尽管存在经济放缓的担忧，但今年下半年以来，并购（M&A）活动意外回升，达到自2022年以来的最高水平。摩根大通的报告指出，交易量增长27%，总额达2.2万亿美元，其中超过100亿美元的大型交易增长了57%。金融机构、媒体和通信、多元化工业等七个行业均实现了两位数的增长。科技和多元化工业领域尤为活跃。私募股权公司也显著增加了交易活动，特别是私有化交易，达到自2022年以来的最高点。此外，在人工智能、计算基础设施和数据中心等高增长领域，私募股权对少数股权的投资也大幅增加，显示出资本的积极部署和对未来增长的看好。

📈 **交易量显著增长，大型交易成为主要引擎：** 摩根大通数据显示，2025年上半年并购交易总额飙升27%，达到2.2万亿美元。其中，超过100亿美元的大型交易增长了57%，这是近20年来交易额增长最快的时期，表明大型企业正在积极进行战略性并购。

💼 **多行业复苏，科技与多元化工业表现突出：** 在9个主要行业中，有7个行业实现了两位数的交易量增长，特别是金融机构（+56%）、媒体与通信（+51%）以及多元化工业（+41%）表现强劲。科技行业（23%）和多元化工业（22%）在交易量中占据了重要份额，反映了这些领域对资本的强劲需求和活跃的并购活动。

💰 **私募股权活跃，对少数股权投资增加：** 私募股权公司（金融赞助商）在并购市场中扮演了重要角色，其主导的私有化交易额达到1680亿美元，是自2022年以来最高水平。值得注意的是，他们对高增长领域的少数股权投资增加了34%，尤其是在人工智能、计算基础设施和数据中心领域，这显示了对未来技术趋势的战略性布局和资本投入。

🚀 **“夏季停滞”消失，市场保持强劲势头：** 与往年不同，今年“夏季停滞”的现象已不复存在，自疫情以来，华尔街的并购活动一直保持活跃。即使在对贸易战可能拖累经济的担忧下，交易管道和对话依然活跃，预示着并购市场将继续保持强劲势头。

Mergers and acquisitions unexpectedly picked up in the latter half of the year.JPMorgan broke down what it has been seeing across sectors and deal size.Here are 4 top trends keeping bankers busy as M&A kicks into high gear.

Forget summer Fridays.

The notion of "summer lull" has been gone from Wall Street since the pandemic, said Anu Aiyengar, global head of advisory and M&A at JPMorgan Chase. And it's never been more true than now: M&A activity has been rebounding even amid fears that Trump's trade wars could slow the economy.

"The last week of May and June and early July have all been pretty active with a good cadence of deal announcements," Aiyengar told Business Insider. "And more importantly, our pipeline and conversations continue to be active as well."

The bank on Wednesday released a report showing that M&A in the first half of the year hit its highest levels since 2022, driven largely by large deals. Here are four of the top trends keeping bankers busy as we head into a not-so-sleepy August:

Bigger is better

JPMorgan said total deal volume soared 27% to $2.2 trillion in the first half of 2025, including a 57% increase in deals over $10 billion.

Deals over $1 billion rose 72% — a 20-year high, the bank said.

Sector by sector

The bank said 7 out of 9 sectors saw double-digit volume growth, including:

Financial institutions (+56%)

Media & communications (+51%)

Diversified Industries (+41%)

M&A volumes seemed to favor technology (23%) and diversified industries (22%), the bank said.

Private equity dealmaking

Private equity firms, known in M&A parlance as financial sponsors, have ramped up dealmaking, leading to $168 billion in take-private deals in the first half of 2025, the highest levels since 2022, the bank said.

Four mega-deals accounted for more than 50% of that volume—indicating a highly concentrated but aggressive deployment of capital.

Minority stakes

Sponsors increased their minority stake transactions, especially in high-growth sectors. Sponsor-led minority deals rose 34% year-over-year and were 9% above the 10-year average of $81 billion.

A substantial share—35% of these deals—were in technology, driven by investments in AI, compute infrastructure, and data center capabilities.