【财经分析】科创板并购重组持续升温 从估值驱动转向产业驱动

Core Viewpoint - The M&A market in the Sci-Tech Innovation Board is experiencing significant growth driven by policy incentives and industrial demand, with a notable shift from valuation-driven to industry-driven mergers and acquisitions [1][6]. Group 1: M&A Activity and Trends - As of September 18, 2025, over 70 new M&A transactions have been disclosed, with strategic emerging industries like electronics, new energy, and biomedicine becoming hotspots [2]. - In August 2025 alone, there were 7 major asset restructuring or capital increase acquisition cases, with the semiconductor sector being the dominant player, accounting for 5 of these cases [2]. - Major semiconductor companies like SMIC and Huahong are optimizing their capacity layout through acquisitions, focusing on technology complementarity and capacity synergy rather than mere scale expansion [2]. Group 2: Financial and Policy Environment - The revised M&A regulations by the China Securities Regulatory Commission in May 2025 have significantly shortened the review time for high-quality large-cap company acquisitions and relaxed financial and payment conditions [5]. - The introduction of DeepSeek AI in early 2025 has revitalized the high-tech sector and positively impacted the overall economic environment, facilitating M&A activities [3]. Group 3: Strategic Focus and Future Outlook - The current wave of M&A is characterized by a shift from "valuation-driven" to "industry-driven," with companies focusing on core business and enhancing competitive advantages through industrial chain integration [6]. - The Sci-Tech Innovation Board's M&A activity is positively correlated with the performance of the secondary market, as evidenced by the 41.04% increase in the Sci-Tech 50 Index this year [6]. - Future trends in M&A are expected to include an expansion of cross-border acquisitions and deeper vertical integration in sectors like AI chips and automotive semiconductors, driven by both policy and market incentives [6].