A股并购新图景：助力新质生产力发展，开辟增长新航道

Core Viewpoint - The "Six Merger Guidelines" have laid the foundation for a new prosperous phase in the A-share merger and acquisition market, with expectations for significant activity by the second half of 2025 [1][2] Group 1: Market Characteristics - The current M&A market is characterized by innovative transaction models, active technology-driven mergers, and a notable increase in the acceptance of high-quality unprofitable assets [1] - Innovative transaction models such as targeted convertible bonds, differentiated pricing, and flexible performance commitment arrangements are emerging, effectively meeting the needs of different parties and reducing acquisition costs [1] - Mergers in strategic emerging industries like semiconductors, high-end equipment manufacturing, and biomedicine are thriving, injecting strong momentum into industrial upgrades and accelerating the transformation of technological achievements [1] - There is a significant increase in the acceptance of unprofitable assets in the M&A market, supporting diverse evaluation methods for loss-making assets and facilitating their entry into the capital market [1] Group 2: Recent Trends in Acquisitions - The acquisition market has seen over 250 transactions from 2024 to July 2025, indicating a significant increase in market activity [2] - The motivations for acquisitions are diverse, including strategic integration by industrial groups, local state-owned enterprises enhancing regional industrial planning, and private equity funds promoting industry consolidation [2] - Notable examples include Haier Group acquiring control of Shanghai Laishi, China Resources Group acquiring Changdian Technology, and Qiming Venture Partners acquiring Tianmai Technology, showcasing strategic foresight in business layout [2] Group 3: Policy Impact - The "Six Merger Guidelines" continue to release policy dividends, driving breakthroughs in market activity, innovative models, and industry orientation in the A-share M&A market [2] - As the effects of these policies become more pronounced, M&A is expected to become a crucial engine for optimizing resource allocation and enhancing the quality and efficiency of real enterprises, contributing to the sustainable development of the capital market [2]