图片来源：界面图库 智通财经记者 | 孙艺真 "过去大部分精力都在IPO，现在不同了，会特别关注并购重组。"一名从业长达十余年的资深保代李跃（化名）向智通 财经谈到自己的"主动转型"，"投行这个领域，现在正是一个行业内部调整的节点。" "以前投行人做并购项目是IPO之余的'捎带手'，现在是全力找并购机会，做产业研究和标的撮合。你会看到越来越多的 同行们在干并购，但并购市场同样竞争激烈。"保代张明（化名）观察到。 并购重组财务顾问业务是指券商为上市公司的收购、重大资产重组、合并等并购重组活动提供交易估值、方案设计、出 具专业意见等专业服务。 在智通财经采访中，"行业在转型，并购有增量"，"A股资本市场的并购将继续呈现加速回暖趋势"，几乎是受访一线保 代们的共识。未来，如何建立行业专业优势、如何挖掘及储备并购标的，则是打造业务护城河的关键。 当前，随着并购重组市场持续走热，部分券商亦"求贤若渴"。智通财经注意到，近期，包括广发证券、爱建证券等多家 券商发布社招信息，招揽并购重组岗承做人才，也有券商子公司发布"并购基金合伙人"岗位信息。 部分招聘信息中提到了并购重组相关业务的岗位要求。例如，"十年以上国内外并购交易 ...

在9月26日召开的"2025·青岛创投风投大会"上，青岛市财政局党组书记、局长鞠立果正式发布《青岛市 发挥基金引领作用促进高质量发展行动方案（2025-2027年）》（以下简称"行动方案"）。 "五大赋能行动"完善基金生态链条。一是招商引资赋能行动。力争三年引入长期资本、耐心资本合计不 低于150亿元。二是产业培育赋能行动。为"10+1"产业配备投资顾问，"一产业一清单"服务企业融资需 求，力争对青岛项目每年新增投资额不低于100亿元。三是要素支撑赋能行动。四是提质增效赋能行 动。大力发展私募股权二级市场基金（S基金）、并购基金，探索开展区域性股权市场基金份额转让业 务，鼓励注册在青岛市的私募股权创投基金实物分配股票，畅通企业境内外上市通道，落实政府引导基 金原价转让股权或份额政策，"六位一体"帮助基金拓宽退出渠道，促进投资再循环，激活投资活力。五 是资源集聚赋能行动。力争金融资产投资公司股权投资试点基金三年实质性投资规模合计不低于60亿 元。 根据行动方案，青岛市设定了明确发展目标：力争到2027年，市政府引导基金在投规模达到1500亿元， 市属国有企业基金规模突破1000亿元，各类创投风投机构在投青岛项目 ...

Core Viewpoint - The article discusses the significant increase in mergers and acquisitions (M&A) activity in the primary market, driven by policy incentives and the upgrading of industrial demands, with listed companies actively participating in the establishment of industrial M&A funds [4][11]. Group 1: M&A Activity and Trends - The primary market has seen a notable rise in M&A activities this year, with large transactions becoming more frequent and listed companies increasingly involved in setting up industrial M&A funds [3][11]. - As of May 21, 110 listed companies in the A-share market have announced their participation in establishing industrial M&A funds, with a total expected fundraising scale exceeding 128 billion yuan [11]. - The establishment of a 70 billion yuan photovoltaic M&A fund led by industry leaders aims to promote vertical integration within the photovoltaic industry [11]. Group 2: Company-Specific Developments - Shanghai Weihong Electronic Technology Co., Ltd. announced its plan to invest up to 100 million yuan as a limited partner in a private equity fund focused on the smart manufacturing industry [7]. - Weihong's investment strategy emphasizes leveraging professional investment teams to accelerate the implementation of its development strategy while minimizing investment risks [8]. - Weihong reported a revenue of 260 million yuan for the first half of 2025, reflecting a year-on-year growth of 9.51%, with a net profit attributable to shareholders of 29.25 million yuan [8]. Group 3: Strategic Shifts in M&A - The current wave of M&A by listed companies is characterized by a shift from "buying scale" to "buying technology," focusing on acquiring core technologies and entering new markets [12][13]. - The demand for M&A is particularly strong in the hard technology sector, where companies are increasingly opting for investment and acquisition to secure technological advancements [13]. - Policy relaxation has activated the transaction side of the market, with state-owned and industrial capital rapidly entering the M&A space [13]. Group 4: Future Outlook - The M&A market is expected to become a crucial exit channel in the primary market, driven by ongoing policy support and increasing industrial upgrade demands [16][17]. - The convergence of policy, industry, and capital is propelling the Chinese M&A market towards a new peak, indicating a robust future for M&A activities [18].

Group 1 - The core viewpoint of the articles highlights the shift in behavior of venture capital institutions from behind the scenes to actively participating in the secondary market, exemplified by Qiming Venture Partners' acquisition of Tianmai Technology [1][2] - Qiming Venture Partners plans to acquire a 26.10% stake in Tianmai Technology, making it the largest shareholder, with the transaction valued at 4.52 billion yuan [3][4] - The acquisition is seen as a strategic move to alleviate the exit difficulties faced by invested projects and to leverage the public company platform for fundraising [2][5] Group 2 - Tianmai Technology's main business focuses on providing comprehensive solutions for smart urban transportation, with a significant decline in revenue and net profit reported for the first three quarters of 2024 [4][6] - The "Merger Six Guidelines" introduced by the policy in September 2024 support private equity funds in acquiring public companies to promote industrial integration [5][6] - The development of merger funds in China is still in its early stages, with expectations for increased activity in direct acquisitions of public companies by venture capital institutions [6][7]

Group 1 - The core viewpoint of the conference is that the M&A sector presents significant opportunities and is viewed as a key growth point for the primary market over the next decade, despite facing various challenges in the current development stage in China [2][4]. - There is a notable policy support for M&A activities at macro, meso, and micro levels, with government strategies and institutional policies driving the market, alongside a strong demand from companies for strategic acquisitions [4][5]. - The current scale of registered private equity funds in China is approximately 14 trillion yuan, with only about 1.7 trillion yuan allocated to M&A funds, indicating a substantial growth potential for M&A funds compared to minority equity investments [4][5]. Group 2 - Experts predict that M&A funds could see a 2-3 times growth in scale over the next decade, driven by structural growth potential and the limitations faced by minority equity investments [5]. - Practical advice for M&A strategies includes focusing on acquiring leading companies in their industries and pursuing low-cost acquisition opportunities during industry downturns [6][7]. - The integration of acquired companies poses challenges, particularly in terms of deep post-investment management and cultural integration, which are critical for realizing the value of M&A investments [8]. Group 3 - State-owned enterprises face unique challenges in M&A, including high valuation expectations for target companies and differences in management styles that require careful optimization and adjustment [8]. - The approval mechanisms within state-owned enterprises can hinder decision-making efficiency, complicating the M&A process [8]. - The integration of private and state-owned enterprises during M&A can present deep-rooted difficulties, particularly in mixed-ownership reforms [8].

Core Insights - The article discusses the increasing frequency of mergers and acquisitions (M&A) in China, driven by favorable policies and market conditions [1] - It highlights a shift from minority equity investments to controlling acquisitions, emphasizing the need for a restructuring of investment logic and management capabilities [2][3] Group 1: M&A Market Trends - Recent policies, including the "New National Nine Articles" and the "Six Articles on M&A" by the China Securities Regulatory Commission, are encouraging M&A activities [1] - A closed-door seminar titled "Breaking the M&A Deadlock: Investment and Exit Games in the Stock Era" was held, gathering over 50 participants from various sectors to discuss M&A opportunities and challenges [1] Group 2: Investment Strategies - Investors are increasingly focusing on M&A funds, particularly those that integrate with industries, as the IPO exit route becomes less viable [2] - The transition from minority equity investments to controlling acquisitions requires a careful approach, emphasizing the need for enhanced investment logic and management capabilities [3] Group 3: Challenges in Controlling Acquisitions - The current landscape shows a scarcity of RMB M&A funds, especially in large equity acquisitions, with regulatory restrictions on funds acting as actual controllers in the A-share market [3] - Successful M&A requires not only capital investment but also long-term industry integration and management skills, posing significant challenges for investment institutions [2] Group 4: International Perspectives - In contrast to the Chinese market, European markets have more mature M&A practices, with clearer exit paths and predictable returns for funds [4] Group 5: Post-Merger Management - Effective post-merger management and integration are crucial for enhancing enterprise value and creating favorable exit conditions [5] - Investment strategies are evolving to include core asset acquisitions and industry synergy mergers, particularly in the European market [5] Group 6: Overall Market Dynamics - The article emphasizes that controlling acquisitions are becoming a vital link between capital, industry, and policy, reflecting a deep restructuring of the entire private equity fund cycle in China [5]

Group 1 - The core viewpoint of the article is that Xincheng Capital has successfully raised a new RMB fund with a total scale exceeding 4.5 billion yuan, positioning it as a merger and acquisition fund [2] - After this fundraising, the total assets managed by Xincheng Capital amount to 9.59 billion USD [2] - The fund has a diverse range of limited partners (LPs), including government guidance funds, insurance capital, mother funds, securities firms, and enterprises, with market-oriented institutional investors being the absolute majority [2] Group 2 - The fund is based in the Suzhou Industrial Park, a national-level economic and technological development zone, and will leverage the advantages of the Yangtze River Delta industrial cluster to promote the close integration of capital and industry [2] - The fund will collaborate with the previously raised Chenxi Win-Win Fund, which also has a scale of 4.5 billion yuan, continuing the investment strategy centered on controlling mergers and acquisitions [2] - Xincheng Capital, a private equity investment business under CITIC Capital Holdings Limited, has a history dating back to 2002 and has completed a total of 100 investments, with over 70 being merger and acquisition projects [2]

Core Viewpoint - The successful completion of a new RMB merger fund exceeding 4.5 billion yuan by Xincheng Capital reflects strong investor confidence and highlights the strategic opportunities in China's private equity investment landscape amidst current economic challenges [1][2]. Group 1: Fundraising and Management - Xincheng Capital has raised over 4.5 billion yuan for its new RMB merger fund, bringing total assets under management to 9.59 billion USD [1]. - The new fund includes a diverse range of investors such as government guidance funds, insurance capital, mother funds, brokerages, and enterprises, with market-oriented institutional investors being the main contributors [1]. - The fund is based in the Suzhou Industrial Park, leveraging the advantages of the Yangtze River Delta industrial cluster to promote the integration of capital and industry [1]. Group 2: Investment Strategy - The new fund will continue the investment strategy focused on controlling mergers and acquisitions, while also seeking high-growth investment opportunities within the ecosystem of Xincheng Capital's portfolio companies [1]. - Xincheng Capital has a history of successfully identifying and investing in leading quality enterprises across various sectors, with notable merger cases including McDonald's China and other prominent companies [1]. Group 3: Market Outlook and Confidence - The chairman of CITIC Capital expressed that the current international situation is undergoing complex changes, yet China's economy maintains stable growth, providing a solid foundation for the active and long-term development of the merger market [2]. - Government policies introduced since last year are expected to create unprecedented strategic opportunities for merger funds in China [2]. - Xincheng Capital aims to enhance its product matrix and team capabilities while exploring the potential of merger funds in promoting technological innovation, industrial upgrades, and industry consolidation [2].

Group 1 - Xincheng Capital has successfully raised over 4.5 billion RMB for its new merger and acquisition fund, bringing its total managed assets to 9.59 billion USD [1] - The new fund has attracted a diverse range of investors, including government guidance funds, insurance capital, mother funds, brokerages, and enterprises, with market-oriented institutional investors being the main contributors [1] - The fund will be based in the Suzhou Industrial Park and aims to leverage the advantages of the Yangtze River Delta industrial cluster to promote the integration of capital and industry [1] Group 2 - Xincheng Capital's investment strategy will continue to focus on controlling mergers and acquisitions while seeking investment opportunities in high-growth companies within its portfolio ecosystem [1] - The company has successfully completed several notable merger and acquisition cases, including McDonald's China and other leading enterprises, establishing a strong ecosystem of invested companies [2] - The current international situation is complex, but China's economy is showing steady progress, and the private equity investment industry is undergoing a phase of adjustment, which has not hindered Xincheng Capital's fundraising success [1][2]

Group 1 - The article highlights a surge in merger and acquisition (M&A) activities in China, driven by favorable policies and market reforms, including the new "National Nine Articles" and the "Six Articles on M&A" from the China Securities Regulatory Commission [1] - A closed-door seminar titled "Breaking the M&A Deadlock: Investment and Exit Games in the Era of Stock" was held in Beijing, gathering over 50 participants from government investment funds, industry capital, GP/LP, and intermediary institutions to discuss trends, opportunities, and challenges in the M&A market [1] - The discussion included insights from industry representatives on the evolution of M&A strategies and the practical challenges faced during project execution [1] Group 2 - The current M&A wave is characterized by a shift from dollar-denominated funds to local institutions leading with RMB funds, focusing on a "control + empowerment" strategy [2] - Investment firms are increasingly applying their experience from dollar funds to the RMB equity investment market, enhancing compliance and management to empower controlled target companies [2] - The importance of governance structure, organizational efficiency, and corporate strategy in M&A transactions was emphasized, with a focus on horizontal and vertical integration in the industrial automation sector [2] Group 3 - The "external acquisition + opportunistic injection" model is seen as a flexible exit strategy for M&A funds, with non-core business divestitures from industrial enterprises emerging as good investment opportunities [3] - Challenges in M&A projects include valuation discrepancies, low willingness to cede control, and complex post-merger integration, which are critical factors for success [4] - The success of M&A transactions often relies on accurate assessments and favorable pricing, with governance structure optimization playing a significant role [4] Group 4 - The current IPO environment is tightening, leading to a preference for exits through mergers and acquisitions, although high valuations pose challenges in negotiations [4] - The development of domestic M&A loans is beneficial for the M&A market, with firms collaborating with small and medium-sized listed companies to explore more opportunities [5] - The Chinese M&A market is at a new starting point of structural reshaping and path reconstruction, balancing the experiences of RMB funds with the challenges of valuation and integration [6]