牛俊岭：政策组合拳驱动半导体并购潮，产业整合加速与估值重构进行时

Group 1 - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference from May 19 to 20, focusing on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - Niu Junling, a partner at Yuanhe Puhua Fund, highlighted the evolution of China's semiconductor industry over the past decade, noting a significant shift towards domestic asset accumulation since 2017 [1][2] - The period from 2017 to 2021 saw a surge in semiconductor investments due to the opening of the Sci-Tech Innovation Board and the implementation of the registration system, which made it easier for companies to go public [2][3] Group 2 - By 2021, the number of semiconductor listed companies in China exceeded 200, contrasting with the U.S. market, which has around 100 companies, indicating rapid growth in the sector [3] - The competitive landscape in China's semiconductor industry has led to a phenomenon termed "internal competition," characterized by low profit margins, with many companies struggling to achieve profitability [3] - Following a market downturn in 2021, there has been a shift in seller sentiment, with an increasing willingness to sell assets at lower valuations, aiming to consolidate and create larger, more competitive firms [3]