记者丨 吴佳楠 编辑丨孙超逸 视频丨许婷婷 深圳支持企业并购重组的最新政策，在A股市场上，引动一波特殊行情。 日前， 深圳发布《深圳市推动并购重组高质量发展行动方案（2025—2027年）》（简称《行动方案》）。 《行动方案》提 出，力争到2027年底，辖区上市公司质量全面提升，境内外上市公司总市值突破20万亿元，培育形成千亿级市值企业20家。此 外，并购重组市场量质齐升，累计完成并购项目超200单、交易总额超1000亿元，落地一批行业示范案例。 Wind数据显示， 截至最新交易日，目前A股上市公司中，深圳共有18家企业市值超过千亿元；港股上市公司中，深圳共有10 家企业市值超过千亿港元。 与此同时，在A股市场和港股市场中，市值超过500亿元的企业有20家，这些企业涉猎人工智能、 机器人、集成电路等战略性新兴产业赛道，有望冲刺千亿级别。 此外，Wind数据显示，今年以来深圳并购市场持续升温。根据最新披露日，今年以来，按照交易竞买方看，深圳共计发生414 件并购事件，其中已完成208件，涉及重大并购重组事件的有11件。 | 房地产类 | | 科技创新类 | | | --- | --- | --- | --- | ...

Core Points - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Development and Reform Commission, issued the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)" aiming for a significant increase in the quality of listed companies and a total market value of over 20 trillion yuan by the end of 2027 [1][2] - The plan includes ten key tasks focusing on strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging mergers and acquisitions to enhance industrial capabilities and technological advancements [1][2] Group 1 - The plan aims to complete over 200 merger projects with a total transaction value exceeding 100 billion yuan by 2027, fostering a robust ecosystem for mergers and acquisitions [1] - It emphasizes the importance of cultivating a matrix of merger funds and attracting excellent fund managers to drive the formation of a trillion-level "20+8" industrial fund cluster [1][2] - The action plan encourages private enterprises to engage in mergers and acquisitions for industrial transformation and supports specialized enterprises in acquiring quality assets [2] Group 2 - Shenzhen will establish a project database for merger targets, facilitating the identification of high-potential projects that align with national industrial policies [2] - The plan promotes diverse financing channels for mergers and acquisitions, including cash, shares, and various types of bonds, while encouraging banks to provide credit support [2][3] - It supports collaboration between government investment funds, state-owned platforms, and financial institutions to broaden the coverage of industrial funds [3] Group 3 - The action plan aims to enhance cross-regional merger and acquisition efficiency by supporting leading enterprises to list or refinance in Hong Kong, thereby expanding resource integration [3] - It encourages the Shenzhen Stock Exchange to develop a service system tailored for mergers and acquisitions, enhancing the flexibility of payment and financing tools [3] - The plan also supports struggling listed companies in improving operational efficiency through mergers, restructuring, and bankruptcy processes [3]

Core Viewpoint - Zhenlei Technology (SH 688270) announced the convening of its 13th meeting of the second board of directors on October 23, 2025, to review the proposal for the company's Q3 2025 report [1] Group 1: Company Financials - For the year 2024, Zhenlei Technology's revenue composition is as follows: 99.98% from the integrated circuit industry and 0.02% from other businesses [1] - As of the report date, Zhenlei Technology has a market capitalization of 14.4 billion yuan [1]

Core Viewpoint - The event themed "Chip Surge in Pujiang, Chain Formation in Taodu" aims to promote the collaborative development of the integrated circuit industry between Shanghai and Yixing, aligning with the national strategy for the integrated development of the Yangtze River Delta [1][2]. Group 1: Industry Development - Shanghai is recognized as a core area for the development of the national integrated circuit industry, ranking among the top globally in terms of industrial competitiveness [2]. - Yixing has established a development framework for the integrated circuit industry, focusing on materials while supporting design, manufacturing, and packaging [2]. - The Yixing Economic Development Zone has implemented a "ranking and leadership" mechanism to enhance the high-quality development of the integrated circuit industry chain [2]. Group 2: Collaborative Initiatives - The Yixing Economic Development Zone has engaged with 226 key enterprises to optimize services and has created three lists detailing needs, resources, and projects, totaling 93 items [2]. - A partnership was formed between Shanghai Science and Technology Innovation Group and Yixing Industrial Fund to launch the "Shanghai Chenyao Yichuang Private Investment Fund," with a total scale of 1 billion yuan, focusing on integrated circuits, new energy, and health sectors [3]. - Various project cooperation intentions were established during the event, facilitating a full-chain cooperation loop through project matching, ecological integration, and supply chain collaboration [3].

Core Insights - China Chengtong Holdings Group has led the investment in state-owned enterprises (SOEs) through fund investments, completing over 230 billion yuan in investment transactions, with over 90% directed towards SOE-related fields and more than 70% towards strategic emerging industries [1][2] Group 1: Fund Investments - The company manages eight different types of funds with a total scale exceeding 710 billion yuan, including the State-Owned Enterprise Structural Adjustment Fund and the Mixed Ownership Reform Fund [1] - Investments have been made to guide social capital towards key industries of SOEs, forming industrial clusters in sectors such as new energy vehicles, integrated circuits, and artificial intelligence [1] Group 2: Strategic Restructuring and Governance - In addition to fund investments, the company has self-raised over 93 billion yuan to participate in strategic restructuring and professional integration of SOEs, becoming a significant shareholder in various enterprises [2] - The company has explored governance mechanisms different from solely state-owned enterprises, actively participating in decision-making processes of the SOEs it invests in [2] Group 3: Focus on Emerging Industries - The company has cumulatively invested over 10 billion yuan in the new energy vehicle industry chain, collaborating with multiple SOEs in areas such as lithium battery raw materials and energy storage [1]

责任编辑：江钰涵 重磅利好！深圳推动并购重组，支持"链主"企业、龙头上市公司等开展上下游并购重组，涉及集成电 路、人工智能、新能源、生物医药等新兴领域。 ...

Core Viewpoint - The stock of Jinghe Integrated Circuit Co., Ltd. experienced a decline of 5.01%, trading at 33.17 CNY per share, with a total market capitalization of 66.544 billion CNY as of October 23 [1] Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015, with its listing date on May 5, 2023 [1] - The company primarily engages in 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and technology platforms [1] - The revenue composition of the company is as follows: 98.20% from integrated circuit wafer foundry, 1.32% from other services, and 0.48% from additional sources [1] Fund Holdings - Jin Xin Fund has a significant holding in Jinghe Integrated Circuit, specifically in the Jin Xin Transformation Innovation Mixed A Fund (002810), which reduced its holdings by 131,000 shares in the third quarter [2] - The fund currently holds 369,000 shares, representing 2.98% of its net asset value, ranking it as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 645,800 CNY [2] Fund Performance - Jin Xin Transformation Innovation Mixed A Fund was established on June 8, 2016, with a current size of 128 million CNY [2] - Year-to-date performance shows a return of 44.93%, ranking 1174 out of 8159 in its category; over the past year, it achieved a return of 57.24%, ranking 433 out of 8030 [2] - Since inception, the fund has delivered a return of 225.32% [2]

Company Overview - Jinghe Integrated Circuit Co., Ltd. is located in Hefei, Anhui Province, and was established on May 19, 2015. The company went public on May 5, 2023. Its main business involves 12-inch wafer foundry services, focusing on advanced process research and application, providing various process nodes and different technology platforms for customers [1]. Financial Performance - As of October 23, Jinghe Integrated's stock price fell by 5.01% to 33.17 CNY per share, with a trading volume of 662 million CNY and a turnover rate of 1.66%. The total market capitalization is 66.544 billion CNY [1]. - The company's revenue composition is primarily from integrated circuit wafer foundry services, accounting for 98.20%, with other supplementary services contributing 1.32% and additional services at 0.48% [1]. Fund Holdings - According to data, Guotou Ruijin Fund holds a significant position in Jinghe Integrated, with its fund, Guotou Ruijin SSE Sci-Tech Innovation Board Comprehensive Price Index Enhanced A (023903), owning 306,700 shares, representing 1.34% of the fund's net value, making it the eighth-largest holding. The estimated floating loss today is approximately 536,800 CNY [2]. - The fund was established on April 23, 2025, with a current scale of 162 million CNY and has achieved a return of 35.56% since inception [2]. Fund Management - The fund manager, Yin Ruifei, has a tenure of 12 years and 31 days, managing assets totaling 3.379 billion CNY, with the best fund return during his tenure being 274.12% and the worst at -22.36% [3]. - Co-manager Qian Han has been in the role for 2 years and 71 days, overseeing assets of 936 million CNY, with a best return of 35.49% and a worst return of 0.8% during his management period [3].

消息面上，直接催化因素是昨日盘后深圳市发布的 《深圳市推动并购重组高质量发展行动方案（2025—2027年）》 。 该方案设定了未来三年并购重组的量化目标，并明确了重点支持的产业方向，市场将其解读为深圳国资旗下上市公司将迎来新一轮资产整 合与价值重估的重大利好。 三年剑指20万亿市值 昨日盘后，深圳市地方金融管理局等多部门印发《深圳市推动并购重组高质量发展行动方案(2025—2027年)》的通知。其中提出，到2027 年底，深圳将累计完成并购项目超200单、交易总额超1000亿元。力争到2027年底，境内外上市公司总市值突破20万亿元，培育形成千亿 级市值企业20家。（详情点击查看） 从政策导向来看，《行动方案》聚焦两大产业方向： 今日，深圳国企改革板块全面爆发，板块10余股涨停，其中，建科院20CM涨停，深水规院涨超13%，广田集团、特发信息、深赛格、深 物业A、特力A、中新赛克、深纺织A等多股10CM涨停。 | 代码 名称 | 涨幅 | 涨跌 | 现价 | | --- | --- | --- | --- | | 300675 建科院 | +20.02% | +3.46 | 20.74 | | 301038 ...

今日，深圳国企改革板块全面爆发，板块10余股涨停，建科院20CM涨停，深水规院涨超13%，广田集团、特发信息、深赛格、深物业 A、特力A、中新赛克、深纺织A等多股10CM涨停。 | 代码 名称 | 涨幅量 | 张氏 | 现价 | | --- | --- | --- | --- | | 300675 建科院 | +20.02% | +3.46 | 20.74 | | 301038 深水规院 | +13.46% | +3.70 | 31.19 | | 002482 广田集团 | +10.05% +0.19 | | 2.08 | | 000070 特发信息 | +10.04% +0.95 | | 10.41 | | 000058 深 赛 格 | +10.04% +1.02 | | 11.18 | | 000011 深物 /A | +10.03% +1.03 | | 11.30 | | 000025 特 力A | +10.01% +1.74 | | 19.12 | | 002912 中新赛克 | +9.99% +2.90 | | 31.94 | | 000045 深纺织A | +9.99% | +1.39 | 15. ...