Industry Investment Rating - The report does not explicitly provide an investment rating for the AI industry [1][2][3] Core Viewpoints - AI has been widely applied across various fields, with significant potential demonstrated by the launch of ChatGPT in 2022 [2] - AI technology poses risks such as systemic discrimination, privacy violations, and information bubbles, prompting global regulatory efforts [2] - Different regions, including the EU, UK, US, and China, have adopted varying regulatory approaches based on their technological strengths and resources [2] - The EU has taken a leading role in AI regulation, introducing ethical guidelines, comprehensive legislation, and international conventions [4][16] - The UK focuses on innovation-friendly regulation, avoiding hasty legislation and favoring soft frameworks and guidelines [24][25] - The US emphasizes industry self-regulation and collaboration between government and private sectors, with state-level legislation being more active than federal [32][33] - China has initiated early planning and governance activities in AI, with a focus on ethical norms and international cooperation [42] Regulatory Overview - Globally, 18% of AI regulations are binding, with the majority being soft guidelines, principles, and discussion documents [4] - The EU has a comprehensive AI regulatory system, covering planning, principles, ethics, frameworks, and rules [4][16] - The UK adopts a context-specific, risk-based, and innovation-supportive regulatory approach [25][27] - The US has shifted from voluntary guidelines to administrative actions, with state-level legislation being more active [32][33] - China has a limited number of binding AI regulations, focusing on planning, governance principles, and ethical norms [42] Key Regulatory Documents - **EU**: - *Ethics Guidelines for Trustworthy AI* (2019) outlines a lifecycle framework for trustworthy AI [16] - *EU AI Act* (2024) is the first comprehensive global AI regulation, introducing a risk-based approach [20] - *Framework Convention on AI, Human Rights, Democracy, and the Rule of Law* (2024) is the first legally binding international treaty on responsible AI use [22] - **UK**: - *National AI Strategy* (2021) outlines a 10-year plan to make the UK an AI superpower [25] - *Pro-innovation Approach to AI Regulation* (2023) proposes a principles-based, flexible regulatory framework [27] - **US**: - *Blueprint for an AI Bill of Rights* (2022) provides principles for protecting public rights in AI systems [33] - *AI Risk Management Framework* (2023) offers voluntary guidelines for AI risk management [34] - *Executive Order on Safe, Secure, and Trustworthy AI* (2023) emphasizes transparency and accountability in AI development [37] - **China**: - *Next Generation AI Development Plan* (2017) sets the foundation for AI governance and ethical norms [42] - *Global AI Governance Initiative* (2023) and *Shanghai Declaration on AI Global Governance* (2024) highlight China's role in international AI governance [42] Financial Sector AI Regulation - Financial regulators globally are gradually introducing AI-specific regulations, with the EU leading in integrating AI into financial oversight [13][23] - The UK financial regulators leverage existing frameworks to manage AI risks, avoiding the creation of new, isolated regulatory structures [31] - The US financial sector has limited binding AI regulations, with ongoing discussions and expected future rulemaking [39] - China's financial regulators are expected to align with global AI governance trends, with more regulations anticipated in the future [42]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Global CEOs remain resilient and optimistic about the future, with 92% planning to increase their workforce and recognizing the need for employees to acquire skills for future demands [5][12] - The rise of artificial intelligence (AI) is seen as a critical factor for business growth, with 64% of CEOs indicating they will invest in AI regardless of economic conditions [13][14] - CEOs are increasingly focused on balancing ambitious ESG goals with practical considerations, with 76% willing to divest from parts of their business that could harm their reputation [18][19] Summary by Sections Overview - The report highlights the challenges faced by CEOs, including geopolitical tensions and the need for workforce skill enhancement, while maintaining a focus on long-term growth [5][6] Economic Outlook - CEO confidence in the global economy has decreased from 93% in 2015 to 72% in 2024, reflecting a more complex operating environment [9][10] - Supply chain disruptions and operational issues have emerged as the primary concerns for CEOs, surpassing cybersecurity and geopolitical uncertainties [12] Technology and Generative AI - AI has become central to business strategies, with a significant emphasis on its potential to enhance efficiency and productivity [13][14] - Despite concerns about job losses due to AI, 76% of CEOs believe it will not fundamentally reduce internal job numbers in the next three years [14] Talent - CEOs recognize the need to adapt to changing employee expectations, with 83% expecting a full return to office work in the next three years, a significant increase from 64% in 2023 [15][16] - There is a strong emphasis on investing in local community skill development to ensure a future talent supply, with 92% of CEOs supporting this initiative [16] ESG (Environmental, Social, and Governance) - The politicalization of ESG issues has increased pressure on CEOs, with 66% admitting they are unprepared for shareholder scrutiny regarding ESG matters [19][21] - CEOs are adjusting their communication strategies around ESG to meet evolving stakeholder expectations, with 69% indicating changes in language and terminology used [21][23]

Investment Rating - The report does not explicitly provide an investment rating for the artificial intelligence industry Core Insights - The report highlights the widespread adoption of artificial intelligence across various sectors, driven by technological advancements and national strategies aimed at economic growth [2] - It emphasizes the potential risks associated with AI, including systemic discrimination and privacy violations, prompting countries to develop governance and regulatory frameworks [2] - The report analyzes the regulatory approaches of key regions, including the EU, UK, US, and China, showcasing their unique strategies in AI governance [2][5] Summary by Sections 1. Overview of AI Regulation - The international AI regulatory landscape is characterized by active legislative efforts in regions such as the EU, US, UK, China, and Singapore, with a focus on promoting innovation while addressing risks [4] - Only 18% of the regulations are binding, with most being principles, ethical guidelines, and discussion documents [4] 2. Major Countries/Regions AI Regulation International Organizations - International organizations have initiated discussions on AI, producing non-binding principles and ethical recommendations to guide responsible AI development [6] - Key documents include the OECD and G20 AI Principles, which provide foundational guidelines for AI governance [6][7] European Union - The EU has been proactive in establishing a comprehensive AI governance framework, focusing on human rights and data security [15] - The EU's AI Act, set to be the first binding global regulation, categorizes AI systems based on risk levels and imposes varying compliance obligations [21][23] United Kingdom - The UK adopts a flexible regulatory approach, prioritizing innovation while ensuring public trust through extensive consultation and research [25][26] - The National AI Strategy outlines a ten-year plan to position the UK as a leader in AI, emphasizing a balanced regulatory framework [26][29] United States - The US regulatory framework is evolving, with state-level initiatives leading the way while federal regulations are gradually being developed [4][5] - The focus is on fostering innovation while addressing potential risks associated with AI applications in various sectors [4] China - China has initiated AI governance activities early on, with a diverse range of documents covering development plans, regulatory rules, and ethical guidelines [5] - The financial sector's AI regulation is still developing, with ongoing efforts to align with broader national AI policies [5] 3. Financial Sector AI Regulation - International organizations like BIS and IOSCO are actively researching AI applications in finance, focusing on opportunities and challenges without issuing binding governance principles [13] - The report anticipates increased regulatory activity in the financial sector as AI technology continues to evolve and its applications expand [13]

| --- | --- | --- | --- | --- | |--------------------------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | TMT企业可持续发展 报告和SEC气候相关 | | | | | | 披露规则 2024 年企业 ESG 调查： 科技、媒体和电信（ TMT | | | | | | 2024 年 9 月 | | | | | 前言 © 2024 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。 美国证券交易委员会（SEC）的气候相关披露规则提升了对缩小 可持续发展报告战略与实施之间差距的要求 由于全球各 ...

| --- | --- | |-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | 2024年9月 | © 2024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— 1 | © 2024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— 2 香港特别行政区合伙制事务所，均是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。在 ...

| --- | --- | --- | --- | --- | |-------------|-------|----------------------|-------|-------| | | | | | | | | | | | | | 智启未来： | | | | | | | | 新质生产力引擎驱动下 | | | | | | 的智能制造行业革新 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024年9月 | | | | | | | | | | | | kpmg.com/cn | | | | | === ==== | --- | --- | --- | |-----------|----------------|-------| | | | | | | | | | | | W | | | (0) | 4 g T | | | (0) p Comments | 2355 | | P O @ 0 o | g | | | - 9: D D | = @ [ [] u の | | | 0 9 n) | ( ...

Investment Rating - The report assigns a rating of "B" to the financial technology industry in China [1] Core Insights - The report emphasizes the importance of financial technology in driving the digital transformation of the financial sector and highlights the ongoing development of regulatory policies and digital financial services [2][3] - It identifies key trends such as the increasing application of advanced technologies like AI and big data in financial services, the rise of digital financial products, and the growing importance of data asset management [4][5] Summary by Sections Overview - The report is a collaborative effort between KPMG China and the China Internet Finance Association, focusing on the current state and future trends of the financial technology industry in China [7] Respondent Company Analysis - Over 80% of the surveyed companies are located in first-tier cities, with Beijing, Shanghai, and Shenzhen leading the financial technology sector [30] - 90% of the respondents have been established for over five years, indicating a mature and stable industry [32] Current Developments in Financial Technology - The confidence index for the financial technology industry has decreased, averaging 79.1, reflecting concerns over external economic challenges [39] - The digital transformation of financial institutions has accelerated, with banks scoring 3.9 out of 5 in their digital transformation progress [41] Trends in Financial Technology - 60% of surveyed companies are planning to expand internationally, with Southeast Asia being the preferred destination [44][47] - Data security and privacy concerns remain the primary challenges in collaborations between financial institutions and fintech companies, with 80% of respondents highlighting this issue [49] Policy Recommendations - The report suggests optimizing regulatory frameworks and enhancing collaboration among government, industry, and academia to foster a healthy financial technology ecosystem [26]

© 2024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— 1 香港特别行政区合伙制事务所，均是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。在中国印刷。 金融新规热读 （7月刊） 2024年8月 © 2024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— 2 香港特别行政区合伙制事务所，均是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。在中国印刷。 目录 7月金融新规概览 1、资本市场打击财务造假最新政策出台 2、私募信披再迎新规，补短板促规范发展 3、四部门发文支持跨境贸易与投资 4、中共中央关于进一步全面深化改革，推进中国式现代化的决定 5、央行发布非银支付监管条例实施细则 6、四部门撬动更多金融资源支持科技创新类中小 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|-------|-------|-------|-------|--------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 中国经济观察 | | | | | | | | | | | | | | | | | 2024年第三季度 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

KPMG 毕马威 的最後的人之 2024年第三季度 kpmg.com/cn 要点经2 经济走势 4 口 二季度经济增速放缓，供需分化格局延续 5 口 制造业继续支撑固定资产投资表现 9 口 消费将是扩内需的发力量 □ 通胀有望温和回升 口 26 口 外需改善带动出口稳俊 30 口 人民币汇率整体表現 34 口 中国香港经济温和培 36 口 全球经济修复保持移 38 政策分析 43 口 二十届三中全会要点速读 口 国务院发布节能降碳十大行动 47 □ 国办出台支持创投"十七条" 51 商务部支持境外机构投资境内科技型企业 □ 55 多部门着力拓展跨境电商出口推进海外仓建设 □ 58 口 文旅部加速智慧旅游创意 60 附表： 主要经济指标 64 2024年二季度实际GDP同比增速达4.7%，较一季度下 业工作，强化居民增收举措，提高居民收入预期，推动 行0.6个百分点，季调环比为0.6%，低于市场预期。二 居民消费能力和消费意愿稳步回升。伴随促消费政策在 季度经济增速走弱，既有金融业增加值核算方式调整、 培育壮大数字、绿色等新型消费，推动服务消费潜能加 极端天气带来的短期影响，也反映当前国内有效需求仍 快释放，加 ...