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 ...

Investment Rating - The report indicates a positive outlook for the IPO market, particularly in the Americas and EMEIA regions, while Asia-Pacific faces challenges [3][15][17]. Core Insights - The global IPO market is experiencing a divergence, with the Americas and EMEIA regions seeing significant growth, while Asia-Pacific is slowing down [3][15]. - Investor enthusiasm is high, with IPO returns outperforming index benchmarks, reflecting a shift towards financial sustainability and profitability [18][20]. - The first half of 2024 saw industrials, technology, and materials leading IPO activity, with the US and India dominating key sectors [27][29]. - Family businesses are increasingly considering IPOs to balance legacy and growth, with notable examples in Europe and MENA [33][34]. - The unicorn IPO landscape is shifting as market conditions improve, with a focus on technology and AI companies [41][44]. Summary by Sections Global IPO Activity - In H1 2024, EMEIA regained the top global IPO market share by number for the first time in 16 years, while the Americas surged in proceeds from 5% in 2022 to 34% in H1 2024 [11][13][15]. - The Asia-Pacific region saw an 82% decrease in IPO proceeds, reflecting geopolitical tensions and economic slowdowns [8][17]. Sector Analysis - The industrials sector saw significant growth in IPOs, particularly in South Korea and India, driven by demand for EVs and infrastructure investments [68]. - The technology sector experienced a rebalancing, with a shift from semiconductor listings to software and AI companies, indicating a diversification in IPO candidates [73][74]. - The health and life sciences sector is witnessing a revival, with a notable increase in IPO activity driven by biotech innovations [83][84]. - The consumer sector faced a slowdown, with a 15% decline in proceeds, influenced by macroeconomic factors and rising unemployment [77]. Private Equity - There has been a significant increase in PE-backed IPOs, with proceeds more than doubling year-on-year, indicating strong investor appetite for these listings [92][94]. - The US remains the preferred destination for PE-backed flotations, accounting for a substantial share of listings by volume and proceeds [94]. Market Outlook - The outlook for the IPO market in H2 2024 appears promising, driven by expectations of interest rate cuts and improved market conditions [61][62]. - Geopolitical tensions and upcoming elections are expected to influence IPO strategies and market dynamics [47][54].

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].

Investment Rating - The report does not explicitly provide an investment rating for the e-mobility industry. Core Insights - The future of e-mobility relies heavily on data interoperability and information sharing among stakeholders to enhance the overall EV experience and unlock new opportunities [3][4][8]. - A fully connected and integrated digital e-mobility ecosystem is anticipated, where EVs, manufacturers, charging stations, service providers, and energy systems communicate seamlessly [8][10]. - The report identifies six essentials for accelerating EV adoption, emphasizing the need for digitalization and data transfer to unite transport, energy, and the built environment [7][10]. Summary by Sections Current State of E-Mobility - In 2023, global EV sales accounted for 16% of all vehicles sold, with over 14.1 million new EVs on the roads, indicating a significant growth trajectory [10]. - In Europe, battery EVs (BEVs) and plug-in hybrid EVs (PHEVs) made up over 20% of new car sales, with a 25% increase in sales from 2022 [10][11]. Infrastructure Development - The number of non-residential charging points in Europe rose from approximately 530,000 in 2022 to 744,000 in 2023, with fast and ultrafast chargers increasing by 77% [15][16]. - The Alternative Fuels Infrastructure Regulations (AFIR) mandate the installation of fast public charging stations every 60 kilometers along major transport corridors, ensuring adequate infrastructure for EVs [16][17]. Data Interoperability - Data interoperability is crucial for optimizing charging station locations, enhancing grid integration, and improving the overall charging experience for users [58][61]. - The report highlights the importance of standardization in communication protocols to facilitate seamless data exchange among EV drivers, charging point operators (CPOs), and energy providers [39][40]. Future Opportunities - By 2030, it is projected that there will be over 75 million EVs in Europe, necessitating improved interoperability among ecosystem stakeholders to enhance user experience and infrastructure reliability [22][23]. - New services emerging from data sharing could save the global EV industry over US$4 billion by 2030 through reduced costs and increased efficiencies [24][25]. Challenges - The report identifies challenges such as the need for better coordination in handling network connection requests, disparities in charging infrastructure across regions, and the necessity for robust cybersecurity measures to protect user data [30][54][46]. - The absence of standardized protocols for smart charging and vehicle-to-grid (V2G) communications poses significant barriers to the widespread adoption of advanced charging solutions [45][46].

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]