全球并购迎高质量新阶段

Core Viewpoint - The global M&A market is showing signs of recovery in 2025, with China's M&A market undergoing significant rule restructuring, leading to a near doubling of the number of M&A approvals and a substantial increase in major restructuring transaction volume compared to the past six years [1] Group 1: Policy Optimization - The "14th Five-Year Plan" emphasizes a positive stance on M&A restructuring for listed companies, aiming to deepen market reforms and support company transformations to foster world-class enterprises [4] - In 2025, the number of disclosed M&A events by A-share companies reached 4,044, with 147 major asset restructuring projects, marking a year-on-year increase of 44.12% [4] Group 2: State-Owned Enterprises and Strategic Restructuring - Major strategic restructuring cases involving state-owned enterprises have emerged, such as China Shenhua's acquisition of stakes in 13 companies under the National Energy Group, valued at 258.36 billion yuan [5] - The ongoing reform of state-owned enterprises is expected to deepen, focusing on core competencies and professional integration [5] Group 3: Technology Empowerment - M&A is anticipated to become a core tool for companies to adapt to industry changes and seek growth, particularly in the context of high-quality economic development [7] - The Sci-Tech Innovation Board has seen a significant increase in major restructuring transactions, with 36 deals in 2025, surpassing the total from 2019 to 2024 [7] Group 4: Global M&A Market Trends - The global M&A market in 2025 is characterized by a "volume shrinkage and price increase" trend, with a total transaction value of approximately $4.5 trillion, a nearly 50% year-on-year increase [10] - The focus of global M&A has shifted towards technology and security, with the technology sector accounting for over $1 trillion in M&A value [10] Group 5: Regional Dynamics - The global M&A landscape is marked by a "U.S. hot, Eurasia rising" trend, with U.S. transactions reaching approximately $2.3 trillion, the highest since 1998 [11] - The integration of technology and energy sectors is expected to increase, driven by the demand for AI infrastructure and energy assets [11] Group 6: Capital Market Support - In 2025, 164 listed companies in A-shares implemented directed placements, raising a total of 959.38 billion yuan, a 454.4% increase compared to 2024 [14] - The "14th Five-Year Plan" aims to enhance the flexibility and convenience of refinancing mechanisms, supporting M&A and optimizing company structures [14]