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跨界并购难在哪?西南证券杨雨松解密破局之道!
证监会"并购六条"实施满一周年,为资本市场注入新动能。 "并购六条"落地已有一年,其中一大看点在于跨界并购交易明显升温。据悉,证监会在"并购六条"中明确支持运作规范的上市公司围绕产业转型升级、寻 求第二增长曲线等需求开展符合商业逻辑的跨行业并购。 西南证券曾长期以并购业务为特色,积累了独特的产业视角与实战经验,在本轮并购改革中,公司凭借对政策红利的把握与业务创新,率先完成首单跨界 并购项目。 近期,西南证券总经理杨雨松接受券商中国记者的专访,分享其对并购市场尤其是跨界并购的思考,系统拆解跨界并购的实战难点,详解西南证券错位竞 争的业务打法,并就如何进一步优化审核效率、提升包容度等话题建言献策。 西南证券总经理 杨雨松 杨雨松:跨界并购的核心难度在于"掌控难"。 首先是对标的资产的掌控难度大,跨界意味着双方分属不同行业,行业规则、技术体系、商业模式差异显著。比如传统制造企业并购AI科技公司,上市 公司往往缺乏对技术研发、人才管理、市场推广逻辑等环节的认知,容易导致收购后核心人员流失甚至业务停滞。 其次是整合能力证明难,监管机构在审核中高度关注上市公司是否具备整合能力,而跨界并购方常因行业经验不足,可能提供证明材 ...
配资市场观察|十大炒股杠杆信息与股市资金动态解析
Sou Hu Cai Jing· 2025-10-04 12:58
近年来,随着金融市场的不断发展,股票资金管理模式也在不断演变。无论是机构投资者还是普通股民,对市场资金结构的关注度都显著提升。 近期,"十大炒股杠杆"成为行业内的热门关键词,但其价值更多体现在信息参考与市场观察层面,而非具体操作。 一、资金结构变化:市场活跃度上升 从整体市场表现来看,A股资金流动性持续增强,板块轮动频繁,显示出市场内部活跃度的提升。尤其在9月以来,新能源、储能、AI科技及机器 人板块轮番走强,资金流入节奏明显。 这种资金结构的变化,不仅反映了投资偏好的阶段性调整,也体现了不同类型资金的参与深度。通过关注资金来源和集中方向,可以更好地理解 市场的波动逻辑。 二、"十大炒股杠杆"信息的行业意义 "十大炒股杠杆"信息并非具体操作指南,而是对市场中部分资金管理模式的整体观察。其行业意义主要体现在以下几个方面: 1. 资金效率提升 2. 市场中存在多种不同类型的资金管理方式,通过研究这些方式,可以理解资金周转与市场活跃度的关系。 3. 行业结构分析 4. 了解市场上主要资金参与机构的规模与分布,有助于判断资金集中度与行业透明度。 5. 市场信号参考 6. 当"杠杆"话题频繁出现,往往意味着市场情绪和风 ...
广发基金孙迪: 提升科技股估值容忍度 掘金AI“从1到10”爆发机遇
Zheng Quan Shi Bao· 2025-09-28 22:13
在市场琳琅满目、大小不一的机会中,面对"捡芝麻还是选西瓜"的难题,基金经理的策略各异。相比起 逆向布局、越跌越买的左侧交易,偏好右侧交易的基金经理通常更注重产业趋势中确定性最高、弹性最 大、势头最强、持续时间最长的那部分。 广发基金研究发展部总经理、基金经理孙迪坚定选择拥抱产业趋势确立后带来的长线持仓机会,不轻易 下车换股,重点挖掘"从1到10"阶段酝酿的爆发机会,通过"低换手、长持仓、高集中"的策略,充分发 挥主动管理基金的弹性优势。银河证券数据显示,截至9月19日,其管理的广发先进制造近一年回报达 106%。 高集中、低换手 追求长期收益 当真正的机会降临时,要想获得优秀的业绩弹性,不仅要重仓以待,也要拿稳筹码,这十分考验基金经 理对产业趋势的理解和把握能力。广发基金孙迪倾向于采取仓位与个股的高集中度策略,在市场波动变 化中保持充分的耐心。这种淡定持股的背后逻辑,既因孙迪倾向于配置偏白马特质的行业龙头,不参与 特别早期的主题投资,也因其相信产业趋势一旦确立,深度研究的价值发现能为基金带来可持续的投资 周期和可观的个股收益。 关注中国核心优势产业 展望未来的产业趋势,孙迪看好能体现中国优势的核心公司。孙迪表 ...
和讯投顾李景峰:大盘反弹还能延续吗?
Sou Hu Cai Jing· 2025-09-12 14:06
反弹之后,那我们说这一波是大反弹的话,反弹至少要满足什么条件?谁知道?反弹也要ABC,这一 点不要忘了,啊任何一波上涨或者回调都是ABC的结构,那么如果中要有ABC的结构的话,今天是不 是在走b看没看到?B完之后再反弹c那好,如果你认同这个观点,那我问你创业板会不会也走这个结 构?明白了吗?如果创业板走这个结构的话,后面是不是还有c浪的反弹?如果c浪反弹之后的话,那个 时间窗口指向哪里?啊我测算了一下,应该是9月18日前后,为什么9月18日9月18日美联储降息的时间 窗口期,如果美联储降息了的话,海外可能会出现一个利好兑现的现象,利好兑现的话可能海外的科技 股会回调,回调的话我们国内的科技可能也会受到受到影响,因为CPU也好,液冷也好,PCB也好,电 源也好,他们走的是出口的逻辑。如果海外的AI回调可能会拖累我们A股的AI出现回调,所以说这一波 的大反弹ABC结构,我觉得应该是b浪回调之后再有c浪,c浪到那个窗口期应该就在美联储降息前后, 那个时间点要留意什么?比如说15分钟顶背离,30分钟顶背离,甚至日线级别的顶背离. 反弹还能延续吗?和讯投顾李景峰分析,昨天市场大幅反弹,然后今天就开始震荡休息,很多人懵了 ...
赋能品牌出海,电声股份与零眸智能共建AI联合创新中心
Core Insights - The strategic partnership between Electric Sound Co., Ltd. and Zero Vision Intelligent aims to establish the "AI Overseas Joint Innovation Center" to address the globalization adaptation challenges of multimodal AI and Agentic AI technologies for brands expanding internationally [1][2] Group 1: Company Overview - Electric Sound Co., Ltd. is a leading experiential marketing service provider in China, with over 20 years of experience in brand marketing services [1] - The CEO of Electric Sound emphasizes the importance of AI in strategy insight, content production, channel operation, and user service across the entire value chain [1] Group 2: Partnership Objectives - The collaboration will integrate Zero Vision's technological expertise in machine vision, multimodal AI, and Agentic AI with Electric Sound's marketing network and comprehensive brand marketing services [2] - The focus will be on key AI technologies such as multimodal visual recognition, AIGC content production, intelligent marketing agents, and cross-regional model adaptation and evaluation [2] Group 3: Target Industries and Solutions - The partnership will develop customized AI solutions for core sectors of Chinese enterprises going global, including consumer goods and retail, consumer electronics, automotive and smart manufacturing, and healthcare [2] - The AI solutions will encompass a full-cycle process of "insight-execution-feedback," covering market insights, strategy execution, and performance feedback [2] Group 4: AI Value Proposition - The core value of AI in retail brand globalization is to bridge the gap between insights and execution, enabling efficient collaboration between planning and execution [2] - The partnership aims to embed multimodal AI and Agentic AI capabilities into every touchpoint of enterprise globalization, from precise market insight predictions to intelligent decision-making in marketing execution and real-time optimization of feedback [2]
奇点国峰上半年营收稳健 深化“AI+OMO”战略转型
Core Viewpoint - Qidian Guofeng (01280.HK) is leveraging AI technology and an OMO (Online-Merge-Offline) model to create a new consumption platform, focusing on the dual core of liquor and education, while benefiting from policy incentives and channel innovations [1][2]. Financial Performance - In the first half of the year, Qidian Guofeng achieved total revenue of 181 million yuan, a year-on-year increase of 4.6%, maintaining a steady growth trend [1]. - The company's attributable loss narrowed to 19.286 million yuan, a reduction of 40.8% year-on-year, indicating improved profitability [1]. Business Segments - The education segment continues to break through, with revenue reaching 40.64 million yuan in the first half of 2025, a year-on-year increase of 119.3%, becoming a strong growth engine for the company [1]. - The home appliance segment reported total revenue of 124 million yuan in the first half of 2025, up 5.1% from 118 million yuan in 2024, also showing steady growth [1]. Strategic Initiatives - Qidian Guofeng is focusing on fine-tuned operations across the entire business chain, integrating AI models into liquor production and marketing to enhance operational efficiency and core competitiveness [1]. - The company positions its sauce liquor business as a core growth engine, emphasizing the strengthening of its distributor system and deepening its market presence [1]. Advertising and Marketing - The company has innovatively adopted a DOOH (Digital Out-Of-Home) advertising model, targeting urban CBDs and transportation hubs to create a comprehensive advertising strategy for its brand "Shengjiu" [2]. - A three-year advertising agreement with Junxiang has been established, with a total service cost of 450 million yuan, indicating a commitment to innovative payment structures that optimize cash flow [2]. Technology Integration - In March, Qidian Guofeng signed a strategic cooperation agreement with Maifushi to develop a vertical AI model for the sauce liquor industry, integrating AI technology throughout the production and marketing processes [2]. - The company announced plans to acquire an AI technology firm focused on interest-based e-commerce, further enhancing its technological capabilities [2]. Business Logic - The company is implementing a dual-core strategy of "traffic entry construction + technology empowerment transformation," creating a collaborative system from traffic acquisition to value realization [2][3]. - Qidian Guofeng's business logic of "traffic-driven, technology-enabled, ecological collaboration" is steadily achieving cross-domain resource integration [3].
收评:8月收官三大指数集体上涨,科创50指数单月大涨28%
Xin Lang Cai Jing· 2025-08-29 07:12
Market Performance - The A-share market closed in August with all three major indices rising: the Shanghai Composite Index increased by 0.37% and accumulated a rise of 7.97% for the month [1] - The Shenzhen Component Index rose by 0.99%, with a total increase of 15.32% in August [1] - The ChiNext Index saw a significant rise of 2.23%, accumulating a 24.13% increase for the month [1] - The North Star 50 Index increased by 1.28%, with an overall rise of 10.64% in August [1] - The Sci-Tech Innovation 50 Index had a remarkable increase of 28% for the month [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,302 billion yuan, a decrease of 1,707 billion yuan compared to the previous day [1] - Nearly 2,000 stocks in the market experienced an increase [1] Sector Performance - In terms of sectors, lithium batteries, liquor, insurance, innovative pharmaceuticals, and military equipment saw the highest gains [2] - The lithium battery sector experienced a collective surge, with CATL rising over 10% and stocks like Guoxuan High-Tech and Xianlead Intelligent reaching the daily limit [2] - Liquor stocks rebounded collectively, with notable increases in Wuliangye, Laobaigan, and Luzhou Laojiao [2] - The AI technology sector saw localized gains in the afternoon, with Industrial Fulian hitting the daily limit and surpassing a total market value of 1 trillion yuan [2] - Other active sectors included innovative pharmaceuticals, insurance, rare earths, and military industries [2] - The semiconductor sector experienced adjustments, with stocks like Cambrian, Northern Huachuang, and Chip Source Micro experiencing varying degrees of decline [2]
历史性时刻!A股成交再破3万亿,机会与风险如何把握?
Sou Hu Cai Jing· 2025-08-25 11:05
Core Viewpoint - The recent surge in A-share trading volume, surpassing 3 trillion yuan, indicates a significant revitalization of the market, driven by both institutional and retail investors actively participating in trading [3][4]. Group 1: Market Activity - The trading volume of 3 trillion yuan signifies a complete market revival, contrasting with previous levels around 1 trillion yuan, which reflected a stagnant market [3]. - The increase of nearly 600 billion yuan in daily trading volume suggests heightened trading enthusiasm, marking a key signal of the market moving out of its previous lethargy [3]. Group 2: Investment Trends - The surge in trading volume is not random; it is concentrated in specific sectors such as AI technology, liquor, and satellite navigation, indicating a strategic investment approach by large funds [3]. - Leading companies like Zhongji Xuchuang and Shede Liquor have reached new highs, demonstrating that significant capital is not merely spreading thinly across the market but is focused on promising sectors [3]. Group 3: Capital Inflow - The 3 trillion yuan figure represents new incremental capital entering the market, rather than a mere reallocation of existing funds, which is crucial for sustaining market momentum [3][4]. - This level of trading volume has not been seen since October of the previous year and is only the second occurrence in history, highlighting the increasing attractiveness of A-shares [3]. Group 4: Cautionary Notes - While the increased trading volume presents more opportunities, caution is advised, especially regarding high-priced technology stocks, as volatility may increase [4]. - The three signals released by the 3 trillion yuan trading volume include activated market sentiment, consensus among funds, and the entry of incremental capital, which should guide investors to focus on specific sectors like technology and consumption for long-term opportunities [4].
期货意外大跌!这波反内卷行情可能有危险
Sou Hu Cai Jing· 2025-08-21 02:42
Group 1 - The recent focus on A-shares may overlook subtle changes in the commodity futures market, where prices of various commodities like lithium carbonate, coal, steel, and industrial silicon have rebounded initially due to the "anti-involution" policy, but recent data shows a decline in demand and supply reduction has interrupted this price recovery [1] - In April, there was optimism regarding the resource sector as many resource stocks were at low levels, but now the sector faces a "strong expectation, weak reality" situation due to insufficient demand despite a belief in the effectiveness of the "anti-involution" policy [4] - The A-share market remains in a bull market, with significant capital waiting to enter, which may prevent immediate price corrections despite weakening fundamentals in certain sectors [4] Group 2 - A report from MIT indicates that up to 95% of companies have seen zero returns on AI investments, leading to concerns about a potential bubble in AI stocks, which has caused declines in major tech stocks like META, Microsoft, TSMC, and Nvidia [6] - Despite the negative sentiment, companies like META and Tencent have demonstrated through financial reports that AI can enhance advertising efficiency and revenue, suggesting that investors in these companies need not panic [6] - The performance of TSMC's stock has stagnated following its earnings report, raising concerns about Nvidia's upcoming earnings report as a potential market mover [6] Group 3 - Baiyun Airport reported a non-recurring net profit of 560 million yuan for the first half of 2025, a year-on-year increase of 32%, with a quarterly net profit of 300 million yuan, marking the highest level since 2019, yet its stock price remains at 2017 levels [7] - The airport's consistent quarterly net profit suggests it could achieve a total net profit of 1.2 billion yuan this year, with a current market capitalization of 23 billion yuan, resulting in a PE ratio of 19 times [7]
15家境外企业来深寻找好项目
Shen Zhen Shang Bao· 2025-08-19 07:25
Group 1 - The event "Chain Connection Abroad: Gathering Strength in Longhua - 2025 Overseas Quality Project Industry Cooperation Exchange Conference" was successfully held, aiming to build a bridge for domestic and foreign industrial cooperation and inject new momentum into Longhua's economic high-quality development [1] - The conference showcased the innovative achievements and development vitality of four leading industries: intelligent manufacturing, electronic information, life health, and fashion creativity, allowing foreign enterprises to perceive Longhua's industrial potential and investment opportunities [1] - The "Long Dance Huazhang" talent policy presentation systematically interpreted Longhua's comprehensive support policies in talent cultivation, introduction, and services, signaling a strong commitment to attracting talent and supporting enterprise development [1] Group 2 - Fifteen foreign enterprise representatives conducted roadshows focusing on fields such as pharmaceuticals, AI technology, biotechnology, and health, introducing core technologies, market layouts, and cooperation needs in China [2] - The event included a government-enterprise discussion session where foreign representatives actively asked questions, and relevant department heads responded, discussing cooperation models and resource guarantees [2] - Attendees visited various local innovation and entrepreneurship centers and technology companies to further experience Longhua's innovative ecosystem and future potential [2]