并购重组浪潮奔涌，产业并购渐成新共识

Group 1 - The core viewpoint of the articles emphasizes that mergers and acquisitions (M&A) are increasingly recognized as vital for driving industrial upgrades and optimizing resource allocation in the context of significant changes in the global economic landscape [1][2] - A total of 196 major asset restructurings in the A-share market are projected from September 2024 to June 2025, representing a year-on-year increase of 172% [1] - The technology sector is highlighted as particularly strong in the M&A market, with significant increases in average deal sizes in semiconductor, military, biomedicine, and media industries compared to the ten-year average [1] Group 2 - M&A is seen as a means to create substantial value, with horizontal mergers allowing companies to integrate resources for economies of scale, and vertical mergers facilitating deep integration along the supply chain [2] - The M&A market is transitioning from "arbitrage mergers" to "industrial mergers," with 57.8% of transactions in 2024 aimed at horizontal or vertical integration, marking a steady increase over the past three years [2] - Companies are focusing on core business needs in their M&A activities rather than engaging in purely capital-driven operations, as evidenced by the record low of only two cases of shell listings and diversification mergers in the same period [2] Group 3 - The new consensus in the M&A market is shifting from "disorderly capital expansion" to orderly cycles of assets and capital, emphasizing the importance of industrial integration and capital collaboration [3] - Companies like Wutong Tree Capital are entering the M&A space with a focus on acquiring valuable assets that align with industrial development needs, aiming to create value through effective asset management [3]