光大期货金融期货日报 光大期货金融期货日报（2026 年 2 月 6 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场震荡走低，Wind 全 A 下跌 1.11%，成交额 2.19 万亿元，消 | | | | 费和金融板块强势。中证 1000 指数下跌 1.69%，中证 500 指数下跌 1.84%， | | | | 沪深 300 指数下跌 0.6%，上证 50 指数下跌 0.33%。近期各部位密集出台经 | | | | 济调控政策，对指数形成基本面支撑。近日，发改委召开国新办发布会，表 | | | | 示：（1）研究设立国家级并购基金 加强政府投资、基金布局规划；（2）综合 | | | | 整治"内卷式"竞争，将进一步规范地方经济促进行为；（3）正在谋划推进 | | | | 一批"十五五"时期高技术产业标志性引领性重大工程等内容。上周，央行 | | | 股指 | 将下调各类结构性货币政策工具利率 25BP。结构性货币政策工具以定向支 | 震荡 | | | 持社会特定融资需求为主，科技创新、普惠养老、碳减排等近期股市热点题 | | | | ...

光大期货金融期货日报 光大期货金融期货日报（2026 年 02 月 04 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 昨日，A 股市场低位反弹，Wind 全 A 上涨 2.12%，成交额 2.57 万亿元，除 | | | | 金融外多板块均上涨。中证 1000 指数上涨 2.93%，中证 500 指数上涨 3.11%， | | | | 沪深 300 指数上涨 1.18%，上证 50 指数上涨 1.05%。近期各部位密集出台经 | | | | 济调控政策，对指数形成基本面支撑。近日，发改委召开国新办发布会，表 | | | | 示：（1）研究设立国家级并购基金 加强政府投资、基金布局规划；（2）综合 | | | | 整治"内卷式"竞争，将进一步规范地方经济促进行为；（3）正在谋划推进 | | | | 一批"十五五"时期高技术产业标志性引领性重大工程等内容。上周，央行 | | | 股指 | 将下调各类结构性货币政策工具利率 25BP。结构性货币政策工具以定向支 | 震荡 | | | 持社会特定融资需求为主，科技创新、普惠养老、碳减排等近期股市热点题 | | ...

Core Viewpoint - The establishment of a national-level merger and acquisition (M&A) fund is expected to drive China's industrial integration into a "strategic-led" new phase, shifting the core logic from spontaneous market integration to a dual-driven approach of national strategy and market efficiency [3][4]. Group 1: Characteristics of the National-Level M&A Fund - The national-level M&A fund will have six key characteristics: clearer strategic orientation, optimized resource allocation, more flexible investment methods, stronger risk control, enhanced innovation drive, and promotion of industry advantages [4][5]. - It will focus on critical areas such as key core technology breakthroughs, supply chain security, and the development of strategic emerging industries, thereby enhancing the overall competitiveness of the national industry [4][5]. Group 2: Collaboration with Regional Funds - The national-level M&A fund will work in conjunction with regional funds in areas like Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Greater Bay Area, creating a synergistic system that promotes high-quality development [6][7]. - It will facilitate the flow of technology, talent, and capital across regions, forming a "research-development-transformation-industry" cross-regional chain [7]. Group 3: Investment Focus Areas - The fund will prioritize investments in three main dimensions: traditional pillar industries (e.g., steel, non-ferrous metals, construction materials), emerging technology industries (e.g., integrated circuits, renewable energy), and future industries (e.g., quantum computing, brain-machine interfaces) [8][9]. - Companies that align with these investment areas should possess digital transformation capabilities, core technologies, and clear equity structures to attract early-stage investment or acquisition [9]. Group 4: Avoiding Internal Competition - To prevent "involution" competition between the national-level M&A fund and local industry funds, it is crucial to strengthen top-level design, improve coordination mechanisms, and clarify functional positioning [10][11]. - Establishing a multi-level, complementary fund ecosystem will maximize capital aggregation and effectively support the construction of a modern industrial system [12].

Group 1 - The establishment of a national-level merger and acquisition (M&A) fund is a strategic initiative aimed at optimizing industrial structure and accelerating the cultivation and development of new productive forces [1][2] - The national-level M&A fund can leverage its financial scale and professional operational capabilities to guide social capital towards strategic emerging industries and high-tech sectors, promoting a higher-level industrial structure [2][3] - This initiative is expected to enhance innovation and entrepreneurship by integrating resources such as technology, talent, and markets for innovative companies, thereby accelerating the transformation and industrialization of technological achievements [2][3] Group 2 - The entry of the "national team" into the M&A market is anticipated to effectively guide social capital towards key strategic emerging industries and traditional advantageous industries that require consolidation [3][6] - The national-level M&A fund is expected to improve industry concentration and facilitate the transition towards high-end, intelligent, and green industries, injecting new vitality into economic development [3][6] - According to Wind data, the total scale of M&A transactions in China's market reached 350.425 billion yuan in the third quarter of 2025, reflecting a year-on-year increase of 150.42% and a quarter-on-quarter growth of 44.67% [3] Group 3 - The funding sources for national-level M&A funds typically include public pensions, sovereign wealth funds, and diversified fundraising [4][5] - Globally, M&A investment is a mainstream strategy for national-level M&A funds, focusing on mature assets and strategic sectors, which include critical technologies and national soft power [5] - The governance structure of national-level M&A funds emphasizes professionalism, independence, and sustainability, ensuring that funds are guided by government initiatives while being market-driven [5] Group 4 - Local state-owned assets have begun establishing M&A funds in response to national strategies, aiming to optimize resource allocation and promote industrial upgrades [6][7] - These local funds are designed to effectively combine government-led funding with social capital, focusing on strategic emerging industries and advanced manufacturing [6][7] - There is a need for improved top-level design and planning in the establishment of local M&A funds to avoid homogenization and resource waste, ensuring compliance with national industrial policies [7]

Macroeconomic Group - The Ministry of Finance announced a fiscal deficit rate of around 4% for 2025, with new government debt expected to reach 11.86 trillion yuan, an increase of 290 billion yuan from the previous year [4] - In 2026, measures will include the continuation of long-term special bonds for infrastructure and new projects, as well as optimizing personal consumption loan policies to lower credit costs for residents and service industry operators [4] - A national-level merger fund is being considered to address "involution" competition and promote a unified national market [5] Industry Comprehensive Group - Japan's Resonac announced a price increase of over 30% for all series of copper-clad laminates and adhesive films starting March 1, 2026, due to tight supply and rising costs [7] - Domestic companies like Dongwei Technology and Chipbond Microelectronics reported over 10-fold growth in Q4 2025, indicating a sustained high demand in the PCB industry [7] - Tongfu Microelectronics expects a net profit of 1.1 to 1.35 billion yuan for 2025, a year-on-year increase of 62.34% to 99.24%, driven by improved capacity utilization and management [8] Advanced Manufacturing Group - Inverter exports reached 839 million USD in December 2025, a year-on-year increase of 26%, with significant contributions from Europe and Africa [10] - The growth in inverter demand is linked to the need for grid stability and flexibility, particularly in regions with high renewable energy penetration [10] Consumer Group - The Ministry of Finance extended tax benefits for community services such as elderly care and childcare from January 1, 2026, to December 31, 2027, which will lower tax burdens for compliant operators [12] - China Duty Free Group plans to acquire DFS's Greater China business for up to 395 million USD, enhancing its brand resources and procurement power in the luxury goods sector [13]

Group 1 - The Chinese government is planning to promote significant projects in high-tech industries, indicating a favorable signal for mergers and acquisitions (M&A) [1] - The National Development and Reform Commission (NDRC) aims to establish a national-level M&A fund to enhance government investment and support innovation and entrepreneurship [1][2] - The number and average scale of newly established M&A funds are expected to significantly increase by 2025, marking a key sign of structural adjustment in China's private equity investment market [1] Group 2 - In 2025, 305 listed companies participated in the establishment of 321 industry M&A funds, with a total funding scale of approximately 297.51 billion yuan, showing a notable increase from 2024 [2] - Newly established M&A funds are highly concentrated in strategic sectors such as advanced manufacturing, healthcare, artificial intelligence, automotive, new materials, and semiconductors, indicating their role in implementing national industrial policies [2] - The increase in fund numbers and participation in emerging sectors like aerospace and low-altitude economy reflects a critical phase of professional and systematic integration in the technology industry [2] Group 3 - M&A funds are positioned as key vehicles for promoting industrial upgrades and are tasked with integrating local industrial chain resources [3] - The market is focusing on building a new exit ecosystem centered around M&A due to tightening IPO exit channels and increasing demand for revitalizing existing assets [3] - The year 2025 is anticipated to be a significant year for the rise of a new wave of M&A funds, further validating their role as a hub connecting capital and industry [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The GDP growth in Q4 2025 was 4.5%, and the full - year growth target of 5% was achieved, meeting market expectations. The market will discuss the economic growth expectations for 2026 and the Two Sessions' target settings. For the bond market, the central bank's attitude is the key factor in 2026, and a total interest - rate cut is expected in Q2 [27]. - The central bank's resumption of bond - buying may be a long - term consideration, and the continuity of bond - buying is high. In 2026, the imbalance between supply and demand in the bond market needs attention, with the core being demand. The bond market still needs to consider the impacts of "imbalance between supply and demand, expectations of rising prices, and re - balancing of asset allocation due to capital diversion" [28]. 3. Summary by Directory 3.1 Macro Data Quick View - In December 2025, GDP at constant prices had a quarterly - on - quarterly growth of 4.5%, lower than the previous quarter's 4.8% and the same period last year's 5.4% [1]. - The manufacturing PMI in December 2025 was 50.1%, up from 49.8% in the previous month and the same as the same period last year [1]. - The non - manufacturing PMI for business activities in December 2025 was 50.2%, up from 50.0% in the previous month but lower than 52.2% in the same period last year [1]. - The monthly value of social financing scale in December 2025 was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year [1]. - Various monetary indicators such as M0, M1, M2, and new RMB loans also showed different trends in December 2025 compared with the previous month and the same period last year [1]. - CPI in December 2025 had a year - on - year growth of 0.8%, up from - 0.3% in the previous month and 0.1% in the same period last year; PPI was - 1.9%, up from - 2.3% in the previous month and the same period last year [1]. - The cumulative year - on - year growth of fixed - asset investment completion in December 2025 was - 3.8%, down from - 0.5% in the previous month and 3.2% in the same period last year [1]. - The cumulative year - on - year growth of total retail sales of consumer goods in December 2025 was 3.7%, down from 4.5% in the previous month but up from 3.5% in the same period last year [1]. - The year - on - year growth of export and import amounts in December 2025 was 6.60% and 5.70% respectively, down from 8.20% and 7.40% in the previous month and 10.67% and 0.84% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The National Development and Reform Commission is planning major high - tech projects for the 15th Five - Year Plan period, formulating an implementation plan for the strategy of expanding domestic demand from 2026 - 2030, and considering setting up a national - level merger and acquisition fund. It will also promote the expansion and quality improvement of the service industry [2]. - The LPR in January 2026 remained unchanged for the 8th consecutive month, with the 1 - year LPR at 3.0% and the 5 - year - plus LPR at 3.5% [2]. - Shanghai introduced 18 measures to enhance the influence of non - ferrous metal commodities and global pricing, including supporting settlement through the Commodity Clearing Link and opening up futures and options varieties [3]. - The Shanghai Futures Exchange adjusted the trading margin ratios and price limit ranges for copper, aluminum, gold, and silver futures contracts [3]. - The Shanghai International Energy Exchange Center adjusted the trading margin ratios and price limit ranges for international copper futures contracts [4]. - On January 20, 37 domestic commodity varieties had positive basis, and 32 had negative basis, with significant differences in basis among different varieties [4]. 3.2.2 Metals - On the morning of January 21, New York gold futures exceeded $4780 per ounce, and domestic gold jewelry prices also increased, with some brands' pure gold prices exceeding 1450 yuan per gram [5]. - "Investment copper bars" have become popular recently, with a 1000 - gram copper bar costing 180 - 288 yuan in Shenzhen Shuibei Market [5]. - The Polish central bank approved a plan to buy up to 150 tons of gold, increasing its gold reserves to 700 tons [5]. - On January 19, the inventories of lead, tin, zinc, and copper in the London Metal Exchange reached new highs, while the inventories of cobalt and aluminum reached new lows [6]. - As of January 20, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 0.37%, or 4.01 tons, to 1081.66 tons [6]. 3.2.3 Coal, Coke, Steel, and Minerals - During the 14th Five - Year Plan period, Shanxi produced 65 billion tons of coal, with an output of over 13 billion tons in 2025, an increase of 19 billion tons compared with the 13th Five - Year Plan [8]. - The first shipment of nearly 200,000 tons of Simandou iron ore arrived in China on January 17, enhancing global iron ore supply [8]. 3.2.4 Energy and Chemicals - Domestic gasoline and diesel prices increased by 85 yuan per ton from January 20, 24:00, due to rising international oil prices [9]. - The US government obtained 50 million barrels of oil from Venezuela and sold part of it on the open market [9]. - Venezuela officially launched the export of liquefied petroleum gas [9]. 3.2.5 Agricultural Products - Brazil's corn and soybean exports in January 2026 are expected to be 3.45 million tons and 3.79 million tons respectively, higher than the previous week's forecasts, while soybean meal exports are expected to be 1.82 million tons, the same as the previous week [10]. - As of January 15, the EU's soft wheat exports in the 2025/26 season were 11.8 million tons, slightly lower than the same period last year [10]. - The US export inspection volumes of soybeans, wheat, and corn were 1,336,684 tons, 392,611 tons, and 1,483,622 tons respectively [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 20, the central bank conducted 324 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 34.6 billion yuan due to 358.6 billion yuan of reverse repurchase maturities [12]. 3.3.2 Key News - A package of policies to promote domestic demand through fiscal - financial coordination was introduced, including a 500 - billion - yuan special guarantee plan for private investment and loan interest - subsidy policies for small and medium - sized enterprises [13]. - The National Development and Reform Commission stated that in 2026, macro - policies will focus on strengthening the domestic cycle, expanding domestic demand, and promoting high - tech projects [13]. - The Ministry of Finance said that in 2026, the fiscal deficit, debt scale, and expenditure will remain at necessary levels, and ultra - long - term special treasury bonds will continue to be issued [14]. - The Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development introduced measures to support urban renewal [15]. - The preferential tax policies for community - based family services such as elderly care, childcare, and housekeeping were extended from January 1, 2026, to December 31, 2027 [16]. - The latest LPR remained unchanged for the 8th consecutive month since May 2025, and experts believe that the stable macro - economy is the main reason [17]. - Beijing's 2026 construction land supply plan was announced, with specific land allocations for commercial and affordable housing and a focus on urban renewal [18]. - Guangzhou is promoting legislation for the renewal of state - owned land housing, with a planned fixed - asset investment of 120 billion yuan for urban village renovation in 2026 [18]. - The Greenland crisis and fiscal pressure concerns led to a global bond market sell - off, with significant fluctuations in Japanese and US bond yields [18]. - The Japanese Finance Minister tried to calm the bond market, emphasizing the responsibility and sustainability of fiscal policies [18]. - All Japanese central bank observers predict that the benchmark interest rate will remain unchanged on Friday, and the government may intervene in the foreign exchange market if the yen depreciates [19]. - There were several bond - related events, including payment due dates and corporate management changes [19]. 3.3.3 Bond Market Summary - China's bond market showed positive trends, with falling yields on spot bonds and rising prices of bond futures. The money market was generally stable, but the DR001 rate increased due to the tax period [20]. - The exchange - traded bond market had different performances among different bond types, with some bonds rising and some falling [21]. - The CSI Convertible Bond Index and the Wind Convertible Bond Equal - Weighted Index both declined, with significant differences in individual bond performances [22]. - Most money market interest rates and Shibor short - term rates increased [22]. - Bank - to - bank repurchase fixed - rate and silver - bank repurchase fixed - rate also showed upward trends [23]. - The winning bid yields and multiples of financial bonds issued by the Agricultural Development Bank and the National Development and Reform Commission were announced [23][24]. - European and US bond yields generally increased [24][25]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 33 basis points to 6.9603 at 16:30, and the central parity rate rose 45 basis points to 7.0006 [26]. - At the New York close, the US dollar index fell 0.50% to 98.55, and most non - US currencies rose [26]. 3.3.5 Research Report Highlights - CITIC Securities believes that the central bank's attitude is crucial for the 2026 bond market, and a total interest - rate cut is expected in Q2 [27]. - Shenwan Hongyuan Fixed - Income believes that the central bank's bond - buying is likely to be continuous, and in 2026, attention should be paid to the imbalance between supply and demand in the bond market, with the interest rate level expected to be lower in the first half and higher in the second half [28]. 3.4 Stock Market Key News - On Tuesday, the A - share market adjusted, with a style shift from high - valuation growth sectors to value sectors. The Shanghai Composite Index fell 0.01%, and the trading volume increased [30]. - The Hong Kong stock market continued to adjust, with technology stocks leading the decline and real - estate stocks rising. Southbound funds had a net purchase of nearly HK$3.7 billion [31]. - As of January 20, over 500 A - share companies had disclosed 2025 performance forecasts, with about 200 expecting growth and over 100 expecting a net profit increase of over 100%. However, some sectors such as photovoltaic, liquor, and pig farming faced performance pressure [31]. 3.5 Today's Reminders - On January 21, 230 bonds will be listed, 122 bonds will be issued, 82 bonds will be settled, and 207 bonds will pay principal and interest [29].

1. Report Industry Investment Rating - The investment rating for treasury bonds is "Bullish (Slightly)" [1] 2. Core View of the Report - On Tuesday, treasury bond futures' main contracts generally rose, while the stock market pulled back. Due to factors such as China's GDP growth in 2025, fiscal and monetary policies, and international market uncertainties, treasury bond futures may fluctuate with a slight bullish trend in the short - term. Traders are advised to conduct band operations. [1][3][4] 3. Summary by Relevant Catalogs 3.1 Market Review - On Tuesday, the main contracts of treasury bond futures opened roughly flat and rose unilaterally throughout the day. The 30 - year treasury bond futures main contract TL2603 rose 0.52%, the 10 - year T2603 rose 0.13%, the 5 - year TF2603 rose 0.09%, and the 2 - year TS2603 rose 0.05%. [1] - On Tuesday, the Wande All - A index opened slightly higher, declined in the morning to reach the day's low, and then fluctuated horizontally, closing down 0.58% from the previous trading day, with a trading volume of 2.80 trillion yuan, a slight increase from the previous day's 2.73 trillion yuan. [3] 3.2 Important Information - **Open Market**: On Tuesday, the central bank conducted 324 billion yuan of 7 - day reverse repurchase operations, with 358.6 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 34.6 billion yuan. The latest LPR announced on Tuesday remained stable for the eighth consecutive month. [1] - **Funding Market**: On Tuesday, short - term interest rates in the inter - bank funding market rose. DR001's weighted average for the day was 1.37%, compared with 1.32% in the previous trading day; DR007's weighted average for the day was 1.50%, compared with 1.48% in the previous trading day. [1] - **Cash Bond Market**: On Tuesday, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The yield to maturity of the 2 - year treasury bond declined 1.23 basis points to 1.39%, the 5 - year declined 0.74 basis points to 1.60%, the 10 - year declined 0.67 basis points to 1.83%, and the 30 - year declined 0.66 basis points to 2.34%. [1] - **Fiscal Policy**: In 2025, the Ministry of Finance allocated ultra - long - term special treasury bond funds to support about 8,400 projects, driving total investment of over 1 trillion yuan, supporting a 11.8% year - on - year increase in equipment and instrument purchases and investment, and boosting overall investment by 1.8 percentage points. In 2025, China's fiscal deficit ratio was about 4%, an increase of 1 percentage point from the previous year; the new government debt scale was 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year. In 2026, the fiscal department will continue to implement a more proactive fiscal policy. [1] - **Policy Documents**: On January 20, the Ministry of Finance issued five consecutive documents on consumer loans, private investment, etc. Multiple departments jointly implemented or optimized loan interest subsidy policies for small and medium - sized enterprises, service providers, equipment updates, and personal consumption, as well as a special guarantee plan for private investment. [1][2] - **National Development and Reform Commission's Announcement**: On January 20, the National Development and Reform Commission stated that it will research and formulate an implementation plan for the strategy of expanding domestic demand from 2026 to 2030, study the establishment of a national - level merger and acquisition fund, strengthen government investment and fund layout planning, and take other measures. [2] 3.3 Market Logic - In 2025, China's GDP was 1,401,879 billion yuan, a year - on - year increase of 5.0%. In the fourth quarter, China's GDP increased 1.2% quarter - on - quarter. In December, fixed - asset investment growth and total retail sales of consumer goods were lower than market expectations, while export growth and the actual year - on - year growth of industrial added value above a designated size exceeded market expectations. The service production index in December increased 0.8 percentage points year - on - year compared with November. [3] - In December last year and the first ten - day period of January this year, domestic real estate sales and housing prices continued to decline year - on - year. [3] - The central bank announced a 0.25 - percentage - point cut in the rediscount rate and relending rate starting from January 19, 2026, and indicated that there is still room for reserve - requirement ratio cuts and interest rate cuts throughout the year. The Ministry of Finance stated on January 20 that in 2026, the fiscal deficit, total debt, and total expenditure will be maintained at necessary levels. [1][3] - Recently, the ongoing disputes between the US and Europe over Greenland, the shadow of the EU - US trade war, and the Japanese bond storm have dampened global investors' risk appetite, leading to a decline in overnight US stocks and the US dollar index. [3] 3.4 Trading Strategy - Traders are advised to conduct band operations. [4]

Group 1: Funding Sources - The funding sources for national-level merger and acquisition (M&A) funds globally fall into three categories: public pensions, sovereign wealth funds, and diversified fundraising [3][8] - Public pensions, according to OECD data, allocated 25.9% of their assets to alternative assets in 2022, with private equity accounting for 55.2% of that, indicating that approximately 7.1% of OECD public pension reserves are directed towards M&A strategies [8] - Sovereign funds, such as Singapore's Government Investment Corporation (GIC), have historically allocated over half of their private equity investments to acquisition strategies, with Middle Eastern sovereign wealth funds playing a dominant role in regional M&A markets [8][9] Group 2: M&A Targets - National-level M&A funds focus on two dimensions: mature assets and strategic sectors [10] - They act as a "relay baton" by not only investing in target companies but also facilitating exits for early shareholders, such as private equity and venture capital funds, thus promoting capital circulation [10] - In strategic sectors, M&A funds aim to protect core assets and enhance supply chain security, as seen in Japan's JIC acquiring semiconductor leader JSR to maintain national technological advantages [11][12] Group 3: Governance and Exit Strategies - Governance structures emphasize professionalism, independence, and sustainability, with a focus on "government guidance and market dominance" to ensure investment decisions remain professional and free from political interference [13] - For example, GIC operates under legal protections that limit government intervention in investment decisions, while Japan's JIC employs a professional management team for its private equity activities [13][14] - Exit mechanisms are designed to ensure liquidity and reinvestment capabilities, with plans for public offerings or sales post-acquisition, as demonstrated by JIC's strategy for JSR [14]

Group 1 - The National Development and Reform Commission (NDRC) is set to introduce multiple new measures in 2026, marking the beginning of the "14th Five-Year Plan" [1] - A strategic implementation plan for expanding domestic demand from 2026 to 2030 will be developed to lead new supply with new demand and create strong innovation initiatives and resource guarantees [2] - The NDRC is working on a plan for stabilizing jobs, expanding capacity, and improving quality, as well as a plan for increasing urban and rural residents' income to enhance consumer purchasing power and optimize supply [3][4] Group 2 - This year, the NDRC will promote the implementation of actions to enhance and improve the service industry, introducing a series of high-quality policies [5] - Plans are underway to advance a number of significant projects in high-tech industries during the "14th Five-Year Plan" period, with the added goal of establishing a national-level merger and acquisition fund [6][8] - By 2025, the added value of high-tech manufacturing is expected to account for over 17% of the industrial output above designated size, indicating a focus on high-tech industry development [8]