并购金融竞争拼的是银行能力体系

Core Viewpoint - The current synergy of policy support and industrial transformation is driving the M&A market into a new phase of structured activity, with commercial banks strategically positioning themselves in the M&A sector, indicating a reshaping of public business patterns and serving as a window to observe how Chinese finance systematically empowers the transformation and upgrading of the real economy [1][2]. Group 1: Industry Trends - The traditional interest margin model is under pressure, making high-tech and high-value-added M&A finance a key option for banks to explore a second growth curve and optimize income structure [1]. - M&A serves as a top-level strategic decision for enterprises, providing banks with a valuable opportunity to upgrade client relationships, transitioning from basic financial service providers to "strategic co-creation partners" for long-term corporate development [1]. Group 2: Competitive Dynamics - As the strategic direction becomes an industry consensus, the core of competition shifts from "whether to layout" to "how to win," with the competition in M&A finance evolving into a contest of deeper capability systems [1]. - Future competitive advantages may depend on three core dimensions: 1. Depth of industry cultivation, requiring banks to establish profound industry insights beyond financial statements in specific cutting-edge fields like AI and biotechnology [2]. 2. Breadth of ecological integration, necessitating collaboration with top investment banks, law firms, accounting firms, and private equity funds to create a stable and trustworthy "service community" for comprehensive solutions [2]. 3. Precision in risk pricing and management, as technology M&A involves new risks that demand advanced risk management tools and models from banks [2]. Group 3: Financial Services Capability - The construction of comprehensive financial service capabilities is becoming crucial for banks to build future core competitiveness, with M&A business serving as a comprehensive test of banks' industry research, transaction design, resource integration, and risk management levels [2].