来源：上海证券报·中国证券网 上证报中国证券网讯（记者 徐潇潇）12月18日，记者从贝恩公司了解到，该公司最新研究显示，全球 并购市场正迎来强劲反弹，预计2025年交易总额将达到4.8万亿美元，较2024年增长36%。 具体来看，超50亿美元的交易贡献了战略交易额增长的75%，其中约60%由低频收购方发起，约40%的 交易属于"变革性规模"，即交易金额超过收购方市值的50%。贝恩分析认为，这类大规模、具有变革意 义的并购既可能带来高回报，也伴随高风险，要求企业领导层在战略制定、组织整合和协同方面投入更 多精力，以创造并保障价值。 此外，在AI相关交易的推动下，科技行业成为今年并购市场反弹的领头羊。但研究显示，各行业、各 地区和不同类型的交易方均呈现强劲复苏势头，所有地区和行业的交易额均实现两位数增长。 贝恩研究显示，今年并购市场的复苏主要由多笔超50亿美元的超大额交易推动。过去鲜少出手的低频收 购方不再观望，而是积极进行大手笔收购。尽管交易总额大幅攀升，但预计2025年并购交易量仅增长约 5%。 具体来看，超50亿美元的交易贡献了战略交易额增长的75%，其中约60%由低频收购方发起，约40%的 交易属于"变革 ...

12月6日，由中国证券报主办的"双创融合 智启新程——2025科创投资大会"在安徽合肥举行。多位来自 知名PE、VC机构的投资人在接受中国证券报记者采访时认为，一级市场的"冬天"已经过去，市场温度 已实实在在回暖，硬科技赛道更是凝聚了各类投资机构的共识，是当下最热门的方向，同时也是未来长 期投资主线。 退出通道也出现了积极信号。"尽管A股IPO节奏较前几年有所放缓，但公司通过资本市场重组、并购退 出的项目越来越多，资金回流得以改善。"在杨海看来，"股权投资市场温度正在变暖，这是实实在在的 感受。" 但他也表示，市场距离真正的繁荣还有一些关键门槛。当前，一级市场投资者的信心还没有完全恢复， 长期资本、耐心资本尚未大规模持续进场。一级市场要真正迎来盛夏，还需要IPO正常化、并购重组常 态化以及S交易的成熟化。他认为，一级市场是建立在长期资本结构基础之上的，需要"募、投、管、 退"形成良性循环，市场才能进入真正的繁荣期。 奇点资本副总裁王苒则关注到创投行业整体的结构调整，在这一过程中，市场投资逻辑发生深刻变 革。"历经萌芽起步、高速发展后的创投行业，近年来正处于结构调整期，一个比较明显的变化是，投 资不仅关注财务， ...

上海虹桥管委会商务发展处 12月2日，上海虹桥国际中央商务区管理委员会（简称"虹桥管委会"）印发了《虹桥国际中央商务区关于建设并购集聚区的支持政策》（简称 《支持政策》）。 自证监会"并购六条"发布以来，全国各省市陆续出台利好并购重组市场的政策方案，但它们多数是省市级针对并购市场的指导工作，少有地方执 行层面的具体落实细则。 本次虹桥管委会发布的《支持政策》，就是在《上海市支持上市公司并购重组行动方案(2025-2027年)》和《关于虹桥国际中央商务区建设并购集 聚区行动计划》的基础上，从交易、基金、平台等多个维度给出了具体的政策支持内容。 在今年2月举办的"虹桥并购集聚区建设大会"上，虹桥管委会就曾发布《虹桥国际中央商务区建设并购集聚区行动计划》，提出了打造并购在线 项目库、做强上市公司和龙头企业并购服务链、建立虹桥并购重组专业服务联盟等一揽子工作计划。 从5月1日，晨哨为虹桥并购集聚区打造的"虹桥并购会客厅"国内项目库正式上线试运营。到今天，《支持政策》的正式瓜熟蒂落。虹桥商务区， 已在多个方面成为地方政府落实国家"并购六条"的领路人。 本次发布的《支持政策》干货满满，对交易的买方主体、专业服务机构、并购 ...

（来源：山东工商联） 张成如 省总商会副会长 省石油与清洁燃料业商会会长 山东联星能源集团董事长 通过深入学习党的二十届四中全会精神，倍感振奋、倍受启迪。全会审议通过的《中共中央关于制定国 民经济和社会发展第十五个五年规划的建议》，准确把握我国发展的历史方位，深入分析国际国内形 势，明确了"十五五"时期经济社会发展的指导方针和主要目标。作为商会会长，我将充分发挥好自身企 业在石油化工、新材料、清洁能源技术方面的优势，继续加大对石油化工、煤化工以及氢能等新的清洁 能源技术开发，实现智能化、绿色化、融合化发展。同时，持续加强自身建设，提升履职能力，将学习 成果转化为实际行动，为推进中国式现代化凝聚力量。 陈能豪 省总商会副会长 山东省福建总商会会长 济南加州通达国际冷链物流董事长 党的二十届四中全会以深邃的历史洞察、系统的战略部署和坚定的实践导向，为我们描绘了清晰的发展 路线图。作为商会会长，我将带领广大会员企业学习好、宣传好、贯彻好全会精神，统一思想行动，把 握政策机遇，推动技术革新与绿色转型，深化鲁闽经贸合作，助力区域协调发展。作为民营企业家，我 将积极履行社会责任，在乡村振兴、公益慈善中贡献民企力量，以实际 ...

母基金研究中心创始人、水木资本董事长唐劲草出席会议，并获任全联并购公会中小企业投融 资专业委员会主任。 唐劲草还担任北京市工商联投融资专委会副主任、北京市侨联金融委员会 的专家委员。 2 0 2 5年11月2 7日下午，全联并购公会六届四次理事会在海南海口隆重举行。本次会议正值全 国上下深入学习贯彻党的二十届四中全会精神、全面完成"十四五"规划目标、谋划"十五五"发 展蓝图的关键时期，是一次承前启后、继往开来的重要会议。会议系统总结了2 0 2 5年度工作成 果，科学研判并购行业发展新形势，审议通过了理事会成员调整、届中增补副会长、专业委员 会设立等重要议案，全面部署了2 0 2 6年重点任务，为公会在新起点上实现高质量发展指明了方 向、凝聚了力量。 唐劲草还受邀参加了知名民营企业助力海南自贸港高质量发展大会与 2 0 2 5第二十二届中国并 购年会 ： 2 0 2 5年11月2 8日上午，由全国工商联、海南省人民政府共同主办的知名民营企业助力海南自 贸港高质量发展大会在海口开幕。全国政协副主席、全国工商联主席高云龙，海南省委书记冯 飞出席大会并致辞。海南省委副书记、省长刘小明作海南自由贸易港投资政策及重点投 ...

Core Points - The Shanghai Stock Exchange International Investor Conference will be held on November 12-13, focusing on "Value Leading Open Empowerment - New Opportunities for International Capital Investment and Mergers and Acquisitions" [1] - This marks the seventh consecutive year the SSE has hosted the conference, providing a platform for foreign institutions to communicate with domestic regulatory bodies, exchanges, listed companies, and financial institutions [1] Group 1 - The opening remarks will be delivered by leaders from the China Securities Regulatory Commission, Shanghai Municipal Government, and the SSE [1] - Discussions will cover topics such as capital market institutional openness, investment and merger opportunities in the Chinese market, and value investing [1] Group 2 - The first afternoon will feature two sub-forums: one focused on investment, discussing topics like asset allocation in China, ESG, new consumption industry development, exchange-traded funds (ETFs), and the bond market, along with the release of cross-border index investment cooperation results [1] - The second sub-forum will focus on mergers and acquisitions, addressing the development and reform of the Chinese M&A market and cross-border M&A [1] Group 3 - The second day will introduce the latest developments in the Sci-Tech Innovation Board, showcasing the investment value of high-quality Chinese assets [1] - Discussions will center around industries such as artificial intelligence, biomedicine, and high-end equipment manufacturing, featuring industry leaders and representatives from Shanghai-listed companies and domestic and foreign financial institutions [1]

Group 1 - The core viewpoint of the article highlights the increasing trend of Chinese companies engaging in overseas mergers and acquisitions (M&A), particularly through Tender Offers (TOB), while facing significant regulatory challenges and institutional conflicts that hinder successful transactions [2][11]. Group 2 - The article compares the process and regulatory differences between TOB and general acquisitions, noting that TOB has a more rigid timeline and stricter requirements, particularly in the Japanese market [3][4]. - In Japan, TOB requires all preparatory work to be completed before the announcement, including securing funding and drafting necessary documents, which contrasts with the more flexible timeline of general acquisitions [4][5]. Group 3 - A detailed overview of the TOB process in Japan is provided, emphasizing the need for timely completion of sensitive tasks such as signing contracts with major shareholders and ensuring funding arrangements [6][7]. - The timeline for TOB includes specific milestones, such as the signing of the subscription contract and the announcement of the TOB, which must occur on the same day to prevent insider trading [8][9]. Group 4 - The article discusses the challenges faced by Chinese companies in meeting the "funding certainty" requirement for TOB, which conflicts with the lengthy foreign exchange approval and outbound investment registration processes in China [11][12]. - Recommendations for overcoming these challenges include establishing a special foreign exchange green channel for TOB and allowing preliminary agreements with major shareholders to initiate approval processes [12][13].

Group 1 - The "2025 M&A Carnival" held in Shanghai focuses on the theme of "Creating Value through Mergers and Acquisitions" and aims to promote a consensus in the industry for the development of a standardized, innovative, and efficient M&A market [1] - The initiative emphasizes six key directions: creating value through M&A, compliance, focusing on technological innovation, promoting healthy competition, cultivating professional talent, and leveraging AI in M&A [1] - The event was attended by nearly 20 government and corporate representatives who released a proposal to activate the Shanghai M&A transaction market [1] Group 2 - The Shanghai Hongqiao International Central Business District is positioned as a hub for resource convergence and a testing ground for national strategies, with ongoing policy incentives boosting the M&A market [2] - The Longjing District is committed to creating a world-class business environment and has developed multiple trillion-yuan industry clusters, emphasizing the role of M&A in economic vitality and industrial upgrading [2] - The district aims to provide comprehensive support for entrepreneurs seeking innovation and value enhancement through M&A [2] Group 3 - The chairman of the Shanghai International M&A Research Center believes that the development of China's M&A market requires both top-down policy support and grassroots participation [3] - The M&A Carnival has created a platform that integrates exhibition, business negotiation, capital connection, and industry networking [3] - Future M&A Carnival events are planned in more cities to empower industrial upgrades and drive high-quality regional economic development [3]

Core Viewpoint - The fundamental rules of the primary market are undergoing significant changes, with mergers and acquisitions (M&A) becoming a core competency that general partners (GPs) must master to achieve value reconstruction in industries rather than merely capital arbitrage [2][4]. Group 1: Evolution of Private Equity Investment - The U.S. private equity market has evolved through a clear trajectory characterized by "a century of evolution and four stages of leap," starting from the late 19th century with industrial investments [6]. - The development of the U.S. M&A market has synchronized with private equity, showcasing five distinct waves that have reshaped the industrial landscape [7][8]. - The current phase of private equity in the U.S. is driven by technological innovation, particularly in emerging fields like AI and digital transformation [6][8]. Group 2: China's Private Equity Investment Phases - The 1.0 era (2000-2015) was marked by internet-driven model innovation, where investment opportunities were abundant, and the requirements for investment institutions were relatively low [10]. - The 2.0 era (2015-2025) signifies a shift towards technology innovation, with hard technology becoming a focal point for investment, supported by national policies [11][12]. - The 3.0 era (2025-2035) indicates a trend towards industry consolidation through M&A, driven by increasing exit pressures and government encouragement, with M&A activity in China seeing over 50% year-on-year growth in the first half of 2025 [13]. Group 3: Strategic Focus of Haisheng Capital - Haisheng Capital has recognized structural changes in the industry and elevated M&A to a core strategic level, leveraging its unique advantages accumulated in the hard technology sector [15]. - The firm has built a mature ecosystem in key hard technology areas, enabling it to provide substantial resources and support to acquired companies [16]. - The success of M&A is attributed not only to selecting the right targets but also to effective management post-acquisition, with a team that possesses deep industry backgrounds [18]. Group 4: Timing and Focus in Investment - Haisheng Capital has demonstrated a keen ability to identify investment opportunities at critical market junctures, allowing it to capitalize on undervalued companies during cyclical fluctuations [19]. - The firm maintains a clear strategic focus on advanced technology, green technology, and life sciences, ensuring that it targets sectors with long-term value [20]. - The overarching philosophy of Haisheng Capital emphasizes that M&A is not merely about capital gains but is a vital engine for optimizing and upgrading industrial structures [20][21].

Core Viewpoint - In July, the activity of institutional LPs in funding has decreased, reflecting a phase of policy cycles and industry consolidation, but structural adjustments are giving rise to new opportunities [4][31]. Group 1: Institutional LP Activity - In July, the number of newly registered private equity and venture capital funds totaled 375, a month-on-month decrease of 8.31% but a year-on-year increase of 7.14%, indicating resilience in market growth despite short-term adjustments [5]. - The most active type of LP in July was industrial LPs, accounting for 42.01% of funding, followed by policy LPs at 36.57%, financial LPs at 16.80%, and financial institutions at 4.38% [9][10]. - Industrial LPs saw a 21% increase in funding activity, with over 90% of contributions coming from non-listed companies, highlighting the growing influence of industrial capital in the capital market [12]. Group 2: M&A Market Dynamics - The merger and acquisition (M&A) market is heating up, driven by both policy and market demand, with significant investments such as a 70 billion yuan solar energy M&A fund established by leading industry players [13]. - Policy LPs are accelerating their involvement in M&A, with recent policy adjustments enhancing the investment landscape and encouraging collaboration between state-owned and market-oriented GPs [16][17]. Group 3: Regional Investment Trends - Jiangsu province remains the most active region for institutional LP funding, with 56.8% of investments directed within the province, focusing on advanced manufacturing and digital economy sectors [21][24]. - LPs from Jiangsu are also expanding their investments into emerging industries across other provinces, such as Zhejiang and Guangdong, targeting sectors like digital economy and new energy [25]. Group 4: Financial Institutions and Investment Strategies - Financial LPs experienced a 29% decrease in funding, while financial institutions saw a 37% decline; however, insurance capital is increasing equity allocations, indicating a shift in investment strategies [19]. - Banks are innovating investment models, actively participating in industry restructuring through methods like "debt-to-equity swaps" and equity investments, particularly in sectors like photovoltaics and coal [19][28]. Group 5: Future Market Outlook - The structural adjustments in the investment landscape are expected to create new opportunities, with a focus on strategic investments in high-risk, high-reward technology innovation projects [31]. - The competition logic in the market is set to be restructured, favoring GPs with industry insights, policy sensitivity, and cross-border resource integration capabilities [31].