毕马威中国区合伙人兼跨国客户联席主管马克·哈里森表示，过去6个月在华跨国公司并购活动显著增 加，背后主要受两大战略驱动。一方面，全球跨国公司积极收购电动汽车、医疗技术、生物技术、水技 术、先进材料和机器人等优势行业企业，借此挖掘全球商业潜力并充分利用生产能力；另一方面，面向 消费者的行业中，为应对激烈本土竞争和复杂市场动态，跨国公司通过收购经销商、代理商及原始设备 制造商推进垂直整合，以更精准地把握中国消费者需求并提升服务质量。 与此同时，数字化转型已成为跨国公司在华核心战略。调查显示，超90%的企业将数字化转型列为重点 方向，其中52%的企业聚焦增强数据分析能力，46%的企业推进IT基础设施升级，36%的企业积极布局 新兴技术。此外，58%的跨国公司已在运营中引入人工智能工具，同时网络安全也成为数字化转型进程 中的重要战略驱动力。 根据调查，相较于全球经济，跨国公司对中国经济前景更为乐观。多数受访企业认为，中国经济将在中 短期内实现显著复苏，并对未来三到五年在华收入增长持积极预期。 毕马威中国客户及业务发展主管合伙人江立勤表示，中国市场的结构性创新与持续升级正推动跨国公司 重新审视在华策略。当前越来越多的企 ...

Group 1 - The core viewpoint of the articles highlights the performance and strategic direction of central enterprises in China, focusing on the achievements during the "14th Five-Year Plan" and the plans for the "15th Five-Year Plan" [1][2][3] Group 2 - In the first eleven months of the year, central enterprises achieved a value-added output of 9.5 trillion yuan, a year-on-year increase of 1.4% [1] - The annualized labor productivity of central enterprises reached 811,000 yuan per person, reflecting a 3% year-on-year improvement [1] - Fixed asset investment (excluding real estate) amounted to 3.3 trillion yuan, representing a year-on-year growth of 0.7% [1] Group 3 - The total assets of central enterprises have crossed significant milestones of 70 trillion, 80 trillion, and 90 trillion yuan over the past five years, indicating enhanced scale, value creation capability, and brand influence [1] - To ensure a strong start for the "15th Five-Year Plan," central enterprises are encouraged to stabilize operations and improve efficiency by capturing market demand and enhancing product and service quality [2] - The focus will also be on effective investment in key areas such as industrial chain strengthening, infrastructure construction, and energy resource security [2] Group 4 - Since the beginning of the "14th Five-Year Plan," six groups of ten central enterprises have undergone strategic restructuring, and nine new central enterprises have been established [3] - In the coming year, there will be a strong push for strategic and professional restructuring and high-quality mergers and acquisitions among central enterprises [3] - The reform of state-owned enterprises is nearing completion, with plans to further enhance management systems and promote market-oriented employment models [3]

许昌高新区产业体系完备，集聚发展格局已然成形。长期深耕电力装备产业，该区已构建起完备 的"源、网、荷、储"一体化产业生态。拥有许继电气、开普检测等上市企业3家，规上工业企业34家， 聚焦"发电、输变电、配用电、电网控制及检测、新型储能"五大产业链，初步形成以许继为龙头，许昌 智能、开普检测、瑞尔电气、联桥科技、智能云科、初心智能等与之关联配套的产业集群，产品覆盖电 力系统"发、输、变、配、用、调"各个环节。 同时，该区着力打造集检验检测、科研创新、标准研制、技术服务等功能于一体的综合性公共技术服务 平台，集聚开普检测、四达检测等优质检验检测服务企业，建成开普国家电工电子检测公共服务平台和 国家中低压输配电产品质量监督检验中心（河南），为企业创新提供强力支撑。 来源：环球网 近日，许昌高新区在推动产业高质量发展上交出亮眼"成绩单"，凭借千亿级电力装备产业集群获 评"2025河南开发区'十四五'综合成就典型案例"，并成功入选河南省首批产业园区集群地标名单，标志 着该集群的发展成效与模式正式获得省级层面的权威认定，跻身产业发展的"第一梯队"。 2025年前三季度，区内制造企业上云数量达65家，数字化研发设计工具普及 ...

Group 1 - The insurance industry is undergoing a paradigm shift from a "sales-oriented" approach to a "risk governance-oriented" model, driven by policy support, technological advancements, and market demand upgrades, with AI technology becoming the core driver of digital transformation [1] - By 2025, China's insurance technology investment is expected to exceed 67 billion yuan, with a focus on AI, big data, and cloud computing [1] - Baige Online has officially passed the Hong Kong Stock Exchange hearing, positioning itself as the first insurance technology company in the Hong Kong market with a core label of "AI + insurance" [1] Group 2 - Baige Online, established in 2015, focuses on digital risk management and connects insurance companies, scene partners, and end consumers through a digital platform, providing insurance transaction services and tailored insurance products [2] - The company ranks 11th among internet insurance intermediaries in China by total premium in 2024, leading in the third-party scene insurance intermediary segment with a market share of 3.4% [2] - As of December 2025, Baige Online has serviced over 8.9 billion policies and connected more than 381 million insured individuals [2] Group 3 - Baige Online emphasizes its technological investments, particularly in AI and big data, with its core technological advantage reflected in its self-developed "MaaS model," which supports dynamic pricing, risk prediction, and automated claims processing [3] - The company's AI technology is integrated with its "9+N ecosystem," having partnered with 233 scene partners, accumulating multidimensional data covering 381 million insured individuals [3] - The system can generate fragmented insurance policies in real-time based on various data points, achieving "instant issuance and on-demand insurance" [3] Group 4 - The market size for scene insurance in China is projected to grow from 53.1 billion yuan in 2020 to 93.2 billion yuan in 2024, with a compound annual growth rate of 12.1%, reaching 164.9 billion yuan by 2029 [4] - Baige Online is expected to benefit from the digitalization trend in the industry, but faces challenges such as stricter regulations and increasing competition from traditional insurers and internet giants [4] - The funds raised from the IPO will primarily be used for technology research and development, ecosystem expansion, and potential mergers and acquisitions, as well as expanding overseas markets and sales networks [4]

Core Viewpoint - The central enterprises' meeting held on December 22-23, 2023, outlined key tasks for 2026, emphasizing stability, quality improvement, and efficiency enhancement in reform and development efforts [1][6]. Group 1: Key Tasks for 2026 - The meeting identified five key tasks for central enterprises in 2026, including enhancing the quality and market value management of listed companies, promoting strategic and specialized restructuring, and improving the contractual management level of managerial staff [1][6]. - A focus on stabilizing operations and improving efficiency was emphasized, with plans to utilize big data models to capture market demand and enhance product and service quality [6][7]. Group 2: Economic Performance - From January to November 2023, central enterprises achieved a value-added output of 9.5 trillion yuan, reflecting a year-on-year growth of 1.4% [3]. - Fixed asset investment (excluding real estate) reached 3.3 trillion yuan, with a year-on-year increase of 0.7% [3]. Group 3: Innovation and Industry Upgrading - Central enterprises invested 890.16 billion yuan in R&D, with an R&D intensity of 2.62%, indicating steady improvement in innovation capabilities [3]. - The "Artificial Intelligence+" initiative has created nearly a thousand application scenarios across 16 key industries, enhancing collaboration with over 200 external units [3]. Group 4: Reform and Management - The meeting highlighted the need for further deepening of reforms, including the improvement of the modern enterprise system and management operations [9]. - The focus will be on enhancing the market-oriented research management system and fostering a talent-friendly corporate ecosystem [9].

Core Insights - The industrial economy of Anhui province is showing strong growth, with a 9.3% year-on-year increase in industrial added value for the first 11 months of the year, ranking third nationally and first in the Yangtze River Delta and Central China regions [1] - The automotive industry is a significant driver of this growth, with a 19.1% increase in added value and a contribution rate of 20.7% to the overall industrial growth [2] - The electronics information industry is also performing well, with a 37.9% increase in added value, significantly higher than the national average [3] Automotive Industry - Anhui province's automotive production reached 3.335 million units, with new energy vehicle production at 1.635 million units, both ranking first in the country [1] - The Jianghuai Automobile Group has transformed into a technology-driven enterprise, with its Zun Jie brand becoming a key engine for growth [2] - The province's automotive sector includes seven major vehicle manufacturers and over 3,000 parts suppliers, forming a comprehensive industrial chain [2] Electronics Information Industry - The province's electronics information sector has seen a significant increase in added value, contributing 39.1% to the overall industrial growth [3] - Key players include Vision Technology and Kaisheng Technology, which are leading in the AR/VR and flexible glass markets, respectively [3] - The province has achieved a leading position in the global market for LCD panel display driver chips and DRAM memory chips [3] Advanced Manufacturing and High-Tech Industries - The equipment manufacturing sector has grown by 17.8%, while high-tech manufacturing has increased by 28.8%, both outpacing overall industrial growth [4] - Companies are increasingly adopting smart manufacturing technologies, such as automated systems and digital management, to enhance production efficiency [5][6] Digital Transformation - Anhui province is prioritizing digital transformation in manufacturing, with 100% of large-scale industrial enterprises initiating digital upgrades [6] - The integration of artificial intelligence in various industries is improving operational efficiency and reducing costs [6] Green Manufacturing - The province is focusing on green manufacturing, with 311 national-level green factories established, contributing to a 14.2% reduction in energy consumption per unit of industrial added value [7] - Green initiatives are seen as essential for enhancing international competitiveness [7] Regional Coordination and Development - The province is implementing strategies for regional coordination and industrial cluster development, aiming to cultivate 100 industrial clusters with annual revenues of 100 billion yuan by the end of the 14th Five-Year Plan [8][9] - Specific regions are focusing on niche markets, such as intelligent logistics and new materials, to drive local economic growth [9] Overall Economic Outlook - Anhui province's industrial economy is advancing towards high-quality development, leveraging innovation and regional strengths to ensure sustainable growth [10]

毕马威中国跨国企业渠道联合主管合伙人韩睿盛(Mark Harrison) 南方财经21世纪经济报道记者郑青亭、实习生陈颖北京报道 在全球经济格局深度调整的背景下，中国正从"世界工厂"向"全球创新中心"转型，"双碳"目标与数实融合持续释放巨大市场潜能，为跨国企业提供了历史性 机遇。 面对中国日益激烈的市场竞争和快速迭代的技术环境，数字化转型已成为跨国企业提升竞争力的关键抓手。超过90%的受访企业计划(或已经)开展数字化投 资，其中，52%的企业将"加强数据分析能力"作为首要任务，46%的企业致力于"升级信息技术基础设施"，36%的企业正积极"投资新兴技术"。在应用人工 智能方面，58%的跨国企业已经在其业务运营中使用了人工智能工具。 近日，毕马威发布了《2025年跨国企业中国展望》中文版报告(以下简称《报告》)。报告指出，大多数行业的跨国企业对在中国未来三至五年的收入增长前 景持乐观态度。94%的企业仍在继续投资和押注中国市场，75%的受访跨国企业计划在2025年保持或追加在中国大陆的投资。 毕马威中国跨国企业渠道联合主管合伙人韩睿盛(Mark Harrison)在接受21世纪经济报道记者专访时表示，以人工智能 ...

Core Viewpoint - The primary task for economic work in the coming year is to "insist on demand-led growth and build a strong domestic market," focusing on optimizing consumption structure and enhancing quality in response to complex external environments and weak domestic demand [1] Group 1: Consumption Trends - The service consumption market has been expanding, with retail sales of services from January to November increasing by 5.4% year-on-year, surpassing the growth rate of goods retail sales [1] - The proportion of service consumption expenditure in total household consumption is continuously rising, indicating an ongoing optimization and upgrade of consumption structure [1] - Cultural and digital consumption supply is improving, with retail sales in cultural and recreational services maintaining double-digit growth [1] Group 2: Policy Support - Policies are being implemented to enhance the quality and efficiency of the life service consumption market, including the revision of the "Negative List for Market Access (2025 Edition)" to further relax market entry [2] - The environment for sectors like elderly care is improving, with increased efficiency in resource allocation and enhanced standardization of consumer services [2] - New consumption forms such as VR tourism and online fitness are being promoted through digital transformation and innovation in consumption scenarios [2] Group 3: Future Outlook - Life service consumption is expected to play a crucial role in stabilizing economic growth and improving livelihoods during the "14th Five-Year Plan" period [3] - There is a need to enhance the quality of supply in talent and technology, pushing life service consumption towards higher quality, added value, and diversification [3] - A regulatory framework that adapts to new business models is necessary, including the establishment of a unified national market construction regulation and the removal of various barriers [3] Group 4: Development Strategies - The development of life service industries should focus on improving factor guarantees, such as training high-skilled service talents and establishing service qualification systems aligned with international standards [4] - Digital transformation in service industries is essential, with support for enterprises to develop digital service functions like smart booking and quality tracking [4] - The establishment of comprehensive service complexes integrating various functions such as elderly care, culture, and sports is encouraged to enhance service industry standards and create well-known brands [4]

【环球时报报道 记者 李萌】全球知名会计师事务所毕马威22日发布的《2025年跨国企业中国展望报 告》显示，尽管面临短期收入增长放缓和利润率收紧的挑战，但3/4在中国运营的跨国公司仍在2025年 维持或增加了投资。 据香港《南华早报》23日报道，毕马威本次调查于今年6月至9月开展，受访对象为137名在华运营的跨 国公司高管。调查结果显示，除多数企业维持或加码投资外，本地化布局成为重要趋势，83%的公司已 实现或计划实现中国业务关键部分的本地化，重点覆盖制造业、供应链和研发领域。 毕马威中国区合伙人兼跨国客户联席主管马克·哈里森表示，过去6个月在华跨国公司并购活动显著增 加，背后主要受两大战略驱动。一方面，全球跨国公司积极收购电动汽车、医疗技术、生物技术、水技 术、先进材料和机器人等优势行业企业，借此挖掘全球商业潜力并充分利用生产能力；另一方面，面向 消费者的行业中，为应对激烈本土竞争和复杂市场动态，跨国公司通过收购经销商、代理商及原始设备 制造商推进垂直整合，以更精准地把握中国消费者需求并提升服务质量。 与此同时，数字化转型已成为跨国公司在华核心战略。调查显示，超90%的企业将数字化转型列为重点 方向，其中5 ...

作为国民经济的中流砥柱，中央企业在"十五五"开局之年的改革动向与发展布局，备受市场关注。12月 22日，国务院国资委主任张玉卓在2025年度中央企业负责人会议上表示，国有企业改革深化提升行动主 体任务基本完成，2026年将在新起点上推动改革再上新台阶。他表示，要加强上市公司质量和市值管 理，大力推进战略性、专业化重组整合和高质量并购。 全力以赴稳经营提质效 另一方面，要大力推进战略性、专业化重组整合和高质量并购。"要平衡收益和风险，积极获取核心要 素、培育竞争优势、抢占发展先机，国有资本投资、运营公司要更好发挥平台作用。"张玉卓说。 结构调整激发新动能。数据显示，五年来，6组10家企业实现战略性重组，新组建设立9家中央企业；新 兴产业领域投资年均增速超过20%，新质生产力培育成效显著。 今年以来，中央企业经济效益保持总体平稳。数据显示，1-11月，中央企业实现增加值9.5万亿元，同 比增长1.4%；年化全员劳动生产率81.1万元/人、同比提升3%，营业收现率、营业收入利润率、年化净 资产收益率均保持在合理水平。 面对复杂经济环境，2026年中央企业将多措并举稳经营、提质效。 "要抢抓市场拓展发展空间。"张玉卓 ...