摘 要 国 国家金融监管总局等四部门明确推进农业保险精准投保理赔等事项 国家金融监管总局印发《保险资产风险分类暂行办法》—金规（2024）19号 • 完善固定收益类资产分类标准，调整本金或利息的逾期天数、减值准备比例标准等，与商业 银行保持一致；增加利益相关方风险管理状况、抵质押物质量等内容，丰富风险分类标准的 内外部因素； 中 中国人民银行等七部门联合发布《推动数字金融高质量发展行动方案》（下称《方案》）。《方 案》指出，推动数字技术在科技金融、绿色金融、普惠金融、养老金融、数实融合等"五篇大文 章"服务领域的应用，创新金融产品和服务模式，提升重点领域金融服务质效。夯实数字金融发 展基础，营造高效安全的支付环境，培育高质量金融数据市场，加强数字金融相关新兴基础设施 建设。完善数字金融治理体系，强化数字金融风险防范，加强数据和网络安全防护，加强数字金 融业务监管，提升金融监管数字化水平，健全金融消费者保护机制。 • 优化指标设置和评价标准。注重服务实效评价，既考量银行自身指标纵向变化，又注重其与 同业横向比较，提升评价的客观性和科学性； ） 地 内 国 ） 香 人在内的私营部门密切合作； 香港证监会（SFC） ...

Investment Rating - The report does not explicitly state an investment rating for the banking industry. Core Insights - The Chinese banking industry is expected to face a more complex and challenging operating environment by 2025 due to accumulating internal and external risk factors [1] - The industry is experiencing significant operational and technological risks, necessitating increased resilience in operational systems and enhanced risk management frameworks [2] - The report highlights the importance of adapting to the evolving macroeconomic landscape, regulatory changes, and the rapid advancement of financial technology [13][32] Summary by Relevant Sections Financial Risks - Capital and liquidity risks are identified as primary concerns, with a rising trend in risk levels. The implementation of new capital management regulations is expected to enhance capital adequacy and management capabilities [7] - The liquidity risk is also on the rise due to increasing uncertainty in the global economy and domestic financial markets, necessitating a strategic approach to asset-liability management [7] - Credit risk is highlighted, with a focus on the need for banks to optimize their credit structures in response to changing economic conditions [17] Non-Financial Risks - Operational and human resource risks are stable but require attention as the banking sector undergoes digital transformation and faces challenges in talent management [9] - Data governance remains a critical issue, with banks needing to enhance their data management practices to comply with regulatory expectations and improve operational efficiency [9] - Compliance and reputation risks are increasing, particularly in light of new anti-money laundering laws and the need for robust consumer protection measures [10][19] Macro Environment and Regulatory Risks - The report emphasizes the significant impact of geopolitical tensions and economic uncertainties on the banking sector, with a notable rise in macroeconomic and regulatory risks [15] - Regulatory reforms are ongoing, with a focus on enhancing the effectiveness and fairness of financial supervision, which will influence banks' operational strategies [16] Strategic and Operational Challenges - The banking industry faces strategic pressures to balance support for economic growth with maintaining financial health, particularly in a low-interest-rate environment [33] - The need for digital transformation is underscored, with banks encouraged to adopt innovative technologies to enhance service delivery and operational resilience [20][32] Emerging Risks and Opportunities - The emergence of disruptive technologies presents both risks and opportunities for the banking sector, necessitating proactive management and adaptation strategies [22] - The report calls for banks to enhance their risk management frameworks to address the complexities of modern financial services and the evolving regulatory landscape [32][33]

Today, we have more sustainability reporting frameworks (and acronyms!) than ever before. Spurred by the UN's Sustainable Development Goals, this current constellation of frameworks keeps companies reporting and capital markets watching ESG impacts and outcomes. As peers, competitors, and partners in commerce, and as citizens and neighbors in society, we value this important information from around the world and can leverage it for ongoing | --- | --- | --- | --- | --- | --- | |----------------------------- ...

Investment Rating - The report does not explicitly provide an investment rating for the real estate technology industry Core Insights - The real estate and construction sectors are crucial to China's economy, contributing 12.6% to the GDP in 2023, with significant potential for urbanization and growth [5] - The integration of technology in real estate, termed "PropTech," is essential for enhancing operational efficiency and transitioning to high-quality development [7][8] - The report emphasizes the importance of innovation and technology in driving the transformation of the real estate industry, particularly in the context of urbanization and societal needs [6][8] Summary by Sections Overall Overview - The report highlights the ongoing challenges in the real estate market, including a decline in land sales and housing transactions, while noting signs of stabilization following recent policy interventions [15] - The focus of the 2024 evaluation is on innovative applications of technology within the real estate sector, aiming to identify and promote new productive forces [23] Trends and Outlook in Real Estate Technology - The report identifies a shift towards digital transformation, with data and technology becoming central to the industry's future [16] - It discusses the role of emerging technologies such as big data, AI, and blockchain in reshaping the real estate landscape [7] Evaluation Process - The evaluation process for the leading real estate technology companies involves assessing innovative practices and their impact on the industry [14][36] - The report outlines the criteria for evaluation, focusing on foresight, innovation, and growth potential [31] Application Scenarios - The report categorizes application scenarios, with residential and industrial parks being the primary focus, accounting for 61% of the selected cases [37] - It notes the increasing importance of operational management and maintenance in the context of asset revitalization [47] Business and Technical Domains - The majority of selected cases are concentrated in operational management, with a significant emphasis on sustainability and construction management [49] - The report highlights the prevalence of big data applications among the selected cases, indicating a strong trend towards data-driven decision-making [53] Company Analysis - Most selected companies have been established for over five years, indicating a trend towards stability and experience in the sector [57] - The report notes that a significant portion of the selected companies have small to medium-sized teams, which allows for agility and responsiveness to market changes [59] Financing and Growth - Nearly half of the selected companies have not engaged in financing, reflecting the challenging financial environment in the real estate technology sector [64] - The report suggests that the ability to manage cash flow and operational efficiency is critical for the survival of these companies in the current market [64]

Investment Rating - The report indicates a strong positive outlook for AI in finance, with significant adoption and expected growth in usage across various financial functions [6][29]. Core Insights - AI is transforming finance by enhancing efficiency, accuracy, and decision-making capabilities, with 71% of companies currently using AI in finance [28][29]. - The report highlights a clear divide in AI adoption between leaders and other companies, with leaders significantly outperforming in AI usage and ROI [49][74]. - The use of generative AI is gaining traction, with leaders expecting to widely adopt it in financial reporting within three years [103][104]. Research Background - KPMG conducted a survey of 2,900 companies across 23 developed and emerging markets to assess AI usage in finance, expanding from an earlier study of 1,800 companies [8][21]. - The research aims to understand global trends in AI adoption, focusing on various financial areas including accounting, risk management, and tax operations [8][21]. AI Maturity Framework - The AI maturity framework categorizes companies into three groups: 24% leaders, 58% implementers, and 18% beginners, based on their progress in AI usage [14][19]. - Leaders are more likely to have advanced AI capabilities and are investing significantly in AI technologies compared to others [58][62]. Transforming Finance through AI - AI is being utilized across all areas of finance, with accounting and financial planning leading in adoption rates [30][31]. - Companies report benefits such as improved data accuracy, faster decision-making, and reduced costs due to AI implementation [28][29]. How AI Leaders Drive ROI - AI leaders report a higher ROI from AI investments, with 57% stating that their ROI exceeds expectations compared to 25% of beginners [74][75]. - Leaders are more likely to use AI for innovative applications, such as merging AI with blockchain for secure transactions [50][51]. Overcoming Barriers to AI Usage - Common barriers to AI adoption include data security vulnerabilities, lack of skilled personnel, and high implementation costs [81][84]. - Leaders are more proactive in addressing these challenges through investment in training and change management [92][93]. Shifts in Financial Reporting - The report notes significant advancements in AI usage for financial reporting, particularly in countries like Canada, Australia, and Japan [97][98]. - Generative AI is becoming increasingly important in financial reporting, with expectations for widespread adoption in the near future [103][104].

| --- | --- | --- | --- | --- | |-----------------------------|-------------------|-------|---------------------------------|-------| | KPMG 毕马威 | | | | | | | | | 毕马威中国第七届 领先汽车科技50 | | | | | | | | | 未来行业50 Future Sector 50 | 汽车科技 Autotech | | | | | | | | | | | kpmg.com/cn | | | | | 01 05 02 13 03 18 04 96 附件一 政策法规更新 附件二 术语缩写汇编 附件三 毕马威汽车行业洞察 附件四 毕马威中国汽车科技合伙人团队 关于毕马威 联系我们 © 2024年马威华振会计师事务所 (特殊普通合(0)—中国合伙制会计师事务所及毕马威企业咨询(中国)·有限公司—中国有限责任公司，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。 / La Har 1999 � 202 ...

Investment Rating - The report does not explicitly provide an investment rating for the insurance industry Core Insights - The insurance industry is experiencing growth despite economic uncertainties, with 74% of CEOs expressing confidence in their company's growth prospects over the next three years [13][20] - The focus areas for insurance CEOs include accelerating digital transformation, implementing ESG agendas, and enhancing productivity [13][22] - Generative AI is viewed as a primary investment focus, with 81% of CEOs prioritizing it despite acknowledging associated risks [22][10] Summary by Sections Introduction - The insurance industry faces unprecedented challenges, including digital transformation, talent acquisition, and sustainability [3][9] - CEOs recognize the need for bold decisions and agile responses to navigate these complexities [3][9] Key Findings - 74% of insurance CEOs are confident about their company's growth prospects, while 76% express optimism about the industry's overall growth [15][20] - 62% of CEOs are concerned that talent shortages may negatively impact their business in the next three years [15][31] - 63% of CEOs believe they can achieve net-zero emissions by 2030 [15][36] Driving Growth in Uncertain Economic Environment - 59% of CEOs predict revenue growth exceeding 2.5% over the next three years, with 93% planning to expand their workforce [16][20] - CEOs are adjusting their growth strategies to respond to changing business environments, with 66% indicating recent strategy adjustments [20][22] Empowering Businesses through Generative AI and Digital Transformation - Generative AI is seen as a significant threat and opportunity, with over two-thirds of CEOs acknowledging its competitive implications [22][10] - The insurance sector is prioritizing digital transformation to enhance operational efficiency and customer service [22][10] Attracting Talent and Reshaping Workforce - 93% of CEOs plan to increase their workforce, recognizing the importance of talent in driving future growth [31][32] - There is a growing concern about the skills gap and the ability to replace retiring talent [31][32] Embracing ESG for Measurable Benefits - 70% of CEOs are willing to take a stand on controversial issues, but 54% find it challenging to adapt to rapidly changing stakeholder expectations [37][40] - 63% of CEOs believe their companies can achieve net-zero emissions by 2030, reflecting a strong commitment to sustainability [36][37] Main Recommendations - Insurance companies should focus on bold decision-making and fundamentally reshaping processes to achieve true transformation [44] - Building a culture that attracts future talent is essential for competing in the talent market [44] - Investment in customer service and maintaining flexibility to adapt to new technologies and customer expectations is crucial for growth [44]

Investment Rating - The report indicates a positive outlook for the Chinese economy, suggesting that it is likely to achieve its development goals for the year [19]. Core Insights - The report highlights a recovery in consumer spending and investment driven by government policies aimed at stabilizing the economy [6][19]. - It emphasizes the importance of infrastructure investment in maintaining resilience in fixed asset investment [29]. - The report notes that the manufacturing sector is experiencing a slowdown in investment due to declining profits in industrial enterprises [32]. Economic Trends - The GDP growth rate for the first three quarters of 2024 reached 4.8%, with a quarterly growth of 4.6% in Q3, slightly down from Q2 [6][20]. - Domestic demand continues to weaken, impacting production and consumption, with industrial capacity utilization at historically low levels [20]. - The report mentions a marginal recovery in consumer spending, with retail sales showing a slight increase in September [6][19]. Policy Analysis - The report discusses the government's focus on expanding domestic demand and stabilizing the real estate market through various fiscal and monetary policies [11][14]. - It outlines a series of measures aimed at supporting local governments in managing debt and enhancing fiscal capacity [12][17]. - The report highlights the government's commitment to promoting green and low-carbon development as part of its long-term strategy [46]. Investment and Consumption - Fixed asset investment growth slowed to 2.6% in Q3, with infrastructure investment showing resilience while real estate investment continues to decline [29][30]. - The report indicates that consumer spending is gradually recovering, supported by policies aimed at boosting income for low- and middle-income groups [14][15]. - It notes that the manufacturing sector's investment growth is being hampered by profit declines in key industries [32]. Export and Trade - Exports grew by 4.3% in the first three quarters, with a notable increase in Q3 driven by low base effects and improved market share in emerging markets [8]. - The report warns of potential downward pressure on global trade due to geopolitical tensions and rising protectionism [8][19]. Financial Market Insights - The report highlights the government's efforts to stabilize the capital market through various financial instruments and policies [16][17]. - It emphasizes the importance of attracting long-term funds into the market to support economic recovery [16]. Future Outlook - The report anticipates that the cumulative effects of recent policies will lead to a gradual recovery in economic activity and consumer confidence [18][19]. - It suggests that as the asset-liability situation stabilizes for both local governments and residents, there may be increased fiscal space for investment and consumption [18].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant regulatory changes aimed at enhancing the stability and quality of the financial sector, particularly focusing on insurance and financial leasing industries [2][4][6][8][22][30][48][60] Summary by Sections Financial Regulations Overview - In September, 24 important new regulations were issued by various financial regulatory bodies, covering areas such as credit, securities, equity investment, insurance, and non-bank institution management [2] Financial Asset Investment Companies - The Financial Regulatory Authority has expanded the pilot program for equity investments by financial asset investment companies, encouraging long-term investments and supporting technology innovation [7][48] - The pilot program now includes 18 major cities, expanding from Shanghai to cities like Beijing, Guangzhou, and Shenzhen [49] Insurance Industry Development - The State Council has issued guidelines to promote high-quality development in the insurance sector, emphasizing risk prevention and enhancing service levels [22][23][25] - The guidelines focus on improving insurance market access, enhancing service capabilities, and supporting major national strategies [22][24][26] Non-Bank Institution Management - The Financial Regulatory Authority has implemented new regulations for financial leasing companies, enhancing governance and risk management [6][38][41] - The new regulations require higher capital thresholds for major investors and stricter business classification [38][41][45] Mobile Application Management in Banking and Insurance - New regulations have been introduced to strengthen the management of mobile applications in the banking and insurance sectors, emphasizing risk management and user experience [30][36] - The regulations require financial institutions to integrate mobile application management into their overall risk management frameworks [30][36] Capital Market Stability - The Central Financial Office and the China Securities Regulatory Commission have issued guidelines to enhance the stability of the capital market, encouraging long-term investments and improving the quality of listed companies [60][63] - The guidelines aim to create a supportive environment for institutional investors and enhance investor returns [64][66]

Investment Rating - The travel and leisure sector is rated positively, with global investment expected to rise by 25 percent year-on-year in 2024, and travel and tourism revenues projected to increase by 8.3 percent, reaching nearly US$1 trillion [1][1]. Core Insights - The travel and leisure industry is recovering from COVID-19, high inflation, and economic uncertainty, with record-high revenues per available room in hotels [1][1]. - Despite challenges such as high interest rates and below-average consumer confidence, there are significant opportunities for value creation and growth in the sector [1][1]. - The report emphasizes four key areas for growth: inorganic growth, performance improvement, technology enablement, and customer-centricity [1][1]. Inorganic Growth - M&A activity in the travel and leisure sector remains subdued, but signs of revival are emerging, particularly in markets like China, India, Japan, and Germany [4]. - The first half of 2024 saw an 8.1 percent increase in deal volume compared to the same period in 2023, although deal value dropped by 45.4 percent [39][39]. - The report anticipates a potential uptick in M&A activity as financing conditions improve [46][46]. Performance Improvement - The report highlights the importance of adapting to changing consumer preferences and enhancing operational efficiency to drive growth [50][50]. - Companies are encouraged to explore creative partnerships and unique offerings to expand their customer base and improve product offerings [52][52]. Technology Enablement - The travel and leisure sector is increasingly focusing on technology to enhance customer experiences and operational efficiencies [1][1]. - The integration of technology is seen as a critical factor for companies to thrive in a competitive environment [1][1]. Customer Focus - There is a growing emphasis on aligning product portfolios to attract leisure consumers, as the demand for personalized experiences increases [60][60]. - Companies are encouraged to innovate and adapt their offerings to meet the evolving preferences of travelers [60][60]. About KPMG's Travel and Leisure Network - KPMG's global network provides insights and support to travel and leisure companies, helping them navigate challenges and unlock growth opportunities [1][1].