Wind数据显示，截至最新交易日，目前A股上市公司中，深圳共有18家企业市值超过千亿元；港股上市 公司中，深圳共有10家企业市值超过千亿港元。与此同时，在A股市场和港股市场中，市值超过500亿 元的企业有20家，这些企业涉猎人工智能、机器人、集成电路等战略性新兴产业赛道，有望冲刺千亿级 别。 21世纪经济报道记者 吴佳楠 深圳报道 深圳支持企业并购重组的最新政策，在A股市场上，引动一波特殊行情。 日前，深圳发布《深圳市推动并购重组高质量发展行动方案（2025—2027年）》（简称《行动方 案》）。《行动方案》提出，力争到2027年底，辖区上市公司质量全面提升，境内外上市公司总市值突 破20万亿元，培育形成千亿级市值企业20家。此外，并购重组市场量质齐升，累计完成并购项目超200 单、交易总额超1000亿元，落地一批行业示范案例。 此外，Wind数据显示，今年以来深圳并购市场持续升温。根据最新披露日，今年以来，按照交易竞买 方看，深圳共计发生414件并购事件，其中已完成208件，涉及重大并购重组事件的有11件。 利好消息一出，深圳国资概念股集体大涨。截至10月23日收盘，建科院、深水规院、广田集团、特发信 息、 ...

Core Points - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Development and Reform Commission, issued the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aiming for a significant increase in the quality of listed companies and a total market value of over 20 trillion yuan by the end of 2027 [1][2] - The plan includes ten key tasks focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging mergers and acquisitions to enhance industrial capabilities and technological advancements [1][2] Group 1 - The plan aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, fostering a robust ecosystem for mergers and acquisitions [1] - It emphasizes the importance of cultivating a matrix of merger funds and attracting excellent fund managers to drive the formation of a trillion-level "20+8" industrial fund cluster [1][2] - The action plan encourages private enterprises to engage in mergers and acquisitions for industrial transformation and supports specialized enterprises in acquiring quality assets [2] Group 2 - Shenzhen will establish a project database for merger targets, facilitating the identification of high-potential projects that align with national industrial policies [2] - The plan promotes diverse financing channels for mergers and acquisitions, including cash, shares, and various types of bonds, while encouraging banks to provide credit support [2][3] - It supports collaboration between government investment funds, state-owned platforms, and financial institutions to broaden the coverage of industrial funds [3] Group 3 - The action plan aims to enhance cross-regional merger and acquisition efficiency by supporting leading enterprises to list or refinance in Hong Kong, thereby expanding resource integration [3] - It encourages the Shenzhen Stock Exchange to develop a service system tailored for mergers and acquisitions, enhancing the flexibility of payment and financing tools [3] - The plan also supports struggling listed companies in improving operational efficiency through mergers, restructuring, and bankruptcy processes [3]

编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 四十九，敬请垂注。 近年来，作为坚定践行金融强国战略的积极力量，联储证券以青岛为根据地，以"新财富管理"和"资本 投行"为双轮驱动，持续锻造专业投资能力，在数字金融、养老金融、科技金融等重点领域取得突破性 进展。 据联储证券总经理张强介绍，该公司创新构建"守护+"养老金融服务体系，护航银发群体安享晚年；以 科技引擎重塑数字金融新生态，将交易效能提升百倍；以并购赋能产业升级新格局，助理行业龙头重塑 生态，展现出综合金融服务能力。 构建"守护+"养老金融服务新体系 在人口老龄化加速演进的当下，如何让银发群体的财富管理需求得到专业而精准的回应，已成为金融机 构面临的重要课题。最新数据显示，2025年我国银发经济规模将达到9万亿元，预计2 ...

Group 1 - The core viewpoint of the news is the significant rebound in the Shenzhen stock market, with local stocks leading the gains, particularly in the context of a new government initiative aimed at enhancing mergers and acquisitions in the region [1] - On October 23, all three major indices closed in the green, with Shenzhen local stocks experiencing a substantial surge, highlighted by Jian Kexuan's 20% limit-up and several other stocks like Shen Shui Gui Yuan and Xi Dian Gu Fen rising over 10% [1] - The Shenzhen municipal government has launched an action plan for high-quality development of mergers and acquisitions from 2025 to 2027, aiming for a comprehensive improvement in the quality of listed companies and a total market capitalization exceeding 20 trillion yuan by the end of 2027 [1] Group 2 - The action plan includes goals to cultivate 20 companies with a market value of over 100 billion yuan and to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan [1] - The initiative is supported by multiple local government departments, indicating a coordinated effort to boost the local economy and enhance the competitiveness of Shenzhen's market [1]

Market Overview - The market experienced a rebound with all three major indices rising, driven by a surge in quantum technology stocks and a strong performance in the coal sector [1] - The total trading volume reached 1.66 trillion yuan, with over 3,000 stocks in the Shanghai and Shenzhen markets showing gains [1] Quantum Computing - Quantum computing stocks saw significant gains, with companies like Geer Software, Demai Chemical, and Keda Guokuan hitting the daily limit [4] - Google's Quantum team announced a breakthrough with the Willow quantum chip, achieving a speed 13,000 times faster than the world's strongest supercomputer, paving the way for practical applications of quantum technology in the next five years [4] - The Willow chip demonstrated quantum error correction scalability, completing a task in under 5 minutes that would take classical computers 1,025 years, reaffirming "quantum supremacy" [4] - The industry is reassessing the feasibility of quantum computing technology following these advancements [4][6] Quantum Communication - China Telecom's quantum research team achieved a significant milestone in optical communication, successfully transmitting over 80 kilometers of classical optical signals with quantum key distribution at speeds exceeding 10 Tb/s [5] - This achievement has been recognized internationally, marking China's growing technical strength in quantum communication [5] Shenzhen Local Stocks - Shenzhen local stocks performed strongly, with multiple companies like Guangtian Group and Shen Sai Ge hitting the daily limit [8] - The Shenzhen Municipal Financial Management Bureau released an action plan to promote high-quality mergers and acquisitions from 2025 to 2027, focusing on strategic emerging industries such as integrated circuits and artificial intelligence [8][11] Coal Sector - The coal sector remained active, with companies like Dayou Energy achieving an 8-day consecutive limit up, driven by early winter stockpiling and supply constraints due to adverse weather and production policies [12] - Analysts expect limited supply growth in the fourth quarter, supporting coal prices, while demand is anticipated to rise as winter approaches [12][13] Mergers and Acquisitions - The A-share market has seen a 6.45% year-on-year increase in disclosed mergers and acquisitions, with significant activity in sectors like machinery, semiconductors, and biomedicine [11] - State-owned enterprises are expected to lead a new wave of mergers and acquisitions, supported by policies promoting technology-driven consolidation [11]

Market Overview - The three major indices in the A-share market rose, with the coal sector leading the gains. The total trading volume decreased to 1.66 trillion yuan, and the margin financing balance increased by 8.1 billion yuan from the previous day [1][4]. Economic Indicators - In the first three quarters of this year, China's foreign exchange receipts and payments totaled 11.6 trillion USD, a historical high for the same period. The net inflow of cross-border funds was 119.7 billion USD, and the bank's foreign exchange settlement surplus was 63.2 billion USD, both exceeding the levels of the previous year [2]. - The industrial added value of large-scale enterprises in China grew by 6.2% year-on-year in the first three quarters. The added value of the equipment manufacturing industry increased by 9.7%, accounting for 35.9% of the total industrial output, marking 31 consecutive months above 30% [2]. Policy Developments - Shenzhen has introduced an action plan to promote high-quality development of mergers and acquisitions, aiming to complete over 200 projects with a total transaction value exceeding 100 billion yuan by the end of 2027. The plan emphasizes support for strategic emerging industries and future industries [3]. Sector Performance - The coal, oil and petrochemical, and social services sectors showed the highest gains, increasing by 1.75%, 1.52%, and 1.07% respectively. In contrast, the communication, real estate, and construction materials sectors experienced declines of 1.51%, 0.99%, and 0.91% respectively [4].

Core Viewpoint - Shenzhen state-owned concept stocks have surged against the backdrop of market adjustments, driven by the newly released action plan aimed at promoting high-quality development of mergers and acquisitions [1][2] Group 1: Action Plan Overview - The action plan, issued by multiple Shenzhen government departments, aims to accelerate strategic restructuring and professional integration of state-owned enterprises, enhancing the valuation tolerance for light-asset technology companies in mergers and acquisitions [2][3] - By the end of 2027, the plan targets a total market capitalization of over 20 trillion yuan for listed companies in the region and the cultivation of 20 companies with a market value of over 100 billion yuan [2][3] Group 2: Market Impact - Following the announcement, over 10 stocks, including Jian Ke Yuan and Te Fa Information, hit the daily limit up, indicating strong market enthusiasm for state-owned enterprises [1][2] - The action plan is expected to further accelerate the pace of mergers and acquisitions among local state-owned enterprises, particularly in sectors focused on upgrading traditional industries and enhancing new production capabilities [1][2] Group 3: Fund Establishments - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund was established with an initial scale of 5 billion yuan, focusing on semiconductor equipment, chip design, and advanced packaging [4] - The Jian Yuan Zheng Xing Fund, with a scale of 7 billion yuan, aims to link with existing funds in artificial intelligence and new energy, targeting key sectors such as AI, semiconductors, and new materials [5] Group 4: Financial Ecosystem - Shenzhen's state-owned enterprises have developed a collaborative model for entrepreneurship, innovation, and venture capital, with over 500 funds totaling more than 700 billion yuan, primarily directed towards strategic emerging industries [6] - The establishment of various funds, including seed funds and acquisition funds, supports the development of new production capabilities and enhances the region's technological self-sufficiency [6]

Group 1 - A total of 58 stocks reached the daily limit up today, with 10 stocks achieving consecutive limit ups [1] - 14 stocks attempted to limit up but failed, resulting in a limit up rate of 80% (excluding ST and delisted stocks) [1] - Notable stocks include coal sector stock Daqiao Energy with 8 consecutive limit ups, and Antai Group with 4 limit ups in 6 days [1] Group 2 - Deep Earth Economy concept stocks such as Shenkai Co. and Petrochemical Machinery both achieved 4 consecutive limit ups [1] - M&A and restructuring stock Yingxin Development also recorded 4 consecutive limit ups [1]

Market Overview - The market experienced a rebound in the afternoon, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan compared to the previous trading day [2] Sector Performance - Sectors such as Shenzhen state-owned enterprise reform, coal, and energy metals saw significant gains, while sectors like cultivated diamonds, engineering machinery, and oil and gas faced declines [3] Company Spotlight: Pop Mart - Pop Mart, once a high-flying stock, has recently faced a continuous decline, with a drop of over 11% at one point during the trading day [4] - On October 23, Pop Mart's stock opened significantly lower, hitting a low of 227.2 HKD per share, marking a nearly one-third drop from its historical high of 339 HKD. The latest market capitalization stands at 314.5 billion HKD [6] - Despite Pop Mart's third-quarter performance exceeding market expectations, with revenue growth projected to increase by 245% to 250% year-on-year, investor concerns about potential future growth slowdown have emerged [9] Coal Sector - The coal sector continued to rise, with stocks like Daqo Energy achieving a remarkable 10 gains in 9 trading days. Since October 10, Daqo Energy's stock price has surged by 146% [13] - Daqo Energy reported a third-quarter coal production of 2.9039 million tons, a year-on-year increase of 15%, and sales of 3.071 million tons, up 24% year-on-year. However, coal sales revenue decreased by 7.13% to 1.054 billion yuan [16] - Analysts attribute the coal sector's strength to low valuations, capital inflows into dividend assets, and increased demand for coal due to the upcoming heating season [17] Shenzhen Local Stocks - Shenzhen local stocks experienced a collective surge, with companies like Jian Ke Yuan and Guangtian Group hitting the daily limit up. The rise was influenced by a newly released action plan aimed at promoting high-quality development of mergers and acquisitions in Shenzhen [18][21]

Core Viewpoint - The Shenzhen state-owned enterprise reform sector has shown strong performance, driven by the release of a new action plan aimed at promoting high-quality mergers and acquisitions from 2025 to 2027 [1] Group 1: Market Performance - The Shenzhen state-owned enterprise reform sector opened high and continued to rise, with stocks like Jian Ke Yuan, Guang Tian Group, and Shen Sai Ge hitting the daily limit [1] - Following the announcement of the action plan, there was a rapid influx of short-term capital into the market, leading to multiple stocks reaching their daily limit [1] Group 2: Policy Impact - The Shenzhen Municipal Government issued the "Shenzhen City Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)," aiming for the total market value of listed companies in the region to exceed 20 trillion yuan by the end of 2027 [1] - The action plan focuses on ten key tasks related to mergers and acquisitions, particularly in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine [1] Group 3: Investment Sentiment - The market's positive response to the policy has created a consensus expectation regarding Shenzhen's state-owned enterprise reform, which is likely to attract further speculative investments [1] - Jian Ke Yuan's 20% limit-up performance is expected to draw additional follow-on investments from market participants [1]