21社论丨推动并购重组，更好发挥资本市场资源配置功能

Group 1 - The establishment of China Chang'an Automobile Group focuses on the automotive industry, aiming to develop intelligent automotive robots and embodied intelligence, with 117 subsidiaries including 5 listed companies [1] - Mergers and acquisitions (M&A) have become a significant method for both state-owned and private enterprises to optimize resource allocation, with notable examples including China Shipbuilding's merger with China Heavy Industry and Guotai Junan's merger with Haitong Securities [1] - The Chinese economy is transitioning from asset scale emphasis to innovation-driven high-quality development, prompting companies to adopt M&A strategies to optimize resource allocation and accelerate industrial transformation [1] Group 2 - In the first half of 2025, the Chinese M&A market completed 1,397 transactions, a year-on-year increase of 10.09%, with disclosed amounts totaling 888.70 billion USD, up 31.07% [2] - M&A activities are primarily focused on integrating upstream and downstream industries, enhancing business collaboration, particularly in sectors like electronic information, healthcare, finance, and manufacturing [2] - Examples of successful M&A include Haiguang Information's merger with Zhongke Shuguang, achieving full-chain integration from domestic architecture CPU to high-end computing and storage [2] Group 3 - Traditional enterprises lacking high-tech capabilities are increasingly turning to M&A as a pathway for industrial transformation, with local policies supporting investments in artificial intelligence, low-altitude economy, biomedicine, new materials, and high-end equipment [3] - Local state-owned enterprises are becoming key players in the M&A market, with 13 transactions involving private or individual entities transitioning to state-owned transactions in various industries [3][4] - The role of local governments has shifted from merely "shell protection" to actively promoting industrial transformation and resource integration, fostering regional industrial clusters [4] Group 4 - M&A is viewed as a crucial method to combat "involution," enhance industrial efficiency, and achieve economies of scale, thereby facilitating market clearing and promoting the "Matthew Effect" [4] - The China Securities Regulatory Commission has introduced policies to support M&A, which, along with local measures, is expected to enhance the value of listed companies and drive industrial upgrades [4]