Industry Investment Rating - The report provides a comprehensive ranking of international exchange centers, with London, Paris, New York, Hong Kong, Singapore, Seoul, Beijing, Tokyo, Madrid, and San Francisco ranking in the top 10 [9][28] Core Views - The report highlights the new characteristics of international exchange centers in the post-pandemic era, including faster recovery in cities with restored international flights and increased inbound tourism, the importance of digital connectivity, and the impact of geopolitical conflicts on certain cities' international exchange capabilities [9][42] - Cities with strong digital connectivity, such as Shanghai and Beijing, have significantly improved their international influence due to rapid growth in network speeds [9][42] - Geopolitical tensions have weakened the international exchange capabilities of cities like Moscow, while enhancing the role of cities like Beijing, Cairo, and Paris in international diplomatic mediation [9][42] Summary by Sections Post-Pandemic Changes in International Exchange Activities - The COVID-19 pandemic and geopolitical conflicts have brought multiple challenges to international exchanges, including disruptions in global supply chains and increased costs for international flights [15][16] - The global economic landscape and globalization patterns have shifted, with slower recovery in international tourism and tighter economic ties between the US and Europe [16] - The digital technology wave has created new opportunities for international exchanges, with online communication tools and AI advancements playing a significant role [17] Evaluation Framework - The evaluation framework for international exchange centers includes three primary dimensions: attractiveness, influence, and connectivity [19] - The report optimizes the evaluation indicators, adjusting metrics such as livability, tourism, and technological innovation to better reflect the cities' capabilities [20][21] - Six new cities, including Brussels, Stockholm, and Istanbul, were added to the evaluation to enhance the report's comprehensiveness and representativeness [23] Overall Characteristics of International Exchange Centers in 2024 - The top 10 cities in the 2024 ranking are London, Paris, New York, Hong Kong, Singapore, Seoul, Beijing, Tokyo, Madrid, and San Francisco [28] - Hong Kong's ranking improved due to enhanced livability and a significant increase in inbound tourists, while Madrid's ranking rose due to improved medical services and tourism recovery [30] - Dubai's ranking surged due to improvements in attractiveness and connectivity, with a notable increase in international flights and digital infrastructure [30] City Attractiveness - Cities with strong attractiveness, such as London, New York, and Hong Kong, excel in providing a high quality of life, favorable business environments, and robust tourism infrastructure [43] - Post-pandemic recovery has significantly improved livability in cities like Sydney and Melbourne, while cities like Toronto and London saw declines due to air quality and crime rate issues [44][46] - East Asian and European cities generally have better social security environments compared to US cities, which have seen rising crime rates [46] City Influence and Connectivity - Cities with strong influence, such as Beijing and Shanghai, have seen improvements in technological innovation and international patent applications [31] - Connectivity, particularly in digital networks, has become a critical factor in enhancing international influence, with cities like Shanghai and Beijing leading in network speed improvements [31][42] New Trends in International Exchange Centers - The report identifies new trends, including the rise of Asian cities in international exchanges, the importance of digital connectivity, and the impact of geopolitical conflicts on certain cities' roles in global diplomacy [36][42]

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies involved. Core Insights - The report highlights the acceleration of globalization among Chinese private enterprises, with over 50% of BMC award-winning companies having overseas operations, averaging 25% of their revenue from international business [31][32] - It emphasizes the importance of technological innovation as a core competitive advantage, with BMC companies investing an average of 5% of their revenue in R&D [33] - The report identifies the need for continuous operational improvement and organizational agility to meet complex market demands [33][34] Summary by Sections Section 1: BMC Award-Winning Companies - The report lists the BMC award-winning companies across various industries, including BYD, Lenovo, and Miniso, showcasing their achievements in management excellence [41][42][43] Section 2: Key Challenges Faced by Companies - The main challenges identified by BMC companies include effective organizational support for rapid business growth, international expansion, and technology upgrades [54][56] - The report notes that organizational innovation has been a persistent challenge for three consecutive years, indicating its critical role in supporting diverse development [56] Section 3: Strategic Focus for Future Competitiveness - BMC companies are focusing on understanding customer needs, technology upgrades, cost control, strategic adjustments, and digital transformation as key strategic initiatives [58][59] - The report highlights that 88% of companies prioritize understanding customer demand changes, while 50% focus on R&D and technology upgrades [59] Section 4: Digital Transformation Priorities - The report outlines that BMC companies plan to invest in business process intelligence, data analysis, AI applications, information security, and CRM systems for digital transformation [60] Section 5: Globalization Capabilities - BMC companies recognize the need to enhance capabilities in strategic planning, business development, digital management, customer demand management, and supply chain management for successful international operations [63][65] Section 6: Supply Chain Management Challenges - The report identifies key challenges in supply chain management, including inaccurate forecasting, supplier resilience, and compliance risks, which are exacerbated by international competition [66]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese smart voice market is entering a peak development phase, driven by emerging natural language technologies and the maturation of existing technologies, leading to large-scale commercial applications [19][30] - The smart voice technology has progressed through four stages: emergence, initiation, industrialization, and application, with significant improvements in continuous speech recognition performance expected to lead to widespread commercial products [19][30] - Government policies are providing strong support for AI applications, with over 20 provinces and cities in China issuing favorable policies for the AI industry, fostering a preliminary formation of the AI industry chain [19][33] - The smart voice market is projected to grow rapidly, with an expected market size of 145.2 billion yuan by 2030, benefiting from mature technologies, government and capital support, and increasing market demand for smart solutions [19][35] - The smart voice ecosystem is characterized by differentiated competition, with various companies enhancing their competitive strength and focusing on user experience [19][38] Summary by Sections Opportunities in the Smart Voice Market - Smart voice technology is at a peak development stage, with significant advancements in natural language processing and speech recognition technologies [19][30] - The market is expected to maintain high growth, with a projected size of 145.2 billion yuan by 2030, reflecting a substantial increase from previous years [19][35] - The ecosystem is evolving with increasing participation from various enterprises, leading to differentiated competition [19][38] Key Development Areas in the Smart Voice Market - **Automotive Voice Market**: Rapid growth driven by smart driving and enhanced user acceptance of voice interaction in vehicles [20][54] - **Financial Voice Market**: The financial sector is rapidly adopting smart voice solutions for customer service, transforming call centers into profit centers [21][56] - **Telecommunications Voice Market**: Telecom operators are leveraging smart voice technology to enhance smart home services and improve customer interaction [22][62] - **Smart Education Market**: Government policies are accelerating the development of smart education, with significant potential for voice applications in learning environments [23][71] - **Smart Healthcare Market**: Favorable policies are promoting the development of smart healthcare solutions, including voice-enabled medical services [24][75] Future Scenarios for Smart Voice Applications - Smart voice applications are expanding from consumer-level to professional-level scenarios, influenced by technological, political, environmental, economic, and social factors [25][46] - The future may see significant growth in professional applications, particularly in education and healthcare, driven by advancements in technology [25][46]

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].