人民财讯1月7日电，苏美达（600710）1月7日公告，公司拟通过非公开协议转让方式购买控股股东国机 集团下属国机资产所持有的蓝科高新（601798）股份6000万股，约占蓝科高新总股本的16.92%，转让 价格为6.71元/股，交易总价款为4.03亿元。交易完成后，公司持有蓝科高新21.72%的股权，蓝科高新将 成为公司控股子公司。若本次交易完成，有助于增强公司在能源电力、新型储能、船舶建造等领域的综 合实力，实现强链补链、共赢发展。 ...

（原标题：两大主线！北证市场并购重组持续升温） 刚刚过去的2025年，是北交所公司的并购大年：晶赛科技公开摘牌收购峰华电子，阿为特收购德国企业拓展海外版图，创远信科拟收购微宇天导 实现转型……这些案例，共同勾勒出北交所并购市场的活跃图景。 政策红利与产业需求形成共振，推动北交所并购驶入"快车道"。华源证券表示，2026年，北交所公司的并购热度有望延续，且随着上市公司质量 提升，交易额更大的并购项目值得期待。 大额重组与精准并购同行 2025年，北交所大额重组案例突破性落地，中小体量企业精准并购多点开花，形成了"大小并举、全域覆盖"的格局。 2025年12月22日，五新隧装26.49亿元并购项目获证监会注册通过。公司拟以发行股份支付并配套募资不超过1亿元，收购兴中科技99.9057%股份 及五新重工100%股份。五新隧装称，此次并购可实现业务协同，增强交通基建装备服务能力，同时切入港口物流智能设备新赛道。 中小体量的并购同样亮眼。2025年12月26日，晶赛科技公告，通过公开摘牌方式以1元价格收购峰华电子100%股权，并承担其4187.17万元债务。 峰华电子主营石英晶振产品，与晶赛科技业务高度协同，收购完成后 ...

刚刚过去的2025年，是北交所公司的并购大年：晶赛科技公开摘牌收购峰华电子，阿为特收购德国企业 拓展海外版图，创远信科拟收购微宇天导实现转型……这些案例，共同勾勒出北交所并购市场的活跃图 景。 政策红利与产业需求形成共振，推动北交所并购驶入"快车道"。华源证券表示，2026年，北交所公司的 并购热度有望延续，且随着上市公司质量提升，交易额更大的并购项目值得期待。 大额重组与精准并购同行 2025年，北交所大额重组案例突破性落地，中小体量企业精准并购多点开花，形成了"大小并举、全域 覆盖"的格局。 2025年12月22日，五新隧装26.49亿元并购项目获证监会注册通过。公司拟以发行股份支付并配套募资 不超过1亿元，收购兴中科技99.9057%股份及五新重工100%股份。五新隧装称，此次并购可实现业务协 同，增强交通基建装备服务能力，同时切入港口物流智能设备新赛道。 产业链的垂直整合，也是北交所专精特新企业的并购方向。2025年9月13日，鼎智科技公告拟以1.01亿 元现金收购赛仑特51%股权，标的公司深耕小模数齿轮及微型精密行星减速箱领域，双方整合后将形 成"精密传动+智能驱动"全栈能力，实现"传感—控制—执行 ...

刚刚过去的2025年，是北交所公司的并购大年：晶赛科技公开摘牌收购峰华电子，阿为特收购德国企业 拓展海外版图，创远信科拟收购微宇天导实现转型……这些案例，共同勾勒出北交所并购市场的活跃图 景。 政策红利与产业需求形成共振，推动北交所并购驶入"快车道"。华源证券表示，2026年，北交所公司的 并购热度有望延续，且随着上市公司质量提升，交易额更大的并购项目值得期待。 大额重组与精准并购同行 2025年，北交所大额重组案例突破性落地，中小体量企业精准并购多点开花，形成了"大小并举、全域 覆盖"的格局。 2025年12月22日，五新隧装26.49亿元并购项目获证监会注册通过。公司拟以发行股份支付并配套募资 不超过1亿元，收购兴中科技99.9057%股份及五新重工100%股份。五新隧装称，此次并购可实现业务协 同，增强交通基建装备服务能力，同时切入港口物流智能设备新赛道。 中小体量的并购同样亮眼。2025年12月26日，晶赛科技公告，通过公开摘牌方式以1元价格收购峰华电 子100%股权，并承担其4187.17万元债务。峰华电子主营石英晶振产品，与晶赛科技业务高度协同，收 购完成后将助力公司拓展业务布局、增强市场竞争力。 ...

建筑外面，工人在登高车的助力下，进行着外立面幕墙的打磨；大楼里面，装修工人正在进行室内装饰——新年开工第一天，位于青羊经开 区的青羊总部经济基地产业园四期建设如火如荼。 "项目总投资20.1亿元，总建筑面积约为24万余平方米，地上计容面积17.3万余平方米，地下计容面积约6.7万平方米；建筑功能主要为办公、 配套商业及地下室，修建6栋小高层商业、办公综合楼。目前项目内外装同步推进，整体将于今年内完工。"青羊经开区相关负责人指着已经 矗立成形的楼栋告诉记者。"项目建成后将积极助力青羊经开区加快推进航空产业建圈强链，推动航空产业向更高水平迈进，成为引领成都航 空产业创新发展的重要引擎。" 而在另一边，位于青羊经开区的智能制造片区内，四川新蓉电缆有限责任公司航空专用线缆及智能制造二期项目建设现场同样火热。记者在 现场看到，崭新的厂房已经封顶，工人正在做收尾工作。"接下来项目将迎来高精尖设备的安装调试。"四川新蓉电缆有限责任公司总工程师乔 恩说。这个总投资1.2亿元的项目，不仅是新蓉电缆的一次战略跃迁——从为城市铺设"神经与血脉"，到为航空航天、机器人等尖端领域打 造"智能传输生命线"，更是为成都的航空航天产业"补链 ...

Summary of Rongsheng Petrochemical Conference Call Company Overview - Rongsheng Petrochemical is a leading integrated enterprise in the polyester industry chain, with a refining and chemical integration project capacity of 40 million tons, covering crude oil processing, PX, and ethylene production [2][3] - The company's business focuses on the polyester industry chain, including PX aromatics, PTA, polyester filament, and bottle-grade PET, as well as olefin products and refined oil [2][3] Revenue and Profit Composition - The revenue and profit of Rongsheng Petrochemical primarily come from chemicals, refined oil, PTA, and polyester films, with chemicals and refining being dominant [4] - The refined oil segment is relatively stable, while the chemical segment experiences cyclical profit fluctuations. PTA profits have been declining since 2021, but recent price differentials are gradually recovering [4] Future Growth and Capacity Expansion - Rongsheng Petrochemical is transitioning from a rapid growth phase to a high-quality development phase, expanding upstream to PTA and achieving a 40 million tons refining integration project [2][5] - New capacities are expected to gradually come online in 2026 and 2027, focusing on high-end new materials and high-performance resins [5] - The company has a strategic partnership with Saudi Aramco, which holds a 10% stake and commits to supplying 24 million tons of high-quality crude oil annually [5] Industry Dynamics and Policy Changes - The Ministry of Industry and Information Technology and six other departments have issued a "Stabilizing Growth Work Plan for the Petrochemical Industry," which aims to control new refining capacity and monitor the scale of new ethylene and PX capacities [6] - The PX market has seen capacity increases since 2023, but new investments are limited in the next two years, with downstream PTA and end-use bottle and filament demand growing at a compound rate of 5% to 6% [7] PTA and Polyester Market Outlook - PTA accounts for 99.5% of PX demand and is a crucial intermediate product. The production of PTA has been increasing, but no new investments are planned after 2026, indicating the end of the expansion cycle [8][9] - The polyester bottle market has shown stable growth, with exports increasing from 2.68 million tons in 2018 to 5.8 million tons in 2024, reflecting a year-on-year growth of 13.7% [10] - The polyester filament market is expected to see price recovery due to ongoing demand and production adjustments by leading companies [11] Profitability Forecast - Future revenue projections for Rongsheng Petrochemical are estimated at CNY 304.5 billion, CNY 322.3 billion, and CNY 330.5 billion over the next three years, with corresponding net profits of CNY 1.38 billion, CNY 2.27 billion, and CNY 2.57 billion [18] - The company maintains a favorable valuation outlook, with target prices indicating a potential upside of nearly 20% from current levels [19] Additional Insights - The domestic refining industry is approaching a policy threshold of 1 billion tons, leading to the accelerated elimination of small-scale refineries and a concentration on large-scale integrated projects [13] - The increase in sulfur prices has positively impacted Rongsheng Petrochemical's profitability, with significant margins expected from sulfur production [17]

Group 1 - Chip stocks showed strength in early trading, with notable increases: SMIC (00981) up 4.23% to HKD 67.75, InnoCare (02577) up 3.31% to HKD 73.45, Hua Hong Semiconductor (01347) up 3.25% to HKD 69.95, and ASMPT (00522) up 2.82% to HKD 76.45 [1] - Recent changes in the ownership structure of Anji Liwei have attracted attention, with the original shareholder, Anji Electronics, officially exiting, while new shareholders including the National Integrated Circuit Industry Investment Fund (Phase III) and local investment groups have joined [1] - The entry of the National Fund Phase III is seen as a recognition of the company's technological capabilities in the field of packaging substrates, which are critical for connecting chips to PCBs, characterized by high technical barriers and low domestic production rates [1] Group 2 - The National Fund Phase III, established as a national capital platform for the semiconductor industry, focuses on advanced manufacturing, high-end chip design, critical materials/equipment, and third-generation semiconductors, emphasizing "strengthening the chain and supplementing the chain" and "industry chain collaboration" [1] - The investment from the National Fund and local state-owned assets in Anji Liwei is expected to accelerate the company's high-end substrate production capacity and technological iteration, addressing domestic gaps in the market [1]

Economic Development - Ganyu District has been implementing the "industrial-based, industry-strong" strategy since the 14th Five-Year Plan, achieving a significant increase in GDP and transitioning the service sector from a secondary to a primary focus [1] - The district's GDP has crossed two hundred billion thresholds, with a total fixed asset investment of 1369.34 billion yuan and effective industrial investment of 668 billion yuan [1] - Ganyu has been recognized as one of the "Top 100 Districts in National Investment Potential," ranking 35th [1] Industry and Innovation - New Hai Petrochemical Co., Ltd. has entered the Jiangsu Top 100 Enterprises and Jiangsu Manufacturing Top 100 Enterprises lists, showcasing Ganyu's strength in the petrochemical industry [2] - Ganyu is addressing common challenges in upgrading the petrochemical industry by expanding into LNG and LPG storage and transportation, as well as high-performance chemical materials [3] - The district has established a comprehensive industry-academia-research cooperation system, enhancing technological innovation and collaboration with universities [4] Infrastructure and Project Development - Ganyu is actively constructing innovation platforms and accelerating the introduction of fine chemical projects, creating a complete industrial gradient from basic raw materials to end applications [5] - The district has implemented a "commitment to start construction" model, significantly reducing the time required for industrial project approvals [9][10] - A total of 33 industrial projects have received "commitment to start construction" approvals this year, saving an average of over 45 days for each project [9] Service and Efficiency Improvements - Ganyu has launched a "cloud issuance" reform to simplify the process of obtaining necessary documents, significantly reducing the burden on businesses and residents [7][8] - The district has processed over 20,300 documents through the cloud issuance platform, enhancing the efficiency of public services [8] - The "commitment to start construction" model has streamlined the approval process, reducing required materials by 77% and approval time by over 50% [10]

Core Viewpoint - The establishment of the integrated polystyrene new materials project by Huizhou Renxin New Materials Co., Ltd. represents a significant investment of 3.8 billion yuan, aimed at strengthening and supplementing the industrial chain in the Daya Bay petrochemical area, thereby enhancing the resilience of the industry chain [1] Group 1 - The project has a total investment of 3.8 billion yuan and is expected to generate an annual output value of approximately 7.8 billion yuan upon reaching full production [1] - The project will produce various materials, including 128,000 tons/year of low-cis polybutadiene new materials (LCBR), 550,000 tons/year of high-impact polystyrene (HIPS), and 100,000 tons/year of polymethyl methacrylate (PMMA) [1] - The main raw materials for the project will be sourced from related enterprises within the Daya Bay petrochemical park, utilizing advanced domestic and international technologies to create high-value-added products [1] Group 2 - The project aims to fill the gap in the domestic and South China markets for products such as PMMA, MS, LCBR, and SSBR, thereby improving the profitability and risk resistance of upstream and downstream enterprises in the Daya Bay petrochemical park [1] - The initiative is expected to transform the resource utilization status of bulk general products in the park, establishing it as the world's largest polystyrene manufacturing base and a comprehensive optical-grade polymer new materials manufacturing base [1]

Core Viewpoint - The merger and acquisition (M&A) market is experiencing a new trend focused on strategic collaboration and strengthening the industrial chain, with a significant increase in disclosed M&A activities this year compared to the previous year [1] Group 1: M&A Market Trends - As of November 23, 151 companies have disclosed M&A activities this year, significantly surpassing the same period last year [1] - Deep mergers driven by industrial integration have become mainstream, indicating a shift in M&A strategies [1] - Market participants expect that M&A activities driven by leading enterprises and "chain masters" in the industry will remain active [1] Group 2: Future Outlook - Future M&A will focus more on horizontal collaboration and vertical extension, suggesting a strategic shift in how companies approach mergers [1] - Qualifying high-quality enterprises are expected to receive more policy support, which may further enhance the activity level of industrial mergers [1] - State-owned enterprises (SOEs) are anticipated to play a significant role in industrial integration, with broader development opportunities ahead [1]