当然，活跃并购重组并不等于放松监管，在激发市场活力的同时，也需要对交易中存在的各类违法行为 予以严厉打击，并购新规强化信息披露、中介机构核查以及严肃追责等配套措施，确保市场交易规范有 序，以严监严管推动并购重组在高质量轨道上稳健前行。 （文章来源：证券时报） 并购市场需求量的增加，对支持政策的呼唤声渐起。此次并购新规就是响应市场诉求，以激活并购重组 市场活力为核心目标，对"并购六条"各项措施的全面落地，是监管部门稳市场、稳预期一系列政策组合 拳的关键落子。 制度设计上，并购新规创新性地推出了多个"首次"，如首次建立简易审核程序、首次调整发行股份购买 资产的监管要求、首次建立分期支付机制、首次引入私募基金"反向挂钩"安排等，降低并购重组的制度 性成本，极大压缩审核流程，吸引更多市场主体参与，让资本市场在资源配置中发挥更大效能，提高对 财务状况变化、同业竞争和关联交易的监管包容度，调整支付机制保障上市公司利益，让政策更贴合市 场实际情况，避免"用一把尺子量所有交易"。同时，强化政策协同，并购新规既与新《公司法》衔接进 行适应性调整，还与交易所相应配套规则联合发力，释放"1+1>2"的协同效应，鼓励更多"好公司"推 ...

Group 1: Market Outlook - The capital market reform in China is accelerating, leading to a positive outlook for the A/H stock market, with the Shanghai Composite Index rebounding over 300 points to around 3400 [1] - Investor concerns regarding US-China competition and the government's commitment to supporting the capital market have diminished, indicating a more stable investment environment [1] - The decline in risk-free interest rates and the government's stance on stabilizing and activating the capital market are key drivers for the upward trend in the Chinese stock market [1] Group 2: M&A and Restructuring - The revised regulations for major asset restructuring by the CSRC have introduced a simplified review process, significantly improving transaction efficiency [2] - New mechanisms for payment and regulatory adjustments enhance the adaptability of M&A in the tech sector and state-owned asset integration [2] - The current round of restructuring focuses on industrial logic rather than valuation-driven approaches, aiming to strengthen profitability through industry consolidation [2] Group 3: Sector Analysis - Financial sectors such as brokerage, insurance, and banks are recommended due to declining risk-free rates and increased market entry [3] - Emerging technology sectors are highlighted as growth areas, with recommendations for internet, media, semiconductor, and healthcare industries [3] - The emphasis on domestic consumption and fixed asset investment is rising, with recommendations for sectors like real estate, non-ferrous metals, and consumer goods [3] Group 4: Hong Kong Market Dynamics - Foreign capital remains dominant in the Hong Kong stock market, accounting for over 60% of the market, despite a slight decline in its proportion [6] - The proportion of southbound funds has increased significantly, indicating a growing influence on market pricing [6] - Different types of foreign capital exhibit distinct trading behaviors, with stable foreign capital favoring long-term holdings and flexible foreign capital engaging in short-term speculation [7]

上市公司重大资产重组新规正式推出，这意味着"并购六条"的各项措施全面落地。 5月16日，证监会正式发布实施修订后的《上市公司重大资产重组管理办法》（下称《重组办法》）， 明确支持符合商业逻辑的跨界并购、建立重组股份对价分期支付机制、新设重组简易审核程序、吸收合 并锁定期差异化设置、鼓励私募基金参与上市公司并购重组等。 沪深交易所同步修订发布重组审核规则及配套指南，新设简易审核程序，对符合条件的上市公司发股类 重组，大幅简化审核流程，缩短审核时限，同时进一步完善了重组股份对价分期支付等相关事项的披露 和审核要求。 有业内人士称，此次《重组办法》修改是一次"大事件"，代表了并购重组市场及监管的"新气象"。具体 的制度设计，包括提升估值包容度、同业竞争和关联交易包容度等，都是结合实际情况的"有的放矢"， 根源都是要提高上市公司质量。 "《重组办法》的修改发布，核心在于对并购重组政策进一步松绑，鼓励优质企业通过并购重组方式做 大做强，有望进一步加快资本市场优化资源配置、增强市场信心。"申万宏源研究非银金融首席分析师 罗钻辉称。 南开大学金融发展研究院院长田利辉也对第一财经记者称，新规有望激发并购重组市场活力、加速产业 ...

电投能源公告称，公司正在筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项，公司拟 通过发行股份及支付现金方式购买国家电投集团内蒙古白音华煤电有限公司股权，并将视具体情况募集 配套资金。经向深圳证券交易所申请，公司股票将于2025年5月19日开市起复牌。 风险事项 瑞凌股份：控股股东之一致行动人拟减持公司不超3%股份 瑞凌股份公告，公司控股股东、实控人邱光之一致行动人深圳市理涵投资咨询有限公司计划减持公司股 份不超1348.67万股（不超过公司总股本的3%）。公司高管成军计划减持公司股份不超过12.4万股（不 超过公司总股本的0.028%），高管潘文计划减持公司股份不超过9.9万股（不超过公司总股本的 0.022%）。 越剑智能：实控人拟减持合计不超2.99%公司股份 每经记者｜王琳 每经编辑｜魏官红 并购重组 光洋股份：正在筹划购买银球科技100%股权等事项 光洋股份公告，公司正在筹划发行股份及支付现金方式购买宁波银球科技股份有限公司100%股权并募 集配套资金事项。公司股票自2025年5月19日开市起停牌。公司预计在不超过10个交易日的时间内披露 本次交易方案。 电投能源：拟发行股份及支付现金购买 ...

5月16日，中国证监会正式对外公布实施修订后的《上市公司重大资产重组管理办法》，在简化审核程 序、创新交易工具、提升监管包容度等方面作出优化。修订后的重组办法创多个"首次"：首次建立简易 审核程序；首次调整发行股份购买资产的监管要求；首次建立分期支付机制；首次引入私募基金"反向 挂钩"安排。 【并购简易审核程序来了，明确两类适用情形】 并购重组迎来重磅政策。5月16日，沪深北三地交易所共同发布新修订后的上市公司重大资产重组审核 规则。新设重组简易审核程序，并明确两类适用情形：一是符合条件的上市公司之间的吸收合并；二是 运作规范、市值超过100亿元且信息披露质量评价连续两年为A的优质公司发行股份购买资产且不构成 重大资产重组的交易。 【工信部：加速推进5G-A、6G技术研发、产业培育和应用发展】 要闻速递 【潘功胜：将持续推动强大的中央银行与国家金融管理中心建设互促共进支持完善首都金融功能布局】 北京市委书记尹力5月16日上午围绕"服务国家金融管理中心建设，推动首都金融高质量发展"调查研 究，并召开金融工作座谈会。中央金融办分管日常工作的副主任王江，中国人民银行行长潘功胜，国家 金融监督管理总局局长李云泽，中国 ...

Core Viewpoint - The recent policy reforms in China's capital market, particularly the "M&A Six Guidelines," have significantly enhanced the efficiency and vibrancy of the merger and acquisition (M&A) landscape, leading to a surge in new M&A cases across various industries [1][2]. Group 1: Policy Impact - The "M&A Six Guidelines" introduced a simplified review process for M&A transactions, particularly for high-quality companies with a market capitalization exceeding 10 billion and a consistent A rating in information disclosure [2]. - The Shenzhen Stock Exchange (SZSE) has committed to processing eligible projects within 2 working days and providing review opinions within 5 working days, drastically reducing the time and uncertainty associated with traditional review processes [2][6]. - The implementation of these policies is expected to stimulate a new cycle of favorable conditions in the M&A market, encouraging high-quality companies to innovate and propose better M&A plans [1][2]. Group 2: Leading Companies - Leading companies in the Shenzhen market have actively engaged in M&A activities, with notable examples including China Tungsten High-Performance Materials Co., which successfully utilized the fast-track review mechanism for its strategic acquisition [3]. - Other prominent firms, such as BGI JiuTian Technology Co. and Lingyi iTech, are also pursuing significant acquisitions to enhance their market positions and diversify their product offerings [4]. Group 3: Strategic Acquisitions - Companies are increasingly focusing on strategic acquisitions that enhance industry integration and promote innovation, such as Inner Mongolia Electric Power Investment's acquisition of coal and power assets to transition towards cleaner energy [5]. - The trend of acquiring high-potential but currently unprofitable assets is also evident, as seen in Shenzhen MacJet Microelectronics' acquisition aimed at securing a complete production chain for electronic components [5]. Group 4: Transaction Flexibility - The "M&A Six Guidelines" encourage companies to utilize various payment methods in transactions, enhancing flexibility and accommodating diverse stakeholder needs, as demonstrated by Shanghai Fulede Technology's acquisition involving multiple payment structures [6]. - The SZSE plans to continue supporting market-oriented reforms in M&A activities while ensuring regulatory oversight to protect investor interests [6].

本周（5月12日至16日），A股市场成交连续5日维持在万亿元规模以上。沪指累计上涨0.76%，深证成指上涨0.52%，创业板指上 涨1.38%，沪深300上涨1.12%。 | | A股主要股指行情表现- | | | --- | --- | --- | | 名标 | 年初至今 (%) | 本周涨跌幅 (%) | | 北证50 | 37.06 | 3.13 | | 中证1000 | 1.85 | -0.23 | | 科创50 | 0.64 | -1.10 | | 上证指数 | 0.47 | 0.76 | | 中证500 | -0.17 | -0.10 | | 沪深300 | -1.16 | 1.12 | | 深证成指 | -2.26 | 0.52 | | 创业板指 | -4.77 | 1.38 | 在31个申万一级行业中，本周有20个上涨。美容护理指数涨幅居首，为3.08%；非银金融、汽车、交通运输等指数紧随其后，周 涨幅均超过2%；跌幅居前的行业有国防军工和计算机，行业指数跌幅均在1%以上。 资金流向方面，本周4个行业获得主力资金净流入，分别为美容护理、医药生物、煤炭和建筑材料，净流入额依次为5.94亿元、 4 ...

Core Viewpoint - The A-share market has shown signs of correction after reaching new highs, with micro-cap stocks performing well, indicating potential investment opportunities and risks in the upcoming weeks [1][4]. Market Performance - The Shanghai Composite Index has rebounded 25 trading days since the low on April 7, with the Shanghai 50 Index reaching a new high since November last year, which is seen as a significant market highlight [1][4]. - The rebound percentages for major indices are approximately 12% for the Shanghai Composite, Shanghai 50, and CSI 300, while micro-cap indices like CSI 1000 and CSI 2000 have rebounded around 20% and 33% respectively [4]. Market Outlook - Two scenarios are anticipated for the upcoming week: 1. If the market reaches a new high and breaks the March peak, it would indicate a continuation of the upward trend [3]. 2. If it fails to reach a new high, a normal correction of about 38.2% is expected, with a critical support level around 3273 points [3][11]. Regulatory Changes - The recent amendments to the Major Asset Restructuring Management Measures by the CSRC are expected to boost market confidence and enhance the enthusiasm for mergers and acquisitions among listed companies [8]. - Key changes include the establishment of a phased payment mechanism for restructuring shares and the introduction of a simplified review process [8]. Upcoming Events - Significant economic data releases, including retail sales and industrial output for April, are expected next week, which could influence market sentiment [5]. - The 2025 Global Investor Conference will be held on May 19-20, focusing on active mergers and acquisitions, which may present investment opportunities [8][10]. Sector Focus - The market is currently characterized by short-lived hot sectors, with a focus on sectors such as military, textiles, logistics, and AI technologies [6][10]. - The shipping sector has shown a breakthrough in its index, indicating potential for further activity [10]. Investment Strategy - Given the current market conditions, a cautious approach is recommended, focusing on short-term trading rather than chasing already heated sectors [11]. - Investors are advised to monitor the performance of the Shanghai Composite Index closely, particularly the support levels around the recent lows [11].

伐谋-中小盘策略专题 2025 年 05 月 18 日 《重组办法》新规落地，并购重组深化改革进行时 中小盘研究团队 ——中小盘策略专题 周佳（分析师） zhoujia@kysec.cn 证书编号：S0790523070004 修订《重组办法》，多措并举持续深化并购重组市场改革 2025 年 5 月 16 日，证监会发布修订后的《上市公司重大资产重组管理办法》（以 下简称《重组办法》），旨在进一步深化上市公司并购重组市场改革。《重组办法》 以激发并购重组市场活力、提高并购重组审核效率、优化并购重组监管机制为核 心，从建立重组股份对价分期支付机制、提高对财务状况变化、同业竞争和关联 交易监管的包容度、新设重组简易审核程序、明确上市公司之间吸收合并的锁定 期要求、鼓励私募基金参与上市公司并购重组等五大方面作出了全面规定，有助 于进一步提高上市公司并购重组活跃度，助力资本市场高质量发展。 多方面提升监管包容度，进一步助力新质生产力发展 财务状况变化方面，将"改善财务状况"调整为"不会导致财务状况发生重大不 利变化"，为上市公司收购有助于补链强链和提升关键技术水平的优质未盈利资 产扫清障碍，进一步助力上市公司发展新质 ...

Group 1 - The core investment focus includes four key areas: strengthening leading technology innovation companies, traditional sector consolidation trends, increased willingness for state-owned enterprises to manage market value, and diverse options for unlisted companies [1] Group 2 - The first focus area emphasizes the support for technology innovation enterprises through mergers and acquisitions under the new restructuring policies [1] - The second focus area highlights the strong willingness for mergers and acquisitions in industries with low historical concentration [1] - The third focus area indicates that state-owned enterprises are likely to enhance their market value management, with mergers and acquisitions being a significant direction [1] - The fourth focus area notes that many unlisted companies are considering mergers and acquisitions as a strategic option due to changes in the IPO environment [1]