Core Insights - The "Six Merger Guidelines" have laid the foundation for a new prosperous phase in the A-share merger and acquisition market, with expectations for increased activity by the second half of 2025 [1][2] Group 1: Market Characteristics - The current M&A market is characterized by innovative transaction models, active technology-driven mergers, and a notable increase in acquisitions of quality unprofitable assets [1] - Innovative transaction models such as targeted convertible bonds, differentiated pricing, and flexible performance commitment arrangements are emerging, effectively meeting the needs of different parties and reducing acquisition costs [1] - Strategic emerging industries like semiconductors, high-end equipment manufacturing, and biomedicine are becoming hotspots for M&A activity, driving industrial upgrades and accelerating the transformation of technological achievements [1] Group 2: Market Activity - From 2024 to mid-July 2025, the total number of listed company acquisitions exceeded 250, indicating a significant increase in market activity [2] - The motivations for current listed company acquisitions are diverse, including strategic integration by industrial groups, local state-owned capital expansion, and private equity fund investments aimed at promoting industrial consolidation [2] - Notable examples include Haier Group acquiring control of Shanghai Laishi, China Resources Group acquiring Changdian Technology, and Qiming Venture Partners acquiring Tianmai Technology, showcasing strategic foresight in business layout [2] Group 3: Policy Impact - The "Six Merger Guidelines" continue to release policy dividends, driving breakthroughs in the A-share M&A market in terms of activity, innovative models, and industry orientation [2] - As the effects of these policies become more pronounced, M&A restructuring is expected to become a crucial engine for optimizing resource allocation and enhancing the quality and efficiency of real enterprises, contributing to sustainable growth in the capital market [2]

21世纪经济报道 实习生 张长荣 记者 崔文静 北京报道"'并购六条'为A股并购市场开启繁荣新阶段奠定 基础。"中金公司投资银行部并购组执行总经理康攀近日在《21世纪经济报道》主办的"并购破局：存量 时代的投退博弈"闭门研讨会的主题演讲中表示。他认为，当前并购市场呈现交易模式不断创新、科创 并购持续活跃、强链补链的优质未盈利资产标的频现等鲜明特点。随着各类创新交易模式的不断涌现， 2025年下半年A股并购重组市场值得期待。 2024年9月，证监会发布"并购六条"，明确提出助力新质生产力发展、加大产业整合支持力度、提升监 管包容度、提高支付灵活性与审核效率等要求，引发市场热烈反响。据官方信息统计，"并购六条"发布 后至2025年7月中旬，全市场新增披露重大资产重组项目已达200单。在康攀看来，除了市场活跃度提 升，当前并购市场的四大特点也值得关注： 一是，交易模式不断创新。定向可转债、差异化定价、灵活设置业绩承诺安排等创新交易方案频现，有 效满足了不同交易方的需求，降低了并购成本，提升了交易达成的成功率；二是，科创并购活跃，战略 性新兴产业成为热点。半导体及集成电路、高端装备制造、生物医药等领域的并购交易层出不 ...

Group 1 - The National Intellectual Property Administration announced the winners of the 25th China Patent Award, with Xi'an achieving the highest number of awards in the province, totaling 17 projects [1] - The China Patent Award is the highest national honor in the patent field, co-hosted by the National Intellectual Property Administration and the World Intellectual Property Organization, aimed at recognizing significant contributions to technological innovation and economic development [1] - The awarded projects from Xi'an span key industries such as photonics, semiconductors, integrated circuits, solar photovoltaics, aviation, and power transmission equipment, highlighting the city's efforts in patent transformation and high-value patent cultivation [1] Group 2 - Xi'an has been actively developing a "Xi'an model" for intellectual property, focusing on high-quality creation, high-level protection, and efficient utilization, driven by its designation as a "National Intellectual Property Strong City Demonstration City" [2] - The city has organized a patent inventory with 67,000 patents recorded, and has published over 10,000 patent results and more than 1,200 technology demands through its intellectual property operation service platform [2] - As of April this year, Xi'an holds 109,400 invention patents, with an invention patent ownership rate of 83.68 per 10,000 people, ranking 18th in the 2024 Global Innovation Index by the World Intellectual Property Organization [2]

Group 1 - The core point of the article highlights that Xi'an has achieved significant recognition in the field of intellectual property, with 17 projects awarded in the 25th China Patent Awards, ranking first in the province for total awards [1][2] - Xi'an received 3 China Patent Silver Awards, 13 China Patent Excellent Awards, and 1 Excellent Award for Design, showcasing the city's strengths in key industries such as photonics, semiconductors, integrated circuits, solar photovoltaics, aviation, and power transmission equipment [1][2] - The awards reflect the city's efforts in promoting patent transformation and high-value patent cultivation, contributing to the development of independent intellectual property rights [1][2] Group 2 - Xi'an has established a "Xi'an Model" for intellectual property development, focusing on high-quality creation, high-level protection, and efficient utilization, driven by the construction of national intellectual property demonstration cities and protection zones [2] - The city has conducted a patent inventory, resulting in 67,000 patents recorded, and has launched a knowledge property operation service platform that has published over 10,000 patent results and more than 1,200 technology demands [2] - As of April 2025, Xi'an is projected to have 109,400 invention patents, with an invention patent ownership rate of 83.68 per 10,000 people, and ranks 18th in the 2024 Global Innovation Index by the World Intellectual Property Organization [2]

Core Viewpoint - Dongguan City aims to build a "global advanced manufacturing innovation leading city" by developing a modern industrial system characterized by "8+8+4," which includes traditional industries, strategic emerging industries, and future industries to support high-quality development [1][14]. Group 1: Industrial Structure - Dongguan has established a modern industrial system consisting of eight traditional advantageous industries, eight strategic emerging industries, and four future industries, creating a comprehensive industrial ecosystem [1][14]. - The eight traditional industries include food and beverage, paper and paper products, textiles and clothing, chemical manufacturing, furniture manufacturing, packaging and printing, toys and sporting goods, and molds and precision manufacturing [1][14]. - The eight strategic emerging industries focus on new-generation electronic information, high-end equipment manufacturing, semiconductors and integrated circuits, advanced materials, new energy, biomedicine and health, artificial intelligence, and low-altitude economy [1][14]. - The four future industries are next-generation mobile communication, frontier new materials, embodied intelligent robots, and future life health [1][14]. Group 2: Economic Performance - In 2024, Dongguan's GDP reached 1,228.215 billion yuan, with a year-on-year growth of 4.6%, indicating steady economic growth [5]. - The secondary industry added value was 6,800.80 billion yuan, growing by 6.6%, showcasing strong industrial growth momentum [5]. - The advanced manufacturing and high-tech manufacturing sectors saw significant growth, with advanced manufacturing value-added increasing by 11.1% and high-tech manufacturing value-added growing by 12.7% [7]. Group 3: Policy Framework - The "new quality productive forces" concept was introduced as a national strategy in 2024, emphasizing innovation-driven development and high-quality economic growth [11]. - Dongguan's government has implemented various policies to support the development of new quality productive forces, including plans for low-altitude economy, strategic emerging industries, and artificial intelligence integration into manufacturing [11][12]. - The city aims to cultivate over seven industrial clusters with a scale exceeding 100 billion yuan by 2027, with a focus on high-tech manufacturing and industrial investment growth [17]. Group 4: Future Development Trends - Dongguan is focusing on the integration of innovation chains and industrial chains, aiming to break through key technologies in semiconductors and industrial mother machines [29]. - The city plans to enhance the digital economy and advanced manufacturing integration, targeting a digital economy core industry scale of over 500 billion yuan by 2027 [30]. - Efforts are being made to accelerate green and low-carbon transformation, particularly in new energy and circular economy sectors [31]. - Dongguan aims to strengthen industrial collaboration with Shenzhen and Guangzhou, attracting global high-end innovation resources [32].

Core Insights - The total industrial output value of the semiconductor and integrated circuit industry in Songshan Lake has exceeded 30 billion yuan [1] - More than 60 upstream and downstream enterprises have gathered in the region, including 39 enterprises above designated size, covering R&D design, packaging testing, equipment, and materials [1] - Songshan Lake is actively building a "1+4+1+X" industrial system, positioning the semiconductor and integrated circuit industry as one of the four strategic emerging industries [1] Industry Development - The semiconductor and integrated circuit industry in Songshan Lake has established a relatively complete industrial chain [1] - A dedicated task force for the semiconductor and integrated circuit industry has been established to coordinate resources and assist in overcoming bottlenecks and enhancing development quality [1]