智能制造 以人工智能驱动转型并创造价值 毕马威 创见不同·智启未来 kpmg.com/intelligentmanufacturing | 引言 | 简介 | 概要 | 调研结论 | 自主智能体推动变革 | 打造智能制造企业 | 阶段一 | 阶段二 | 阶段三 | 主要考虑因素 | 为您的人工智能转型 保驾护航 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 引言 | | | | | | | | | | | 人工智能（AI）正重塑着制造业的方方面面。从设 计到生产，从供应链到销售，再到员工管理，人工 智能不断帮助企业改善效率，并提升运营的智能化 与敏捷性。此外，人工智能还助力企业最大限度地 减少浪费并优化能源使用，从而推动可持续发展。 人工智能既蕴藏着巨大的潜力，也带来了严峻的挑 战。当前，人工智能的应用仍然较为分散，且主要由 职能部门推动。许多制造企业仅在局部部署人工智 能，例如在生产车间采用人工智能实现自动化和预测 性维护，而大部分后台职能则仍未涵盖，因而自动化 程度不足。此举限制了人工智能潜力的充分发挥，使 ...

Investment Rating - The report indicates a positive outlook for China's foreign greenfield investment, highlighting its importance as a strategic approach for companies to expand globally and enhance competitiveness [6][40]. Core Insights - The global economic landscape is undergoing significant changes, with China's "going out" strategy evolving into deeper localization in operations, making greenfield investment a key method for companies to navigate challenges such as unilateralism and trade friction [6][7]. - China's foreign greenfield investment has shown a recovery in scale, particularly in sectors like new energy vehicles, photovoltaics, and digital infrastructure, which have redefined the international image of "Made in China" [6][40]. - The report outlines three stages of China's foreign greenfield investment, emphasizing the transition from resource acquisition to enhancing supply chain resilience and local operations [48][51]. Summary by Sections Global Greenfield Investment Scale - Global greenfield investment reached a historical high of $1.41 trillion in 2023, with a slight decrease to $1.34 trillion in 2024, marking the second-highest level recorded [20][24]. - The number of global greenfield investment projects increased by 3% in 2024, totaling 19,356 projects [20]. China's Foreign Greenfield Investment Stages - The report identifies three stages of China's foreign greenfield investment: 1. Exploration phase (1990s to 2017) focused on resource acquisition and basic infrastructure [48][53]. 2. Expansion phase (2018 to 2024) driven by the Belt and Road Initiative, emphasizing capacity output and market share [48][55]. 3. Localization phase (from 2025) aimed at enhancing supply chain resilience and deepening local operations [48][51]. Challenges and Strategies - Companies face challenges such as complex international environments, legal compliance, and cultural differences in their greenfield investment endeavors [7]. - The report provides insights into key investment strategies, including precise site selection, tax planning, and ensuring data security, to optimize investment strategies and enhance operational efficiency [7][40]. Sector-Specific Trends - The information and communication technology sector saw a significant increase in greenfield investment, reaching $211 billion in 2024, a 73% year-on-year growth [35]. - Conversely, traditional sectors like energy and mining experienced declines in investment, with energy and natural gas investments dropping by 28% to $273 billion [35][36]. Regional Investment Dynamics - The report highlights that developed regions like the EU and the US continue to dominate global greenfield investment, while China's share increased to 12% in 2023 before declining to 6% in 2024 due to reduced investments in mining [24][30]. - Emerging markets, particularly in Southeast Asia and Latin America, are becoming focal points for Chinese companies seeking to expand their global footprint [66].

智能能源 人工智能驱动转型与价值重塑 毕马威 创见不同·智启未来 能源行业中的人工智能应用已从试点扩大到规模应用，助力企业 在运营效率、资产优化、安全性、可持续性和预测性维护等领域 取得显著成效。引入人工智能技术需在硬件升级、软件采购、数 据基础设施转型及专业人才招募等多方面大量投资，对大型企业 来说是笔不小开支，需谨慎行事。许多企业通过推行成本削减计 划，利用人工智能优化运营流程，实现效率提升和较高投资回报， 进而将节省下来的资金用于再投资，形成自我提供资金支持的人 工智能转型模式，推动数字化创新。 kpmg.com/cn 概要 简介 调研结论 能源行业人工智能现状 打造智能能源企业 阶段一 阶段二 阶段三 主要考虑因素 为企业的人工智能转型 保驾护航 前言 前言 当前，技术正以令人难以置信的速度迅猛发展。本报告于2025年年初撰写， 我们将基于当时的情况进行阐述。我们所处的现实是一个创新层出不穷、持 续加速的世界。曾经未来感十足的技术，如量子技术和智能体技术，如今正 迅速进入能源行业的战略规划版图。 从短期来看，我们调研的行业领导者将智能体视为一种变革力量。尽管传统自动化已能 提升效益，但是随着人类在此方 ...

智能生命科学 以人工智能驱动转型并创造价值 毕马威 创见不同·智启未来 kpmg.com/intelligentlifesciences 目录 03 引言 04 概要 07 13 调研结论 打造智能生命科学企业 05 简介 | 引言 | 概要 | 简介 | 调研结论 | 打造智能生命科学企业 | 阶段一 | 阶段二 | 阶段三 | 演进阶段生态系统带来的机遇 | 主要建议 | 结语 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 引言 | | | | | | | | | | | 人工智能在生命科学行业的应用： 缩小投资回报差距 在应用人工智能（AI）方面，生命科学企业已处于领先地 位，他们拥有清晰的愿景，采取了业务为导向的实施方式， 并打造了强有力的数据和技术基础。尽管如此，事实证明要 获得高额的人工智能投资回报仍颇具挑战。 虽然人工智能当前能够助力改善业务运营并增加战略优势，但 我们最新的调研表明，许多企业的人工智能投资只达到中等或 较低的回报水平，仅实现盈亏平衡或尚未获得回报。展望未 来，许多受访者预计后续几年 ...

低空经济正当时 国资国企发展 《深化国资国企改革 推动高质量发展》系列 毕马威 创见不同·智启未来 kpmg.com/cn 目录 02 01 发展低空经济，国资国企的责任与担当 03 1.1 2024年是低空经济发展元年，未来潜力空间巨大 04 1.2 在低空经济发展中，国资国企应发挥产业引领作用、履行战略使命 05 1.3 目前国企、民企发展低空经济的情况概览 06 国资国企发展低空经济要形成差异化发展优势 09 2.1 通过差异化发展避免同质化竞争，形成协同效应 2.2 低空经济产业差异化发展现状 2.3 国资国企低空经济差异化发展建议 03 国资国企发展低空经济要形成产业集群式优势， 争当"链主"企业 19 3.1 低空经济集群式发展的优势 3.2 低空经济集群发展现状和成功实践 3.3 国资国企推动低空经济产业集群发展 10 11 16 20 21 23 © 2025 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。 © 2025 毕马威企业咨询 (中国) 有限公司 — 中国有限责任公司， ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights various regulatory developments across different regions, focusing on enhancing financial stability and addressing emerging risks in the financial sector [5][6][8][9] Regulatory Developments - The Hong Kong government has welcomed the passage of the 2025 Banking (Amendment) Bill, which aims to improve the efficiency of crime detection and prevention by allowing banks to share account information under specific circumstances [5] - The Basel Committee on Banking Supervision has acknowledged the need for flexibility in the final framework for climate-related financial risk disclosures, emphasizing the importance of data accuracy and consistency [5] - The European Central Bank has released revised internal model guidelines to address credit risk, market risk, and counterparty credit risk for banks [5] Consumer Research and Payment Systems - A report by the UK government on consumer payment experiences found that contactless credit card payments remain the most frequently used payment method [6] - The UK Financial Conduct Authority has published a digital strategy for wholesale financial markets, outlining necessary steps for market transformation and leadership [6] Financial Institutions and Risk Management - The National Financial Regulatory Administration of China has issued a draft regulation on the management of serious dishonesty subject lists, focusing on the management measures for severely dishonest entities [8] - The China Securities Regulatory Commission has solicited opinions on the revised classification evaluation of futures companies, aiming to optimize evaluation processes and standards [8] Cross-Border Financial Services - The People's Bank of China and the State Administration of Foreign Exchange have proposed regulations to facilitate centralized management of cross-border funds for multinational corporations, supporting the development of the real economy [11] - The People's Bank of China has also released a draft for the revision of the rules governing the Renminbi cross-border payment system, aiming to clarify responsibilities and improve risk management [12] Digital Assets and Financial Innovation - The Hong Kong government has introduced the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center in the digital asset space [37] - The declaration emphasizes optimizing legal and regulatory frameworks, expanding tokenized product offerings, and fostering talent and partnerships in the digital asset sector [37]

Group 1: K Visa Introduction - The Chinese government has introduced a new K visa category aimed at attracting foreign youth talent in the technology sector, effective from October 1, 2025[3] - The K visa is designed for foreign youth who have graduated from renowned universities or research institutions and hold a STEM degree (Science, Technology, Engineering, Mathematics) at the bachelor's level or above[6] Group 2: Benefits and Implementation - The K visa offers enhanced flexibility for holders, allowing for more convenient arrangements for activities within China, including education, technology, culture, entrepreneurship, and business[6] - Compared to existing visa types, the K visa may provide advantages in terms of entry frequency and validity period[6] - The application process for the K visa is simplified, removing the need for traditional invitation from domestic entities, provided applicants meet specific age, educational, or work experience criteria[6] Group 3: Future Considerations - Further clarification is needed regarding the definition of "youth," the specific technology sectors covered, and the visa's duration and residency policies[5] - Eligible foreign youth and institutions looking to hire them should monitor updates from Chinese embassies regarding the K visa application guidelines and prepare necessary documentation[5]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The UAE's AI Charter outlines 12 key principles to ensure the safe, fair, and transparent deployment of artificial intelligence, reflecting a commitment to responsible AI development [6][7] - The report emphasizes the importance of integrating these principles into organizational governance to prepare for future compliance and to manage ethical dilemmas effectively [9][10] Summary by Sections UAE Charter: 12 Principles of AI - Principle 1: Strengthening human-machine relationships to prioritize human welfare and progress [12] - Principle 2: Ensuring safety by adhering to the highest security standards for AI systems [13] - Principle 3: Addressing algorithmic bias to promote fairness and inclusivity [14] - Principle 4: Upholding data privacy while supporting AI innovation [15] - Principle 5: Promoting transparency in AI operations and decision-making [16] - Principle 6: Emphasizing human oversight to align AI with ethical values [17] - Principle 7: Establishing governance and accountability for ethical AI use [18] - Principle 8: Pursuing technological excellence to drive innovation [19] - Principle 9: Committing to human values and public interest in AI development [20] - Principle 10: Ensuring peaceful coexistence with AI technologies [21] - Principle 11: Fostering AI awareness for an inclusive future [22] - Principle 12: Adhering to treaties and applicable laws in AI deployment [23] KPMG Trustworthy AI Framework - The KPMG framework provides a structured approach to ensure ethical, transparent, and human-centered AI systems throughout their lifecycle [25][27] - The alignment between the UAE AI principles and KPMG's framework offers a solid foundation for responsible AI practices [27] Implementation Strategies - Organizations are encouraged to embed the UAE AI principles into their operational realities, evolving governance models to support AI's unique needs [7][9] - Best practices include human-centered design, continuous feedback, and transparent algorithms to enhance human capabilities and ensure ethical outcomes [36][38][40] Global Context - The report highlights a global shift towards mandatory AI ethics in legislation, indicating that AI governance is becoming a core component of digital competitiveness and corporate resilience [10]

Regulatory Changes - The new RA11 regulations will require all licensed entities to comply with updated Financial Resource Requirements (FRR) and minimum capital requirements[4] - The minimum capital requirements will adopt the latest capital measurement methods under Basel III, with significant adjustments to the calculation rules for derivatives and liquid capital[5] Market Risk Adjustments - The market risk standard approach (SMRA) will align more closely with Basel III, expanding risk categories and refining position measurement methods[6] - Specific adjustments include detailed calculations for various product types, including equities, interest rates, and foreign exchange risks[7] Internal Model Approach (IMA) - The IMA will see enhanced requirements for usage, application, and reporting, with a focus on governance and risk management frameworks[9] - New requirements will mandate monthly assessments of non-model risks (RNIM) and their impact on liquid capital[11] Credit Risk Management - Changes in counterparty credit risk calculations will include detailed adjustments to risk exposure measurement and collateral treatment[12] - The credit valuation adjustment (CVA) will be explicitly linked to counterparty credit risk capital requirements[12]

Group 1: Urbanization and Economic Development - The new urbanization target is set to approach 70% over the next five years[12] - Key actions include promoting the urbanization of agricultural transfer populations and enhancing urban renewal and resilience[12] - Emphasis on developing characteristic industrial clusters and optimizing regional layouts to invigorate potential areas[13] Group 2: State-Owned Enterprise Reform - Four key tasks for deepening state-owned enterprise reform include optimizing the layout of state-owned economy and enhancing management supervision mechanisms[14] - The introduction of Economic Value Added (EVA) accounting will guide state-owned enterprises to focus investments on strategic areas[15] - A new assessment system will be established to align performance indicators with core responsibilities and business objectives[15] Group 3: Green Transformation - A comprehensive green transformation strategy is being deployed, focusing on building a green industrial ecosystem and fulfilling corporate social responsibilities[24] - Increased investment in green technology and sustainable development projects is prioritized, along with international cooperation in green projects[25] Group 4: Market Value Management - The shift from "operating cash ratio" to "operating revenue collection rate" aims to provide a more accurate reflection of income quality[65] - A toolbox for market value management includes mergers and acquisitions, market reforms, and investor relations management[66] - Long-term strategies for market value management will be emphasized, particularly for companies with persistent undervaluation[67]