● 本报记者 黄灵灵 10月22日，深圳市地方金融管理局联合深圳市发展和改革委员会等发布《深圳市推动并购重组高质量发 展行动方案（2025-2027年）》。该《方案》提出，鼓励企业在合成生物、智能机器人、量子信息、前 沿新材料等未来产业赛道上积极开展并购重组；支持深圳证券交易所构建适配上市公司并购重组的服务 体系。 《方案》明确，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。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。加快打造并购基金矩阵，培育集聚优秀并购基金管理人，带动社会资本 形成万亿级"20+8"产业基金群，带动重点产业链协同并购，构建完备产业链并购生态圈。 在丰富拓展并购重组融资渠道方面，《方案》提出鼓励符合条件的企业综合运用现金、股份、定向可转 债、科创债券等方式实施并购重组，用好重组股份对价分期支付、配套募集资金储架发行等机制。 《方案》还明确，搭建一流并购重组服务平台。支持深圳证券交易所构建适配上市公司并购重组的服务 体系，为项目提供全周期、一站式服务；打造并购重组全链条培训 ...

Group 1: Core Insights - The 800V HVDC architecture introduced by NVIDIA is expected to become a mainstream technology for AI data centers, presenting significant opportunities for both power electronics and renewable energy sectors [1][2] - The transition to 800V HVDC represents a comprehensive upgrade in power supply architecture, impacting the entire industry chain from core components to system integration and operational services [2][3] Group 2: Impact on Power Electronics Companies - Companies like Innoscience and Megmeet are gaining market attention due to their involvement in the HVDC sector, with Innoscience collaborating with NVIDIA to support the 800V DC power architecture [3] - Megmeet has entered NVIDIA's supply chain, extending its server power supply products to HVDC applications, showcasing its advanced technology in high-power, high-efficiency network power supplies [3] Group 3: Renewable Energy and Storage Opportunities - The synergy between "green electricity + energy storage" and 800V HVDC is highlighted, as it allows for more direct integration into data center power systems, enhancing overall efficiency [4][5] - Companies like CATL, Huawei, and BYD are entering the AIDC storage market, with a focus on technology integration and ecological value as key competitive strategies [5][6] Group 4: China's Competitive Advantage - Chinese companies are positioned to lead in the green electricity supply for the HVDC ecosystem, leveraging their strengths in power semiconductors and innovative zero-carbon solutions [6] - The exploration of a "green electricity + energy storage + data center" model is seen as a pathway for China to enhance its competitiveness in the AI data center landscape [6]

深圳将建立上市公司并购重组标的项目库，《行动方案》提出，加快推出一批符合国家产业政策、具备 并购重组潜力、具有发展前景的优质项目，形成"后备一批、意向一批、储备一批"的滚动实施机制。 在丰富拓展并购重组融资渠道方面，《行动方案》鼓励符合条件的企业综合运用现金、股份、定向可转 债、科创债券等方式实施并购重组，用好重组股份对价分期支付、配套募集资金储架发行等机制。鼓励 银行机构通过并购贷款、银团贷款、投贷联动等方式对企业市场化兼并重组给予信贷支持。探索开展非 居民并购贷款、科技型企业并购贷款创新试点等。 《行动方案》鼓励各级政府投资基金和国资平台与银行金融资产投资公司（AIC）、险资等金融机构， 以及"链主"企业、龙头上市公司等产业资本开展产业基金合作，拓宽上市公司与国资共同设立产业基金 的覆盖面。鼓励社会资本参与并购重组。开展私募股权创投基金份额转让试点，支持私募股权二级市场 基金（S基金）为并购重组项目提供接续型、赋能型融资资源。稳妥支持各类耐心资本及境外投资者通 过战略投资、合格境外机构投资者（QFII）、合格境外有限合伙人（QFLP）等方式参与我市企业并购 重组。 "联通香港资本市场打通境内外并购资源。" ...

Core Insights - Shanghai's GDP for the first three quarters reached 40,721.17 billion yuan, with a year-on-year growth of 5.5%, surpassing the national growth rate of 5.2% [1] Group 1: New Momentum - The industrial added value in Shanghai increased by 5.2% year-on-year, with the total industrial output value growing by 5.7% [2] - The three leading industries, namely artificial intelligence, integrated circuits, and biomedicine, saw a manufacturing output value growth of 8.5%, significantly contributing to industrial growth [2] - Artificial intelligence manufacturing output grew by 12.8%, while integrated circuits and biomedicine grew by 11.3% and 3.6%, respectively [2][3] Group 2: Structural Changes - Shanghai's total import and export value reached 3.34 trillion yuan, with a year-on-year growth of 5.4%, and exports alone grew by 11.3% [4] - Private enterprises became the main force in foreign trade, achieving an import and export total of 1.32 trillion yuan, a growth of 27.1% [4] - The share of private enterprises in Shanghai's total foreign trade rose to 39.5%, marking a significant structural change [4] Group 3: New Consumption - The total retail sales of consumer goods in Shanghai increased by 4.3% year-on-year, driven by the "old-for-new" consumption policy [6] - Retail sales in categories such as sports and entertainment, furniture, and home appliances saw significant growth, with increases of 27.7%, 22.1%, and 28.2%, respectively [6] - Investment in urban infrastructure grew by 11.7%, with notable increases in power construction and transportation infrastructure investments of 42.1% and 26.5% [6]

Core Insights - The 800V HVDC (High Voltage Direct Current) architecture introduced by NVIDIA is expected to become a mainstream technology direction for future AI data centers, presenting opportunities for both power electronics and renewable energy sectors [1][2] - The adoption of 800V HVDC is seen as a significant upgrade in power supply architecture, which will transform the entire industry chain from core components to system integration and operational services [2] Power Electronics Impact - The 800V HVDC architecture offers advantages over traditional UPS technology, including higher efficiency, greater power density, smaller footprint, and lower total cost of ownership [2] - Key components affected include SiC (Silicon Carbide) power semiconductors, magnetic component design, DC link capacitors, and DC circuit breakers, which will require significant technological upgrades [2] Upstream Component Companies - InnoSwitch, a key player in the upstream component sector, has announced a breakthrough in AI data center power supply architecture, achieving higher efficiency and power density while reducing energy consumption and CO2 emissions [3] - Megmeet's PSU products have entered NVIDIA's supply chain, extending into HVDC power supply segments, showcasing their advanced technology in high-power, high-efficiency network power supplies [3] Renewable Energy and Energy Storage - The integration of "green electricity + energy storage" is expected to complement the 800V HVDC architecture, allowing for more direct connections to data center power systems and reducing energy loss [4][5] - Companies like CATL and Huawei are positioning themselves to meet the growing power demands of AI data centers, with energy storage systems playing a crucial role in managing power fluctuations [5] Future Market Dynamics - The AIDC energy storage market is anticipated to evolve into a "giant-led, ecosystem symbiosis" model, where competition will focus on technology integration and ecological value [5] - Chinese companies are expected to lead in green electricity supply and the development of one-stop zero-carbon solutions, leveraging their strengths in photovoltaic, wind power, and energy storage technologies [5]

Group 1 - The meeting between Hu Zhongxiong, the Secretary of the Municipal Party Committee, and Zhao Weijun, President of Envision Energy China, focused on deepening cooperation in the fields of new energy batteries, material production, and green energy services [1][3] - Hu emphasized the importance of implementing the "Industrial Strong City" strategy and aimed to accelerate the establishment of a regular working mechanism to promote project implementation for mutual benefit [3] - Zhao expressed gratitude for the support from Guiyang and Guian, stating that the company would leverage its technological and market advantages to contribute to the local green energy industry [3] Group 2 - The meeting included participation from key officials such as the Secretary of the Provincial Investment Promotion Bureau and other city leaders, indicating a high level of governmental support for the initiatives discussed [1][3] - The focus on cost reduction and supply chain strengthening highlights the strategic priorities for both the local government and Envision Energy in fostering industrial growth [3]

进入10月，定增市场延续回暖态势，公募基金的参与热情持续升温。 证券时报记者注意到，随着医药、科技、高端制造等高景气赛道的定增项目密集落地，头部公募与知名 基金经理频频出手，机构资金正加速流向优质成长型企业。 从下半年多起定增案例来看，多位知名基金经理参与的项目已实现浮盈。业内人士表示，随着市场情绪 修复、企业融资需求释放以及机构资金的再配置需求增强，定增正成为公募重点布局的重要方向之一。 寒武纪主营应用于各类云服务器、边缘计算设备、终端设备中人工智能核心芯片的研发、设计和销售， 主要产品包括云端智能芯片及板卡、智能整机、边缘智能芯片及板卡等。股价方面，寒武纪在去年大涨 近3.9倍的情况下，今年以来依然强势，年内涨幅超过117%，最新总市值为6028亿元。 10月17日，胜宏科技发布定增上市公告，发行价格为248.02元/股，募集资金约19亿元，对应认购总股 份数量约766万股。 胜宏科技此次定增共吸引了10家机构认购，包括兴证全球基金、睿远基金等。证券时报记者注意到，参 与定增的知名基金经理和产品包括乔迁的兴全新视野、兴全商业模式优选，谢治宇的兴全社会价值三年 持有、兴全合宜，傅鹏博的睿远成长价值等。 胜宏 ...

Group 1 - The core viewpoint indicates that the improvement in economic activity this week is primarily observed in the midstream manufacturing and information technology sectors [1] - In the upstream resource sector, prices of industrial metals have mostly increased [1] - In the midstream manufacturing sector, prices in the new energy supply chain have generally risen, with major companies in construction machinery showing a year-on-year improvement in sales for September [1] Group 2 - In the information technology sector, prices of memory chips continue to rise, and the revenue of Taiwanese stocks has generally improved in September, with a significant year-on-year increase in integrated circuit production [1] - In the consumer services sector, the year-on-year decline in rolling retail sales for home appliances has narrowed for air conditioners, refrigerators, washing machines, and color TVs [1] - The year-on-year growth rate of social retail sales in September has narrowed, potentially due to a high base effect and diminishing returns from policy measures [1] Group 3 - Recommended sectors with high or improving economic activity include automotive, batteries, construction machinery, specialized equipment, memory chips, IC manufacturing, PCB, and beauty care [1]

【导读】深圳市推动并购重组高质量发展行动方案(2025-2027年）发布 大家好啊，深圳来利好了。 10月22日，深圳市地方金融管理局等印发《深圳市推动并购重组高质量发展行动方案（2025—2027年）》。 泰勒整理了其中的重要内容，供大家投资参考。 1.目标。 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。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。 2.聚焦新质生产力开展并购重组。 在集成电路、人工智能、新能源、生物医药等战略性新兴产业领域，支持"链主"企业、龙头上市公司等开展上下游并购重组，收购有助于强链补链和提升 关键技术水平的优质未盈利资产，推动重点产业集群能级提升。 鼓励企业在合成生物、智能机器人、量子信息、前沿新材料等未来产业赛道上积极开展并购重组，快速提升产业规模和实现关键技术突破。 3.建立上市公司并购重组标的项目库。 建立上市公司并购重组标的项目库，形成基本覆盖我市重点产业领域的并购标的项目储备资源。 建立"市区联动+部门协同+市场推荐"项目推优机制，分领域、分行业在全市 ...

本次活动首批共有9个项目参加路演活动，分别为中晶新源、中弗新能源、禾芯威半导体、潋影科技、 晋申观复、滴水成湖智能、珮凯科技、齐力半导体和物影科技。上海临港科技创业中心表示，未来将与 各金融机构合作，支持前沿产业企业在临港破土而出，成为临港科创城的一个重要堡垒。（智通财经记 者 贺梨萍） 10月21日，由临港新片区企业服务中心与上海临港科技创业中心主办的2025产业金融生态共建峰会暨产 业资本对接会举办。临港科创金融服务联合体发布生态签约，未来将建立常态化对接机制，开展更加紧 密的合作，共同孵化临港未来的科技企业。 ...