Investment Rating - The report does not explicitly state an investment rating for the infrastructure real estate investment trusts (REITs) sector [3]. Core Insights - Infrastructure construction has become a crucial measure for economic growth and job stability globally, especially post-COVID-19, with significant investments from major economies like China and the US [4][5]. - The infrastructure sector is characterized by large investment scales, long investment cycles, and high capital requirements, with over 7,784 projects in China alone, totaling over RMB 11 trillion (approximately USD 1.7 trillion) [5]. - Infrastructure projects typically have limited investment returns due to government regulation and public service characteristics, leading to high debt financing and low equity financing [5][6]. - Infrastructure REITs can enhance reinvestment capabilities for infrastructure companies by providing early capital recovery and reducing debt ratios [7]. - The introduction of infrastructure REITs broadens funding sources for infrastructure projects, allowing various institutional and public investors to participate [7][8]. - Infrastructure REITs facilitate a complete investment cycle, improving liquidity and providing standardized exit channels for investors [8]. - The development of infrastructure REITs is seen as a viable solution to reduce reliance on government funding and improve financial structures in the sector, especially amid rising public debt and fiscal deficits [9]. Summary by Sections Infrastructure Industry Characteristics - The infrastructure sector requires significant capital and has long-term project durations, with an average project investment exceeding RMB 14 million (approximately USD 2.2 million) [5]. - The sector's public service nature limits pricing power, resulting in constrained investment returns [5]. Global Infrastructure REITs Overview - Over 40 countries have issued REITs, with significant markets in the US, Japan, Australia, and Singapore [6]. - Infrastructure REITs currently hold a small market share but are recognized for their strong risk resistance and stable returns [6]. Future Outlook for Infrastructure REITs - Infrastructure REITs are expected to grow rapidly as they provide a means to stimulate economic growth without increasing fiscal burdens [9].

Investment Rating - The report does not explicitly provide an investment rating for the construction industry Core Insights - The international tax landscape for multinational construction companies is undergoing significant changes due to the OECD/G20 BEPS framework, which aims to reform tax allocation rights and minimum tax rates for large multinational enterprises starting in 2023 [5][6][7] - New tax rules emphasize fair taxation and anti-avoidance measures, which will increase compliance complexity for multinational construction firms [9][10] Summary by Sections Tax Trends and Impacts - The international tax system is expected to evolve further, driven by political agreements on tax base erosion and profit shifting [5] - The new rules will affect multinational construction companies, particularly those with revenues exceeding €20 billion and profit margins above 10% [6][9] Pillar One and Pillar Two - Pillar One introduces a formulaic approach to reallocating taxing rights based on revenue sources, impacting large multinational companies [6] - Pillar Two establishes a coordinated tax system ensuring that large multinational groups with revenues of €750 million or more pay a minimum tax rate of 15% [7] Anti-Avoidance Measures - The Multilateral Convention (MLI) aims to address gaps in existing international tax rules by implementing minimum standards to prevent treaty abuse [8] - Increased transparency requirements will mandate multinational companies to disclose tax information by jurisdiction starting in 2024 [8][9] Compliance Challenges - The complexity of new tax rules will pose significant challenges for the accounting and tax departments of multinational construction firms [9][10] - Enhanced compliance requirements will necessitate coordination at the group level and efficient information flow between companies and tax authorities [10]

德勤 Deloitte. 2022 建筑行业预测 系列之五 因我不同 成就不凡 ta 8 1843 2022年6月 数字化趋势 EWE ENIRY a ENUM O . . 2022建筑行业预测 | 数字化趋势 增长缓慢的背后有诸多原因，如技能短缺、供应链分散、竞争 力不足、项目风险过高和利润率过低2。对于欧盟GDP贡献率 达到9%的建筑行业来说3，想要降低风险并提高生产力，先进 技术的应用至关重要。 3 推进建筑全生命周期数字化：拥抱数字化台账和现实 众所周知，提高生产力一直是建筑行业面临的一大挑战。建筑 行业的生产力增长落后于许多行业，在像英国这样的发达国家 也远远低于全国平均水平1。 一直以来，数字化解决方案的应用对建筑行业而言极具挑战 性，行业内常见的"一次性建成"方法并不支持对非传统、 高成本解决方案的投资。然而，随着区块链、数字孪生、虚 拟现实和增强现实（VR/AR）等工业4.0解决方案在整个供应 链中变得更易得、成本更低、应用更广泛，以及敏捷实践更 加普遍，建筑行业需要考虑的不再是"是否"应用数字化解 决方案——而是"何时"以及"如何"投资并实现数字化工 作方式。 这些数字化解决方案可以帮助建筑 ...

Investment Rating - The report indicates a strong potential for investment in the artificial intelligence (AI) applications within the manufacturing industry, particularly in the Asia-Pacific region, with China, Japan, and South Korea leading the way in competitiveness [4][6]. Core Insights - The application of AI is expanding from consumer intelligence to enterprise intelligence, significantly enhancing productivity in manufacturing [4]. - The manufacturing sector is viewed as a blue ocean for AI applications due to its vast data accumulation [4]. - The report highlights that 93% of surveyed companies believe AI will be a key technology for growth and innovation in manufacturing, with 87% already implementing or planning to implement AI solutions [4][32]. - Despite the optimism, only 9% of AI projects have met expectations, indicating a significant gap between anticipated and actual outcomes [4][6]. Summary by Sections 1. Technology Trends - AI is expected to play a crucial role in addressing manufacturing pain points such as rising production costs and quality instability [4]. - The report forecasts a substantial market size for AI applications in China's manufacturing sector, with a projected growth rate of 40% by 2025 [27]. 2. Application Scenarios - The primary application of AI in manufacturing is in smart production, accounting for 51% of deployments, followed by product and service applications at 25% [4][32]. - There is an anticipated shift in focus towards applications that enhance marketing efficiency, logistics services, and customer insights over the next two years [4]. 3. Reality vs. Expectations - A staggering 91% of AI projects in manufacturing have not met their expected outcomes, highlighting the challenges faced by enterprises in realizing the full potential of AI [4][6]. 4. Future Outlook - The report suggests that AI will have a visible impact on manufacturing within the next 2-5 years, with companies increasingly favoring investments in AI platforms [4][6]. 5. Recommendations - Companies are advised to align their strategic goals with AI applications, clarify application scenarios, and establish a solid data foundation before large-scale implementation [4].

远向黃峰之路 中国威张墨 Al 企业研究报告 intel. + Deloitte. + SAIIA 前言 过去 60 年,人工智能经历了几次从爆发到低谷再重新焕发生机的过程,进入 21 世纪以 来,随着数据的爆发式增长,计算能力的大幅度提升和深度学习的发展和成熟,人工智 能迎来了第三次发展浪潮,人工智能技术走向了全面应用,在全球范围内掀起了一场新 的产业革命。而 2020 年突如其来的疫情,对人类的生命健康,以及全球的经济发展构 成了巨大挑战,却也无意中加速了产业智能化的进程。 在中国,人工智能已经上升为国家战略,连续多年写入政府工作报告中,得益于社会经 济的持续增长、政策和资本的大力驱动、创新力量的持续沉淀,AI 产业正在蓬勃发展, 并孕育了数千家人工智能相关企业。而成长型 AI 企业数量占比达到九成,是人工智能 技术发展,应用创新和产业融合的重要推动力量。非独家兽 AI 企业大多成立于我们正 在经历的第三次人工智能浪潮期间,普遍有着优秀核心团队,技术上有一定积累,对所 赋能的行业有深刻理解,体量虽小,但可以灵活的打造满足细分市场需求的智能化解决 方案,从农业畜牧业,到游戏娱乐,从时尚产业到工业生产,几乎所 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report highlights the concentration of high-growth companies in the robotics, intelligent manufacturing, biotechnology, and health sectors, indicating a strong focus on innovation and digital empowerment in these areas [3][5][11]. Summary by Relevant Sections Overview of Top 20 High-Growth Companies - The top 20 companies are primarily distributed across the robotics and intelligent manufacturing industry, biotechnology, and health sectors, with 7 companies each in these categories [3][5]. - The intelligent manufacturing sector has the highest representation among secondary industries, with 5 companies selected [5]. Future Stars Overview - The future health industry, represented by high-end medical equipment and digital diagnosis technology, ranks first among future industries [8]. - The future materials industry is rapidly developing due to increasing competition in the chip sector [8]. Recent Developments of Leading Industries - As of May 2024, the Yizhuang area has 707 innovative small and medium-sized enterprises and over 2,100 national high-tech enterprises [13]. - Notable advancements include the successful iterations of autonomous vehicles by New Stone Technology and significant progress in the commercial aerospace sector by Star River Power [13]. Industry Distribution Insights - Over 90% of the high-tech high-growth projects are concentrated in four leading industries and six future industries, reflecting a consistent trend in the selection of companies [14]. - The report emphasizes the importance of a favorable business environment in Yizhuang for nurturing high-quality high-tech growth enterprises [11]. Digital Transformation and Challenges - More than half of the surveyed companies face high digital transformation costs, indicating a significant challenge in the transition to digital operations [25]. - The report notes that many companies are seeking government support for digital transformation, highlighting a gap in available resources [25][41]. Future Financing Plans - Approximately two-thirds of companies plan to pursue private financing in the next two years, with 45% seeking over 100 million yuan, indicating optimism about future growth [29][31].

Investment Rating - The report maintains a cautiously optimistic outlook for the life sciences industry in 2024, anticipating a vibrant but cautious M&A and capital market environment [9]. Core Insights - Life sciences companies are focusing on disruptive trends such as rising pricing pressures, regulatory changes in the U.S., and the accelerated application of generative AI to enhance operational efficiency and patient outcomes [3][4]. - The global pharmaceutical market is projected to reach nearly $1.2 trillion in sales in 2024, indicating a recovery in pharmaceutical trade since Q3 2023 [4]. - The report emphasizes the importance of improving patient outcomes through personalized care and enhanced patient experiences, which are seen as critical for future growth [6]. Summary by Sections Exploring the Value of Generative AI and Emerging Technologies - Companies are exploring the potential of generative AI to reduce costs and increase revenues, with top biopharmaceutical firms potentially creating $5-7 billion in value through expanded AI deployment over five years [3]. - The integration of generative AI with digital transformation tools is expected to enhance efficiency across the life sciences value chain [3]. Global Drug Pricing Pressure - The report highlights the increasing global drug pricing pressures that are affecting R&D innovation, with governments expected to implement more regulatory measures in the second half of 2024 [4][6]. Accelerating R&D Value Realization - Companies are leveraging AI and generative AI to tackle complex biological challenges, accelerate drug discovery, and improve clinical trial experiences [3][10]. - The report notes that the pharmaceutical industry is expected to adjust strategies through strategic mergers and acquisitions to enhance revenue amidst patent expirations leading to over $200 billion in revenue loss [3][10]. Improving Patient Outcomes through Personalized Experiences - Life sciences companies are committed to enhancing patient experiences and outcomes, with executives identifying the need to improve patient engagement and trust as a primary action for 2024 [6][24]. - The report discusses the growing trend of personalized care and treatment support, which is expected to enhance patient journeys and outcomes [6]. M&A Activity and Market Dynamics - The report indicates that 2023 saw a strong performance in M&A activity within the life sciences sector, with 254 deals totaling $209.8 billion, surpassing 2022's figures [9][10]. - Major pharmaceutical companies are expected to continue utilizing M&A strategies to bridge revenue gaps caused by patent expirations, with a focus on acquiring late-stage or early-commercialization assets [10][12]. Private Equity and Investment Trends - The report notes a significant increase in private equity interest in life sciences suppliers, with a 50% growth in transaction volume and an 85% increase in transaction value, reaching $28.3 billion [19][20]. - The funding environment is becoming increasingly challenging, prompting many companies to seek alternative financing methods, including public-private partnerships [25][29]. Strategic Partnerships and Collaborations - The report emphasizes the growing trend of establishing partnerships and collaborations as an alternative to M&A, particularly for small to mid-sized biotech companies facing funding challenges [23][24]. - Companies are increasingly focusing on strategic alliances to leverage new technologies and capabilities, particularly in AI and machine learning [23][24].

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Group 1: Gender Equality Leadership - Women working in gender-equal organizations report a loyalty rate of 76% to their employers, compared to only 26% in organizations lagging in gender equality[3] - 92% of women in gender-equal organizations aspire to hold senior leadership positions, while only 31% in lagging organizations share this ambition[35] - 62% of women in gender-equal organizations plan to stay with their employer for over three years, compared to just 13% in lagging organizations[35] Group 2: Workplace Challenges - 50% of women report higher stress levels compared to a year ago, with 33% having taken leave due to mental health challenges[66] - 43% of women experienced non-inclusive behaviors in the workplace, with 25% facing inappropriate comments from senior leaders[53] - Over 40% of women feel unsafe at work or during commutes, with 10% reporting harassment while traveling for work[70] Group 3: Work-Life Balance and Flexibility - 95% of women believe that requesting flexible work options could negatively impact their promotion chances[68] - 50% of women indicate that poor work-life balance is a primary reason for considering leaving their employer[50] - 27% of women report experiencing challenges related to menstruation, menopause, or fertility, with many feeling unable to take leave for these issues[41] Group 4: Mental Health and Support - Only 33% of women feel comfortable discussing mental health issues at work, and many fear negative career impacts from doing so[66] - 43% of women believe they receive adequate mental health support from their employers, an increase from 40% in the previous year[82] - 10% of women cite lack of employer support for mental health as a reason for leaving their organization[93]

Deloitte. Women @ Work 2024 A Global Outlook A Letter from Emma Codd and Elizabeth Faber Since the inaugural report in 2021, Deloitte's annual Women @ Work: A Global Outlook has highlighted some of the most pressing challenges impacting women's experiences in the workplace, and their careers. The 2021 and 2022 findings largely reflected the impact of the COVID-19 pandemic on the lives of working women-and the move to hybrid working for many- s well as experiences of exclusion, non-inclusive behaviors, and b ...