牛俊岭：政策导向与产业协同并举，上市公司跨行业并购的落地逻辑

Core Viewpoint - The Shenzhen Stock Exchange hosted the 2025 Global Investor Conference, focusing on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" to showcase the investment value of Chinese assets and the A-share market [1] Group 1 - Niu Junling, a partner at Yuanhe Puhua Fund, emphasized the need for cross-industry mergers and acquisitions (M&A) to create a second growth curve for quality traditional listed companies by integrating them with new productivity sectors [2] - The policy aims to support cross-industry M&A, but there have been few successful cases to date, indicating that the implementation is conditional [2] - Key conditions for successful cross-industry M&A include the quality of the listed company, its size, and its regulatory history, as well as the competitive strength and market potential of the target non-listed companies in sectors like semiconductors, artificial intelligence, and robotics [2] Group 2 - Traditional listed companies must adopt a tolerant and inclusive mindset towards non-listed companies, allowing them to operate independently and develop without constraints, which is crucial for the success of new productivity integration [2] - The integration process should focus on effective control and corporate governance while enabling the non-listed companies to thrive independently, thereby maximizing their contribution to the traditional companies' growth [2]