并购重组新生态驱动A股投资逻辑进化

Core Insights - The A-share merger and acquisition (M&A) market is experiencing significant growth, with 146 companies disclosing M&A plans as of November 10, representing a 48% year-on-year increase, indicating heightened market activity [1] Group 1: M&A Market Trends - Vertical integration in supply chains has become the mainstream trend in M&A, with increased tolerance for unprofitable assets in the "hard technology" sector, reflecting a return to resource allocation fundamentals [1] - M&A is viewed as a key pathway for companies to cultivate new productive forces and achieve transformation and upgrading [1] Group 2: Investor Decision-Making - Investment strategies are shifting from "betting on restructuring" to "researching industries," focusing on which industries will undergo consolidation and which companies have forward-looking layouts [2] - The new ecosystem emphasizes that M&A should be driven by industrial logic, with companies integrating M&A into their competitive strategies to address technological gaps and expand market reach [2] Group 3: Ecosystem Competitiveness - The focus of M&A is shifting from horizontal integration aimed at expanding market share to building an ecosystem centered around the company, emphasizing vertical integration to control the entire value chain [3] - Investors should assess whether M&A enhances network effects, resource control, and advantageous ecological positioning, requiring a more macro and dynamic investment perspective [3] Group 4: Valuation Logic - The valuation framework is transitioning from reliance on financial metrics to focusing on "synergistic value," which encompasses benefits that cannot be achieved independently, such as technology integration and resource optimization [4] - Investors need to prioritize a company's integration capabilities, cultural compatibility, and business coupling potential, as traditional valuation models may fail to capture the value created through M&A [4] - This evolution in the A-share valuation system aims to guide capital towards innovative and strategically ambitious companies, enhancing the capital market's role in supporting the real economy [4]