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，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，助力行业龙头重塑生 态。 构建"守护+"养老金融服务体系 证券时报记者了解到，联储证券正积极布局养老金融领域，创新推出"守护+"养老金融服务体系，通过 专业化的产品设计与全流程的服务升级，满足新时代居民养老需求。 在产品端，该公司针对不同客户需求提供差异化方案：为有理财需求的客户，严选以"低波稳健"为特色 的养老产品线，提供安心钱袋计划和悦享人生计划基金投资方案；为有股票交易需求的客户配备"金辉 管家"账户诊断和投顾服务。 在财富传承领域，联储证券为富裕银发客户提供传承FOF专户、家族信托等专业服务，帮助实现财富有 序传承，并推出覆盖家庭不同成员、不同生命周期的财富管理方案。 张强表示，"守护+"体系承载着公司对银发客户的多重承诺：守护财富，抵御通货膨胀， ...

深圳将建立上市公司并购重组标的项目库，《行动方案》提出，加快推出一批符合国家产业政策、具备 并购重组潜力、具有发展前景的优质项目，形成"后备一批、意向一批、储备一批"的滚动实施机制。 在丰富拓展并购重组融资渠道方面，《行动方案》鼓励符合条件的企业综合运用现金、股份、定向可转 债、科创债券等方式实施并购重组，用好重组股份对价分期支付、配套募集资金储架发行等机制。鼓励 银行机构通过并购贷款、银团贷款、投贷联动等方式对企业市场化兼并重组给予信贷支持。探索开展非 居民并购贷款、科技型企业并购贷款创新试点等。 《行动方案》鼓励各级政府投资基金和国资平台与银行金融资产投资公司（AIC）、险资等金融机构， 以及"链主"企业、龙头上市公司等产业资本开展产业基金合作，拓宽上市公司与国资共同设立产业基金 的覆盖面。鼓励社会资本参与并购重组。开展私募股权创投基金份额转让试点，支持私募股权二级市场 基金（S基金）为并购重组项目提供接续型、赋能型融资资源。稳妥支持各类耐心资本及境外投资者通 过战略投资、合格境外机构投资者（QFII）、合格境外有限合伙人（QFLP）等方式参与我市企业并购 重组。 "联通香港资本市场打通境内外并购资源。" ...

Core Viewpoint - The "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aims to enhance the local M&A market ecosystem and facilitate efficient M&A projects by listed companies, with a core target of completing over 100 billion yuan in M&A transactions by the end of 2027 [1] Group 1: Development Goals - The plan sets multiple development goals, including completing over 200 M&A projects, cultivating industry demonstration cases, achieving a total market value of over 20 trillion yuan for listed companies, and forming 20 enterprises with a market value of over 100 billion yuan [1] - Shenzhen aims to establish a matrix of M&A funds, nurture excellent fund managers, and create a trillion-yuan "20+8" industrial fund cluster covering key industrial chains [1] Group 2: Asset Side - The plan focuses on guiding the "20+8" industries, supporting leading companies in strategic emerging industries to conduct upstream and downstream M&A, and encouraging future industries to achieve scale expansion and technological breakthroughs through acquisitions [2] - It emphasizes supporting specialized and innovative enterprises in acquiring quality assets or participating in restructuring, while enhancing the valuation tolerance of local state-owned listed companies for light asset technology firms [2] - Shenzhen will establish a project database for key M&A targets, creating a rolling reserve system through a mechanism of "city-district linkage + departmental collaboration + market recommendation" [2] Group 3: Funding Side - The plan aligns with new regulations from the China Securities Regulatory Commission on M&A payment tools, introducing flexible payment methods such as installment payments and supporting fundraising for M&A [3] - It innovates "M&A+" financing tools, exploring pilot programs for non-resident M&A loans and technology enterprise M&A loans, while reducing M&A risks through financing guarantees and insurance [3] - The plan encourages social capital to participate in M&A through CVC and industrial funds, and promotes direct investment, M&A funds, and asset securitization [3] Group 4: Cross-Border Resource Allocation - The plan proposes measures to optimize cross-border resource allocation, supporting Shenzhen enterprises to list or refinance in Hong Kong to enhance cross-border M&A efficiency [3] - It encourages the use of cross-border asset transfers, dual equity investments, and syndicate loans to facilitate cross-border acquisitions, and promotes cooperation between Shenzhen and Hong Kong in establishing equity investment funds for industrial M&A [3] Group 5: Ecological Services and Risk Prevention - Shenzhen will support the Shenzhen Stock Exchange in building an M&A adaptation system and conducting specialized research, while promoting the integration of technology M&A business with the intellectual property trading center [4] - The plan emphasizes risk prevention by strengthening the prevention of malicious acquisitions and compliance reviews, and establishing a special coordination mechanism to streamline project approvals and reduce costs [4]

Core Insights - Shenzhen's local financial management bureau and other departments released a significant policy document titled "Shenzhen's Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" to support corporate mergers and acquisitions [2] - The plan outlines ten key tasks aimed at enhancing the resource allocation function of mergers and acquisitions, supporting listed companies in Shenzhen to inject quality assets and improve investment value [2][3] - By the end of 2027, the plan aims for a comprehensive improvement in the quality of listed companies, with a total market capitalization of domestic and foreign listed companies exceeding 20 trillion yuan, and the cultivation of 20 companies with a market value of over 100 billion yuan [2] Industry Focus - The plan emphasizes the importance of mergers and acquisitions in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to engage in upstream and downstream mergers and acquisitions [3] - It aims to support the acquisition of quality unprofitable assets that enhance key technology levels and strengthen industrial chains [3] Market Environment - Since the release of the "Six Guidelines for Mergers and Acquisitions" last September, the activity in the mergers and acquisitions market has significantly increased, primarily driven by industrial integration and new productivity mergers [5] - As of June this year, Shenzhen listed companies announced 215 merger and acquisition plans, with 160 disclosing transaction amounts totaling over 45 billion yuan [5] Case Studies - BYD's acquisition of Jabil Inc.'s mobile electronics manufacturing business in China exemplifies how mergers can complement existing operations and expand market opportunities [6] - Luxshare Precision's acquisition of Qorvo's semiconductor assets in China enhances its vertical integration capabilities in the electronic information industry [6] Financing and Support Measures - The plan proposes expanding financing channels for mergers and acquisitions, encouraging the use of cash, shares, and various bond instruments [8] - It also emphasizes the construction of a patient capital system to support quality mergers and acquisitions, involving local industry funds and angel investment funds [8][9] Cross-Border Collaboration - The plan highlights the importance of connecting Shenzhen with Hong Kong's capital market to facilitate cross-border mergers and acquisitions, enhancing the influence of Shenzhen's capital market [10] - It encourages the establishment of equity investment funds to invest in industrial merger projects and supports the Shenzhen Stock Exchange in building a comprehensive service platform for mergers and acquisitions [10]

Core Points - Shenzhen has released an action plan for promoting high-quality development of mergers and acquisitions (M&A) from 2025 to 2027, aiming to enhance the quality of listed companies and increase the total market value of domestic and foreign listed companies to over 20 trillion yuan by the end of 2027 [2][25]. Group 1: Goals - By the end of 2027, the plan aims for a comprehensive improvement in the quality of listed companies, with over 20 companies achieving a market value of 100 billion yuan each, and a total of over 200 M&A projects completed with a transaction value exceeding 100 billion yuan [5][26]. Group 2: Focus Areas for M&A - The plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to acquire quality assets that enhance supply chains and key technologies [6][27]. Group 3: Project Database - A project database for M&A targets will be established, covering key industrial sectors in Shenzhen, with a mechanism for project recommendation and selection [8][28]. Group 4: Financing Channels - The plan encourages the use of various financing methods for M&A, including cash, shares, and bonds, and promotes bank support through loans and innovative financing models [10][29]. Group 5: Patient Capital System - A patient capital system will be constructed to support M&A, involving government investment funds and private equity to foster technology-driven small and medium enterprises [14][30]. Group 6: Participation of Social Capital - The plan supports the involvement of venture capital and private equity funds in M&A, promoting mechanisms that align investment timelines with restructuring outcomes [16][30]. Group 7: Connecting with Hong Kong Capital Market - The plan supports leading companies in Shenzhen to list or refinance in Hong Kong, enhancing cross-regional M&A efficiency and resource integration [16][31]. Group 8: M&A Service Platform - A comprehensive service platform for M&A will be established to provide full-cycle support for projects, including training and research on M&A practices [18][32]. Group 9: Market Service Ecosystem - The plan aims to optimize the service ecosystem for M&A by enhancing the capabilities of financial institutions and supporting the establishment of leading investment banks [20][33]. Group 10: Risk Prevention - Measures will be implemented to strengthen risk monitoring and compliance in M&A activities, ensuring the integrity of transactions and preventing unethical practices [22][34]. Group 11: Mechanisms and Support Measures - A special coordination mechanism will be established under the leadership of the municipal financial committee to facilitate M&A projects, with streamlined processes for approvals and support for key projects [24][35].

Group 1 - China's foreign exchange receipts and payments reached a record high of $11.6 trillion in the first three quarters of this year, with a net inflow of $119.7 billion and a surplus of $63.2 billion in bank foreign exchange settlement and sales, both exceeding last year's levels [2] - Shenzhen's government aims to enhance the quality of listed companies, targeting a total market value of over 20 trillion yuan by the end of 2027, with plans for over 200 merger and acquisition projects totaling over 100 billion yuan [2] - The National Press and Publication Administration approved 159 domestic online games in October [3] Group 2 - Huawei officially launched HarmonyOS 6, which enables cross-ecosystem connectivity and data transfer with Apple devices without using data, enhancing data flow across devices [5] - Wihua New Materials reported a 250.04% year-on-year increase in net profit for the third quarter [8] - Haon Automotive received a contract for its APA automatic parking system, with an estimated total revenue of approximately 576 million yuan [8] - Time Space Technology plans to acquire 100% of Jiahe Jingwei, entering the storage sector, and will resume trading of its stock [8] - Kele Co. intends to acquire at least 50% of Kesheng Electromechanical, targeting the high-end coating equipment sector [8] - China Unicom plans to spin off its subsidiary Zhinet Technology for a listing on the ChiNext board [8] - Binhua Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange [8] - Duofluorid reported a 407.74% year-on-year increase in net profit for the first three quarters [8]

Core Insights - The Shenzhen government has launched an action plan to promote high-quality mergers and acquisitions (M&A) from 2025 to 2027, aiming for a significant increase in the quality and quantity of listed companies and M&A activities in the region [1][2] Group 1: Action Plan Goals - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the goal of nurturing 20 companies with a market value of over 100 billion yuan [1] - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, establishing a number of industry demonstration cases [1] - A matrix of M&A funds will be developed to foster excellent fund managers, leading to the formation of a trillion-yuan "20+8" industrial fund cluster [1] Group 2: M&A Strategy - The action plan emphasizes a "new" approach to M&A, supporting leading companies in strategic emerging industries to conduct upstream and downstream acquisitions [2] - It encourages the acquisition of unprofitable high-quality assets to strengthen supply chains and enhance key technological capabilities [2] - The plan supports both private and state-owned enterprises in their transformation through M&A, particularly focusing on "specialized, refined, distinctive, and innovative" companies [2] Group 3: Market Context - As of August 31, there are 424 A-share listed companies in Shenzhen, with a total market capitalization of 11.16 trillion yuan [2]

Core Viewpoint - Shenzhen has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", aiming to enhance the merger and acquisition market ecosystem and facilitate efficient implementation of mergers and acquisitions by listed companies [1] Group 1: Goals and Objectives - By the end of 2027, the total market capitalization of domestic and foreign listed companies in Shenzhen is expected to exceed 20 trillion yuan, with 20 companies achieving a market value of over 100 billion yuan [1] - The plan aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan, establishing a number of industry demonstration cases [1] Group 2: Key Tasks - The action plan outlines five key tasks to build a comprehensive merger and acquisition ecosystem [1] - It emphasizes the importance of asset upgrades and categorizes mergers and acquisitions based on the "20+8" industry framework [2] Group 3: Funding Mechanisms - The plan introduces various financial tools to enhance the effectiveness of mergers and acquisitions, including flexible payment methods and innovative financing tools such as merger loans and syndicate loans [3] - It encourages social capital participation through venture capital and industry funds, and supports private equity funds in direct investments and asset securitization [4] Group 4: Cross-Border Cooperation - The action plan highlights the advantages of Shenzhen's proximity to Hong Kong and Macau, promoting cross-border mergers and acquisitions and resource allocation [5] - It supports Shenzhen enterprises in utilizing both domestic and international markets for financing and resource integration [5] Group 5: Ecological Services - The plan calls for the establishment of a comprehensive merger and acquisition service platform to support strategic emerging industries and leading companies in their acquisition efforts [6] - It encourages the acquisition of unprofitable quality assets to strengthen supply chains and enhance technological capabilities [6] Group 6: Risk Management - The action plan emphasizes the need for compliance checks in key merger transaction stages and the prevention of malicious acquisitions [7] - It proposes the establishment of a special coordination mechanism to facilitate merger and acquisition processes and improve service for key projects [7] Group 7: Talent Development - The plan supports the development of a talent cultivation program for merger and acquisition professionals, focusing on individuals with a dual background in industry and finance [8] - It encourages the establishment of headquarters or branches of global professional service institutions in Shenzhen to enhance the local merger and acquisition service capabilities [8]

Core Viewpoint - Shenzhen has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", outlining a clear blueprint for enhancing the M&A market ecosystem and facilitating efficient M&A activities for listed companies [1] Group 1: Goals and Targets - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the aim of nurturing 20 companies with a market value of over 100 billion yuan [1] - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, establishing a number of industry demonstration cases [1] Group 2: Asset Side Initiatives - The action plan emphasizes the logic of industrial upgrading through M&A, focusing on the "20+8" industries, supporting leading companies in strategic emerging industries to conduct upstream and downstream acquisitions [2] - It encourages private and state-owned enterprises to pursue transformation through M&A and supports specialized enterprises in acquiring quality assets [2] - A project database for M&A targets will be established, creating a rolling reserve system for potential projects [2] Group 3: Funding Mechanisms - The plan introduces various financial tools to enhance the effectiveness of M&A, including flexible payment methods and innovative financing tools such as M&A loans and syndicate loans [3] - It encourages social capital participation through corporate venture capital and industry funds, and aims to attract long-term capital and foreign investors [3] Group 4: Cross-Border M&A Support - The action plan highlights the importance of leveraging Shenzhen's proximity to Hong Kong and Macau to optimize resource allocation for cross-border M&A [4] - It supports the establishment of equity investment funds for industrial M&A projects and encourages collaboration between exchanges in Shenzhen and Hong Kong [4] Group 5: Ecosystem Services - The plan calls for the establishment of a comprehensive M&A service platform to support the development of a conducive environment for M&A activities [5] - It encourages the Shenzhen Stock Exchange to enhance its system for M&A and restructuring, and to promote research on M&A related to the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area [6] Group 6: Risk Management - The action plan emphasizes the need for compliance checks in key M&A transactions and the prevention of malicious acquisitions [6] - It proposes the establishment of a special coordination mechanism to facilitate M&A activities and streamline approval processes for key projects [7]

Core Viewpoint - The Shenzhen Municipal Government has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", aiming to enhance the quality of listed companies and establish a robust M&A ecosystem by 2027, with a target market capitalization exceeding 20 trillion yuan and over 200 completed M&A projects totaling more than 100 billion yuan [1][2]. Group 1: Key Tasks - The action plan focuses on five key tasks to build a comprehensive M&A ecosystem [2]. Group 2: Asset Side - The plan emphasizes an industrial upgrade M&A logic, categorizing guidance for the "20+8" industries and establishing a project database for key sectors, creating a rolling reserve system for M&A targets [3][4]. Group 3: Funding Side - Various financial tools will be utilized to enhance the effectiveness of M&A, including flexible payment methods and innovative financing tools like M&A loans and syndicate loans, as well as encouraging social capital participation through venture capital and industry funds [4][5]. Group 4: Cross-Border M&A - The plan aims to leverage Shenzhen's proximity to Hong Kong and Macau to optimize resource allocation, support cross-border M&A financing, and encourage local enterprises to utilize both markets for development [5][6]. Group 5: Ecological Services - The action plan calls for the establishment of a comprehensive M&A service platform to support the ecosystem [8]. Group 6: Risk Prevention - The plan highlights the need for compliance checks in M&A transactions, prevention of malicious acquisitions, and the establishment of a special coordination mechanism to facilitate M&A processes, including green channels for key projects [9].