央企并购三大趋势助推A股

Group 1 - China Shenhua, a trillion-level energy giant, saw a 4.45% increase on its first day of resumption after acquiring 13 assets from China Energy Group, with a total scale exceeding 250 billion yuan, and its total assets approaching one trillion yuan, creating a "coal-electricity-chemical-transportation" full industry chain carrier, effectively resolving industry competition and strengthening national energy security [1] - The current trend in A-share mergers and acquisitions shows three new trends: 1) Full chain integration becoming mainstream, with companies like China Shipbuilding and Sinochem focusing on collaborative efficiency rather than mere scale expansion 2) Enhanced review efficiency, exemplified by the rapid approval of acquisitions such as the acquisition of Longsheng New Energy by Sailis, which took only 57 days from acceptance to approval 3) More flexible payment tools, including installment payments and convertible bonds, reducing cash pressure, as seen in cases like Fulede [1] Group 2 - State-owned enterprise mergers are simultaneously increasing shareholder returns, with China Shenhua committing to a dividend of no less than 65% of net profit attributable to shareholders for the next three years (2025-2027), and a mid-2025 dividend ratio of at least 75% of the first half's net profit [2] - Additionally, A-share mergers and acquisitions exhibit four new characteristics: 1) Cross-industry mergers aimed at seeking a second growth curve are supported 2) Acquisitions of quality unprofitable assets are permitted 3) Loss-making listed companies are allowed to acquire other enterprises 4) Increased regulatory tolerance with more autonomy in performance commitment arrangements [2]