Investment Rating - The report indicates a strong investment opportunity in the cross-border payment industry, highlighting its potential for significant growth and transformation [4]. Core Insights - The cross-border payment sector is poised for disruption, with the market expected to reach $290 trillion by 2030, driven by increasing e-commerce demand, globalization, and technological advancements [4][6]. - The current payment systems are outdated and require reform to enhance efficiency, reduce costs, and improve transparency [14][25]. - The report identifies six strategic priorities for stakeholders in the cross-border payment ecosystem to capitalize on emerging opportunities [4][39]. Summary by Sections 1. Market Overview and Industry Restructuring Trends - The cross-border payment market reached $190.1 trillion in 2023, with a compound annual growth rate (CAGR) of approximately 9%, projected to grow to $290 trillion by 2030 [6][11]. - The market is fragmented, with various participants focusing on different regions and transaction types, creating numerous opportunities for both existing and new entrants [6][11]. 2. Strategic Imperatives for Cross-Border Payments - Emphasizing real-time payments is crucial for enhancing global transaction speed and efficiency, with initiatives like the EU's instant payment regulations aiming for seamless cross-border transactions [40][41]. - Transitioning to the ISO 20022 messaging standard is essential for improving data quality and operational efficiency, with an expected adoption rate of 80% for high-value transactions by 2025 [47][49]. - Strengthening anti-money laundering (AML) measures and compliance frameworks is necessary to adapt to increasingly complex international regulations [54]. - Leveraging digital currencies and Central Bank Digital Currencies (CBDCs) can drive innovation in cross-border payments, enhancing transaction efficiency and security [55][56]. - Establishing strategic partnerships among banks, fintech companies, and regulators is vital for fostering innovation and improving service delivery [40][56]. 3. Exploring New Frontiers: Opportunities in the Cross-Border Payment Ecosystem - Banks are focusing on service innovation and strategic partnerships to gain competitive advantages in the evolving landscape [18]. - Fintech companies are utilizing open data economies to offer faster and more personalized cross-border payment solutions [18]. - Remittance operators are enhancing cost efficiency and customer experience through comprehensive digitalization [19]. - Infrastructure providers are leading innovation through blockchain, APIs, and cross-platform interoperability [19]. - Regulatory bodies are committed to promoting compliance, market coordination, and innovation in the cross-border payment sector [19].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the rapid growth and integration of artificial intelligence (AI) across various sectors, predicting the AI market to grow from USD 621.19 billion in 2024 to USD 2,740.46 billion by 2032, indicating a significant investment opportunity in AI technologies [10][11] - The concept of "Trustworthy AI" is highlighted as a global consensus, focusing on the need for ethical, transparent, and accountable AI systems to ensure their safe deployment and societal acceptance [20][22] Summary by Sections Chapter 1: Global AI Development and Regulatory Framework - As of 2024, 69 countries have established AI-related policies and regulations, reflecting the global emphasis on managing the risks associated with AI technology [11] - The European Union's AI Act, effective from August 1, 2024, categorizes AI systems based on risk levels, with high-risk systems requiring compliance with stringent regulations [11][12] - The United States is adopting a sector-specific approach to AI regulation, with new legislation aimed at enhancing transparency and accountability in AI systems [13][14] Chapter 2: Trustworthy AI Principles - Trustworthy AI must adhere to principles such as safety, fairness, explainability, and privacy protection, which are essential for fostering public trust and ensuring ethical AI development [23][24] - The G20 and EU have established guiding principles for AI that emphasize inclusive growth, respect for human rights, and accountability [24][28] Chapter 3: Key Issues in Trustworthy AI - The report identifies significant challenges in AI, including algorithmic bias, data security, and the inherent risks associated with AI systems [34][35] - Algorithmic bias can lead to unfair outcomes in critical areas such as hiring and law enforcement, necessitating careful consideration in AI design and implementation [38][41] - Data security is crucial for maintaining user trust and compliance with legal standards, with incidents of data breaches highlighting the vulnerabilities in AI systems [39][42] Chapter 7: Industry Insights and AI Governance Research - The report provides insights into various industries, including automotive, healthcare, retail, and services, detailing their current AI applications and the challenges they face in governance and compliance [7][8] - Each industry is encouraged to develop tailored AI management systems to address specific risks and enhance the effectiveness of AI technologies [8]

In an unceasingly complex environment, how can MedTech adapt to thrive? Pulse of the MedTech Industry Report 2024 The better the question. The better the answar The better the world works Contents To our clients and friends 3 The year in review The MedTech landscape in 2024 4 EY perspective Taking on the top-line challenge: Where can MedTech go to find growth? 14 Guest perspective Boston Scientific's growth playbook: M&A, R&D and global market execution 18 | --- | |------------------------------------------ ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The global artificial intelligence (AI) industry is experiencing exponential growth, particularly after the emergence of applications like ChatGPT, leading to increased government and corporate investment in AI technologies [2][3] - China is advancing rapidly in AI, focusing on industrial applications and integrating AI into various sectors such as manufacturing, healthcare, and education, supported by a comprehensive policy framework [4][5] - The AI industry can be segmented into four layers: application, algorithm, computing power, and data, with data and computing power being critical for AI development [5][6] Summary by Sections 1. Current Status and Trends in the AI Industry - The AI industry has evolved significantly since its inception in 1956, with major advancements in algorithms and applications, particularly in the last two decades [2][3] - The competition in AI is intense among major countries, with the US leading in research and hardware, while China excels in industrial application and integration [3][4] 2. Current Status and Trends in the Computing Power Industry - China's computing power sector is rapidly developing, with significant government investment and initiatives aimed at enhancing infrastructure and capabilities [11][12] - The report highlights the importance of computing power as a core driver of the digital economy, with a target to exceed 300 EFLOPS by 2025 [11] 3. AI Transformation and Computing Power Demand in Wuxi's Quality Industrial Clusters - Wuxi's industrial sectors, including software information, IoT, and biomedicine, are actively pursuing AI transformation, driven by the need for efficiency and innovation [27][29] - The report identifies specific industries in Wuxi that are at different stages of AI transformation, with a focus on enhancing operational efficiency and developing new business models [29][30] 4. Development of Wuxi's Intelligent Computing Centers - Wuxi has established several intelligent computing centers, with a total computing power target of at least 2000P by 2025, focusing on various applications including biomedicine and smart manufacturing [19][20] - The Wuxi Artificial Intelligence Collaborative Innovation Base is noted for its rapid development and high performance, utilizing Huawei's self-developed chips [24][25] 5. Industry-Specific AI Transformation and Computing Power Needs - The IoT sector in Wuxi is a key area for AI transformation, with a significant number of companies and a market size of 450 billion yuan [34] - The automotive and industrial internet sectors are also highlighted for their AI transformation efforts, focusing on enhancing safety and operational efficiency through advanced technologies [35][39]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The China Securities Regulatory Commission (CSRC) has issued opinions to deepen the reform of the merger and acquisition (M&A) market, emphasizing its importance in supporting economic transformation and achieving high-quality development [3] - The guidelines encourage listed companies to enhance industrial integration and improve regulatory inclusiveness, transaction efficiency, and intermediary service quality [3] - The Shanghai Stock Exchange has introduced guidelines for identifying "light asset, high R&D investment" companies to promote increased R&D investment among companies listed on the Sci-Tech Innovation Board [4] - The Shenzhen Stock Exchange has implemented a simplified information disclosure guide for corporate bond issuance to enhance the efficiency of bond financing for quality market entities [5] Summary by Sections Section: M&A Market Reform - The CSRC's opinions focus on supporting the transformation of listed companies towards new productive forces and enhancing the vitality of the M&A market [3] - Key measures include encouraging industrial integration and improving regulatory frameworks [3] Section: R&D Investment Guidelines - The Shanghai Stock Exchange's guidelines detail the criteria for recognizing "light asset, high R&D investment" companies, including applicable scope, specific standards, and disclosure requirements [4] Section: Corporate Bond Issuance - The Shenzhen Stock Exchange's guide aims to streamline the disclosure process for corporate bond issuers, emphasizing the importance of targeted and relevant information for investors [5]

Industry Investment Rating - The report highlights the mining and metals sector as facing significant challenges and opportunities, particularly in the context of the energy transition and the need for sustainable practices [2][3] Core Viewpoints - The energy transition is disrupting the mining and metals sector, requiring significant transformation through innovation, collaboration, and agility [2] - Capital discipline remains a top priority, with miners needing to balance growth and returns while navigating tough financing conditions [3][12] - Strategic risks such as resource depletion and new project development are becoming more prominent, with long lead times and declining ore grades posing challenges [4][33] - Environmental stewardship is increasingly critical, with miners focusing on nature-positive initiatives and sustainability performance [22][23] - Geopolitical uncertainty is rising, with governments prioritizing self-sufficiency in strategic minerals and metals, leading to complex supply chain dynamics [26][27] Key Risks and Opportunities Capital - Capital is the number one risk, with miners needing to shift focus beyond yield to invest in future value [3][12] - M&A and portfolio repositioning are accelerating, with companies divesting noncore assets and spinning off high-growth assets [13][14] - Miners are exploring alternative sources of capital, including commodity traders, supplier funding, and export credit finance [18][19] Environmental Stewardship - Miners are elevating environmental stewardship, with 46% of respondents confident in meeting nature-positive obligations [22][23] - Waste management and recycling are gaining attention, with progressive miners capturing value from waste through improved mining performance and closed-loop systems [24] Geopolitics - Governments are prioritizing self-sufficiency in strategic minerals, with Japan and Saudi Arabia offering subsidies and incentives for new projects [26][27] - Resource nationalism is affecting tax rules, with governments needing to balance national revenue goals and long-term investment returns [28] Resource and Reserve Depletion - A supply shortfall is likely if investment in exploration and mine development does not increase, with declining ore grades and long lead times exacerbating the issue [33][34] - Exploration budgets are up 37% compared to 2019, with a shift towards copper, lithium, and nickel exploration [34] License to Operate - Miners must enhance community impact and Indigenous trust to build long-term value and secure their license to operate [42][43] - Mine closure strategies are critical, with only 35% of legacy assets and 50% of operating assets having closure plans [44] Rising Costs and Productivity - Structural costs are high due to sticky inflation, particularly in labor and energy, impacting productivity [47][48] - ESG priorities are competing with productivity, with 33% of respondents agreeing that ESG focus is distracting from productivity [48] Climate Change - Miners are under pressure to improve transparency in emissions reporting, with Scope 1 and 2 emissions intensity declining by 10% since 2020 [56][57] - Integrating renewable energy into mining operations is challenging due to high capital costs and technological limitations [58] New Projects - Regulatory issues and higher taxes are prolonging the time from discovery to production, with the US taking 29 years to develop a mine [65][66] - Capital intensity of projects is increasing due to inflation, lower ore grades, and infrastructural issues [66] Changing Business Models - Miners are repositioning portfolios for growth, with vertical integration into advanced materials and diversification into the clean energy value chain [70][71] - Recycling and circular economy initiatives are gaining traction, with 42% of respondents considering integrating recycling into their business models [71] Innovation - Innovation is critical for sustainable mining, with 54% of respondents anticipating greater investment in innovation over the next 12 months [75][76] - Collaboration is essential for driving innovation, with 50% of respondents stating there is not enough collaboration in the sector [76][77]

世界 塑未来 中国国际服务贸易交易会 2024服贸趋势风向标 新质生产力 ｜ 数智绘万象 ｜ 出海新动能 ｜ 绿色可持续 | 月 12 16 g 绿色可持续 9月12日 开幕式 一次网 已不用完 | 什么 随着我国创新技术和绿色产业的发展，"中国 机遇"仍然会是全球经济发展的关键词。这是 安永连续五年相约服贸会，今年安永以"AI世 界，塑未来"为主题参展，分享安永在新质生 产力、数智绘万象、出海新动能、绿色可持 续等最新成果，为促进服务贸易发展持续注 入安永智慧。期待与各界同仁共同开启2024 服贸会新篇章，共塑AI未来。 9月13日 成果发布 2024年中国国际服务员参 今日，在2024年中国国际服务贸易交易会 成果发布会现场，安永重磅发布了《加强 绿色税制建设 践行可持续发展》白皮书和 "双客体验重塑"解决方案两项成果，为绿 色低碳发展和金融业数字化发展贡献安永 智慧。 注： 1、安永华明会计师事务所（特殊普通合伙） 2、安永（中国）企业咨询有限公司 9月12日 共谋发展 安永受邀出席第二届客院十论坛 安永华北区主管合伙人张明益 安永华北区主管合伙人张明益受邀出席 2024服贸会主题论坛——第三届生态环保 ...

| --- | --- | |-------|-------| | | | | | | | | | Written by 北京国家会计学院 安永研究院 联合编制 二零二四年九月 北京国家会计学院 财税政策与应用研究所 课题主持人： 李旭红 课题组成员： 段小龙、曹跃、孙谷、唐磊、 王晨阳、柯徐雨珩 | --- | --- | |----------------------------|-----------------------------------------------------------------| | | | | | 安永研究院 | | 课题主持人： | | | 张明益、兰东武、李菁、岳蕾 | | | 课题组成员： | 梁斯尔、张国瑜、李芳、裴培、 张生柱、黄怡怡、李香潼、王冬婷、 | | | 周义博、于若凡、许健波、王昕卓 | 1,001 2 加强绿色税制建设 践行可持续发展 0101 0110 01700 1001 0101 0100 1,001 0101 0140 就双方共同撰写的研究成果白皮书， 其著作权归双方共同拥有。双方需要 协商一致共同行使著作权中的人身权， 包括发表权、署名权 ...

Industry Investment Rating - The report does not explicitly provide an investment rating for the telecommunications industry [1][2] Core Viewpoints - The telecommunications industry is navigating a complex and shifting risk landscape, with risks constantly evolving in nature and impact [2] - The industry faces a diverse range of risks affecting every aspect of its business, driven by technological change, geopolitical strains, economic shifts, and societal development [2] - The report identifies the top 10 risks facing telcos globally in 2024 and suggests three key actions for leaders to mitigate these risks [2] Risk Domains and Top 10 Risks Risk Domains - Compliance threats: Originating from politics, regulations, or corporate governance [3] - Operational threats: Impacting processes, systems, people, and the overall value chain [3] - Strategic threats: Related to customers, competitors, and investors [3] - Financial threats: Stemming from volatility in markets, ecosystems, and investments [3] Top 10 Risks 1. Underestimating changing imperatives in privacy, security, and trust [3][6] 2. Insufficient response to customers during the cost-of-living crisis [3][11] 3. Inadequate talent and skills management [3][15] 4. Poor management of the sustainability agenda [3][18] 5. Failure to take advantage of new business models [3][21] 6. Inadequate network quality and value proposition [3][24] 7. Failure to improve workforce culture and ways of working [3][27] 8. Ineffective engagement with external ecosystems [3][33] 9. Inability to adapt to the changing regulatory landscape [3][37] 10. Failure to maximize the value of infrastructure assets [3][40] Key Data and Insights Cybersecurity - 53% of telcos believe the total cost of cybersecurity breaches will exceed US$3m in 2023, up from 40% in 2022 [7] - 52% of telcos cite a failure among non-IT workforce to adhere to best practices as a top internal issue undermining cybersecurity efforts [7] Customer Response to Cost-of-Living Crisis - Only one-third of consumers think telcos have been supportive during the cost-of-living crisis, while 75% believe broadband providers should do more to offer fixed price guarantees [12] - 60% of consumers agree the cost-of-living crisis has made them more likely to shop around for the best deals [14] Talent Management - 55% of telecoms employers are freezing hiring in response to financial pressures, almost double the proportion across all sectors (28%) [15] - The leading 20 telcos worldwide have reportedly cut their workforces by a combined 20% in the past seven years [15] Sustainability - 46% of telcos consider sustainability when allocating capital but do not give it sufficient weighting to secure necessary funding [18] - 43% of telecoms and technology companies do not disclose a specific net-zero strategy, transition plan, or decarbonization strategy [19] Network Quality and Value Proposition - 26% of households experience an unreliable home broadband connection "often" or "very often," while 29% say the same about their mobile data signal inside the home [24] - Fiber-to-the-home coverage in Europe stands at 62% of households, but adoption of packages is at just 50% [25] Workforce Culture and Ways of Working - 30% of telecoms employees prefer fully remote working, compared to 23% across all sectors [28] - 47% of telco employees cite access to learning and skills as a top factor for thriving as remote or hybrid workers [29] External Ecosystems - 71% of large enterprises prioritize technology and 5G suppliers with ecosystem relationships [34] - 50% of corporate customers value a supplier more highly if it can articulate its role in the evolving industry ecosystem, up from 47% in 2022 [34] Regulatory Landscape - 61% of telco leaders believe regulatory risks will significantly impact their business's performance over the coming 12 months [37] - Policymakers are developing guidelines for AI, with concerns that the EU's comprehensive approach could stifle innovation and limit international competitiveness [38] Infrastructure Assets - 41% of telco CEOs plan to pursue divestments, spin-offs, and IPOs in the next 12 months, while 61% aim to form joint ventures or strategic alliances [40] - 48% of telecoms leaders agree that splitting into netcos and servcos is a likely future scenario to accelerate investment and returns [42] Recommended Actions for Risk Mitigation 1. Improve governance across the organization, particularly around data governance and decision-making on fast-evolving topics [45] 2. Engage in new ways of working with employees, focusing on learning, upskilling, and re-skilling to accommodate remote working [46] 3. Rearticulate the value proposition to customers, simplifying value propositions and sustaining relevance to unlock long-term value [47]

新质扬帆，「面向2060的 中国气候科技产业（2024版） 2024年6月 EY安永 EYAcademy 长三角包 长三角国际绿色发展联盟 安永研究院 商创院 for Green Development Yangtze River Delta International Union Insightsempowered|集思汇智 目录 CONTENTS | --- | --- | |-------|--------------------------------------------| | 章节 | 内容 | | | 引言 | | 1. | 中国气候科技产业概览 | | 1.1 | 中国气候科技产业发展现状 | | 1.2 | 培育新质生产力，推动气候科技产业高质量发展 | | 1.3 | 中国气候科技产业出海蓝图 | | 2. | 气候科技产业主要赛道 | | 2.1 | "新三样"领跑外贸出口 | 2.1.1光伏 2.1.2储能与动力电池 2.1.3新能源汽车 2.2 风电 2.3 水电 2.4 氢能与生物质 2.5 节能环保 2.6 合成生物 3. 展望未来 3.1 依托产业生态，以科技创新，布局产业未 ...