领先不动产科技50 毕马威中国 2025 REBCAI 新智实践案例 毕马威 创见不同 · 智启未来 kpmg.com/cn 2025年12月 毕马威中国 | 领先不动产科技50 2025 REBCAI 新智实践案例评选活动 1 免责说明 本报告中所含资料及其所含信息为一般 性信息，仅供一般参考用，并非针对任 何个人或团体的个别情况而提供，亦并 非毕马威对入围企业的完整、详尽的表 述，毕马威也未对入围企业信息执行任 何审计或审阅程序。本文件所含信息并 不构成任何专业建议或服务，读者不应 依赖本文件中的任何信息作为，或可能 影响，其决策的唯一基础。任何人士或 团体在作出任何决策或采取任何相关行 动前，应咨询符合资格的专业顾问。 本文件所含信息均按原貌提供，毕马威 对本文件所含信息不作任何明示或暗示 的表述或保证，所有企业介绍均由上榜 企业自行提供，毕马威对介绍所含信息 的准确性不作保证。除前述免责内容外， 毕马威亦不担保本文件所含信息准确无 误或者满足任何特定的业绩或者质量标 准。毕马威明确表示不提供任何默示担 保，包括但不限于，对可商售性、所有 权、对某种特定用途的适用性、非侵权 性、适配性、安全性及准确性的 ...

目录 03 引言 05 风险管理变革的驱动因素 07 重塑风险管理职能，迎接新时代挑战 新时代下的风险管理转型 毕马威 创见不同·智启未来 kpmg.com/cn 2025年12月 银行业 未来风险展望 银行业未来风险展望 2 10 未来风险管理蓝图 15 努力在风险管理周期中减少不确定性并创造价值 17 结语 引言 © 2025 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，毕马威企业咨询 (中国) 有限公司 — 中国有限责任公司，毕马威会计师事务所 — 澳门特别行政区合伙制事务所，及毕马威会计师事务所 — 香港特别行政区合伙制事 务所，均是与毕马威国际有限公司(英国私营担保有限公司)相关联的独立成员所全球组织中的成员。版权所有，不得转载。 引言 风险管理变革的驱动因素 重塑风险管理职能， 引言 为了应对日益增加的不确定性，银行风险管理领导者必须调整风险管理周期，对风险识别、评估、 监控、控制和报告等环节进行全面重构，同时夯实数据基础和基础设施。在此过程中，首席风险 官发挥着至关重要的作用。 本报告基于调查研究，深入探讨了推动风险环境持续演进的 关键因素，包括数字化进程、行业竞争态势、 ...

中国经济观察 2025年第四季度 kpmg.com/cn 目录 | 要点综述 | | 2 | | --- | --- | --- | | 经济走势 | | 5 | |  | 三季度经济内外需分化，四季度政策聚焦稳需求 | 6 | |  | 国内政策重心调整，投资将步入新稳态 | 10 | |  | 服务消费是重要拉动力 | 22 | |  | "反内卷"成效初显，推动价格企稳 | 26 | |  | 货币政策将更多依赖结构性工具发力 | 30 | |  | 全球贸易政策仍存不确定性，中国外贸顶压前行 | 34 | |  | 人民币汇率震荡上行 | 40 | |  | 中国香港经济稳步回升 | 42 | |  | 全球经济阻力仍存 | 45 | | | 政策分析 | 51 | |  | 研读"十五五"规划《建议》 | 52 | |  | 工信部陆续出台新一轮十个重点行业稳增长举措 | 61 | |  | 深入实施"人工智能+"行动，部署智能经济发展路线 | 66 | |  | 推动城市内涵式发展，建设现代化人民城市 | 71 | © 2025 毕马威华振会计师事务所(特殊普通合伙) — ...

中国税务快讯 第十二期 二零二五年十一月 APA签署效率提高，双边APA受跨国企业青睐 摘要： 根据《中国预约定价安排年度报告（2024）》（以下简称"APA 年度报告" ）， 2024年中国税务机关共签署APA 39 例，其中单边APA 12例，双边APA 27例。2005年至2024年，中国税务机关累计签署APA 335例，其中单边APA 165 例，双边APA 170例。中国累计签署的双边APA数量首次超过单边APA。这反映出中国税务机关不断加强国际税收合 作，稳步推进预约定价安排，积极为纳税人创造良好的税收营商环境。 背景 毕马威观察 近年来，随着国际税收透明度的不断提升，各国对跨国企业的税收征管力度不断增强，APA日益成为跨国企业寻求税收 确定性的重要方式。从中国APA发展的总体趋势看，呈现以下几个方面特点。 注3：即处于意向及申请阶段的APA案件。 © 2025 毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，毕马威企业咨询 (中国) 有限公司 — 中国有限责任公司，毕马威会计师事务所 — 澳门特别行政区合伙制事务所，及毕马威会计师事务 所 — 香港特别行政区合伙制事务所，均是 ...

Investment Rating - The report indicates a positive outlook for the low-altitude economy, highlighting its potential as a new growth engine for high-quality economic development in China [11][12]. Core Insights - The low-altitude economy is recognized as a strategic emerging industry, officially included in government work reports, marking its importance in national economic strategy [11][12]. - The industry is experiencing a synergistic advancement in technology, industrial cultivation, and large-scale commercialization, with significant growth in sectors such as logistics, agriculture, and tourism [12]. - China is transitioning from a "follower" to a "leader" in global low-altitude economic technology, with a substantial share of global patent applications [11][12]. Summary by Sections Global Low-altitude Economy Development Overview - The global low-altitude economy is evolving from exploration to commercial promotion, with significant advancements in technology and regulatory frameworks [39][40]. - The global drone market is projected to reach $34.4 billion in 2024, with expectations to exceed $40 billion by 2026 [57][58]. Low-altitude Economy as a New Economic Form - The low-altitude economy is characterized by high technological intensity, multi-dimensional spatial features, and significant integration across various industries [21][28]. - It encompasses a wide range of applications, including logistics, agriculture, tourism, and emergency rescue, demonstrating strong industrial extensibility [34]. Key Stages of Low-altitude Economy Enterprise Growth - Enterprises must enhance their "policy decoding ability" to seize opportunities presented by government policies, which are crucial for navigating the development landscape [73][79]. - The report emphasizes the importance of understanding the regulatory framework and adapting to local policy environments for successful implementation [78][79].

Economic Overview - In the first three quarters of 2025, China's GDP grew by 5.2%, an increase of 0.4 percentage points compared to the same period in 2024[67] - The real estate sector is under significant pressure, with a projected debt repayment of 5,257 billion yuan in 2025, leading to an increase in non-performing loans in the banking sector[69] Non-Performing Asset Market Dynamics - In 2024, China disposed of non-performing assets totaling 3.8 trillion yuan, marking the highest annual figure to date, with an estimated stock of non-performing assets reaching approximately 8.5 trillion yuan by the end of 2024[14] - The supply of non-performing assets is expected to grow due to ongoing challenges in the real estate market, local government debt, and the restructuring of small financial institutions[20] Asset Management Companies Performance - By the end of 2024, the total assets of four major asset management companies reached 4.51 trillion yuan, with a year-on-year increase of 2.84%[27] - The operating income of these companies was 248.8 billion yuan in 2024, reflecting a 4.10% increase from the previous year, while net profit rose by 34.97% to 15.5 billion yuan[27] Regulatory Environment - Recent regulatory measures aim to enhance the management of non-performing assets and promote high-quality development within the industry, including the issuance of guidelines for asset management companies[36] - The government has introduced policies to support the restructuring of small financial institutions and improve the efficiency of non-performing asset disposal[37] Challenges and Opportunities - The non-performing asset management industry is transitioning from "risk disposal" to "value reconstruction," necessitating a focus on maximizing asset value through innovative management strategies[24] - The market is witnessing a diversification of asset types and disposal methods, creating new opportunities for asset management companies[24]

Economic Outlook and CEO Confidence - 84% of CEOs in the energy and natural resources sector are optimistic about industry growth, up from 72% last year[12] - 78% of CEOs are confident about their own company's growth prospects, although this is a slight decrease from 82% in 2024[13] - 44% of CEOs expect a slight revenue increase (2.5%-4.99%) this year, compared to 30% last year[13] Artificial Intelligence and Innovation - 80% of CEOs recognize the disruptive potential of artificial intelligence (AI)[10] - 40% of CEOs are actively retraining employees affected by AI to enhance their skills[10] - 66% of CEOs expect to see returns on AI investments within 1-3 years, significantly higher than 15% in 2024[10] Mergers and Acquisitions - 55% of CEOs anticipate "moderate" M&A activity, a significant increase from 38% the previous year[16] - Only 36% of CEOs expect to engage in "major" M&A, down from 58% in 2024[16] ESG and Sustainability - 72% of CEOs have integrated sustainability into their corporate strategy, but only 38% have fully incorporated ESG into capital decisions[54] - 61% of CEOs acknowledge that public debates on sustainability hinder their focus on core tasks[54] Supply Chain Resilience - 34% of CEOs identify supply chain resilience as the primary factor influencing short-term decisions[22] - 61% of stakeholders in the renewable energy sector believe supply chain risks complicate the scaling of renewable projects[19]

Group 1: OECD Taxation Insights - The OECD's latest report highlights China's MAP case closure rate exceeds the global average, showcasing effective tax dispute resolution[3] - China's APA closure rate stands at 24.2%, significantly higher than the global average of 18.1%, ranking seventh among jurisdictions[8] - The tax dispute prevention rate in China is 66.7%, well above the global average of 37.8%, placing it fifth globally[8] Group 2: Global Tax Trends - The total number of global MAP cases increased from 2,782 to 2,980, reflecting a growth rate of 7.12%[8] - The average completion time for MAP cases globally is 27.4 months, with transfer pricing cases reduced from 32 months to 30.9 months[8] - The OECD emphasizes the importance of cooperation among tax authorities to enhance tax certainty and prevent disputes[4] Group 3: Future Outlook - Chinese tax authorities are expected to continue engaging with jurisdictions like Italy, the US, Switzerland, Japan, and South Korea to resolve tax disputes[8] - The OECD's best practices are being integrated into domestic regulations by various jurisdictions, indicating a commitment to improving tax administration[7] - The exploration of multilateral frameworks for tax dispute resolution is gaining traction, with a focus on overcoming domestic legal barriers[7]

Investment Rating - The report does not explicitly state an investment rating for the hydrogen energy industry but emphasizes the potential for growth and innovation through the integration of AI technology. Core Insights - The integration of AI technology in the hydrogen energy sector is seen as a key driver for reducing costs and improving efficiency across the entire industry chain. AI is expected to facilitate breakthroughs in catalyst development, optimize electrolysis parameters, and enhance predictive maintenance, thereby supporting the transition to a low-carbon energy system [8][10][11]. Summary by Sections Section 1: Current State and Future Pathways - Hydrogen energy is recognized as a crucial element for deep decarbonization and energy security, with AI technology emerging as a vital force in driving down costs and enhancing efficiency in the hydrogen industry [8][11]. - The report highlights the urgent need to overcome development bottlenecks in the hydrogen sector, with AI playing a transformative role [8][11]. Section 2: AI's Impact on the Hydrogen Industry Chain - AI is applied across various scenarios in the hydrogen industry, with a focus on catalyst research, predictive maintenance, and optimization of hydrogen production processes. The maturity and value potential of these applications vary significantly [8][9][10]. - In hydrogen production, AI is revolutionizing catalyst development and optimizing electrolysis processes, while predictive maintenance is becoming a hot application area due to its high maturity and value potential [8][9][10]. Section 3: Global Practices of "AI + Hydrogen" - Different countries are adopting varied approaches to integrate AI into hydrogen projects, with Europe leading through policy support and funding, while Asia, particularly China, is establishing a legal framework to promote hydrogen's role in energy management [9][10][11]. - The report notes that the U.S. is making progress in AI-assisted molecular screening and electrolysis optimization, although policy uncertainties remain [9][10]. Section 4: Challenges in AI and Hydrogen Integration - Key challenges include data issues such as insufficient samples and data silos, the gap between laboratory results and industrial application, and the lack of unified standards and regulations [9][10]. - The report also identifies a shortage of interdisciplinary talent and an over-concentration of applications in the transportation sector, which limits the full potential of AI in hydrogen applications [9][10]. Section 5: Recommendations for High-Quality Development - Recommendations include improving data quality, accelerating the conversion of research results to industrial applications, establishing unified standards and regulations, and expanding the application of AI beyond transportation to industrial and building sectors [10][11]. - The report concludes that the synergistic development of AI and hydrogen is a significant trend in the global energy transition, with the potential to release substantial multiplier effects [10][11].

Group 1: Importance of Market Value Management - Market value management is a long-term strategic behavior for state-owned enterprises (SOEs) and is crucial during the "14th Five-Year Plan" period[5] - Effective market value management can provide capital support for the implementation of the "15th Five-Year Plan" and enhance the execution of state-owned enterprise reforms[6] - SOEs play a stabilizing role in the economy, and their market value management can promote healthy and stable development of the capital market[7] Group 2: Current Market Position of SOEs - As of September 2025, there are 1,458 state-controlled listed companies in the A-share market, accounting for approximately 26.8% of the total number of listed companies, with a total market value of about 47.6% of the A-share market[8] - State-controlled listed companies have an average market value exceeding 39 billion yuan, significantly higher than the average of non-state-controlled companies at 157 million yuan[8] - Total assets of state-controlled listed companies account for about 80% of the total assets of A-share listed companies, with an average asset size of 2,594 billion yuan, which is 10.7 times that of non-state-controlled companies[10] Group 3: Challenges in Market Value Management - State-controlled listed companies face multiple challenges in market value management due to their high concentration in traditional industries, which limits growth potential[21] - The effectiveness of market value management tools is underutilized in state-controlled companies, with a lower frequency of mergers and acquisitions compared to private enterprises[26] - The growth of total assets in state-controlled companies does not significantly enhance market value, indicating a disparity in market perception of asset effectiveness[31] Group 4: Recommendations for Improvement - SOEs should establish a collaborative mechanism for market value management between controlling shareholders and listed companies to enhance awareness and effectiveness[35] - It is recommended to utilize "key third parties" to promote market value management efforts and build a long-term assessment system for market value management[35] - A restructuring of underlying valuation logic is necessary to improve the internal value of enterprises, focusing on long-term value creation rather than short-term stock price fluctuations[36]