21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道"'并购六条'为A股并购市场开启繁荣新阶段奠定 基础。"中金公司投资银行部并购组执行总经理康攀近日在《21世纪经济报道》主办的"并购破局：存量 时代的投退博弈"闭门研讨会的主题演讲中表示。他认为，当前并购市场呈现交易模式不断创新、科创 并购持续活跃、强链补链的优质未盈利资产标的频现等鲜明特点。随着各类创新交易模式的不断涌现， 2025年下半年A股并购重组市场值得期待。 2024年9月，证监会发布"并购六条"，明确提出助力新质生产力发展、加大产业整合支持力度、提升监 管包容度、提高支付灵活性与审核效率等要求，引发市场热烈反响。据官方信息统计，"并购六条"发布 后至2025年7月中旬，全市场新增披露重大资产重组项目已达200单。在康攀看来，除了市场活跃度提 升，当前并购市场的四大特点也值得关注： 一是，交易模式不断创新。定向可转债、差异化定价、灵活设置业绩承诺安排等创新交易方案频现，有 效满足了不同交易方的需求，降低了并购成本，提升了交易达成的成功率；二是，科创并购活跃，战略 性新兴产业成为热点。半导体及集成电路、高端装备制造、生物医药等领域的并购交易层出不 ...

Group 1 - The A-share market has seen a significant increase in major asset mergers and acquisitions (M&A), with 104 disclosed projects this year, which is 2.17 times that of the same period last year [1] - The shift in M&A logic from "scale first" to "innovation-driven and ecological synergy" reflects a deeper change in the market, emphasizing the importance of acquiring innovative assets such as data, patents, and production processes [1][2] - The current economic environment reveals limitations in traditional M&A strategies focused on scale, prompting companies to seek core technological breakthroughs and innovative ecosystems to gain competitive advantages [1][3] Group 2 - Companies like Haitan Water Group are leveraging M&A to transition from traditional production to new productive forces, particularly in the photovoltaic silver paste sector [2] - The competition among enterprises has evolved beyond single products to a comprehensive contest of entire industrial chains and innovation ecosystems, driven by intensified product homogeneity and price wars [2] - The trend of innovation-driven and ecological synergy in M&A is expected to create a strong demonstration effect, encouraging more companies to engage in M&A, thereby enhancing the overall technological level and optimizing industrial structure [2][3] Group 3 - The chairman of the China Securities Regulatory Commission highlighted the importance of a financial service system that supports technological innovation and industrial transformation, positioning M&A as a key function in optimizing resource allocation [3] - The transformation of A-share M&A logic is both a spontaneous market evolution and a necessary choice for the capital market to support national strategies, aiming to aggregate innovative elements and upgrade industrial ecosystems [3]

据Wind资讯数据统计，今年上半年，1493家A股上市公司共计筹划1984单并购重组计划，其中，构成重 大资产重组的有102单，同比增长121.74%。展望未来，在政策驱动与制度优化以及产业升级与发展需 求驱动之下，A股并购重组活跃度有望进一步提升。（证券日报） ...

Group 1 - A total of 121 listed companies have disclosed significant restructuring events as of May 26 this year, significantly higher than the 45 companies during the same period last year [1] - The recent trend in A-share mergers and acquisitions (M&A) shows three main characteristics: industrial integration becoming mainstream, the value of "shell" resources further diminishing, and technology-driven central state-owned enterprises taking the lead in M&A [1] - The restructuring activities are primarily focused on core businesses and industrial cooperation, with horizontal integration, vertical integration, and strategic cooperation accounting for over 50% of the significant restructuring events [1] Group 2 - The proportion of A-share companies engaging in industrial mergers has been increasing year by year since 2021, indicating a shift towards industry-led M&A activities [2] - Analysts suggest that the current environment is favorable for industrial capital mergers, driven by changes in IPO policies, tightening financing conditions in the primary market, and the accumulation of cash reserves by quality listed companies [2] - The experience gained from the M&A boom between 2013 and 2015 and the subsequent goodwill impairment has led to more cautious and strategic approaches to external mergers by industrial capital [2] Group 3 - The logic of value reshaping, market integration, and industrial chain collaboration is expected to strengthen in the future, with traditional companies likely to acquire "hard tech" firms that do not yet meet listing conditions for business transformation [3] - Mature companies are anticipated to engage more in horizontal mergers to expand market share and gain industry influence, while technology firms will seek to acquire startups in cutting-edge fields for explosive growth opportunities [3] - License-based companies are expected to implement more mergers and integrations to enhance competitiveness in the industry, such as in the brokerage sector [3]

转自：新华财经 •《中美日内瓦经贸会谈联合声明》发布 大幅降低双边关税水平 •商务部回应我国开展打击战略矿产走私出口专项行动：加强战略矿产资源出口管制事关国家安全和发展利益 •30条金融举措支持广州南沙深化粤港澳全面合作 加大海洋产业，商业航天、全域无人产业的支持力度 •当地时间5月10日至11日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸易代表格里尔在瑞士日内瓦举行中美经贸高 层会谈。当地时间5月12日上午9:00，双方发布《中美日内瓦经贸会谈联合声明》。本次中美经贸高层会谈取得实质性进展，大幅降低双边关税水平，美方 取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关税"，中方也相应暂停实施24%的反制关税。（新华社） •商务部新闻发言人就开展打击战略矿产走私出口专项行动应询答记者问，其中提到，加强战略矿产资源出口管制事关国家安全和发展利益。发言人说，针 对近期在战略矿产领域出现的伪报瞒报、夹藏走私、"第三国"转口等企图规避出口管制的违法违规行为，各相关部门迅速开展跨部门调查和案情会商，加大 口岸查验和打击查处力度，深挖幕后非法实体和走私 ...