做好强链补链、布局新质生产力——北证市场并购重组持续升温

Core Insights - The year 2025 marked a significant increase in mergers and acquisitions (M&A) activity among companies listed on the Beijing Stock Exchange (BSE), driven by policy incentives and industry demand [1][4] - The trend of M&A is expected to continue into 2026, with larger and higher-quality transactions anticipated as companies improve their operational standards [1][4] Group 1: M&A Activity Overview - In 2025, notable large-scale restructuring and precise acquisitions were observed, creating a balanced landscape of "large and small" M&A activities [2] - Five New Tunnel Equipment's acquisition of Xinzhong Technology and Wuxin Heavy Industry for 2.649 billion yuan was approved by the CSRC, aiming to enhance business synergy and enter new markets [2] - Crystal Technology's acquisition of Peak Electronics for 1 yuan, along with assuming 41.87 million yuan in debt, is expected to strengthen its market position [2] - Aweit's acquisitions of German companies Keuerleber GmbH and ALVASAN GmbH aim to expand its global footprint and enhance customer loyalty [2] Group 2: Strategic Focus of M&A - The M&A activities are centered around two main themes: "strengthening and supplementing the supply chain" and "laying out new productive forces" [4] - Companies are focusing on vertical expansion, business upgrades, and market expansion, with examples including Donghe New Materials and Iron Technology enhancing supply chain integration [4] - The core logic of M&A for BSE companies revolves around strengthening their main business through strategic alliances [5] Group 3: Policy Support and Market Outlook - The increase in M&A activity is supported by favorable policies, including the introduction of the "M&A Six Guidelines" and a streamlined review process for small-scale transactions [6][7] - The BSE aims to become a preferred platform for M&A among small and medium enterprises, enhancing its market influence [6] - Industry experts express cautious optimism for 2026, predicting sustained M&A activity but emphasizing the need for high-quality projects and sufficient quality targets to maintain momentum [7]