周恒 制图 多重红利催生并购"乐土" A股公司"竞逐"拟IPO资产 ◎记者 郭成林 近日，建龙微纳公告，拟并购汉兴能源不少于51%的股权，后者曾申报创业板IPO。 建龙微纳并非孤例。据上海证券报记者统计，2025年至今，A股公司宣布并购拟IPO企业的案例已达23 个，并呈加速趋势。自2024年9月24日"并购六条"发布至今，有40家A股公司披露相关事项（包含已终 止）。其中，31家系围绕主业（同业或上下游产业链）展开整合；9家属于跨界并购，体现出传统产业 对新兴赛道的布局意愿。 记者梳理发现，A股公司并购拟IPO资产背后折射出四大亮点和趋势：一是部分交易估值（基于业绩承 诺的市盈率）显著低于可比IPO水平，凸显并购市场价值洼地效应；二是机制简化与流程提效后的审核 周期较IPO大幅缩短；三是多元灵活的支付方式促进了交易的繁荣与成功率提升；四是当前并购大多发 生于科技领域与"双创"板块，未来或有望拓展至更多产业（如大消费）。 政策红利释放与产业整合需求的共振，推动A股并购交易模式发生积极变化。 先看流程提效。 富乐德是重组新规发布后流程提效的最新例证。5月29日，富乐德拟发行股份及可转债购买富乐华100% 股权并 ...

Group 1 - The European banking sector delivered its best performance since 1997 in the first half of 2025, with the Stoxx 600 Bank Index rising by 29%, and many leading stocks reaching their highest levels in a decade [1] - The net interest margin, which had benefited from the European Central Bank's interest rate hikes and recovering loan demand, is expected to decline as interest rates are projected to decrease, potentially compressing banks' profit margins [1][4] - Investors will focus on cost control and non-interest income as banks face the challenge of maintaining profitability without the tailwind of significant interest rate hikes [1][4] Group 2 - Valuation recovery has been largely priced in, with Deutsche Bank, UniCredit, and Santander seeing stock price increases between 50% and 80% year-to-date, and their price-to-book ratios moving above the ten-year average [3] - If economic growth falls short of expectations or credit costs rise, current valuations may lack a safety cushion, especially given the weak manufacturing sentiment and ongoing geopolitical risks [3] - M&A-driven premiums are becoming harder to replicate, as evidenced by the cautious stance of potential buyers regarding high premiums and capital usage, with UniCredit's CEO stating they are no longer considering acquiring Deutsche Bank [3] Group 3 - The second half of the year will be determined by the quality of real earnings, cost management, and asset quality cycles, as the market transitions into a period of interest rate cuts and regulatory changes [4] - The key question is which banks can maintain stability and profitability in a cooling market, as this will dictate the sector's performance in the latter half of the year [4]

Core Viewpoint - Deutsche Bank has added CommScope (COMM.US) to its "Catalyst Call Buy" list, indicating a strong bullish outlook for the stock in the short term, with expectations of significant outperformance over the next three months [1] Group 1: Company Overview - CommScope is a global communication network infrastructure provider based in North Carolina, USA, with approximately 20,000 employees and a history dating back to 1976 [2] - The company offers a full range of products including fiber, copper, wireless, and home network equipment, aimed at helping telecom operators accelerate gigabit/10-gigabit broadband deployment and reduce total cost of ownership [2] - CommScope's business is divided into four core segments: Broadband Networks, Venue & Campus Networks, Outdoor Wireless Networks, and Network, Intelligent Cellular & Security (NICS) [2] Group 2: Financial Outlook - Deutsche Bank analyst Matt Niknam highlighted two main reasons for adding CommScope to the Catalyst Call Buy list: sustained healthy fundamental growth and potential acquisition drivers [3] - The analyst expects CommScope's core adjusted EBITDA for 2025 to approach the upper limit of the company's guidance, estimated at approximately $1.05 billion, with the company's own range being $1.00 billion to $1.05 billion [3] - Deutsche Bank maintains a "Buy" rating on CommScope with a target price of $7.50, anticipating the company will report earnings of $0.23 per share and revenue of $1.27 billion for the second quarter [3]

本报记者 吴晓璐 对此，中金公司研究部首席国内策略分析师李求索在接受《证券日报》记者采访时表示，这有望为上市公司提供更加多元 的主动退市渠道，促进A股市场形成有进有出的良性循环。 "简化审核流程有助于推动行业整合和龙头企业的形成，是深化资本市场改革，推动并购重组市场化、法治化发展的重要 举措，旨在更好地发挥市场在资源配置中的决定性作用。"中央财经大学资本市场监管与改革研究中心副主任李晓在接受《证 券日报》记者采访时表示。 第二类是运作规范、市值超过100亿元且信息披露质量评价连续两年为A的优质公司发行股份购买资产且不构成重大资产重 组的申请。李求索表示，这一方面是对信息披露优秀、与市场沟通良好、为提升市场整体质量做贡献的公司予以奖励，鼓励上 市公司提升信息披露质量。另一方面，针对高市值、信息披露质量高的优质公司设置简易通道，也是一种正向激励，引导上市 公司提升自身质量。 去年9月份，证监会出台《关于深化上市公司并购重组市场改革的意见》（即"并购六条"），此次修订进一步落实相关举 措，通过提高审核效率、提升监管包容度、提高交易灵活性、鼓励私募基金积极参与等，降低交易成本，进一步激发并购重组 市场活跃度，提高上市 ...

作为国内"医美三剑客"之一，昊海生科（06826.HK/688366.SH）实控人蒋伟因涉嫌内幕交易被证监会立 案调查的消息，在资本市场掀起轩然大波。尽管公司紧急撇清"与自家股票无关"，但这场风波仍将这家 玻尿酸巨头的业绩疲软、股价低迷、实控人高额分红等争议推向台前。迷雾之下，昊海生科能否守 住"医美神话"？ 实控人遭立案震动市场：关联交易疑云浮现 5月7日，昊海生科公告称，实控人蒋伟因涉嫌内幕交易被证监会立案调查，但强调"与公司股票无关"。 公告寥寥数语，却引发市场对蒋伟关联交易的"地毯式搜查"。 焦点迅速锁定冠昊生物（300238.SZ）。这家与昊海生科同属生物科技赛道、曾多次卷入内幕交易案的 上市公司，与蒋伟的资本版图存在微妙交集。2020年，4名当事人因内幕交易冠昊生物被罚，最高亏损 逾5300万元。 结语：内忧外患下，昊海生科如何破局？ 对内，实控人涉嫌违规的阴霾尚未消散，业绩颓势与治理争议亟待扭转；对外，集采压力与行业红海竞 争步步紧逼。昊海生科若想重拾资本市场信任，需在合规性审查、研发创新与业务多元化上给出切实答 案。当"医美神话"褪去光环，昊海生科的下一步，或许比以往任何时候都更为艰难。 内幕 ...