Since July 2025, listed companies under the control of central state-owned enterprises (SOEs) have ramped up their efforts to acquire assets held by their controlling shareholders. A notable share of these mergers and acquisitions (M&As) has centered around strategic emerging industries. Industry analysts predict that central SOE listed firms will persist in fostering industrial synergy and resource consolidation, solidifying and lengthening industrial chains, and bolstering their core competitiveness. Bolstered by policy support, the regulatory efficiency of M&As has witnessed a marked upswing, paving a swift pathway for the infusion of premium assets. The M&A activities of central SOEs are predominantly geared towards industrial chain integration, with firms transitioning from a sole focus on scale expansion to a pursuit of synergistic benefits across the entire industrial chain.