智通财经网·2026-01-08 12:31Core Viewpoint - The M&A market in 2025 is expected to remain active, with a significant increase in both the number and scale of transactions, driven by policy support and market recovery [1][3]. Group 1: Market Activity - The number of M&A cases involving A-share listed companies reached 1,527, with a total scale of 10,158 billion yuan, marking a new high since 2022, representing an increase of 119 cases and 1,678 billion yuan compared to the previous year [1]. - In the first half of 2025, there were 665 M&A cases with a scale of 4,174 billion yuan, while the second half is expected to see 862 cases totaling 5,984 billion yuan, indicating a faster pace of M&A activity [3]. Group 2: Industry Focus - The majority of M&A cases in 2025 are concentrated in the new productivity sectors, with traditional industries also contributing significantly to large-scale M&A cases [7]. - Key industries for M&A activity include chemicals, electronics, pharmaceuticals, machinery, power equipment, automotive, and computing, reflecting a trend towards resource integration driven by new productivity [10]. Group 3: Company Attributes - The participation of non-state-owned enterprises in M&A transactions has increased significantly, with their share of transaction amounts rising from 23.5% in 2024 to 37.2% in 2025 [14]. - Non-state-owned enterprises are leading M&A activities in new productivity sectors, while state-owned enterprises dominate traditional industries such as coal, banking, and public utilities [17]. Group 4: M&A Characteristics - Cross-industry M&A has increased, accounting for 56.31% of total M&A cases in 2025, up by 6.2 percentage points from 2024 [22]. - Most cross-industry M&A cases are focused on internal resource integration within the industry chain, with fewer traditional industry cases acquiring new productivity companies [28]. Group 5: Stock Performance - Companies involved in M&A activities, particularly those transitioning from traditional industries to new productivity sectors, have shown significant excess returns post-announcement [32][36].