流动性方面，可转债ETF盘中换手11.58%，成交67.47亿元，市场交投活跃。拉长时间看，截至11月24日，可转债ETF近1周日均成交113.13亿元。 可转债市场在上周权益回调中展现出较强防御性，中证转债指数下跌1.78%，表现好于主要宽基指数。估值方面，百元平价溢价率中位数上升，估值企稳回 升。转债ETF资金逆势流入，显示机构对转债长期信心仍存。 截至2025年11月25日 13:32，中证可转债及可交换债券指数(931078)上涨0.18%。可转债ETF(511380)上涨0.16%，最新价报13.48元。拉长时间看，截至2025年 11月24日，可转债ETF近半年累计上涨12.24%。 以上产品风险等级为：中（此为管理人评级，具体销售以各代销机构评级为准） 资金面上，央行将于11月25日开展1万亿元MLF操作。鉴于11月有9000亿元MLF到期，当月央行MLF净投放规模将达到1000亿元，为连续第九个月加量续 作。11月MLF与买断式逆回购释放中期流动性连续4个月达6000亿元，继续展现央行适度宽松的货币政策取向。 此外，一种名为"定向可转债"的支付工具正悄然成为市场的新焦点，尤受科创企业青睐。业内 ...

事实上，定向可转债在并购重组市场中并非新生事物。此前已有包括思瑞浦收购创芯微100%股权在内 的多起引入定向可转债作为支付工具的案例。而在沉寂了一段时间后，定向可转债又回到了上市公司视 野当中。年内，除富乐德外，华海诚科也将定向可转债作为并购的支付方式之一，完成了对华威电子 70%股权的定增收购。 而在这背后，是政策层面的持续引导。早在2018年11月，证监会就启动了定向可转债重组试点。直到 2023年11月，证监会发布《上市公司向特定对象发行可转换公司债券购买资产规则》(简称"定向可转债 重组规则")，才真正为这一支付工具的推广应用铺平道路。 政策持续加码，并购重组市场又热闹了起来。 在这不断活跃的市场中，一种名为"定向可转债"的支付工具正悄然成为市场的新焦点，尤受科创企业青 睐。 业内人士认为，在并购重组过程中引入定向可转债用于支付，能够平衡好交易双方的收益与风险，同时 优化交易结构的灵活性。而对于科创企业而言，支付环节使用定向可转债，可有效缓解企业现金流压 力、延缓控制权稀释速度，并对科技产业整合提速起到积极的推动作用。 政策指引活跃市场 根据发行目的，定向可转债可分为两类，一类用于再融资，另一类则用于 ...

政策持续加码，并购重组市场又热闹了起来。 在这不断活跃的市场中，一种名为"定向可转债"的支付工具正悄然成为市场的新焦点，尤受科创企业青 睐。 业内人士认为，在并购重组过程中引入定向可转债用于支付，能够平衡好交易双方的收益与风险，同时 优化交易结构的灵活性。而对于科创企业而言，支付环节使用定向可转债，可有效缓解企业现金流压 力、延缓控制权稀释速度，并对科技产业整合提速起到积极的推动作用。 政策指引活跃市场 有效平衡收益与风向 定向可转债 成并购重组工具"新宠" ◎记者 严晓菲 张欣然 科创企业成应用主力 从行业分布来看，半导体等科创企业成为并购重组市场中使用定向可转债的"主力军"。 "较多选择定向可转债的企业集中在科创板、创业板的科技类企业，处于成长期的制造业企业、硬科技 企业，以及需要平稳整合标的的上市公司，尤其是轻资产、高研发投入的半导体、生物医药等领域企 业。"华安证券投行部相关负责人对上海证券报记者称。 东方金诚研究发展部副总经理曹源源、分析师翟恬甜发布研报称，定向可转债重组规则发布后新增的6 只支付型定向可转债（含预案），其中5只来自电子行业中的半导体企业，涉及模拟芯片设计、半导体 封装、功率半导体等 ...

郭晨凯 制图 数说北交所 截至当前，北交所上市公司的中小企业占比近八成，国家级专精特新"小巨人"企业占比超一半。开市以 来，这些企业累计融资超600亿元，平均每家2亿元，资本精准滴灌中小企业创新发展。 "历经四年探索，北交所已在市场特色、产业结构和制度功能上取得关键进展。"中国上市公司协会学术 顾问委员会委员程凤朝在接受上证报记者采访时谈道：其定位精准聚焦于占比超八成的专精特新企业； 产业布局通过五大集群实现了区域联动与"隐形冠军"的培育；同时，持续的制度改革有效增强了市场流 动性与融资功能，战略作用正日益凸显。 市场韧性彰显 制度创新纵深推进 今年以来，北证50指数累计上涨超过50%，上市公司总市值突破9000亿元，流动性与估值水平的同步提 升，充分反映了市场对我国中小企业成长潜力的坚定信心。 上市公司282家，中小企业占比近八成，国家级专精特新"小巨人"企业占比超一半 开市以来累计融资超600亿元，平均每家2亿元 上市公司总市值超9000亿元 开市以来累计分红198.60亿元，16家分红金额超过上市募集资金总额 ◎记者 张雪 2021年11月15日，北京证券交易所鸣锣开市，肩负起"打造服务创新型中小企业主 ...

新华财经北京11月12日电（王菁）随着并购重组市场活跃度显著提升，"定向可转债"这一工具正悄然成 为资本市场的新焦点。据东方金诚研究报告显示，2025年以来，新公布的重大并购重组项目中，已有9 起选择使用定向可转债作为支付工具，数量较去年同期大幅增长。 条款设计更趋灵活 投资人保护与股东利益并重 新规对定向可转债的条款设计进行了系统性优化。报告指出，当前支付定转更注重保护原股东权益，具 体体现在锁定期覆盖业绩承诺周期、禁止向下修正转股价格、限制回售条款等方面。 "定向可转债兼具债性安全垫与股性增值潜力，在并购重组中具有独特的制度韧性与博弈弹性。"东方金 诚研究发展部副总经理曹媛媛对新华财经指出，定向可转债不仅是一种支付工具，更是一种促进交易达 成、优化资源配置的金融创新。 定向可转债迎发展契机 半导体行业成主力 两年前，证监会发布《上市公司向特定对象发行可转换公司债券购买资产规则》（以下简称《定向可转 债重组规则》），系统规范了定向可转债作为支付工具的发行条件、定价机制与限售安排。此后，国务 院"新国九条"、证监会"并购六条"等政策接连出台，多次强调鼓励上市公司使用定向可转债作为并购支 付工具之一。 曹媛媛表 ...

Core Viewpoint - The establishment of a merger and acquisition (M&A) restructuring and development service platform led by the Beijing Listed Companies Association aims to enhance the quality of the Beijing M&A market through technological empowerment and ecological collaboration [1][2]. Group 1: Platform Design and Security - The platform prioritizes information security and compliance in its design, employing multiple desensitization techniques such as encryption algorithms and fuzzification to ensure the safe sharing of commercial information [1]. - The platform adheres to regulatory requirements from the Beijing Financial Office and the Beijing Securities Regulatory Bureau, ensuring a controlled environment for sensitive information [1]. Group 2: Growth and Resource Integration - The platform leverages the advantages of the Zhongguancun Development Group, which operates 73 specialized parks and serves over 22,600 enterprises, to identify high-growth technology companies [2]. - The group manages a fund size of 55.7 billion yuan, focusing on key national industries such as integrated circuits, artificial intelligence, and healthcare [2]. Group 3: Financial Support and Innovation - Zhongguancun Jinfu plans to collaborate with banks, securities firms, and trusts to innovate financial tools like M&A loans and targeted convertible bonds, providing customized financial support for transactions [2]. - The company aims to establish a "patient capital" system by exploring the creation of M&A funds in collaboration with financial institutions and leading enterprises [3]. Group 4: Future Outlook - Over the next three years, Zhongguancun Jinfu will focus on providing comprehensive financial services throughout the M&A activity cycle, utilizing its integrated financial service system [2]. - The company aims to build a new ecosystem for M&A services that encompasses technology, capital, parks, and policies, contributing to the development of a globally influential technology innovation center in Beijing [3].

Core Insights - The Shenzhen Municipal Financial Management Bureau, in collaboration with the Shenzhen Development and Reform Commission, has released an action plan aimed at promoting high-quality mergers and acquisitions (M&A) from 2025 to 2027, focusing on future industries such as synthetic biology, intelligent robotics, quantum information, and advanced new materials [1][2]. Group 1: M&A Development Goals - The plan aims to enhance the quality of listed companies in the region, targeting a total market capitalization of over 20 trillion yuan for domestic and foreign listed companies by the end of 2027 [1]. - It seeks to cultivate 20 companies with a market value of over 100 billion yuan and aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan [1][2]. Group 2: Strategic Focus Areas - The action plan emphasizes M&A activities in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, and biomedicine, encouraging leading companies to engage in upstream and downstream acquisitions to strengthen supply chains and enhance key technology levels [2]. - Companies are encouraged to pursue M&A in future industry sectors to rapidly scale up and achieve breakthroughs in critical technologies [2]. Group 3: Financing and Support Mechanisms - The plan promotes diverse financing channels for M&A, allowing eligible companies to utilize cash, shares, convertible bonds, and other financial instruments for their transactions [2]. - It supports the establishment of a comprehensive M&A service platform by the Shenzhen Stock Exchange, providing full-cycle, one-stop services for projects and enhancing the transaction efficiency of technological achievements [3]. Group 4: Training and Ecosystem Development - The action plan includes the creation of a training service system for M&A, aimed at helping companies understand policy directions and regulatory concepts [3]. - It supports the development of a robust ecosystem for M&A, focusing on integrating resources for technology-driven small and medium-sized enterprises through various methods [3].

Core Viewpoint - The adoption of targeted convertible bonds for mergers and acquisitions (M&A) is gaining popularity among listed companies due to their dual characteristics of equity and debt, providing flexibility and reducing financial pressure compared to traditional cash payments [1][3]. Group 1: Adoption of Targeted Convertible Bonds - Since the introduction of targeted convertible bonds for restructuring projects, 16 A-share listed companies have announced plans to use this method for M&A, alongside issuing shares and cash payments [1][2]. - Companies like Changhong High-Tech and Huahai Chengke are actively pursuing M&A using targeted convertible bonds, indicating a trend among tech firms [2][4]. - Targeted convertible bonds allow companies to issue bonds that can be converted into shares under certain conditions, providing a flexible payment structure for M&A transactions [2][3]. Group 2: Benefits for Technology Companies - Over 60% of the companies utilizing targeted convertible bonds for asset purchases are from the Sci-Tech Innovation Board and the Growth Enterprise Market, primarily targeting technology firms [4][5]. - The characteristics of technology companies, such as being asset-light and having high R&D investments, make targeted convertible bonds a suitable financing option, allowing for differentiated pricing and supporting valuation stability [5][6]. - The mechanism of targeted convertible bonds provides capital support flexibility for tech firms while allowing investors to mitigate risks and share in future growth [5][6]. Group 3: Enhancing M&A Efficiency - The use of targeted convertible bonds, along with other innovative tools, has significantly improved the efficiency of M&A transactions, reducing costs and risks associated with traditional methods [6]. - The flexible design and lower financing costs of targeted convertible bonds enhance market activity and promote resource integration and industrial collaboration [6]. - However, complexities in the terms of targeted convertible bonds may introduce challenges in understanding and negotiation, alongside potential credit and market valuation risks [6].

Core Viewpoint - The innovative payment method of directed convertible bonds is increasingly favored by listed companies due to its "dual attributes" of equity and debt, enhancing flexibility in mergers and acquisitions [1][6]. Summary by Sections Mergers and Acquisitions Trends - As of this year, 16 A-share listed companies have announced plans to use a combination of issuing shares, directed convertible bonds, and cash for mergers and acquisitions [2][5]. - The "Six Guidelines for Mergers" encourage companies to utilize various payment tools, including directed convertible bonds, to increase transaction flexibility [2]. Adoption by Companies - Companies like Changhong High-Tech and Huahai Chengke are actively pursuing mergers using directed convertible bonds, with ongoing due diligence and fundraising efforts [3][4]. - Notably, the first successful project using directed convertible bonds as a payment tool was completed by Fulede [5]. Characteristics of Directed Convertible Bonds - Directed convertible bonds are issued to specific investors and can be converted into company shares under agreed conditions, providing a dual benefit of debt protection and equity potential [5]. - This payment method is particularly attractive for technology companies, which often face high financial pressure from traditional cash payments and the risk of excessive dilution from pure equity payments [2][8]. Appeal to Technology Sector - Over 60% of the companies planning to use directed convertible bonds for acquisitions are from the Sci-Tech Innovation Board and the Growth Enterprise Market, primarily targeting technology firms [7]. - The technology sector's characteristics, such as being asset-light and having high R&D investments, make directed convertible bonds a suitable financing option, allowing for differentiated pricing and supporting valuation stability [8]. Efficiency in Mergers - The use of directed convertible bonds, along with other innovative tools, has significantly improved the efficiency of mergers and acquisitions, reducing costs and risks associated with transactions [9]. - This method enhances market activity and facilitates resource integration, balancing the risks and returns for both parties involved in the transaction [9][10].

Core Viewpoint - The article discusses the increasing popularity of targeted convertible bonds as a payment method for mergers and acquisitions (M&A) among listed companies in China, highlighting their dual characteristics of equity and debt, which provide flexibility and reduce financial pressure [1][5]. Group 1: Adoption of Targeted Convertible Bonds - Since the introduction of targeted convertible bonds for M&A, 16 A-share listed companies have announced plans to use this method alongside issuing shares and cash payments [1][4]. - The "M&A Six Guidelines" encourage companies to utilize a combination of shares, targeted convertible bonds, and cash to enhance transaction flexibility [1][4]. - Companies in the technology sector, particularly those listed on the Sci-Tech Innovation Board and the Growth Enterprise Market, show a preference for using targeted convertible bonds in their M&A activities [1][7]. Group 2: Benefits of Targeted Convertible Bonds - Targeted convertible bonds offer a dual design of "debt protection + equity flexibility," meeting the needs of counterparties for capital safety while allowing for sharing of future growth benefits through conversion options [1][5]. - Compared to traditional cash payments, targeted convertible bonds reduce financial pressure and delay the dilution of existing shareholders' control [5][8]. - The low-interest nature of targeted convertible bonds makes them a cost-effective financing option, alleviating cash flow concerns for companies [5][8]. Group 3: Focus on Technology Companies - Over 60% of the companies planning to use targeted convertible bonds for asset purchases are from the Sci-Tech Innovation Board and the Growth Enterprise Market, primarily targeting technology firms [7]. - The characteristics of technology companies, such as being asset-light and having high R&D investments, make traditional valuation methods less effective, thus benefiting from the flexible pricing allowed by targeted convertible bonds [7][8]. - The acquisition activities in sectors like semiconductors and new materials reflect a growing interest in technology stocks and the urgent need for resource integration in industrial upgrades [8]. Group 4: Efficiency in M&A Transactions - The use of targeted convertible bonds, along with other innovative tools, has significantly improved the efficiency of M&A transactions, reducing costs and risks associated with deals [10]. - Targeted convertible bonds enhance market activity and facilitate resource integration and industrial collaboration, providing stable funding support for transactions [10]. - They help balance the risk and return for both parties in a transaction, addressing issues related to high valuations and goodwill [10].