★并购重组市场活跃 "两创"板块公司表现抢眼

Core Viewpoint - The M&A market is experiencing significant growth, driven by favorable policies and active participation from innovative companies, particularly in high-tech sectors such as biomedicine and semiconductors [1][2][3] Group 1: M&A Market Overview - Over 1,600 M&A events have occurred in the A-share market this year, with 86 classified as major restructurings, significantly higher than 40 in the same period last year [1] - Companies in the "Two Innovation" sectors, including the Sci-Tech Innovation Board and the Growth Enterprise Market, are leading the M&A activities, with 41 out of 86 major restructurings coming from these boards [2] Group 2: Policy Support - The China Securities Regulatory Commission (CSRC) has implemented policies to support M&A activities, particularly for "Two Innovation" companies, allowing for flexible payment methods and encouraging resource allocation towards new productive forces [2] - The revised "Major Asset Restructuring Management Measures" further clarifies support measures for listed companies engaging in M&A [2] Group 3: Strategic Focus of Companies - Companies are increasingly focused on acquiring high-tech targets that can enhance their technological capabilities and expand their industry chains [3] - The M&A targets this year are predominantly in emerging industries such as semiconductors, electronic components, biomedicine, and data communication [3] Group 4: Specific M&A Examples - Huada Jiutian announced plans to acquire a controlling stake in Chip and Semiconductor Technology (Shanghai), reflecting the high technological content of M&A targets this year [3] - Companies like Huibo Yuntong and Chenghe Technology are pursuing acquisitions to enhance their product offerings and competitive advantages in their respective fields [4][5] Group 5: Business Strategy and Synergy - Companies are using M&A to not only resolve operational challenges but also to enhance their asset quality and profitability [5] - Vertical integration is a key strategy, as seen with Yangguang Nuohuo's acquisition of Jiangsu Langyan Life Science, which aims to streamline production and improve operational efficiency [6] - Horizontal expansion is also emphasized, with companies focusing on complementary advantages rather than just scale, as demonstrated by Dike Co.'s acquisition of Zhejiang Suote Material Technology [6]