Core Viewpoint - Local state-owned enterprises (SOEs) have initiated a wave of acquisitions of listed companies this year, driven by industrial merger funds and state-owned venture capital platforms [1] Group 1: Motivations for Acquisitions - The first motivation is the encouragement from policies, where conducting high-quality mergers is a significant measure for deepening the reform of state-owned enterprises [1] - The second motivation involves using acquisitions to attract investment, positioning listed companies as a new lever for precise investment attraction [1] - The third motivation focuses on promoting the integration and upgrading of related industries to create leading enterprises in key sectors [1]