誉辰智能公告，公司拟以持有的控股子公司嘉洋电池60%的股权质押，向中国银行股份有限公司深圳宝 安支行申请人民币9000万元的并购贷款，并签署《境内并购借款合同》、《质押合同》，用于支付收购 嘉洋电池股权或置换已支付的并购交易款项。 ...

Core Viewpoint - The recent quarterly report from Industrial Bank indicates that despite facing external challenges, the bank maintains strong core competitiveness and has shown resilience in its performance, attracting investor interest through robust dividend distribution and valuation recovery trends [1][2]. Financial Performance - In the first three quarters of 2025, Industrial Bank reported operating income of 161.23 billion yuan, a year-on-year decrease of 1.82%, with net profit reaching 63.08 billion yuan, achieving positive growth despite a challenging environment [2]. - The bank's net interest margin stood at 1.72%, maintaining a relatively leading position among joint-stock banks, aided by effective management of deposit rates [2][3]. Strategic Initiatives - Industrial Bank is focusing on enhancing its "big investment banking, big wealth management, big asset management" framework, which has shown positive results in mitigating the impact of narrowing interest margins [3][5]. - The bank's green finance financing balance reached 2.47 trillion yuan, growing by 12.8% year-to-date, with significant increases in financing for carbon reduction and pollution reduction projects [4][5]. Risk Management - The bank has seen a decrease in new non-performing loans and non-performing loan generation rates, indicating that the peak of risk exposure has passed, which lays a solid foundation for future performance stability [8][9]. - As of September, the non-performing loan ratio was 1.08%, stable compared to mid-year, with a provision coverage ratio of 227.81%, indicating a strong asset quality [9][10]. Shareholder Returns - Industrial Bank has a strong commitment to shareholder returns, having distributed a total of 216.1 billion yuan in dividends since its listing, with a recent announcement of a mid-term dividend of 5.65 yuan per 10 shares, totaling 11.96 billion yuan [10][11]. - The bank's stable fundamentals and progressive dividend policy have attracted significant investments from major shareholders, indicating strong market confidence [11][12]. Market Outlook - The bank's stock is positioned for valuation recovery, with a static dividend yield of 5.29% and a price-to-book ratio of 0.53, suggesting it is an attractive option for long-term investors [12].

Core Viewpoint - The Vice President of Bank of China, Liu Chenggang, emphasized the importance of commercial banks in supporting enterprises going abroad, highlighting the need for more diverse and professional financial services [1] Financing Needs - Liu Chenggang pointed out that outbound enterprises require a wider range of financing products and tools, such as project financing, merger loans, trade financing, and bond issuance [1] - He stated that only by providing diversified funding can the financing needs of projects be adequately met [1]

本刊记者 石青川 近日，国家金融监督管理总局《商业银行并购贷款管理办法（征求意见稿）》（以下简称《办法》）的 征集意见期已到，这意味着并购贷款将迎来新规。 与此同时，资本市场层面、监管层亦明确表态支持上市公司并购重组，致力于打通"科技—产业—金 融"的良性循环。 这一套精准有力的"政策组合拳"，正引导金融活水更安全、更高效地流向符合国家战略方向的产业整合 与升级，为优化经济结构注入强劲的"投资新动力"。 参股型并购纳入新规 《办法》是2024年4月《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称新"国 九条"）的延伸。它与新"国九条"提出的"加大并购重组改革力度，多措并举活跃并购重组市场"，今年 新出台的重组审核规则中科创板并购重组分类审核等政策同频共振，形成了从非上市公司到上市公司、 从债务资金到权益资金的全面支持体系。 并购贷款，即企业之间发生并购时，并购方资金可通过贷款方式筹措。 我国最早的《贷款通则》不允许使用商业贷款进行并购与投资，直到 2008年《商业银行并购贷款风险 管理指引》放开了并购贷款业务，但当时要求自有资金更多，也就是杠杆率限制较低。后来经过多次修 订与新规补充，才有了 ...

Core Viewpoint - Jiangyin Rural Commercial Bank is focusing on building a comprehensive technology finance service system, promoting innovation and collaboration among government, business associations, and enterprises to create a supportive ecosystem for technological innovation [1] Group 1: Technology Finance Development - The bank has organized 14 events this year, including "Government-Bank-Enterprise Connection Meetings" and "Technology Innovation Roadshow Seasons," to support over 40 recognized high-tech enterprises [1] - Jiangyin's high-tech industry output value is projected to reach 291.92 billion yuan in 2024, accounting for 38.8% of the total industrial output, with a year-on-year growth of 9% [1] Group 2: Collaborative Innovation - The bank has established strategic cooperation with the Federation of Industry and Commerce and Jiangyin Campus of Nanjing University of Technology to align financial services with industry needs [2] - A comprehensive strategic partnership with Jiangyin High-tech Zone has been formed to enhance financing for private enterprises and support major projects [2] Group 3: Service Network Innovation - Jiangyin Rural Commercial Bank has set up a "High-tech Innovation Service Center" and a technology branch in Jiangyin High-tech Zone, creating a dual-track model for technology finance services [3] - The bank has implemented a new party-building model to cultivate a talent pool that understands technology, industry, and finance [3] Group 4: Comprehensive Service Innovation - The bank has introduced various loan products tailored for different stages of enterprise development, including "Technology Enterprise Loans" and "Talent Loans," focusing on technology potential and team strength rather than traditional financial metrics [4] - As of September, the bank has completed two "loan + equity" agreements to alleviate financial pressure on enterprises while maintaining control for core teams [4] Group 5: Process and Brand Innovation - The bank has streamlined processes to create a green channel for technology finance, reducing approval times by 60% compared to traditional methods [5] - The bank has launched a content matrix to promote technology enterprises' development stories, enhancing communication with capital and markets [5] Group 6: Overall Impact - By the end of September, the bank had provided financing services to 1,503 technology enterprises, with a total credit balance of 15.5 billion yuan [5] - The bank aims to continue refining its comprehensive service model to effectively support the transformation of technological achievements into productive forces [5]

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 Guangdong-Hong Kong-Macao Greater Bay Area is rapidly developing a "technology-industry-finance" ecosystem, with thousands of innovative enterprises [2] - SPD Bank's Guangzhou branch is actively integrating into Guangdong's high-quality development, focusing on technology finance as a strategic priority [2] - By September 2025, SPD Bank's Guangzhou branch has served over 8,600 high-tech enterprises and 4,900 specialized enterprises in Guangdong, becoming a key financial supporter of the Greater Bay Area's technological innovation [2] Group 1: Financing Solutions for Tech Enterprises - SPD Bank's "PuKe Loan" product system is designed to address the financing needs of tech companies at different stages, utilizing a "5+7+X" product framework [3] - A semiconductor materials company received a customized "PuXin Loan" solution, achieving a credit approval of 7.51 million yuan in just five working days [3] - AR company Gu Dong Technology benefited from a combination of "patent pledge + PuKe Loan," securing 20 million yuan in credit within seven working days, enabling successful product development [4] Group 2: Innovative Evaluation and Support Tools - SPD Bank has developed the "Technology Five Forces Model" to assess enterprise value across five dimensions, moving beyond traditional reliance on financial data [5] - The "Technology Radar" intelligent platform uses AI to gather data on patents and R&D investments, enhancing credit approval efficiency by 40% compared to industry averages [5] Group 3: Policy and Market Response - SPD Bank has implemented new policies to support mature tech enterprises, including the issuance of technology innovation bonds with a low interest rate of 2.5% [6] - The bank has successfully underwritten 1.5 billion yuan in technology innovation bonds, supporting various strategic emerging industries [6] - In the area of merger loans, SPD Bank has provided over 5 billion yuan in support for 15 industry integration projects, following relaxed regulatory measures [7] Group 4: Ecosystem Development and Resource Integration - SPD Bank is creating a "technology financial ecosystem" through partnerships with various institutions, hosting over 200 thematic events to facilitate collaboration among over 3,000 enterprises and 100 investment institutions [8] - The "Technology Salon" serves as a core platform for linking resources and promoting industry connections, exemplified by a recent event that attracted over 40 power equipment companies [8] Group 5: Future Directions - SPD Bank aims to continue enhancing its "5+7+X" product system and deepen collaborations within the "industry-academia-research-government-finance" ecosystem to foster the growth of tech enterprises in the Greater Bay Area [9] - The bank is committed to injecting continuous support into the region's tech ecosystem, aspiring to establish a globally influential innovation hub [9]

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area is rapidly developing a "technology-industry-finance" ecosystem, with a focus on high-quality development and innovation [1] - SPD Bank's Guangzhou branch is actively integrating into this development by providing comprehensive financial services tailored to the needs of technology enterprises [1][2] Group 1: Financial Services for Technology Enterprises - SPD Bank Guangzhou has served over 8,600 high-tech enterprises and 4,900 specialized and innovative companies in Guangdong, becoming a key financial supporter of the Greater Bay Area's tech innovation [1] - The "Pukelai" product system, designed to meet the diverse financing needs of tech companies, includes tailored solutions like "Puxin Loan" for companies facing asset-light challenges [2][3] - The bank's innovative "Five Forces Model" and "Technology Radar" platform enhance the evaluation of tech enterprises, improving credit approval efficiency by 40% [4] Group 2: Support for Mature Enterprises - SPD Bank has implemented policies like technology innovation bonds and merger loans to assist mature tech enterprises in overcoming development bottlenecks [5][6] - The bank participated in the issuance of the first private 5-year technology innovation bond in Guangdong, with a low interest rate of 2.5%, reflecting strong market confidence [6] - The bank has provided over 5 billion yuan in merger loans, supporting 15 projects in the technology sector [7] Group 3: Ecosystem Development - SPD Bank is building a technology financial ecosystem through partnerships with various institutions, facilitating over 200 events to promote collaboration among tech companies and investors [8] - The "Technology Salon" serves as a core platform for linking resources and fostering industry connections, exemplified by a recent event that attracted over 40 power equipment companies [8] - The bank aims to continue enhancing its product offerings and ecosystem collaborations to support the growth of tech startups into significant enterprises [9]

Core Viewpoint - Shenzhen has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", outlining a clear blueprint for enhancing the M&A market ecosystem and facilitating efficient M&A activities for listed companies [1] Group 1: Goals and Targets - By the end of 2027, the total market capitalization of listed companies in Shenzhen is expected to exceed 20 trillion yuan, with the aim of nurturing 20 companies with a market value of over 100 billion yuan [1] - The plan aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion yuan, establishing a number of industry demonstration cases [1] Group 2: Asset Side Initiatives - The action plan emphasizes the logic of industrial upgrading through M&A, focusing on the "20+8" industries, supporting leading companies in strategic emerging industries to conduct upstream and downstream acquisitions [2] - It encourages private and state-owned enterprises to pursue transformation through M&A and supports specialized enterprises in acquiring quality assets [2] - A project database for M&A targets will be established, creating a rolling reserve system for potential projects [2] Group 3: Funding Mechanisms - The plan introduces various financial tools to enhance the effectiveness of M&A, including flexible payment methods and innovative financing tools such as M&A loans and syndicate loans [3] - It encourages social capital participation through corporate venture capital and industry funds, and aims to attract long-term capital and foreign investors [3] Group 4: Cross-Border M&A Support - The action plan highlights the importance of leveraging Shenzhen's proximity to Hong Kong and Macau to optimize resource allocation for cross-border M&A [4] - It supports the establishment of equity investment funds for industrial M&A projects and encourages collaboration between exchanges in Shenzhen and Hong Kong [4] Group 5: Ecosystem Services - The plan calls for the establishment of a comprehensive M&A service platform to support the development of a conducive environment for M&A activities [5] - It encourages the Shenzhen Stock Exchange to enhance its system for M&A and restructuring, and to promote research on M&A related to the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area [6] Group 6: Risk Management - The action plan emphasizes the need for compliance checks in key M&A transactions and the prevention of malicious acquisitions [6] - It proposes the establishment of a special coordination mechanism to facilitate M&A activities and streamline approval processes for key projects [7]

Core Viewpoint - The Shenzhen Municipal Government has released the "Shenzhen Action Plan for Promoting High-Quality Development of Mergers and Acquisitions (2025-2027)", aiming to enhance the quality of listed companies and establish a robust M&A ecosystem by 2027, with a target market capitalization exceeding 20 trillion yuan and over 200 completed M&A projects totaling more than 100 billion yuan [1][2]. Group 1: Key Tasks - The action plan focuses on five key tasks to build a comprehensive M&A ecosystem [2]. Group 2: Asset Side - The plan emphasizes an industrial upgrade M&A logic, categorizing guidance for the "20+8" industries and establishing a project database for key sectors, creating a rolling reserve system for M&A targets [3][4]. Group 3: Funding Side - Various financial tools will be utilized to enhance the effectiveness of M&A, including flexible payment methods and innovative financing tools like M&A loans and syndicate loans, as well as encouraging social capital participation through venture capital and industry funds [4][5]. Group 4: Cross-Border M&A - The plan aims to leverage Shenzhen's proximity to Hong Kong and Macau to optimize resource allocation, support cross-border M&A financing, and encourage local enterprises to utilize both markets for development [5][6]. Group 5: Ecological Services - The action plan calls for the establishment of a comprehensive M&A service platform to support the ecosystem [8]. Group 6: Risk Prevention - The plan highlights the need for compliance checks in M&A transactions, prevention of malicious acquisitions, and the establishment of a special coordination mechanism to facilitate M&A processes, including green channels for key projects [9].