带领改变 香港上市公司关键行业的气候信息披露与前瞻 酒店 物流 交通与汽车 服装 餐饮 家居用品 带领改变：香港上市公司关键行业的气候信息披露与前瞻 ©2025 星展银行（香港）有限公司，保留所有权利 ©2025 毕马威会计师事务所 — 香港特别行政区合伙制事务所，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 2025年2月 前言 应对气候变化的需求现已迫在眉睫。随着世界面临全球变暖的挑战，企业在推动低碳未来发挥着 关键作用。他们必须采用强有力的气候信息披露和净零转型计划，以有效地向各利益相关方展示 其为减排所作出的努力，并调整营运策略，以应对瞬息万变并由气候变化所驱动的商业环境。信 息的透明度，对于确保资本市场稳健高效发展，以及塑造企业行为和气候行动至关重要。 香港特别行政区（香港）作为中国的一部分，与中国的整体经济息息相关。近年来，香港和中国 内地证券交易所均对环境、社会及管治（ESG）报告实施强制披露要求，以符合政府的碳中和议 程。虽然企业已经加强了ESG披露，但是在准确测量和披露碳排放数据（尤其是范围3）方面仍 然面临着诸多困难，而这对于拥有 ...

商业银行内审观察 2024年四季度 毕马威金融行业研究中心 二零二五年三月 © 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。 3 内审观察（2024年四季度） 1. 内审风险提示 监管新规追踪 2 内审观察（2024年四季度） 刊物简介 毕马威"内审观察季刊"系列为商业银行内部审计服务 专题报告。我们持续跟踪国内外内部审计理论发展、银 行业重要法规及监管政策变化、监管检查与处罚动态、 市场变化及舆情信息等，运用毕马威专家团队丰富的行 业经验及专业解读，及时与您分享内部审计相关的风险 洞察与应对建议。 2024年四季度，全国人民代表大会常务委员会、国务院、财政部、中国人民银行（"人民银行"）、国家金融 监督管理总局（"金融监管总局"）、中国证券监督管理委员会（"证监会"）、国家外汇管理局（"外管局"） 等监管机构 ...

毕马威全球科 技报告：技术 洞察 KPMG. 创造差异。 KPMG 国际 | kpmg.com 技术：一个在树立典范的同时不断创新的勇敢领域 执行摘要 主要发现 ESG目标是一个关键焦点 科技企业计划保持民主化的 科技行业：毕马威如何提供帮助 关键推荐 方法论 执行摘要 关于作者 对于科技行业的数字投资 采用人工智能实验方法 针对盈利性 数字化转型之旅对所有行业都是一项重要的战略考虑，尤其是对 于科技行业。这意味着科技行业必须同时做两件事情：以身作则 ，并重新思考自身的战略。 科技行业在众多行业中的领先地位可归因于其成功公式。科技行 业的大部分成就都是纪律和针对性投资的结果。通过战略性的支 出决策，例如优先考虑人工智能和环境、社会和治理（ESG）活 动，该行业已经掌握了保护其转型进程免受波动影响的技能。 然而，与所有行业一样，科技行业在快速发展的科技领域中同样 面临着挑战——以及机遇。例如， KPMG 2024 科技与电信行业 CEO展望 在2024年，技术电信CEO面临的三大挑战之一是生成 式AI的采纳。 1 本报告及其他有价值的见解均包含在我们的2024年全球科 技报告——一份来自26个国家的2,450位 ...

毕马威全球技术报告： 能源行业洞察 打造数据与决策能力，推进下一阶段 数智化转型 毕马威创·见不同 毕马威国际 | kpmg.com 能源行业在技术应用方面 更为进取 能源企业正有序探索 人工智能用例 能源行业善于挖掘网络 摘要 相较于其他行业，能源行业韧性更强，风险容忍度更高，但需加大对数据能力和人工智能的投资力度，以推进下一阶 段数智化转型。 当前，能源行业正处于重要的抉择时刻，面临着前所未有的机遇与挑 战。为积极应对能源转型挑战并抓住相关机遇，能源企业需采取一种 统一的方法，即在内部进行全面技术、数据和策略整合。因此，能源 行业必须采取创新的解决方案并保持战略远见。这就要求业内的领军 企业充分利用先进技术和数据洞察，来推进下一阶段数智化转型。 我们的调研发现，相较于其他行业，能源行业韧性更强，风险容忍度 更高，但需加大对数据能力和人工智能的投资力度，才能推进下一阶 段数智化转型。基于对全球2,450家各行业技术领军企业的全面调 研，以及对分布于19个国家的122家能源行业技术领军企业相关经验 的审视，我们编制了本报告，为您提供针对能源行业数智化转型的精 辟洞察。 本报告认为，能源行业的引领型企业必须利用 ...

Investment Rating - The report indicates a stable investment outlook for the Chinese economy, with a projected GDP growth of around 5% for 2025, supported by various fiscal and monetary policies [6][19][23]. Core Insights - The actual GDP growth for 2024 reached 5%, meeting the government's target, with a notable increase in the fourth quarter [6][19]. - Manufacturing investment has shown signs of recovery, contributing significantly to fixed asset investment stability [10][43]. - Consumer spending has been bolstered by policies encouraging the replacement of old goods, leading to a 3.5% increase in retail sales [8][9]. - The report highlights a shift towards a moderately loose monetary policy to stimulate economic growth [14][23]. - External trade has exceeded expectations, driven by a "grab export" effect, with exports growing by 5.9% in 2024 [11][34]. Economic Trends - The fourth quarter of 2024 saw a GDP growth rate of 5.4%, the highest quarterly growth since 2016, driven by both internal and external demand recovery [6][19]. - Industrial value-added increased by 5.7% year-on-year in 2024, with a notable recovery in the fourth quarter [27][28]. - The consumer price index (CPI) remains weak, indicating ongoing concerns about domestic demand recovery [20][22]. Policy Analysis - The government has introduced a series of measures to stimulate consumption and investment, including a focus on the tourism sector and pension service reforms [54][58]. - Fiscal policy is expected to be aggressive, with a historical high in the broad deficit ratio anticipated for 2025 [12][13]. - Monetary policy will shift towards a more accommodative stance, with potential for further interest rate cuts [14][23]. Investment and Consumption - Fixed asset investment for 2024 grew by 3.2%, with manufacturing investment significantly contributing to this growth [10][43]. - The report notes a 15.7% increase in equipment investment, which accounted for 67.6% of total investment growth [10][43]. - Consumer spending is projected to gradually recover, supported by policies aimed at increasing household income and consumption [9][10]. Export Performance - Exports increased by 5.9% in 2024, with a strong performance in the fourth quarter driven by seasonal demand and global economic recovery [11][34]. - The report anticipates a potential slowdown in export growth in 2025 due to high base effects and external trade tensions [11][34]. Fiscal and Monetary Policy - The fiscal policy for 2024 showed a decline in revenue but maintained steady expenditure, with a broad deficit reaching historical highs [12][13]. - The central bank is expected to implement a moderately loose monetary policy, with ample room for rate cuts and liquidity support [14][23].

新锐启未来 融合促发展 毕马威中国消费50企业评选（第四届） kpmg.com/cn 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 及准确性的保证。 读者需自行承担使用本文件所含信息的风险，并承担因使用本文件所含信息而导致的全部责任及因使用它们而导致损失的风险，毕马威不 承担与使用本文件和/ 或其所包含的全部或部分信息有 ...

Monthly Update on Customs Policies 中国海关重要政策更新 Rules and regulations in Trade & Customs 2025年1月海关重要政策更新 海关总署关于关于执行2025年关税调整方案等政策有关事宜的公告（海关总署公告[2024]207号） Announcement of the General Administration of Customs on the Implementation of the 2025 Tariff Adjustment Scheme and Related Policies (Announcement [2024] No. 207 of the General Administration of Customs) 根据《国务院关税税则委员会关于2025年关税调整方案的公告》（税委会公告2024年第12号）公布的《2025 年关税调整方案》，自2025年1月1日起，对部分商品的进出口关税进行调整。具体参考公告内容。 详见链接 海关总署关于废止和宣布失效部分规范性文件（二）的公告（海关总署公告[2025]2号） Anno ...

消费品零售业 半年度报告 中国宏观经济、行业趋势、投资交易及税务快讯 © 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。 1 2024年下半年 | 目 录 | | | --- | --- | | 宏观经济形势 | 04 | | 近期动态对行业的影响 | 11 | | 子行业趋势 | 17 | | 奢侈品与时尚 | 18 | | 服装与鞋类 | 22 | | 健康与美妆 | 25 | | 食品与饮料 | 31 | | 餐饮 | 34 | | 投资交易 | 38 | | 中国消费行业流行热词 | 45 | | 税务快讯 | 51 | | 前瞻性消费提振政策 | 56 | | 附录 | 64 | © 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。 2 © 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 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant regulatory changes in the financial sector, focusing on enhancing governance, compliance, and risk management across various financial institutions [5][7][8][10][11][34][46][62][72] Summary by Sections Financial Regulatory Overview - In December, 43 new regulations were issued by various regulatory bodies, including the State Council and the Financial Regulatory Bureau, covering critical areas such as bond business, corporate governance, and compliance management [7][8] - The report emphasizes the need for financial institutions to adapt to these new regulations to ensure compliance and mitigate risks [9][10][11] Company Governance and Compliance - New regulations have been introduced to strengthen corporate governance and compliance management within financial institutions, including the establishment of clear roles and responsibilities for compliance officers [9][72] - The emphasis is on proactive compliance governance rather than reactive measures, aiming to integrate compliance into the core operations of financial institutions [72][79] Digital Empowerment for SMEs - A new action plan for the digital empowerment of small and medium-sized enterprises (SMEs) has been launched, aiming to support over 40,000 SMEs in their digital transformation by 2027 [21][22][28] - The initiative is expected to create significant opportunities for financial services tailored to the needs of SMEs, particularly in areas like digital finance and supply chain finance [28][30][29] Insurance Sector Regulations - The insurance sector is facing new internal control guidelines aimed at enhancing the management of insurance funds, particularly concerning non-standard assets [34][41] - These guidelines are designed to improve risk management capabilities and ensure the effective use of insurance funds [42][41] Data Security in Banking and Insurance - New regulations have been established to enhance data security management within banking and insurance institutions, emphasizing the importance of protecting personal information and ensuring data integrity [61][67] - Institutions are required to implement comprehensive data security frameworks and integrate data management into their overall risk management strategies [67][70] Trends and Business Impacts - The report identifies trends such as the shift towards proactive compliance governance, the need for enhanced internal controls, and the growing importance of data security in the financial sector [72][79] - Financial institutions are encouraged to innovate their service offerings and adapt their risk management practices in response to these regulatory changes [30][31][42]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The asset-backed securities (ABS) market in China showed steady growth in 2024, with a total issuance of 2,114 products and a scale of RMB 20,407 billion, representing a 17% increase in the number of issuances and a 9% increase in issuance scale compared to 2023 [27][30][32] - The report highlights significant policy updates aimed at enhancing the regulatory framework for asset securitization, including guidelines for public offerings of infrastructure REITs and asset-backed securities [6][11][15][21] Policy Dynamics - The Shenzhen Stock Exchange and Shanghai Stock Exchange revised guidelines to improve the quality of information disclosure for public offerings of infrastructure REITs and asset-backed securities [6][7][11] - New guidelines were introduced to standardize the operational processes for supply chain bill asset securitization, promoting compliance and orderly development of the market [11][12] - The People's Bank of China emphasized the role of green finance, encouraging the issuance of green asset-backed securities to support environmental projects [11][12] Issuance Situation - In 2024, the credit ABS market saw 192 new products issued, with a total scale of RMB 2,704 billion, marking a 23% decrease in issuance scale compared to the previous year [30][34] - Corporate ABS dominated the market with 1,323 new products and a total issuance of RMB 11,825 billion, reflecting a 6% increase in the number of issuances [30][34] - Public REITs experienced a significant surge, with 29 new products issued, totaling RMB 635 billion, representing increases of 190% in the number of issuances and 152% in issuance scale compared to 2023 [30][34] Clearing Situation - The report does not provide specific details on the clearing situation for the industry Industry Hotspot Analysis - The top issuer in the credit ABS market for 2024 was Jianxin Trust Co., Ltd., with 36 projects totaling RMB 974.29 billion [37][39] - The leading initiator in the credit ABS market was China Construction Bank, with 17 projects and an issuance amount of RMB 573.49 billion [37][39] - The report indicates a growing trend in the issuance of green bonds and asset-backed securities, aligning with national strategies for sustainable development [11][12]