生态系统构建者与核心整合者：并购如何重塑竞争边界

Contents 03 09 Converging throughdeals: Cross-sectorM&A shapes strategy Cross-sector deal flow reflects sectorspecific M&A strategies 04 11 Quarterly deal activity: Stabilizingapproaches to a sea of change Strategic imperatives to action now 05 12 Turning deal insights into competitiveadvantage Introducing the KPMG Bayes global dealsector heatmap 07 13Methodology Navigating the three strategicM&A pathways 08 Sector analysis contrasts “EcosystemArchitects” and “Core-Consolidators” Converging through deals: Cross-sector M&Ashapes strategy The deal landscapein the first half of 2025 tellsa compelling story: Cross-sector acquisitions areaccelerating sector convergence, with competitiveadvantage flowing to those who can effectivelycombine capabilities from once-separate domains.This transformation is driven by deals that areclosely aligned with strategic imperatives includingdigital transformation, geopolitical shifts, andsector convergence. Businesses in different sectors are using M&Aselectively — either to consolidate their corebusiness, to expand internationally or to transformand extend their business models — with thedominant approach varying significantly by sector.This multidimensional approach to deal-makingreflects the complex challenges leaders face inpositioning their organizations for sustainablesuccess in an era of continuous disruption. Quarterly deal activity: Stabilizingapproaches to a seaof change Quarterly global deal activity re-enforces 2024’sstabilization after a decline from the post-pandemicspike in deal-making. Q1 2025 shows the expected seasonal first-quarterdip from Q4 2024, recovering in Q2. But whilst first halfvolumes are down 9 percent year-on-year, deal valueincreased 3 percent, driven by a 30 percent surge inthe number of transactions exceeding $5 billion. Large deals continue to drive M&A investment,with billion-dollar plus deals representing nearlythree-quarters of total global acquisition spend. Incontrast, volume decline is largely driven by smallerdeals (below $100 million), which typically representless than 5 percent of the total amount invested. The relative resilience of larger deals shows that,in a rapidly changing and uncertain global businessenvironment, M&A remains a key tool to rapidly adaptto strategic challenges — and demonstrates theimportance of organizations maintaining their capabilityfor agile, forward-looking deal-making. Introducing the KPMG Bayesglobal deal sector heatmap Our heatmap analysis combines sector-by-sector data including deal volume, value, and deal market relative growth to generate an overall ranking of the relativeimportance of M&A as a growth strategy in each of 12 global business sectors. The table shows the heatmap ranking for each sector from hottest (1) to coolest (12)in H1 2025, together with historical rankings for the previous 5 years stretching back to 2019. Ranking sectors by deal volume or size tells us little about which areas are truly “hot” for M&A-led growth. Instead, we track how deal activity changes overtime — both by acquirers within each sector and by targets acquired in each sector — to reveal shifts in relative importance and uncover emerging cross-sector trends.The result is a dynamic league table of deal-making that shows how sector momentum evolved before, during, and after the pandemic. Sector dynamics: Tech reclaims the crown.The evolving heatmap rankings highlight the blurring of traditional sectorboundaries, driven by rapid technological disruption,sector convergence and the need for integrated business solutions. High Technologyretains the top spot, riding the AI revolution’s acceleration and significant cross-sector inbound investment and reflecting the race to securenext-generation capabilities in rapidly evolving, sector blurring business ecosystems. Banking & Finance(+10 positions) Bouncing back with significant growth after a large dip in both deal volume and value in 2024, driven by some of the largestdeals in the year so far, and a resurgence of PE interest. Industrials(-2) drops out of the top 3 for the first time since 2019, with a softening of acquisition activity by industrial sector acquirers relative to the market.Industrials historical resilience, and considerable cross-sector inbound investment, emphasizes the continuing importance of the control of physical assets,even in a digitized economy. Business Services(+4 positions) with significant cross-sector deal volume as provision of services continues to be disrupted by digital and AI, and players acrossthe sector seek to acquire technology and gain control of the end customer. Materials(+4 positions) moves up reflecting the strategic imperative to secure supply chains in an increasingly turbulent geopolitical environment. Energy(-4 places) deal market cooled somewhat with a lack of large deals compared to other sectors and to 2024, but volumes of smaller deals holding upcompared to the wider deal market. Other s