中证报中证网讯（记者 黄一灵）12月8日，2025年并购金融大会在沪举行。会上，浦发银行 （600000）、中国太保（601601）、国泰海通（601211）证券作为核心发起机构发起成立"并购联盟"， 推动并购重组市场高质量发展。 "并购重组既是资本市场优化资源配置的核心抓手，也是培育新质生产力、驱动经济转型升级的重要引 擎。"上海市政府副秘书长、市发展改革委主任顾军表示，《上海市支持上市公司并购重组行动方案 （2025-2027年）》发布一年来，上海并购市场呈现"量质齐升"的良好态势。上海在集成电路、生物医 药、人工智能等重点领域推动一批标杆案例成功落地，以并购重组切实提升产业集群的核心竞争力。 随着并购热潮持续升温，市场各方都期盼能有一个客观、准确、可量化的观测工具。在此背景下，中国 经济信息社与浦发银行联合发布"中国并购综合指数（2025）"。指数结果显示，以2022年一季度为基 期，基点为100点，指数在2025年三季度已达125.9点，显示出并购市场活力显著增强。浦发银行董事长 张为忠表示，并购重组在企业转型升级过程中是一个重要驱动力量，以产业协同、战略协同为目标的并 购已经成为主流。 《行动方案》 ...

Group 1 - The core point of the article is the appointment of Gong Dexiong as the President and Deputy Secretary of the Shanghai International Group after resigning from his position as Chairman of Dongfang Securities [1][2][4] - Gong Dexiong has extensive experience in the financial sector, having held various significant positions in securities, investment, futures, and asset management [4][5] - Shanghai International Group, established in April 2000, has over 300 billion yuan in registered capital and manages assets exceeding 3 trillion yuan, with a focus on serving Shanghai's international financial center and other strategic developments [6] Group 2 - In 2023, Dongfang Securities reported a revenue of 12.708 billion yuan, a year-on-year increase of 39.38%, and a net profit of 5.11 billion yuan, up 54.76% year-on-year [5] - The Shanghai International Group is a major shareholder in several financial institutions, including being the largest shareholder of Shanghai Pudong Development Bank and Shanghai Rural Commercial Bank [6] - The group has created five major fund management brands, managing assets exceeding 140 billion yuan [6]

大会现场，并购联盟同步发布《并购联盟支持上海国际金融中心建设行动方案》（以下简称"《行动方 案》"）。《行动方案》提出"一条主线、四大目标、四项行动、十二条措施"，明确并购联盟将通过全 链条综合服务，提升并购市场活跃度、专业度与国际化水平，使上海成为全国并购交易的集聚区，并带 动长三角和全国并购市场的活跃发展。未来三年内（2025-2027年），并购联盟力争实现支持全国并购 交易规模超1.2万亿元、上海区域并购交易规模超4000亿元，服务全国并购客户超1200家，实现市级重 点并购项目、长三角一体化核心项目的全覆盖。 浦发银行总行金融机构部总经理郑伟介绍称，"并购联盟将聚焦生态引领行动、数智赋能行动、金融护 航行动、跨境协调行动四项核心行动，推出12项具体举措，全方位提升并购服务能力，切实发挥并购对 实体经济的牵引和带动作用。" 本报讯 （记者张文湘 见习记者占健宇）12月8日，2025年并购金融大会在上海举办。活动现场，浦发银 行（600000）与太保集团、国泰海通证券作为核心发起机构，联合多家机构共同成立"并购联盟"，将携 手产业链各环节助力提升上海国际金融中心服务能级，推动并购重组市场高质量发展。 "并 ...

Core Viewpoint - The recent approval by the Chongqing Financial Regulatory Bureau for Harbin Bank to acquire two rural banks in Chongqing marks a significant step in the bank's expansion strategy in the southwest region, reflecting a broader trend of regional banks pursuing cross-province acquisitions to establish branches [1][5][6]. Group 1: Cross-Province Acquisitions - Harbin Bank's acquisition of Chongqing's Shapingba and Dadukou rural banks follows its earlier acquisition of Youyang Rural Bank, enhancing its presence in the region [6][31]. - This acquisition strategy is not unique to Harbin Bank; Jiangsu Bank has also successfully established a branch in Ningbo through a similar acquisition [7][32]. - The model of acquiring rural banks to establish branches has become a common approach for city commercial banks, allowing them to inherit the assets, liabilities, and customer base of the acquired banks [8][33]. Group 2: Policy Background - The regulatory environment for city commercial banks has shifted from leniency to tightening over the past decade, with significant restrictions on cross-regional operations [9][34]. - Historical regulations have limited city commercial banks from expanding beyond their local jurisdictions, with exceptions made for resolving high-risk institutions [9][34]. Group 3: Reform Wave - The ability of city commercial banks to establish branches across provinces is part of a broader reform aimed at accelerating the resolution of risks in small and medium-sized banks [10][35]. - As of mid-2025, 100 rural banks have undergone mergers or restructuring, indicating a significant increase in consolidation efforts compared to previous years [10][35]. Group 4: Regulatory Logic - Despite speculation about a loosening of cross-regional restrictions, industry professionals believe that such acquisitions will not become a standard practice and will continue to follow a case-by-case approval process [11][36]. - Regulatory bodies are expected to maintain strict oversight, ensuring that only proposals that effectively address risk and promote stable operations are approved [12][38]. Group 5: Bank Considerations - Acquiring existing rural banks allows city commercial banks to save capital and quickly gain access to established customer bases and operational networks [14][39]. - Harbin Bank reported a revenue of 7.386 billion yuan in the first half of 2025, with a net profit of 915 million yuan, highlighting the financial pressures that make acquisitions an attractive growth strategy [17][42]. Group 6: Future Trends - The trend of reducing the number of small and medium-sized banks while improving their quality is expected to continue, with a peak in mergers and restructurings anticipated in 2025 [18][45]. - The disappearance of rural banks reflects a strategic shift in the banking sector towards consolidation and enhanced risk management capabilities [20][47]. - Future acquisitions may occur, but this does not imply a complete lifting of restrictions on cross-regional operations for city commercial banks [23][49].

【导读】龚德雄出任上海国际集团总裁 中国基金报记者 含章 卸任东方证券董事长后，龚德雄去向落定。 12月9日，上海国际集团"官宣"，龚德雄出任集团党委副书记、总裁一职。据悉，龚德雄早些年曾任上海国际集团金融管理总部总经理，并长期深耕上海 国有金融体系，如今又回归上海国际集团。 就在今年初，时任海通证券董事长周杰调任至上海国际集团，担任董事长一职。 龚德雄出任上海国际集团总裁 记者注意到，12月9日，上海国际集团更新"集团领导信息栏"显示，龚德雄担任党委副书记、总裁一职。 就在昨日（12月8日），东方证券发布公告称，公司于近日收到龚德雄的辞职报告。龚德雄因工作调动，申请辞去公司董事长、执行董事和董事会战略与 可持续发展委员会主任委员、薪酬与提名委员会委员等职务，辞职后不再担任公司及控股子公司任何职务。 在新任董事长任职前，东方证券副董事长鲁伟铭将代为履行董事长、法定代表人及香港联交所授权代表职责。 龚德雄的新去向此前已有公示。根据上海发布11月14日消息，现任东方证券党委书记、董事长龚德雄拟提名任市管企业经理班子正职。 根据公开信息，龚德雄于1969年10月出生，大学，高级管理人员工商管理硕士，中共党员。 龚德 ...

【导读】龚德雄出任上海国际集团总裁 中国基金报记者 含章 卸任东方证券董事长后，龚德雄去向落定。 12 月 9 日，上海国际集团 " 官宣 " ，龚德雄出任集团党委副书记、总裁一职。据悉，龚德 雄早些年曾任上海国际集团金融管理总部总经理，并长期深耕上海国有金融体系，如今又回 归上海国际集团。 就在今年初，时任海通证券董事长周杰调任至上海国际集团，担任董事长一职。 龚德雄出任上海国际集团总裁 记者注意到， 12 月 9 日，上海国际集团更新 " 集团领导信息栏 " 显示，龚德雄担任党委副 书记、总裁一职。 龚德雄拥有丰富的金融从业经历，涵盖了证券、投资、期货、资产管理等多个领域。他曾任 上海国际信托投资公司证券部浦东营业部副主任、证券部投资调研科科长、证券部副经理， 上海证券有限责任公司党委副书记、纪委书记、副总经理兼海证期货有限公司董事长，上海 国际集团有限公司金融管理总部总经理，上海证券有限责任公司总经理、党委书记、副董事 长、董事长，上海国泰君安证券资产管理有限公司董事长、 CEO 。 龚德雄自 2023 年 4 月起担任申能（集团）有限公司副总裁， 2023 年 9 月担任东方证券 党委书记， 2024 ...

新华财经上海12月9日电（记者杜康）并购重组对提升企业竞争力、推动科技创新、培育新质生产力具 有深远意义。近年来，中央和地方政府围绕并购重组密集出台一系列重磅支持政策，政策红利持续释 放，市场活力不断激发，标杆案例密集涌现。 在8日举办的2025年并购金融大会上，中国经济信息社与浦发银行联合发布"中国并购综合指数 （2025）"，指数创新融合数据来源，构建了兼顾上市与非上市、标准化与非标市场的全景观测体系， 力求全面反映中国并购市场的整体活跃度与发展趋势，打造洞察并购市场的全新"风向标"。 据悉，"中国并购综合指数（2025）"除了一个综合指数，还包含长三角区域并购指数和科创并购指数2 个专项子指数，以及中国并购市场和跨境并购2个专题，以"1+2+2"的形式全面刻画中国并购市场态 势。 长三角是中国经济最活跃的区域之一，也是并购活力涌动的沃土。报告显示，自"并购六条"政策发布以 来，长三角区域子指数增速显著强于综合指数，截至2025年第三季度同比增长42.4%，高于主指数 35.5%的同比增幅。领军城市上海的表现尤为突出，同期增幅达77.2%，显示出极强的政策敏感性与市 场弹性。 当前，长三角并购市场呈现政策 ...

Core Viewpoint - As of December 9, 2025, Shanghai Pudong Development Bank (SPDB) reported a closing price of 11.32 yuan, reflecting a decrease of 0.61% with a turnover rate of 0.18% and a trading volume of 585,900 hands, amounting to a transaction value of 666.5 million yuan [1] Financial Performance - For the first three quarters of 2025, SPDB's main revenue reached 132.28 billion yuan, an increase of 1.88% year-on-year; net profit attributable to shareholders was 38.819 billion yuan, up 10.21% year-on-year; and net profit excluding non-recurring items was 38.9 billion yuan, rising by 14.54% year-on-year [2] - In Q3 2025, the bank's quarterly main revenue was 41.721 billion yuan, a year-on-year increase of 0.31%; quarterly net profit attributable to shareholders was 9.082 billion yuan, up 10.29% year-on-year; and quarterly net profit excluding non-recurring items was 8.916 billion yuan, increasing by 24.61% year-on-year [2] - The bank's liability ratio stands at 91.5%, with investment income reported at 18.867 billion yuan [2] Market Sentiment - Over the past 90 days, six institutions have provided ratings for SPDB, with five giving a "buy" rating and one an "accumulate" rating; the average target price set by institutions is 15.79 yuan [3]

12月9日金融一线消息，宁波金融监管局今日发布关于浦发银行收购宁波海曙浦发村镇银行设立支行的 批复，同意上海浦东发展银行股份有限公司收购宁波海曙浦发村镇银行股份有限公司，承接其资产、负 债、业务和员工，并设立上海浦东发展银行股份有限公司宁波天一支行。 责任编辑：曹睿潼 12月9日金融一线消息，宁波金融监管局今日发布关于浦发银行收购宁波海曙浦发村镇银行设立支行的 批复，同意上海浦东发展银行股份有限公司收购宁波海曙浦发村镇银行股份有限公司，承接其资产、负 债、业务和员工，并设立上海浦东发展银行股份有限公司宁波天一支行。 责任编辑：曹睿潼 ...

Core Insights - The banking industry's "opening red" marketing campaign for 2026 has started early, breaking the tradition of focusing efforts in the first quarter, with regional small and medium-sized banks leading the charge [2][11] - Different tiers of banks are engaging in differentiated competition in the deposit and wealth management sectors, with national banks focusing on customer operations and precise services, while small banks leverage high interest rates and physical gifts to attract deposits [2][11] Group 1: Marketing Strategies - Major banks are not engaging in homogeneous high-interest deposit competition but are focusing on deep customer engagement and optimizing business structures [12][13] - Agricultural Bank has launched a variety of credit card promotions to enhance customer activity, including a "five times points package" and other engaging activities [12][13] - China Bank is concentrating on asset enhancement and wealth management, with specific incentives for customers who increase their financial assets [12][13] Group 2: Small and Medium-Sized Banks - Small banks are adopting a "high cost-performance ratio" strategy to compete against larger banks, utilizing higher interest rates and physical gifts to attract local customers [5][14] - The interest rates for three-year large deposits at small and medium-sized banks are generally between 1.8% and 2.1%, exceeding the approximately 1.55% offered by major state-owned banks [8][17] - Physical incentives are also a significant strategy for small banks, with various promotional gifts being offered to customers who deposit funds [17] Group 3: Industry Trends - The early start of the "opening red" campaign is likely to become a norm in the banking industry in the coming years, driven by weak economic recovery and a trend towards more fixed deposits [2][11] - Analysts suggest that banks need to enhance customer profiling and demand insights while optimizing assessment mechanisms to avoid a focus solely on scale [2][11]