21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道"'并购六条'为A股并购市场开启繁荣新阶段奠定 基础。"中金公司投资银行部并购组执行总经理康攀近日在《21世纪经济报道》主办的"并购破局：存量 时代的投退博弈"闭门研讨会的主题演讲中表示。他认为，当前并购市场呈现交易模式不断创新、科创 并购持续活跃、强链补链的优质未盈利资产标的频现等鲜明特点。随着各类创新交易模式的不断涌现， 2025年下半年A股并购重组市场值得期待。 2024年9月，证监会发布"并购六条"，明确提出助力新质生产力发展、加大产业整合支持力度、提升监 管包容度、提高支付灵活性与审核效率等要求，引发市场热烈反响。据官方信息统计，"并购六条"发布 后至2025年7月中旬，全市场新增披露重大资产重组项目已达200单。在康攀看来，除了市场活跃度提 升，当前并购市场的四大特点也值得关注： 一是，交易模式不断创新。定向可转债、差异化定价、灵活设置业绩承诺安排等创新交易方案频现，有 效满足了不同交易方的需求，降低了并购成本，提升了交易达成的成功率；二是，科创并购活跃，战略 性新兴产业成为热点。半导体及集成电路、高端装备制造、生物医药等领域的并购交易层出不 ...

Group 1 - The company, Tianjin Lingang Investment Holding Group, has successfully issued a 3-year $41 million senior unsecured green bond with a coupon rate of 5.5%, marking the first issuance of dollar green bonds by a local state-owned enterprise in Tianjin's overseas market [1][3] - The bond issuance reflects the company's commitment to green development and showcases the confidence of domestic and international investors in the company's credit quality and growth prospects [1][3] - The issuance is expected to lower the company's overall financing costs and provide funding support for industrial upgrades and infrastructure development in the Tianjin Port Free Trade Zone [3] Group 2 - The company is focusing on strategic emerging industries such as high-end equipment manufacturing, new energy, and biomedicine, leveraging the core resource advantages of the Free Trade Zone [3][4] - The company has established a multi-tiered credit matrix with one AAA-rated and two AA+ rated entities, enhancing its capital market presence [3] - The company operates 140 hydrogen heavy trucks, 60 trailers, and 2 hydrogen refueling stations, and has initiated multiple green transport routes radiating to the Beijing-Tianjin-Hebei region [3]

针对超长距离、超大直径、超高水压、超大埋深等工程特点，"沧渊号"盾构机创新集成三大核心技术， 通过"数字大脑"实现智慧化管控，采用"智刃铁齿"技术突破高效掘进瓶颈，并搭载全球首创的"智慧心 脏"主动防护系统，确保施工安全高效。 "沧渊号"开挖直径达16.66米，整机总长176米，总重量超过5650吨，是目前我国自主研制的直径最大泥 水平衡盾构机，代表着我国在高端隧道施工装备领域新的突破。 （文章来源：科技日报） 11日，我国自主研制的直径最大泥水平衡盾构机"沧渊号"，在海太长江隧道左线正式始发，标志着该项 目正式进入掘进施工阶段。 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [7][15]. Core Insights - The company reported a significant revenue growth of 39.21% year-on-year, reaching 6.901 billion yuan in H1 2025, with a net profit increase of 14.04% to 1.241 billion yuan [3][4]. - All business segments showed rapid growth, particularly the oil and gas engineering and technology services, which saw an impressive revenue increase of 88.14% [4]. - The company has effectively managed its cash flow, with a net cash flow from operating activities of 3.144 billion yuan, a year-on-year increase of 20.83% [6]. Financial Performance - The company achieved a gross margin of 32.19% in H1 2025, a decrease of 3.64 percentage points compared to the previous year [4]. - The company’s revenue projections for 2025-2027 are 16.289 billion, 18.973 billion, and 21.508 billion yuan, with expected growth rates of 21.97%, 16.48%, and 13.36% respectively [7][11]. - The estimated PE ratios for 2025-2027 are 15.11, 13.03, and 11.47, indicating a favorable valuation trend [7][11]. Business Development - The natural gas business has shown remarkable growth, with a revenue increase of 112.69% in H1 2025, contributing to the overall expansion of the company [5]. - The company has successfully expanded its overseas market presence, achieving a revenue of 3.295 billion yuan from international operations, a year-on-year increase of 38.38% [5]. - New orders totaled 9.881 billion yuan in H1 2025, reflecting a growth of 37.65%, ensuring a robust order backlog of 12.386 billion yuan [5].

Core Viewpoint - The article highlights the significant growth in the pet consumption market in China, focusing on companies like Zhongchong Co., Ltd. and their impressive financial performance, as well as the international expansion of companies like Jerry Co., Ltd. [3][4][8] Company Performance - Zhongchong Co., Ltd. reported a revenue of 2.432 billion yuan in the first half of 2025, marking a year-on-year growth of 24.32%, with a net profit of 203 million yuan, up 42.56% [6] - Jerry Co., Ltd. achieved a revenue of 6.9 billion yuan in the first half of 2025, reflecting a nearly 40% year-on-year increase [6] - Jerry Co., Ltd. reported overseas revenue of 3.295 billion yuan, a growth of 38.38% year-on-year, with new overseas orders increasing by 24.16% [8] Market Trends - The pet consumption market in China is expanding due to rising living standards and increasing emotional companionship needs, leading to a shift from basic survival consumption to quality and personalized consumption [6] - The market concentration in the pet industry remains low, but it is expected to gradually concentrate towards leading brands as consumer awareness increases [6] Institutional Interest - Zhongchong Co., Ltd. received over 200 institutional research visits, indicating strong interest from investors [6] - Jerry Co., Ltd. also attracted over 140 institutional research visits, showcasing investor confidence in its international strategy [8] - The innovative drug sector is experiencing a surge, with companies like Taiankang and Jiuzhou Pharmaceutical receiving significant institutional attention due to positive clinical trial results and improved production capacity [10][11]

Core Viewpoint - The Chengdu metropolitan area has made significant progress in urban integration over the past five years, transitioning from basic infrastructure connectivity to advanced industrial collaboration and regional synergy, aiming for a more coordinated development model [1][2][4]. Economic Growth - The economic output of the Chengdu metropolitan area is projected to grow from 2.24 trillion yuan in 2020 to 2.98 trillion yuan by 2024, with an average annual growth rate exceeding national and provincial levels [2]. - The GDP contribution of the four cities in the metropolitan area has increased from 46% in 2020 to 48.5% in the first quarter of this year, despite occupying only 6.8% of the provincial land [2]. Inter-City Collaboration - In 2024, the number of enterprises collaborating across cities in the Chengdu metropolitan area reached 2,860, a year-on-year increase of 21.8%, significantly outpacing the GDP growth rate of the metropolitan area [3]. - Examples of successful inter-city collaborations include the joint development of hydrogen fuel cell buses and the establishment of a complete industrial chain for hydrogen energy [3][4]. Innovation and Industry Development - The Chengdu metropolitan area has seen the emergence of a trillion-yuan industrial cluster, with innovative collaboration models such as "Chengdu R&D + Deyang Manufacturing" enhancing product iteration speed by 30% [8]. - The area is also home to significant technological advancements, with plans for the largest laser display optical screen manufacturing base and optical film production base in the world [8]. Mechanism and Institutional Innovation - The success of the Chengdu metropolitan area is attributed to continuous institutional innovations that facilitate efficient resource allocation and collaborative governance [14][17]. - The establishment of a five-level working mechanism and a comprehensive planning system has enabled effective coordination among the four cities, enhancing the overall business environment [17]. Future Outlook - By 2025, the Chengdu metropolitan area aims to solidify its position as a resilient and competitive industrial community, leveraging ongoing innovations and collaborative efforts to address future uncertainties [18].

光洋股份8月8日报收11.17元，较前一交易日下跌0.01元，跌幅0.09%。当日成交量为170343手，成交金 额达1.91亿元。 光洋股份主营业务涵盖汽车精密零部件、高端工业装备及智能机器人零部件等领域。公司产品包括新能 源与燃油汽车零部件、风电偏航减速机、工业机器人零部件等。 公司8月8日在互动平台表示，其高端工业装备业务主要涉及风电偏航减速机和工业机器人领域，产品包 括行星排零部件和交叉滚子轴承，目前暂未涉及数控机床业务。 8月8日主力资金净流入225.66万元，近五日主力资金累计净流出110.57万元。 风险提示：股市有风险，投资需谨慎。 ...

8月7日，山东省委、省政府在日照召开民营企业座谈会，听取民营企业家对当前经济形势和下一步全省经 济工作的意见建议，研究解决民营企业发展中遇到的困难问题。 座谈会上，民营企业家代表与省领导面对面交流，开门见山、畅所欲言，并就"十五五"规划编制工作提出 意见建议。 "十五五"期间,魏桥将继续聚焦传统制造业转型及现有产业 链延伸,着力打造新能源轻量化产业集群和高端装备制造基 地。建议推动实体经济与数字经济深度融合,规划建设覆盖全 省的智能计算服务网络,支持企业全域数字化转型,培育"智 能制造+"新业态。 展公司竞发 "十五五"时期,是Al+元宇宙产业大发展的关键期。建议大 力支持Al+元宇宙产业高质量发展,制定长期发展规划,支持 微显示、集成电路等产业链上下游联动,打造具有全球竞争力 的Al+元宇宙产业集群。 众 新闻 客户端 民营企业家们重点哪了啥 山东是化工产业大省,建议"十五五"期间继续把高端化工作 为产业体系建设的重点发力方向,加快化工行业由大向强战略 性转变。特别是充分发挥橡胶产业科研优势、人才优势、产业 链优势,进一步加大科研投入,巩固提升全球橡胶科研高地龙 头地位。 石膏里 民营企业家们重点聊了啥 大 ...

Group 1 - The event "German Enterprises in Shenyang" aims to enhance economic and technological cooperation between Chinese and German companies, focusing on high-end equipment manufacturing and smart manufacturing [1][3] - Over 50 representatives from Chinese and German enterprises and industry experts participated in the event, which included site visits and precise matchmaking to foster collaboration [1][2] - The event is part of a long-standing friendship between North Rhine-Westphalia and Shenyang, emphasizing the complementary industrial strengths of both regions [2][3] Group 2 - North Rhine-Westphalia is Germany's most populous and economically significant federal state, known for its automotive, chemical, and high-end manufacturing sectors, while Shenyang is recognized as a hub for equipment manufacturing [2] - The two regions are encouraged to focus on green economy initiatives, particularly in hydrogen storage and carbon capture technologies, aligning with their respective industrial upgrade goals [2] - The event also marks the 10th anniversary of the Sino-German Industrial Park, which has successfully attracted numerous German SMEs by providing a comprehensive international service system [2][3] Group 3 - The Sino-German Industrial Park has seen its economic volume double since its establishment in 2015 and has received multiple national recognitions for its role in international cooperation and innovation [3] - The park serves as a critical platform for German companies to enter the Chinese market, facilitating technology transfer and project implementation [3] - Future plans for the park include establishing a regional cooperation hub and enhancing institutional openness to create a benchmark for Sino-German industrial chain collaboration [3]

Group 1 - The core viewpoint emphasizes that common prosperity is an essential requirement of socialism and a significant feature of Chinese-style modernization [1][2] - The "14th Five-Year Plan" outlines a people-centered approach, ensuring that development benefits the people and promotes social equity [1] - During the "14th Five-Year" period, China's middle-income group has exceeded 400 million, indicating a significant improvement in living standards [1] Group 2 - The focus on rural development includes high-quality agriculture, livable and workable rural areas, and the prosperity of farmers [5] - The development of the cold vegetable industry in Ningxia has established over 130 large-scale planting bases, covering 500,000 acres and producing over 2 million tons of fresh vegetables annually [7] - In Shandong, the coastal town of Taoluo has leveraged its marine resources to develop aquaculture and marine economy, contributing to rural revitalization [9] Group 3 - Hainan's tea industry is being expanded as a key strategy for poverty alleviation and rural revitalization, with the unique Hainan large-leaf tea being recognized as a new species [11] - Yunnan's coffee cultivation has reached 679,000 acres, with an annual production of 58,000 tons, maintaining its position as the leader in coffee cultivation and production in China [13] Group 4 - The construction of the Shantou Bay underwater tunnel is part of a high-speed rail project that will enhance connectivity among 15 cities in Guangdong, Fujian, and Zhejiang, promoting high-quality development in the eastern coastal region [15] - The establishment of medical communities in Jiangsu aims to improve healthcare access and quality through collaboration with renowned universities and hospitals [17] Group 5 - The development of a high-speed rail network in Henan has created a "米" shaped rail system centered around Zhengzhou, facilitating economic connectivity with surrounding provincial capitals [18] - Various initiatives have been implemented to support ethnic minorities in border areas, focusing on practical solutions to improve their livelihoods [19][20] Group 6 - The production of Tibetan carpets in Tibet has been revitalized through cooperative models and skill training, enhancing local employment opportunities [21] - In Guangxi, the mushroom production base has been developed to improve local livelihoods through specialized industries and infrastructure improvements [22]