随着"并购六条"发布满一周年，一场以盘活存量、优化配置为核心的并购浪潮已在资本市场形成澎湃之 势。展望未来，这场浪潮将奔向何方？又将如何重塑产业竞争格局？证监会主席吴清在署名文章《提高 资本市场的制度包容性、适应性》中已指明方向："十五五"期间资本市场改革将更大力度支持科技创 新，包括实施更具包容性的并购重组制度。这意味着，政策层面的"天时"仍将延续，而市场的未来，则 属于那些能够深刻理解新经济逻辑、善于整合生态资源的企业。 全联并购公会创始会长、金融博物馆理事长王巍近期在接受《财经》采访时对此给出了前瞻预判。他认 为，未来经济的增长点将转向以提升生活质量为核心的"新质生产力"领域，而新一轮并购浪潮的核心将 是构建"智能生态"。数字经济将重塑千行百业，并购的逻辑也随之从传统的"产业链整合"升维为更高层 次的"生态化协同"。这一判断，为观察当前龙头企业的战略布局提供了清晰的透镜。 以医药行业为例，华润三九通过并购昆药集团与天士力所构建的"一体两翼"格局，其标杆意义便超越了 单纯的业务补强。"一体两翼"以华润三九自身为"一体"，聚焦CHC(健康消费品)业务，争做行业头部企 业；通过并购整合，形成以天士力和昆药集团 ...

Group 1 - The company reported a revenue of 14.81 billion yuan in 1H25, a year-on-year increase of 5%, while the net profit attributable to shareholders was 1.82 billion yuan, a decrease of 24% [1] - In Q2 alone, the company achieved a revenue of 7.93 billion yuan, also reflecting a 5% year-on-year growth, but the net profit dropped by 28% to 967 million yuan [1] - The overall gross margin remained stable at 53.5%, while the sales and management expense ratios increased by 3.1 percentage points and 0.6 percentage points to 26.6% and 5.6%, respectively [1] Group 2 - The prescription drug business generated revenue of 2.78 billion yuan, marking a 15.18% year-on-year growth, while self-medication and traditional Chinese medicine segments saw declines of 18.39% and 16.18%, respectively [2] - The company has established clear differentiation with Tianjin Tasly and Kunming Pharmaceutical Group, focusing on self-medication as its core business [2] - Research and development investment reached 662 million yuan, a 40.61% increase year-on-year, with 205 ongoing projects across various therapeutic areas [2] Group 3 - The investment rating is reiterated as "buy," with the DCF target price raised to 45.22 yuan, corresponding to a 2025 P/E ratio of approximately 19 times, slightly below the current valuation of comparable companies [3] - The company is expected to maintain steady growth in traditional Chinese medicine and health sectors, with synergistic effects across its businesses supporting long-term investment value [3]

Core Insights - The 9th China-South Asia Expo opened in Kunming, Yunnan, featuring 73 countries and regions with over 2,500 enterprises participating, emphasizing international cooperation and market development [1][2] Trade Cooperation - The expo showcased diverse products from South Asia, including handicrafts, textiles, and food items, providing a platform for South Asian goods [2] - The trade volume between China and South Asian countries reached nearly $200 billion last year, doubling over the past decade with an average annual growth of approximately 6.3% [1][2] Investment Opportunities - The expo highlighted investment cooperation in infrastructure and agriculture, with specialized pavilions for manufacturing, green energy, and modern agriculture [4] - Companies like Yiwit (Nanjing) Aerospace Technology showcased innovative products such as electric vertical takeoff and landing aircraft, indicating growth in low-altitude economy [4][5] Technological Advancements - Cutting-edge technologies were displayed, including AI translation screens and smart energy solutions, showcasing China's advancements in various sectors [5] - The establishment of a Traditional Chinese Medicine pavilion aimed to promote the TCM industry and its cultural significance [6] Tourism and Lifestyle Promotion - The "Travel and Living in Yunnan" pavilion aimed to enhance tourism and lifestyle branding, promoting Yunnan's unique culture and attractions [7] - The expo is part of Yunnan's ongoing efforts to strengthen trade ties with South Asia and Southeast Asia, fostering deeper economic cooperation and cultural exchanges [7]