Group 1 - The core viewpoint of the articles highlights the positive impact of policy innovations on the influx of long-term capital into technology enterprises, particularly through the pilot program for mergers and acquisitions (M&A) loans initiated by the National Financial Regulatory Administration [1] - The M&A loan policy trial has expanded the support scope to include equity mergers, addressing the diverse needs of enterprises for strategic investments and technology collaboration, which is crucial for nurturing new productive forces [1] - Data from Wind Information indicates that there were 5,870 disclosed M&A events in China's market from January to September 2025, with a total transaction scale of 14,981 billion, suggesting a significant market activity that could release financing space in the billions [1] Group 2 - The sustainable development of M&A loans requires a balance between innovation and risk prevention, with banks facing challenges such as increased credit risk exposure and the need for enhanced professional capabilities to assess new types of mergers [2] - Companies may face risks from blindly increasing leverage due to policy relaxation, which could lead to poor asset-liability structures and operational risks stemming from integration challenges post-merger [2] - A multi-party collaborative governance system is essential for the prudent advancement of M&A loans, with local regulatory bodies needing to create tailored regulations and banks enhancing their risk management processes [3]