今年以来，A股公司并购重组持续火热，既有强强联合式并购，也有强链补链做大做强。中国船舶吸收 合并中国重工（601989）100%股权获上交所审核通过，打造船舶第一股；海光信息和中科曙光 （603019）披露重大资产重组预案公告，算力产业"软硬协同"再突破；国泰君安与海通证券吸收合并， 整体资本实力显著增强…… 数据显示，截至6月30日，今年上半年已有1502家上市公司披露2000单并购重组相关事项公告。从行业 分布来看，已披露的并购重组案例主要集中在计算机、专用设备、汽车制造、生物医药以及半导体等先 进制造业。 东吴证券首席经济学家芦哲认为，在资本市场加速发展的浪潮中，并购重组作为产业延链补链的关键， 直接关乎创新产业（300832）发展机遇的把握和产业升级的进程。政策支持是并购重组市场的关键驱动 力。为了鼓励和活跃资本市场，助力上市公司实现高质量发展，监管部门推出了一系列直击并购市场难 点痛点的举措，精准发力优化并购重组环境。 聚焦新质生产力 2025年上半年，在政策鼓励、产业升级等多重因素共振下，A股并购重组市场热度持续攀升。数据显 示，截至6月30日，以首次披露日为口径，今年上半年已有1502家上市公司 ...

Core Viewpoint - The semiconductor industry in China is experiencing a significant decline in market-driven capital investment, raising concerns about the future of the sector [1][2][3]. Group 1: Current Investment Trends - Market-driven capital has drastically reduced its investment in the semiconductor sector, with only about 25% of funds from traditional semiconductor investment funds currently allocated to this industry [1]. - State-owned capital is increasingly dominating semiconductor financing, with market-driven funds becoming less involved [1][2]. - State-owned enterprises are shifting their investment focus towards "relocation" projects rather than strategic industry development, indicating a more passive investment approach [1]. Group 2: Challenges Facing Market-driven Capital - The difficulty of listing and exiting semiconductor projects has increased, with stricter A-share listing reviews leading to a significant number of IPO withdrawals [3]. - The risks associated with semiconductor projects have escalated, making market-driven capital hesitant to invest without the ability to share risks through public offerings [3][4]. - The inability to proceed with mergers and acquisitions due to unresolved state-owned capital impairment issues is further discouraging market-driven capital from engaging in the sector [4]. Group 3: Importance of Market-driven Capital - Market-driven capital is essential for the ongoing development of the semiconductor industry, particularly for small-scale, high-risk, and cutting-edge projects [5]. - The international nature of the semiconductor industry requires the agility and risk tolerance that market-driven enterprises can provide, which state-owned capital lacks [5][6]. - The current oversupply of mature technologies and the shortage of advanced technologies necessitate the involvement of market-driven capital to fund high-risk innovation projects [5]. Group 4: Recommendations for Reviving Market-driven Capital - Improving capital market structures to allow for greater risk tolerance and acceptance of innovative projects is crucial for attracting market-driven capital back to the semiconductor sector [7][8]. - Facilitating state-owned capital's exit from underperforming projects is essential for enabling mergers and acquisitions, which are vital for industry consolidation and improvement [8]. - State-owned capital management should become more market-oriented, increasing investment in innovative projects to support the semiconductor industry's growth [8][9].

Core Viewpoint - Shenzhen Yilian Infinite Technology Co., Ltd. (Yilian Infinite) experienced a significant decline in performance after withdrawing its IPO application, leading to a discounted acquisition by Guangyun Da [2][4] Group 1: Acquisition Details - Guangyun Da announced plans to acquire 56.0299% of Yilian Infinite for a total valuation of 6.28 billion yuan, which reflects a significant decrease from the initial IPO valuation of at least 14.7 billion yuan [3][8] - The acquisition involves purchasing 51.1494% from Yilian Infinite's actual controller and 4.8805% from Shenzhen Boyuan Zhili Management Consulting Partnership [4] - The acquisition is not classified as a related party transaction and does not constitute a major asset restructuring under relevant regulations [4] Group 2: Financial Performance - Yilian Infinite's financial performance showed a stark contrast between its IPO application period and the current state, with a reported net profit of only 2,875.09 million yuan in 2024, which is less than 34% of the 2022 figure [7][12] - The company's revenue figures from 2020 to mid-2023 indicated a growth trajectory, with revenues of 375 million yuan, 437 million yuan, 789 million yuan, and 282 million yuan respectively [5][6] - The company's total assets decreased from 4.394 billion yuan in 2022 to 3.354 billion yuan in mid-2023, indicating a downward trend in financial health [6] Group 3: Background and Context - Yilian Infinite's IPO application was submitted in June 2023 but was withdrawn in March 2024 after failing to respond to the second round of inquiries [4][10] - The second-largest shareholder, Wang Zhoufeng, is under investigation for economic crimes, which may have impacted the company's performance and the acquisition terms [9][12] - Guangyun Da aims to integrate Yilian Infinite into its operations to enhance its position in the network communication equipment manufacturing market and expand overseas [10][13]

Core Viewpoint - Hangcha Group plans to acquire Zhejiang Guozi Robot Technology Co., Ltd. to enhance product R&D capabilities and improve its mobile robot product matrix, reflecting a trend of increased M&A activity among listed companies in China due to favorable policies [1] Group 1: M&A Activity and Policy Impact - The number of A-share companies disclosing acquisition plans for IPO candidates has significantly increased from 6 last year to 27 this year as of July 8 [1] - The "Six Opinions on Deepening the Reform of M&A and Restructuring Market" has led to a notable rise in M&A activity, with improved review efficiency and flexibility in payment methods [2][3] - The average review time for M&A transactions has been reduced, exemplified by a case where a company completed the acquisition process in just 6 months [2] Group 2: Reasons for Increased M&A - The demand for exit strategies from venture capital firms has increased, leading to more companies seeking M&A as an alternative to IPOs [3] - Companies in competitive sectors like electronics and semiconductors are accelerating industry consolidation through acquisitions to quickly gain technology and market share [3] - Many IPO candidates are perceived to have valuation advantages, making them attractive targets for acquisitions [3] Group 3: Characteristics of Target Companies - Among the 27 acquisition plans, 19 IPO applications have been accepted, with a majority being technology-oriented companies, particularly in electronics and software sectors [4] - Target companies often have strong compliance and governance structures due to prior IPO counseling, making them suitable for acquisition [4] - Acquiring companies should be cautious of valuation and goodwill risks, as well as ensure compliance and governance integration post-acquisition [4][5]

【导读】光韵达拟收购亿联无限 56% 股权，后者 IPO 失败，业绩、估值双双大缩水 中国基金报记者 南深 IPO 前业绩高增， IPO 撤回后业绩立马跳水，但冲刺资本市场之心不死。为此，深圳市亿联 无限科技有限公司（以下简称亿联无限） " 曲线救国 " ，找到了 A 股公司光韵达，不过估值 相比 IPO 的 " 要价 " ，已经大打折扣。 7 月 8 日晚，光韵达公告，拟以现金方式收购陈政和深圳市博远智联管理咨询合伙企业（有 限合伙）（以下简称博远智联）所持亿联无限合计 56.0299% 股权。本次交易最终完成后， 光韵达将持有亿联无限 56.0299% 股份，取得对标的公司的控制权，标的公司将纳入公司合 并报表范围。 亿联无限曾在 2023 年 6 月提交 IPO 材料，拟冲刺创业板，但在 2024 年 3 月收到二轮问 询后很快撤回， IPO 宣告终止。结合亿联无限彼时招股书披露的数据和此次光韵达披露的财 务数据，亿联无限业绩在 2024 年出现了断崖式下滑，与 IPO 报告期内的高增长形成鲜明反 差。 另外，记者注意到，今年 4 月 16 日光韵达其实已经公告过收购亿联无限的意向协议书，彼 时收购比例 ...

正帆科技：拟收购汉京半导体约62%股权 正帆科技公告称，公司拟以现金方式购买辽宁汉京半导体材料有限公司（以下简称汉京半导体）5名股 东持有的62.23%股权，交易完成后，汉京半导体将成为正帆科技的控股子公司。汉京半导体拥有高精 密石英和先进陶瓷材料制造技术，主要产品包括石英管、石英舟、石英环等。 每经记者｜范芊芊 每经编辑｜文多 并购重组 增减持 严牌股份：控股股东一致行动人拟增持公司股份 严牌股份公告称，公司控股股东、实际控制人的一致行动人天台友凤投资咨询管理有限公司计划自公告 披露日起6个月内，通过深圳证券交易所允许的方式增持公司A股股份，增持总金额不低于1700万元， 不超过3400万元，且增持数量不超过公司总股本的5%。 金域医学：国创开元拟减持不超过1%公司股份 金域医学公告称，公司持股5%以上的股东国创开元股权投资基金（有限合伙）（简称国创开元）计划 通过集中竞价方式减持不超过463.26万股，占公司总股本的1%。减持期间为2025年7月30日至10月29 日。减持原因是股东自身资金需求。 深深房A公告称，预计上半年归母净利润为8500万元至1.2亿元，比上年同期增长1411.70%至 2034. ...

在当前国际贸易环境复杂多变的背景下，光韵达此次收购具有特殊战略意义。亿联无限在巴西、印度等 共建"一带一路"国家已建立完善的销售网络和发展基础，这将帮助光韵达有效规避单一市场风险，实现 业务多元化发展。 技术实力促增长：业绩承诺为交易保障 亿联无限作为曾筹备IPO的高新技术企业，其技术实力与全球化布局受到市场认可。本次交易主要基于 其核心技术及海外市场增长潜力。交易双方约定，亿联无限2025—2027年扣非净利润分别不低于5000万 元、6000万元、7000万元，且目标公司在2025年、2026年和2027年度经审计的累计经营活动现金流量净 额不低于扣非后净利润的50%，未来三年累计承诺净利润达1.8亿元，为本次收购的合理估值提供了有 力支撑。 7月8日晚间，光韵达（300227）(300227.SZ)发布公告，以现金形式收购深圳市亿联无限科技有限公司 (下称"亿联无限")56.03%股权，取得标的公司控制权，第一轮涉及现金3.5亿元。此次收购不仅标志着光 韵达正式切入通信设备制造领域，更将助力公司突破90%业务依赖国内市场的现状，加速全球化战略布 局。 政策东风助力并购落地海外布局正当其时 本次收购恰逢证 ...

证券行业 2025 年中报前瞻 2Q25 业绩修复有望持续，关注龙头与高弹性标的 2025 年 07 月 08 日 ➢ 2Q25 上市券商业绩有望延续高增势头，自营与经纪两大条线收入或温和降 速。2025 年二季度外围贸易扰动影响逐步淡化，资本市场触底反弹，交投热度 再度回升。2Q25 两融余额较一季度有所回落，但同比保持高位。再融资与债权 承销规模持续放量，后续科创板成长层增设与科创板第五套上市标准重启，IPO 规模或逐步修复，投行业务收入有望重回增长区间。我们预计 2Q25 上市券商营 业收入或同比增长 10%，其中自营/经纪/资管/信用/投行业务收入同比增速分别 为+30%/ +26%/ -8%/ -6%/ +20%，归母净利润有望同比增长 20%。 ➢ 第一，自营业务方面，二季度股市触底回升+债市走强，自营投资收益率有 望保持高位。4 月中美日内瓦联合声明后和谈重启，6 月中东地缘紧张局势降温， 稳定币等主题投资推升市场热度。5 月央行降准降息，股债两市向好，我们认为 2Q25 券商自营投资收益率有望保持在 3.0%的高位。前期并购重组主体配套资 金募集完毕，多家券商定增落地推进，同时券商业绩修复，净 ...

【导读】上海晨峦获得腾讯等多路资本入股，注册资本增至 11.61 亿元 中国基金报记者 吴君 " 并购女王 " 刘晓丹旗下公司，获得腾讯入股。 今年 7 月，晨壹基金旗下上海晨峦企业管理合伙企业（有限合伙）（以下简称上海晨峦）获得增资，腾 讯旗下创投公司和基金合计出资超 2 亿元入股，多只国资、民营股权创投基金也入股了，其注册资本增 至 11.61 亿元。上海晨峦今年斥资约 12 亿元，从大华股份等手中收购了 " 乐橙 " 智能家居品牌。 腾讯入股上海晨峦 据国家企业信用信息公示系统网站披露，上海晨峦在今年 7 月 3 日发生投资人（股权）和出资额信息变 更，多家企业入股，其注册资金由 4.61 亿元增至 11.61 亿元。 | 序号 | 变更重频 | 变更前内容 | 变更后内容 | 变更目期 | | --- | --- | --- | --- | --- | | 1 | 合伙协议备案 | 元 | 2025-06-19章程备案 | 2025年7月3日 | | 2 | 出资额变更 | 46100.000000万人民币 | 116100.8200万人民币 广西腾讯创业投资有限公司 出资 15039.00000 | ...

巨头们，又出手做 LP了。 天眼查显示， 7月4日，晨壹基金旗下的上海晨峦企业管理合伙企业（有限合伙）发生工商变 更， 新增广西腾讯创业投资有限公司 、无锡晨壹成长股权投资基金（有限合伙）、厦门金圆 展鸿二期股权投资合伙企业（有限合伙）、珠海众烨投资企业（有限合伙）等为合伙人。 公开信息显示，晨壹基金由原华泰联合证券总裁刘晓丹创立，其首只基金于 2 0 2 0年3月完成备 案，并通过非公开募集方式开展业务。2 0 2 4年3月，原阿里巴巴集团董事会主席兼首席执行官 张勇加入，进一步强化管理团队。 我们关注到， 这并非腾讯今年的第一次出手做 LP ，今年 4月，上海杏泽川禾创业投资合伙企 业（有限合伙）（以下简称"杏泽川禾"）发生工商变更，该基金穿透后出资人新增了腾讯的身 影。变更结束后腾讯投资认缴2亿元，持有杏泽川禾约6 6 . 6 6%的股份，成为基金最大出资方。 今年，上市公司当 LP的活跃，成为一级市场LP出资中的亮点。 " 很多上市公司想成立并购类的基金 ，去投资或并购上下游，特别如果是和 AI、具身智能等 热门概念相关的领域，股价会大涨。并且，投产业链上下游的基金，上市公司所在地的地方政 府也会比较 ...