diff --git a/CHANGELOG b/CHANGELOG
index 44d5938e..507e5c37 100644
--- a/CHANGELOG
+++ b/CHANGELOG
@@ -1,7 +1,10 @@
 Development Version
 -------------------
 
-Nothing yet.
+Bug Fixes
+
+* Keep parenthesized expressions in comma-separated identifier lists
+  while preserving separate VALUES rows (issue343).
 
 
 Release 0.6.0 (Aug 13, 2026)
diff --git a/sqlparse/engine/grouping.py b/sqlparse/engine/grouping.py
index d8cfa9e1..39f1bb91 100644
--- a/sqlparse/engine/grouping.py
+++ b/sqlparse/engine/grouping.py
@@ -310,7 +310,7 @@ def post(tlist, pidx, tidx, nidx):
 def group_identifier_list(tlist):
     m_role = T.Keyword, ('null', 'role')
     sqlcls = (sql.Function, sql.Case, sql.Identifier, sql.Comparison,
-              sql.IdentifierList, sql.Operation)
+              sql.IdentifierList, sql.Operation, sql.Parenthesis)
     ttypes = (T_NUMERICAL + T_STRING + T_NAME
               + (T.Keyword, T.Comment, T.Wildcard))
 
@@ -318,6 +318,10 @@ def match(token):
         return token.match(T.Punctuation, ',')
 
     def valid(token):
+        if (isinstance(token, sql.Parenthesis)
+                and isinstance(token.parent, sql.Values)):
+            # VALUES rows are separate tuples, not select-list expressions.
+            return False
         return imt(token, i=sqlcls, m=m_role, t=ttypes)
 
     def post(tlist, pidx, tidx, nidx):
@@ -468,8 +472,8 @@ def group(stmt):
         group_assignment,
 
         align_comments,
-        group_identifier_list,
         group_values,
+        group_identifier_list,
     ]:
         func(stmt)
     return stmt
diff --git a/tests/test_format.py b/tests/test_format.py
index 93495067..b36993c0 100644
--- a/tests/test_format.py
+++ b/tests/test_format.py
@@ -606,6 +606,16 @@ def test_identifier_and_functions(self):
             '       nvl(1)',
             'from dual'])
 
+    @pytest.mark.parametrize('expressions', [
+        ['a', 'b', '(a-b)'],
+        ['(a-b)', 'a', 'b'],
+        ['a', '(a-b)', 'b'],
+    ])
+    def test_parenthesized_select_list(self, expressions):
+        query = f"SELECT {', '.join(expressions)} FROM bla"
+        expected = 'SELECT ' + ',\n       '.join(expressions) + '\nFROM bla'
+        assert sqlparse.format(query, reindent=True) == expected
+
     def test_insert_values(self):
         # issue 329
         f = lambda sql: sqlparse.format(sql, reindent=True)
diff --git a/tests/test_grouping.py b/tests/test_grouping.py
index 20fab9b7..b045a33a 100644
--- a/tests/test_grouping.py
+++ b/tests/test_grouping.py
@@ -207,6 +207,46 @@ def test_grouping_identifier_list():
     assert isinstance(p.tokens[0].tokens[1], sql.IdentifierList)
 
 
+@pytest.mark.parametrize('expressions', [
+    ['a', 'b', '(a-b)'],
+    ['(a-b)', 'a', 'b'],
+    ['a', '(a-b)', 'b'],
+    ['(a)', '(b)'],
+    ['a', '((b-c))'],
+    ['a', '(SELECT b FROM c)'],
+])
+def test_grouping_parenthesized_select_list(expressions):
+    # issue343: parentheses must not split a comma-separated select list.
+    query = f"SELECT {', '.join(expressions)} FROM bla"
+    parsed = sqlparse.parse(query)[0]
+    _, identifiers = parsed.token_next_by(i=sql.IdentifierList)
+    assert identifiers is not None
+    assert [str(token) for token in identifiers.get_identifiers()] == expressions
+    assert str(parsed) == query
+    assert all(token.parent is identifiers for token in identifiers.tokens)
+
+
+@pytest.mark.parametrize('rows', [
+    ['(1, 2)', '(3, 4)', '(5, 6)'],
+    ['((1), (2))', '((3), (4))'],
+    ['((SELECT a, (b-c) FROM bar), 1)', '(2, 3)'],
+])
+def test_grouping_values_rows_with_parenthesized_expressions(rows):
+    query = f"INSERT INTO foo VALUES {', '.join(rows)}"
+    parsed = sqlparse.parse(query)[0]
+    _, values = parsed.token_next_by(i=sql.Values)
+    assert values is not None
+    assert [str(token) for token in values.tokens
+            if isinstance(token, sql.Parenthesis)] == rows
+    assert not any(isinstance(token, sql.IdentifierList)
+                   for token in values.tokens)
+    assert str(parsed) == query
+    for row in values.get_sublists():
+        _, identifiers = row.token_next_by(i=sql.IdentifierList)
+        assert identifiers is not None
+        assert len(list(identifiers.get_identifiers())) == 2
+
+
 def test_grouping_identifier_list_subquery():
     """identifier lists should still work in subqueries with aliases"""
     p = sqlparse.parse("select * from ("