沪指延续强势突破3800点，再刷年内新高。市场成交活跃，前期两融再度突破两万亿元，两市成交额最 高触及2.8万亿元。 证券板块业绩与股市走势息息相关，也正因为如此，证券板块被喻为"牛市旗手"。历史市场反弹期间， 证券板块显著跑赢大盘。 本轮A股券商行情来看，相较于H股券商呈现出明显欠涨现象。或许也正是因为如此，资金开始博弈A 股证券板块补涨空间。 根据wind数据，截至8月21日，证券ETF（512880）连续4日净流入额超30亿元。今日盘中成交额突破50 亿元，资金关注度紧密。 国联民生证券表示，当前券商行业PB估值仍在历史底部区域，券商行业仍有弹性空间。 华龙证券表示，市场交投持续活跃直接拉动经纪与自营业务，上半年券商净利润预增趋势向好，ROE有 望进一步提升，政策红利深化打开增量空间，板块估值有望提升。 另外，当前《推动公募基金高质量发展行动方案》落地，欠配的非银板块，有望在市场情绪转折点迎来 更多增量资金配置，券商或许更为受益。 除此之外，证券板块还有稳定币和并购事件催化。受益于稳定币、虚拟资产的发展，头部券商积极推动 香港1/4/9号牌升级，券商或将迎来新的业务蓝海，支撑业绩及估值提升。2024年以 ...

8月22日，富乐德盘中上涨2.05%，截至10:39，报44.83元/股，成交1.65亿元，换手率2.63%，总市值 323.25亿元。 资金流向方面，主力资金净流入472.58万元，特大单买入588.54万元，占比3.57%，卖出165.11万元，占 比1.00%；大单买入3762.06万元，占比22.80%，卖出3712.92万元，占比22.50%。 富乐德今年以来股价涨5.62%，近5个交易日涨2.87%，近20日涨6.55%，近60日跌3.58%。 资料显示，安徽富乐德科技发展股份有限公司位于安徽省铜陵金桥经济开发区南海路18号，成立日期 2017年12月26日，上市日期2022年12月30日，公司主营业务涉及泛半导体领域设备洗净及衍生增值服。 主营业务收入构成为：精密洗净71.77%，维修翻新12.50%，增值服务8.90%，其他6.84%。 截至8月20日，富乐德股东户数3.85万，较上期增加3.94%；人均流通股3671股，较上期减少3.79%。 2025年1月-3月，富乐德实现营业收入2.14亿元，同比增长33.09%；归母净利润2889.59万元，同比增长 18.92%。 分红方面，富乐德A ...

第三条 市值管理的核心目的在于引导公司的市场价值与内在价值趋同，通过聚 焦主业，提升经营效率与核心竞争力，增强公司价值创造能力；通过合规、高效的 信息披露、投资者关系管理，增强公司透明度，提升市场对公司的价值认同；同时 利用科学的资本运作、权益管理等手段，使公司价值得以充分实现，推动公司市值 与内在价值的动态均衡。 第四条 市值管理的基本原则： 深圳市联建光电股份有限公司 市值管理制度 第一章 总则 第一条 为加强深圳市联建光电股份有限公司（以下简称"公司"）市值管 理工作，进一步规范公司的市值管理行为，维护公司、投资者及其他利益相关者的 合法权益，依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司监 管指引第10号—市值管理》《深圳证券交易所创业板股票上市规则》《深圳市联建 光电股份有限公司章程》等其他有关法律法规，结合公司实际情况，制订本制度。 第二条 本制度所指市值管理，是指公司以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 （一）合规性原则：公司市值管理的一切行为均须以相关法律法规及规范性文 件为基石，确保所有市值管理行为合 ...

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，公司考虑实施以 下两种并购活动，一是并购重组液压流体连接件渠道和工厂，形成综合竞争力较强的液压流体连接件产 业规模。二是在国有企业混改期间，可与其维修中心合资组建再制造中心或购买其维修中心进行升级改 造。 ...

8月21日消息 "国家队"国药系大动作，承诺5年内整合天坛生物与派林生物，我国血液制品行业竞争格局将被 彻底改写！ 21日晚间，中国生物收购派林集团一事迎来最新进展。天坛生物公告称，公司收到实际控制人国药集团及控股 股东中国生物出具的承诺函，因中国生物收购派林生物21.03%股份导致与公司新增同业竞争，承诺在五年内通 过包括资产置换、资产出售、资产注入、设立合资企业等方式解决同业竞争问题。同时承诺不新增与天坛生物 主营业务构成竞争的业务，并公平对待下属控股企业。该承诺函自中国生物取得派林生物控制权之日起生效。 随后派林生物收到控股股东中国生物通知，中国生物与派林生物控股股东共青城胜帮英豪投资合伙企业（有限 合伙）（"胜帮英豪"）达成合作意向并签署《收购框架协议》，约定由中国生物或其指定子公司以现金方式协 议收购胜帮英豪持有的全部21.03%派林生物股份，以取得派林生物的控制权。 值得注意的是，中国生物旗下的天坛生物与派林生物的业务重合度极高，二者均以血液制品的研究、开发、生 产和销售为主。 8月4日，天坛生物发布公告称，为避免同业竞争，公司拟放弃收购派林生物商业机会，由天坛生物控股股东中 国生物技术股份有限公 ...

Group 1: Mergers and Acquisitions Overview - During the period from August 15 to August 21, 2025, three listed companies announced new mergers and acquisitions: Zhenyang Development, Tongye Technology, and ST Jinggu, involving three M&A events across the basic chemicals, machinery equipment, and agriculture, forestry, animal husbandry, and fishery industries [1][9]. Group 2: Zhenyang Development - Zhenyang Development primarily engages in the research, production, and sales of chlor-alkali related products, with core products including chlor-alkali products, MIBK products, and PVC products. The chlor-alkali products are widely used in agriculture, electricity, petrochemicals, pharmaceuticals, metallurgy, new energy materials, light industry, textiles, and dyeing [2][10]. - In 2024, Zhenyang Development achieved a main business revenue of 2.898 billion yuan, representing a year-on-year growth of 37.06%, primarily driven by the production and sales of PVC products [2][10]. - The company is undergoing a stock swap merger with Zhejiang Huhangyong Expressway Co., Ltd., which plans to issue A-shares to Zhenyang Development's shareholders [2][10]. Group 3: Tongye Technology - Established in 2000, Tongye Technology specializes in the rail transit industry, with three core product lines: power products, intelligent control products, and motors and fans, covering various rail transit scenarios such as locomotives, subways, and high-speed trains [3][11]. - The company has a nationwide after-sales service network, providing regular maintenance and repair services to ensure the normal operation of equipment. It serves domestic clients like China Railway Corporation and China CRRC, while also exporting products to countries including Kazakhstan, Uzbekistan, Belarus, and South Africa [3][11]. - Tongye Technology plans to acquire 100% of Beijing Silingke Semiconductor Technology Co., Ltd. through a cash payment, aiming to enhance its overall layout and expand its scale and operational performance [3][11]. Group 4: ST Jinggu - ST Jinggu is primarily engaged in the manufacturing of engineered wood products, chemical products from forest resources, and forestry operations. Its engineered wood products include plywood, fiberboard, particleboard, and veneer, widely used in furniture manufacturing and construction [4][12]. - The company operates through self-procurement, production, and sales, utilizing both direct sales and distribution channels to meet diverse customer needs. Its forestry operations focus on land resource management through cooperative afforestation, timber harvesting, and sales [4][12]. - ST Jinggu plans to transfer 51% of its stake in Tangxian Huiyin Wood Industry Co., Ltd. to its controlling shareholder, Zhou Dafu Investment Co., Ltd., in a cash transaction, aiming to divest underperforming assets and optimize its asset structure [4][12].

Group 1: Market Performance - The A-share market has shown significant growth, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, marking a notable increase in investor sentiment and market attractiveness [1] - As of early August, the A-share financing balance exceeded 2 trillion yuan, reaching a 10-year high, with an increase of approximately 150 billion yuan this year [2][3] Group 2: Investor Engagement - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, contributing to a total of 14.5613 million new accounts in the first seven months of 2025, up 36.88% year-on-year [2] - Monthly active users of securities apps reached 167 million in July 2025, reflecting a 3.36% increase from the previous month [2] Group 3: Corporate Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for the year, totaling approximately 1.64 trillion yuan, indicating a trend towards quality improvement and shareholder returns [5] - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling around 12.077 billion yuan, marking the largest dividend since its A-share listing in 2011 [4] Group 4: Mergers and Acquisitions - Since the implementation of policies like "Merger Six Articles," over 200 major asset restructurings have been disclosed in the A-share market, indicating increased activity and scale in the M&A sector [6] - The China Securities Regulatory Commission emphasizes the need to optimize mechanisms for mergers and acquisitions to better support technological and industrial innovation [6] Group 5: Brokerage Activity - Brokerages are experiencing increased activity due to the surge in investor accounts and trading volume, with customer service departments reporting a significant rise in inquiries [7] - Securities firms are enhancing their systems to manage the increased trading volume and are focusing on providing services to technology companies, particularly in response to policies supporting the Sci-Tech Innovation Board [8]

日前，中国人民银行等7部门联合印发《关于金融支持新型工业化的指导意见》（以下简称《意见》） 明确提出，支持上市公司通过整体上市、定向增发、资产收购等形式进行行业整合和产业升级。用资本 市场手段推动企业规模扩大、资源集中，从而完成行业整合和产业升级，将有力赋能打造现代化产业体 系的"航母舰队"。 助力集群化发展 新型工业化并非传统制造业的简单延续，而是打造以科技创新为引领、先进制造业为骨干的现代化产业 体系。《意见》明确要求聚焦新型工业化重大战略任务，为建设现代化产业体系提供高质量金融服务。 这标志着我国金融政策与产业政策的协同深化进入新阶段。 在新型工业化的进程中，打造产业"航母舰队"是建设现代化产业体系的核心载体之一，其以重点产业链 链主企业为"航母"，配套企业为"护卫舰"，形成集群化发展的"航母舰队"编队。一方面要确立"航母"领 航地位，重点培育具有核心技术优势和市场主导力的产业链链主企业，使其成为带动集群发展的核心引 擎；另一方面要组建"护卫舰"协同编队，通过政策引导与市场机制，推动上下游配套企业围绕链主企业 形成紧密协作网络。 资本市场在产业"航母舰队"的锻造过程中扮演重要角色。清华大学国家金融研究院 ...

当前，A股市场并购重组持续活跃，"重量级"央企国企并购进展不断，创新性并购重组案例纷纷涌现。 8月15日晚，中国神华对外披露重组预案，公司拟通过发行A股股份及支付现金的方式，购买控股股东 国家能源投资集团、国家能源集团西部能源投资有限公司所持标的公司股权，并于A股募集配套资金， 共涉及13家公司。此次重组，将根本性改善控股股东与上市公司在煤炭资源开发领域的业务重叠问题， 化解同业竞争，显著提升中国神华煤炭资源战略储备和一体化运营能力，实现上市公司资源总量跨越式 增长。 中国神华的重组，是并购重组热潮的缩影。今年1月至7月，上市公司累计披露资产重组超1000单，是去 年同期的1.4倍，其中重大资产重组133单，是去年同期的2.7倍。 并购重组的制度创新是重要催化剂。2024年以来，证监会持续优化并购重组政策体系，鼓励上市公司通 过资源整合提升核心竞争力。2024年9月，发布《关于深化上市公司并购重组市场改革的意见》（简 称"并购六条"）；2025年5月，为贯彻落实《国务院关于加强监管防范风险推动资本市场高质量发展的 若干意见》等要求，发布《关于修改〈上市公司重大资产重组管理办法〉的决定》。之后，"并购六 条"各 ...

Core Viewpoint - The number of IPOs in A-shares in 2024 reached only 100, the lowest in a decade, leading many companies to shift towards mergers and acquisitions (M&A) as a means to enter the capital market [1]. Summary by Sections M&A Practical Manual Overview - The "M&A Practical Manual" consists of 342 pages and 173,000 words, covering 11 chapters that outline the operational key points and common issues from the perspectives of buyers, sellers, and intermediaries in M&A [4]. Chapter Highlights - **Chapter 1**: Discusses the importance of communication and understanding between buyers and sellers to avoid failures in M&A due to information asymmetry [11]. - **Chapter 3**: Focuses on the design of M&A plans, including considerations for acquisition ratios, methods, operational cycles, performance guarantees, and termination conditions [18]. - **Chapter 4**: Introduces four common pricing methods and three evaluation methods, detailing six aspects to consider when setting performance guarantees [19]. - **Chapter 5**: Explores payment methods in M&A, discussing cash payments, stock payments, and zero acquisitions, along with their advantages and disadvantages [23]. - **Chapter 6**: Emphasizes negotiation strategies in M&A, outlining necessary preparations and tactics for effective negotiation [25]. - **Chapter 9**: Provides insights into the operational logic of acquisitions and major asset restructurings, detailing various acquisition methods such as tender offers and management buyouts, supported by case studies [27][29]. - **Chapter 10**: Focuses on case studies to highlight key points in major asset restructuring, including share lock-up arrangements [10][31]. Additional Considerations - The manual also addresses the role of government subsidies in M&A, emphasizing the need for buyers to consider local government support policies and potential disputes regarding resource allocation post-acquisition [14].