Sichuan Jiuzhou Electronic (SZ:000801) Zheng Quan Ri Bao·2025-12-09 15:53Group 1 - The enthusiasm of A-share listed companies in establishing industrial merger and acquisition funds has been high this year, with 336 funds set up and a total expected fundraising limit of 279 billion yuan [1] - The establishment of industrial merger and acquisition funds helps listed companies discover and cultivate quality targets, facilitating asset reserves for expansion in target industries [1] - New production capacity sectors such as new energy, biomedicine, humanoid robots, low-altitude economy, and optoelectronics have become frequent investment focuses [2] Group 2 - Most listed companies adopt a joint investment and multi-party collaboration model for industrial merger and acquisition funds, with the contribution ratio of listed companies generally below 50%, concentrated between 10% and 40% [2] - The "small investment, large leverage" model effectively diversifies risks and enhances post-investment management and resource integration capabilities [3] - The enthusiasm for establishing industrial merger and acquisition funds is driven by a combination of policy, capital, and strategic factors [4] Group 3 - Recent policies such as the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" and the "Six Measures for Deepening the Reform of the M&A Market" have significantly boosted the activity and scale of the M&A market [4] - The current structure and governance framework of the industrial merger and acquisition funds established by A-share listed companies are highly mature, with typical durations of 6 to 10 years and clear profit distribution mechanisms [4] - The core motivations for listed companies to establish industrial merger and acquisition funds can be summarized as internal growth and external expansion, with external expansion including technology layout and asset integration [5]