洞察2025｜狂飙近2000单！A股并购潮涌，半导体成热门赛道

Group 1 - In 2025, the A-share merger and acquisition (M&A) market experienced a significant surge, driven by policy support and industry demand, with nearly 1,500 listed companies disclosing M&A transactions [1][3][4] - The semiconductor sector emerged as the most active area in this M&A wave, with 165 cases involving semiconductor-related assets, highlighting the industry's integration and cross-industry attempts [1][10][11] - Major transactions included China Shenhua's acquisition valued at approximately 1,335.98 billion yuan, setting a record for the highest transaction scale in A-share history [9] Group 2 - The market's vibrancy is attributed to ongoing policy reforms, including the "New National Nine Articles" and subsequent measures that support M&A activities and enhance regulatory efficiency [5][6] - A total of 905 M&A projects were completed, while 68 were announced as failed, indicating challenges in post-merger integration and transaction viability [4][5] - The trend of cross-industry mergers is also notable, with companies like Meike Home aiming to acquire semiconductor firms, reflecting a strategic shift towards diversification [7][10] Group 3 - The semiconductor industry is characterized by high technical barriers and long investment cycles, leading to a cautious approach in M&A activities, with several companies terminating deals due to mismatched expectations [18][19] - Regulatory scrutiny has increased, focusing on the authenticity and valuation of target assets, which has led to the rejection of several non-substantive M&A proposals [19] - Experts predict that the M&A market will transition from being policy-driven to being fueled by intrinsic industry growth as demand continues to rise [20]