【环球网财经综合报道】深圳市地方金融管理局等多部门于10月22日联合印发《深圳市推动并购重组高 质量发展行动方案（2025—2027年）》，以十项重点任务为抓手，正式吹响了推动本地上市公司通过并 购重组实现高质量发展的"集结号"。《方案》设定了雄心勃勃的目标：力争到2027年底，深圳境内外上 市公司总市值突破20万亿元，并培育出20家千亿级市值企业。 聚焦新质生产力，锚定新兴产业 " 强链补链 " 《方案》的核心导向是聚焦新质生产力，将并购重组与深圳的"20+8"战略性新兴产业集群和未来产业深 度绑定。文件明确提出，将支持集成电路、人工智能、新能源、生物医药等领域的"链主"企业和龙头上 市公司，通过并购重组强链补链，甚至收购有助于提升关键技术水平的优质未盈利资产。 为何如此布局？资深金融研究人士指出，亚马逊、英伟达等科技巨头的成长路径，正是通过持续的并购 整合实现技术升级与规模扩张。深圳此举正是旨在复制这种高质量并购模式，推动产业协同升级。比亚 迪收购捷普旗下移动电子业务、立讯精密收购Qorvo在华半导体资产等案例，已成功展示了并购在拓展 客户边界、深化产业链整合方面的巨大价值。 此外，《方案》特别强调要加快 ...

2025年10月23日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：短线窄幅震荡，矛盾仍在积累 | 2 | | --- | --- | | 不锈钢：供需难寻上行驱动，成本限制下方空间 | 2 | | 碳酸锂：偏强震荡 | 4 | | 工业硅：仓单去化，盘面较抗跌 | 6 | | 多晶硅：关注现货成交价格 | 6 | 国 泰 君 安 期 货 研 究 所 期货研究 商 品 研 究 2025 年 10 月 23 日 镍：短线窄幅震荡，矛盾仍在积累 不锈钢：供需难寻上行驱动，成本限制下方空间 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 121,380 | 200 | 200 | 480 | -600 | 280 | | 期 | | 不锈钢主力（收盘价） | 12,710 | 45 | ...

Core Insights - The development of green trade in China is accelerating, supported by increasing supply of high-quality green products and favorable policies [1][2] - In the first three quarters of this year, exports of high-end equipment related to new production capacities grew by 22.4%, with significant growth in green products such as wind power generators and electric locomotives [1] - A notable example includes the completion of a large BRT bus order for Africa, enhancing local commuting efficiency [1] Group 1 - China's foreign trade enterprises are expanding the supply of high-quality green products, leading to robust growth in green trade [1] - Exports of high-end equipment related to new production capacities increased by 22.4% year-on-year [1] - The first batch of 100 BRT buses from Xiamen has been deployed in Tanzania, significantly improving local commuting [1] Group 2 - A recent State Council meeting emphasized the need to enhance the green trade policy framework and support the green low-carbon development of foreign trade enterprises [2] - The certification process for charging stations exported to Vietnam has been streamlined from three months to two weeks, facilitating green trade [2] - Experts suggest that establishing clear green standards and providing targeted financial and policy support will drive the deep green transformation of China's industrial structure [2]

Group 1 - The 2025 China Industrial AI Conference will be held in Hangzhou, Zhejiang from October 23 to 24, focusing on "AI Empowerment, Industrial Rebirth" and gathering top experts and industry leaders to discuss advancements in industrial AI technology and practical applications [1] - The 2025 International Energy Transformation Forum will take place from October 23 to 25, with the theme "Ten Years Hand in Hand for Energy Transformation Innovation Leading a Green Future," covering topics such as international cooperation in new energy technology and the construction of a green low-carbon energy transition model [2] - The 2025 China International Mining Conference will be held from October 23 to 25, covering over 50,000 square meters with nearly 500 domestic and international exhibitors from 27 countries [3] Group 2 - On October 23, a total of 8 companies will have their restricted shares unlocked, with a total unlock volume of 92.45 million shares, amounting to a market value of 484 million yuan at the latest closing price [4] - Three companies have over 10 million shares unlocked, with Meili Ecology, Aotegia, and Ruankong Co. leading in unlock volume at 48.84 million, 21.96 million, and 18.25 million shares respectively [4] - Eleven companies disclosed stock repurchase progress on October 23, with one company proposing a repurchase exceeding 10 million yuan, and three companies completing their repurchase plans [5]

经开区牢固树立"七未"项目服务理念，持续强化要素保障、提升服务效能，全力推动重点项目早开工、 早投产、早达效。2025年1—9月，完成重点项目投资93亿元，投资完成率92.80%;信义二期、普利特材 料、天工科技等35个项目开工建设，开工率106%;红创无菌包装、汇源食品包装、万智新能源等19个项 目竣工投产，竣工率119%。(马经宣) 近日，位于马鞍山经开区的科达智慧能源公司建筑光伏一体化示范园区项目建成投产，项目总投资3亿 元，占地约81亩，该项目是以"建筑光伏一体化(BIPV)"为核心，集光伏BIPV生产、试验、办公于一体 的多功能智慧园区。公司在国内多省份及国外多个国家布局业务，累计服务客户超3000家，光储新能源 自持和EPC规模突破200MW，年电力交易达150亿千瓦时，同时持有3个配网运营项目，投资建设32座 充电场站，在行业内树立了坚实的品牌标杆。 ...

苏州市能源发展集团有限公司是本次博览会的主办单位。近年来，苏州能源集团以"安全稳定、清 洁低碳"为目标方向，以保障苏州能源安全为首要任务，构建安全高效的城市能源系统。业务板块涉及 城市燃气、新能源开发利用、城市照明、能源产业投资、能源商务、燃煤电厂等领域，并积极布局能源 互联网、虚拟电厂、"双碳"服务等新业态新模式。2023至2024年，集团连续两年入选"中国能源企业 （集团）500强"，并于2024年获评AAA主体信用评级。 据了解，该博览会启幕同时，第七届未来能源大会同期召开。大会以"新质变革 协同未来"为主 题，邀请全球能源领域专家学者、企业领袖及政策制定者，围绕新型能源体系建设、前沿技术产业化路 径、绿色金融等议题展开深入探讨，推动构建开放共享、协同高效的全球能源新生态。 金秋十月，全球新能源产业目光聚焦苏州。昨天（10月22日），2025苏州国际新能源博览会在苏州 国际博览中心启幕。本届博览会以"能源变革，低碳未来"为主题，汇聚全球顶尖技术、前沿成果与行业 智慧，打造一场引领绿色低碳发展的年度盛宴。 作为国际化程度最高的一届展会，新能源国际综合展区邀请多家行业组织及龙头企业参展，同期举 办国际政策解 ...

Overview - The report highlights the successful performance of JD Group during the Double Eleven shopping festival, with significant growth in active users and sales across various categories [8][9]. Company Performance - JD Group's active user count increased by 47.6% from October 9 to 10, leading the industry in user growth [8]. - Sales in categories such as home appliances, mobile phones, and digital products saw over 70% growth in order volume by October 14 [8]. - The company reported a tenfold increase in transaction volume for exclusive custom products [9]. Delivery and Logistics - The report notes a reduction in subsidies for the delivery service, which, combined with improved delivery efficiency, is expected to lead to a decrease in losses for JD's food delivery business [9]. - The growth in order volume during the peak season and improved order structure are anticipated to enhance revenue [9]. Technological Advancements - JD Group introduced JoyAI, a large AI model aimed at optimizing supply chain efficiency across retail, logistics, health, and industrial sectors [9]. - The focus on core retail business growth, improvement in delivery unit economics, and the impact of JoyAI on supply chain efficiency are viewed positively [9]. Financial Projections - The report projects revenue growth for JD Group, with expectations of continued expansion in both domestic and international markets [6]. - The company is expected to achieve revenues of 435.00 billion, 549.00 billion, and 645.00 billion yuan from 2025 to 2027, with corresponding net profits of 140.56 billion, 180.70 billion, and 214.19 billion yuan [6].

Core Insights - The current economic transformation in China is driving listed companies to pursue mergers and acquisitions (M&A) for industrial upgrades and strategic transitions [1][4] - The A-share M&A market has seen increased activity, with 3,470 transactions in the first three quarters of this year, a year-on-year increase of 7.93%, and 134 major asset restructuring events, up 83.56% [2] - Traditional industries are actively engaging in M&A to enter emerging sectors, reflecting a deeper understanding of the urgency for development model transformation [4][7] M&A Market Activity - The A-share market has experienced a surge in M&A activity, with significant growth in both the number of transactions and major asset restructurings [2] - Companies are focusing on sectors encouraged by national policies, such as semiconductors, high-end equipment, new energy, and artificial intelligence [2][4] - The implementation of supportive policies by regulatory bodies has further stimulated M&A enthusiasm among companies [3][5] Strategic Growth Initiatives - Companies are increasingly looking to cultivate a "second growth curve" through M&A, which is seen as a key engine for opening new growth paths [3] - The trend of traditional industries entering new sectors indicates a shift towards strategic emerging industries, aiming to create new growth points [4][7] - The integration of resources through M&A is expected to enhance the efficiency of resource allocation and improve the quality of listed companies [7] Policy Support and Future Outlook - Recent policy changes have provided a favorable environment for M&A, with regulatory support aimed at facilitating industry transformation and growth [3][5] - The future of M&A activity is anticipated to remain robust, driven by the ongoing economic transformation and the need for companies to adapt to new market conditions [2][4] - The focus on long-term value creation and effective resource allocation will shape the capital market's valuation system [7]

Core Viewpoint - The current wave of mergers and acquisitions (M&A) among listed companies is characterized by a clear logic of industrial integration and transformation, driven by policies such as "Kebatiaos" and "Merger Six Articles," with a focus on enhancing quality and efficiency while returning value to investors [1][2]. Group 1: Market Activity and Trends - Since the implementation of the "Merger Six Articles," market activity has significantly increased, with 150 administrative license M&A transactions reported, a 285% increase, and a transaction scale exceeding 440 billion yuan, marking over 100% growth [2]. - The focus of M&A has shifted towards hard technology and new productive forces, with sectors like semiconductors, high-end manufacturing, and new energy seeing a continuous rise in transaction proportions [2][3]. - The proportion of private enterprise restructurings has increased, indicating a shift in the landscape of M&A activity [1]. Group 2: Characteristics of M&A Transactions - The majority of listed companies prefer acquisition targets with substantial size, often leading players in niche markets, and are increasingly willing to pay higher premiums for technology-intensive targets [2][3]. - Control transactions among listed companies are becoming more active, with a notable increase in buyers from technology-oriented backgrounds, particularly in the innovation-driven sector [3]. - Cross-industry mergers have become a strategic choice for companies facing growth plateaus in traditional sectors, with 43 out of 174 major asset restructuring transactions being cross-industry, accounting for about 25% [3]. Group 3: Valuation and Integration Challenges - Cross-industry M&A presents greater complexity and risks, leading to challenges in achieving consensus on core terms such as valuation [4]. - Companies are adopting innovative valuation methods to address the challenges of acquiring unprofitable assets, with a focus on understanding the core competitiveness of targets [5][6]. - The market has seen a trend towards more rational pricing strategies, including differentiated pricing and extended lock-up periods for long-term investors [6][7]. Group 4: Opportunities and Challenges for Investment Banks - The active M&A market presents new opportunities and challenges for investment banks, which need to deepen their understanding of the commercial needs and conditions of both parties involved in transactions [8]. - Investment banks are encouraged to enhance their service capabilities by improving the professional level of their staff and integrating research with M&A activities [8][9]. - The regulatory environment has become more accommodating, but there remains a need for better understanding and utilization of policies among market participants [10].

近日，世界气象组织发布的报告称，自20世纪60年代以来，二氧化碳增长速度已增至三倍，浓 度水平达到至少80万年来的最高值，浓度上升使地球走向更长期的升温轨迹，并正朝着升温3 摄氏度的方向发展。 为应对全球气候变化，我国做出了极大的努力。2020年9月，我国在联合国大会上明确提出力 争2030年前实现二氧化碳排放达峰、2060年前实现碳中和。党的二十大要求，统筹产业结构 调整、污染治理、生态保护、应对气候变化，协同推进降碳、减污、扩绿、增长。党的二十届 三中全会进一步强调，要积极应对气候变化，健全绿色低碳发展机制。 近年来，我国频繁遭遇异常天气，对人们的生产生活带来显著影响。国家气候中心气象专家表 示，最近10多年我国东部地区汛期多雨带较之本世纪头10年和上世纪90年代明显地北移。水利 部的数据显示，今年7至8月，中国总体确实呈现"北涝南旱"的降水格局。 进入9月后，我国西北地区东部、华北南部和黄淮等出现连阴多雨天气，给秋粮收获带来困 难，也对推进秋种带来风险。华北以及长江中下游地区是我国粮食主产区，需要提前形成预 案，以应对可能的"北涝南旱"趋势对粮食安全的影响。国家气象局的数据显示，我国每年因各 种气象灾害 ...