Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The financial services industry is facing significant regulatory changes driven by geopolitical tensions, economic pressures, and the rapid evolution of technology, particularly in areas like artificial intelligence and digital assets [6][21][22]. - Regulatory bodies are under pressure to balance economic growth with the need for robust risk management and governance frameworks, leading to a trend towards regulatory simplification rather than outright deregulation [9][19]. - The fragmentation of global regulatory standards is becoming more pronounced, with different jurisdictions adopting varying approaches to regulation, particularly in the context of digital assets and sustainability [9][22][36]. Summary by Sections Global Overview - Financial markets experienced turbulence in early 2025 but stabilized later in the year, although underlying risks remain [6]. - Regulatory agencies are tasked with simplifying rules while monitoring emerging risks that could have systemic implications [6][9]. Regulatory Evolution - The adoption of artificial intelligence in financial services is accelerating, with 71% of CEOs identifying it as a primary investment focus, up from 53% in 2024 [12]. - Regulatory frameworks for digital assets are being established, with various jurisdictions developing their own guidelines, leading to a patchwork of regulations [9][36]. AI and Innovation - AI is expected to enhance the quality and inclusiveness of financial services, but it also presents challenges such as bias, opacity, and governance gaps [14][18]. - Regulatory sandboxes are being expanded to allow for the testing of AI solutions in a controlled environment, fostering innovation while managing risks [16][17]. Regional Focus: Europe and UK - The EU and UK are focusing on simplifying existing regulations rather than deregulating, with an emphasis on maintaining financial and operational resilience [22][23]. - The UK and EU are also addressing retail investment development, with the EU formulating a retail investment strategy and the UK implementing targeted support measures [9][19]. Regional Focus: US - The new US administration has issued over 200 executive orders focusing on cybersecurity, financial resilience, and digital finance leadership, indicating a shift in regulatory priorities [32][33]. - There is a trend towards customizing regulations for smaller institutions while potentially easing requirements for larger banks [34]. Regional Focus: Asia-Pacific - The Asia-Pacific region is characterized by diverse regulatory requirements, with a focus on prudential regulation, behavioral regulation, and the integration of digital assets [40][41]. - Regulatory bodies are enhancing scrutiny on cybersecurity and operational resilience, particularly for firms involved in digital asset ecosystems [42][43].

中国税务快讯 第二期 二零二六年一月 深圳大湾区个税财政补贴申报要求调整，展望大湾区个税优惠政策变化 摘要： © 2026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。 1 • 内地居民身份人士不再符合申请条件 今年申报指南对申请人的身份条件新增加了限制，除取得国外长期居留权的留学回国人员和海外华侨外，申请人若 持有境外身份但同时仍保留境内身份，将不再符合身份条件。 • 申请窗口期提前并开放补办申请 2025纳税年度的申请需于2026年1月1日至2026年3月31日期间完成申请，早于2025年度的个人所得税综合所得汇 算清缴（2026年3月1日至2026年6月30日）。 同步开放2024纳税年度的补办申请，补办的申请要求将按照2025纳税年度申报指南中的要求执行。 • 以往申请年度，通过优才、专业人士和企业家而取得香港身份 ...

国资国企 热点政策分析 2025年四季度刊 kpmg.com/cn 2025年10月政策要点 《"十五五"规划建议》引领国资央企高质量发展新航程 （党的二十届四中全会审议通过《"十五五"规划建议》，10月20-23日） 核心内容 《规划建议》围绕高质量发展，部署了建设现代化产业体系、加快科技自立自强、扩大内 需、深化改革开放、促进区域协调、推进乡村全面振兴、推动绿色转型、保障改善民生、 维护国家安全等重点任务 四中全会部署和《规划建议》为"十五五"时期国资央企发展指明方向 四中全会公报和《规划建议》关键词 推动科技创新和产业创新深度融合 （国务院国资委、中国科学院召开会议，推动合作提质升级，10月16日） 毕马威 创见不同·智启未来 核心内容 国务院国资委提出在四个方面同向发力，推动科技创新与产业创新深度融合发展：高质量 供给、高效率转化、高水平生态、高标准组织 国资央企推动科技创新和产业创新深度融合工作重点关注领域 资料来源：《国务院国资委与中国科学院召开会商会议深化战略合作》，国务院国资委官网，2025年10月18日 kpmg.com/cn © 2026 毕马威华振会计师事务所（特殊普通合伙） — 中国合 ...

Group 1: Capital Planning and Implementation - The "15th Five-Year Plan" emphasizes the need for state-owned enterprises (SOEs) to deepen reforms and enhance their core functions, aiming for high-quality development through capital planning[10] - KPMG's white paper outlines a comprehensive service system covering planning, investment, and management phases, focusing on efficient capital asset operation and strategic restructuring[28] - SOEs face challenges in aligning capital planning with national strategies and industry policies, necessitating a dual approach of "industrial operation + capital operation" to enhance competitiveness[29] Group 2: Investment and Market Analysis - KPMG provides investment market and track analysis services to help SOEs identify and prioritize investment opportunities in emerging sectors, ensuring alignment with national strategic goals[60] - The service includes a systematic evaluation of market potential, technological feasibility, and risk assessment to guide SOEs in making informed investment decisions[60] - Effective capital recovery and asset optimization strategies are crucial for enhancing asset operation efficiency and achieving value appreciation for state-owned assets[41] Group 3: Strategic Restructuring and Optimization - Strategic restructuring of regional SOEs is essential for optimizing resource allocation and enhancing core competitiveness, contributing to regional economic development[72] - KPMG offers a five-step approach to strategic restructuring, focusing on thorough research, clear positioning, and resource optimization to ensure successful integration post-restructuring[73] - The optimization of state-owned capital investment and operation companies is vital for achieving market-oriented operations and enhancing the overall effectiveness of capital management[83]

构建"中国特色"国有企业 发展规划，助力高质量发展 长期落地生根 毕马威国资国企优选整合咨询服务系列白皮书——规划篇 kpmg.com/cn 目 录 | 前言 | 2 | | --- | --- | | 毕马威国资国企优选整合咨询服务体系 | 3 | | 国有企业高质量发展规划 | 7 | | 四大核心规划：产业提升 | 11 | | 四大核心规划：资本赋能 | 14 | | 四大核心规划：组织人力 | 16 | | 四大核心规划：风控合规 | 19 | | 四大特色专题：国企改革 | 22 | | 四大特色专题：创新生态 | 25 | | 四大特色专题：可持续发展 | 27 | | 四大特色专题：财务优化 | 30 | | 国有企业高质量发展规划评价体系 | 32 | | 精选案例 | 34 | | 毕马威专家团队 | 38 | © 2026 毕马威企业咨询 (中国) 有限公司 — 中国有限责任公司，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。 前 言 伴随《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》 （以下简称《"十五五"规划建议》 ...

金融业监管 2025年度 数据处罚分析及洞察建议 "监"听则明 麦好在种，秋好在管 2025年度监管处罚机构总览 2025年 1 ，人民银行及国家金融监督管理总局（以下简称"金融监管总局"） 向银行、保险、证券等金融机构共开出罚单1366张，处罚金 2 15.6亿元，其 中人民银行处罚涉及367家法人，金融监管总局处罚涉及313家法人 3 。 近三年监管处罚机构总览表 | | | 法人 | | 罚单 | | 罚金 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 （家） | 比上年增幅 | 数量 （张） | 比上年增幅 | 金额 （亿元） | 比上年增幅 | | 2023年 | 人民银行 | 319 | 17.71% | 661 | 36.29% | 51.56 | 1235.75% | | | 金融监管总局 | 495 | 28.91% | 2130 | 33.13% | 42.54 | 550.46% | | 2024年 | 人民银行 | 166 | -47.96% | 174 | -73.68% | 2.07 | -95.99% ...

Investment Rating - The report indicates a strong confidence in Hong Kong as a preferred wealth management center, reaching the highest level in three years [17][44]. Core Insights - The private wealth management (PWM) industry in Hong Kong is experiencing robust growth, with total assets under management (AUM) reaching HKD 10.4 trillion, a 15% increase year-on-year, driven by portfolio appreciation and net inflows [29][19]. - Client confidence in Hong Kong as a wealth management hub has significantly improved, with 44% of PWM companies reporting strong agreement that clients prefer Hong Kong, the highest level in three years [44][56]. - Geopolitical risks have surpassed macroeconomic factors as the primary concern for the industry, prompting clients to further diversify their investment portfolios [40][56]. - The demand for alternative investments is rising, reflecting their increasing appeal as a hedge against uncertainty, with virtual assets and commodities continuing to attract client investments [50][56]. Industry Dynamics - The PWM industry is witnessing strong growth and stable net inflows, primarily due to increasing client confidence in Hong Kong as a wealth management and business accounting center [28]. - As of December 31, 2024, the total AUM in the private banking and PWM sectors reached HKD 10.4 trillion, a 15% year-on-year increase, highlighting the city's attractiveness as a wealth creation and preservation center [29][30]. - The net inflow for the year was HKD 384 billion, a 13% increase year-on-year, attributed to client confidence in Hong Kong as a wealth management platform [32]. Market Expansion - The sentiment in the market has become more optimistic, with the number of companies expressing "very optimistic" or "moderately optimistic" views increasing from 76% in 2024 to 100% in 2025 [57]. - The Hong Kong government is actively promoting the city as an international financial center through various initiatives, including the Top Talent Pass Scheme and the new Capital Investment Entrant Scheme [60]. - The AUM share from mainland China continues to rise, currently accounting for 57% of total AUM, expected to increase to 63% in the next five years [62]. Vision 2030 - The PWM industry in Hong Kong is expected to focus on providing new value to clients and further solidifying its position as a leading global wealth management center by 2030 [90]. - Deepening partnerships between asset managers and private banks is essential for maintaining Hong Kong's competitive edge and supporting increasingly complex client needs [91]. - The ongoing development of technology is crucial for transforming client engagement and risk management, with a need for seamless, secure, and personalized digital experiences to attract new generations of clients [92].

资本市场通讯 香港 毕马威 创见不同·智启未来 2025 年第 06 期 I 2025 年 12 月 香港联交所刊发持续公众持股量规定的咨询总结 2025 年 12 月 17 日，香港联合交易所有限公司（联交所）就修订持续公众持股量规定的上市规则咨询文件刊发咨询总 结 1 （咨询总结）。主要修订概括如下： 主要修订 背景 为确保联交所的上市机制对现有及潜在发行人具有吸引力和竞争力，联交所于 2024 年 12 月 19 日刊发咨询文件 3 （首次咨询文件），就优化首次公开招股市场定价及公开市场规定进行咨询（详见《香港资本市场通讯》2025 年第 02 期）。 1 香港交易所咨询总结，https://www.hkex.com.hk/-/media/HKEX-Market/News/Market-Consultations/2016-Present/August-2025-Ongoing-Public- Float/Conclusions-Dec-2025/cp202508cc_c.pdf 2 除非发行人于联交所上市的股份类别中由公众人士持有的部分符合以下条件，否则其将被视为公众持股量严重不足： (a) 占发行人 ...

Group 1: Economic Outlook - 67% of multinational companies express confidence in their growth prospects in China over the next three to five years[8] - 64% of respondents have a positive outlook on China's economic growth compared to only 42% for the global economy[12] - 52% of multinational companies expect revenue growth in 2025, while 25% anticipate potential negative growth[18] Group 2: Investment Plans - 75% of multinational companies plan to maintain or increase their investments in China by 2025[40] - 94% of respondents are committed to investing in the Chinese market despite short-term economic pressures[40] - The primary reasons for additional investment include maintaining competitiveness (64%) and increasing production capacity (36%)[40] Group 3: Business Operations - 61% of multinational companies have shifted their focus from growth to profitability in the past three years[45] - 49% of companies are enhancing operational efficiency to improve profitability[51] - 83% of multinational companies have localized some aspects of their operations in China[65] Group 4: Workforce Adjustments - 45% of multinational companies have actively reduced their workforce in China to enhance efficiency[51] - Among those reducing staff, 60% have laid off 1% to 10% of their employees[54] - 29% of multinational companies reported a decrease in foreign employees in China from 2024 to 2025[58] Group 5: Digitalization and Cybersecurity - Over 90% of multinational companies plan to invest in digitalization, focusing on data analytics (52%) and IT infrastructure upgrades (46%)[89] - 58% of multinational companies are using artificial intelligence tools in their operations in China[93] - Key challenges include compliance with cybersecurity laws and ensuring IT infrastructure meets both international and Chinese standards[89]

Economic Growth Projections - China's GDP growth is expected to reach approximately 4.8% in 2026, with nominal GDP growth projected at around 4.6%[10] - The economic recovery is supported by a stable external environment and improved domestic consumption driven by policies promoting consumer spending[9] Macroeconomic Policy - The fiscal deficit rate is anticipated to remain around 4.0%, while the broad fiscal deficit rate is expected to rise slightly to 8.9%[13] - Monetary policy will continue to be moderately accommodative, with expected interest rate cuts of 10-20 basis points and a reserve requirement ratio reduction of 50 basis points[14] Consumption Trends - Service consumption is projected to be a significant driver of economic growth, supported by policies promoting consumption upgrades and the introduction of new consumption categories[22] - Digital consumption showed strong growth, with online retail sales increasing by 9.1% year-on-year in the first eleven months of 2025[22] Manufacturing Investment - Manufacturing investment is expected to rebound in 2026, driven by improved corporate expectations and ongoing industrial upgrades[26] - The focus on high-end manufacturing and technological innovation will be crucial for economic transformation during the 14th Five-Year Plan[27] Infrastructure Investment - Infrastructure investment is set to recover, with new projects under the 14th Five-Year Plan expected to commence in 2026[39] - The share of new infrastructure projects is anticipated to increase, particularly in areas like artificial intelligence and high-end computing[40] Real Estate Market - The real estate market is transitioning to a new stable state, with government policies aimed at stabilizing the market and improving housing quality[46] - The government is expected to initiate a new round of stockpiling of existing housing to enhance housing welfare[48] Cross-Border Trade and Investment - China's export share reached a historical high of 14.2% in the first half of 2025, with expectations for continued resilience in exports due to improved trade relations and demand for high-tech products[50] - The trend of Chinese enterprises enhancing their international operations is expected to continue, with a focus on high-value sectors and cross-border collaboration[52] Hong Kong's Strategic Position - Hong Kong's role as a strategic hub is expected to strengthen, with increased participation in high-value services and enhanced connectivity with mainland China[54] - The region is set to attract more multinational companies and professional services, bolstering its position in the Asia-Pacific trade and finance network[57]