值得关注的是，4月VC/PE机构并购退出活跃度上升。本月并购退出事件共有34笔，涉及金额为12.09亿 元人民币。例如，华海清科股份有限公司收购芯嵛半导体（上海）有限公司6.67%的股权，中小海望 （上海）私募基金合伙企业（有限合伙）成功退出，回笼资金约0.82亿元人民币，账面回报倍数为4.08 倍，内部收益率为100.16%；广州万宝集团有限公司收购广州森宝电器股份有限公司11.20%的股权，广 州市中小企业发展基金有限公司成功退出，回笼资金约0.27亿元人民币，账面回报倍数为1.35倍，内部 收益率为5.05%。 业内人士指出，4月并购市场虽在数量上有所下降，但在金额上仍保持增长态势，显示出市场在结构调 整中的活力。VC/PE机构并购退出活跃度的上升，也为资本市场注入了新的活力，推动了相关行业的发 展。未来，随着经济的持续发展和市场环境的不断优化，中国并购市场有望继续保持稳定发展态势。 （文章来源：新华财经） 从并购交易类型来看，本月共发生148笔境内并购，占并购案例总数的92.5%，其中披露金额的案例79 笔，总金额为529.69亿元人民币；跨境并购共发生12笔，其中披露金额的案例8笔，总金额为32.0 ...

金融界5月20日消息，上证指数上涨0.38%，中证500工业指数 (500工业，H30252)下跌0.03%，报 5406.74点，成交额326.74亿元。 从中证500工业指数持仓的市场板块来看，上海证券交易所占比55.89%、深圳证券交易所占比44.11%。 从中证500工业指数持仓样本的行业来看，电力设备占比32.34%、机械制造占比26.57%、航空航天与国 防占比19.78%、交通运输占比8.51%、建筑装饰占比5.53%、商业服务与用品占比4.54%、环保占比 2.73%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证500指数调整样本时，中证500行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证500行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 数据统计显示，中证500工业指 ...

今年2月，优机股份（833943.BJ）公告《发行定向可转债的募集说明书》， 开创了北交所定向可转债的 先河 。4月1日，北交所从合法规范经营、持续经营能力、投资者保护措施、预沟通机制等八个维度明 确了北交所上市公司再融资监管导向，表示"支持上市公司通过定向发行可转债融资"，随即万通液压 （830839.BJ）、威博液压（871245.BJ）两家公司在月内启动了发行定向可转债的工作， 似乎在为北交 债券要素方面，3只北交所可转债的初始转股价格更高，为20个交易日均价的120%（沪深一般就是均价 或者向下打折），更高的转股价格意味着持有者的转股门槛更高，转股套利越难， 可转债的"债性"更强 。由于北交所公司股本规模相对较小，通过设置较高的转股价格，可以 延缓转股进程，避免短期内大量 转股导致的股权稀释 （以及转股套利者打压股价），维持现有股东的控制权。 此外，优机股份和威博液压的回售门槛与沪深相同（初始转股价的70%），赎回门槛（140%）则高于沪 深（130%）；而万通液压的赎回门槛低于沪深、回售门槛还远低于沪深（认购方盘古智能的让利，也 更能说明其对公司前景的看好）。赎回旨在股价过高时维护公司利益，回售则是 ...

Group 1: Company Overview and Strategy - The company focuses on continuous R&D innovation to enhance product competitiveness and meet customer needs, aiming to increase market share [2] - The CNC machine tools launched in 2022 target the mid-to-high-end market, leveraging nearly 30 years of self-research experience [2] - The electric heating vulcanization machine has shown significant advantages in energy saving and environmental protection compared to traditional steam vulcanization machines [3] Group 2: Business Performance and Projections - Current business orders are robust, with expectations for sustained healthy development and good performance returns to investors [3] - The high-end casting project, with a capacity of 65,000 tons, is primarily for wind power components and is expected to start production around June 2025 [3] - The company anticipates a doubling of overall business output value for the vulcanization machine by 2025, indicating substantial market potential [5] Group 3: Market Demand and Trends - The market demand for wind power components is recovering in 2024 compared to the second half of 2023, while the gas turbine component demand remains strong [4] - The gas turbine market is expected to grow due to rising global electricity demand, with the company currently operating at full capacity [4] - Wind power product prices are volatile, while gas turbine product prices remain relatively stable [4] Group 4: International Expansion and Operations - The company has established subsidiaries in various countries, including the USA, Thailand, Hungary, India, Brazil, Vietnam, Mexico, and Cambodia, creating a comprehensive global production service system [5] - The company collaborates with numerous domestic and international enterprises for CNC systems and components [5] Group 5: Investor Relations and Future Plans - The company plans to optimize investor return mechanisms based on operational performance and shareholder demands [5] - There are currently no plans to inject related company businesses into the listed company, with any future developments to be disclosed as required [5]

5月20日，中联重科连续6个交易日下跌，区间累计跌幅-4.42%。中联重科股份有限公司创立于1992年,主要从事工程机械、农业机械等高新技术装备及新型 建筑材料的研发制造,主导产品涵盖18大类别、105个产品系列、636个型谱,是业内首家A+H股上市公司。 财报显示，华泰柏瑞基金旗下华泰柏瑞沪深300ETF为中联重科前十大股东，今年一季度减持。今年以来收益率-1.11%，同类排名2375(总3435)。 | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -0.30% | 2.92% | -1.41% | -2.05% | -1.119 | | 同类平均� | -0.64% | 3.59% | -2.08% | -0.31% | 1.649 | | 沪深300 | 0.05% | 3.33% | -0.78% | -2.20% | -0.93% | | 跟踪标的� | 0.05% | 3.33% | -0.78% | -2.20% | -0.9 ...

Core Viewpoint - Shanghai is fostering high-end industrial clusters and has achieved significant advancements in manufacturing quality and competitiveness, leading the nation for 15 consecutive years in manufacturing quality competitiveness index [2]. Group 1: Advanced Manufacturing Development - Shanghai is leveraging technological innovation and reform to drive growth and transformation in advanced manufacturing [2]. - The Shanghai Free Trade Zone's Lingang New Area is a key site for advanced manufacturing, with significant production activities such as a medium-sized excavator rolling off the assembly line every 20 minutes at SANY Heavy Industry [2]. - The Shanghai Jiao Tong University Intelligent Manufacturing Base is focused on common technologies for intelligent manufacturing, featuring a 12,000 square meter facility with robotic arms in operation [2]. Group 2: High-Tech Enterprises - Shanghai Jiekar Robot Co., Ltd. specializes in collaborative robots and smart factory innovations, serving major global brands in automotive, electronics, and semiconductor industries [7]. - Shanghai Hydrogen Era Technology Co., Ltd. is a supplier of green hydrogen equipment and integrated hydrogen energy solutions, operating under Shanghai Electric Group [13]. - Shanghai Saibaiming Lighting Technology Co., Ltd. integrates lighting with IoT and AI technologies, providing solutions for sports lighting and smart fitness venues [5]. Group 3: Workforce and Innovation - The workforce in Shanghai's advanced manufacturing sector is highly skilled, with companies like Shanghai Jiao Tong University Intelligent Manufacturing Base employing over 200 staff, more than 50% of whom are R&D personnel [19]. - Training programs are in place at companies like Shanghai Jiekar Robot Co., Ltd. to educate clients on the use of robotic technology [19].

若问古今兴废事，请君只看洛阳城。"十三朝古都""新中国工业重镇"的光环早已褪去，洛阳如今只是艰难追逐全省脚步的普通城市。 今年一季度，洛阳经济总量1355.4亿元，同比增长5.9%。值得关注的是，这是洛阳经济增速近7个季度来首次与全省持平，还是在去年同期基数较低 （1.5%）的基础上。 如今的洛阳，比任何时候都更渴望产业升级，渴望人才流入。近期洛阳动作频频——市委政研室发文剖析当地引才留才的短板，洛阳出台政策降低经济适用 住房认购门槛，无不针对人才引进大做文章。 洛阳能否抓住如今就业市场变化带来的引才机遇，重现荣光？ -01- 痛失"中西部非省会第一城" 比2022年还要更早一些 其实情形比这个还要更严峻一些。因为GDP统计有初核和终核，而洛阳在终核时经常调减数据。因此，真实情况是，洛阳在2021年（5384.2亿元）就已经被 榆林（5621.3亿元）赶超，到2022年已经降至中西部非省会第五，被榆林、鄂尔多斯、襄阳、宜昌集体赶超。 洛阳的问题官方其实很清楚。今年洛阳政府工作报告就直言自身短板——新质生产力尚未形成有力支撑，产业转型升级任务艰巨。但知易行难，洛阳的转型 并没有那么容易。 近代洛阳的最强标签，是 ...

| 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 646880 | 506234 | 11.88 | 1.23 | | 深证成指 | 216579 | 183153 | 19.96 | 2.11 | | 创业板指 | 57266 | 45276 | 26.60 | 3.71 | | 科创 50 | 34342 | 22440 | 54.48 | 4.14 | | 北证 50 | 3130 | 2151 | 49.62 | 4.93 | | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | chenyushuang@hnchasing.com 证券研究报告 2025 年 05 月 20 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | ...

Group 1 - The core index of high-end equipment manufacturing, the CSI High-end Equipment Manufacturing Index, closed at 5678.24 points, down 0.13% with a trading volume of 118.67 billion yuan [1] - Over the past month, the CSI High-end Equipment Manufacturing Index has increased by 4.53%, but it has decreased by 6.29% over the past three months and is down 3.98% year-to-date [2] - The index includes representative companies from sectors such as communication equipment, power equipment, machinery manufacturing, aerospace and defense, electronics, semiconductors, passenger vehicles, and components [2] Group 2 - The top ten weighted companies in the CSI High-end Equipment Manufacturing Index are: CATL (8.68%), BYD (4.38%), SMIC (2.14%), Luxshare Precision (2.06%), Huichuan Technology (1.86%), BOE Technology (1.81%), Cambricon (1.77%), Northern Huachuang (1.75%), Haiguang Information (1.64%), and SANY Heavy Industry (1.44%) [2] - The market capitalization distribution of the index shows that the Shenzhen Stock Exchange accounts for 54.32%, the Shanghai Stock Exchange for 45.58%, and the Beijing Stock Exchange for 0.10% [2] - The industry composition of the index includes 43.50% in industrials, 38.26% in information technology, 12.42% in consumer discretionary, 5.56% in communication services, and 0.26% in energy [2] Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3] - Public funds tracking the CSI High-end Equipment Manufacturing Index include Eastmoney CSI High-end Equipment Manufacturing Index Enhanced A, Eastmoney CSI High-end Equipment Manufacturing Index Enhanced C, Tianhong CSI High-end Equipment Manufacturing Enhanced A, Tianhong CSI High-end Equipment Manufacturing Enhanced C, and Eastmoney CSI High-end Equipment Manufacturing Index Enhanced E [3]

Group 1 - The core viewpoint emphasizes the importance of expanding both domestic and international openness in Shaanxi, aiming to create a highland for reform and opening-up in the inland region, and actively participating in the Belt and Road Initiative [1][2][4] - In 2024, Shaanxi's high-tech product exports reached 177.34 billion yuan, a year-on-year increase of 11.7%, with electric vehicle exports reaching 150,000 units, valued at 19.87 billion yuan, marking a growth of over 1,200 times in quantity and 863 times in trade value [2][24] - The region has seen a significant increase in the operation of the China-Europe Railway Express, with the annual operating volume rising from over 100 trains initially to 4,985 trains in 2024, with local cargo value accounting for over 40% [7][8] Group 2 - The establishment of the China (Shaanxi) Free Trade Zone has led to innovative measures that enhance customs efficiency by 50% and save logistics costs by 30 million yuan, contributing significantly to the province's trade [14][15] - Shaanxi has actively engaged in international cooperation, establishing cross-border e-commerce pilot zones and enhancing logistics capabilities, which has resulted in a total import and export value of 454.07 billion yuan in 2024, a growth of 12.3% [3][6] - The province's exports to countries involved in the Belt and Road Initiative reached 263.98 billion yuan in 2024, a year-on-year increase of 20.2%, with trade with South Korea and ASEAN countries also showing significant growth [23][24] Group 3 - Shaanxi's logistics network has been optimized through the integration of various transport modes, including rail, air, and sea, enhancing the efficiency of international trade and logistics operations [9][12] - The province has implemented a "cross-border transportation corridor" that reduces transport time to Azerbaijan to 11 days, facilitating the efficient flow of bulk commodities [9][10] - The establishment of the "Shaanxi International Port" has attracted goods from various regions, enhancing the province's role as a logistics hub [8][22] Group 4 - The province's focus on technology and innovation has led to the establishment of a "green low-carbon development system," promoting the growth of high-tech and emerging industries [16][17] - Shaanxi has developed a collaborative mechanism for industries to "go global," with significant investments in overseas projects, such as a cement project in Uzbekistan [24][26] - The province's financial institutions have enhanced support for foreign trade, with private enterprises accounting for nearly 40% of the total trade volume in 2024 [25][26]