Core Viewpoint - Revitalizing dormant assets through the activation of existing stock is essential for promoting efficient resource utilization and is a key measure to facilitate the circulation of the national economy, providing stronger support for the qualitative and quantitative growth of the Chinese economy [1][2]. Group 1: Importance of Revitalizing Existing Assets - The activation of existing stock is beneficial as it helps to address supply bottlenecks of production factors, mitigate local government debt risks, and create more space for industrial upgrades [1]. - China has accumulated a vast amount of existing assets in infrastructure and other sectors, with many of these assets, such as idle factories and warehouses, not being fully utilized [1][2]. Group 2: Challenges in Revitalizing Existing Assets - Revitalizing existing resources is complex due to the wide range of asset types and the involvement of inefficient and idle resources, which often relate to poorly performing entities and complicated ownership issues [2]. - Successful handling of these challenges requires coordination among various departments, such as economic development zones and natural resources, as well as active cooperation from the involved enterprises [2]. Group 3: Strategies for Activation - The starting point for revitalizing existing stock is to clearly understand the types, scale, and ownership of these resources, which involves creating a comprehensive inventory and categorizing assets [2]. - Market-oriented approaches are crucial for unlocking the potential value of idle assets, such as upgrading old factories and utilizing public REITs to convert existing assets into more liquid financial assets [3]. - Various methods exist for revitalizing existing assets, including standardized transactions, mergers and acquisitions, and market-oriented debt-to-equity swaps, emphasizing the need for tailored strategies based on local conditions [3].

Core Viewpoint - Tianjin has introduced measures to support mergers and acquisitions (M&A) that allow state-owned assets and government-guided funds to exit low-profit or loss-making projects under the premise of fulfilling their responsibilities [1] Group 1: Policy Measures - The Tianjin Municipal Financial Management Bureau, Tianjin Securities Regulatory Bureau, and other departments have jointly released several measures to support M&A and restructuring [1] - A capital market service platform will be established to enhance information sharing and business collaboration [1] - Innovative product offerings such as Sci-tech bonds and public REITs will be expanded [1] Group 2: Resource Development - The initiative will leverage 12 key industrial chains, listed backup resources, and enterprises from the Tianjin High-tech Innovation Park to identify quality M&A targets [1] - A resource database covering a modern industrial system will be constructed [1] Group 3: Service Alliance - A capital market service alliance will be formed, involving banks, securities firms, funds, and law firms to create a professional M&A service team [1] - Policy training and precise matchmaking will be conducted through a technology finance roadshow center [1] Group 4: Regulatory Support - Green channels for registration and environmental assessments will be opened for key industrial projects [1] - Regulatory measures will be implemented in accordance with the law, and a performance evaluation and error-correction mechanism for state-owned assets and government-guided funds will be established [1]