分年份来看，2024年9月24日至12月31日，A 股首次披露的重大重组56起，其中非关联交易只有12起， 占比约21%；而今年以来（2025年1月1日至11月24日），A股首次披露的重大重组152起，非关联交易 59起，占比约39%，较此前明显提升。 不过，相比于关联交易，市场化交易的难度普遍更大。 近年来，并购重组市场在政策驱动下持续升温，尤其是"并购六条"出台后，市场活跃度显著提升，企业 通过整合优化产业链的诉求明显增强。 Wind数据显示，自"并购六条"发布（2024年9月24日）以来，截至2025年11月24日晚间，A股市场首次 披露的并购重组事件高达5868起，剔除回购、股份划拨、买卖固定资产（房产、土地、厂房等）以及上 市公司出售资产的交易外，以上市公司及其子公司作为竞买方或目标方，购买股权资产的并购交易合计 有2745起。 这些交易中，披露交易价值的合计2195起，交易总价值高达7.49万亿元，无论是交易规模还是数量均较 往年大幅提升。 值得注意的是，在并购重组氛围持续活跃的背景下，市场呈现出两大新趋势：一方面，产业并购虽仍占 主流，但企业更青睐新质生产力标的；另一方面，市场化交易占比持续提升 ...

科学制定和接续实施五年规划，是中国共产党治国理政一条重要经验，也是中国特色社会主义一个 重要政治优势。从1953年起，中国已编制实施了14个五年规划，有力推动了中国经济社会发展、综合国 力提升、人民生活改善。在巴基斯坦，关注和研究中国发展的学者们都普遍认为，五年规划是中国最独 特、最务实、最具长远眼光的治理模式之一。 正在谋篇布局的"十五五"规划面临一个缺乏稳定性、确定性和安全性的国际环境。气候变化加剧、 粮食安全无法保障、贫富差距不断扩大、贸易保护主义盛行等全球性问题考验着人类的智慧，人类发展 再次面临一系列全新挑战。 不久前发布的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》表明，高质量发 展是"十五五"时期中国经济社会发展遵循的重要原则之一。未来，中国将更加注重高质量发展，新能 源、新材料、航空航天、低空经济、人工智能、量子科技、半导体和芯片、稀有金属等新兴产业将成为 中国经济的新动力。中国将通过高质量发展继续增强自身实力，从而应对内外部挑战，并为这个充满不 确定性的世界，提供中国的确定性发展机遇。 "十五五"规划建议指出，中国将积极扩大自主开放、推动贸易创新发展、拓展双向投资合作空间。 ...

Core Viewpoint - The trade protectionist policies of the Trump administration, characterized by high tariffs, have significantly disrupted the global economic landscape, escalating tensions and testing the global trade order [2][8]. Group 1: Tariff Policies - The Trump administration initiated a tariff war starting in late July, imposing tariffs as high as 250% on various countries, including the EU, UK, Israel, Japan, and India [2]. - Initially, tariffs ranged from 10% to 41%, targeting economic partners and allies that had previously reached trade agreements with the U.S. [2]. - The announcement of additional tariffs on imported pharmaceuticals was made on August 5, with claims that it would promote domestic production and lower drug prices, despite expert opinions suggesting it would harm American consumers [2][3]. Group 2: Global Reactions - Countries that previously conceded to U.S. tariffs, such as Japan and the EU, are now reflecting on their decisions, realizing that concessions did not prevent further tariff impositions [5][6]. - Brazil and other nations are preparing countermeasures against U.S. tariffs, indicating a shift towards resistance rather than submission [5][6]. - The ongoing tariff policies are causing negative impacts on the U.S. economy, with rising costs leading to potential layoffs and business closures [5]. Group 3: Future Implications - The current situation presents a critical juncture for nations to choose between continued submission or collective resistance against U.S. trade policies [6][8]. - The trade dynamics suggest that a united front among countries could diminish the effectiveness of Trump's tariff strategies, promoting a return to a more balanced global trade order [8].

Group 1 - The new tariff policy by President Trump, originally set to take effect on August 1, has been postponed to August 7, with the tariff rates "basically determined" according to U.S. Trade Representative Jamison Greer [1][2] - Trump is expected to announce significant economic measures on August 6, which will be his first major action following a series of economic and geopolitical warnings [2] - Trump has expressed dissatisfaction with India for continuing to purchase Russian oil, threatening "very significant" tariffs as punishment, which has led to a defensive response from Indian officials [3][4] Group 2 - The Indian stock market has shown signs of stress, with the BSE Sensex index dropping 0.38% and the rupee depreciating against the dollar amid concerns over potential U.S. tariffs [3] - The Sensex and Nifty indices fell again on August 6, with Sensex down 166 points, as Trump indicated plans to impose tariffs on specific industries, including semiconductors and pharmaceuticals, potentially raising drug tariffs to 250% [4] - Following Trump's executive order on July 31, trade partners will face adjustments in tariff rates, with new rates set to take effect on August 7 [5][6] Group 3 - The U.S. has announced a significant increase in tariffs on Swiss imports to 39%, up from a previously proposed 31%, raising concerns about potential job losses and order declines in Swiss industries [7] - Swiss officials, including President Keller-Sutter and Economy Minister Parmelan, have traveled to Washington to negotiate before the new tariffs take effect [7][8] - Japan's Economic Revitalization Minister is also in the U.S. seeking clarification and adjustments to tariff measures, as Japan's goods may face higher effective tax rates than the agreed 15% [8]

Group 1 - The new tariff policy by the Trump administration has been postponed from August 1 to August 7, with the tariff rates "basically determined" before the deadline [1] - Trump has expressed dissatisfaction with India's continued purchase of Russian oil, threatening significant tariffs as a punishment [2][3] - India's response highlights its strategic need for Russian oil to stabilize global oil prices, emphasizing the potential economic impact of U.S. tariffs on India [2] Group 2 - The Sensex and Nifty indices in India have declined due to concerns over U.S. tariffs, with Sensex dropping 166 points and Nifty falling below 24,600 points [3] - The U.S. has announced a 39% tariff on Swiss imports, significantly higher than the previously proposed 31%, raising concerns about job losses in Swiss export industries [6] - Swiss officials are seeking negotiations with the U.S. to address the impending tariffs, while Japan is also engaging in discussions regarding its trade agreements with the U.S. [7]