公司拟通过发行股份及支付现金相结合的方式，收购锦州辽晶电子科技股份有限公司（简称"辽晶电 子"）100%股份，同时拟向不超过35名特定投资者发行股份募集配套资金。该交易构成重大资产重组。 出品：新浪财经上市公司研究院 文/夏虫工作室 核心观点：观想科技自上市以来营收并未放量大增，三季报收入不足亿元。持续羸弱的业绩，在退市新 规下其是否可能借助重组保壳？然而，收购标的营收规模也不大，业绩呈现出波动。此外，收购标的所 处赛道呈现新进入的市场竞争者不断增多、行业内竞争格局日趋激烈、中低端领域同质化加剧、核心技 术竞争日益升级等特点，未来能否提升上市公司质量或有待观察。 近日，观想科技重组预案出炉。 观想科技重组打响保壳战？ 为何观想科技重组？ 业内人士给出以下几点动机：一是，主业"天花板"压顶，必须找第二曲线，即传统业务如建材等行业增 长乏力，甚至连续亏损，公司只能"借船出海"买技术、买赛道；二是，市值管理与"保壳"诉求，题材溢 价诱惑大，即跨界热门赛道（如芯片、AI、商业航天、生物制造）能在短期内重构估值逻辑，带来股 价大幅上涨，连续亏损公司还可通过并表新业务改善财报，规避退市风险，形成"故事—市值—融资"正 循 ...

绑定三年业绩承诺 1月5日晚，国内血液净化领域龙头企业山东威高血液净化制品股份有限公司（以下简称"威高血净 （603014）"）发布重大资产重组草案，拟以发行股份方式，作价85.11亿元收购山东威高普瑞医药包装 有限公司（以下简称"威高普瑞"）100%股权。根据重组草案，本次交易的标的公司威高普瑞，与上市 公司威高血净同属一个实际控制人陈学利，且交易完成后上市公司实际控制人仍为陈学利，因此本次资 产重组为同一控制下的资产整合，通过本次交易，威高血净也将拓展至医药包材赛道。 收购"自家"资产 根据交易草案，本次交易标的威高普瑞100%股权的评估值为85.11亿元，较其账面净资产增值约 192.90%。交易对价将全部以发行股份方式支付，发行价格为31.29元/股。交易完成后，威高普瑞将成 为上市公司的全资子公司。 本次收购是威高体系内部的资源整合。草案显示，本次交易对方包括山东威高集团医用高分子制品股份 有限公司（以下简称"威高股份"）、威海盛熙企业管理咨询中心（有限合伙）（以下简称"威海盛熙"） 和威海瑞明企业管理咨询合伙企业（有限合伙）（以下简称"威海瑞明"），三者均为上市公司实际控制 人陈学利所控制的企业。 ...

南方财经21世纪经济报道记者郑青亭、实习生陈颖 北京报道 1月5日，在中国—韩国商务论坛间隙，TCL创始人、董事长李东生向21世纪经济报道记者等中国媒体表 示，面对全球经济格局的演变，中韩企业应在产业链与技术领域寻求更多互利共赢的合作方式，共同提 升全球竞争力。 "这种竞争是良性的。"李东生表示，"进入韩国这样一个高端市场，实际上是对TCL产品与技术水平 的'反向促进'，将促使我们不断追求卓越，最终推动双方共同进步。" 谈及中韩经贸关系的未来，李东生认为，中韩自贸协定为两国企业合作奠定了坚实基础。中韩是地理近 邻，这为合作带来了效率与成本优势。面对科技快速发展和全球产业链重构，两国企业应在技术研发与 产业链整合上寻找更多切入点。 "我们不回避竞争，但更看重合作带来的价值。"李东生说，"未来，我们期待与韩国伙伴在更广泛的领 域创造出更多共享价值，实现共同发展。" 中国—韩国商务论坛由中国贸促会和韩国大韩商工会议所共同主办，来自中韩两国的政府官员、工商界 人士、专家学者等400余人出席。论坛上，中韩两国企业家围绕"制造业创新、供应链合作""消费品新市 场""服务业合作"三大议题进行深入研讨，并在全体会议后进行交流 ...

"这种竞争是良性的。"李东生表示，"进入韩国这样一个高端市场，实际上是对TCL产品与技术水平 的'反向促进'，将促使我们不断追求卓越，最终推动双方共同进步。" 谈及中韩经贸关系的未来，李东生认为，中韩自贸协定为两国企业合作奠定了坚实基础。中韩是地理近 邻，这为合作带来了效率与成本优势。面对科技快速发展和全球产业链重构，两国企业应在技术研发与 产业链整合上寻找更多切入点。 "我们不回避竞争，但更看重合作带来的价值。"李东生说，"未来，我们期待与韩国伙伴在更广泛的领 域创造出更多共享价值，实现共同发展。" 中国—韩国商务论坛由中国贸促会和韩国大韩商工会议所共同主办，来自中韩两国的政府官员、工商界 人士、专家学者等400余人出席。论坛上，中韩两国企业家围绕"制造业创新、供应链合作""消费品新市 场""服务业合作"三大议题进行深入研讨，并在全体会议后进行交流对接。 （文章来源：21世纪经济报道） 1月5日，在中国—韩国商务论坛间隙，TCL创始人、董事长李东生向21世纪经济报道记者等中国媒体表 示，面对全球经济格局的演变，中韩企业应在产业链与技术领域寻求更多互利共赢的合作方式，共同提 升全球竞争力。 李东生指出，中韩互 ...

证券日报网讯12月29日，海利尔（603639）在互动平台回答投资者提问时表示，"四季全施"和"嘉美 特"作为海利尔旗下明星肥料产品，其核心技术优势源于集团在农药领域积累的深厚研发实力与先进的 精密检测。这些资源被创新性地应用于肥料研发与生产过程中，实现了技术协同与品控强化，产品在配 方设计、工艺精度及应用效果等方面具备显著的差异化特点，持续推动其在市场中的领先地位。 ...

Core Insights - The global electric vehicle (EV) battery installation volume reached 811.7 GWh in the first three quarters of 2025, marking a 34.7% year-on-year increase, with Asian companies dominating the market [2][3] Market Overview - Six Chinese companies, three South Korean companies, and one Japanese company remain in the top ten global battery manufacturers, with Chinese companies increasing their market share to 68.2% from 65.5% in the same period last year [2][3] - The total battery installation volume for the top six Chinese companies was 553.6 GWh, while South Korean companies' market share fell to 16.9%, a decline of 3.3 percentage points year-on-year [2][3] Company Performance - CATL maintained its leading position with a battery installation volume of 297.2 GWh, but its growth rate slowed to 31.5%, resulting in a slight decrease in market share to 36.8% [4] - BYD's battery installation volume grew by 45.6% to 145 GWh, increasing its market share to 17.9% [4] - Other notable performers include: - Zhongxin Innovation with a 41.5% increase to 39.3 GWh and a market share of 4.8% [5] - Guoxuan High-Tech with a 65.8% increase to 29.7 GWh and a market share of 3.7% [5] - EVE Energy with a 73.2% increase to 21.9 GWh and a market share of 2.7% [5] - Honeycomb Energy with an impressive 89.5% increase to 20.5 GWh and a market share of 2.5% [5] Regional Dynamics - South Korean companies LG Energy, SK On, and Samsung SDI saw their combined market share drop to 16.9%, with Samsung SDI being the only top ten company to experience a decline in installation volume [8][10] - Japanese company Panasonic's market share slightly decreased from 4.2% to 4.1% [8] Market Challenges - The slowdown in growth for South Korean and Japanese companies is attributed to weak demand from core customers and a mismatch between their strategies and market needs [8][9] - The U.S. EV market growth has slowed significantly, with a 11.7% increase in sales year-on-year, primarily due to the expiration of federal tax credits [8][10] Technological Trends - The shift towards lithium iron phosphate (LFP) batteries is gaining momentum, with LFP batteries expected to account for over 50% of global installations by 2024 [9] - Chinese companies dominate the LFP battery market, while South Korean companies continue to rely heavily on nickel-cobalt-manganese (NCM) batteries, which are losing market share [9] International Expansion - Chinese battery companies are aggressively expanding into international markets, with significant growth in battery installation volumes outside of China [12][13] - BYD's international battery installation volume reached 25.8 GWh, a 145.9% increase, while Honeycomb Energy's international volume surged by 425.2% [13][14] Strategic Shifts - Both Chinese and international battery manufacturers are increasingly focusing on the energy storage market as a new growth avenue, driven by rising demand and the need to diversify from the competitive EV battery market [16][17] - Major companies like CATL and LG Energy are ramping up their energy storage battery production, with significant orders already in place [16][18]

Core Viewpoint - The acquisition of 100% equity in Chengxin Micro by Xidi Micro for a total consideration of 310 million yuan marks a significant step in the consolidation of the domestic analog chip industry, indicating a deepening integration phase within the sector [1] Group 1: Technical Synergy - Both Xidi Micro and Chengxin Micro operate under the Fabless model, with complementary business layouts; Xidi Micro focuses on consumer and automotive electronics chips, while Chengxin Micro specializes in power management chips and related fields [2] - Chengxin Micro achieved a revenue of 159 million yuan and a net profit of 18.52 million yuan in the first ten months of 2024, showcasing its strong market presence [2] - The integration aims to leverage Chengxin Micro's 15 years of expertise in power management to enhance Xidi Micro's solutions across various applications, while Chengxin Micro will benefit from Xidi Micro's global customer network [2] Group 2: Financial Logic - The valuation of Chengxin Micro's 100% equity is set at 311 million yuan, reflecting a 214.37% increase over its book net assets, indicating strong growth expectations [3] - The acquisition structure involves 55% shares and 45% cash, with a share price set at 11 yuan, raising up to 99.48 million yuan in supporting funds [3] - Post-transaction, Xidi Micro's total assets are expected to increase by 23.89%, and equity attributable to shareholders is projected to grow by 12.76%, with an anticipated revenue increase of 18.65% in the first half of 2025 [3] Group 3: Industry Perspective - The current wave of mergers and acquisitions in the semiconductor sector highlights a trend where technology-focused targets are prioritized, as seen in Xidi Micro's acquisition aligning with similar transactions in the industry [4] - The acquisition not only facilitates scale expansion but also aims to create competitive barriers through deeper technological integration and market restructuring [4] - If the anticipated synergies are realized, Xidi Micro could achieve a revaluation in the analog chip segment, injecting new growth momentum into the A-share semiconductor sector [4]

Core Viewpoint - The company, 嘉戎技术, plans to acquire 100% of 杭州蓝然 and raise up to 1 billion yuan through a private placement to enhance its technological capabilities and market presence in various sectors [1][3][4]. Group 1: Acquisition Details - 嘉戎技术 intends to purchase 杭州蓝然 through a combination of share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [1][3]. - Following the acquisition, 杭州蓝然 will become a wholly-owned subsidiary, and the investor 厦门溥玉 is anticipated to become the controlling shareholder [1][3]. Group 2: 杭州蓝然 Overview - 杭州蓝然 is a national high-tech enterprise focused on electrodialysis technology, producing ion exchange membranes and related equipment, with applications in various industries including lithium batteries and pharmaceuticals [3][4]. - The company has received multiple awards and holds numerous patents, including 42 invention patents and 63 utility model patents [3][4]. Group 3: Strategic Benefits - The acquisition will allow 嘉戎技术 to build a comprehensive technology matrix, enhancing its ability to provide integrated solutions by combining pressure-driven and electric-driven membrane technologies [4][5]. - This strategic move is expected to facilitate entry into emerging markets such as lithium battery materials and biomedicine, leveraging 杭州蓝然's established customer channels [5].

Core Insights - The collaboration between 361 Degrees and Evonik at the China International Import Expo marks a significant upgrade in their partnership, focusing on sustainable development and professional sports performance [1][3] - The application of Mass Balance technology in their new product results in a 70% reduction in carbon emissions, addressing the traditional conflict between high performance and environmental sustainability in the sports industry [3][4] Business Value - The partnership aims to innovate low-carbon supply chains through the use of Evonik's nylon 12 elastomer foam material, combined with recycled materials and green production processes [3] - The transition from a strategic partnership in 2023 to a core partnership in 2024 reflects the rapid transformation of shared ideas into innovative practices, supporting 361 Degrees' brand strategy of "technology-based" offerings [3][4] Industry Trends - The joint announcement at the expo highlights the proactive role of Chinese sports brands in the global supply chain decarbonization process, showcasing innovative business models and technology applications [4] - Continuous focus on technological collaboration and product innovation is expected to drive green, high-quality development in the sports goods industry, creating differentiated competitive advantages [4]

Core Insights - Qianhai has emerged as a key investment destination for foreign capital in China, with actual foreign investment reaching 15.27 billion yuan in the first three quarters of the year, a year-on-year increase of 25.4% [1][6] - The increase in foreign investment is driven by a shift in multinational companies' investment logic, focusing on deep integration into China's innovation system rather than merely seeking cost advantages [1][2] - The region has attracted over 12,000 foreign enterprises, with significant projects from companies like KONE, Cathay Pacific, and Fubon Bank establishing operations in Qianhai [1][4] Foreign Investment Trends - Actual foreign investment in Qianhai accounted for 56.4% of Shenzhen's total, with Hong Kong capital making up 80.3% of the foreign investment in Qianhai [1][6] - The growth rate of foreign investment in Qianhai has accelerated from 15.9% in the first half of the year to 25.4% in the third quarter, indicating increasing foreign confidence [1][6] - The service industry remains the largest sector for foreign investment in China, with actual foreign investment in the service sector reaching 410.93 billion yuan, accounting for over 70% of the total [6][8] Sector-Specific Developments - KONE Group established its Southern China headquarters in Qianhai, focusing on R&D and digital solutions rather than large-scale manufacturing [4][5] - Cathay Pacific set up its largest IT office in mainland China in Qianhai, emphasizing digital transformation and collaboration with technology firms [5][6] - The establishment of Japan's Ais Patent Office in Qianhai marks a significant step in enhancing intellectual property services, reflecting the region's growing importance in this field [8][10] Policy and Support Initiatives - Qianhai has implemented various supportive policies for foreign and Hong Kong enterprises, including financial incentives for R&D centers and technology service firms [12][16] - The local government has streamlined the application process for foreign investment incentives, significantly reducing the time and documentation required for funding applications [15][16] - Shenzhen has recognized multiple multinational companies as headquarters, providing them with various benefits, including talent rewards and customs facilitation [13][16]