【内容摘要】1月4日，跨年过后，资金面宽松无虞；市场情绪有所修复，债市上涨；1月2日，各期限美债收益率走势分化，主要欧洲经济体10年期国债收益 率普遍上行。 一、债市要闻 （一）国内要闻 【外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问】1月4日，外交部发言人就美国强行控制委内瑞拉总统马杜罗夫妇答记者问时表示，中方 对美方强行控制马杜罗总统夫妇并移送出境表示严重关切，美方行径明显违反国际法和国际关系基本准则，违反《联合国宪章》宗旨和原则。中方呼吁美方 确保马杜罗总统夫妇人身安全，立即释放马杜罗总统和夫人，停止颠覆委内瑞拉政权，通过对话谈判解决问题。 【金融监管总局发布《商业银行并购贷款管理办法》】金融监管总局日前对《商业银行并购贷款风险管理指引》进行修订，形成《商业银行并购贷款管理办 法》。《办法》主要修订内容如下：一是拓宽并购贷款适用范围。在《指引》适用的控制型并购交易基础上，进一步允许并购贷款支持满足一定条件的参股 型并购交易。二是设置差异化展业资质要求。对开展控制型和参股型并购贷款业务的商业银行，在监管评级良好、主要审慎监管指标达标等要求基础上，设 置差异化的资产规模要求。三是优化贷款条件。进 ...

一是拓宽并购贷款适用范围。在《指引》适用的控制型并购交易基础上，进一步允许并购贷款支持满足一定条件的参股 型并购交易。二是设置差异化展业资质要求。对开展控制型和参股型并购贷款业务的商业银行，在监管评级良好、主要 审慎监管指标达标等要求基础上，设置差异化的资产规模要求。三是优化贷款条件。进一步提高并购贷款占并购交易价 款比例上限，延长贷款最长期限，更好地满足企业合理融资需求。四是强调偿债能力评估。银行应在综合考虑并购交易 相关风险基础上，重点评估并购方偿债能力，同时关注并购后企业发展前景、协同效应和经营效益，多维度评估对并购 贷款影响。 （来源：青岛金融） 为深入贯彻落实党的二十大和二十届历次全会及中央经济工作会议、中央金融工作会议精神，推动商业银行优化并购贷 款服务，助力现代化产业体系建设和新质生产力发展，金融监管总局对《商业银行并购贷款风险管理指引》（银监发 〔2015〕5号，以下简称《指引》）进行修订，形成《商业银行并购贷款管理办法》（以下简称《办法》）。《办法》主 要修订内容如下： 下一步，金融监管总局将指导商业银行做好《办法》实施工作，推动并购贷款业务健康发展，助力产业转型升级，增强 经济增长动能。 ...

国家金融监督管理总局12月31日对外发布《商业银行并购贷款管理办法》，拓宽并购贷款适用范围，允 许并购贷款用于参股型并购。 上述负责人表示，并购交易规模较大，时效性较强，并购主体面临较大的资金压力。为了更好满足并购 交易的融资需求，办法在引入参股型并购贷款的基础上，将控制型并购贷款占并购交易价款比例上限从 60%提高至70%，期限从七年延长至十年，合理优化并购贷款条件，为并购交易提供融资便利。 此外，办法设置差异化的展业资质要求，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。（记者张千千、李延霞） 【纠错】 【责任编辑:冯粒】 国家金融监督管理总局有关司局负责人表示，拓宽并购贷款适用范围，既有利于助力传统产业升级改 造，又有利于加快塑造经济发展新动能、新优势，提升金融服务实体经济质效。 办法优化了贷款条件，提高控制型并购贷款占并购交易价款比例上限，延长贷款最长期限。 ...

智通财经APP获悉，12月31日，国家金融监督管理总局发布关于印发《商业银行并购贷款管理办法》的 通知。办法提到，已获得目标企业控制权的单一并购方，为维持或者增强控制权而受让或者认购目标企 业股权的，可以申请控制型并购贷款，但单次取得目标企业的股权比例不得低于5%。参股型并购贷款 是指支持单一并购方用于参股目标企业，但未实现对目标企业控制的贷款，但单次取得目标企业的股权 比例不得低于20%。单一并购方已持有目标企业20%及以上的股权，为进一步提升对目标企业持股比 例，但未实现控制的，可以申请参股型并购贷款，但单次受让或者认购股权比例不得低于5%。 同时，并购贷款用于置换并购方先期支付的并购价款，应当满足本办法关于权益性资金最低比例等各项 要求，且不得用于置换已获得的并购贷款。贷款首次提款时间与拟置换的全部并购交易价款支付完成时 间间隔不得超过一年。商业银行应当加强贷款资金发放后的管理，及时跟踪并购实施情况，密切关注借 款合同中关键条款的履行情况，监测影响借款人偿债能力的风险因素，严防借款人资金挪用、关联企业 借助虚假并购交易套取贷款资金等行为。发现异常的，应当及时采取追加担保、调整贷款发放条件或者 还款计划、 ...

人民财讯12月31日电，国家金融监督管理总局印发《商业银行并购贷款管理办法》，并购贷款用于支持 境内并购方企业通过受让现有股权、认购新增股权、收购资产或者承接债务等方式，实现实际控制、合 并或者参股已设立并持续经营的目标企业或者资产。根据用途分为控制型并购贷款和参股型并购贷款： (一)控制型并购贷款是指支持单一并购方或者存在一致行动关系的多个并购方企业用于获得目标企业或 者资产控制权的贷款。 已获得目标企业控制权的单一并购方，为维持或者增强控制权而受让或者认购目标企业股权的，可以申 请控制型并购贷款，但单次取得目标企业的股权比例不得低于5%。 (二)参股型并购贷款是指支持单一并购方用于参股目标企业，但未实现对目标企业控制的贷款，但单次 取得目标企业的股权比例不得低于20%。 单一并购方已持有目标企业20%及以上的股权，为进一步提升对目标企业持股比例，但未实现控制的， 可以申请参股型并购贷款，但单次受让或者认购股权比例不得低于5%。 ...

Core Insights - The Financial Regulatory Administration is set to release a revised "Management Measures for Commercial Bank Mergers and Acquisitions Loans" to support mergers, restructuring, and transformation of various enterprises, including technology innovation companies [1] - The Financial Regulatory Administration is collaborating with other departments to develop policies that promote high-quality development of technology insurance, providing a more robust economic guarantee for technological innovation activities [1]

Core Insights - The report by PwC indicates that the Chinese M&A market saw a significant increase in disclosed transaction value, exceeding $170 billion in the first half of 2025, marking a 45% year-on-year growth [1] - The report anticipates a high double-digit growth in total M&A transaction value for the entire year of 2025, driven by factors such as state-owned enterprise reform and cross-border asset optimization [1] Group 1: Domestic Strategic Investment - Domestic strategic investments and venture capital transactions grew by 17% and 23% respectively in the first half of 2025, while private equity transactions saw a decline of 3% [1] - The value of domestic strategic investment M&A transactions surpassed $100 billion, more than doubling year-on-year, with 20 transactions exceeding $1 billion each [1][2] Group 2: Factors Driving M&A Activity - The rise in domestic strategic investments is attributed to multiple positive factors, including the launch of DeepSeek AI, which revitalized the high-tech sector and improved the overall economic environment [2] - The recovery of the Hong Kong capital market and the IPO market has created a favorable financial environment for M&A activities [2] Group 3: Private Equity Fund Exits - The "exit" remains a key theme for private equity funds in the first half of 2025, with 78.98% of the 1,270 exit events utilizing the "M&A-exit" model [3] - The new regulations on M&A loans from the National Financial Regulatory Administration are expected to enhance the activity in the M&A market by allowing more flexible financing options [3] Group 4: Future Outlook - There is a noticeable backlog in M&A demand and exit projects, combined with a recovering capital market sentiment, suggesting that the M&A market will be more active in the second half of 2025 [3]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 616 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net injection of 497.5 billion yuan after 118.5 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed a mixed trend, with the overnight Shibor rising by 0.90 basis points to 1.4730%, the 7-day Shibor increasing by 1.70 basis points to 1.5340%, and the 14-day Shibor declining by 0.30 basis points to 1.5960% [2][3] - In the interbank pledged repo market, various products continued to see slight increases, particularly the 7-day products, with weighted average rates for DR001 and R001 rising by 0.2 basis points and 1.0 basis points, respectively [4] Group 2 - The money market showed a tightening trend in the morning of August 20, with rates for overnight and 7-day deposits fluctuating between 1.60%-1.65% and 1.56%-1.58%, respectively, before easing in the afternoon [8] - As of 5:30 PM on August 20, there were 84 interbank certificates of deposit issued, with a total issuance amount of 70.46 billion yuan [8] - The primary market for certificates of deposit remained weak, with trading sentiment affected by fluctuations in the current bond market and upcoming maturity dates [9]

Core Viewpoint - The Financial Regulatory Administration has revised the "Guidelines for Risk Management of Mergers and Acquisitions Loans by Commercial Banks" and released a draft for public consultation regarding the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks" [1] Summary by Categories Mergers and Acquisitions Loan Types - The draft categorizes mergers and acquisitions loans into two types: control-type loans and equity participation loans [1] - Control-type loans are intended to support acquirers in obtaining control over target enterprises or assets, allowing for the acquisition of existing equity or subscription of new equity [1] - Equity participation loans are designed for acquirers to hold a stake in target enterprises without achieving control, requiring a minimum equity stake of 20% for initial acquisition [1] Loan Application Criteria - Acquirers who have already gained control of a target enterprise can apply for control-type loans to maintain or enhance their control [1] - For equity participation loans, acquirers who already hold 20% or more of a target enterprise's equity can apply for further stake increases, with a minimum acquisition of 5% for each transaction [1]