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一场教科书级并购样本:中国五矿巧取盐湖股份控制权(念念有余)
第一步,中国五矿与青海当地国资共同出资成立中国盐湖这一合资平台。其中,中国五矿以53亿元出 资,持有中国盐湖53%股权。这一设计的核心价值,在于以合资模式理顺央地关系,为后续收购奠定坚 实政策基础。当地国资虽然手中持有股权比例不高,但是背靠当地政府,牢牢控制经营权,想要控制盐 湖股份离不开地方政府支持。 盐湖股份为中国钾肥生产龙头,中国五矿2024年开始出手取得并加固对盐湖股份的控制权,最近还通过 出手旗下盐湖资产收回大额现金。这背后,是交易结构的巧妙设计、行业周期的精准把握,以及央地关 系的深度平衡。 此次并购的缘起,在于盐湖股份债务重整后的特殊股权结构。作为青海盐湖产业的绝对核心,盐湖股份 重整后成功"轻装上阵",只剩下赚钱的氯化钾和碳酸锂业务,但代价是股权极度分散——原大股东青海 国投及其一致行动人持股比例被稀释至12.54%,多家金融机构因债转股成为重要股东。 彼时,青海本地有着明确的盐湖产业整合诉求,整合核心载体必然是盐湖股份。但现实难题显而易见: 若以盐湖股份为主体对外并购,不仅面临股权分散导致的决策效率低下问题,更难以协调与其他盐湖资 源方的利益关系,反观中国五矿旗下的五矿盐湖,虽在青海盐湖领域 ...
保护与发展并非“针尖对麦芒”
Xin Lang Cai Jing· 2025-12-28 21:32
Group 1 - The core viewpoint emphasizes the dialectical relationship between ecological protection and economic development, highlighting that ecological preservation is integral to productivity and sustainable growth [1] - Qinghai's ecological resources have a total value of 18.39 trillion yuan, providing over 60 billion cubic meters of clean water annually, contributing to national water resource security [1] - Qinghai leads the nation in clean energy generation, showcasing a successful model of green development that integrates modern industrial systems and promotes effective qualitative and quantitative growth [1] Group 2 - Qinghai's poverty alleviation practices reflect key characteristics such as prioritizing the interests of disadvantaged groups and exploring development paths based on local resources [2] - The province demonstrates that economic development can coexist with ecological protection, advocating for a harmonious relationship between humans and nature [2] - Green development is identified as a powerful and sustainable driver for poverty alleviation and overall development, representing a valuable "Chinese experience" for the world [2]
中央经济工作会议最新部署,明确未来五年国企改革方向
Hua Xia Shi Bao· 2025-12-13 09:18
国有资本向关系国家安全、国民经济命脉的重要行业和关键领域集中,向前瞻性、战略性新兴产业集 中,正在成为新一轮国资国企改革的关键方向。 12月10日至11日召开的中央经济工作会议立足中国式现代化全局,对深化国资国企改革作出重大部署, 明确提出"制定和实施进一步深化国资国企改革方案",为下一阶段国企改革指明了方向、划定了路径。 国资国企作为国民经济的重要支柱,是推进国家现代化、保障人民共同利益的重要力量。数据显示,全 国国有企业(不含金融企业)资产总额由2012年的89.5万亿元增长至2024年末的401.7万亿元;2024年全 国国有企业(不含金融企业)营业总收入达84.7万亿元,利润总额4.35万亿元,应缴税费5.88万亿元, 较2012年分别实现翻倍级增长,国有资本在关系国家安全、国计民生的关键领域控制力持续增强。 12月12日,国务院国资委党委召开专题会议时强调,坚持稳中求进、提质增效,优化布局、转型升级, 坚定不移做强做优做大国有企业和国有资本,不断增强企业核心功能、提升核心竞争力,为实现"十五 五"开好局、起好步提供有力支撑。 以功能性改革为主 围绕增强核心功能和提升核心竞争力,推动国有经济布局优化和 ...
青海乌兰 绿水青山展新姿 奋楫笃行谱华章
Ren Min Wang· 2025-12-11 01:16
青海省海西蒙古族藏族自治州乌兰县,犹如一颗璀璨的明珠,镶嵌在柴达木盆地东北缘,是生态保护的 坚实屏障,是绿色发展的实践沃土,更是各族儿女团结奋进、共创美好生活的家园。2025年,乌兰县聚 焦高质量发展首要任务,以建设"绿色之城、活力之区、幸福之地、平安之城"为发展路径,团结拼搏, 锐意进取,经济社会发展与生态文明建设协同共进,交出了一份亮点纷呈的年度答卷。 强化党建引领,凝聚奋进磅礴力量 乌兰县坚定不移推进全面从严治党,以高质量党建引领保障高质量发展。党的政治建设持续加强,理论 武装走深走实,基层战斗堡垒不断夯实,各领域党建质量整体提升。干部队伍建设优化强化,树立鲜明 用人导向,大力选拔培养优秀年轻干部,激励干部担当作为。人才强县战略深入实施,多渠道引才育 才,优化人才发展环境,为各项事业发展提供有力的智力支撑。 筑牢生态屏障,绿色底蕴愈加厚实 乌兰县始终心怀"国之大者",坚决扛起生态保护责任,奋力打造生态文明高地。污染防治攻坚战成果持 续巩固,大气、水、土壤环境质量稳定达标,城镇生活污水集中处理率达95%、垃圾无害化处理率达 96%。河湖长制、林草长制全面落实,累计巡护河湖林草超1600次,"清四乱"专项行 ...
青海:“十四五”期间实施科技计划2000余项
Zhong Guo Xin Wen Wang· 2025-12-10 12:44
发布会现场。 祁增蓓摄 中新网西宁12月10日电(祁增蓓)记者10日从青海省人民政府新闻办公室召开的"'十四五'发展成就"系列 新闻发布会青海省科技厅专场获悉,"十四五"期间,该省累计安排省级财政科技专项经费25亿元,组织 实施各类省级科技计划项目2000余项,多项关键核心技术攻关取得突破。 图为新闻 青海省科技厅党组成员、副厅长朱生海介绍,五年来,青海统筹推进山水林田湖草沙一体化保护和系统 治理,破解高寒矿区脆弱生态低成本修复难题,示范区内植被平均盖度提高到80%;黄河谷地重点水土 流失区生态综合修复技术应用使土壤侵蚀模数降低33.1%;坡度25°以上高寒草甸退化次生裸地植被恢复 技术首次入选自然资源部国土空间生态修复创新适用技术名录。 盐湖产业领域,青海攻克氯化镁脱水世界性难题,荧光级氧化镁制备填补国内空白;清洁能源方面,光 伏电池量产平均转换效率超过24%,钙钛矿/晶硅叠层电池组件效率达27%,"青海产多晶硅"打破我国电 子级多晶硅完全依赖进口的局面;新材料领域,实现粉末高温合金涡轮盘技术国产自主可控,攻克3.5 微米极薄锂电铜箔量产化关键技术,氮化铝陶瓷粉体技术打破国外垄断,建成全球首个万吨级高性能碳 ...
跃升“十四五”科技成就|创新潮涌三江源
Ke Ji Ri Bao· 2025-12-08 10:03
Group 1: Lithium Industry Development - Qinghai Province is establishing a world-class salt lake industry base, focusing on the development of lithium resources, which are considered a strategic resource for the nation [2][3] - The potential economic value of lithium, potassium, and magnesium salts in Qinghai's salt lakes is estimated to reach trillions of yuan, with lithium being referred to as "white oil" due to its importance in battery and new energy sectors [2] - The "4+2" ten thousand-ton lithium salt project has been launched, utilizing advanced extraction technologies that significantly improve lithium recovery rates and reduce resource consumption [3] Group 2: Agricultural Innovation - The Qingyu No. 9 potato variety has been the top promoted variety in China for four consecutive years, with a promotion area of 7.47 million acres, showcasing the success of agricultural technology in Qinghai [4][5] - Qinghai's government has invested 40 million yuan in agricultural technology projects to enhance the quality and yield of highland potatoes, establishing a modern breeding system that integrates various innovative techniques [5][6] - The province has achieved significant advancements in agricultural technology, including the development of hybrid rapeseed varieties and improvements in livestock production efficiency [6] Group 3: Ecological Protection and Monitoring - The Datu North River Source National Nature Reserve has identified a population of 57 snow leopards, indicating a healthy ecosystem and biodiversity in Qinghai [7][8] - An integrated monitoring system using infrared cameras and drones has been established to ensure effective management and protection of wildlife in the reserve [8][9] - Qinghai is leveraging technology to enhance ecological protection, addressing challenges in restoring fragile ecosystems and improving resource utilization [9]
专业化整合提速,从三大信号看国资布局优化新思路
Xin Hua She· 2025-11-21 11:59
Group 1 - The core focus of the article is on the acceleration of the professional integration of state-owned enterprises (SOEs) in China, which is a key task in the current reform of state-owned enterprises [1][2] - Professional integration involves asset restructuring, equity cooperation, asset replacement, and strategic alliances to concentrate resources on advantageous and core enterprises [2][4] - The State-owned Assets Supervision and Administration Commission (SASAC) has reported that over a thousand professional integration projects have been initiated since last year, aimed at optimizing industrial layout and enhancing core competitiveness [2][3] Group 2 - The meeting highlighted the importance of enhancing the integration capabilities of strategic emerging industries, emphasizing the need for mergers and acquisitions as a means of integration [6][7] - Future integration efforts will focus on optimizing resource allocation within industries, supporting leading enterprises in restructuring, and extending towards high-end markets [5][6] - The SASAC has set higher requirements for achieving operational, innovation, and brand integration among enterprises involved in the professional integration reform [8]
走访上市公司 推动上市公司高质量发展系列(二十八)
证监会发布· 2025-11-14 11:25
Core Viewpoint - The articles highlight the proactive measures taken by regulatory bodies in Qinghai, Gansu, and Shaanxi to support the high-quality development of listed companies through regular visits, policy implementation, and problem-solving initiatives [3][7][15]. Group 1: Qinghai Securities Regulatory Bureau Initiatives - Qinghai Securities Regulatory Bureau combines "inviting in" and "going out" strategies to understand corporate needs and facilitate policy implementation, enhancing market vitality and supporting high-quality development of listed companies [3]. - The bureau focuses on national strategies, aiding in industrial upgrades and enhancing corporate capital strength by facilitating changes in controlling shareholders to state-owned enterprises [3]. - It addresses corporate difficulties through targeted measures, helping companies with mergers, restructuring, and debt management, while coordinating with local governments and financial institutions [4]. - The bureau encourages quality companies to return value to investors through cash dividends and share buybacks, with notable increases in dividend payouts, such as藏格矿业 and金瑞矿业's 15.82 billion yuan in dividends, a 249.15% increase year-on-year [4][5]. Group 2: Gansu Securities Regulatory Bureau Efforts - Gansu Securities Regulatory Bureau has established a regular visiting service mechanism, achieving a 97% coverage rate of listed companies and resolving 75% of the 72 issues raised by these companies [7][9]. - The bureau coordinates with various government departments to address complex issues faced by companies, such as financing and operational challenges, through on-site coordination meetings [9][10]. - A specific focus on *ST companies has led to the establishment of a specialized working group to address operational difficulties and risks, with successful restructuring efforts reported for companies like *ST金刚 and *ST亚太 [11][12]. Group 3: Shaanxi Securities Regulatory Bureau Actions - Shaanxi Securities Regulatory Bureau has conducted visits to 67 listed companies, achieving an 88.16% coverage rate and resolving 54 issues, thereby promoting quality improvements in the region's listed companies [15][16]. - The bureau emphasizes targeted visits to military and environmental companies, addressing specific issues such as land acquisition and accounting practices [16][17]. - It collaborates with local governments to enhance support for listed companies, ensuring effective communication and problem resolution, particularly in financing and board functionality [17][18].
青海培育驱动盐湖产业专利创造转化入选知识产权强国建设典型案例
Core Insights - The article highlights the successful inclusion of Qinghai Province's case on strengthening patent creation and transformation to drive ecological reconstruction of the salt lake industry in the fourth batch of typical cases for building a strong intellectual property nation [1][2]. Group 1: Intellectual Property Empowerment - The case focuses on leveraging intellectual property to enhance ecological civilization and the development of the salt lake industry, aiming for green and low-carbon circular development [1]. - Qinghai's intellectual property bureau has strategically planned the development path for industry-related intellectual property, emphasizing efficient transformation and collaborative utilization of patents [1][2]. - A high-standard salt lake industry intellectual property operation center is being established to guide the industry towards high-end, intelligent, and green development [1][2]. Group 2: Strategic Initiatives - The establishment of a joint laboratory for comprehensive utilization of salt lake resources aims to promote close cooperation between research, industry, and application, addressing key industry challenges [2]. - The initiative supports the application of patented technologies in pilot production practices within the salt lake industry, optimizing product quality and expanding the industrial chain [2]. - The project has generated over ten million yuan in technical revenue from a complete potassium fertilizer technology package, demonstrating significant results in resource recovery and wastewater reduction [2]. Group 3: Future Directions - The Qinghai Intellectual Property Bureau plans to replicate the successful model of the salt lake case in other sectors such as clean energy and ecological protection, enhancing the role of intellectual property across various industries [3].
青海察尔汗盐湖变身“网红”景区 工业游发掘新动能
Zhong Guo Xin Wen Wang· 2025-11-05 03:23
Core Insights - The article highlights the scenic beauty and tourism potential of the Chaka Salt Lake, which is the largest salt lake in China and a significant potassium fertilizer production base [3]. Group 1: Location and Significance - Chaka Salt Lake is located in the Qaidam Basin of Qinghai Province and is recognized as China's largest salt lake [3]. - It serves as an important base for potassium fertilizer production and the salt lake industry in China [3]. Group 2: Tourism Development - The "industry + tourism" model has been implemented in recent years, transforming Chaka Salt Lake into a distinctive tourist attraction [3]. - Tourists are increasingly visiting the site to take photographs and enjoy the picturesque scenery, especially during sunset [3][7].