本次活动以"金融聚力，上市引航"为主题，旨在深入学习贯彻党的二十届四中全会精神，邀请专家学者、上市公 司及拟上市公司相关负责人、青年企业家共同探讨并购重组、产业整合、区域金融生态建设，助力长沙民营企业 把握资本市场新机遇、构建产业发展新优势。 现场，华自科技股份有限公司副总经理、董秘宋辉分享的主题为《浅谈并购重组与产业整合》，向大家分析募集 资金、并购重组资产融合及协同发展等内容，并结合企业自身案例，分享如何利用并购重组、再融资等助力主业 发展、布局新赛道。湖南军信环保股份有限公司董事、副总经理、董秘覃事顺分享的主题为《利用并购重组工具 助力上市公司高质量发展》，围绕"构建长沙资本市场发展共同体"的核心观点，分享如何通过共创新生态、共生 产业链，实现企业壮大、金融繁荣与城市发展的共赢格局，携手提升"长沙板块"的资本市场影响力。 来源：长沙晚报 稿源：掌上长沙 2025-11-24 19:24 长沙晚报掌上长沙11月24日讯（全媒体记者 刘俊）11月24日，由长沙市委统战部、长沙市工商联主办，长沙银 行、长沙市上市公司董秘联谊会承办的2025年长沙市上市公司董秘联谊会第四季度主题活动举行。 据了解，近年来，长沙 ...

在科创板深化改革与产业升级的浪潮中，并购重组已成为推动优质资源聚合、加速技术迭代的核心引 擎。迈瑞医疗并购惠泰医疗这桩科创板首单"A控A"并购交易，不仅是资本市场的标志性事件，更以战 略协同为核心、以技术融合为纽带，书写了医疗器械行业深度整合的典范。 惠泰医疗董事长葛昊日前在接受中国证券报记者专访时表示："并购落地后近19个月以来，双方在研 发、营销、业务拓展、运营等多方面都开展了协同工作，其中电生理领域中的技术和产品的协同更是重 中之重。" 在葛昊看来，这场并购的核心是战略同频与技术同源，进而让惠泰医疗在电生理及心血管介入耗材领域 具备与国际一线品牌同台竞技的能力，让中国自主研发、制造的心血管介入产品真正立足全球市场。 战略引领：科创板首单"A控A"并购树立整合标杆 "战略一致是迈瑞医疗与惠泰医疗产业并购顺利整合的核心关键，技术与产品的天然协同，则是双方能 够深度融合的'定心丸'。"回望这场载入科创板发展史册的"A控A"并购交易，葛昊深有感触地表示。 作为科创板首单"A控A"并购案例，迈瑞医疗于去年4月末正式入主惠泰医疗，为资本市场产业并购重组 树立了标杆。与财务型投资的弱整合模式不同，这场并购从伊始就确立 ...

新华社北京11月17日电 《中国证券报》17日刊发文章《从软约束到硬指标 上市公司市值管理迈入新阶 段》。文章称，《上市公司监管指引第10号——市值管理》已发布实施一周年。一年来，随着诸多聚焦 提升上市公司质量的举措相继出台，市值管理工具箱日渐丰富，上市公司积极运用分红回购、并购重 组、股权激励等方式提升投资价值。 市场人士分析，随着市值管理从软约束变为硬指标，上市公司将借力多元化工具进一步提升投资价值， 积极回报投资者。 价值引领 分红回购持续升温 现金分红与股份回购，成为一年来上市公司市值管理工具箱中使用较为频繁的工具。指引鼓励董事会结 合上市公司的股权结构和业务经营需要，推动在公司章程或者其他内部文件中明确股份回购的机制安 排；鼓励董事会根据公司发展阶段和经营情况，制定并披露中长期分红规划，增加分红频次，优化分红 节奏，合理提高分红率，增强投资者获得感。 片。新华社发） 这一政策导向在实践中得到积极响应。近期，多家上市公司在发布回购计划时明确提到市值管理。例 如，九安医疗近日发布公告称，近年来，公司持续通过股份回购开展市值维护工作，并自2025年起有序 推进、实施库存股的注销工作。 中国上市公司协会数据 ...

Core Viewpoint - The implementation of the "Guidance No. 10 on Market Value Management" has led to a significant increase in the use of various market value management tools by listed companies, including cash dividends, share buybacks, mergers and acquisitions, and equity incentives, to enhance investment value and return to investors [1][2][4]. Group 1: Market Value Management Tools - Cash dividends and share buybacks have become frequently used tools in the market value management toolbox, with companies encouraged to establish clear mechanisms for share repurchase and to develop long-term dividend plans [2][3]. - As of October 31, 2023, 1,195 companies in China's stock market have announced 1,525 share buyback plans for 2025, with a total buyback amount of 92.3 billion yuan, of which 36% was from self-owned funds and 26% from cancellation buybacks [2]. - A total of 1,033 listed companies have announced cash dividend plans for the first three quarters, with a total cash dividend amount of 734.9 billion yuan, reflecting an increase in the number of companies engaging in multiple dividends [3]. Group 2: Mergers and Acquisitions - The past year has seen a vibrant A-share merger and acquisition market, characterized by significant activity in the "hard technology" sector and accelerated integration of state-owned enterprises [4][5]. - Notable cases include the acquisition of 72.33% of shares in ChipLink by ChipLink Integrated and the merger of Haiguang Information with Zhongke Shuguang, showcasing the trend of industry consolidation [4]. - Policy support has been crucial for the active M&A market, with recent reforms aimed at enhancing the efficiency and vitality of mergers and acquisitions [5]. Group 3: Equity Incentives - Equity incentives have gained prominence as a market value management tool, with companies encouraged to establish long-term incentive mechanisms [6][7]. - By mid-2023, nearly 3,500 listed companies had implemented equity incentive or employee stock ownership plans, representing 64% of A-share listed companies [6]. - The recognition of equity incentives as a significant method for market value management has deepened, with more companies expected to adopt these tools in the future [7].

Core Viewpoint - The transaction involving the acquisition of assets and fundraising by Yuanda Environmental aims to transform the company from a single environmental engineering firm to a comprehensive platform integrating "environmental protection + electricity" [3][4][5] Group 1: Transaction Details - Yuanda Environmental has completed the issuance of shares and cash payment for asset acquisition, with the new shares expected to be listed on the Shanghai Stock Exchange after the lock-up period [1] - The transaction includes the purchase of 100% equity in Wuling Power Co., Ltd. for approximately 242.67 billion yuan and 64.93% equity in Changzhou Hydropower for about 29.12 billion yuan, totaling around 271.80 billion yuan [2] - The company plans to raise up to 5 billion yuan through a share issuance to no more than 35 qualified investors, with an issue price of 6.55 yuan per share [2] Group 2: Business Transformation - Following the transaction, Yuanda Environmental will expand its main business to include hydropower generation and integrated development operations in the energy sector, alongside its existing environmental services [3] - The acquisition signifies a strategic shift towards a dual-driven model of "environmental protection + electricity," enhancing the company's operational efficiency and market competitiveness [3][4] Group 3: Industry Implications - The merger and acquisition strategy aligns with national goals for high-quality capital market development and resource optimization, supporting the company's transformation and value creation [4] - The integration of hydropower assets is seen as a response to the growing demand for clean energy and environmental protection, positioning Yuanda Environmental favorably within the industry [5] - The combination of "hydropower + environmental protection" is viewed as a significant trend in the industry, potentially setting a new paradigm for large environmental enterprises [5]

Core Viewpoint - ST Zhongzhu (600568) announced that Meihua Investment plans to acquire 10.38% of its shares for 403 million yuan, marking a significant investment by a well-known venture capital figure, Wu Shichun [1][2]. Group 1: Share Acquisition Details - Meihua Investment will acquire shares from Guangzhou Yunying Capital and Zheng Zixian at a price of 1.95 yuan per share, totaling 403 million yuan for 10.38% of ST Zhongzhu [2]. - Following this transaction, Meihua Investment will become the second-largest shareholder of ST Zhongzhu, while the selling parties will no longer hold any shares [2]. Group 2: Company Performance - For the first three quarters of 2025, ST Zhongzhu reported revenue of 433 million yuan, a year-on-year increase of 12.82%, and a net profit attributable to shareholders of -33.78 million yuan, reflecting a 63.44% reduction in losses compared to the previous year [2]. Group 3: Investment Background - Meihua Investment, established on July 3, 2025, is led by Wu Shichun, who founded Meihua Venture Capital in 2014 and has been active in the secondary market this year [3]. - Wu Shichun has previously acquired significant stakes in other companies, including becoming the second-largest shareholder of Mengjie Shares and the largest shareholder of ST Lutong [3]. Group 4: Market Context - The recent policy changes, such as the "Six Merger Rules" introduced in September 2024, support private equity funds in acquiring listed companies for industrial integration, leading to an increase in such cases [3]. - The current market conditions, including reasonable valuations of many listed companies and strong performance in the A-share market, provide favorable opportunities for institutional investors [3]. Group 5: Long-term Strategy - The integration of investments in the secondary market can help venture capital firms accumulate industry resources and optimize their research and investment systems, creating a positive cycle between primary and secondary markets [4].

本刊记者 石青川 近日，国家金融监督管理总局《商业银行并购贷款管理办法（征求意见稿）》（以下简称《办法》）的 征集意见期已到，这意味着并购贷款将迎来新规。 与此同时，资本市场层面、监管层亦明确表态支持上市公司并购重组，致力于打通"科技—产业—金 融"的良性循环。 这一套精准有力的"政策组合拳"，正引导金融活水更安全、更高效地流向符合国家战略方向的产业整合 与升级，为优化经济结构注入强劲的"投资新动力"。 参股型并购纳入新规 《办法》是2024年4月《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》（以下简称新"国 九条"）的延伸。它与新"国九条"提出的"加大并购重组改革力度，多措并举活跃并购重组市场"，今年 新出台的重组审核规则中科创板并购重组分类审核等政策同频共振，形成了从非上市公司到上市公司、 从债务资金到权益资金的全面支持体系。 并购贷款，即企业之间发生并购时，并购方资金可通过贷款方式筹措。 我国最早的《贷款通则》不允许使用商业贷款进行并购与投资，直到 2008年《商业银行并购贷款风险 管理指引》放开了并购贷款业务，但当时要求自有资金更多，也就是杠杆率限制较低。后来经过多次修 订与新规补充，才有了 ...

Core Insights - The light guide plate (LGP) industry in China is experiencing significant growth, driven by advancements in consumer electronics and emerging industries, with market size expected to reach 10.66 billion yuan in 2024 and exceed 11.17 billion yuan in 2025 [1][9][10] - The industry has established a complete supply chain, with domestic production increasing, particularly in high-end materials, while the competition is characterized by local leaders excelling in niche markets and international players maintaining a high-end positioning [1][5][12] Industry Overview - Light guide plates are optical components that convert line light sources into uniform surface light sources, utilizing optical-grade PMMA or PC materials [2][3] - The industry is segmented by manufacturing processes, application scenarios, and substrate types, catering to diverse market demands [3][4] Supply Chain Structure - The Chinese light guide plate industry has a clear and collaborative supply chain, with upstream relying on optical-grade materials and downstream applications expanding into automotive electronics and AR/VR [5][7] - The market is dominated by display panels, lighting, and automotive electronics, which together account for over 97% of market demand [7][9] Current Market Analysis - The market for light guide plates is expanding due to the increasing demand for thinner and higher transparency products in consumer electronics and the rapid growth of automotive displays [9][11] - The overall market size is projected to grow steadily, supported by the continuous influx of LCD panel production capacity into mainland China [10][11] Competitive Landscape - The competition in the light guide plate industry is marked by local leaders focusing on specific segments while international companies maintain a stronghold in high-end optical materials [12][14] - Key players like Tianlu Technology and Nanjiguang are leading in the mid-to-large size segments, while companies like Crystal Optoelectronics and Weiwang Technology are focusing on high-value areas such as AR/VR [12][14] Future Development Trends - The industry is expected to focus on three main areas: technological upgrades, expansion into new application scenarios, and deeper industry integration [15][18] - Technological advancements will drive the shift towards ultra-thin, high-precision, and environmentally friendly materials, while demand will increasingly come from diverse sectors beyond traditional consumer electronics [16][17] - The integration of industry clusters will enhance collaboration and competitiveness among domestic companies, accelerating the process of domestic substitution in high-end products [18]

Core Viewpoint - The company plans to acquire a 60% stake in Inner Mongolia Guocheng Industrial Co., Ltd. for a cash payment of 3.168 billion yuan, enhancing its resource reserves in the non-ferrous metal sector and strengthening its core competitiveness [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing the stake from Guocheng Holdings Group Co., Ltd., making Guocheng Industrial a subsidiary of Guocheng Mining [1]. - The main business of Guocheng Industrial is non-ferrous metal mining, with its core product being molybdenum concentrate [1]. - The acquisition aims to enrich the product structure of Guocheng Mining, which currently focuses on zinc, lead, and copper concentrates [1]. Group 2: Resource and Production Capacity - Guocheng Industrial owns the Dazhuji Molybdenum Mine, one of the largest molybdenum mines in China, with significant resource quality and capacity [1]. - As of August 31, 2023, the mine has a total ore volume of 123.728 million tons and a molybdenum metal quantity of 144,836 tons, with an average grade of 0.117% [1]. - The company is in the process of expanding its mining rights and plans to increase production capacity from 5 million tons per year to 8 million tons per year [1]. Group 3: Financial Projections - In 2024, Guocheng Industrial is projected to generate revenue of 2.185 billion yuan and a net profit attributable to shareholders of 942 million yuan [2]. - For the first half of 2025, the expected revenue is 1.074 billion yuan, with a net profit of 435 million yuan [2]. - The acquisition is seen as a strategic move to enhance the company's resource reserves, profitability, and risk resistance, ultimately benefiting all shareholders [2].

Core Viewpoint - Guocheng Mining plans to acquire 60% of Guocheng Industrial for a cash payment of 3.168 billion yuan, which will enhance its control and diversify its product offerings in the non-ferrous metal sector [1] Group 1: Transaction Details - The acquisition price for the 60% stake in Guocheng Industrial is set at 3.168 billion yuan [1] - Upon completion of the transaction, Guocheng Industrial will become a subsidiary of Guocheng Mining [1] Group 2: Business Impact - The acquisition will allow Guocheng Mining to expand its product portfolio by adding molybdenum concentrate mining to its existing operations, which primarily focus on zinc, lead, and copper concentrates [1] - The transaction is expected to significantly increase the mineral resource reserves of Guocheng Mining, thereby strengthening its overall business layout and industry integration [1] - Enhanced profitability and core competitiveness are anticipated outcomes, which will improve the company's risk resistance and industry influence, ultimately benefiting all shareholders [1]