并购重组政策升温 驱动半导体行业持续成长

Investment Rating - The industry is rated as "Neutral" [7] Core Insights - The semiconductor industry is expected to benefit from the recent merger and acquisition policies aimed at fostering growth, particularly in integrated circuits, biomedicine, and new materials [2][3] - The global semiconductor market is experiencing a recovery, with October 2024 sales reaching $56.88 billion, marking a year-on-year increase of 22.1% and a month-on-month increase of 2.8% [6] - Domestic integrated circuit production from January to October 2024 increased by 24.8%, with import and export values rising by 11.3% and 19.6% respectively [6] - The report emphasizes the importance of mergers and acquisitions in enhancing market, technology, and capital integration, which is crucial for overcoming challenges in the semiconductor sector [3][6] Summary by Sections Policy Developments - The Shanghai government has issued an action plan to support mergers and acquisitions, aiming to cultivate around 10 internationally competitive listed companies in key industries by 2027 [2] - Various policies have been introduced throughout the year to support mergers and acquisitions, including the "New National Nine Articles" and "Eight Measures for the Science and Technology Innovation Board" [3][9] Market Trends - The semiconductor industry is witnessing a recovery driven by AI demand and supportive government policies, with expectations for increased cash flow and valuation improvements [4][6] - The report suggests focusing on sectors such as chip design and semiconductor equipment where mergers and acquisitions are likely to be concentrated [6]