中小盘周报国资并购浪潮再起，并购案例亮点频出

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [2]. Core Insights - The report highlights a resurgence in state-owned enterprise (SOE) mergers and acquisitions (M&A), with a focus on rationality and strategic alignment in comparison to previous M&A waves [4][51]. - The report emphasizes the importance of "hard technology" sectors such as semiconductors and biomedicine as key targets for SOE acquisitions [4][51]. - Local state-owned enterprises are actively responding to national policies, with specific M&A goals set for 2025-2027 in regions like Shenzhen and Shanghai [4][61]. Market Performance and News - The report notes that the Shanghai Composite Index closed at 3368 points, down 0.70%, while the Shenzhen Component Index and the ChiNext Index also experienced declines [3]. - Major news includes Avita securing over 11 billion yuan in Series C funding and plans for the Avita 06 model to launch in Q2 2025 [3][37]. - The report mentions that the Ministry of Commerce is working on policies related to "two new" initiatives for 2025 [3][37]. Recommended Themes and Stocks - The report recommends focusing on themes such as smart vehicles, high-end manufacturing, and leisure snacks, listing specific companies under each theme [5][33]. - Key stocks in the smart vehicle theme include Huace Navigation, Long光华芯, and several others, while high-end manufacturing includes companies like Lingyun Optics and Aisidun [5][33]. M&A Activity - The report details a significant increase in SOE M&A activity in 2024, with a focus on internal integration and external expansion [4][81]. - It highlights various successful M&A cases, such as the acquisition of 100% equity in Electric Power Nuclear Holdings by Electric Power Investment [84]. - The report outlines the strategic goals of local SOEs, including the establishment of investment funds targeting hard technology sectors [4][61].