聚焦硬科技赛道 并购基金规模与质量齐升

Group 1 - The core viewpoint of the articles highlights the explosive growth of China's merger and acquisition (M&A) fund market in 2025, driven by the release of policy dividends from the China Securities Regulatory Commission, with a focus on hard technology sectors such as semiconductors and biomedicine [1] - As of December 1, 2025, 29 new M&A funds were established in China, targeting a fundraising scale of approximately 105 billion yuan, representing a 70% year-on-year increase in the number of new funds and over 200% increase in target fundraising scale compared to 2024 [1] - The participation of state-owned platforms and guiding funds in the M&A fund market has increased by 6 percentage points year-on-year, while corporate investors have risen by nearly 10 percentage points, indicating a shift towards industry-driven capital [1] Group 2 - Despite the growth in M&A funds, the number of industry funds established by listed companies remains at a historically low level, reflecting a cautious market attitude following the high valuations and blind cross-border M&A trends of 2014-2015 [2] - Local governments have shown a strong enthusiasm for establishing M&A funds, with around ten provinces and cities, including Shanghai and Shenzhen, implementing supportive policies since September 2024 [2] - The revised "Major Asset Restructuring Management Measures for Listed Companies" in May 2025 has clarified arrangements such as "reverse linkage" for private placement lock-up periods, further stimulating the establishment of M&A funds [3]