面向"十五五"，随着政策红利释放、产业基础夯实，西藏资本市场将继续以资本为纽带，连接创新与实体，书写高质量发展新篇章。 "十四五"规划胜利收官，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷。 从上市公司"量质齐升"到创新投入持续加码，从投资者回报机制完善到风险防控坚实有力，雪域高原的资本市场正以独特的发展节奏，为西 藏经济转型升级注入强劲动能，也为"十五五"时期持续增长奠定坚实基础。 上市公司"量稳质升" 产业集群效应凸显 "十四五"时期，西藏上市公司实现规模与质量双重突破，数量稳步增长，市值与经营效益跨越式提升，以医药、有色金属为核心的产业集 群，成为区域经济发展"主力军"。 截至2025年三季度末，西藏辖区A股上市公司达22家，较2021年初增加2家，总市值从2000多亿元跃升至3200亿元，14家企业跻身"百亿 俱乐部"，占比近六成。 经营业绩方面，西藏上市公司展现强劲增长韧性。2025年前三季度，22家上市公司合计营业收入409.8亿元，同比增长4.96%；合计归母净 利润66.3亿元，同比增长37.2%。两项指标增速分别是全国平均水平的3.8倍、6.7倍，凸显优质发展成色。 产业结构上，上市公 ...

面向"十五五"，随着政策红利释放、产业基础夯实，西藏资本市场将继续以资本为纽带，连接创新与实 体，书写高质量发展新篇章。 上市公司"量稳质升" 产业集群效应凸显 "十四五"时期，西藏上市公司实现规模与质量双重突破，数量稳步增长，市值与经营效益跨越式提升， 以医药、有色金属为核心的产业集群，成为区域经济发展"主力军"。 截至2025年三季度末，西藏辖区A股上市公司达22家，较2021年初增加2家，总市值从2000多亿元跃升 至3200亿元，14家企业跻身"百亿俱乐部"，占比近六成。 经营业绩方面，西藏上市公司展现强劲增长韧性。2025年前三季度，22家上市公司合计营业收入409.8 亿元，同比增长4.96%；合计归母净利润66.3亿元，同比增长37.2%。两项指标增速分别是全国平均水平 的3.8倍、6.7倍，凸显优质发展成色。 产业结构上，上市公司集群特征鲜明。医药行业上市公司有8家，有色金属行业上市公司有3家，成为拉 动区域经济的"双引擎"。医药板块表现突出，2025年上半年8家生物医药企业中有7家扣非净利润同比增 长。 "十四五"规划胜利收官，西藏资本市场在服务地方经济高质量发展中交出亮眼答卷。 从上市公司 ...

导语 "吸引更多的资本、人才等要素向硬科技产业集中。" 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募集 资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚科 创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促进、 共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投身于核 心技术研发和创新。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端装备、新能源、新材料、节能环保等高新 技术产业和战略性新兴产业。其中，有389家公司入选国家级专精特新"小巨人"企业名录，65家公司被 评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去重后418 家）占板块公司总数的70%。 （2019年至今科创板公司家数及IPO募资规模） 在多元包容的发行上市条件之下，科创板已支持60家未盈 ...

2025.12. 30 本文字数：1869，阅读时长大约3分钟 作者 | 第一财经 黄思瑜 从首批25家拓荒者，到如今600家公司集结，科创板的融资规模也不断增加。截至12月30日，IPO募 集资金9557亿元，再融资募集资金2139亿元，合计超1.1万亿元。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩对第一财经称，600家企业集聚 科创板，不仅能形成显著的产业集群效应，更能通过上下游协同创新加速科技成果转化，形成相互促 进、共同发展的良好生态。同时，吸引更多的资本、人才等要素向硬科技产业集中，激励更多企业投 身于核心技术研发和创新。 研发投入持续加码 经过六年半的发展，科创板已成为中国硬科技企业上市首选地。 600家上市公司主要分布于新一代信息技术、生物医药、高端装备、新能源、新材料、节能环保等高 新技术产业和战略性新兴产业。其中，有389家公司入选国家级专精特新"小巨人"企业名录，65家公 司被评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去重 后418家）占板块公司总数的70%。 在多元包容的发行上市条件之下，科创板已支持60家未盈利企业、9家特 ...

强一股份上市，科创板公司达600家。 12月30日，强一股份在上交所科创板上市，开盘价为265.60元，较发行价上涨212.14%。至此，科创板 公司已达600家。数据显示，科创板600家公司IPO和再融资合计募集资金超1.1万亿元，总市值超10万亿 元。 从2019年7月22日首批25家公司起步，科创板拾级而上，历时近六年半的时间，逐步开出600朵"硬科 技"之花。据悉，科创板600家公司中有389家公司入选国家级专精特新"小巨人"企业名录，65家公司被 评为制造业"单项冠军"示范企业，49家公司主营产品被评为制造业"单项冠军"产品，合计（去重后418 家）占板块公司总数70%。 科技型企业往往需要在前期投入大量资本、经历长期研发，才能实现技术突破和积累。科创板以更大力 度支持突破关键核心技术的科技型企业发展，持续提升制度包容性、适应性和吸引力、竞争力，更好服 务科技创新和新质生产力发展。 今年10月28日，科创板科创成长层首批新注册公司——禾元生物、西安奕材、必贝特正式上市，这是我 国境内资本市场时隔逾两年再次迎来未盈利企业。此后，摩尔线程、昂瑞微、沐曦股份．．．．．．一 家又一家未盈利企业，借助科创板平 ...

Group 1 - The core viewpoint of the article is that Hainan's opening up is a strategic restructuring of national security and supply chain layout, rather than merely removing barriers for external trade [1] - The establishment of a secure and controllable super warehouse and high-end manufacturing in Hainan aims to challenge the dominance of the US dollar through RMB settlement, facilitating direct trade without third-country intermediaries [3] - A key policy in this strategy is the exemption from tariffs for processed goods with over 30% value addition, incentivizing global companies to relocate factories to Hainan to reduce costs and access the vast Chinese consumer market [4] Group 2 - The transformation in Hainan is expected to lower living costs significantly, making imported goods like milk powder and medications cheaper, while also providing access to international new drugs in the medical sector [6] - The rise of high-end manufacturing and cross-border e-commerce in Hainan will create new job opportunities, with a favorable tax environment attracting talent [6] - Hainan's current situation is likened to Shenzhen 40 years ago, indicating a significant historical opportunity for investment and development, warranting close attention from stakeholders [8]

Group 1 - The first batch of goods benefiting from the processing value-added duty exemption policy has successfully entered the new port customs supervision area, completing rapid clearance [1] - The initial shipment includes 410,000 latex catheters from Hainan Weili Medical Technology Development Co., Ltd., valued at 881,100 yuan, marking a significant milestone for the company [1] - Since the pilot implementation of the processing value-added policy in 2023, Hainan Weili Medical has saved nearly 4 million yuan in tariffs [1] Group 2 - Other companies have also utilized this duty exemption for various processed goods, including nuts, beef products, medical devices, and pharmaceuticals [1] - The zero-tariff benefits and other free trade port policies signify the successful implementation of the island-wide customs closure operation [1] - Hainan has officially entered a new era of island-wide customs closure, accelerating the transformation of a higher level of openness into reality [1]

Core Viewpoint - The approval of Aopu Mai's asset acquisition through a share issuance marks a significant innovation in the A-share market, demonstrating the operational feasibility of new mechanisms introduced in the "Six Merger Rules" [1][2]. Group 1: Aopu Mai's Project Significance - Aopu Mai's restructuring project serves as a key innovation mechanism transitioning from policy to practice, providing a strong demonstration effect for the market [2]. - The acquisition of Chengli Biopharmaceutical Technology will enhance synergy and complementarity between the two companies, as Aopu Mai specializes in cell culture media and CDMO services, while Chengli focuses on CRO services [2]. Group 2: Innovative Payment Mechanism - The share issuance payment mechanism alters the traditional risk distribution model in mergers and acquisitions, transferring part of the future uncertainty risk from the acquiring company to the seller [2][3]. - This mechanism allows for performance-based installment payments, enabling the acquiring company to adjust payments based on actual operational performance, thus binding the interests of both parties more closely [2][3]. Group 3: Private Equity Fund Incentives - The "reverse linkage" policy between private equity fund investment duration and the lock-up period for shares acquired through restructuring significantly enhances the exit channels for patient capital, boosting confidence among private equity funds [3][4]. - The revised regulations shorten the lock-up period from 12 months to 6 months for qualifying funds, accelerating capital recovery and improving overall returns [3][4]. Group 4: Active M&A Market - The implementation of innovative mechanisms is reshaping the M&A market ecosystem, with the "Six Merger Rules" encouraging private equity funds to actively participate in mergers and acquisitions [5]. - Various regions have established new industrial merger funds, with scales ranging from several billion to over 10 billion, targeting sectors like high-end manufacturing and biomedicine [5][6]. Group 5: Government and Corporate Strategies - Local governments are increasingly using merger funds to attract quality industrial resources, which has become a vital strategy for regional industrial upgrades and economic restructuring [6][7]. - Companies are also setting up industrial merger funds across various sectors, indicating a growing trend in the market [6][7]. Group 6: Future Outlook - The ongoing implementation of the "Six Merger Rules" is expected to lead to more flexible industrial integration cases in strategic emerging industries like semiconductors and new materials [7]. - There is an anticipation for continuous optimization of the merger review process and diversification of payment tools, aiming for a better balance between market inclusivity and risk prevention [7].

Core Viewpoint - Aopu Mai's asset acquisition plan has been approved by the Shanghai Stock Exchange's M&A Committee, marking it as the first case in the A-share market to utilize a "staged payment mechanism" for share consideration since the release of the "Six M&A Rules" [1][2] Group 1: Company Overview - Aopu Mai, listed on the Sci-Tech Innovation Board in 2022, focuses on the research and production of cell culture media and provides contract development and manufacturing organization (CDMO) services [1] - The target company, Pengli Bio, specializes in drug and medical device research and preclinical research services (CRO), recognized as a national-level specialized and innovative small giant and a high-tech enterprise [1] Group 2: Strategic Rationale - Both companies operate within the pharmaceutical research and production service sector, indicating significant synergy and complementary industrial advantages [1] - The merger aims to create an integrated service platform combining "culture media + CRO + CDMO," which is expected to meet clients' needs from early research to commercial production, enhancing one-stop service capabilities and integrated competitive levels [1] Group 3: Financial Data - As of the end of 2024, Aopu Mai's total assets are 2.272 billion yuan, with annual revenue and net profit attributable to shareholders at 297 million yuan and 21.0523 million yuan, respectively [2] - Pengli Bio's total assets are 1.216 billion yuan, exceeding Aopu Mai's total assets by 50%, with annual revenue and net profit at 330 million yuan and 45.15 million yuan, respectively, both surpassing Aopu Mai's figures [2] Group 4: Regulatory Context - The asset restructuring plan was likely to be classified as a "restructuring listing" prior to the release of the "Six M&A Rules," which would have subjected it to stricter scrutiny and a slower process [2] - The approval of Aopu Mai's restructuring project is seen as a typical case of implementing the "Six M&A Rules," aligning with the need for new productive forces and enhancing the resource allocation function of mergers and acquisitions [2]

Core Viewpoint - Aopu Mai's asset acquisition through share issuance has been approved by the Shanghai Stock Exchange's M&A Committee, marking the first use of a phased payment mechanism for share consideration in the A-share market since the introduction of the "Six M&A Guidelines" [2] Group 1: Aopu Mai's Acquisition - Aopu Mai (688293.SH), listed on the Sci-Tech Innovation Board in 2022, focuses on cell culture medium R&D and biopharmaceutical contract development and manufacturing services (CDMO) [2] - The target company, Pengli Bio, specializes in drug and device R&D clinical research services (CRO) and is recognized as a national-level specialized and innovative small giant [2] - Post-transaction, the target company will become a wholly-owned subsidiary of Aopu Mai, enhancing the company's profitability and core competitiveness through synergistic effects [2] Group 2: Phased Payment Mechanism - The phased payment mechanism for share consideration significantly enhances payment flexibility, safeguarding the interests of the listed company [3] - The listed company will pay the target company's controlling shareholders and management team in installments based on the target's future operational performance, allowing for adjustments in share quantity based on performance completion [3] - This mechanism binds the core team of the target company to the long-term interests of the listed company, promoting collaborative development [3] Group 3: Reverse Linkage Policy - The "reverse linkage" policy encourages private equity funds to participate in M&A by linking the investment period with the lock-up period for shares acquired through the restructuring [3] - Private equity funds holding shares of the target company for over 48 months prior to the restructuring will have a 6-month lock-up period for shares obtained through this transaction [3] - This policy fosters "patient capital" and promotes a healthy cycle of fundraising, investment, management, and exit [3] Group 4: "Six M&A Guidelines" Impact - The "Six M&A Guidelines" introduce a comprehensive set of reform measures aimed at invigorating the M&A market, enhancing regulatory inclusiveness, and improving payment flexibility and review efficiency [4] - Since the implementation of these guidelines, various policies such as inter-company mergers, phased payment mechanisms, and the reverse linkage for private equity funds have been successfully executed [4] - These measures are expected to strengthen the role of capital markets in corporate M&A, supporting economic transformation and high-quality development [4]