State-owned enterprises accelerate mergers and restructuring, and horizontal integration becomes the mainstream trend.

State-owned enterprises are planning to increase their holdings to acquire 100% equity of Bai Yinhua Coal Power and to acquire 70% equity of Xiamen Port Group Container Terminal... In the first half of 2025, merger and acquisition restructuring cases led by listed companies under central SOEs showed the characteristics of "large scale, fast speed". According to Guosen Securities statistics, as of the close of June 23, 2025, there were a total of 16 major merger and acquisition restructuring cases in progress this year with central SOEs as the bidders. Wang Kai, chief strategist analyst at Guosen Securities, believes that central SOE leading companies will effectively increase their own valuation levels and enhance the market's expectation of value reevaluation for high-quality assets by integrating dispersed resources. At the same time, the progress of merger and acquisition restructuring will promote the increase of industry concentration, and further promote the formation of an industrial pattern led by high-quality leading enterprises for innovative development.