报告回顾2026年三季度全球并购市场。3Q26全球已宣布并购交易额环比下降30%、同比下降6%，此前连续六个季度同比增长，2Q26同比增速曾达67%；有顾问参与的交易降幅更大，环比降34%、同比降16%。大型交易（金额超100亿美元）环比降71%、同比降44%，而100亿美元以下交易环比增2%、同比增11%，中小市场与融资收购活动环比改善（sponsor交易环比增26%，战略买家降44%），显示底层韧性。区域上亚太同比增38%，美洲降21%、EMEA降4%；跨境交易表现优于境内。金融、软件与医疗保健为交易额最高板块，金融多年来首次居首，软件自2023年来首次让出榜首，被视为活动面拓宽的信号。
3Q26 showed a deceleration in M&A activity from record levels in 2Q. After six straight quarters of global announced deal volume growth on a y/y basis, 3Q26 volume declined -6% y/y, a large step-down versus the +67% y/y growth in 2Q26, representing a -30% decline q/q versus a record-setting 2Q. Announced M&A volume for deals with an advisor fell even more sharply, down -16% y/y / -34% q/q. We attribute the slower 3Q primarily to a normalization from a megadeal-heavy record 2Q, with rising rates and macro uncertainty temporarily adding headwinds, while sub-$10B volumes and sponsor activity improved sequentially. We view 3Q as a temporary speed bump in a multi-year M&A recovery rather than the end of the cycle. Finance was the top M&A sector by announced volume, followed by Software and Healthcare, with cross-border activity holding up better than domestic. We continue to expect an elevated level supported by strong growth, strategic demand, AI investment, and ample capital availability,