© 2025。欲了解更多信息，请联系德勤中国。 中国生命科学与医疗行业调研结果 – 2025年行业现状与展望 2 中国生命科学与医疗行业 调研结果：2025年行业现状与展望 中国生命科学与医疗行业团队 2025年3月 目录 ◼ 调研框架 企业类型分布 行业类别分布 74% 4% 18% 4% 生物医药 医疗器械 经销商 医疗服务 23% 42% 34% 董事长/首席执行官 高层管理者 中层及其他管理者 职能级别分布 中国收入（人民币）规模分布 ◼ 调研结果 – 问题与解析 • 中国生命科学与医疗行业前景及考量因素 • 新监管和技术影响 • 商业投资策略的转变 ◼ 洞察总结 ◼ 附录 调研框架 本次调研的期限：2025年1月（2月7日结束） 共有125位中国生命科学与医疗（LSHC）行业的经营者和投资者参与调研 56% 11% 25% 8% 外商独资企业 中外合资企业 私营企业 国有企业 46% 23% 15% 16% 50亿元以上 10亿元至50亿元 1亿元至10亿元 1亿元以下 © 2025。欲了解更多信息，请联系德勤中国。 中国生命科学与医疗行业调研结果 – 2025年行业现状与展望 3 中国生命科学与医 ...

China LSHC Industry Survey 2025 State of Industry in China China Life Sciences & Health Care Team March 2025 Content © 2025. For information, contact Deloitte China. China Life Science & Health Care Industry Survey – 2025 State of Industry in China 2 ◼ Framework ◼ Results – Questions & Deep-dive • China LSHC Business Outlook & Considerations • New regulatory and technology impact • New shifts in business investment strategy ◼ Concluding insights ◼ Appendix Framework © 2025. For information, contact Deloitte ...

低碳燃料：通往净零排放的最后一公里 合成燃料对于航空和航运脱碳的作用 2025年2月 低碳燃料：通往净零排放的最后一公里|合成燃料对于航空和航运脱碳的作用 摘要 低碳燃料：通往净零排放的最后一公里|合成燃料对于航空和航运脱碳的作用 目录 | 词汇表 | | 03 | | --- | --- | --- | | 摘要 | | 04 | | 1. | 实现净零排放需要大量低碳燃料 | 06 | | 2. | 最后一公里脱碳：航空业和航运业 | 09 | | | 2.1 航空业脱碳 | 10 | | | 2.2 航运业脱碳 | 13 | | | 2.3 德勤对航空业和航运业脱碳的展望 | 15 | | 3. | 释放合成燃料的脱碳潜力 | 16 | | | 3.1重大技术障碍有待克服 | 18 | | | 3.2 应对合成燃料的高昂成本 | 24 | | | 3.3 贸易连接供需 | 27 | | 4. | 行动呼吁 | 29 | | | 4.1 推广低碳燃料所面临的挑战 | 30 | | | 4.2 未来展望 | 31 | | 附录 | | 33 | | | 附录1. 氢能路径探索者（HyPE）模型简介 | 33 ...

中国生物医药行业概览： 宏观趋势与变革动态， 研发成为行业核心价值驱动力 04 2 政府政策：全链条支持创新 10 3 4 生物医药企业的应对策略 15 生物医药企业的关键考量 18 1 总结 20 5 联系人 21 02 "全链条支持创新"， 中国促进生物医药产业发展新政及其影响 "全链条支持创新"， 中国促进生物医药产业发展新政及其影响 前言 作为中国经济的战略性支柱产业之一，生物医药产 业在过去的十年间取得了飞速的发展。然而，在后 疫情时代，面对内外部经济增速放缓、资本市场降 温等多重挑战，中国生物医药产业在过去两三年中 承受了明显的压力。2024 年，中央政府针对生物 医药产业推出了新的"全链条支持创新"的政策， 地方政府随之出台了一系列具体措施，旨在为生物 医药产业全价值链创新发展提供全面的政策支持。 对于生物医药产业，尤其是对于那些正在向创新驱 动转型的企业而言，政府的支持一直是影响其发展 的重要因素。我们注意到跨国生物医药企业及中国 本土生物医药企业已经纷纷采取行动，打算借力新 的优惠政策以促进企业转型和发展。 03 中国生物医药行业概览： 宏观趋势与变革动态， 研发成为行业核心价值驱动力 04 ...

Investment Rating - The report does not explicitly provide an investment rating for the TMT industry Core Insights - The TMT industry is expected to experience a significant leap by 2025, largely driven by the rapid adoption of generative AI, highlighting the urgent need to bridge key gaps to unlock current potential [2][4] - Key gaps identified include balancing generative AI infrastructure investment with commercialization, addressing gender disparities in AI usage, managing energy consumption in AI data centers, and tackling public trust issues regarding deepfake content [2][4] Summary by Sections Key Gaps for 2025 - Generative AI data centers face a power and sustainability gap, with projected power demand increasing sharply while seeking low-carbon energy solutions [4] - Gender disparity in generative AI usage persists, with women less likely to use AI tools compared to men, although this gap is expected to close in certain markets by 2025 [4][6] - Trust issues surrounding deepfake content generated by AI are leading to decreased consumer confidence, necessitating reliable detection and labeling of such content [4] - Film production companies are cautious about using generative AI for content creation due to intellectual property concerns, despite a desire to leverage AI for efficiency [4] New Developments - The report introduces new sections focusing on ten micro-predictions, reviewing previous themes and exploring emerging trends in the TMT sector [5] - The rise of autonomous generative AI agents is anticipated, with 25% of companies deploying pilot projects by 2025 [9] - The streaming video market is experiencing a shift as consumers bundle subscriptions, leading to a decrease in the number of individual services [7][15] - Cloud spending is projected to reach $825 billion by 2025, with the adoption of "FinOps" strategies expected to save companies approximately $21 billion [11] Emerging Trends - The report highlights the increasing importance of generative AI in cybersecurity, with professionals exploring its dual role in creating threats and developing solutions [24] - Chiplet technology is expected to drive significant growth in advanced packaging revenue, projected to increase from $7 billion in 2021 to $16 billion by 2025 [25] - The telecommunications sector is modernizing its business and operational support systems, with the global market expected to reach $70 billion by 2025 [26] Sustainability and Energy Consumption - AI data centers are projected to consume approximately 2% of global electricity by 2025, with significant growth anticipated by 2030 [33] - The demand for water in AI data centers is expected to rise dramatically, necessitating the exploration of liquid cooling technologies to reduce energy consumption [47][48]

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry. Core Insights - The global automotive industry is undergoing significant transformation driven by evolving consumer expectations for mobility experiences and increasing brand loyalty, with emerging manufacturers posing a threat to traditional players [2][3]. - While the growth momentum for electric vehicle (EV) sales has slowed, the long-term demand for zero-emission transportation remains clear [2]. - The integration of software-defined vehicles is reshaping every aspect of the automotive value chain, prompting manufacturers to rethink vehicle design, manufacturing, sales, and driving [2]. - Advanced Driver Assistance Systems (ADAS) and connected vehicle functionalities are enhancing safety and engagement in mobility [2]. - Artificial intelligence is advancing the development of next-generation autonomous fleets, shifting consumer preferences from ownership to Mobility as a Service (MaaS) solutions [2]. Summary by Sections Vehicle Electrification - Interest in Battery Electric Vehicles (BEVs) remains stable in most markets, while interest in Internal Combustion Engine (ICE) and hybrid vehicles is increasing [12]. - Consumers are seeking solutions that reduce fuel costs and emissions without relying on charging infrastructure [12]. Future Vehicle Intentions - There is a rising trend of consumers planning to switch brands for their next vehicle purchase, indicating a need for stronger customer relationships, especially in developing markets like China [13]. - Concerns about the safety of autonomous vehicles persist, with over half of consumers in India, the UK, and the US expressing worries [14]. Connectivity - Many young consumers in markets like India and Southeast Asia show interest in MaaS over traditional vehicle ownership, with a significant portion driving daily [15]. Mobility as a Service (MaaS) - The report highlights a growing interest in MaaS solutions among younger demographics, particularly in regions with high vehicle usage [15]. Charging Infrastructure and Consumer Preferences - Most consumers prefer to charge their EVs at home, with a significant number planning to install home chargers [24][30]. - The majority of surveyed consumers prioritize fast charging times and accessibility when considering EV charging experiences [34]. Payment Preferences - Consumers across various markets prefer familiar payment methods, such as credit/debit cards, for public EV charging [38].

Investment Rating - The report does not explicitly provide an investment rating for the banking industry Core Insights - The banking industry faces significant challenges in adapting to a low-growth, low-interest-rate environment, with management under pressure due to economic uncertainties and geopolitical tensions [5][8] - Non-interest income is expected to become a key growth driver as net interest income faces downward pressure due to rising deposit costs [5][14] - The implementation of AI-driven banking strategies is seen as a potential accelerator for technological modernization [67][70] Summary by Sections 2025 Macroeconomic Changes Impacting Global Banking - The US economy is projected to experience a soft landing with GDP growth of 1.5% in 2025, influenced by consumer spending and rising unemployment [5] - Inflation is expected to approach the 2% target, leading to potential interest rate cuts [5][6] Basel III "Final" Rule Proposals Impact - The new Basel III proposals aim to lower capital requirements, potentially strengthening the overall performance of the banking sector [35][36] - The proposals suggest a tiered regulatory approach based on bank size, impacting capital requirements for large banks [35][36] Increasing Non-Interest Income - Banks are encouraged to diversify their revenue streams by focusing on non-interest income, which has historically accounted for about 35% of total income [47][48] - Strategies include enhancing retail banking services, expanding payment services, and improving wealth management offerings [48][49] Retail Banking - Service fees from retail banking are a significant source of non-interest income, but regulatory pressures may limit future growth [51] - Banks should consider innovative pricing strategies and service bundling to enhance fee income [51] Payment Services - Payment companies are facing challenges from declining transaction margins and increased regulatory scrutiny [53] - Strategies to increase fee income include enhancing transaction security and offering additional value-added services [54] Wealth Management - Wealth management firms are under pressure to reduce fees while enhancing service offerings to retain clients [58][63] - Emphasizing personalized consulting services and integrating additional financial planning services can help increase revenue [63] Investment Banking and Capital Markets - Capital market revenues are expected to rise due to increased M&A activity and demand from private equity firms [65] - Banks are exploring unconventional methods to enhance service fees, such as increasing breakage fees and targeting smaller transactions [65] AI-Driven Banking Strategy - The adoption of AI technologies is anticipated to transform banking services and improve profitability [69][70] - Addressing technological debt and modernizing data infrastructure are critical for successful AI implementation [71][72]

Investment Rating - The report does not explicitly provide an investment rating for the banking industry Core Insights - The banking industry faces significant challenges in adapting to a low-growth, low-interest-rate environment, with management under pressure due to economic uncertainties and geopolitical tensions [5][31] - Non-interest income is expected to become a key growth driver as net interest income faces downward pressure due to rising deposit costs [5][14] - The implementation of AI-driven banking strategies is seen as a potential accelerator for technological modernization [67][70] Summary by Sections 2025 Macroeconomic Changes Impacting Global Banking - The U.S. economy is projected to grow at 2.7% in 2024 but slow to 1.5% in 2025, with inflation pressures easing [5] - Consumer debt reached a record high of $17.7 trillion, impacting consumer spending [5] - The Federal Reserve may lower interest rates three to four times in 2025, with the effective federal funds rate expected to fall to between 3.5% and 3.75% [5][6] Basel III "Final" Rule Proposals Impact on Banking - The new Basel III proposals aim to reduce capital requirements, potentially strengthening the overall performance of the banking sector [35] - Global systemically important banks (G-SIBs) may see an increase in common equity tier 1 capital by 9% under the new rules [35][36] - The proposals suggest a more lenient regulatory environment, which could lead to increased merger and acquisition activity among smaller banks [35][36] Increasing Non-Interest Income in 2025 - Banks are encouraged to focus on increasing non-interest income due to anticipated declines in net interest income [47][48] - Strategies include bundling services in retail banking, expanding payment services, and enhancing wealth management offerings [48][50][57] Investment Banking and Capital Markets - Capital market revenues are expected to rise due to a recovery in M&A activity and increased demand from private equity firms [65] - Banks are exploring unconventional methods to enhance service fee income, such as increasing contract termination fees [65] AI-Driven Banking Strategy Implementation - The adoption of AI technologies is projected to significantly enhance profitability in the banking sector, with potential profits reaching $2 trillion by 2028 [69] - Banks must address technological debt to fully leverage AI capabilities and modernize their infrastructure [70][71]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes the importance of establishing trustworthy AI solutions through effective governance, highlighting that over 90% of organizations in the Asia-Pacific region need to improve their AI governance practices [4][9][35]. Summary by Sections Report Overview - The report aims to provide insights for executives and technology leaders in the Asia-Pacific region to improve governance structures and develop more trustworthy AI solutions [4][6]. Addressing Risks of Rapid AI Adoption - The rapid adoption of AI is transforming the business landscape in the Asia-Pacific region, with AI investment expected to quadruple to $117 billion by 2030 [12]. - Over half of technology workers believe their organizations cannot effectively manage AI-related risks, with concerns primarily around security vulnerabilities (86%), monitoring (83%), and privacy (83%) [9][12][15]. - The report indicates that more than a quarter of organizations experienced an increase in AI-related incidents over the past year [10]. Path to Excellent AI Governance - The Deloitte High Trust AI Framework outlines seven essential elements for establishing trustworthiness in AI solutions: transparency, explainability, fairness, neutrality, robustness, reliability, privacy protection, security, accountability, and responsibility [5][19]. - The report introduces the AI Governance Maturity Index, which assesses organizations' AI governance maturity across five pillars: organizational structure, policies and principles, procedures and controls, talent and skills, and monitoring, reporting, and evaluation [24][26]. Current State of AI Governance in the Asia-Pacific Region - Less than 10% of organizations in the Asia-Pacific region have the necessary governance structures for trustworthy AI, with 91% of organizations at either "beginner" or "developing" levels [35][36]. - The report highlights significant improvement opportunities in the "policies and principles" and "procedures and controls" areas, where 31% and 23% of organizations are at the "beginner" level, respectively [35][38]. Benefits of Excellent AI Governance - Organizations can gain substantial benefits from improving AI governance maturity, including increased trust in AI outputs, enhanced organizational reputation, and accelerated deployment of AI solutions [79][80]. - Effective AI governance can lead to a higher likelihood of using AI solutions across various business areas, with mature organizations using AI tools significantly more than those at lower maturity levels [83][84].

Investment Rating - The report emphasizes the importance of "new quality productivity development" in building a modern industrial system, indicating a positive outlook for high-tech and high-growth companies in China [2][3]. Core Insights - The theme of the 2024 Deloitte China High-Tech High-Growth 50 and Tomorrow's Stars project is "Pursuing New Quality, Surpassing Growth," encouraging companies to integrate disruptive technological innovations with new industries, models, and formats [2][3]. - The report highlights that 2024's top 50 companies experienced a slight decline in revenue scale compared to 2023, with 44% of the companies having revenue exceeding 100 million [3][29]. - The life sciences sector leads the industry distribution, accounting for 39% of the top companies, surpassing hardware and software sectors [3][36]. Summary by Sections 1. Project Background - The Deloitte High-Tech High-Growth project has a 30-year history and aims to recognize and celebrate outstanding companies in China that demonstrate continuous growth and innovation [9][10]. - The project includes various rankings, such as the National 50 and Regional 20, with participants automatically becoming candidates for higher accolades [10][18]. 2. Overview of the 2024 Top 50 and Tomorrow's Stars - The report lists 100 companies, with Beijing, Shenzhen, and Guangzhou accounting for 59% of the total [3][21]. - The average three-year revenue growth rate for the top 50 companies is 588%, showing a significant decline from previous years [29][30]. 3. CEO Survey Analysis - A majority of the top 50 and Tomorrow's Stars companies plan to invest heavily in artificial intelligence and machine learning, with over 50% of their revenue allocated to R&D [71][75]. - The report indicates that 81% of the top 50 companies and 71% of Tomorrow's Stars have R&D personnel accounting for over 40% of their workforce [71][72]. 4. Pursuing New Quality, Surpassing Growth - The report discusses the need for companies to focus on innovation and growth amidst global economic uncertainties, with 80% of CEOs planning to revise their business strategies to enhance AI integration [100].