新华财经上海1月8日电（记者王淑娟）2025年，中国投资并购市场迎来了快速复苏与深刻的结构性转 变。罗兰贝格8日最新发布的趋势报告显示，价值重构驱动中国并购交易再跃迁，主要趋势包括产业整 合升级催生国内并购复苏、外资业务调整孕育国内分拆需求、中企出海深化推动海外投资浪潮。 （文章来源：新华财经） 此外，随着中国企业国际化进程的加速，出海并购成为了中国并购市场的重要组成部分。报告指出，跨 境并购不仅能帮助中国企业获得新的市场份额，还能通过资源整合与技术提升，进一步加强其全球竞争 力。跨境并购活动的多样化和跨区域性将推动中国企业更深度地融入全球产业链，进一步加快其国际化 步伐。 展望2026年，报告认为，随着中国经济逐步恢复、资产估值调整和香港上市热度延续等，积极的市场情 绪预计将延续。 罗兰贝格全球合伙人吴钊指出，从金额到数量都反映出一个事实，中国市场中不管是财务投资人还是产 业投资人，对于投资并购的关注都已经进入稳健复苏的阶段，在募投管退不同环节实现了全面的修复。 从投资主体结构来看，国资产投平台和国有基金更加主动和活跃，另外来自于险资、引导基金、市场化 的VC和PE等也更加积极地主动出手。值得关注的是，他认 ...

2025年12月31日，《商业银行并购贷款管理办法》（以下简称"新规"）正式发布，北京银行第一时间推 进落实，上海分行于2026年1月4日成功落地全国首批符合新规导向的并购贷款业务，为上海某民营上市 科技企业参股标的企业35%股权提供融资支持，贷款金额2，100万元，融资比例60%，期限3年，这是 并购贷款新规拓宽适用范围允许参股型并购后，市场首批创新实践。 本笔业务的并购方是一家全产业链布局的创新型生物制药上市公司，深耕肿瘤、自身免疫等多个治疗领 域，并独立承担多项国家重大科技创新项目。标的方致力于神经退行性疾病领域颠覆性诊断解决方案， 在相关药物研发、靶点发现、临床转化等核心环节拥有技术积累与独家优势。交易实现了战略协同效 应，有利于并购方快速填补神经疾病赛道空白，实现"研发-生产-营销"全链条的战略延伸，加速完善多 领域协同发展的业务格局。 随着"新国九条""并购六条"等政策陆续出台，产业整合升级趋势逐渐形成，并购重组发展前景广阔。新 规拓宽了并购贷款适用范围，允许并购贷款用于参股型并购；同时优化了贷款条件，进一步提高控制型 并购贷款占并购交易价款比例上限至70%，延长贷款最长期限至10年，更好地满足企 ...

新规落地。 12月31日，金融监管总局发布《商业银行并购贷款管理办法》（下称《办法》），进一步拓宽了并购贷 款适用范围，允许并购贷款用于参股型并购；同时，优化贷款条件，将控制型并购贷款占并购交易价款 比例上限提高至70%，贷款最长期限也延长至10年。此外，《办法》设置了差异化展业资质要求，对开 展控制型和参股型并购贷款的银行设置了不同的资产规模要求；突出并购方偿债能力评估，强调借款人 和并购交易审查并重。《办法》自印发之日起施行。 《办法》实施后，科技企业并购贷款试点政策、上海临港新片区非居民并购贷款试点政策，以及监管部 门会同有关部委出台的相关行业政策文件仍然有效。 允许并购贷款用于参股型并购 "随着新'国九条''并购六条'等政策陆续出台，产业整合升级趋势逐渐形成，并购重组发展前景广阔。立 足新形势下并购市场发展需求，有必要及时调整优化《商业银行并购贷款风险管理指引》，提升金融供 给对市场需求的适配性，有效增加并购资金支持，促进并购市场高质量发展，推动产业转型升级，巩固 经济持续回升向好态势。"金融监管总局有关司局负责人指出。 《商业银行并购贷款管理办法（征求意见稿）》曾于今年8月20日至9月20日公开征求 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 贾 丽 近日，中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见，提出细化完善上市 公司收购、重大资产重组等规定，进一步明确财务顾问的职责定位和独立性要求，支持产业整合升级和 企业转型。同时，在近日举行的第四届中国并购与重组论坛（2025）上，并购重组相关话题成为焦点。 政策暖风频吹，企业并购动作频频。根据上述论坛发布的数据，今年前三季度我国并购交易规模超过 9400亿元，交易笔数为2943笔。对比来看，交易规模结束连续两年下行趋势，而笔数仍在缩减。这 一"规模升、数量降"的变化，折射出我国并购重组活动正从"重数量"的粗放扩张，转向"重规模、重质 量"的战略进阶。 责任编辑：高佳 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ■ 贾 丽 近日，中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见，提出细化完善上市 公司收购、重大资产重组等规定，进一步明确财务顾问的职责定位和独立性要求，支持产业整合升级和 企业转型。同时，在近日举行的第四届中国并购与重组论坛（2025）上，并购 ...

Core Viewpoint - The document outlines a set of guidelines aimed at enhancing the quality of listed companies in Beijing through mergers and acquisitions (M&A), aligning with national policies for high-quality economic development and risk prevention [2][3]. Group 1: Focus Areas for M&A - Encourage resources to concentrate on new productive forces, particularly in strategic emerging industries such as artificial intelligence, healthcare, integrated circuits, and renewable energy [3]. - Promote industry consolidation through M&A, urging companies to integrate upstream and downstream assets to achieve significant market valuations [3]. - Support cross-industry and cross-regional M&A activities, facilitating strategic investments from foreign investors to enhance international competitiveness [3][4]. Group 2: Market-Driven Approach - Ensure fair treatment of all market participants in M&A transactions, allowing companies to make independent decisions based on their development needs [4]. - Attract key industry M&A projects to Beijing by providing tailored services based on the characteristics of different ownership types [4]. - Enhance the professional capabilities of intermediary institutions to facilitate M&A transactions effectively [4][5]. Group 3: Government Support and Efficiency - Establish a list of key M&A targets to support the development of specialized and high-quality enterprises [5]. - Create a non-profit M&A service platform to provide comprehensive support, including policy consultation and transaction matchmaking [5][6]. - Assist in resource integration post-M&A to ensure successful project implementation and support for key industry projects [6]. Group 4: Regulatory Framework - Strengthen regulatory oversight of M&A activities, ensuring compliance with information disclosure and legal obligations [7]. - Develop a risk monitoring and early warning mechanism for M&A activities to address potential market irrationalities [7]. - Optimize compliance and safety reviews related to M&A, particularly concerning state-owned assets and anti-monopoly regulations [7]. Group 5: Organizational Support - Enhance organizational leadership in M&A activities, ensuring that relevant units implement policies effectively [7]. - Foster collaboration between city and district levels to create a cohesive approach to M&A services [7].

Core Viewpoint - The article discusses the implementation of policies in Beijing aimed at promoting long-term capital market participation and enhancing the quality of listed companies through various measures [2][4]. Group 1: Implementation Opinions - The "Implementation Opinions" aim to establish a long-term performance evaluation mechanism for commercial insurance funds and other long-term capital, encouraging a focus on long-term performance [5][6]. - It emphasizes the importance of improving the quality of listed companies in Beijing, encouraging share buybacks and increases in holdings by qualified companies [5][6]. Group 2: Measures to Promote Capital Market - The measures include the development of equity public funds, supporting the stable growth of private equity funds, and guiding fund companies to shift from scale-oriented to investor return-oriented strategies [5][6]. - There is a focus on optimizing the investment policy environment for commercial insurance funds and pensions, enhancing the coverage and flexibility of enterprise annuities and personal pensions [5][6]. Group 3: Encouragement of Financial Institutions - The opinions encourage bank wealth management and trust funds to actively participate in the capital market, optimizing incentive mechanisms and improving channels for market entry [7][8]. - The aim is to increase the scale of equity investments from these financial institutions [7][8]. Group 4: Progress in Long-term Capital Market Participation - The article notes positive progress in the participation of long-term capital in Beijing's market, with 45 companies approved for share buybacks totaling 19.33 billion yuan and 285 companies distributing cash dividends amounting to 605.4 billion yuan [10][11]. - As of September, the number of equity funds managed by companies in Beijing reached 1,090, with a total scale of 1.94 trillion yuan, reflecting a year-on-year growth of 19% in product numbers and 25.56% in scale [11]. Group 5: Promoting High-Quality Development - The article highlights the release of opinions aimed at promoting high-quality development in venture capital and private equity investment, focusing on creating a comprehensive ecosystem for fundraising, investment, management, and exit [13][14]. - It encourages mergers and acquisitions to enhance industry integration and the quality of listed companies, particularly in strategic emerging industries and future industries [14].

Core Viewpoint - The acquisition of Zhejiang Suote by Dike Co., Ltd. is a strategic move to enhance industry integration and upgrade, aligning with the ongoing "anti-involution" trend in the photovoltaic industry [1][4]. Group 1: Acquisition Details - Dike Co., Ltd. announced the cash acquisition of 60% equity in Zhejiang Suote, with a supplementary agreement to protect the interests of minority shareholders [1]. - The performance commitment from the controlling shareholder, Mr. Shi Weili, includes a net profit guarantee of no less than 68.1 million yuan, 90.8 million yuan, and 128.1 million yuan for the years 2025, 2026, and 2027 respectively, totaling a minimum of 287 million yuan [2]. Group 2: Technological Synergy - The acquisition will allow Dike Co. to gain control over the Solamet photovoltaic silver paste business, which has a strong technological foundation and a history of innovation [2][3]. - Solamet's advanced technologies, such as the Pb-Te-O patented glass material and LECO laser carrier injection technology, are expected to enhance Dike's product offerings and market competitiveness [3]. Group 3: Market Context and Growth Strategy - The photovoltaic industry has faced challenges such as overcapacity and price wars, prompting a shift towards high-quality development as emphasized by recent government policies [4]. - Dike Co. aims to optimize its business structure by acquiring quality assets, positioning itself to seize growth opportunities in a recovering market [4]. - The company is also exploring high-copper paste solutions to reduce costs and mitigate the impact of silver price fluctuations, which is expected to open new growth avenues [5].

Group 1 - A total of 161 A-share companies have announced private placement plans as of June 16 this year, involving 221 projects, compared to only 18 companies and 21 projects in the same period last year [1] - The main purposes of these private placements include asset acquisitions, project financing, and supplementing working capital [1] - Industry experts indicate that policy support and improved market conditions have enhanced the willingness of listed companies to refinance, with private placements evolving from a mere financing tool to a means for industrial integration and strengthening supply chains [1]

Core Viewpoint - The recent amendment to the "Management Measures for Major Asset Restructuring of Listed Companies" by the China Securities Regulatory Commission (CSRC) revitalizes the M&A restructuring market, indicating an optimization of the market environment for mergers and acquisitions [1][2]. Group 1: Key Changes in Regulations - The introduction of a phased payment model for restructuring shares allows companies to apply for a single registration while extending the registration decision validity period to 48 months, providing greater flexibility and alleviating financial pressure during the M&A process [1][2]. - The regulatory requirements regarding financial condition changes, industry competition, and related party transactions have been adjusted to a more lenient standard, promoting the rapid development of hard technology enterprises [1][2]. Group 2: Simplified Review Process - A new simplified review process for restructuring transactions has been established, allowing eligible transactions to bypass the M&A committee review and enabling the CSRC to complete registration decisions within 5 working days, facilitating quicker market responses [2]. - The lock-up period rules for mergers have been refined, imposing a 6-month lock-up on controlling shareholders of the acquired company while not applying a lock-up for other shareholders, enhancing the smoothness of corporate integrations [2]. Group 3: Encouragement of Private Equity Participation - The new regulations encourage private equity funds to participate in M&A activities through a "reverse linkage" arrangement, addressing the challenges of exit for private equity and further activating long-term capital [2]. Group 4: Market Activity Data - Since the release of the "Six Opinions on Deepening the Reform of the M&A Restructuring Market," over 1,400 asset restructuring cases have been disclosed, with significant increases in both the number and value of major asset restructurings compared to the previous year [3]. - The number of disclosed asset restructurings this year has reached over 600, 1.4 times that of the same period last year, with major asset restructurings amounting to approximately 90, 3.3 times higher than last year [3]. - The total value of completed major asset restructuring transactions has exceeded 200 billion yuan, 11.6 times that of the same period last year, indicating a positive cycle of reform, vitality, and development in the market [3].