作者丨 FOFWEEKLY 导读： 政策红利与产业发展需求的双轮驱动，正推动中国并购市场迈入新的发展阶段。 2025年以来，并购氛围日渐浓厚， 从中央到地方，支持并购的政策密集出台。 与此同时，区域性产业并购基金在全国多地加速涌现，规模不容小觑。近日，又一只并购基金—— 厦门产业并购基金完成设立，为行业发展注入新的活水。 区域性并购基金迎热潮 一场并购浪潮已清晰可见。 一方面，A股并购重组热度持续攀升，央国企"巨无霸"整合项目接连落定，从头部企业的"战略级 卡位"到产业龙头的"链式整合"，并购频次显著提升；另一方面，并购基金与母基金频频落地，为 这场并购盛宴注入持续动力。 11月14日，深圳市东海快意新智产业投资合伙企业（有限合伙）完成工商注册，出资额50亿，背 后股东包括快意电梯股份有限公司、深圳市投控东海投资有限公司、深圳市罗湖产业促进合伙企业 （有限合伙）、深圳市罗湖引导基金投资有限公司。据快意电梯公告显示，该基金为并购投资基 金。 10月15日，江钨控股集团在南昌发起设立规模50亿元的江钨矿业基金，重点聚焦海外优质资源并 购，助力产业链向上游资源端延伸。 9月份，台州市宣布设立总规模50亿元的并购母基 ...

◎记者 胡嘉树 每逢四季度，A股市场便会掀起一波出售资产小高潮。相比往年，今年上市公司出售资产的主动性、积 极性、紧迫性更强。据记者初步统计，10月以来，已有近250家公司发布出售资产相关公告，同比倍 增。从出售目的看，有的公司剥离非核心资产，加快践行主业聚焦战略；有的公司希望通过出售资产， 加速年底资金回笼；有的公司前三季度业绩不尽如人意，迫切希望年底创收冲刺全年业绩。 上海证券报记者采访了解到，"出售资产潮"的背后，一方面凸显上市公司加快业务转型升级的现实需 求，另一方面反映出退市新规对公司财务数据达标的压力。不过，交易急、时间紧、任务重，上市公司 年底前完成出售资产也存在较大不确定性。近期，不少公司就出现挂牌资产长期无人问津，最终导致多 次流标；另有公司出售资产相关事项，因关联交易、估值定价合理性等问题，而受到监管关注。 战略聚焦：精耕核心主业 在产业升级与市场竞争的双重驱动下，多家公司通过出售非核心资产，主动优化业务布局，强化主业竞 争力。 陕西黑猫近日公告称，拟将持有的宏能煤业100%股权、宏能昌盛100%股权及对宏能煤业的债权转让给 恒源煤电。其中，股权转让价格暂定为4.40亿元，债权转让价格为1 ...

Core Viewpoint - The termination of a 36.9 billion yuan computing power service agreement by Hainan Huatie has raised concerns about the company's strategic transition and the integrity of shareholder actions, highlighting issues of information disclosure and industry speculation [1][2]. Group 1: Contract and Market Reaction - In March 2025, Hainan Huatie announced a five-year computing power service agreement worth 36.9 billion yuan, which represented 71% of the company's projected revenue for 2024, leading to a surge in stock prices [2]. - Despite initial denials of contract termination rumors, it was revealed that no purchase orders were placed by the partner company, and Hainan Huatie voluntarily terminated the agreement citing "market environment changes" [2][3]. - The agreement was characterized as merely a framework agreement, lacking clarity on essential terms such as GPU models and delivery schedules [2]. Group 2: Shareholder Actions - Prior to the contract signing, Hainan Huatie's stock exhibited unusual activity, with significant shareholder ZHANG Jianping reducing his holdings after the stock peaked [3]. - Another major shareholder, HU Danfeng, initially planned to reduce his stake by 2.22% but later announced intentions to increase his holdings, attempting to stabilize investor confidence [3]. - Despite these efforts, the stock experienced a significant decline, hitting the daily limit down on consecutive trading days [3]. Group 3: Transition Challenges - Hainan Huatie's difficulties reflect the broader challenges faced by traditional companies transitioning to new production capabilities, particularly in the computing power sector [4]. - The company has signed contracts totaling 24.75 billion yuan for computing power services and has delivered over 6 billion yuan worth of intelligent computing equipment [4]. - The future of Hainan Huatie hinges on its ability to rebuild market trust under regulatory scrutiny and to balance its traditional business with new production capabilities [4].

Core Viewpoint - The mechanical equipment industry is experiencing a significant upward trend driven by fundamental industry factors, with expectations for a new upward cycle due to multiple drivers such as cyclical reversal, growth explosion, and export rise [2]. Group 1: Industry Performance - As of September 2025, the Shenwan Mechanical Equipment Industry Index has increased by 37% year-to-date, ranking sixth among all primary industries and significantly outperforming the market [1]. - Major companies like Sany Heavy Industry and XCMG have seen their stock prices reach historical highs, with core component manufacturers like Hengli Hydraulic experiencing over 50% growth [1]. Group 2: Previous Cycle Analysis - The previous cycle (approximately 2016 to 2021) showed a strong correlation between stock performance and industry prosperity, driven by domestic infrastructure projects, improved real estate starts, and strong equipment replacement demand [4]. - Sany Heavy Industry's stock rose approximately 70% from its low in mid-2016 to its peak in August 2017, with the overall cycle lasting about 4.5 years until the first quarter of 2021 [4]. - A significant divergence occurred in early 2021, where Sany Heavy Industry's revenue reached a historical high, yet its stock price fell over 40% from its peak, indicating a warning signal [5]. Group 3: Current Cycle Dynamics - The current cycle is characterized by a more complex structural recovery, shifting from pure investment-driven growth to a combination of domestic stock updates, globalization, and technological paradigm shifts [10]. - The domestic market recovery is supported not only by traditional infrastructure investment but also by the lifecycle replacement of equipment and stringent environmental policies [11]. - The theoretical replacement cycle for major equipment like excavators is approximately 8 to 10 years, with significant sales peaks from 2016 to 2018 now entering a concentrated replacement window [11]. Group 4: Globalization and Risk Management - Leading companies have established deep global layouts to create a key "performance stabilizer," with a consensus that "not going abroad means going out of business" [12]. - The overseas market not only supplements scale but also ensures profit quality, with many manufacturers reporting higher gross margins from international sales compared to domestic [12]. Group 5: Technological Transformation - The current cycle's most profound difference lies in the industrial value reallocation driven by technological iteration, particularly the deep integration of electrification and intelligence [14]. - Electric products accounted for 40% of Sany Group's exhibited equipment at the Changsha International Construction Machinery Exhibition, with sales exceeding 10 billion yuan in 2024 [14]. - The shift towards intelligent equipment, such as unmanned road rollers and remotely controlled excavators, indicates a future competitive landscape focused on technology, data, and ecosystems [14].

Core Viewpoint - Huamao Technology announced a major asset restructuring plan to acquire the remaining 57.84% equity of Shenzhen Fuchuang Excellent Technology Co., Ltd. for a total consideration of 1.504 billion yuan, which will make Fuchuang Excellent a wholly-owned subsidiary of Huamao Technology [1][2] Group 1: Transaction Details - The transaction price will be paid 68% in Huamao Technology's shares and 32% in cash, with the issuance of 34.3157 million shares at a price of 29.8 yuan per share [2] - Huamao Technology plans to raise up to 951 million yuan from its controlling shareholder to fund the cash payment and support the construction of Fuchuang Excellent's new production base in Malaysia, expansion of its Shenzhen factory, and upgrade of its R&D center [2] - The counterpart in the transaction has committed to performance targets for Fuchuang Excellent, with net profits of no less than 200 million yuan, 250 million yuan, and 330 million yuan for the years 2025, 2026, and 2027, respectively, totaling a minimum of 780 million yuan [2] Group 2: Company Profile - Fuchuang Excellent is a global player in the AI and computing power manufacturing industry, focusing on the intelligent manufacturing of core components such as high-speed optical modules and high-speed copper cable connectors [3] - The company has established stable partnerships with three of the top ten global optical module manufacturers and several domestic and international high-speed copper cable connector enterprises [3] Group 3: Financial Performance - Fuchuang Excellent achieved revenues of 570 million yuan, 1.231 billion yuan, and 643 million yuan for the years 2023, 2024, and the first four months of 2025, respectively, with net profits of 24.17 million yuan, 129 million yuan, and 74.93 million yuan [4] - In the first four months of 2025, the revenue breakdown by product shows that optical communication products accounted for 73.17%, copper cable connectors for 17.26%, and maritime communication products for 5.49%, with corresponding gross margins of 22.42%, 10.87%, and 11.56% [4] - The revenue distribution by region in the first four months of 2025 indicates that domestic sales were 233 million yuan (37.47%) and international sales were 388 million yuan (62.53%) [4] - Fuchuang Excellent faces a high customer concentration risk, with sales to its top five customers accounting for 87.48%, 88.98%, and 85.40% of total revenue in 2023, 2024, and the first four months of 2025, respectively [4]

Core Viewpoint - Beijing International Human Capital Group Co., Ltd. (referred to as "Beijing International Human Capital" or "FESCO") showcased its innovative practices in the global talent service sector at the Beijing International Fair for Trade in Services, emphasizing its role as an official partner providing professional, standardized, and intelligent human resource services [1][5]. Group 1: City Aggregation - The "City Aggregation" section highlighted three major platforms: "Jingqi Direct Recruitment," "Easy Beijing," and the Global Innovation Service Network (GNIS), demonstrating the company's proactive layout and resource integration capabilities in supporting national strategies and promoting international talent mobility [3]. - The company aims to achieve a win-win situation for talents, enterprises, and cities through its global service network and localized platform construction [3]. Group 2: Technology Aggregation - The "Technology Aggregation" section focused on the transformation of talent demand in the AI era, showcasing how AI technology drives the transition of human resource services from "efficiency enhancement" to "value creation" [3]. - The AI recruitment solution presented covers the entire lifecycle of talent recruitment, enhancing efficiency in resume screening, interview evaluation, and job matching, thus shifting recruitment focus from "cost center" to "value center" [3]. Group 3: Efficiency Aggregation - The "Efficiency Aggregation" section shared recent research findings on urban talent development, new productivity transformation, and diversified employment models, providing theoretical support for the high-quality, global development of China's human resource service industry [3]. - The company showcased leading service solutions such as flexible employment and enterprise overseas expansion, effectively responding to industry demands and supporting enterprise development [3]. Group 4: Company Background and Future Plans - As China's first human resource service agency and one of the largest comprehensive human service enterprises, Beijing International Human Capital has been in the industry for 46 years, with a service network covering over 400 cities nationwide and reaching more than 100 countries and regions [5]. - The company has formed a professional service team for the fair, employing standardized service processes and a comprehensive quality monitoring system to ensure professional standards are met [5]. - Looking ahead, Beijing International Human Capital aims to explore innovative applications and development models of human resource services in the service trade sector, contributing to the high-quality development of China's service trade [5].

Group 1: Company Strategy and Financial Health - The company has a solid financial health status, maintaining a good level of cash reserves, bank credit limits, and asset-liability ratios compared to the industry [2] - With 44 years of experience, the company has accumulated substantial customer resources, channel relationships, capital, cash reserves, and industry reputation, which are its foundational advantages [2] - As the welded steel pipe industry shifts from an incremental market to a stock market, competition intensifies, necessitating the company to cultivate a second main business to create a new growth curve [2][3] Group 2: Investment and Business Focus - The company will adopt a cautious approach towards large-scale expansion investments in the steel pipe industry, focusing instead on technology improvement investments [2][3] - Future operations will be driven by orders and market demand, emphasizing customized production based on customer contracts [3] - The company plans to prioritize technological upgrades to enhance technical capabilities and resource efficiency rather than pursuing large-scale expansion [3] Group 3: Industry Dynamics and Profitability - The profitability methods in the steel pipe industry have evolved due to market conditions, technological advancements, and competition, focusing on product structure optimization and high-end product ratios [4] - Companies are increasingly engaging in differentiated competition by customizing production to meet specific customer needs and establishing long-term strategic partnerships with suppliers to stabilize raw material supply and reduce costs [4] - The introduction of automated production lines and advanced manufacturing technologies has improved production efficiency and reduced unit product costs [4] Group 4: Cost Structure and Market Sensitivity - The main raw materials for steel pipe manufacturing include hot-rolled steel strips and zinc ingots, with raw material costs constituting a significant portion of sales prices [6] - The sensitivity of product prices to raw material costs is high, and the industry has a strong price discovery function, allowing for timely adjustments in product pricing based on raw material price changes [6] - The high transparency of raw material and finished product prices in the industry ensures that product price adjustments generally align with fluctuations in raw material costs, helping to maintain stable profit margins [6]

Group 1: Fourth Paradigm - The company is expected to achieve profitability in 2025, driven by increased demand for AI productivity in traditional industries [1] - Revenue forecasts for 2025-2027 have been raised by 7-22%, with a projected annual growth rate of 30% until 2029, reaching a revenue scale of 20 billion [1] - The target price has been adjusted to HKD 81, reflecting a potential upside of 27.6% [1] Group 2: Xianzhai AI Platform - The company reported a revenue of 2.626 billion, with a year-on-year growth of 40.7%, and the Xianzhai AI platform revenue grew by 71.9% [2] - The gross margin decreased to 37.7% compared to 42.7% for the full year of 2024, primarily due to an increase in sales of integrated hardware and software solutions [2] - The expense ratio improved to 45%, down from 50% in 2024, indicating ongoing operational efficiency [2] Group 3: Huanyou Group - The company exceeded profit expectations in Q2, with a revenue of 510 million, showing a 3% quarter-on-quarter recovery [3] - The adjusted net profit reached 77 million, surpassing the expected 63 million [3] - The advertising business is expected to continue driving incremental growth [3] Group 4: Kangfang Bio - The company achieved positive results in the HARMONi-A study, which is expected to enhance its commercial landscape due to insurance coverage [7] - The commercial sales revenue for the first half of 2025 grew by 49% to 1.4 billion, driven by key products included in the insurance directory [8] - The target price has been raised to HKD 183, reflecting a strong outlook for the company's products [8] Group 5: Jinxin Reproductive - The company faced significant performance pressure in the first half of 2025, with a revenue decline of 11% to 1.29 billion and a net loss of 1.04 billion [9] - The management plans to restructure the U.S. business and focus on key domestic operations to improve financial performance [10] - The target price has been lowered to HKD 3.30, reflecting a more cautious outlook [10] Group 6: Anta - The company reported a 14.3% year-on-year revenue growth in the first half of 2025, reaching 38.54 billion [11] - The overall gross margin decreased slightly to 63.4%, influenced by deeper discounts and a higher proportion of online sales [11] - The target price has been raised to HKD 117.90, indicating a positive long-term outlook [12] Group 7: Shenzhou International - The company experienced a 15.3% revenue growth in the first half of 2025, totaling 14.97 billion [13] - The gross margin recorded 27.1%, down 1.9 percentage points year-on-year, primarily due to rising labor costs [13] - The target price has been adjusted to HKD 84.00, reflecting a conservative outlook on profitability [14] Group 8: Ping An Insurance - The company reported a 3.7% year-on-year growth in operating profit, while net profit declined by 8.8% due to lower investment income [15] - New business value increased by 39.8%, exceeding expectations, primarily driven by the bancassurance channel [15] - The target price remains at HKD 73, indicating an attractive valuation [16] Group 9: China Resources Land - The company saw a 20% year-on-year revenue increase in the first half of 2025, reaching 94.9 billion [17] - The overall gross margin improved by 1.7 percentage points to 24%, with a core profit decline of 6.6% [17] - The target price has been raised to HKD 35.30, reflecting a positive outlook on profitability [18] Group 10: CIMC Enric - The company reported a 15.6% year-on-year increase in profit for the first half of 2025, totaling 560 million [19] - The clean energy segment saw a revenue increase of 22%, while chemical and liquid food segments experienced declines [19] - The target price has been raised to HKD 8.40, maintaining a buy rating [19] Group 11: Fuyao Glass - The company faced a revenue decline of 26% in Q2 2025, with a significant asset impairment charge [20] - The photovoltaic glass industry is expected to rebound due to reduced production and increased demand [20] - The target price has been slightly adjusted to HKD 11.70, reflecting a positive outlook on valuation [20] Group 12: Jingneng Clean Energy - The company reported a 5% decline in profit for the first half of 2025, but operating profit increased by 10% after adjusting for one-time items [21] - The company plans to adjust its renewable energy installation forecasts for 2025-2027 [22] - The target price has been raised to HKD 3.12, indicating a strong dividend yield [22]

Group 1 - The 2025 China International Service Trade Fair will be held from September 10 to September 14 at Shougang Park, showcasing various enterprises including Beijing International Human Capital Group Co., Ltd. (FESCO), which is one of the largest comprehensive human resource service companies in China [1] - The theme of this year's fair is "Digital Intelligence Leading, Service Trade Renewed," with Beijing International Human Capital focusing on three main areas: urban aggregation, technology aggregation, and efficiency aggregation [1][2] Group 2 - The "Urban Aggregation" section aims to support the construction of a talent hub in the capital, highlighting the value of "Beijing Services" through platforms like "Easy Beijing" and "Jingqi Direct Recruitment," which connect government, enterprises, and universities [2] - The "Technology Aggregation" section will showcase AI-enabled human resource services, including the "Digital Partner Alliance," which focuses on enhancing user experience in recruitment and policy consultation through human-machine interaction [2] - The "Efficiency Aggregation" section will present research reports on urban talent development and new productivity transformation, along with a "One-stop Global Human Resource Solution" that provides services in over 150 countries and regions [3]

Core Viewpoint - Hunan Friendship Apollo Commercial Co., Ltd. plans to acquire 100% equity of Shenzhen Shangyangtong Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds [1][2]. Group 1: Transaction Overview - The company received an inquiry letter from the Shenzhen Stock Exchange regarding its application for the issuance of shares to purchase assets and raise supporting funds [1]. - The transaction involves 37 counterparties, including Jiang Rong and Jiang Feng, as part of the asset acquisition [1]. Group 2: Report Amendments - The revised report includes updates and additions to definitions, significant matters, and risk warnings, with a focus on performance commitments and compensation related to the restructuring [2]. - New sections added detail the lock-up arrangements for shareholders of the counterparties and the historical capital increase verification of the target company [2]. Group 3: Financial and Compliance Information - The report updates the financial situation of the listed company and its funding needs, as well as the conditions for payment and financing channels for the transaction [2][3]. - The assessment of the target assets has been updated to reflect changes in the number of authorized patents and the rental terms of leased properties [2][3]. Group 4: Risk Factors - The report has been revised to include a new risk regarding high customer concentration and has reordered the importance of various risk factors [3]. - The management discussion section has been updated to reflect the company's long-term strategic planning towards a new quality productivity transformation [3].