全面能力升级！申港证券吴晶：从通道服务到生态整合，投行要实现能力跃迁

Core Viewpoint - The implementation of the "M&A Six Guidelines" has significantly revitalized China's M&A market, shifting the focus from quantity growth to quality improvement and from arbitrage-type mergers to strategic and industrial mergers [2][3]. Group 1: Market Dynamics - Since the release of the "M&A Six Guidelines," there has been a notable structural change in the M&A market, with a 117.3% year-on-year increase in the number of major asset restructuring announcements, totaling 163 cases, and a 172.9% increase in transaction value to 472.478 billion yuan [3]. - The current environment presents a strategic opportunity for M&A business development, supported by improved review efficiency, payment tools, and valuation inclusivity [3][4]. Group 2: Strategic Shifts - Companies are increasingly engaging in horizontal mergers to enhance market concentration and reduce costs, while vertical or cross-border mergers are being pursued to acquire key technologies and talent [4]. - The shift from financial arbitrage-based acquisitions to strategic acquisitions based on industrial logic is becoming the mainstream approach in the market [4]. Group 3: Securities Firms' Transformation - Securities firms must upgrade their capabilities from traditional service models to comprehensive financial advisory roles, integrating industry insights, strategic vision, and risk management [5][6]. - Firms need to develop strong transaction design and innovation capabilities, utilizing diverse payment tools to maximize transaction success rates [6]. Group 4: Resource Integration and Ecosystem Development - A holistic approach to resource integration is essential, breaking down internal departmental barriers to provide comprehensive services [7]. - Establishing a robust external ecosystem that includes various stakeholders such as technology firms, investment institutions, and government bodies is crucial for effective resource matching [7]. Group 5: Post-Merger Management - Developing forward-looking post-merger management and integration consulting capabilities is vital for creating differentiated value and fostering long-term client relationships [7]. Group 6: Market Development Suggestions - Future policies should focus on balancing market vitality with risk management, enhancing valuation inclusivity, and establishing pre-communication mechanisms for major transactions [8][9]. - Strengthening regulatory oversight and accountability for market participants is necessary to ensure integrity and trust within the M&A ecosystem [9].