| With the advent of the digital economy,digital technologies such as big data and intelligent AI are starting to come into the limelight.Digital technology has begun to penetrate into every aspect of the economy and society,and its impact on all industries has been significant.Companies in the traditional manufacturing industry have embarked on the road of digital transformation one after another.Shanghai M&G Stationery’s position in the stationery manufacturing industry belongs to the industry leader,Shanghai M&G Stationery in its own enterprise digital upgrading and transformation environment,in 2017 began to transform the investment strategy,from specialized investment to diversified investment,and achieved good results.This paper takes Shanghai M&G Stationery,a stationery manufacturing enterprise in the context of digitalization,as the research object,and conducts a study along the lines of transformation motivation,transformation path and transformation effect.Firstly,after sorting out the studies of scholars on the transformation methods,investment strategies and analysis of the effects of investment strategies in the context of digitalization,the starting point of this paper is found and the basic framework of this paper is proposed.Secondly,the basic situation of Shanghai M&G Stationery at present and the analysis of internal and external environment can be known: Shanghai M&G Stationery is a leading enterprise in stationery manufacturing industry.Before investing in strategic transformation,having a national education support policy,economic development prosperity,humanities support education,innovative technology emergence and so on suitable external environment suitable for transformation,industry level traditional stationery industry development saturation,the industry development trend tends to innovation to promote morning glory stationery make transformation.Internal motivation involves the internal environment to support the expansion of enterprises,the traditional business is tired of the need for new business growth points,business operations capacity backward should be combined with the Internet of Things,industry innovation needs and so on.The abovementioned motivations have pushed Shanghai M&G Stationery to make investments in strategic transformation.Moreover,combing the specific transformation path of the morning light stationery can be seen,the implementation of the investment strategy transformation path there are four,one is the morning light stationery active mergers and acquisitions of Ou Di and Ansuo education to develop new business,the second is the morning light stationery R & D office platform with the opening of retail shops to expand sales,the third is the morning light stationery acquisition Beckman,external distribution system to explore overseas markets,the fourth is the morning light stationery financial aspects of reducing bank wealth,increase free funds with the strategic transformation.Finally,the evaluation of the effect of the transformation of the investment strategy of morning glory stationery.Morning Glory stationery transformation,investment strategy transformation is completed to a high degree,specifically in the following aspects: in the management effect,the ability to control expenses is good,to achieve an equal increase in profits and expenses,asset management capabilities are steadily increasing;in the operating effect,although a part of the lower profit margin,but to achieve an increase in operating income,to achieve value conversion,while the return on net assets is a year-on-year increase,the return on shareholders’ equity can be guaranteed.The level of return on shareholders’ equity can be assured.Growth capacity is highly correlated with active investment activities;in terms of financial results,short-term solvency has decreased and debt service risk has increased,in line with the characteristics of an expansionary investment strategy;there are large fluctuations in the price-to-earnings ratio in terms of enterprise value,which is highly correlated with the investment profile of the business,and Tobin’s q-value has steadily increased,with the implementation of the strategy in place.The article concludes with suggestions for optimising the transformation of the investment strategy in the light of the actual situation of Shanghai M&G Stationery.As a leading enterprise in the traditional stationery manufacturing industry,Shanghai M&G Stationery has taken the lead in the investment strategy transformation in the industry,and the comprehensive effect of investment in the process of investment strategy transformation is good,which is an excellent case of smooth transformation,and the summary of its successful experience has implications for the investment strategy transformation of similar enterprises.The possible innovations of this paper are:(1)the innovation of the evaluation system,the evaluation system of this paper contains three levels.Firstly,the synergistic effect generated by the M&A act is taken as the main part of the index system,which forms the basis of the evaluation system in conjunction with the assessment of enterprise value.Secondly,on this basis,the synergy effect is evaluated by constructing a three-dimensional cubic model.Finally,all the indicators involved in the previous analysis are processed through the mutation model as well as the normalisation formula,resulting in a comprehensive evaluation index that reflects a more objective evaluation effect.(2)Standing in the perspective of the digital background,the path of the transformation of the enterprise investment strategy is condensed,and the ways and means of integrating digital technology with the enterprise economy are expressed intuitively,and the specific behaviours made by Shanghai M&G Stationery in the digital background are summarised to concretize the impact of digital technology on Shanghai M&G Stationery. 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