上市公司如何“卡位”赢得未来竞争

Core Viewpoint - The competition in industries characterized by "hard technology" and "new quality productivity" is reshaping the M&A logic in capital markets, with companies shifting their focus from traditional scale expansion to strategic positioning in next-generation key technologies. Group 1: M&A Trends - Companies like Ningbo Tianlong Electronics and Zhongwei Semiconductor Equipment are engaging in acquisitions to quickly enter and secure next-generation technologies, indicating a strategic intent to build competitive advantages through external M&A [1] - The rapid pace of innovation in fields such as artificial intelligence, high-end semiconductors, and new energy necessitates that companies act quickly to avoid being locked out by patent barriers and established ecosystems [1] Group 2: Transition in M&A Strategy - The shift from "buying technology" to "cultivating capabilities" emphasizes that successful M&A requires not just acquisition but also deep integration and innovation post-acquisition, moving from "owning technology" to "mastering technology" and finally to "iterating technology" [2] - The focus is on enhancing high-value areas represented by "new quality productivity" through M&A, which serves as an efficient tool for filling technological gaps and seizing market opportunities [2] Group 3: Ecosystem Building - The modern competitive landscape requires a shift from merely addressing weaknesses to consciously building an industrial ecosystem, integrating strong innovative capabilities from SMEs and tech teams to create a resilient and collaborative industry chain [3] - For instance, Zhongwei Semiconductor Equipment's acquisition of Hangzhou Zhonggui Electronic Technology not only fills a product gap but also lays the foundation for a world-class semiconductor equipment platform, highlighting the importance of systematic layout [3] Group 4: Long-term Strategic Focus - Companies are encouraged to maintain rationality and focus on long-term foundations rather than chasing short-term valuation trends, as historical experiences show that superficial M&A can lead to market bubbles [4] - The current regulatory environment reflects a push against "hype-driven" M&A, emphasizing the importance of thorough due diligence and compliance, which aligns with the need for companies to transition from external acquisition to internal cultivation and from short-term responses to long-term strategic stability [4]