圆桌｜并购重组迎政策红利期，并购基金如何把握发展机遇？

Group 1 - The core viewpoint of the articles highlights the recent policy support for mergers and acquisitions (M&A) in China, particularly following the release of the "Six Opinions on Deepening the Reform of the M&A Market" by the China Securities Regulatory Commission in September 2024, which has led to a favorable environment for M&A activities [2][3] - In the first quarter of 2025, the Chinese M&A market reported 1,647 disclosed M&A events, a year-on-year increase of 0.98%, with a total transaction value of approximately 777.9 billion yuan, reflecting a significant year-on-year increase of about 115.30% [2] - The distribution of M&A purposes shows that horizontal integration accounted for 456 billion yuan, representing 6.78% of the total transaction value, while strategic cooperation and asset adjustments accounted for 439 billion yuan and 116 billion yuan, or 6.52% and 1.73% respectively [2] Group 2 - Industry insiders at a recent conference discussed the future of M&A funds, suggesting that these funds should focus on listed companies and collaborate with major shareholders and local governments to establish M&A funds aimed at vertical integration and horizontal expansion [3] - The "Six Opinions" allow private equity funds to acquire listed companies for industrial integration, providing a strategic framework for the development of M&A funds [3] - Government-led M&A funds should focus on traditional industries facing upgrades, as there are significant opportunities in the existing market [3][4] Group 3 - The theme of industrial transformation and upgrading remains a constant in M&A activities, with urgent demands for industry integration and opportunities in strengthening supply chains [4] - A summary of three key points for M&A strategies includes: "full" for complete industry chain integration, "new" for traditional industries transitioning to emerging sectors, and "strong" for enhancing company quality and scale [4] - The example of Yancheng's renewable energy industry illustrates the potential for revitalizing existing assets through M&A to strengthen and expand the sector [4]