Open source securities: State-owned asset integration and technology mergers and acquisitions are in full swing, giving birth to a new round of M&A investment opportunities.

The open-source securities research report pointed out that since the implementation of the "Six Measures for Mergers and Acquisitions", the integration of central state-owned enterprises and mergers and acquisitions in hard technology have gradually become the two core trends of this round of merger and reorganization wave. On the one hand, driven by factors such as support for state-owned enterprise reform policies, industrial transformation and upgrading, group asset securitization, and market value management assessment, central state-owned enterprises are expected to become the leading force in the new round of merger and reorganization wave. On the other hand, policies supporting the merger and reorganization of technology-based enterprises are frequently issued, emphasizing the priority support for technology-based enterprises that are engaged in key core technology research, and increasing efforts to cultivate and strengthen leading technology enterprises and chain-leading enterprises. Based on the above two trends, two main themes for finding potential merger targets are proposed: Theme one is the merger and reorganization of central state-owned enterprises, including undervalued state-owned enterprises and state-owned enterprises planning to achieve valuation growth through merger and reorganization, state-owned enterprises involved in industry competition and have already clearly resolved the competition period, and state-owned enterprises with a low rate of group asset securitization and quality assets that can be injected into listed companies. Theme two is the merger and reorganization of "hard technology", including key "hard technology" industry chain-leading enterprises, established "hard technology" segment leaders with platform layout, and "hard technology" enterprises that have publicly disclosed merger intentions.