2025年全球激进股东运动达到新高：Lazard数据显示全年共有295起行动，连续第三年创纪录，较2024年增长15%，且增速加快。按地区看，北美有173起，同比上升28%，刷新2014年以来纪录；日本以56起跃居第二，超越欧洲。诉求结构上，要求董事会改组占37%，与并购相关的提案（出售业务、行业整合等）占35%。

在全球股价走高但涨幅集中于人工智能等板块的背景下，激进基金将目标转向未跟上行情的相对低估公司。Elliott上月披露对Lululemon Athletica持有逾10亿美元股份；该股曾一度较2023年峰值下跌约70%，披露后次日盘中一度上涨近9%。美国方面，HoldCo推动德州地区银行Comerica出售自身；Ancora敦促铁路运营商CSX与同行寻求合并。韩国行动数由6起增至11起；Palliser则指出LG Chem估值仅为电池子公司LG Energy Solution的三分之一，要求董事会重组并回购股票。

日本的激进主义在东京证券交易所于2023年推动企业更重视资本成本与股价后加速：Elliott在12月披露对Toyota Industries持有5%股份，Third Point也以持股方式回归并投资Ebara。提案通过率亦在上升，例如Synchro Foods同意任命Asset Value Investors日本研究主管Kazunari Sakai为外部董事；在公司治理准则修订前，现金储备与资本效率将成为焦点。回报压力同时上升：Lazard发现欧美目标公司在行动启动后5天跑赢指数，但一年后部分公司跌幅达两位数；日本Nomura数据显示，2025年上半年激进投资持有至少6个月的公司在120个交易日后仅较Topix高约0.6个百分点，而激进基金现金规模上升使2026年行动数量更可能延续高位。

Investor activism hit a new high in 2025: Lazard counted 295 campaigns worldwide, a third straight annual record, up 15% from 2024 with faster growth. Regionally, North America had 173 campaigns, rising 28% to a record not seen since 2014; Japan ranked second with 56, overtaking Europe. By demand type, board changes were the most common at 37% of campaigns, while M&A-related proposals (asset sales, consolidation) accounted for 35%.

With the stock rally concentrated in areas like AI, activists are targeting relatively undervalued companies that lagged the upswing. Elliott disclosed a stake of more than $1 billion in Lululemon Athletica; the shares had at one point fallen roughly 70% from their 2023 peak and then jumped nearly 9% the day after the disclosure. In the U.S., HoldCo urged Texas regional lender Comerica to sell itself, while Ancora pushed rail operator CSX toward a merger. In South Korea, campaigns rose from 6 to 11; Palliser argued LG Chem’s valuation sat at one-third of battery unit LG Energy Solution and called for a board reshuffle and buybacks.

Japan’s activism has accelerated since the Tokyo Stock Exchange’s 2023 push to focus on cost of capital and share prices: Elliott disclosed a 5% stake in Toyota Industries and Third Point returned with a stake in Ebara. Proposals are also passing more often, such as Synchro Foods approving the appointment of Asset Value Investors Japan research head Kazunari Sakai as an outside director; cash hoards and capital efficiency are expected to be a focus ahead of governance-code revisions. Performance pressure is rising: Lazard found some U.S. and European targets beat indexes after 5 days but were down double digits a year later; Nomura data show Japan activist holdings outperformed Topix by only about 0.6 percentage point after 120 trading days in 1H 2025, while growing activist cash suggests 2026 activity will stay elevated.