年内A股市场国有控股公司逾千起并购案发生 重组整合大提速 本报记者 杜雨萌 展望2026年，朱昌明预计，央国企并购重组将围绕横向整合、纵向整合、创新整合这三大主线展开。具 体而言，横向整合主要集中在同质化竞争明显的传统行业，侧重于合并"同类项"、避免重复建设和无序 竞争，打造具有全球竞争力的行业龙头；纵向整合主要集中在关系国家安全、国民经济命脉的重要行业 和关键领域，由"链长""链主"企业主导并沿着产业链上下游进行并购整合，打造自主可控、安全可靠的 产业生态，带动产业链向价值链高端迈进；创新整合主要集中在战略性产业和未来产业领域，围绕科技 创新与产业创新，由科技领军企业通过并购与战略合作加强创新资源整合和一体化配置，集聚创新要 素、形成创新合力。此外，预计央国企并购重组还将主要依托资本市场这个主战场展开。 来源：证券日报 编辑：陈俊明 此次重组覆盖煤炭生产、坑口煤电、煤化工及煤炭物流等关键能源领域。交易完成后，中国神华总资产 规模将增加超2000亿元，煤炭可采储量、年产量及发电装机容量等核心指标均实现大幅提升，其中聚烯 烃产量增幅高达213.33%。 阳光时代律师事务所合伙人、国企混改中心负责人朱昌明在接受《 ...

此次重组覆盖煤炭生产、坑口煤电、煤化工及煤炭物流等关键能源领域。交易完成后，中国神华总资产规模将增加超2000 亿元，煤炭可采储量、年产量及发电装机容量等核心指标均实现大幅提升，其中聚烯烃产量增幅高达213.33%。 "当前，央国企的并购重组逻辑已从过去追求规模扩张的'物理合并'，全面转向聚焦主业、优化布局、创造价值的'化学融 合'。站在年末回望，这场以'增强核心功能、提高核心竞争力'为主线的央国企并购，已呈现出战略导向更鲜明、产业逻辑更深 化、运作方式更加市场化的鲜明特征。"朱昌明认为。 阳光时代律师事务所合伙人、国企混改中心负责人朱昌明在接受《证券日报》记者采访时表示，从这起千亿元级央企并购 案看，其借鉴意义在于彻底打通了国家能源集团内部"煤电路港航化"全产业链的堵点。通过注入煤炭生产、坑口煤电、煤化工 及物流等关键环节资产，构建更加完整、更具韧性的全产业链闭环，直接强化协同效应和能源保供能力。此次重组不仅仅是简 单的"合并同类项"和"消除内卷"，更是中央企业善用资本市场通过并购增强产业链韧性和竞争力、加快建设世界一流企业的重 要体现。 展望2026年，朱昌明预计，央国企并购重组将围绕横向整合、纵向整合、 ...

Core Viewpoint - The coal industry is undergoing accelerated consolidation under the trend of mergers and acquisitions among state-owned enterprises, with China Shenhua's significant acquisition plan being a key example [1][10][15]. Group 1: Acquisition Details - China Shenhua, the largest coal listed company in China with a market value of nearly 750 billion, has announced a suspension of trading due to a major acquisition plan involving 13 companies, 11 of which are subsidiaries of the State Energy Group [1][2]. - The acquisition is expected to exceed 100 billion, significantly enhancing China Shenhua's performance and impacting the entire coal industry [1][3]. - The 13 target companies cover the entire coal industry chain, including coal mining, coal power, coal chemical, port transportation, and online trading [1][9]. Group 2: Target Companies Overview - The 13 companies include major players such as Guoyuan Power, Xinjiang Energy Chemical, and UHV Energy, among others, with a focus on coal mining and related services [3][4]. - The majority of these companies are second-tier subsidiaries of the State Energy Group, indicating a substantial integration of resources into China Shenhua [4][5]. Group 3: Industry Context - The coal industry is experiencing a wave of mergers and acquisitions, driven by policies aimed at strengthening state-owned enterprises and avoiding competition among them [10][11][15]. - In 2024, the top ten coal-producing companies in China accounted for nearly 50% of the total output, highlighting the concentration of production within a few large entities [11][23]. - The State Energy Group is the largest coal producer globally, with a coal production of 620 million tons in 2024, further emphasizing the scale of the industry [16][23]. Group 4: Financial Performance - China Shenhua reported a total asset value of 658.068 billion and a net profit of 68.865 billion in the previous year, with a coal production of 327 million tons [21]. - The State Energy Group's coal-related business generated significant revenue, with coal sales contributing to over 50% of its total income [16][20]. Group 5: Future Outlook - The ongoing consolidation in the coal sector suggests that further asset injections from the State Energy Group into China Shenhua may occur, potentially leading to a more dominant position in the market [23].