Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /www/wwwroot/4-17ll.com/label.php on line 82
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆
随机图片

他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆

更新时间: 浏览次数: 812

400电话:123456(点击咨询)
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各观看免费《今日汇总》
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各热线观看免费2025已更新(2025已更新)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各区点热线观看免费《今日发布》
Random Image 他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆电话








7天观看免费人工电话为您、他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各观看免费《今日汇总》2025已更新(今日/推荐)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆电话区域:








商丘市(睢县、虞城县、梁园区、夏邑县、永城市、睢阳区、柘城县、民权县、宁陵县)








南阳市(内乡县、桐柏县、宛城区、社旗县、淅川县、南召县、镇平县、方城县、新野县、邓州市、唐河县、西峡县、卧龙区)








海北藏族自治州(门源回族自治县、刚察县、祁连县、海晏县)








淮南市(寿县、谢家集区、凤台县、大通区、田家庵区、八公山区、潘集区)  铜陵市(义安区、铜官区、郊区、枞阳县)








漯河市(郾城区、召陵区、舞阳县、源汇区、临颍县)








宿迁市(宿豫区、宿城区、泗阳县、沭阳县、泗洪县)








亳州市(谯城区、涡阳县、蒙城县、利辛县)








巴音郭楞蒙古自治州(库尔勒市、且末县、焉耆回族自治县、和静县、博湖县、轮台县、尉犁县、若羌县、和硕县)  南宁市(上林县、横州市、兴宁区、邕宁区、良庆区、马山县、隆安县、宾阳县、武鸣区、青秀区、西乡塘区、江南区)








阿勒泰地区(阿勒泰市、布尔津县、哈巴河县、福海县、吉木乃县、富蕴县、青河县)








丹东市(东港市、元宝区、凤城市、宽甸满族自治县、振安区、振兴区)








白山市(长白朝鲜族自治县、靖宇县、浑江区、临江市、江源区、抚松县)








西安市(周至县、新城区、莲湖区、碑林区、未央区、灞桥区、雁塔区、长安区、鄠邑区、阎良区、临潼区、蓝田县、高陵区)








江门市(蓬江区、台山市、江海区、开平市、鹤山市、恩平市、新会区)








阜阳市(颍州区、阜南县、颍泉区、颍上县、颍东区、太和县、界首市、临泉县)








济南市(历城区、天桥区、历下区、钢城区、莱芜区、平阴县、长清区、槐荫区、济阳区、市中区、章丘区、商河县)








德阳市(罗江区、旌阳区、中江县、绵竹市、什邡市、广汉市)








阿拉善盟(阿拉善右旗、额济纳旗、阿拉善左旗)








晋城市(陵川县、泽州县、城区、高平市、沁水县、阳城县)








果洛藏族自治州(班玛县、玛多县、达日县、久治县、甘德县、玛沁县)








鄂尔多斯市(达拉特旗、鄂托克前旗、乌审旗、东胜区、伊金霍洛旗、康巴什区、杭锦旗、鄂托克旗、准格尔旗)








辽阳市(灯塔市、弓长岭区、文圣区、太子河区、宏伟区、白塔区、辽阳县)








梅州市(五华县、蕉岭县、平远县、丰顺县、兴宁市、大埔县、梅县区、梅江区)








黔西南布依族苗族自治州(晴隆县、册亨县、兴义市、普安县、兴仁市、望谟县、安龙县、贞丰县)








湘潭市(湘潭县、湘乡市、雨湖区、岳塘区、韶山市)








长春市(榆树市、九台区、南关区、二道区、宽城区、农安县、绿园区、朝阳区、德惠市、公主岭市、双阳区)








孝感市(汉川市、孝昌县、大悟县、孝南区、应城市、云梦县、安陆市)








苏州市(吴江区、昆山市、张家港市、相城区、吴中区、虎丘区、姑苏区、常熟市、太仓市)
400电话:123456(点击咨询)
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各观看免费《今日汇总》《今日发布》
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各观看免费《今日汇总》(2025已更新)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆观看免费电话:(1)123456(点击咨询)(2)123456(点击咨询)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆观看免费热线(1)123456(点击咨询)(2)123456(点击咨询)




他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆各观看免费《今日汇总》【2025已更新列表】
他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆电话








7天观看免费人工电话为您、他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆团队在调度中心的统筹调配下,线下专业及各地区人员团队等专属,整个报修流程规范有序,后期同步跟踪查询公开透明。








所有团队均经过专业培训、持证上岗,所用产品配件均为原厂直供,








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆中心2025已更新(今日/推荐)








他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆电话区域:








山南市(措美县、洛扎县、曲松县、乃东区、贡嘎县、加查县、琼结县、扎囊县、桑日县、错那市、隆子县、浪卡子县)








辽源市(东辽县、西安区、东丰县、龙山区)








伊犁哈萨克自治州(奎屯市、察布查尔锡伯自治县、伊宁县、伊宁市、霍尔果斯市、巩留县、霍城县、昭苏县、新源县、尼勒克县、特克斯县)








攀枝花市(盐边县、西区、仁和区、东区、米易县)  保定市(涞源县、曲阳县、望都县、徐水区、竞秀区、容城县、定兴县、高碑店市、博野县、蠡县、阜平县、易县、顺平县、定州市、雄县、莲池区、高阳县、安新县、涿州市、安国市、清苑区、唐县、满城区、涞水县)








嘉峪关市








惠州市(惠阳区、龙门县、惠城区、博罗县、惠东县)








南昌市(红谷滩区、新建区、安义县、青云谱区、东湖区、西湖区、进贤县、青山湖区、南昌县)烟台市(芝罘区、莱阳市、海阳市、龙口市、招远市、福山区、牟平区、莱州市、栖霞市、莱山区、蓬莱区)








鄂州市(梁子湖区、华容区、鄂城区)  乐山市(峨眉山市、沐川县、市中区、沙湾区、金口河区、峨边彝族自治县、夹江县、犍为县、马边彝族自治县、五通桥区、井研县)








衢州市(柯城区、龙游县、江山市、开化县、衢江区、常山县)








金昌市(金川区、永昌县)








平顶山市(叶县、卫东区、宝丰县、湛河区、郏县、鲁山县、舞钢市、石龙区、新华区、汝州市)大庆市(红岗区、龙凤区、大同区、让胡路区、杜尔伯特蒙古族自治县、肇州县、萨尔图区、肇源县、林甸县)








潍坊市(坊子区、昌邑市、临朐县、寒亭区、潍城区、奎文区、青州市、诸城市、昌乐县、安丘市、高密市、寿光市)








马鞍山市(和县、博望区、雨山区、当涂县、花山区、含山县)








博尔塔拉蒙古自治州(博乐市、阿拉山口市、温泉县、精河县)








湖州市(长兴县、安吉县、吴兴区、德清县、南浔区)








湛江市(遂溪县、坡头区、麻章区、吴川市、雷州市、廉江市、霞山区、徐闻县、赤坎区)








邵阳市(洞口县、隆回县、新宁县、城步苗族自治县、绥宁县、邵东市、新邵县、北塔区、邵阳县、武冈市、大祥区、双清区)








石嘴山市(惠农区、平罗县、大武口区)








白城市(洮北区、大安市、镇赉县、洮南市、通榆县)








巴彦淖尔市(杭锦后旗、乌拉特后旗、临河区、五原县、磴口县、乌拉特中旗、乌拉特前旗)








六安市(霍邱县、霍山县、金安区、金寨县、裕安区、舒城县、叶集区)








嘉兴市(海盐县、桐乡市、海宁市、嘉善县、平湖市、秀洲区、南湖区)








肇庆市(广宁县、端州区、德庆县、怀集县、高要区、封开县、鼎湖区、四会市)








吉安市(吉安县、遂川县、永丰县、吉水县、泰和县、永新县、峡江县、吉州区、青原区、新干县、万安县、井冈山市、安福县)








锡林郭勒盟(正镶白旗、多伦县、锡林浩特市、苏尼特右旗、二连浩特市、西乌珠穆沁旗、苏尼特左旗、太仆寺旗、正蓝旗、镶黄旗、阿巴嘎旗、东乌珠穆沁旗)








荆州市(江陵县、石首市、松滋市、公安县、荆州区、监利市、沙市区、洪湖市)








哈密市(伊吾县、巴里坤哈萨克自治县、伊州区)

  加力活跃并购重组市场

  “硬科技”正成为并购重组的重要主题。据记者不完全统计,截至4月18日,今年以来A股市场共发布近200单并购重组公告,其中,“硬科技”领域的并购重组占比约有六成。在政策支持和市场需求的双重驱动下,上市公司的并购重组向新求质、向智寻进,从规模扩张向价值创造跃升,加快向新质生产力转型升级。

  “硬科技”并购活力足

  今年以来,“硬科技”领域并购重组持续升温,半导体、人工智能、生物医药、高端制造等重点产业领域纵向延伸、横向整合的案例不断涌现。

  半导体领域并购活力足。3月31日,华大九天公告称,拟以发行股份及支付现金的方式收购芯和半导体科技(上海)股份有限公司100%股份。3月13日,华海诚科公告称,拟以发行股份、可转换公司债券及支付现金的方式购买衡所华威70%股权。

  人工智能、机器人领域并购火热,多家上市公司传出并购消息。3月8日,狮头股份发布公告,拟通过发行股份及支付现金方式,购买利珀科技100%股份,本次交易完成后,公司业务将拓展至机器视觉领域。

  对于并购重组的原因,不少上市公司在公告中提到,旨在拓宽业务领域,发挥协同效应,实现业务整合与产业链延伸。华大九天表示,本次交易有利于提高公司资产质量、改善公司财务状况和增强持续经营能力,有利于公司减少关联交易、避免同业竞争、增强独立性。

  “部分半导体、生物医药、新能源等‘硬科技’企业,面临技术迭代压力,通过并购可快速获取关键技术、人才和市场资源,加速创新成果转化,进而转型升级、强筋健骨。”招商基金研究部首席经济学家李湛表示,这主要表现在以下几方面:一是资源整合与协同效应,通过并购上下游企业,“硬科技”企业可补链强链,降低研发成本,快速进行技术商业化。二是技术突破与创新加速,并购可帮助“硬科技”企业获取前沿技术,缩短研发周期,提升国际竞争力。三是市场拓展与估值提升,并购优质标的可扩大市场份额,改善企业盈利预期,进而提升资本市场估值。

  从长远来看,“硬科技”领域并购重组踊跃,还有助于推动新质生产力发展。“新质生产力既来自于战略性新兴产业和未来产业的不断发展,也来自于传统产业的转型升级。”中国数实融合50人论坛副秘书长胡麒牧表示,对于新兴产业领域而言,并购重组将关键技术和优质资源进行有效整合,能够提升企业创新能力和成果转化能力,打造出更强大的增长动能;对于传统产业领域而言,并购重组有利于引入一些前沿科技成果,优化产业链、供应链布局,进而开拓第二增长曲线。

  创造良好制度环境

  “硬科技”并购活力迸发,是政策端、市场端以及上市公司自身多方面因素同频共振的结果。

  政策支持是关键。2024年,新“国九条”以及“科创板八条”“并购六条”等一系列政策组合拳激活了并购重组市场。尤其是2024年9月份发布的“并购六条”,提出支持科创板、创业板上市公司并购产业链上下游资产,增强“硬科技”“三创四新”属性,强化产业逻辑、提高交易灵活性,将“硬科技”企业并购重组热情推向高潮。

  地方政府积极支持并购重组,多举措引导上市公司向新质生产力转型发展。去年以来,上海、深圳等地陆续发布支持上市公司并购重组的行动方案,鼓励集成电路、生物医药、人工智能、新材料等重点产业领域上市公司用好并购重组通道提质向新、做大做强。

  “并购重组有了更宽松的政策和市场环境。”工信部信息通信经济专家委员会委员刘兴亮表示,首先,估值包容性增强,政策支持采用多元化估值方法,特别是对未盈利但具有高成长性的硬科技企业,提供更大的估值包容性。其次,支付方式多样化,鼓励企业综合运用股份、定向可转债、现金等多种支付工具实施并购重组,降低并购成本,提升交易成功率。此外,审核流程优化,推出并购重组简易审核程序,缩短审核周期,提高交易效率。“硬科技”企业通过并购重组,实现上下游产业链的整合,提升产业协同效应。

  新技术、新赛道不断涌现,为企业提供了更多并购机会。“从新质生产力的发展情况来看,国内科技创新活动不断出现重要突破,提振了企业发展信心,吸引优质资源向战略性新兴产业领域进一步集聚。”胡麒牧表示,此外,从资本市场运行环境来看,在适度宽松的货币政策环境下,市场流动性相对宽裕,利率持续下降,相关企业和资产估值不高,更容易通过低成本的并购整合获得高溢价。

  在政策支持和市场需求的双重驱动下,“硬科技”企业的并购预计将更为活跃,具有研发实力和市场前景的科创类企业并购意愿有望进一步提高,借助并购重组优化资源配置、提升经营效率、整合行业优势,补链强链、提质增效。

  加快打通堵点难点

  并购重组市场活跃度不断攀升,与此同时,有的“硬科技”企业重组计划搁浅、折戟,有的并购后出现业绩承诺不达标、商誉减值等后遗症,并购重组蕴藏的风险挑战也不容忽视。

  李湛认为,这些风险包括部分“硬科技”企业技术前景不确定,可能导致估值过高,增加商誉减值风险;部分跨国或跨行业并购面临技术整合难、管理理念差异等问题,导致协同效应难以实现。同时,当前并购重组还面临堵点卡点,包括估值体系尚不完善,未盈利“硬科技”企业缺乏成熟估值模型,传统方法的适用性有所不足;重大资产重组仍需多轮审核,流程较长,影响交易时效性;等等。

  “应进一步优化科技型上市公司并购重组制度,明确‘硬科技’界定标准,强化知识产权保护,降低并购中的政策风险。并且,建立完善针对‘硬科技’企业的科学估值体系,结合技术潜力、市场空间等多维度进行评估。”李湛建议,对符合国家战略的“硬科技”并购应缩短审批周期,鼓励券商、创投机构深度参与并购重组,更好地提供技术评估、跨境交易等专业化服务。

  刘兴亮认为,尽管当前并购政策有所放宽,但是部分企业仍面临融资难、融资贵的问题,限制了并购能力。同时,部分投资者对并购退出机制缺乏信心,影响并购活跃度。对此,他建议,一方面要加强金融支持力度,扩大并购贷款试点范围,提供更多金融产品,满足企业多样化的融资需求;另一方面要完善并购退出机制,增强投资者信心,提升并购市场活跃度。

  胡麒牧认为,进一步打通堵点卡点,做好风险防控,提升并购重组的质与效,应多方形成合力:企业要明晰发展战略,注重资源投放效率,着重关注业务互补、市场拓展、技术赋能以及产品优化,避免低效无效整合。中介机构要不断提升执业能力和服务水平,强化“看门人”的审核把关作用。监管部门要加强常态化监管,对内幕交易、股价操纵等违法违规行为予以严厉打击,维护公平竞争的市场环境。

  2025年,对“硬科技”企业并购重组的支持有望进一步加码。证监会主席吴清此前公开表示,将加快健全专门针对科技企业的支持机制。抓紧完善“并购六条”配套机制,在估值定价、审核流程、支付工具等方面进一步打通堵点,大力推进企业并购以优化资源配置、促进企业发展,推动更多科技创新企业并购案例特别是具有示范意义的典型案例落地。

  上市公司自身也要积极把握政策红利。刘兴亮表示,上市公司应密切关注政策动态,主动利用“绿色通道”等政策利好,优先推动符合条件的并购项目。要灵活运用支付工具,结合股份、现金、可转债等多种支付方式,降低并购成本,提升交易成功率。(经济日报记者李华林苏瑞淇) 他来了请闭眼百度云 - 与你分享那些令人心动的瞬间与回忆的相关文章 【遐蝶/填翻】所以生命啊,他苦涩如歌🎶的相关文章
美国全面征收「对等关税」
夜读丨介绍一位明代怪杰
春天有哪些能吃的野菜?
女外交官杨扬出任中国驻圭亚那大使
每一代人都有属于自己的街头记忆!你遇到过被街拍吗?
阿森纳 5:1 淘汰皇马约战巴黎,这对姆巴佩的职业生涯和心理状态会产生怎样的影响?
时代少年团新专辑概念影像
饲养四只幼龙萝莉是什么体验
哪吒汽车创始人鞠躬道歉
爬山大老虎,上山跳宅舞( ^ω^ )
新疆维吾尔自治区政协原副主席窦万贵一审被控受贿超2.29亿
网格交易的策略是否有效?

  • 友情链接:
  • 为什么除了中国,很少有国家吃笋呢? 骑行多年太苦太累了,身体有点吃不消,放弃骑自行车不用再去吃苦了! 孙颖莎晋级澳门世界杯女单四强 大蛇丸和君麻吕是怎么刺杀罗砂的? 贺峻霖killbill 动车站辟谣手机免费充电设在三米高 国常会:要持续稳定股市 索尼开始向玩家征求「最正宗地道」的 PS5 中文名,你会怎么给它取名? 11 部影片定档清明档 宋祖儿刘宇宁《折腰》过审下证 网友拍到因日食出现的恶魔之角 靠信仰收割韭菜?印度能让这样的电影上映简直不可思议,外星人大战印度众神!

    查看更多评价 ∨