Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of multiple economic promotion policies and regulations in February, aimed at stabilizing growth and enhancing financial openness, particularly for Hong Kong and Macau financial institutions [7][10] - The focus remains on the "Five Major Articles" in financial services, with regulatory bodies continuing to push for institutional development and service innovation [8][12] - There is an emphasis on strengthening the collaboration between fiscal, financial, and industrial sectors to enhance policy consistency [9] Summary by Sections 1. Overview of Financial Regulations in February - In February, 14 significant new regulations were released by various regulatory bodies, covering areas such as economic promotion, inclusive finance, green finance, personal information protection, and insurance [10] 2. Capital Market and the "Five Major Articles" - The China Securities Regulatory Commission (CSRC) issued implementation opinions on enhancing the capital market's role in supporting technology finance, green finance, inclusive finance, pension finance, and digital finance [16][17] - Specific measures include supporting quality technology companies in issuing shares, optimizing the system for mergers and acquisitions, and enhancing the service capabilities of financial institutions [23][25] 3. Insurance Group Concentration Risk Management - The National Financial Supervision Administration released guidelines to improve the risk management standards of insurance groups, emphasizing the need for a systematic approach to concentration risk management [29][30] - The guidelines require insurance groups to establish comprehensive risk management processes and improve information disclosure practices [32][36] 4. Trust Industry Regulations - New regulations were introduced to strengthen supervision and risk prevention in the trust industry, focusing on enhancing the core functions of trust companies and ensuring compliance with legal standards [39][40] - The regulations aim to improve the governance structure and risk management capabilities of trust companies [43][46] 5. Personal Information Protection - The National Internet Information Office published a compliance audit management method for personal information protection, which will take effect in May 2025 [51][56] - The method establishes a framework for conducting compliance audits and outlines the responsibilities of personal information processors and auditing institutions [52][53] 6. Rural Revitalization Initiatives - The Central Government issued a document aimed at promoting rural revitalization through systemic reforms and practical measures, including financial support for agricultural projects [61][65] - The initiatives focus on enhancing the financial services available to rural areas and improving the overall governance structure [66][68] 7. Government Financing Guarantee Development - A new management method for government financing guarantees was released to support small and micro enterprises and the agricultural sector, emphasizing performance evaluation and risk control [71][77] - The method aims to enhance the capacity of local government financing guarantee institutions and improve their operational standards [72][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the release of 14 important new regulations in February, focusing on economic promotion, inclusive finance, green finance, personal information protection, and insurance [7][9] - The emphasis on the "Five Major Articles" continues to be a priority for financial services, with regulatory bodies pushing for systemic reforms and service innovations [10][25] - There is a notable trend of enhanced collaboration between fiscal, financial, and industrial sectors, indicating a stronger alignment of policies [11] Summary by Sections 1. Economic Promotion - Multiple new policies were introduced to stabilize growth, focusing on rural revitalization, foreign investment, and consumer confidence [9][64] - The report outlines the government's commitment to improving the investment environment and supporting entrepreneurship [8] 2. Insurance - The Financial Regulatory Bureau issued guidelines to standardize concentration risk management for insurance groups, enhancing their risk management capabilities [28][29] - The guidelines emphasize the need for a systematic approach to managing concentration risks, including the establishment of multi-dimensional indicators and limits [30][33] 3. Trust Industry - New regulations aim to strengthen supervision and risk prevention in the trust industry, emphasizing the importance of adhering to the essence of trust services [38][41] - The report discusses the need for trust companies to enhance their governance and risk management frameworks [41][45] 4. Personal Information Protection - The National Internet Information Office introduced a compliance audit management method for personal information protection, effective from May 1, 2025 [49][56] - The framework aims to enhance the legal compliance of personal information processing activities and protect individual rights [56][58] 5. Rural Revitalization - The Central Government's document outlines strategies for rural revitalization, focusing on enhancing agricultural productivity and improving rural governance [62][66] - Financial mechanisms are proposed to support rural development, including the issuance of special financial bonds for agriculture [64][68] 6. Government Financing Guarantee - A new management method for government financing guarantees aims to support small and micro enterprises, enhancing their access to financing [73][79] - The report highlights the importance of risk control and the standardization of asset disposal processes to mitigate financial risks [80][81]

Economic Growth and Policy Goals - The GDP growth target for 2025 is set at "around 5%", consistent with the 2024 target, reflecting a long-term growth objective[9] - The fiscal deficit rate is projected to be around 4.0%, marking a significant increase from the previous years[20] - The total fiscal deficit is expected to reach 5.66 trillion yuan, up from 4.06 trillion yuan in 2024[7] Domestic Demand and Consumption - Expanding domestic demand is prioritized, with a focus on boosting consumption and improving livelihoods[34] - The report emphasizes the need to enhance residents' income, targeting a nominal growth of 5.3% in per capita disposable income for 2024[34] - The urban employment target for 2025 is set at over 12 million new jobs, maintaining a stable urban unemployment rate of around 5.5%[34] Innovation and Technological Development - The report highlights the importance of enhancing technological innovation efficiency and fostering new productive forces[38] - Investment in strategic emerging industries by central enterprises reached 2.7 trillion yuan in 2024, a year-on-year increase of 21.8%[46] Financial and Monetary Policy - The monetary policy is shifting towards "moderate easing" to support economic growth, with expectations for further reductions in reserve requirements[29] - The issuance of special government bonds is expected to reach 11.86 trillion yuan, a historical high, to support fiscal expansion[20] Risk Management and Stability - The report outlines measures to stabilize asset prices and improve social expectations amid economic uncertainties[6] - It emphasizes the need to address risks in key sectors to ensure a smooth transition between old and new economic drivers[6]

智慧银行 以人工智能驱动转型并创造价值 毕马威 创·见不同 毕马威国际 kpmg.com/intelligentbanking | 目录 | 15 阶段一：赋能 | | --- | --- | | 03 引言 | 22 阶段二：融合 | | 04 概要 | 28 阶段三：演进 | | 05 简介 | 32 主要考虑因素 | | 08 调研结论 | 37 为迎接人工智能奠定基础 | | 11 打造智慧银行 | 40 毕马威：以经验与诚信为您的人工智能转型保驾护航 | © 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。 智慧银行：以人工智能驱动转型并创造价值 2 引言 概要 简介 调研结论 阶段二 阶段三 主要考虑因素 为迎接人工智能奠定基础 为您的人工智能转型保驾护航 打造智慧银行 阶段一 引言 本报告总结了针对人工智能（ ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Asia Pacific CEOs are optimistic about growth prospects, with 73% expressing confidence in global economic growth over the next three years, an increase from 63% in 2023 [15][19] - The report highlights the importance of investing in generative AI, with 65% of Asia Pacific CEOs identifying it as a top investment priority [13][34] - Supply chain risks have emerged as the biggest threat to organizational growth, surpassing geopolitical uncertainties [13][23] Economic Outlook - Confidence in the global economy among Asia Pacific CEOs has improved, with 73% expressing positive sentiments, a near 10% increase from the previous year [15][19] - Economic performance has been bolstered by export recovery, resilient domestic demand, and solid foreign direct investment inflows [19] - 94% of executives expect earnings gains over the next three years, reflecting strong economic performance [19][20] Technology & AI - 58% of Asia Pacific CEOs prioritize buying and implementing new technologies over developing workforce skills [31] - Generative AI is viewed as essential for boosting productivity, particularly in Japan, where 72% of CEOs consider it a priority [32] - Concerns about ethical challenges and workforce impacts from AI adoption are prevalent, with 65% of leaders acknowledging these issues [32][38] Talent - 84% of Asia Pacific CEOs believe that an aging workforce will significantly impact their organizations' people strategies [42][45] - 90% of CEOs expect to increase headcounts over the next three years, focusing on tech skills development [48] - Skills shortages are a major concern, with many organizations struggling to replace retiring employees [44][46] ESG - Asia Pacific companies have been slower to adopt ESG initiatives compared to more mature markets, but increasing stakeholder pressure is pushing sustainability to the forefront [49][51] - Nearly half (48%) of CEOs expect significant returns on their ESG investments within the next five years [52] - 44% of Asia Pacific CEOs are confident in achieving Net Zero by 2030, with 56% stating they have embedded ESG into their business strategies [59]

毕马威全球技术报告： 金融服务业洞察 以数字化创新驱动增长 毕马威 创·见不同 毕马威国际 | kpmg.com 摘要 在巨大的成本压力下，金融服务机构应对不断变化的风险和客户需求，其中拥有竞争优势的是那些通过数字化转 型创造价值的公司。金融服务机构准备好通过数字创新实现前所未有的增长了吗？业界面临的压力与日俱增，如 何回答这个问题可能决定成败。本报告主要目标读者是金融服务行业中希望利用技术提高运营效率并推动增长的 首席执行官、首席信息官、首席技术官和高层管理人员。 本报告显示，金融服务业最有可能从人工智 当前，高通胀持续、地缘政治压力、监管环境的不确定性 以及全球经济增速放缓等多重因素叠加，正对金融服务业 的发展构成挑战。利率波动抑制了消费支出和资产表现， 合规和运营成本稳步增加，这些迫使业界高管重新审视企 业增长策略。与此同时，金融服务机构还面临着创造价值 和经营利润降低的压力。 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 ...

KPMG 亚太私募股权晴 雨表 2024 PE 投资趋势与机遇 思想领导 力 2024 年 12 月 Contents | 前言 | | | --- | --- | | ASPAC 私募股权晴雨表 : 展望和预期 | ব | | 01 投资活动和交易机会 : 准备好反弹了吗 ? | 5 | | 02 定价和估值 : 未来市场更加理性 | 10 | | 03 价值创造机会 : 热度在继续 | 14 | | 04 区域概述 : 从冷却到蓬勃发展的市场 | 19 | | 05 退出 : 适应不断变化和具有挑战性的环境 | 25 | | 关于毕马威 | 29 | 报告中的数据来源于AVCJ和Mergermarket，并于2024年9月12日汇总。除非另有说明，所有数据均为美元（USD）表示。本分析所涵盖的 亚太市场包括：澳大利亚、孟加拉国、文莱、柬埔寨、中国大陆、香港特别行政区、印度、印度尼西亚、日本、老挝、澳门特别行政区、马 来西亚、马绍尔群岛、缅甸（Burma）、尼泊尔、新西兰、巴基斯坦、菲律宾、新加坡、韩国、斯里兰卡、台湾、泰国和越南。 KPMG © 2024 版权属于一家或多家KPMG国际实体。KPMG国际实 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking industry Core Insights - The banking industry is facing multiple pressures including macroeconomic slowdown and structural transformation, with challenges expected to persist into 2025 [4] - A significant focus on enhancing customer experience, reducing costs, and modernizing IT architecture is noted as key investment areas [4] - The adoption of generative artificial intelligence is seen as a primary investment task, with 81% of CEOs recognizing its potential to disrupt current business models [18] - ESG (Environmental, Social, and Governance) is identified as a major driver for building customer relationships and enhancing brand reputation, with nearly half of CEOs expecting substantial returns from ESG investments in the next three to five years [19] - The report highlights a shift from cost reduction to value management, with 61% of banking executives prioritizing cost optimization and employee productivity [20] Summary by Sections External Uncertainties - Continuous macroeconomic uncertainties present both opportunities and threats for the banking sector [7] Regulatory Intensity - There is an ongoing increase in regulatory intensity and scrutiny within the banking industry [7] Digital Transformation - Banks are required to continuously invest in digital transformation to enhance customer experience and operational efficiency [7] Financial Insights - Retail banks generally incur higher direct costs compared to the industry average, particularly challenger retail banks [30] - The average total financial cost for banks in North America is reported at 2.5%, while European banks show a higher average of 3.9% [36] Employee Expectations - A majority of CEOs (93%) anticipate an increase in employee numbers, with a strong preference for returning to office work [22] - There is a noted gap in employee readiness to leverage emerging technologies, with only 35% of respondents confident in their workforce's preparedness for generative AI [22] Cost Management - The report indicates a trend towards optimizing service costs and enhancing employee productivity rather than merely reducing costs [20] - The average procurement ratio for banks in the Asia-Pacific region is the highest at 42%, indicating a greater reliance on outsourcing [43] Technology and Automation - The report emphasizes the importance of process automation, with a focus on visualization and data transformation as key areas for banks [73] - The adoption of cloud technology is increasing, with 59% of banks having moved to cloud solutions [62] Leadership and Skills - There is a significant need for banks to develop leadership and employee management skills to navigate the complexities of the industry [47] - The report highlights that while private banks excel in accounting expertise, they lag in project management and data science capabilities [70]

Investment Rating - The report does not explicitly provide an investment rating for the banking industry Core Insights - The banking industry is facing multiple pressures including macroeconomic slowdown and structural transformation, with challenges expected to persist into 2025 [4] - A significant majority (68%) of global banking CEOs express confidence in economic growth prospects, despite external challenges such as cybersecurity (81%) and cost of living (80%) [18] - The adoption of generative artificial intelligence is seen as a primary investment task by 81% of banking CEOs, although there is a lack of confidence in implementation [19] - ESG (Environmental, Social, and Governance) is recognized as a key driver for building customer relationships and brand reputation, with nearly half of CEOs expecting substantial returns on ESG investments within three to five years [20] - The focus is shifting from cost reduction to value management, with 61% of banking executives prioritizing cost optimization and employee productivity [21] Summary by Sections External Uncertainties - Continuous macroeconomic uncertainties present both opportunities and threats [8] - Regulatory intensity and scrutiny are on the rise [8] - Banks need to invest in digital transformation to enhance customer experience and reduce costs [8] Digital Transformation - Less than 10% of surveyed banks have a clear AI strategy, indicating a gap in readiness for AI integration [8] - The report emphasizes the importance of balancing flexible working arrangements with in-person interactions [8] Financial Insights - Retail banks generally incur higher direct costs, closely aligning with industry averages, while challenger banks exceed these averages [30] - The financial cost structure shows that retail banks maintain high productivity levels despite higher costs [30] Employee Expectations - 93% of banking CEOs anticipate an increase in employee numbers, with a strong preference for in-office work [23] - There is a notable gap in employee readiness for emerging technologies, with only 35% of respondents confident in their workforce's preparedness for generative AI [23] Cost Management - The report highlights a transition from pure cost reduction to seeking service cost reductions and enhancing employee productivity [21] - The average procurement ratio in the Asia-Pacific region is the highest at 42%, indicating a reliance on outsourcing [42] IT and Automation - The report notes that banks are focusing on migrating management reporting and planning processes to the cloud, while accounting engines remain a lower priority [61] - There is a growing emphasis on process automation, particularly in visualization and data transformation [69]

个人信息保护合规 审计管理与应对 毕马威中国 2025年3月 kpmg.com/cn — 序言 在数字化时代，个人信息保护已成为广大人民群众最切实关心的 利益问题之一，也是涉及个人信息处理企业的重要合规义务之一。那 么，企业如何保障个人信息处理活动符合国家法律法规的监管要求， 而监管机构又如何审查与评价企业的个人信息保护合规情况呢？ 作为一项监管对企业个人信息保护的重要"体检"工作，国家已 制定法律将企业个人信息合规审计定义为一项基本义务并为其提供了 制度框架。我国个人信息保护法第54条和64条明确规定了个人信息 处理者的个人信息保护合规审计义务，并将审计分为自行审计与监管 审计两种方式。 为进一步细化与落实指导上述个人信息保护法规定的义务工作的 开展执行，2023年8月，国家网信办制定并出台了《个人信息保护合 规审计管理办法（征求意见稿）》；2025年2月14日《个人信息保护 合规审计管理办法》正式发布，并将于2025年5月1日正式生效。 《个人信息保护合规审计管理办法》从适用条件、个人信息处理 者的责任等多个方面进行了详细规定，为企业的个人信息保护合规审 计工作提供了更多细节性指导，以激励并提升企业个人信 ...