668 lines
37 KiB
HTML
668 lines
37 KiB
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<title>北交所重组预期 - 行业洞察报告</title>
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<body class="gradient-bg text-gray-100 min-h-screen">
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<div class="container mx-auto px-4 py-8 max-w-7xl">
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<!-- 标题部分 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 highlight-text">北交所重组预期</h1>
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<p class="text-lg text-gray-300 max-w-3xl mx-auto">政策红利释放，产业整合加速，专精特新企业迎来并购新机遇</p>
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<div class="mt-6 flex justify-center space-x-4">
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<span class="badge badge-gradient text-white px-4 py-2 rounded-full">政策驱动</span>
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<span class="badge badge-gradient text-white px-4 py-2 rounded-full">产业整合</span>
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<span class="badge badge-gradient text-white px-4 py-2 rounded-full">估值修复</span>
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</div>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
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<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
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<i class="fas fa-timeline mr-3"></i>概念事件时间轴
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</h2>
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<div class="relative pl-8">
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<div class="timeline-line"></div>
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<div class="space-y-6">
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<div class="timeline-dot">
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<div class="flex flex-col md:flex-row md:items-center md:justify-between">
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<h3 class="font-bold text-lg text-blue-300">2024-09-24</h3>
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<span class="text-sm text-gray-400 mt-1 md:mt-0">政策发布</span>
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</div>
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<p class="mt-2">证监会发布"并购六条"，首次将北交所纳入并购重组改革范围</p>
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<p class="text-sm text-gray-400 mt-1">支持"补链强链、提升关键技术"的跨界并购，允许收购未盈利资产</p>
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</div>
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</div>
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<div class="timeline-dot">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-purple-500">
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<div class="flex flex-col md:flex-row md:items-center md:justify-between">
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<h3 class="font-bold text-lg text-purple-300">2024-10-17</h3>
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<span class="text-sm text-gray-400 mt-1 md:mt-0">政策推进</span>
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</div>
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<p class="mt-2">北交所召开券商+上市公司座谈会，现场宣讲"并购六条"</p>
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<p class="text-sm text-gray-400 mt-1">摸底储备项目，传递"小步快走"的并购节奏信号</p>
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</div>
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</div>
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<div class="timeline-dot">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-green-500">
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<div class="flex flex-col md:flex-row md:items-center md:justify-between">
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<h3 class="font-bold text-lg text-green-300">2024-11-25</h3>
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<span class="text-sm text-gray-400 mt-1 md:mt-0">案例落地</span>
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</div>
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<p class="mt-2">五新隧装发布首单发股买资产预案</p>
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<p class="text-sm text-gray-400 mt-1">拟30亿元收购大股东旗下五新重工+兴中科技，成为北交所"并购六条"后首例重大资产重组</p>
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</div>
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</div>
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<div class="timeline-dot">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-yellow-500">
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<div class="flex flex-col md:flex-row md:items-center md:justify-between">
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<h3 class="font-bold text-lg text-yellow-300">2025-05-16</h3>
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<span class="text-sm text-gray-400 mt-1 md:mt-0">制度优化</span>
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</div>
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<p class="mt-2">北交所修订《重组审核规则》</p>
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<p class="text-sm text-gray-400 mt-1">引入"小额快速"机制、重组简易程序、股份对价分期支付，大幅降低中小市值公司并购门槛</p>
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</div>
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</div>
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<div class="timeline-dot">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-red-500">
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<div class="flex flex-col md:flex-row md:items-center md:justify-between">
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<h3 class="font-bold text-lg text-red-300">2025-06-16</h3>
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<span class="text-sm text-gray-400 mt-1 md:mt-0">指数调整</span>
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</div>
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<p class="mt-2">北证50指数调整生效</p>
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<p class="text-sm text-gray-400 mt-1">调入利尔达、万达轴承等5家，调出广厦环能等5家，被动资金调仓或催化短期股价波动</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
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<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
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<i class="fas fa-lightbulb mr-3"></i>核心观点摘要
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</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6">
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<div class="bg-slate-800 rounded-xl p-5 border-l-4 border-blue-500 hover:shadow-lg transition-shadow">
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<h3 class="font-bold text-lg mb-3 text-blue-300">阶段判断</h3>
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<p class="text-gray-300">北交所重组已从"政策预期"进入<span class="text-yellow-400 font-semibold">"案例落地+制度优化"</span>的加速期，2025年将成为并购驱动的业绩与估值共振大年。</p>
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</div>
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<div class="bg-slate-800 rounded-xl p-5 border-l-4 border-purple-500 hover:shadow-lg transition-shadow">
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<h3 class="font-bold text-lg mb-3 text-purple-300">核心驱动力</h3>
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<p class="text-gray-300">政策（"并购六条"+北交所规则修订）+ 产业（专精特新"小巨人"占比<span class="text-yellow-400 font-semibold">54%</span>）+ 资金（<span class="text-yellow-400 font-semibold">50%</span>公司现金≥1亿元）三重共振。</p>
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</div>
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<div class="bg-slate-800 rounded-xl p-5 border-l-4 border-green-500 hover:shadow-lg transition-shadow">
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<h3 class="font-bold text-lg mb-3 text-green-300">潜力空间</h3>
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<p class="text-gray-300">当前北交所并购案例平均PE仅<span class="text-yellow-400 font-semibold">7-8倍</span>（现金为主），显著低于板块平均PE（<span class="text-yellow-400 font-semibold">43倍</span>），存在戴维斯双击空间。</p>
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</div>
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</div>
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</div>
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<!-- 概念核心逻辑与市场认知 -->
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<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
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<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
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<i class="fas fa-brain mr-3"></i>概念核心逻辑与市场认知
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</h2>
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<div class="mb-8">
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<h3 class="text-xl font-bold mb-4 text-purple-300">核心驱动力：政策+产业+资金的三重共振</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-slate-800 rounded-lg p-4">
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<h4 class="font-bold mb-2 text-blue-300">政策端</h4>
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<ul class="space-y-2 text-sm text-gray-300">
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<li>• "并购六条"支持未盈利资产收购</li>
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<li>• 北交所上市门槛更低（利润≥4000万）</li>
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<li>• "小额快速"机制压缩审核周期至5个工作日</li>
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</ul>
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</div>
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<div class="bg-slate-800 rounded-lg p-4">
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<h4 class="font-bold mb-2 text-purple-300">产业端</h4>
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<ul class="space-y-2 text-sm text-gray-300">
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<li>• 54%为专精特新"小巨人"</li>
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<li>• IPO放缓倒逼并购（2024年沪深IPO仅34家）</li>
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<li>• 并购PE中位数8倍 vs IPO发行PE 15倍</li>
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</ul>
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</div>
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<div class="bg-slate-800 rounded-lg p-4">
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<h4 class="font-bold mb-2 text-green-300">资金端</h4>
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<ul class="space-y-2 text-sm text-gray-300">
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<li>• 123家公司现金≥1亿元（占48.8%）</li>
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<li>• 现金并购占比超90%</li>
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<li>• 避免股权稀释（平均市值仅25亿）</li>
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</ul>
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</div>
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</div>
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</div>
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<div class="mb-8">
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<h3 class="text-xl font-bold mb-4 text-purple-300">市场热度与情绪</h3>
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<div class="bg-slate-800 rounded-lg p-4">
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<div class="grid grid-cols-1 md:grid-cols-2 gap-6">
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<div>
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<h4 class="font-bold mb-2 text-blue-300">研报密集度</h4>
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<p class="text-gray-300">2024年9月以来，开源、东吴、华源等机构发布<span class="text-yellow-400 font-semibold">15篇以上</span>专题报告，关键词从"政策预期"转向"案例跟踪"。</p>
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</div>
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<div>
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<h4 class="font-bold mb-2 text-purple-300">情绪指标</h4>
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<p class="text-gray-300">北证50指数2024年涨幅<span class="text-yellow-400 font-semibold">36%</span>，但并购概念股（如五新隧装）涨幅超<span class="text-yellow-400 font-semibold">200%</span>，显示资金已从β行情转向α挖掘。</p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-bold mb-4 text-purple-300">预期差：市场忽略的三大关键点</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-gradient-to-br from-blue-900/50 to-blue-800/30 rounded-lg p-4 border border-blue-500/30">
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<h4 class="font-bold mb-2 text-blue-300">估值倒挂</h4>
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<p class="text-gray-300 text-sm">北交所公司并购标的PE（7-8倍）<span class="text-yellow-400 font-semibold">低于自身PE（43倍）</span>，存在套利空间，但市场仍按"壳价值"定价。</p>
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</div>
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<div class="bg-gradient-to-br from-purple-900/50 to-purple-800/30 rounded-lg p-4 border border-purple-500/30">
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<h4 class="font-bold mb-2 text-purple-300">国资入场</h4>
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<p class="text-gray-300 text-sm">湖北交投收购微创光电、北京国资参与云星宇，<span class="text-yellow-400 font-semibold">国资并购溢价率平均30%</span>，但市场未充分定价"混改红利"。</p>
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</div>
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<div class="bg-gradient-to-br from-green-900/50 to-green-800/30 rounded-lg p-4 border border-green-500/30">
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<h4 class="font-bold mb-2 text-green-300">跨市场并购</h4>
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<p class="text-gray-300 text-sm">北交所公司可并购<span class="text-yellow-400 font-semibold">新三板创新层企业</span>（2000+家，利润2000万-3亿），制度红利未被认知。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 催化剂与路径 -->
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<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
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<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
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<i class="fas fa-rocket mr-3"></i>催化剂与路径
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</h2>
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<div class="mb-8">
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<h3 class="text-xl font-bold mb-4 text-purple-300">近期催化剂（3-6个月）</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-slate-800 rounded-lg p-4 flex items-start">
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<div class="bg-blue-500 rounded-full p-2 mr-3 mt-1">
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<i class="fas fa-calendar-check text-white text-sm"></i>
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</div>
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<div>
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<h4 class="font-bold text-blue-300">2025Q2-Q3</h4>
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<p class="text-sm text-gray-300 mt-1">五新隧装重组方案获证监会注册（首单发股买资产），或引发示范效应</p>
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</div>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 flex items-start">
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<div class="bg-purple-500 rounded-full p-2 mr-3 mt-1">
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<i class="fas fa-chart-line text-white text-sm"></i>
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</div>
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<div>
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<h4 class="font-bold text-purple-300">2025-06-16</h4>
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<p class="text-sm text-gray-300 mt-1">北证50指数调整，调入公司（如万达轴承）或因"并购预期"被动资金抢筹</p>
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</div>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 flex items-start">
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<div class="bg-green-500 rounded-full p-2 mr-3 mt-1">
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<i class="fas fa-file-alt text-white text-sm"></i>
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</div>
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<div>
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<h4 class="font-bold text-green-300">政策细则</h4>
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<p class="text-sm text-gray-300 mt-1">北交所将出台定向可转债并购指引，解决现金不足公司的支付难题</p>
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</div>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-bold mb-4 text-purple-300">长期路径（2025-2027）</h3>
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<div class="relative">
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<div class="absolute left-0 top-0 bottom-0 w-1 bg-gradient-to-b from-blue-500 via-purple-500 to-green-500 rounded-full"></div>
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<div class="ml-8 space-y-6">
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-blue-500">
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<div class="flex items-center mb-2">
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<span class="bg-blue-500 text-white rounded-full px-3 py-1 text-sm font-bold mr-3">阶段1</span>
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<h4 class="font-bold text-blue-300">2025年：政策红利释放</h4>
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</div>
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<p class="text-gray-300 text-sm">现金并购主导（PE 5-10倍），业绩增厚驱动估值修复</p>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-purple-500">
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<div class="flex items-center mb-2">
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<span class="bg-purple-500 text-white rounded-full px-3 py-1 text-sm font-bold mr-3">阶段2</span>
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<h4 class="font-bold text-purple-300">2026年：换股并购兴起</h4>
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</div>
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<p class="text-gray-300 text-sm">换股并购兴起（需估值≥30倍），跨行业整合（如半导体+新能源）</p>
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</div>
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<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-green-500">
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<div class="flex items-center mb-2">
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<span class="bg-green-500 text-white rounded-full px-3 py-1 text-sm font-bold mr-3">阶段3</span>
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<h4 class="font-bold text-green-300">2027年：对标纳斯达克</h4>
|
||
</div>
|
||
<p class="text-gray-300 text-sm">形成"北交所并购指数"，专精特新龙头通过并购突破千亿市值</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 产业链与核心公司 -->
|
||
<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
|
||
<i class="fas fa-network-wired mr-3"></i>产业链与核心公司
|
||
</h2>
|
||
|
||
<div class="mb-8">
|
||
<h3 class="text-xl font-bold mb-4 text-purple-300">产业链图谱</h3>
|
||
<div class="bg-slate-800 rounded-lg p-6">
|
||
<div class="flex flex-col md:flex-row items-center justify-between space-y-4 md:space-y-0">
|
||
<div class="text-center">
|
||
<div class="bg-blue-900/50 rounded-lg p-4 border border-blue-500/30">
|
||
<h4 class="font-bold text-blue-300 mb-2">上游（标的资产）</h4>
|
||
<ul class="text-sm text-gray-300 space-y-1">
|
||
<li>半导体材料（沈阳芯贝伊尔）</li>
|
||
<li>港口物流设备（五新重工）</li>
|
||
<li>信息安全（信立合创）</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="text-2xl text-gray-500">
|
||
<i class="fas fa-arrow-right"></i>
|
||
</div>
|
||
|
||
<div class="text-center">
|
||
<div class="bg-purple-900/50 rounded-lg p-4 border border-purple-500/30">
|
||
<h4 class="font-bold text-purple-300 mb-2">中游（并购方）</h4>
|
||
<ul class="text-sm text-gray-300 space-y-1">
|
||
<li>凯德石英（石英耗材）</li>
|
||
<li>五新隧装（隧道装备）</li>
|
||
<li>艾融软件（金融IT）</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="text-2xl text-gray-500">
|
||
<i class="fas fa-arrow-right"></i>
|
||
</div>
|
||
|
||
<div class="text-center">
|
||
<div class="bg-green-900/50 rounded-lg p-4 border border-green-500/30">
|
||
<h4 class="font-bold text-green-300 mb-2">下游（协同场景）</h4>
|
||
<ul class="text-sm text-gray-300 space-y-1">
|
||
<li>光伏+半导体设备</li>
|
||
<li>基建央企客户</li>
|
||
<li>银行数字化转型</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-purple-300">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-slate-800 rounded-lg overflow-hidden">
|
||
<thead>
|
||
<tr class="bg-slate-700">
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-blue-300">公司</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-purple-300">并购逻辑</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-green-300">竞争优势</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-yellow-300">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">五新隧装</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">大股东资产注入（30亿元）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">隧道装备市占率40%+央企订单</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">业绩承诺未披露，估值已透支（PE 50倍）</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-purple-300">凯德石英</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">半导体耗材补链（沈阳芯贝伊尔）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">光伏+半导体双轮驱动，并购PE仅8倍</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">光伏周期下行拖累利润</td>
|
||
</tr>
|
||
<tr class="hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-green-300">艾融软件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">金融IT横向整合（信立合创）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">银行客户粘性高，并购增厚EPS 20%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">行业竞争加剧，毛利率下滑</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<div class="mt-6 bg-slate-800 rounded-lg p-4">
|
||
<h4 class="font-bold mb-3 text-yellow-300">验证与证伪</h4>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-green-900/30 rounded-lg p-3 border border-green-500/30">
|
||
<h5 class="font-bold text-green-300 mb-2">验证</h5>
|
||
<p class="text-sm text-gray-300">五新隧装2024年营收<span class="text-yellow-400 font-semibold">8.3亿元</span>，若收购完成，合并利润或达<span class="text-yellow-400 font-semibold">5亿元</span>（+400%），与路演预测一致。</p>
|
||
</div>
|
||
<div class="bg-red-900/30 rounded-lg p-3 border border-red-500/30">
|
||
<h5 class="font-bold text-red-300 mb-2">证伪</h5>
|
||
<p class="text-sm text-gray-300">微创光电被湖北交投收购后，2024年Q3营收同比<span class="text-yellow-400 font-semibold">-15%</span>，显示国资整合不及预期。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险 -->
|
||
<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
|
||
<i class="fas fa-exclamation-triangle mr-3"></i>潜在风险
|
||
</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-red-500">
|
||
<h3 class="font-bold mb-2 text-red-300">技术风险</h3>
|
||
<p class="text-gray-300 text-sm">半导体并购标的（如芯贝伊尔）若技术迭代落后，可能减值。</p>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-yellow-500">
|
||
<h3 class="font-bold mb-2 text-yellow-300">商业化风险</h3>
|
||
<p class="text-gray-300 text-sm">现金并购需<span class="text-yellow-400 font-semibold">一次性支付</span>，若标的业绩不达预期，拖累现金流（北交所公司平均现金仅<span class="text-yellow-400 font-semibold">1.8亿元</span>）。</p>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-purple-500">
|
||
<h3 class="font-bold mb-2 text-purple-300">政策风险</h3>
|
||
<p class="text-gray-300 text-sm">若"小额快速"机制被滥用，监管或收紧审核标准。</p>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 border-l-4 border-blue-500">
|
||
<h3 class="font-bold mb-2 text-blue-300">信息矛盾</h3>
|
||
<p class="text-gray-300 text-sm">路演称"并购PE 7-8倍"，但五新隧装预案中标的资产PE达<span class="text-yellow-400 font-semibold">12倍</span>，存在高估风险。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="card-bg rounded-2xl p-6 mb-8 shadow-xl">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
|
||
<i class="fas fa-chart-pie mr-3"></i>综合结论与投资启示
|
||
</h2>
|
||
|
||
<div class="mb-6 bg-gradient-to-r from-blue-900/30 to-purple-900/30 rounded-lg p-5 border border-blue-500/30">
|
||
<h3 class="text-xl font-bold mb-3 text-blue-300">阶段判断</h3>
|
||
<p class="text-gray-300">已从主题炒作（2024Q4）进入<span class="text-yellow-400 font-semibold">基本面驱动阶段</span>（2025Q1起），需紧盯<span class="text-yellow-400 font-semibold">并购落地后的业绩增厚</span>。</p>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-bold mb-4 text-purple-300">高价值方向</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-slate-800 rounded-lg p-4 border border-blue-500/30">
|
||
<h4 class="font-bold mb-2 text-blue-300">现金充裕+低估值并购</h4>
|
||
<p class="text-gray-300 text-sm">如<span class="text-yellow-400 font-semibold">凯德石英</span>（现金3亿，并购PE 8倍）</p>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 border border-purple-500/30">
|
||
<h4 class="font-bold mb-2 text-purple-300">国资混改标的</h4>
|
||
<p class="text-gray-300 text-sm">如<span class="text-yellow-400 font-semibold">微创光电</span>（湖北交投入主，估值修复空间大）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-bold mb-4 text-green-300">关键跟踪指标</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||
<div class="text-3xl font-bold text-blue-400 mb-2">20单</div>
|
||
<div class="text-sm text-gray-400">并购完成率</div>
|
||
<div class="text-xs text-gray-500 mt-1">2025年北交所重大重组披露数量（当前7单→目标20单）</div>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||
<div class="text-3xl font-bold text-purple-400 mb-2">2.5亿元</div>
|
||
<div class="text-sm text-gray-400">业绩承诺兑现</div>
|
||
<div class="text-xs text-gray-500 mt-1">五新隧装2025年承诺利润≥2.5亿元（当前1.1亿元）</div>
|
||
</div>
|
||
|
||
<div class="bg-slate-800 rounded-lg p-4 text-center">
|
||
<div class="text-3xl font-bold text-green-400 mb-2">15倍</div>
|
||
<div class="text-sm text-gray-400">估值差收敛</div>
|
||
<div class="text-xs text-gray-500 mt-1">北交所并购标的PE与板块PE差距从35倍收窄至15倍以内</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据表格 -->
|
||
<div class="card-bg rounded-2xl p-6 shadow-xl">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-400 flex items-center">
|
||
<i class="fas fa-table mr-3"></i>关联股票数据
|
||
</h2>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-slate-800 rounded-lg overflow-hidden">
|
||
<thead>
|
||
<tr class="bg-slate-700">
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-blue-300">股票名称</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-purple-300">行业/产业链</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-green-300">并购项目/标的</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-yellow-300">股权比例</th>
|
||
<th class="py-3 px-4 text-left text-sm font-semibold text-red-300">并购理由</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">同享科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">新能源</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购苏州同丰达新能源有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">15%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购新能源公司股权，涉及新能源行业</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">艾能聚</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">光伏</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">合肥浙邦重组预期</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">光伏龙头企业，存在重组预期</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">海希通讯</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">智能制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">芯质生产力</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">上市后6次权益变动</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购重组代表项目，涉及智能制造产业链</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">旭杰科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">中新旭德新能源（苏州）有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">不低于47%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">以现金收购新能源公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">佳合科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">昆山苏裕持有的越南立盛</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">26%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">现金购买海外公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">骏创科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">Jür-n-c-h-u-a-ng No-r-t-h Am-e-r-i-ca. Inc.</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">4.77%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购海外公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">格利尔</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">宿迁格利尔智慧光电科技有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">55%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购智慧光电科技公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">迪尔化工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">甘肃迪尔储能新材料有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">并购储能新材料公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">艾融软件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">北京信立合创信息技术有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">100%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">拟以1.1亿元收购信息技术公司全部股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">凯德石英</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">沈阳芯贝伊尔</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">70%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">2022年收购半导体材料公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">先佳股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">英特美</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">30%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">2023年现金收购半导体材料公司股权</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">海达尔</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">光伏重组预期</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">88.84%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">实控人家族IPO撤回，存在光伏重组预期</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">流金科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">通信芯片</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">贡爵微</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">收购微波/毫米波芯片研发企业</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">纬达光电</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">OL-ED、新材料、AI眼镜</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">北交国贸重组股</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">具备多个新兴产业概念，存在重组潜力</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">微创光电</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">智能交通</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">实控人变更：湖北省国资委</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">2024年实控人变更为省国资委，转向智能交通解决方案</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">铁大科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">智能交通</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">上海沪温智行科技有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">全资子公司签署智能交通技术合作协议</td>
|
||
</tr>
|
||
<tr class="border-b border-slate-700 hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">中航泰达</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">包钢节能</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">34.00%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">购买节能环保公司股权</td>
|
||
</tr>
|
||
<tr class="hover:bg-slate-750">
|
||
<td class="py-3 px-4 font-bold text-blue-300">民士达</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">超材料</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">烟台民士达先进制造有限公司</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">-</td>
|
||
<td class="py-3 px-4 text-sm text-gray-300">超材料供应商，存在并购重组预期</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script>
|
||
// 添加简单的滚动动画效果
|
||
document.addEventListener('DOMContentLoaded', function() {
|
||
const observer = new IntersectionObserver((entries) => {
|
||
entries.forEach(entry => {
|
||
if (entry.isIntersecting) {
|
||
entry.target.classList.add('float-animation');
|
||
}
|
||
});
|
||
}, { threshold: 0.1 });
|
||
|
||
document.querySelectorAll('.card-bg').forEach(card => {
|
||
observer.observe(card);
|
||
});
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |