Group 1 - The core viewpoint of the article highlights the active state of the M&A market in China, with a transaction scale of nearly 1.5 trillion yuan in the first three quarters of the year, indicating a significant role for investment banks in facilitating these transactions [1][2] - In the first three quarters, there were 5,870 disclosed M&A events in China, with a total transaction value of 14,981 billion yuan, including 19 transactions exceeding 10 billion yuan [2] - The competitive landscape of the securities industry is evolving, with leading investment banks like CITIC Securities and CICC showing significant advantages in M&A advisory services, as evidenced by their transaction scales exceeding 1 trillion yuan [2][3] Group 2 - Regulatory policies have been supportive of the M&A market, with measures introduced in July 2024 aimed at enhancing the role of securities firms in M&A advisory services [4] - M&A advisory services are becoming a strategic focus for investment banks, allowing them to differentiate themselves and meet diverse client needs, as seen with CITIC Securities expanding its M&A product offerings [4][5] - The growth in M&A activities is expected to drive overall business growth for securities firms, with a reported 1.9% year-on-year increase in revenue from M&A advisory services among the top ten investment banks in 2024 [5]

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 ...

Core Viewpoint - The article emphasizes the importance of enhancing the quality of practice in the securities industry, particularly in the area of mergers and acquisitions (M&A), as a means to support high-quality development in the capital market [1] Group 1: Regulatory Support and Industry Trends - The China Securities Association has issued implementation opinions aimed at promoting high-quality development in the securities industry, focusing on building first-class investment banks and institutions [1] - Since the release of the "Six Guidelines for Mergers and Acquisitions" in 2024, M&A has become a primary path for securities firms to seek new revenue streams [1] - In 2024, the net income from financial advisory services among 42 listed securities firms totaled 4.442 billion yuan, indicating significant industry differentiation [1] Group 2: Resource Allocation and Strategic Initiatives - Securities firms are increasingly directing core resources towards M&A business in response to regulatory support, with practical measures being implemented to deepen their involvement in the M&A market [3] - Companies like Zheshang Securities and Huazhang Securities are establishing dedicated teams and optimizing funding mechanisms to enhance their M&A capabilities [3][4] - The integration of external think tank resources and specialized industry teams is being pursued to improve service quality and industry understanding [4] Group 3: Challenges and Competitiveness in M&A - The complexity of M&A transactions requires securities firms to enhance their operational capabilities and adapt their strategies to meet evolving market demands [7] - Key challenges include the scarcity of quality targets and the need for innovative transaction structures to bridge valuation gaps between parties [7][8] - The ability to provide comprehensive, tailored solutions throughout the M&A process is becoming a critical competitive advantage for firms [8] Group 4: Differentiation and Specialization - The competitive landscape for financial advisory services in M&A is becoming increasingly concentrated, with top firms like CICC, CITIC Securities, and Huatai Securities leading the market [11] - Smaller firms are encouraged to focus on niche markets and develop specialized capabilities to differentiate themselves from larger competitors [12] - Strategies for smaller firms include deepening industry knowledge, enhancing compliance and risk management, and collaborating with local governments and industry funds [12] Group 5: Future Outlook - The M&A market is expected to continue playing a vital role in corporate transformation and economic quality improvement over the next 1-3 years [13] - The core competitiveness of investment banks in M&A will hinge on their ability to solve problems uniquely and efficiently, particularly in complex transactions [13]