瑞银中国并购报告 Table of contents Outlook for M&A activities in different sectors ..................................................................5 China M&A: correlation with macro and market ...............................................................7 International M&A: resources, brand, technology and market........................................11 Domestic M&A: focus on industry consolidation ..............................................................22 Sector outlook for M&A activities ....................................................................................39 Airlines........................................................................................................................40 Aluminium....................................................................................................................44 Automobiles.................................................................................................................48 Cement ........................................................................................................................52 Coal .............................................................................................................................54 Consumer electronics..................................................................................................56 Electronics retailing .....................................................................................................60 Fast-moving consumer goods .....................................................................................64 Internet ........................................................................................................................68 Oil & gas ......................................................................................................................72 Power equipment.........................................................................................................76 Shipping.......................................................................................................................79 Steel ............................................................................................................................83 Telecom equipment.....................................................................................................86 Telecom services.........................................................................................................89 The ‘National Champions’...............................................................................................93 Angang/Bengang Group..............................................................................................94 Air China......................................................................................................................98 Aluminum Corporation of China ................................................................................101 Baoshan Iron & Steel ................................................................................................104 China Minmetals........................................................................................................107 China Mobile (HK) .....................................................................................................109 China Telecom ..........................................................................................................111 China National Offshore Oil Corp..............................................................................113 China COSCO Holdings ............................................................................................116 China Shipping Development...................................................................................