公用事业Ⅱ

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并购重组跟踪(三十三)
Soochow Securities· 2025-08-25 12:09
证券研究报告 并购重组跟踪(三十三) 1. 上周并购动态回顾 证券分析师:陈刚 执业证书编号:S0600523040001 邮箱:cheng@dwzq.com.cn 研究助理:孔思迈 执业证书编号:S0600124070019 邮箱:kongsm@dwzq.com.cn 2025年8月25日 注:本报告所涉及个股/公司仅代表与产业或交易热点有关联,所引述资讯/数据/观点仅以展示为目的,不构成投资建议,个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、上周并购动态回顾 2、风险提示 2 注:本报告所涉及个股/公司仅代表与产业或交易热点有关联,所引述资讯/数据/观点仅以展示为目的,不构成投资建议,个股层面请参照东吴证券研究所各行业组所推荐标的。 注:上周为8.18-8.24,(如无特殊说明)后文同 3 注:本报告所涉及个股/公司仅代表与产业或交易热点有关联,所引述资讯/数据/观点仅以展示为目的,不构成投资建议,个股层面请参照东吴证券研究所各行业组所推荐标的。 一:政策更新 ✓ 8月20日,国家金融监督管理总局发布《商业银行并购贷款管理办法(征求意见稿)》,提出控制型并购 贷款占并购交易价款的比例不得高于 ...
并购重组跟踪(二十八)
Soochow Securities· 2025-07-22 12:12
Group 1: M&A Activity Overview - From July 14 to July 20, there were 77 M&A events involving listed companies, with 27 classified as significant M&A transactions[9] - Out of the total M&A events, 12 were completed, including 1 significant M&A transaction involving Baota Industrial[9] - There were 3 failed M&A attempts by listed companies, specifically by Lixing Co., Hongming Co., and Zhongji Health[15] Group 2: Policy Updates - On July 18, Tianjin's financial authorities released measures to support M&A, focusing on 12 key industrial chains and establishing a resource pool for quality M&A targets[7] - The Shanghai G60 Science and Technology Innovation Group held a summit on July 16 to discuss M&A and overseas expansion in the context of innovation and industry leadership[7] Group 3: Market Performance - During the week of July 14 to July 20, the restructuring index outperformed the Wind All A index by 0.27%[19] - Over a mid-term view, the restructuring index's rolling 20-day return shifted from negative to positive compared to the Wind All A index[19] Group 4: Control Changes - Two listed companies reported changes in actual control during this period, with Shenjian Co. and Hualan Group undergoing ownership transitions[17]
并购重组跟踪(二十三)
Soochow Securities· 2025-06-09 06:07
M&A Dynamics - From June 3 to June 8, there were 63 merger and acquisition (M&A) events involving listed companies, with 16 classified as significant M&A events[9] - Out of the total M&A events, 9 were completed, including 1 significant M&A[9] Policy Updates - The People's Bank of China emphasized the need to optimize systems for listings, M&A, and equity incentives based on technological innovation characteristics[7] - The Shanghai Stock Exchange plans to encourage listed companies to increase dividend payouts and enhance market value management tools[7] Major M&A Events - Notable M&A transactions included Baota Industrial acquiring 100% of Electric Power Investment New Energy for CNY 80,927,000[13] - A total of 4 M&A events involved state-owned enterprises as acquirers during the reporting period[13] M&A Failures - There were 3 failed M&A attempts, including a significant transaction by Guangdong Hongyuan due to a lack of consensus on the final transaction plan[15][17] - The failed transactions involved a total value of CNY 19,800,000 for one of the deals[17] Control Changes - Three companies reported changes in actual control, including Jinzi Ham and Diou Home, with the changes occurring between May 30 and June 5, 2025[19] Market Performance - The restructuring index underperformed the Wind All A index by -0.12% during the reporting period[21] - Over a mid-term view, the restructuring index showed fluctuations within a positive range compared to the Wind All A index[21] Risk Factors - Economic recovery in China is slower than expected, which may increase market uncertainty[26] - Geopolitical risks and uncertainties regarding U.S. policies towards China could negatively impact A-share liquidity[26]
并购重组跟踪(二十):附“重组办法”修订前后对比
Soochow Securities· 2025-05-19 11:06
Group 1: M&A Activity Overview - From May 12 to May 18, there were a total of 86 M&A events involving listed companies, with 33 classified as significant M&A transactions[8] - Out of the total M&A events, 19 were completed, including 1 significant M&A transaction[8] Group 2: Policy Updates - The China Securities Regulatory Commission (CSRC) revised the "Management Measures for Major Asset Restructuring of Listed Companies," emphasizing a phased payment mechanism for restructuring shares and simplifying the review process[6] - The new rules allow for a 48-month validity period for registration decisions on phased share issuances for asset purchases[21] Group 3: Encouragement for Private Equity - The revised measures encourage private equity funds to participate in M&A activities, with a reduction in lock-up periods for certain transactions[21] - For private equity funds with a 48-month investment period, the lock-up period for third-party transactions is reduced from 12 months to 6 months[21] Group 4: Market Performance - During the week of May 12 to May 18, the restructuring index outperformed the Wind All A index by 1.19%[16] - The rolling 20-day return difference between the restructuring index and the Wind All A index remained near the zero axis, indicating stable performance[16] Group 5: Failed M&A Events - There were 5 failed M&A events during the week, involving companies such as Xinkeng Intelligent and Aisen Co., with total transaction values including 600,000 CNY for Huafeng Chemical's failed acquisition[13]
国家队一季度持股动向揭晓:重点布局银行、材料及公用事业领域
Huan Qiu Wang· 2025-04-19 02:05
Group 1 - The core viewpoint of the articles highlights the significant presence and strategic investments of the national team in the stock market, particularly in key sectors such as banking, materials, and public utilities [1][2][3] - As of April 19, the national team has emerged as a major shareholder in 10 stocks, holding a total of 15.69 billion shares valued at 305.52 billion yuan, with a focus on stable assets [2] - The top three holdings by quantity are Zijin Mining, Ping An Bank, and Chuanwei Energy, with respective holdings of 6.91 billion shares, 4.29 billion shares, and 1.61 billion shares [2] Group 2 - The national team's investments are concentrated in three main sectors: materials, technology hardware and equipment, and public utilities, indicating a long-term positive outlook on the real economy and infrastructure [2] - In terms of market value, Zijin Mining leads with a holding value of 125.24 billion yuan, followed by Wanhua Chemical and Ping An Bank with 49.30 billion yuan and 48.33 billion yuan, respectively [2] - The national team's overall holdings across 192 stocks amount to 5.29 trillion shares with a market value of 35.85 trillion yuan, with banking stocks being a significant focus [3]
国元香港晨报-2025-03-13
Guoyuan Securities2· 2025-03-13 05:04
【债券快讯】 ➢ 另有 1 家主体潜在发行 株洲城发集团(惠誉:BBB-稳定,中诚信亚太:BBBg+稳定)拟发行 Reg S、以美元计价的高 级无抵押可持续发展债券。该债券预期发行评级为 BBB-/BBBg+(惠誉/中诚信亚太),将在可持续 请务必阅读免责条款 2025 年 3 月 13 日星期四 1 证 券 研 究 报 告 ➢ 3 月 12 日中资离岸债一级市场发行多只债券 嵊州交投拟发行 Reg S、3 年期、固定利率、以美元计价的高级无抵押债券。初始指导价 5.70% 区域,中信证券(B&D)、国金证券香港担任联席全球协调人、联席牵头经办人和联席账簿管理 人;中信银行国际、中国银河国际、中金公司、中信建投国际、兴证国际、民银资本、信银资 本、国信证券香港、国泰君安国际、国元证券香港、海通国际、工银国际、兴业银行香港分行、 天风国际担任联席牵头经办人和联席账簿管理人。 扬州经开(穆迪:Ba1 稳定,标普:BB+ 稳定,中诚信亚太:Ag- 稳定,联合国际:A- 稳 定)拟发行 Reg S、3 年期、固定利率、以美元计价的高级无抵押转型债券。初始指导价 5.50% 区域,光银国际、浦银国际、中信建投国际(B& ...
国元香港晨报-2025-03-12
Guoyuan Securities2· 2025-03-12 01:46
2025 年 3 月 12 日星期三 【债券快讯】 【市场综述】 昨日港股各种重要指数有涨有跌。截至 3 月 11 日,恒生指数下跌 0.01%,报收 23782.14 点。 其中大型股、中型股和小型股的涨跌幅分别为 0.01%、0.58%和 0.9%;与此同时,中资企业指 数和科技指数的涨跌幅度分别达到 0.34%和 1.39%。从行业来看,多数行业出现上涨:其中必需 性消费和医疗保健业表现相对较好,涨跌幅分别为 2.68%和 1.42%;金融业和恒生综合行业指数 -原材料业市场走势较弱,涨跌幅分别为-0.95%和-2.19%。内地股市方面,截至 3 月 11 日,上 证指数收盘价为 3379.83 点,上涨 0.41%;深证综指收盘价为 2087.72 点,上涨 0.34%。陆港 股通方面,截至 3 月 11 日,当日陆股通交易暂停;当日沪市港股通南下资金净流入-19.59 亿元, 深市港股通南下净流入为-18.01 亿元,共计港股通资金净流入-37.61 亿元。 券 研 究 报 告 请务必阅读免责条款 1 | 沪港通及深港通 | 南下/北上 | 净流入 | | --- | --- | --- | | 沪 ...