SPD BANK(SH:600000) Zheng Quan Shi Bao·2025-12-24 21:37Group 1 - The banking industry is accelerating innovation in the mergers and acquisitions (M&A) finance sector, with several landmark "first deals" being executed, such as the issuance of the first digital RMB M&A loan in Hunan Province by Beijing Bank [2][3] - In December, Beijing Bank issued a digital RMB M&A loan of 10 million yuan to a cultural technology company, marking the first such loan in Hunan Province, with a loan term of 10 years and a loan-to-value ratio of 80% [3] - Shanghai has seen a significant increase in market activity, with a 77.2% year-on-year increase in the Shanghai sub-index of the China M&A Comprehensive Index (2025) in Q3, and the Yangtze River Delta region accounting for 60% of the national total in M&A transaction value [6] Group 2 - Major banks are transitioning from executing business to building ecosystems and advocating for rules, as evidenced by high-profile forums and workshops held throughout the year [4][5] - The financial regulatory authority has introduced policies to support M&A loans, increasing the loan-to-value ratio for controlling stakes to 80% and extending the loan term to 10 years, which has stimulated market activity [6] - The establishment of the "M&A Alliance" by several institutions aims to enhance the activity, professionalism, and internationalization of the M&A market, with a target to support over 1.2 trillion yuan in national M&A transactions by 2027 [8]