北交所并购重组专题报告第十五期：开源证券凤阳产业基金入主格利尔，探析“光伏之都”强链补链协同逻辑

Group 1 - The report highlights that the Beijing Stock Exchange (BSE) has become a preferred venue for mergers and acquisitions (M&A) for small and medium-sized enterprises, with 47 significant M&A events reported as of January 10, 2026 [3][22]. - The new policies, including the "New National Nine Articles" and "M&A Six Articles," are expected to stimulate the M&A market starting in 2024, focusing on industrial integration and cross-industry mergers [3][11]. - The report emphasizes the importance of the BSE in supporting innovative SMEs, particularly in advanced manufacturing and modern services, to promote high-quality economic development [19][20]. Group 2 - The acquisition of Greer by the Fengyang State-owned Assets Management Company is presented as a case study, showcasing the synergy within local industrial clusters in the photovoltaic sector [4][52]. - Greer, valued at RMB 1.6 billion, has performance commitments for net profit growth of at least 5%, 10%, and 15% for the years 2026 to 2028 compared to 2025 [4][38]. - The report notes that as of November 2025, ten of the world's top twenty photovoltaic companies have established operations in Chuzhou, indicating a robust local industry cluster [51]. Group 3 - The report outlines that the BSE's M&A activities are characterized by a focus on "strong chain and supplementary chain" strategies, with cash acquisitions being the primary method [20][19]. - The integration of quality resources within the same group and the extension of new productive forces through M&A are identified as key trends for BSE companies [20][19]. - The report indicates that the local photovoltaic industry in Fengyang has developed a comprehensive industrial system, with significant production capacity and a growing number of enterprises [51][52].