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]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the importance of "China Opportunity" in global economic development, highlighting the role of innovative technologies and green industries [2] - It discusses the significance of sustainable development and the construction of a green tax system as essential components for low-carbon growth [4] - The report outlines the need for companies to enhance their capabilities in internationalization, risk management, and local adaptation to succeed in overseas markets [33] Summary by Sections Green Taxation and Sustainable Development - The report presents a white paper on strengthening green tax system construction, contributing to sustainable development [4] - It highlights the integration of ESG (Environmental, Social, and Governance) principles into corporate strategies to promote high-quality and sustainable growth [42][43] New Quality Productivity - The report focuses on the development of new quality productivity, emphasizing the role of advanced technologies and services in driving regional coordinated development [16] - It discusses the opportunities presented by data asset management and the importance of data in enhancing business operations [18][29] Internationalization and Outbound Investment - The report outlines the challenges faced by Chinese companies in international markets, including compliance risks and the need for effective local management [34] - It emphasizes the importance of a comprehensive service approach to support Chinese enterprises in their outbound investment strategies [33] AI and Digital Transformation - The report explores the role of AI in economic transformation and high-quality development, detailing how AI technologies can enhance compliance and risk management [22][25] - It discusses the potential of generative AI in various sectors, including robotics, drug development, and autonomous driving [32] Industry Collaboration and Innovation - The report highlights the collaboration between EY and various stakeholders to promote innovation in the comprehensive bonded zones, aiming to create new platforms for international cooperation [19] - It emphasizes the need for companies to adapt to the evolving landscape of ESG regulations and the importance of integrating these considerations into their business models [34][42]

| --- | --- | |-------|-------| | | | | | | | | | 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 ...

Q EY Private How can you adapt your IPO strategy in a dynamic market? EY Global IPO Trends Q2 2024 ey.com/ipo/trends #IPO ■ ■ ■ □ □ □ The better the question. The better the answer. The better the world works. Contents 02 2024 and H1 2024 IPO activity05 Global IPO market highlights 06 IPO market outlook 13 Industrials 15 Technology 16 Consumer 17 Sectors Health and life sciences 18 19 Energy Private equity 20 Americas 22 Areas Asia-Pacific 27 Europe, Middle East, India and Africa 35 Advice to IPO candidates ...

Investment Rating - The report does not explicitly state an investment rating for the banking industry, but it highlights a positive outlook for the sector's adaptability and resilience in a challenging macroeconomic environment. Core Insights - The banking sector in China has shown a net profit growth of 1.43% in 2023, totaling RMB 21,690.47 billion, despite a decline in operating income [11][17][29]. - The average net interest margin for listed banks decreased to 1.69%, down 25 basis points from 2022, marking a continuous decline over four years [10][11]. - The report emphasizes the importance of serving the real economy and enhancing financial services, particularly in technology, green finance, and inclusive finance [10][12][13]. Summary by Sections Overview - The report covers 58 listed banks in China, which account for 83% of total assets and 91% of net profits in the commercial banking sector [5]. Financial Performance - Total assets of listed banks reached RMB 2,939,093.62 billion, with a year-on-year growth of 11.14% [11]. - The loan balance (net of impairment provisions) was RMB 1,633,207.56 billion, reflecting a growth of 10.91% [11]. - Operating income for 2023 was RMB 58,699.05 billion, a decrease of 0.98% compared to the previous year [29]. Profitability - The net profit growth rate for large banks was 2.47%, while national joint-stock banks saw a decline of 3.18% [20][21]. - The average return on equity (ROE) for listed banks decreased to 9.20% from 9.82% in 2022 [24][27]. Risk Management - Non-performing loans (NPLs) totaled RMB 21,600.40 billion, with a slight decrease in the average NPL ratio to 1.29% [12][13]. - The average provision coverage ratio increased to 240.10%, indicating a strong risk management stance [12]. Digital Transformation - Investment in technology by listed banks reached RMB 1,970.12 billion, with a growing focus on integrating technology into business operations [13]. - The number of technology personnel in banks has increased, reflecting a shift towards digital and intelligent transformation [13]. Future Outlook - The report anticipates continued recovery in the Chinese economy, with banks needing to balance growth and risk management while focusing on long-term sustainable development [14].

How do we solve the challenge of data interoperability in e-mobility? A collaboration between: Contents Preface E-mobility is about so much more than the technological switch from combustion engines to electric vehicles (EVs). It is about connecting the worlds of transport, energy and the built environment. It's about the future value — personal, environmental and commercial — that innovation and interconnectedness across the e-mobility ecosystem can deliver. That future state depends on data interoperabili ...

Global IPO Market Overview - Global IPO activity declined by 15% in H1 2024, with 532 companies raising $51.7 billion, a 17% decrease in proceeds compared to the same period last year [3] - The US and India performed relatively better, with the New York Stock Exchange leading in proceeds at $10.8 billion, followed by Nasdaq at $7.1 billion [5] - Only one Chinese company made it to the global top 10 IPOs in H1 2024 [8] China A-Share IPO Market - A-share IPO activity contracted significantly, with only 44 companies raising RMB 32.9 billion, representing a 75% and 84% YoY decline in number and proceeds respectively [14] - The average IPO size dropped to RMB 748 million, down 38% YoY, with no IPOs exceeding RMB 5 billion [16] - STAR Market IPOs hit a record low, with only 7 listings, while ChiNext and Shanghai Main Board led in IPO count and proceeds respectively [17] - Specialized and sophisticated SMEs accounted for 48% of A-share IPOs, up from previous years [21] - The top 10 A-share IPOs raised RMB 16.6 billion, dominated by technology companies [25] - Industrial, technology, and materials sectors accounted for 89% of IPO count and 88% of proceeds [26] - Yangtze River Delta and Pearl River Delta regions dominated A-share IPOs, contributing 70% of total listings [28] Hong Kong IPO Market - Hong Kong saw 28 IPOs raising HK$12.1 billion in H1 2024, down 3% and 32% YoY in count and proceeds respectively [34] - Average IPO size reached a historical low of HK$431 million, with only one IPO exceeding HK$2 billion [36] - Mainland Chinese companies dominated, accounting for 89% of IPO count and 95% of proceeds [39] - IPO first-day performance improved, with only 25% of IPOs breaking issue price, the lowest in five years [40] - The top 10 Hong Kong IPOs raised HK$8.73 billion, down 33% YoY, with technology companies leading [46] - Technology sector dominated Hong Kong IPOs, raising HK$4.975 billion, followed by retail and consumer goods at HK$2.847 billion [49] US IPO Market for Chinese Companies - 24 Chinese companies listed in the US in H1 2024, raising $2.235 billion, up 26% and 274% YoY in count and proceeds respectively [51] - Two large IPOs significantly boosted the total proceeds [51] - 25 Chinese companies are currently in the US IPO filing process, with 53 having completed filings but not yet listed [53] Market Outlook - A-share IPO market is expected to gradually recover but remain tight, with a focus on high-quality technology companies [56] - Hong Kong IPO market shows signs of recovery, with favorable factors accumulating and a potential turning point [58] - More mainland industry leaders are expected to list in Hong Kong, with traditional and high-growth companies in the pipeline [58]