文/《清华金融评论》 杨曦 近期，"深市"并购重组板块关注度显著提升，这一趋势与政策面的持续推 动密切相关。自202 4年11月2 7日发布《深圳市推动并购重组高质量发展 行 动 方 案 （ 20 25- 20 27 年 ） （ 公 开 征 求 意 见 稿 ） 》 后 ， 深 圳 市 于 2 025 年 10月22日正式印发该方案。作为中国经济改革的先锋，深圳此举旨在积 极响应国家关于发展新质生产力及证监会"并购六条"等政策导向，致力于 构建"科技-产业-金融"的高水平循环体系。 2025年10月22日，深圳市正式印发《深圳市推动并购重组高质量发展行动方案（2025-2027年）》（以下简称《行动方案》）。该方案由深圳市地方金融 管理局联合发改委、科技创新局、工信局、国资委等多部门共同推出，是在新"国九条"及证监会"并购六条"政策框架下的地方性深化与落实。《行动方 案》旨在通过优化制度环境、强化政策协同，充分激发并购重组市场活力，系统引导资本与产业资源向新质生产力领域集聚，是深圳响应国家资本市场高 质量发展战略的重要举措。 《行动方案》明确了多项可量化的发展目标，并从资产端、资金端、跨境资源配置、服务生态和风 ...

Core Viewpoint - SAIC Motor Corporation Limited (600104) has confirmed its involvement in the investment of Mu Xi Integrated Circuit Company through its fund, Suzhou Zhongjin SAIC New Industry Equity Investment Fund, which is part of the Qingdao SAIC Innovation Upgrade Industry Equity Investment Fund [1] Group 1 - SAIC Motor's direct investment in the Qingdao SAIC Innovation Upgrade Industry Equity Investment Fund is highlighted [1] - The Suzhou Zhongjin SAIC New Industry Equity Investment Fund is identified as a shareholder in Mu Xi Integrated Circuit Company [1]

Group 1 - The company Xinxiangwei (SH 688593) announced on October 24 that it has recognized an asset impairment provision totaling approximately 4.17 million yuan, which will reduce the total profit for the period from January to September 2025 by the same amount [1] - As of the report date, Xinxiangwei's market capitalization is 10.2 billion yuan [3] Group 2 - For the year 2024, Xinxiangwei's revenue composition is entirely from integrated circuits, accounting for 100% [2]

国产GPU龙头科创板IPO过会！ 10月24日，上交所上市审核委员会审议通过沐曦集成电路（上海 ） 股份有限公司（以下称"沐曦股份"） 科创板IPO申请。沐曦股份作为尚未盈利的硬科技企业，后续若成功上市，将进入科创板科创成长层，成 为科创板"1+6"改革举措落地后又一典型案例。 公开资料显示，沐曦股份专注于人工智能训练推理、通用计算与图形渲染领域全栈GPU产品的研发设计， 产品均采用自主研发的GPUIP，拥有完全自主知识产权的指令集和架构。旗舰GPU曦云C500系列已进入量 产，带领公司收入从2022年的42.64万元跃升至2024年的7.43亿元，增速达4074.52%。2025年公司发布 基于国产供应链的曦云C600，构建"设计-制造-封装测试"的国产供应链闭环。 截至报告期末，沐曦股份GPU产品累计销量超过25000颗，产品相继应用部署于10余个智算集群，算力网 络覆盖国家人工智能公共算力平台、运营商智算平台和商业化智算中心。 根据招股书上会稿，沐曦股份拟募资39.04亿元，拟投向"新型高性能通用GPU研发及产业化项目""新一代 人工智能推理 GPU 研发及产业化项目"和"面向前沿领域及新兴应用场景的高 ...

沐曦股份:10月24日科创板IPO申请 获上交所通过 【10月24日,沐曦股份科创板IPO申请获上交所上 市审核委员会通过】10月24日,上交所上市审核委 员会审议通过沐曦集成电路(上海)股份有限公司科创 板IPO申请。沐曦股份是尚未盈利的硬科技企业,后 续若上市,将进入科创板科创成长层,成科创 板"1+6"改革举措落地后又一典型案例。二十届 四中全会提出"加快高水平科技自立自强,引领发 展新质生产力",此导向在科创板制度优化中充分 体现。科创板针对未盈利但技术突破显著的硬科技 企业提供制度保障。 本文由 Al 算法生成,仅作参考,不涉投资建议,使用风险自担 【10月24日，沐曦股份科创板IPO申请获上交所上市审核委员会通过】10月24日，上交所上市审核委员 会审议通过沐曦集成电路(上海)股份有限公司科创板IPO申请。沐曦股份是尚未盈利的硬科技企业，后 续若上市，将进入科创板科创成长层，成科创板"1+6"改革举措落地后又一典型案例。 二十届四中全会 提出"加快高水平科技自立自强，引领发展新质生产力"，此导向在科创板制度优化中充分体现。科创板 针对未盈利但技术突破显著的硬科技企业提供制度保障。 本文由 AI算法 ...

人民财讯10月24日电，10月24日，上交所上市审核委员会审议通过沐曦集成电路(上海)股份有限公司(以 下称"沐曦股份")科创板IPO申请。沐曦股份作为尚未盈利的硬科技企业，后续若成功上市，将进入科创 板科创成长层，成为科创板"1+6"改革举措落地后又一典型案例。二十届四中全会明确提出"加快高水平 科技自立自强，引领发展新质生产力"，这一导向在科创板制度优化中得到充分体现，科创板针对未盈 利但技术突破显著的硬科技企业予以制度保障。 ...

Core Viewpoint - The article emphasizes the positive outlook for the scientific instrument industry, driven by government initiatives to enhance original innovation and key core technology breakthroughs in critical sectors such as integrated circuits, industrial mother machines, and high-end instruments [2][4]. Summary by Sections Section 1: Strategic Goals - The strategic goal is to build a strong technological nation by 2035, with a focus on high-level technological self-reliance and the development of new productive forces [3][4]. Section 2: Investment in R&D - National R&D investment is projected to exceed 3.6 trillion yuan in 2024, representing a 48% increase from 2020. The number of high-level international journal papers and international patent applications has ranked first globally for five consecutive years [3][4]. Section 3: Key Initiatives - The government plans to strengthen original innovation and tackle key core technology challenges by improving the new type of national system and implementing major national scientific tasks [4][5]. Section 4: Integration of Technology and Industry - There is a push for deep integration of technological innovation and industrial innovation, enhancing the capacity for systematic tackling of challenges and supporting enterprises in leading innovation efforts [5][6]. Section 5: Talent Development - A coordinated mechanism for talent development in science and technology is to be established, focusing on aligning education with national strategic needs and fostering innovation capabilities [5][6]. Section 6: Digital Economy - The construction of a secure and open national integrated data market is emphasized, promoting the deep integration of the real economy and the digital economy, with a focus on artificial intelligence and other digital technologies [6].

Core Viewpoint - The company plans to invest approximately 500 million yuan in Lishan Technology (Shanghai) Co., Ltd., indicating a strategic move to enhance its core competitiveness and support its integrated strategy of "storage, computing, and networking" [1] Investment Details - The total investment amount from all investors is approximately 500 million yuan [1] - The company will contribute around 210.53 million yuan from its own funds to increase its capital in Lishan Technology, acquiring about 80.99 million yuan of new registered capital [1] - Post-investment, the company will hold approximately 35.87% equity in Lishan Technology [1] Strategic Implications - The investment decision is based on the assessment of Lishan Technology's growth potential, aiming to create more value for the company's business development and shareholders [1]

Core Points - The key outcome of the 20th Central Committee's Fourth Plenary Session is the approval of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [1][3] - The "15th Five-Year Plan" outlines significant strategies and tasks for China's economic and social development during this period [4][5] Group 1: Overview of the Suggestions - The Suggestions consist of three main sections: general principles, specific strategies, and tasks for the 15th Five-Year Plan [3][4] - The first section highlights major achievements during the 14th Five-Year Plan and the significance of the upcoming plan [4] - The second section details strategic tasks and major initiatives across various sectors for the 15th Five-Year Plan [4] Group 2: Economic Development Guidelines - The Suggestions propose five guiding principles and two driving forces for economic development, emphasizing high-quality growth and comprehensive governance [4][5] - The plan aims to ensure significant progress towards socialist modernization while addressing both opportunities and challenges in the current international landscape [5][6] Group 3: Agricultural Modernization - The Suggestions prioritize agricultural modernization as a critical area for achieving overall modernization, focusing on rural revitalization and urban-rural integration [7][8] - Emphasis is placed on enhancing agricultural productivity and quality, ensuring food security, and increasing farmers' income [8][9] Group 4: Modern Industrial System - The Suggestions stress the importance of building a modern industrial system, with a focus on upgrading traditional industries and fostering new emerging sectors [11][12] - Key tasks include enhancing the competitiveness of core industries and developing strategic emerging industries such as renewable energy and advanced manufacturing [12][13] Group 5: Domestic Market Expansion - The Suggestions highlight the need to strengthen the domestic market as a strategic foundation for modernization, with a focus on expanding consumption and investment [17][18] - Specific measures include promoting consumer spending, optimizing government investment, and removing market barriers to enhance economic circulation [19][20] Group 6: Regional Development Coordination - The Suggestions outline strategies for promoting coordinated regional development, emphasizing the need for optimized spatial layouts and new urbanization [21][24] - Initiatives include enhancing infrastructure connectivity and fostering collaborative mechanisms among different regions [22][23] Group 7: Technological Self-Reliance - The Suggestions call for accelerating technological self-reliance and innovation, focusing on key areas such as semiconductor technology and high-end manufacturing [26][27] - Emphasis is placed on integrating scientific research with industrial innovation to drive economic growth [31][32] Group 8: Health and Population Development - The Suggestions propose a health-first development strategy, aiming to improve public health systems and promote population quality [49][50] - Policies will focus on enhancing healthcare services, supporting family planning, and improving elderly care systems [51] Group 9: Party Leadership and Governance - The Suggestions emphasize the importance of strengthening the centralized leadership of the Party and improving governance mechanisms [52][53] - Measures include enhancing the implementation of major decisions and promoting a clean political environment [54]

Group 1 - The core point of the article is that SAIC Motor Corporation has clarified its investment involvement in the semiconductor sector through its funds [1] - SAIC Motor's investment in the semiconductor industry is facilitated by the Suzhou Zhongjin SAIC New Industry Equity Investment Fund, which is a shareholder of Muxi Integrated Circuit Company [1] - The Qingdao SAIC Innovation Upgrade Industry Equity Investment Fund, which is directly invested by SAIC Motor, is also involved in the investment activities [1]