9.24日金融支持经济高质量发展新闻发布会点评：电子：发挥并购重组作用，支持新质生产力转型

Investment Rating - The investment rating for the electronic industry is "Outperform the Market" [1] Core Insights - The report emphasizes the role of mergers and acquisitions in supporting the transformation towards new productive forces in the electronic industry [1][5] - The recent policy initiatives aim to enhance industrial integration and support mergers that focus on technological innovation and upgrading [3][5] Summary by Sections Industry Performance - As of September 25, 2024, the electronic industry has shown absolute returns of -0.6% over 1 month, -5.1% over 3 months, and -12.2% over 12 months, with relative returns of -2.8%, -3.4%, and -3.8% respectively [1] Policy Support - The State Council's recent press conference highlighted financial support for high-quality economic development, with a focus on mergers and acquisitions to inject quality assets into listed companies [2][3] - The new guidelines encourage industrial mergers to enhance resource allocation efficiency and support companies in acquiring unprofitable assets that can improve key technological capabilities [3] Industry Structure - The electronic industry has the highest number of companies listed on the Sci-Tech Innovation Board, with 141 companies, accounting for 25% of the total [4] - There is a significant concentration of companies in the lower and middle market capitalization ranges, indicating room for improvement in industry concentration [4] Investment Recommendations - The report suggests focusing on leading companies with merger capabilities and traditional industry leaders that can enhance competitiveness through consolidation [5] - It also highlights the potential of innovative companies seeking breakthroughs in key technology areas through acquisitions [5]