智通财经记者 | 陈慧东 孙艺真 智通财经编辑 | 宋烨珺 2025年，并购重组成为资本市场改革深化后的核心关键词：政策松绑破除制度壁垒，市场需求激活产业整合动力，全年并购重组案例数、交易规模双双大幅 增长。 并购重组与IPO形成精准互补的功能格局，前者聚焦存量资产整合，后者助力增量主体入市，共同构建多层次资本市场体系。 据智通财经不完全统计，2025年，A股上市公司共计披露并购重组事件数量达2377条，其中包括首次披露以及进展与结果公告，去年同期为2729条；重大重 组事件数量达71条，去年同期为52条。 IPO方面，2025年全年A股IPO呈现"量额齐升"的强劲态势，募集资金总额达1205.05亿元，较上年同比大幅增长96.56%；IPO企业家数共计104家，同比增长 10.64%。 2025年，无论是IPO的"入口端"还是并购重组的"优化端"，资本市场的政策主线清晰且一以贯之，即服务于"提升上市公司质量、驱动产业转型升级"这一核 心目标。 "IPO的'严进'与并购重组的'搞活'形成互补。前者确保新上市公司的整体质量；后者则为已上市公司提供了通过市场化并购快速获取技术、拓展市场、实现 转型的通道，二者共同 ...

Group 1: Policy and Industry Development - The Shanghai Stock Exchange has introduced new listing standards for commercial rocket companies, facilitating their entry into the Sci-Tech Innovation Board during a critical period of commercialization [6][7]. - The National Space Administration has issued a plan to promote high-quality and safe development of commercial aerospace, outlining 22 key measures to support the industry [7][9]. - In Q1-Q3 2025, China conducted 17 commercial space launches, with projections indicating that the commercial aerospace market could exceed 9 trillion yuan by 2030 [16][28]. Group 2: Market Performance and Trends - The average stock price change for technology growth stocks on the Beijing Stock Exchange was -2.24% from December 22 to December 26, 2025, with notable increases in companies like Guangdao Tui (+74.8%) and Fangsheng Co. (+15.97%) [2][3]. - The average price-to-earnings (P/E) ratio for the automotive industry on the Beijing Stock Exchange decreased to 30.6X, while the electronic equipment sector's P/E ratio fell to 55.9X [2][3]. - The commercial aerospace industry is experiencing a structural shift, with the proportion of commercial launches increasing from approximately 13% in 2020 to over 60% in 2024, indicating a growing role of commercial entities in driving industry growth [27][32]. Group 3: Key Companies in Commercial Aerospace - The report identifies 13 core companies in the commercial aerospace sector on the Beijing Stock Exchange, including software systems like Xingtou Measurement and Control, and component manufacturers such as Tianli Composite and Fujida [50][56]. - Notable companies in the aerospace materials sector include Jilin Carbon Valley, Minshida, and Kelong New Materials, which are contributing to advancements in high-performance materials [56]. - The report highlights the competitive landscape, with private companies like Blue Arrow Aerospace and Xingshe Power making significant strides in rocket development and launch services [42][45].

Core Insights - The article emphasizes the shift from an "experience era" to a "probability era" in business decision-making, driven by data analytics [2][3] - Companies like Luckin Coffee and Huawei are leveraging data to enhance product development and marketing strategies, leading to successful product launches [6][8] Group 1: Data-Driven Decision Making - Luckin Coffee utilizes a data-driven R&D system to predict the success of new products based on nationwide order data, resulting in the launch of a new product every three days [2] - The concept of "probability" in decision-making is highlighted, indicating that businesses must rely on real-time user feedback rather than past experiences to understand current consumer needs [3] Group 2: Marketing and Consumer Insights - The "grass-planting" strategy has evolved into a comprehensive brand management topic, where data drives understanding of consumer preferences at every stage of product and content development [5] - Companies are increasingly focusing on emotional insights derived from user-generated content (UGC) to better understand consumer motivations and enhance product design [8] Group 3: Regional and Demographic Targeting - Brands like Kelong are employing regional segmentation in their marketing strategies, tailoring messages to specific user demographics based on their unique preferences and usage scenarios [12][10] - The use of platforms like Xiaohongshu's "Lingxi System" allows brands to gain deeper insights into consumer behavior, enhancing the effectiveness of targeted marketing campaigns [13] Group 4: Channel Strategy and Optimization - The case of "Yike Da" illustrates how a brand can successfully penetrate high-end markets by understanding its target audience and leveraging data for effective channel negotiations [16][18] - The integration of online and offline data creates a feedback loop that enhances channel operations and marketing strategies, leading to improved sales performance [20][21] Group 5: Future Implications - The article concludes that brands that master data-driven strategies will not only succeed on platforms like Xiaohongshu but will also enhance their overall business performance across various channels [22][23]

光之神科技聚焦超小尺寸电感研发生产，核心产品精准契合电子设备小型化、轻量化的行业发展趋势， 致力于在高端市场打破日系垄断，实现国产替代。 人民财讯12月26日电，开勒股份（301070）12月26日公告，公司拟以4000万元认缴杭州光之神科技发展 有限公司(简称"光之神科技")新增注册资本，获得其11.76%的股权。此次增资旨在推进公司向高端智能 制造领域的战略转型。 ...

Investment Operations - Unisoc plans to jointly invest with a subsidiary of CATL to establish a company focused on automotive domain control chips [1] - Kede CNC's Shenyang factory is expected to achieve an annual production capacity of approximately 60 units upon reaching full capacity [1] Contracts and Collaborations - Hengsheng Energy's subsidiary has signed a sample testing agreement with chip technology developer H Company for diamond heat dissipation products [1] - Xinwanda and Zhongwei Co. have signed a strategic cooperation framework agreement for solid-state batteries [1][1] - Ruisheng Intelligent has secured a procurement project for domestic computing power equipment and supporting services worth 152 million yuan [1] - A consortium including Zhongyou Engineering has signed a 424 million USD EPC contract with Kazakhstan's national oil and gas chemical company [1] Capital Operations - Banachian plans to acquire 100% of Zhonglian Century, which is expected to constitute a major asset restructuring, with stock resuming trading on December 26 [1] - Jinlongyu intends to establish a 1.5 billion yuan industrial merger and acquisition fund, focusing on investments and acquisitions in the solid-state battery industry chain [1] - ST Jianyi's controlling shareholder has waived the company's 1.4 billion yuan principal debt and 8.8967 million yuan interest, and donated 400 million yuan in cash assets [1] Industry Developments - Shaanxi Huada reports that revenue from commercial satellites is increasing year by year [1] - Zhaochi Co. expects to achieve small batch shipments of 400G/800G high-speed optical modules by the second quarter of 2026 [1] - Zhongding Co. plans to establish a joint venture to assemble joints for robotic products to support complete machine assembly [1] - Changsheng Bearing's products can be applied to satellite platform solar wing deployment mechanisms and antenna pointing mechanisms [1] - Hunan Youneng plans to conduct maintenance on some production lines, expecting a reduction in phosphate positive electrode material production by 15,000 to 35,000 tons [1] - Wanrun New Energy anticipates a reduction in lithium iron phosphate production by 5,000 to 20,000 tons due to maintenance on some production lines [1] - Cangge Mining plans to produce 11,000 tons of lithium carbonate in the fiscal year 2026 [1] Additional Contracts - Senyuan Co. has signed a 26.78 million yuan contract for the integration construction of a computing power cluster with an affiliated party [2] - Haike New Source has signed a strategic cooperation agreement with Fainlight, expecting a supply of 270,000 tons of electrolyte solvents and additives [2]

市场消息称，12月25日下午，四家头部硅片企业联合大幅上调报价，其中183N硅片报价1.4元/片、 210RN报价1.5元/片、210N报价1.7元/片，平均涨幅达到12%。记者从多家硅片厂商人士处证实了上调 报价的信息，业内普遍反馈，本次硅片涨价主要是上游硅料涨幅较大所致。 热门白银基金国投瑞银白银LOF限购100元，在此之前，A类份额单日申购、定投金额限定为500元。 今早7时，现货白银跳空高开，突破73美元/盎司涨幅扩大至2%，再创历史新高。 | < w | | | 伦敦银现 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAGUSDOZ.IDC | | | | | | 73.150 | | 昨结 | 71.810 | 开盘 | | 71.810 | | | +1.340 | +1.87% | 总量(kg) | 0.00 | 现手 | | 0 | | | 最高价 | 73.738 | 博 世 | 0 | 2 | 봄 | 0 | | | 最低价 | 71.629 | 增 仓 | 0 | 内 | 盘 | 0 | | ...

每经记者｜陈晴 每经编辑｜陈柯名 陈鹏程 王晓波 标题点睛： 沪银收涨5.50%，报18131元人民币/公斤，创历史新高。 2025年9月13日23时25分许，绍兴市轨道交通2号线一返场维修的空载列车，在檀渎站开往豆姜站下行区间与4名保洁人员发生碰撞，造成3人死亡、1人重 伤。调查认定，绍兴市"9·13"轨道交通较大事故是一起因涉事企业安全风险辨识管控不到位、从业人员违反安全操作规程等导致3人死亡、1人重伤的生产 安全责任事故。 12月25日，京东内部公布了2025年年终奖发放计划。通知显示，今年升级为19薪的部门内，年度绩效A+的员工将获得10倍月薪年终奖，即全年22薪；年 度绩效A的员工将获得9倍月薪年终奖，即全年21薪；年度绩效B+的员工将获得7倍月薪年终奖，即全年19薪。今年升级为20薪的部门内，年度绩效A+的 员工将获得12倍月薪年终奖，全年24薪；年度绩效A的员工将获得10倍月薪年终奖，全年22薪；年度绩效B+的员工将获得8倍月薪年终奖，即全年20薪。 京东采销今年将实现平均25薪，上不封顶；2026年将达到平均26薪，上不封顶。 1 隔夜市场 因圣诞节假期，欧美等主要市场周四休市。 沪银收涨5. ...

新华社北京12月25日电 题：供需两端齐发力 激活消费"主引擎" 新华社记者谢希瑶、邹多为、周蕊 消费是经济增长的"主引擎"，也是民生幸福的"晴雨表"。 今年以来，提振消费各项政策发力显效，促进消费潜力不断释放。前11个月，社会消费品零售总额 同比增长4%，增速不仅快于上年同期，也快于上年全年。 日前举行的中央经济工作会议围绕"坚持内需主导，建设强大国内市场"，部署"深入实施提振消费 专项行动""释放服务消费潜力"等多项具体举措。 当前，各地正加快从供需两端协同发力，着力添动能、挖潜力、增后劲，多维发力激活消费"主引 擎"。 以新需求引领新供给 释放消费市场新活力 11月28日，华为Mate80系列首销，部分型号线上平台首销迅速售罄，全国多地门店销售紧俏。 挑选家电青睐远程控制、语音交互和节能管理，购买食品偏爱"配料表干净"，闲置交易等绿色消费 成为"心头好"…… 眼下，人们的消费需求已从"有没有"转向"好不好"。同时高端手机"一机难求"、热门演出"一票难 求"的现象也仍然存在。 我国消费品供给已进入优质优价新发展阶段，但部分领域供需结构性错配问题依然存在，供给过剩 和优质供给不足并存。 今年以来，从"两新" ...

Core Viewpoint - China has made significant discoveries in rare metal resources, particularly in rubidium and rhenium, enhancing its position in the global market and reducing reliance on imports [1][17]. Group 1: Rubidium Discovery - China has discovered a super-large independent rubidium mine with a reserve of 175,000 tons, which is unprecedented globally [1][4]. - Rubidium is crucial in high-tech, medical, and renewable energy sectors, previously difficult to extract and costly [3][6]. - The global demand for rubidium is increasing, with annual production only around 4-5 tons, leading to a significant supply gap [8]. Group 2: Global Market Impact - With the new rubidium mine, China can potentially meet global demand for over a thousand years, shifting from a passive to an active role in the market [8][9]. - The estimated value of rubidium is around 4.6 billion per ton, reflecting its scarcity and importance in high-tech applications [8][9]. - Japan, heavily reliant on imported rubidium, faces increased pressure and potential supply chain instability due to China's resource advantage [9][11]. Group 3: Rhenium Discovery - China has also discovered rhenium, a rarer metal than rubidium, with a reserve of 176 tons, ranking fourth globally [13][14]. - Rhenium is essential for aerospace applications, particularly in turbine blades, enhancing performance and longevity [13][14]. - China has developed its own extraction and application technologies for rhenium, breaking the previous technological monopoly held by developed countries [14][15]. Group 4: Sustainable Development - The development of both rubidium and rhenium resources emphasizes efficiency, technology, and environmental protection [15][16]. - China is implementing strict emission monitoring during the extraction processes to ensure sustainable development [16]. - The focus on self-sufficiency in these rare metals supports the growth of high-tech, renewable energy, and aerospace industries [17][18].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一份司法判决书，揭露了券商研究业务背后一条隐秘的"生意经"。 近日，上海市浦东新区人民法院的判决显示，原"东方某有限公司研究所"分析师邹某、程某，利用职务 便利为江苏利通电子股份有限公司撰写研究报告"吹票"，并分别收受好处费18万元与5万元。二人行为 均构成非国家工作人员受贿罪，分别被判处有期徒刑十个月、八个月，均缓刑一年，并各处罚金10万 元，违法所得予以追缴。 尽管判决书未直接点名，但经公开信息比对，当事人身份指向明确。涉案"邹某"与东方财富证券前电子 行业首席分析师邹杰信息吻合。公开履历显示，邹杰于2023年初至2024年3月任职于东方财富证券，期 间署名发布了针对利通电子的《面板产业触底反弹，LCD精密金属结构件龙头有望充分受益》和《主业 战略布局进展突出，AI算力租赁服务打造第二成长曲线》两份研报。涉案"程某"则指向东方财富证券原 电新行业高级分析师程文祥。 回溯市场表现，研报与利通电子股价存明显关联。行情数据显示，利通电子股价在2023年3月尚不足19 元。随着4月首份"吹票"研报发布，股价启动上涨行情，至当年11月创下40 ...