地方国资凶猛：从加码投资到筹设基金，并购成产业升级新引擎

Core Insights - Local governments in China are increasingly establishing provincial-level merger and acquisition (M&A) funds to support technological innovation and facilitate capital exit channels [2][4] - The trend indicates a growing involvement of local state-owned assets in M&A activities, utilizing both direct acquisitions and fund-based approaches to consolidate capital and resources [2][4] - The M&A market is entering a new development phase, driven by supportive policies and a strong desire from local governments to integrate industries and resources [4][5] Provincial Initiatives - Zhejiang province is preparing a 10 billion yuan M&A mother fund, reflecting its early and effective engagement in government industry funds [1][4] - Fujian and Zhejiang have joined other provinces like Shenzhen and Shanghai in promoting the establishment of provincial-level M&A funds [2][4] - The establishment of these funds is seen as a key measure to enhance the quality of venture capital and support the development of new productive forces [11][12] Market Dynamics - In the first half of 2025, Chinese enterprises completed 1,397 M&A transactions, a year-on-year increase of 10.09%, with disclosed amounts totaling 888.70 million USD, up 31.07% [4][5] - Local state-owned enterprises are actively leading M&A activities across various sectors, including energy, mining, and chemicals, indicating a strong intent to reshape regional industrial landscapes [4][5] Fund Management and Strategy - The combination of "state-owned asset acquisition + industry integration" aims to create regional industrial clusters or industry leaders [5][9] - Local state-owned assets are increasingly participating in the establishment of M&A funds, with significant contributions from various stakeholders, including private equity firms and listed companies [7][8] - The operational model of M&A funds requires adeptness in capturing acquisition opportunities and managing post-acquisition integration to realize synergies [8][9] Exit Strategies - The establishment of M&A funds is also viewed as a strategy to diversify exit channels for private equity investments, with 171 private equity funds successfully exiting through M&A, amounting to 43.065 billion yuan, a historical high [11][12] - Policies are being developed to support technology-driven companies in utilizing various financing mechanisms, including M&A and bond issuance, to facilitate effective capital exits [11][12] - The evolution of M&A funds from policy-driven initiatives to market-driven developments is positioning them as a core component of high-quality growth in the private equity sector [12]