中国内地对外并购交易总额为244亿美元，同比增长5.2%。外资企业收购中国内地企业的交易金额为 240亿美元，同比下降0.7%。中国内地本土并购交易规模达4,121亿美元，同比大幅增长82.8%。 涉及中国内地并购交易的标的集中在金融行业，该行业占22.62%的市场份额，交易总额达1,073亿美 元，同比激增121%。原材料行业以16.39%的市场份额位居第二，同比增长158.2%。高科技行业排名第 三，占15.26%的市场份额，交易金额为724亿美元，同比增长77.3%。 智通财经APP获悉，1月9日，LSEG高级投行数据经理Bill Feng发布2025年度并购报告和排行榜。数据 显示，2025年度，全球涉及中国内地的并购交易总额达4,743亿美元，同比增长62.6%，环比增长 81.1%。已公布的交易数量为5,504笔，同比增加9.1%，环比增加12.4%。 2025年，中金公司(03908)以交易金额计登顶涉及中国内地已公布并购交易的财务顾问排行榜，占 18.91%的市场份额，相关交易规模达897亿美元。中信证券(06030)以15.12%的市场份额位列第二，高盛 集团(GS.US)则以9.69%的份 ...

伦交所报告表示，2025年股票市场承销费用总计29.5亿美元，占中国投行业务费用总额的19%，按年增 长91%。债券市场承销费用达110亿美元，按年增长11%，已完成并购的咨询费用为10亿美元，增长 66%；而银团贷款费用按年下降39%，至3.96亿美元。2025年，中信(CITIC)在内地投行业务费用排名中 位列第一，实现费用收入14亿美元，市场份额达8.8%。 智通财经APP获悉，伦交所(LSEG)Deals Intelligence发布《2025年中国内地投资银行业务回顾报告》， 分析2025年中国内地的投资银行费用、并购交易、股票市场、以及债券市场相关活动。报告指，2025年 中国投资银行业务费用预计达154亿美元，按年增长21%，创下2022年以来仅次于2022年的又一高值。 并购交易方面，2025年，目标为中国地区的并购交易规模达4743亿美元，按年增长62.6%。以中国企业 为目标的并购交易规模达4361亿美元，按年增长74.7%。境内并购交易规模按年增长82.8%，达4121亿 美元。金融行业是涉及内地的并购交易中最热门的领域，交易规模达1073亿美元，占总交易规模的 22.6%，按年增长12 ...

高盛集团在 2025 年全球交易撮合排行榜上再次独占鳌头，在充满高风险政治戏剧性、且并购规模日益 庞大的一年中，夺下了最大市场份额与榜首位置。"百亿美元级"的并购交易案是推动高盛登上排行榜首 位的一大助力。根据LSEG数据，去年共有68宗并购交易规模达到100亿美元的交易，总额达1.5万亿美 元，是前一年的两倍多。高盛为其中38宗交易提供顾问服务，为所有投行中最多。按交易件数计，这是 自1980年LSEG有记录以来超大型并购案表现最强劲的一年。 高盛在两个关键领域排名第一：并购交易费用收入和交易案总价值，高盛在这两个领域的市场份额都有 所增长。根据 LSEG 的数据，高盛的并购交易费收入为 46 亿美元，紧随其后的是摩根大通（31 亿美 元），然后是摩根士丹利（30 亿美元）、花旗（20 亿美元）和 Evercore （17 亿美元）。就交易案件的 数量而言，高盛、摩根大通和摩根士丹利分别位居第一、第二和第三位，然后是美国银行和花旗。根据 LSEG数据，高盛去年主导的并购交易案总规模为1.48万亿美元，占市场份额的 32%。 高盛在两个关键领域排名第一：并购交易费用收入和交易案总价值，高盛在这两个领域的市场份 ...

Cryptocurrency Market - Bitcoin and Ethereum are facing ongoing pressure after a strong start in 2025, with Bitcoin down 5.25% to $88,480 and Ethereum down 9.8% to $3,005 [1] - Analyst Tony Sycamore indicates that Bitcoin's momentum is unstable unless it breaks resistance levels between $95,000 and $100,000, with a risk of falling back to $75,000 [1] - Ethereum may test $2,250 again if it fails to break through $3,500 or $3,600 [1] Education Sector - Parents of private school students in Sydney are expected to face an average tuition increase of 7%, more than double the overall inflation rate, with some schools' fees exceeding AUD 50,000 for the first time in 2026 [1] - The Scots College announced a 6.5% tuition increase due to various unavoidable internal and external factors, with fees for senior year exceeding AUD 52,770 [2] Real Estate and Hospitality - Blackstone has acquired Hamilton Island in Queensland for over AUD 1 billion, enhancing its position in the Australian hotel industry [4] - The island features five hotels and numerous restaurants and retail stores, with 70% of the land undeveloped [4] Mergers and Acquisitions - In 2025, Australia's M&A activity saw a total of AUD 151 billion, a 12.1% decline from the previous year, with 1,609 transactions, down 19.4% [5] - Key themes driving M&A activity include geopolitical uncertainty, energy transition, the rise of private capital, and digital transformation, with cross-border buyers remaining dominant [5] - The resource sector led in M&A value with USD 17.9 billion, followed by real estate at USD 14.8 billion and financial services at USD 14.3 billion [5][6] Energy Sector - The Albanese government plans to implement a domestic gas reserve policy, requiring exporters to reserve 15% to 25% of their gas production for the domestic market [6][7] - This policy aims to ensure more affordable gas supply for Australians and improve the negotiating position of industrial enterprises [6] Gold Market - Argonaut predicts gold prices will reach USD 5,000 per ounce in 2026, a 25% increase from previous forecasts, with expectations of significant revenue growth for major Australian gold producers [9] - Target prices for several gold stocks have been raised, with Westgold Resources' target up 30% to AUD 10.30 and Bellevue Gold's target up 20% to AUD 2.40 [10] Regulatory Issues - The Australian Federal Court has ordered ANZ to pay AUD 250 million in penalties for misconduct, marking the highest penalty ever imposed by ASIC on a single entity [10] - The court found ANZ guilty of widespread failures in bond trading management and customer handling, affecting thousands of customers [10]

欧洲云基础设施服务提供商协会（CISPE）向欧洲第二高等法院表示，欧盟反垄断监管机构在批准博通 以 690 亿美元收购云计算公司 VMware 的交易前，未对该交易的相关风险进行充分分析。 CISPE 在欧洲地区拥有 46 家成员单位，微软和亚马逊均为其准成员。该协会已于今年 7 月向位于卢森 堡的普通法院，对欧盟委员会 2023 年批准此项交易的决定提起诉讼。 路透社获取了 CISPE12 月 3 日向法院提交的文件，其中指出："在评估该交易对服务器虚拟化软件市场 竞争的影响方面，欧盟委员会存在法律适用错误和明显的评估失误。" 文件称，欧盟竞争监管机构的论证逻辑存在缺陷，并援引了客户及行业协会针对该交易发出的警告。 CISPE 主张："欧盟委员会未对交易给服务器虚拟化软件市场造成的影响展开评估，此举已构成法律错 误，违背了其在《并购条例》及相关判例法下应承担的义务。" CISPE 秘书长弗朗西斯科・明戈兰斯表示："监管机构此次的监督失职，已给欧洲云计算行业及所有依 赖该行业的机构造成了切实的损失。" 责任编辑：郭明煜 博通方面则表示，坚决不认同 CISPE 的指控。 欧洲云基础设施服务提供商协会（CISPE ...

Core Viewpoint - Brookfield Asset Management and GIC have proposed to acquire National Storage REIT for an estimated valuation of AUD 4.02 billion, indicating a significant interest in the self-storage sector in Australia [1][2]. Group 1: Acquisition Details - The proposed acquisition offers investors AUD 2.86 per share, leading to a 19% increase in National Storage's stock price, closing at AUD 2.70 [1]. - National Storage has allowed the bidders to conduct exclusive due diligence until December 7, aiming to reach a binding agreement by that date [1]. - National Storage operates over 270 storage centers across Australia and New Zealand, making it the largest self-storage provider in Australia [1]. Group 2: Market Context - The potential acquisition could revitalize transaction activity in Australia, which has seen a decline in significant deals, including BHP's failed attempt to acquire Anglo American for USD 43 billion [1]. - The total merger and acquisition activity involving Australian companies has dropped to approximately USD 70 billion, a 30% decrease compared to the same period in 2024 [1]. Group 3: GIC's Position - GIC, one of the largest sovereign wealth funds globally, is estimated to manage assets worth USD 936 billion, although it has not publicly disclosed its asset management scale [2]. - GIC indicated in July that real estate valuations might be bottoming out, presenting attractive investment opportunities [2].

Core Viewpoint - Goldman Sachs (GS.US) reported a quarterly profit increase of over 37%, benefiting from rising advisory fees in investment banking and profits from traders in an active market [1] Group 1: Financial Performance - Third-quarter investment banking revenue rose to $2.66 billion, up from $1.87 billion in the same period last year, driven primarily by a 60% surge in advisory fees [1] - The company's strong performance aligns with its prediction of a "banner year" for transactions as companies resume merger and acquisition (M&A) and IPO activities [1] Group 2: Market Trends - Global M&A deal volume surpassed $3.43 trillion in the first nine months of the year, with nearly 48% originating from the United States [1] - The average size of global and U.S. M&A transactions during this period is the highest since 2015, consistent with CEO David Solomon's predictions from last year [1] Group 3: Notable Transactions - Goldman Sachs participated in underwriting several high-profile IPOs this quarter, including those of design software company Figma, Swedish fintech company Klarna, and space technology company Firefly Aerospace [1]

Core Viewpoint - Goldman Sachs CEO Solomon anticipates that the U.S. economy will accelerate into 2026, driven by ongoing stimulus and technology spending, despite a soft labor market and geopolitical tensions [1] Economic Outlook - Solomon indicates that government spending and investments in "all artificial intelligence infrastructure" suggest that the economy is "still in quite good shape" overall, despite the impacts of tariffs and a weak U.S. job market [1] M&A Activity - Solomon expects an increase in merger and acquisition (M&A) activity, attributing this to a changing regulatory environment that is fueling CEOs' ambitions in this area [1] Market Predictions - Solomon predicts a "pullback" in the stock market over the next 12 to 24 months, which is not surprising given the long-term accumulation of inventory [1]

Group 1 - Coca-Cola is reportedly looking to sell the Costa Coffee store business while retaining control over its ready-to-drink (RTD) products [1][3][4] - Apollo Global Management, a potential buyer, has decided not to participate in the bidding process, indicating a lack of strong interest from other bidders as well [3][4] - The initial valuation for Costa Coffee during the sale process was approximately £2 billion (around 194 billion RMB) [3][4] Group 2 - Costa Coffee, acquired by Coca-Cola in 2018 for £3.9 billion, has expanded its business to over 4,000 locations globally, with a significant presence in the UK and Ireland [4][6] - In China, Costa's retail business is primarily managed separately from its RTD coffee, which is expected to remain under Coca-Cola's control [6][9] - The ready-to-drink coffee market in China is dominated by foreign brands, with Nestlé leading, followed by Starbucks and Costa [7][8] Group 3 - Costa Coffee's pricing strategy positions its products slightly above local competitors but below Starbucks, making it competitive in the market [7][8] - The RTD coffee products launched in China are developed with local preferences in mind, utilizing a collaborative team from both Coca-Cola and Costa [9][11] - The potential sale of Costa's store business raises questions about how Coca-Cola will continue to innovate and draw inspiration for its RTD products without the direct influence of the store operations [11][13] Group 4 - Coca-Cola's CEO has emphasized the importance of creating overall value for the ecosystem and consumers in any acquisition or divestiture strategy [13][14] - The coffee segment is recognized as a significant growth area within the beverage industry, and Coca-Cola aims to find deeper engagement in this market [14]

Core Insights - The prospects for a TikTok transaction are becoming clearer, with both the US and China agreeing on a basic framework for resolving the TikTok issue, although specific transaction details remain undisclosed [1] - ByteDance is expected to retain no more than 20% of TikTok, while a consortium of US companies and funds will hold the remaining 80%, with Oracle managing TikTok's data in the US [1][2] - The negotiation process is ongoing, and the specifics of the transaction, including the method of share reduction from 100% to 20%, remain to be determined [1][2] Group 1: Transaction Structure - The two primary methods for reducing ByteDance's stake in TikTok are share conversion and capital increase, which could lead to significant commercial disputes regarding the recipient of funds [2] - TikTok's current valuation is approximately $330 billion, and if the US business accounts for 30% of global operations, the transaction value could exceed $100 billion, which may be beyond the appetite of US investors [2][3] Group 2: Asset Separation Challenges - A more likely transaction method may involve separating TikTok's US assets and operations into a new company, with investors contributing cash or stock for the remaining 80% [3] - The separation of US operations raises questions about the feasibility of such a split, the timeline for completing the separation, and which assets investors are interested in acquiring [4][5] Group 3: Implications for Employees and Management - The transaction is expected to result in significant changes in personnel and management within TikTok's US operations, with potential impacts on employee contracts and stock options [6][7] - Employees may face challenges related to visa status and employment contracts, which could affect their future employment opportunities [7]