CITIC Securities: There are three points worth following for the future direction of mergers and acquisitions.

Jinshi Data News on October 27th: Great Wall Securities believes that there are three points worth following for the direction of future mergers and acquisitions: First, the focus of mergers and acquisitions is on the "Double Creation" zone. In the opinion of mergers and acquisitions, "helping new production forces" is put in the first place, which means that the core purpose of future mergers and acquisitions is to gradually guide resources to fields with stronger technological attributes. Mergers and acquisitions may occur more in the companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market. Second, strengthening the chain, complementing the chain, improving the industry concentration, and integrating internal resources of the group are the two key directions of mergers and acquisitions. Third, the probability of the merger and acquisition behavior of "backdoor listing" failing may be high. From the guidance point of view, the behavior of "backdoor listing" does not meet the conditions for optimizing the quality of listed companies, and from past experience, there are very few cases of "backdoor listing" that meet the direction of policy support in this round. Therefore, in the future trend, the probability of the success of this behavior is not high.