Core Viewpoint - The A-share market is experiencing a significant surge in merger and acquisition (M&A) activities, driven by companies seeking rapid growth and strategic repositioning amid economic challenges [1][5]. Summary by Sections M&A Activity Overview - In 2023, the M&A projects reviewed by the Shanghai and Shenzhen Stock Exchanges reached 13, with a 100% approval rate, except for one case that was postponed [3]. - The number of M&A projects in the first half of 2023 has already reached 86.67% of the total from the previous year [6]. Economic Context - The global M&A trend aligns with the A-share market, with a 15% increase in transaction value to $1.5 trillion in the first half of 2025, and a 19% rise in large transactions over $1 billion [5]. - The current geopolitical and economic uncertainties, including the ongoing Russia-Ukraine conflict and trade tensions initiated by the U.S., are making business operations more challenging, particularly for small and medium-sized enterprises [5]. Government Policies - The Chinese government has introduced various policies to support M&A activities, such as measures to enhance the resilience of industrial chains and reforms in the M&A market [6]. - Specific policies include the "Eight Measures to Deepen the Reform of the Sci-Tech Innovation Board" and revised regulations on major asset restructuring [6]. Types of M&A - Strong mergers are observed, such as the restructuring of Haiguang Information with Zhongke Shuguang and the merger of Guotai Junan with Haitong Securities, which are aimed at leveraging capital during economic downturns [6]. - There is a notable increase in both upstream and downstream industry mergers, as well as cross-industry acquisitions, allowing companies to quickly gain market share and technological capabilities [6][7]. Market Dynamics - Companies are increasingly targeting core technologies through acquisitions, exemplified by Dongshan Precision's acquisition of Solstice Optoelectronics to overcome technological barriers [7]. - Traditional industries facing stagnation are also pushing for M&A, as seen with real estate company *ST Jinke's intention to acquire photovoltaic assets [7]. Caution for Investors - While the enthusiasm for M&A is high, not all mergers guarantee success, and post-merger integration may not meet expectations, leading to potential pitfalls for investors [7].

Core Insights - The North Exchange thematic funds have emerged as the biggest winners in the fund market in the first half of 2025, with significant returns indicating effective active management and value discovery [1][2][6] Group 1: Fund Performance - The Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund achieved a year-to-date return of 72.16%, ranking third in the market excluding QDII funds [1][3] - Over the past three years, this fund has delivered a remarkable return of 175.64%, significantly outperforming the North Certificate 50 Index, which rose by 39.45% during the same period [1][3][6] - The overall performance of North Exchange thematic funds has been impressive, with many funds from various companies, including Huaxia Fund and CITIC Construction Investment Fund, reporting returns exceeding 50% in the first half of the year [2][6] Group 2: Fund Management and Strategy - The fund manager, Gu Xinfeng, has over ten years of experience in the New Third Board and North Exchange, showcasing strong capabilities in identifying market potential [4][5] - Gu Xinfeng's investment strategy emphasizes the importance of high-quality companies for the long-term development of the securities market, with notable companies listed on the North Exchange [5][6] Group 3: Market Dynamics and Future Outlook - As of July 2, 2023, there are 268 companies listed on the North Exchange, with a total market capitalization exceeding 800 billion yuan, primarily consisting of innovative small and medium enterprises [6][7] - The North Exchange has shown resilience and growth potential, with approximately 70% of thematic funds outperforming the North Certificate 50 Index over the past three years [6][7] - Institutional investors are increasingly recognizing the investment value of the North Exchange, with significant growth in public fund allocations from 7.90 million yuan in 2021 to 67.43 million yuan by the first quarter of 2025 [7][8]

Group 1 - The Hong Kong stock market opened lower on July 4, with the Hang Seng Index down 0.7% at 23,900.69 points, and the Hang Seng Tech Index and the Hang Seng China Enterprises Index also declining by 0.75% and 0.73% respectively [1] - The technology sector is highlighted as having significant investment value, with foreign capital continuously increasing its allocation to the information technology sector, reflecting long-term confidence from international investors [1][2] - The Hang Seng Tech Index has undergone nearly a quarter of adjustment, with its latest valuation (PETTM) at 19.86 times, which is below 92% of the time since the index was launched on July 27, 2020, indicating potential for future price increases [2] Group 2 - The current market sentiment is improving, and liquidity is abundant, providing a solid foundation for the next phase of growth in the Hong Kong technology sector, awaiting catalysts related to technology narratives [2] - The adjustment in the technology sector has led to a moderate level of crowding, combined with positive signals from the funding side, suggesting a relatively large upward elasticity space, which may become a key driver for the next upward trend [1]

Group 1 - Shenzhen Stock Exchange launched five new ChiNext thematic indices focusing on battery, medical, and computing infrastructure sectors, selecting 50 stocks with high market capitalization and liquidity as sample stocks [1] - The exchange is planning reforms for the ChiNext market, aiming to support high-quality innovative companies in issuing shares, enhancing financing flexibility, and promoting mergers and acquisitions [1] - A new listing standard has been introduced for unprofitable innovative companies, requiring a market capitalization of 5 billion and revenue of 300 million, to facilitate financing for high-tech enterprises [1] Group 2 - According to Founder Securities, the relative PE of the ChiNext Index compared to the CSI 300 Index is at a historical 5.9% percentile, indicating relatively high cost-effectiveness [2] - The small-cap and volume-price trading factors are recovering, with machine learning strategies performing well and enhanced index products yielding excess returns [2] - In the computing sector, open-source models are driving AI democratization, with clear demand for computing infrastructure and accelerated domestic ASIC self-research [2]

Group 1 - The market is focusing on the performance expectations of the technology sector, particularly in sub-sectors like optical modules and PCBs that benefit from the digital economy and 5G development [1] - The central bank's monetary policy committee suggested increasing the intensity of monetary policy adjustments, guiding credit structure towards technology innovation, consumption, and support for small and micro enterprises [1] - The continuous deepening of reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market aims to effectively support technological innovation, with increased financial policy support for the tech sector [1] Group 2 - Chinese securities firms are innovating in virtual asset businesses, with firms like Guotai Junan International obtaining upgraded virtual asset trading licenses, which may lead to new performance increments and enhance competitive advantages through digital finance [1] - The central bank, along with multiple departments, issued guidelines to support consumption, emphasizing structural monetary policy tools and increasing credit support for key service consumption areas [1] - The Sci-Tech Innovation and Entrepreneurship ETF tracks the Sci-Tech Innovation 50 Index, which includes 50 emerging industry stocks with significant market capitalization and liquidity, reflecting the overall performance of listed companies in China's tech innovation sector [1]

● 本报记者 昝秀丽 近期，多个具有标杆意义的A股市场并购重组案例不断涌现。市场人士分析，5月修订发布的《上市公 司重大资产重组管理办法》在简化审核程序、创新交易支付工具、鼓励私募基金参与等方面作出优化， 催生出一批优质典型并购重组案例，这些重组标的更加优质、产业协同特征更加明显。随着政策包容度 持续提升，更多具有标杆意义的优质案例有望不断涌现，持续为实体经济发展注入新活力。 典型案例持续落地 6月9日，天亿马拟通过发行股份及支付现金方式购买星云开物全部或部分股权（取得控股权）并募集配 套资金是代表案例之一。 除天亿马外，中国证券报记者梳理发现，不少公司将并购目光投向新兴产业和新质生产力领域，并购标 的含"新"量高的代表性案例不在少数。国科微拟通过发行股份及支付现金的方式向宁波甬芯等交易对方 购买其合计持有的中芯宁波股权，并拟向符合条件的特定对象发行股票募集配套资金。浙江力诺拟收购 徐州化工机械有限公司100%股权，提升公司在调节阀领域的技术水平和生产能力，增强公司综合实 力。 证监会最新数据显示，在并购重组领域，今年以来战略性新兴产业上市公司披露资产重组超140单，是 去年同期的2倍。 东吴证券首席经济学家 ...

来源：科技日报 ◎本报记者 夏 凡 通讯员 景士杰 2024年，宁波市奉化区数字经济促进会正式成立。这一区级社会团体致力于整合信息化、智能化资源和 企业力量，动员社会力量参与数字经济发展，以产业数字化、数字产业化为主线，促进资源共享、凝聚 创新合力。目前，其已集结区内近百家工业互联网、人工智能、智能制造、信息技术等数字经济领域企 业。 近年来，奉化重点推进数字经济核心产业项目招引培育，新增联河光子、申贝电器等入库企业，全区数 字经济核心制造业企业达125家。今年1月至4月，奉化实现数字经济核心制造业产值62.5亿元，同比增 长11.5%；增加值11.4亿元，增速达14.4%。 在创非凡iloboke足球赛场地，看似"蠢萌"的机器人化身"绿茵健将"，在赛场上灵活地寻找角度传球、踢 球，精准完成各项操作任务。"我们聚焦传球速度优化，经过赛前一个多月对运动算法的持续调试，使 机器人能精准识别位置并高速传递。"来自浙江师范大学的参赛选手谢杨惠说。 机器人任务挑战赛目标射击项目的比赛区域，分别设置了固定靶、旋转靶和移动靶。"目标射击项目聚 焦机器人对多类型目标靶的识别与射击精度，要求机器人根据语音识别结果完成任务点定位 ...

根据美国自动数据处理公司（ADP）2日盘前发布的就业报告显示，2025年6月美国私人部门就业人数首 次出现下降，减少了33,000人，远低于预期的增加10万人。这一数据表明美国劳动力市场可能正在放 缓，引发市场关注，并可能影响美联储的货币政策决议。 CFRA Research的首席投资策略师萨姆·斯托瓦尔表示，如果6月份官方就业数据也未能如预期增长，美 联储可能会考虑在7月会议上进一步降息。此外，股市在报告发布后出现压力，投资者情绪更显谨慎。 受市场对美国就业市场恶化担忧和美国宣布与越南达成贸易协议影响，纽约股市三大股指2日低开，早 盘震荡，随后走势出现分化，收盘时纽约股市三大股指涨跌互现。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌10.52点，收于44484.42点，跌幅为0.02%；标准 普尔500种股票指数上涨29.41点，收于6227.42点，涨幅为0.47%；纳斯达克综合指数上涨190.24点，收 于20393.13点，涨幅为0.94%。 板块方面，标普500指数十一大板块七涨四跌。能源板块和材料板块分别以1.70%和1.33%涨幅领涨，医 疗板块和公用事业板块分别以0.97%和0.87%跌 ...

Capital Change - The company has approved a change in registered capital from 112,200,431 RMB to 156,702,722 RMB [1][2] - The total number of shares has increased from 112,200,431 shares to 156,702,722 shares, with a cash dividend of 6 RMB per 10 shares and a capital reserve conversion of 4 shares for every 10 shares [1][2] Articles of Association Revision - The company's articles of association will be revised to reflect the new registered capital and total number of shares [2] - The specific changes include updating Article 6 and Article 20 to reflect the new registered capital and total shares, while other provisions remain unchanged [2]

Group 1: Elderly and Child Care - A total of 7 national standards were released for home-based elderly meal services, rehabilitation aids in elderly care institutions, and convenient services on medical insurance platforms, addressing the needs of elderly care and medical security [2] - 9 national standards were introduced to enhance product packaging safety, particularly for children, including requirements to prevent children from opening packaging [2] - 4 national standards were established to improve the aging-friendly features of products and enhance anti-counterfeiting technology [2] Group 2: Daily Life - 2 national standards were published for oral hygiene products, focusing on calcium silicate and toothpaste abrasion testing methods to protect public oral health [3] - 3 financial service national standards were introduced, including a unique product identification code and descriptions of banking services, supporting financial security and high-level financial openness [3] - 2 national standards were released for emergency management and urban power service continuity guidelines, enhancing emergency response capabilities and promoting resilient city construction [3] Group 3: Emerging Industries - 7 national standards were published in areas such as artificial intelligence, information technology, and the Internet of Things, providing technical support for digital service capabilities [4] - 5 national standards were established for data centers and cybersecurity technologies, facilitating deeper interconnectivity in the digital economy [4] - 2 national standards were introduced for electric earth-moving machinery safety and battery swap systems, aiding the green transformation of traditional industries [4] Group 4: Transportation and Energy - 12 national standards were released for waterway passenger transport services, road traffic signs, fuel consumption evaluation methods for passenger cars, and automotive maintenance, providing technical support for transportation safety [5] - 14 national standards were published for ship soft ladders, propellers, and buoyancy materials for submersibles, enhancing quality and efficiency in the shipbuilding industry [5] - 2 national standards for ethanol gasoline and its blending components were introduced, ensuring the stability of fuel quality [5]