时报观察 并购重组持续升温 产业进阶向实向优

Group 1 - The A-share market is experiencing a surge in mergers and acquisitions (M&A), with over 40 listed companies disclosing restructuring progress in the past week, and more than 100 companies having disclosed M&A activities this year [1] - New policies such as the "National Nine Articles" and "Six Merger Articles," along with the revised "Management Measures for Major Asset Restructuring of Listed Companies" effective from May 2025, are accelerating the integration wave in traditional industries [1] - The restructuring process has become more efficient, with examples like Zhongtung High-tech's restructuring taking only 50 days from acceptance to approval, and Gansu Energy's restructuring taking 101 days, showcasing improved review efficiency [1] Group 2 - The restructuring ecosystem is shifting from "individual efforts" to "collaborative empowerment," with venture capital and private equity funds playing a significant role in resource acquisition for restructured companies [2] - Local governments are actively supporting this transition by enhancing financial support, optimizing the business environment, and establishing professional service platforms, which boosts market confidence [2] - The market is witnessing a rational return to valuation systems, curbing high premiums and fostering a consensus among stakeholders to serve the real economy, leading to a focus on quality and practical advancements in industries [2]