年以来交易方案持续创新，呈现出更多样的支付方式、更市场化 的估值方法和更灵活的交易设计。从方案进展看，"并购六条"后新披露案例大 多处于预案阶段，部分案例已终止。从方案市场表现看，"并购六条"后新披露 并购重组项目赚钱效应日益凸显，2025 年 A 股涨幅前十公司中上纬新材、*ST 宇顺、天普股份、菲林格尔、*ST 亚振、浙江荣泰等 6 家公司均实施了并购重组。 本周市场表现及重大事项 市场表现：本周中证 1000/国证 2000/中证 500/万得微盘股等中小盘指数表现不 及上证 50/沪深 300 等大盘指数。青岛消防、新泉股份、日联科技本周涨幅居前。 本周重大事项：（1）新股方面，5 家公司登陆 A 股，2 家公司登陆港交所。2 家 公司 IPO 获受理、4 起 IPO 审核通过，4 家公司注册生效；（2）定增方面，新增 竞价预案公告 10 例，发行竞价项目平均折价率 16%，平均收益率 22.4%；（3） 并购方面，1 家公司首披重大资产重组，6 家公司涉及实控人变更；（4）股权激 励和回购方面，本周共披露 17 例 ...

Core Viewpoint - The A-share market is experiencing a surge in merger and acquisition (M&A) activities, with significant transactions being announced and ongoing interest in sectors such as semiconductors, new energy, advanced manufacturing, biomedicine, and high-end equipment [2][11][12]. Group 1: Recent M&A Announcements - Yidao Information announced plans to acquire controlling stakes in Guangzhou Langguo Electronic Technology Co., Ltd. and Shenzhen Chengwei Information Co., Ltd. through a combination of share issuance and cash payment, constituting a major asset restructuring [2][3]. - New Dazheng disclosed its intention to acquire 75.15% of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd. via share issuance and cash payment, also qualifying as a major asset restructuring [8][9]. Group 2: Market Activity and Trends - In the week of September 22 to September 28, 38 A-share listed companies disclosed M&A progress, indicating a rising trend in market activity [2][11]. - The release of the "M&A Six Articles" by the China Securities Regulatory Commission has led to over 230 major asset restructuring announcements, enhancing the vitality of the M&A market [11][12]. - The semiconductor industry has seen over 230 M&A events since September 24 of the previous year, highlighting its active role in the restructuring landscape [11]. Group 3: Company Profiles and Financials - Yidao Information specializes in the research, design, production, and sales of electronic devices, including laptops and smart hardware, with a market capitalization of 7.266 billion yuan as of September 26 [7]. - New Dazheng focuses on the operation and management of smart city public buildings and facilities, with a market capitalization of 2.96 billion yuan prior to its stock suspension [10].

【近40家上市公司本周披露并购重组最新公告 亿道信息拟购买朗国科技及成为信息控股权预计构成重 大资产重组】智通财经9月28日电，据智通财经不完全统计，截至发稿，本周（9月22日-9月28日）包括 新大正、白云山、多瑞医药、亚太药业、亿道信息、中环环保、智光电气、冠中生态、银河磁体、雅创 电子、海信家电、福达合金、世纪恒通、航天工程、江中药业、东星医疗、阳光诺和、纳尔股份、中华 企业、中曼石油、甘肃能化、平煤股份、大有能源、易成新能、神马股份、华天科技、上纬新材、凯撒 旅业、大龙地产、荣信文化、永安药业、新致软件、迪尔化工、爱婴室、华菱线缆、金字火腿、盛新锂 能和开润股份在内的38家A股上市公司披露并购重组进展最新公告。其中，亿道信息公告，拟购买朗国 科技及成为信息控股权，预计构成重大资产重组。新大正公告，拟收购嘉信立恒75.15%股权并于明日 复牌；银河磁体公告，拟购买京都龙泰100%股权并于明日复牌。 转自：智通财经 ...

Group 1 - The core point of the news is that Hailianxun has received approval from the CSRC to absorb and merge Hangqilun through the issuance of 1,174,904,765 new shares, which is valid for 12 months from the date of issuance [1] - Hailianxun primarily engages in power information construction and provides related technical and consulting services, while Hangqilun specializes in designing and manufacturing industrial turbines and gas turbines [1] - After the merger, the surviving company will inherit all assets, liabilities, businesses, personnel, contracts, and other rights and obligations of Hangqilun, forming a business structure focused on industrial turbine machinery with supplementary power information services [1] Group 2 - CITIC Securities views this transaction as a rare "A absorbs B" case and the first instance of a listed company absorbing and merging another listed company, reflecting strong support from the "Six Merger Guidelines" for integration among listed companies [2] - The merger will create a business structure where industrial turbine machinery is the main focus, complemented by power information system integration, enhancing the core competitiveness and sustainable profitability of the surviving company [2] - The "Six Merger Guidelines" aim to facilitate the integration of capital and technology towards high-quality enterprises and innovative sectors, promoting resource flow and supporting the real economy [2] Group 3 - The restructuring of Hangqilun and Hailianxun through a share swap is a significant step in implementing the central government's reform directives, aimed at improving the industrial layout of state-owned listed companies and enhancing asset quality and operational efficiency [3] - This transaction responds positively to the encouragement from the State Council and the CSRC for mergers and acquisitions, enhancing the investment value of listed companies by improving asset quality and operational efficiency [3] - Over the past year, the "Six Merger Guidelines" have invigorated the merger and acquisition market, establishing the capital market as a primary channel for corporate mergers and acquisitions, particularly in technology innovation and new productive forces [3]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 09 月 28 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 北交所第二例重大资产重组推进，下周关注五新隧装并购重组审议情况 证券分析师 ——北交所周观察第四十五期（20250928） | | | 源引金融活水 润泽中华大地 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 创远信科拟"股权＋现金"并购微宇天导，北交所活跃并购重组市场的成果体现。2025 年 9 月 22 日，创远信科发布重大资产重组预案，拟以 18.88 元/股的价格向创远信科控股股东上海 创远电子设备有限公司等14名交易对方发行股份并支付现金收购上海微宇天导技术有限责任 公司 100%股权，并募集配套资金，预计交易总价不超过 9 亿元，这是北交所市场继五新隧装 之后，北交所落实"并购六条"相关政策要求的第二单发行股份购买资产项 ...

具体包括：一是IPO方面，深化推进投行行业分组，在国家战略支持的重点行业积极布局与拓展，提高 对细分行业公司服务竞争力，深刻理解发掘企业的投资价值，为资本市场输送优质投资标的；二是并购 重组方面，设立专职部门，并搭建全公司级并购商机整合平台，系统汇总梳理各类并购资源与业务机 会，实现信息高效流转与共享；三是未盈利企业方面，在项目筛选与评估方面，将构建全新的价值评估 体系，以往对企业盈利指标的高度关注将逐步让位于对"硬科技"属性和长期发展潜力的深度挖掘，既要 深入拆解企业的技术壁垒与商业化路径，用详实数据论证成长逻辑，又要反复验证明确风险性，避 免"伪科技"企业进入市场。 日前，国联民生（601456）承销保荐积极响应"科创板八条"及"并购六条"政策导向，紧抓IPO、并购重 组发展机遇，以一系列务实举措和布局深耕资本市场。 ...