毕马威：2022 年下半年金融科技趋势报告（57 页）.pdf
金融科技动向2022年下半年2023年3月 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年对全球金融科技投资而言是充满挑战的一年，尤其是美洲区，其金融科技投资额从2021年的高位大幅下滑至400亿美元。但交易额下降并非故事的全部，2022年的交易宗数十分理想，是仅次于2021年的第二高。种子项目投资创纪录，有利金融科技投资的长期发展。在行业层面，监管科技投资创新高；就地理区域而言，亚太区也创出新高（虽然与前高相比增幅不大）。能吸引到巨额金融科技投资的辖区也越发多样化。仅就2022年下半年而言，24个国家吸引到单项交易超过1亿美元的金融科技投资（包括风险投资、私募基金和并购）：从美国、英国、新加坡和香港特别行政区等传统热点市场到韩国、卢森堡、意大利、马来西亚和阿联酋等成熟度较低的市场。此多样性反映了全球金融科技企业提供的多种价值主张，从赋能金融机构创新到支持小企业增长，再到提升金融包容性和客户对金融产品的获取等。纵观2022年全年，全球金融科技市场无疑经历了不少高高低低。以下是其中几个关键趋势：随着企业纷纷希望利用最新技术管理自身日益复杂的监管合规责任，监管科技投资出现飙升；2022年上半年到下半年间，加密货币和加密资产交易快速降温，预计更多挑战将接踵而至；金融科技企业与传统金融机构（包括银行、保险公司和财富管理企业）之间的合作越发稳固；由于投资者选择观望以求估值稳定，与2021年和2022年上半年对比，2022年下半年的大宗交易数量出现下降。随着“衰退”一词被频繁提及，首次公开募股的大门仍然关闭以及后期企业的估值仍然承压，我们迈向2023年之路将崎岖不平。但全球金融市场仍然存在投资机会。那些具备有力的价值主张并能够真正显示自身业务模型的可行性和持续盈利能力的金融科技企业将很可能继续受到投资者青睐，尤其是监管科技和网络安全等领域。更长期而言，金融科技投资市场前景仍然向好，这得益于全球金融服务的持续转型以及业界对金融服务与其他行业融合的关注度提升。无论您是大型金融机构的首席执行官还是初创金融科技企业的创始人，关注投资收益最大化可助您打造更平坦的发展之路。在阅读本期金融科技动向时，请思考：我们需要采取什么行动以提升机构韧性，以及我们可如何利用自身优势以为顾客、客户和投资者创造独特价值？欢迎辞毕马威金融科技专业人员包括遍布全球50多个金融科技枢纽的合伙人及员工，与金融机构、数字银行和金融科技公司紧密合作，助它们了解变化趋势、识别增长机遇并制定和执行战略方案。AntonAnton RuddenklauRuddenklau金融科技全球主管金融服务咨询主管合伙人毕马威新加坡除非另有注明，否则本报告所有货币金额均以美元列示。除另有注明外，数据均由PitchBook提供。3#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。目录区域分析 美洲区 欧洲、中东与非洲 亚太区环球洞察 环球金融科技投资分析（风险投资、私募基金和并购）2022年下半年金融科技主要趋势金融科技板块 支付科技 保险科技 监管科技 区块链/加密货币 网络安全 财富科技4#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年全球金融科技投资交易宗数为6,006宗，总金额达1,641亿美元环球洞察环球洞察 金融科技板块|区域分析5#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。虽然从2021年高位大幅下滑，但仍是金融科技投资的第三好年份全球金融科技投资继2021年创下新高后（2,389亿美元和7,321 宗交易），2022年出现投资总额和交易宗数双双下滑，至1,641亿美元和6,006宗交易。虽然与上年对比有所下滑，但2022年的金融科技投资总额是历史第三高，交易宗数是历史第二高。与2022年上半年对比，下半年金融科技投资下滑超过50%与2022年上半年的1,192亿美元对比，全球金融科技投资在下半年仅为449亿美元。超过50%的跌幅反映了巨额交易急剧减少带来的影响。2022年上半年有八宗超过10亿美元的并购交易 包括澳大利亚公司Afterpay的279亿美元收购、两个风险投资项目（德国Trade Republic和英国C）和一项私募基金交易（美国GenesisDigital Assets）。下半年超过10亿美元的并购交易仅有四宗 最大的一宗是对美国Avalara 的84亿美元整体收购。下半年的最大风险融资项目为瑞典Klarna的8亿美元融资 其估值被大幅削减；最大的私募基金交易是美国Avant筹得2.5亿美元。亚洲金融科技投资创新高，而美洲及欧洲、中东与非洲（EMEA）则持续下滑按地区分析，美洲区继续占据全球金融科技投资的最大份额，在2022年达成2,786宗交易，交易总额达686亿美元 其中美国占2,222 宗交易和616亿美元。与之对比，亚太区达成1,227宗交易，交易总额为505亿美元，而EMEA则达成1,977宗交易，吸引了449亿美元的投资。美洲和EMEA均出现金融科技投资下滑，而亚太区却在2021年高位后（在Afterpay收购后）再创新高。随着宏观经济状况恶化和估值下滑，投资者优先关注盈利和现金流年中，全球金融科技投资才刚开始感受到地缘政治不确定、利率和通胀上升、估值下行压力和首次公开募股市场干竭的影响。2022年下半年，金融科技投资跟随一般科技投资趋势，投资者减少了许多大型及后期投资交易，且交易时间普遍增长。随着首次公开募股市场几乎完全干竭，使投资者的退出机会大大减少，全球金融科技投资者变得更为关注现有投资公司组合的现金流和盈利性。继2021年创下新高后，全球金融科技投资在2022年下滑至1,641亿美元环球洞察“虽然全球金融科技投资在2022年，尤其是下半年因大型并购交易几乎停滞而导致下滑，但2022年绝非是一个表现不佳的年份。投资总额仍然是历史第三高，金融科技交易宗数也仅次于2021年的历史高位。在2022年，监管科技的表现尤为亮眼，与上年同比增长显著。Anton Ruddenklau金融科技全球主管金融服务咨询主管合伙人毕马威新加坡环球洞察环球洞察 金融科技板块|区域分析”6#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。监管科技逆市增长，吸引了创纪录的186亿美元投资2022年，监管科技是金融科技投资中的一道亮光，吸引了创纪录的186亿美元投资，远高于2021年的前高121亿美元。2022年下半年三项最大的金融科技交易中有两项发生在监管科技领域，包括Vista Equity Partners 以84亿美元整 体 收 购 Avalara 以 及 CenterbridgePartners和BridgeportPartners以 16 亿 美 元 收 购 ComputerServices Inc。鉴于全球金融服务业面对的复杂监管环境以及企业界对盈利与成本削减的重视，企业纷纷寻求利用科技来精简及提升自身的合规流程，这将有助监管科技投资的持续增长。鉴于加密板块面对的困境，投资者对尽职调查提出更高要求2022年下半年，继Terra（Luna）在五月崩盘后，全球加密板块投资急转直下。鉴于FTX在11月的破产，展望2023年上半年，业界对加密资产企业的投资将仍然低迷，原因是许多投资者正致力于检讨和强化他们在加密领域的投资尽职调查和治理流程。投资者可能也会将投资转移到那些对加密资产交易活动实行更稳健监管架构的辖区。2023年上半年应关注的发展趋势 监管科技投资增长势头良好；投资者对符合ESG及气候变化工作重点和目标的金融科技解决方案的兴趣加大；种子及早期企业持续吸引着投资者的目光；由于估值承受持续下行压力，2023年上半年，投资以及大型首次公开募股及并购活动将保持疲软；加密领域之外的区块链解决方案获得越来越多投资者的关注；投资者对B2B及嵌入式解决方案领域的关注及投资不断提升，包括嵌入式金融、嵌入式支付和嵌入式保险。环球洞察2022年，全球多数地区的金融科技投资热度不减，尽管投资者因宏观经济因素和估值疑虑而减少后期交易，导致交易总额有所下滑。但从积极的一面我们看到投资者对种子及早期投资交易的兴趣不断飙升，这将对金融科技生态体系和未来交易的长期发展产生积极影响。尽管金融科技投资很可能在2023年上半年保持疲软，但我们可以肯定，投资者将仍然对金融科技的多个细分领域保持乐观。Judd Caplain金融服务业全球主管毕马威国际环球洞察环球洞察 金融科技板块|区域分析”“7#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。20222022年下半年对全球金融科技业而言充满挑战年下半年对全球金融科技业而言充满挑战，其中包括高通胀和利率造成的不佳的经济状况其中包括高通胀和利率造成的不佳的经济状况，以及如首次公开募股停滞和退出机会欠缺以及如首次公开募股停滞和退出机会欠缺、估值持续承受下行压力估值持续承受下行压力和企业在先买后付等领域面对盈利压力等诸多市场挑战和企业在先买后付等领域面对盈利压力等诸多市场挑战。随着我们迈向随着我们迈向20232023年上半年年上半年，我们仍没有看到严峻的市场环境可能逐步我们仍没有看到严峻的市场环境可能逐步缓和缓和的迹象的迹象，因此因此，即使是与即使是与20222022年下半年年下半年相比相比，20232023年的金融科技投资将仍然受压年的金融科技投资将仍然受压，但一部分金融科技细分板块将比其他板块更具韧性但一部分金融科技细分板块将比其他板块更具韧性。以下以下是我们对是我们对20232023年上半年金融科技发展的主要预测：年上半年金融科技发展的主要预测：人工智能驱动的金融科技解决方案将吸引更多投资者关注：人工智能驱动的金融科技解决方案将吸引更多投资者关注：投资者将越发关注人工智能驱动的金融科技解决方案，尤其是在人工智能数据分析、实时风险评估和客户交互等领域。投资者对非加密投资者对非加密、基于区块链的解决方案的兴趣将增加：基于区块链的解决方案的兴趣将增加：随着投资者放慢脚步以重新评估他们的加密资产投资方式，区块链创新的其他领域将吸引更多投资关注 如跨境支付解决方案、游戏和非同质化代币（NFTs）等。监管机构将加强对加密领域的审查：监管机构将加强对加密领域的审查：鉴于2022 年Terra/Luna崩溃和FTX破产等事件，全球监管机构将很可能对加密领域中的企业和活动实施更严格的审查。重点关注重点关注ESGESG议程的金融科技公司将取得增长：议程的金融科技公司将取得增长：随着气候变化成为政府、企业和消费者关注的重点事项，投资者对符合ESG需求的金融科技解决方案的兴趣和投资可能会大幅增长。从可再生能源项目的融资平台到以ESG为重点的监管科技解决方案，投资种类趋于多元化。并购交易规模将相对较小：并购交易规模将相对较小：预计2023年上半年估值相对不稳定，大型并购交易（交易价值为100亿美元 ）发生的可能性将相对较低。但同时随着后期估值趋于稳定，以及财力雄厚的企业或大型金融科技公司寻找价格优惠的收购机会，并购活动总体上可能会增加。B2BB2B解决方案将持续吸引稳健的投资：解决方案将持续吸引稳健的投资：随着众多金融服务行业及其他领域的公司专注于削减成本和提升客户价值，B2B解决方案将仍然是投资热点。环球洞察 2023年上半年金融科技主要趋势1.2.3.4.5.6.7环球洞察环球洞察 金融科技板块|区域分析8#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。环球洞察剧烈的市场波动使投资交易减少全球金融科技投资（风险投资、私募基金与并购）20192022*信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。全球金融科技风险投资20192022*全球金融科技并购全球金融科技并购20192022*全球金融科技成长性股权投资全球金融科技成长性股权投资20192022*环球洞察环球洞察 金融科技板块|区域分析$216.8$124.9$238.9$164.14,3794,4377,3216,00605,00010,000$0$100$200$3002019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数$45.6$47.1$122.9$80.53,6503,7426,1875,13605,00010,000$0$50$100$1502019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数$167.9$74.1$105.1$73.961058398072905001,0001,500$0$100$2002019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数$3.3$3.7$11.0$9.71191121541410100200$0$5$10$152019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数9#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。环球洞察成长期的风险投资估值终于下滑，但并购交易在部分资金雄厚的收购者支持下回升全球金融科技并购规模中位数（百万美元）全球金融科技并购规模中位数（百万美元）201920192022*2022*全球金融科技跨境并购20192022*全球金融科技风险投资（企业参与）全球金融科技风险投资（企业参与）20192022*全球金融科技交易前估值中位数（按阶段，百万美元）20192022*全球金融科技并购规模中位数（百万美元）全球金融科技并购规模中位数（百万美元）20192022*$67.8$12.3$38.6$43.71962093312750200400$0$50$1002019202020212022*Deal value($B)Deal count$50.7$34.1$39.3$62.3$0$20$40$60$802019202020212022*$24.4$26.1$62.8$39.58899501,9131,57701,0002,0003,000$0$50$1002019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察环球洞察 金融科技板块|区域分析$5.0$5.2$7.5$10.0$13.5$19.6$34.0$42.1$40.0$40.1$73.4$71.0$272.2$335.2$654.0$466.72019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growth天使与种子早期风投后期风投成长性风投信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。10#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。环球洞察鉴于季度数据呈下行趋势，交易进一步下滑的程度仍有待观察全球金融科技投资（风险投资、私募基金与并购）20192022*全球金融科技并购20192022*$28.8$17.7$144.8$25.5$21.8$14.4$27.8$60.9$57.0$67.9$62.5$51.5$80.8$38.4$20.8$24.005001000150020002500$0$20$40$60$80$100$120$140$160Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42019202020212022Deal value($B)Deal count$19.3$7.5$130.9$10.1$7.7$3.5$15.1$47.8$30.2$33.7$25.1$16.1$45.0$10.8$5.3$12.8050100150200250300$0$20$40$60$80$100$120$140Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42019202020212022Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察环球洞察 金融科技板块|区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。11#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。环球洞察风险投资下滑（企业参与部分也呈相同走势）全球金融科技风险投资20192022*全球金融科技风险投资（企业参与）20192022*$8.8$9.6$12.5$14.7$13.4$9.3$12.2$12.2$25.5$30.2$34.8$32.4$30.8$24.4$14.8$10.502004006008001,0001,2001,4001,6001,8002,000$0$5$10$15$20$25$30$35$40Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$4.2$4.2$6.2$9.8$8.0$5.1$6.7$6.3$13.1$13.6$20.2$15.9$17.4$12.1$5.7$4.40100200300400500600700$0$5$10$15$20$25Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察环球洞察 金融科技板块|区域分析天使与种子早期风投后期风投成长性风投信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。12#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。环球洞察2022年全球十大金融科技交易信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。86410391521.1.Afterpay Afterpay 279亿美元，澳洲墨尔本 支付 并购2.2.Avalara Avalara 84亿美元，美国西雅图 监管科技 私有化买断3.3.SiaSia（米兰）（米兰）39亿美元，意大利米兰 支付 并购4.4.Bottomline Technologies Bottomline Technologies 26亿美元，美国朴茨茅斯 机构/B2B 私有化买断5.5.Tink Tink 21亿美元，瑞典斯德哥尔摩 机构/B2B 并购6.6.Yayoi Yayoi 21亿美元，日本东京 机构/B2B 企业剥离7.7.Interactive Investor Interactive Investor 18亿美元，英国利兹 财富/投资管理 并购8.8.Billtrust Billtrust 17亿美元，美国劳伦斯维尔 支付 私有化买断9.9.Computer Services Computer Services 16亿美元，美国帕迪尤卡 机构/B2B 私有化买断10.10.FNZ FNZ 14亿美元，英国伦敦 财富/投资管理 成长性股权投资7环球洞察环球洞察 金融科技板块|区域分析13#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。支付科技保险科技监管科技网络安全财富科技区块链/加密货币金融科技板块环球洞察 金融科技板块金融科技板块 区域分析14#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。支付领域主导金融科技市场，2022年吸引了531亿美元投资虽然投资与往年同比有所下跌，但支付领域仍然是2022年全球金融科技投资中的最热门领域，投资总额超过531亿美元。2022年上半年澳大利亚Afterpay的279亿美元收购占此投资总额的一半以上。2022年下半年最大型并购交易的规模大幅减少，包括美国Computer Services Inc.的16亿美元收购和近距离支付公司International Game Technology的7亿美元收购。2022年下半年支付领域的主要亮点包括：虽然投资额下跌，但交易宗数仍保持在较高水平2022年，支付领域创造了有史以来第二高的交易宗数 远高于除2021年以外的其他所有年份。虽然全球投资总额有所下滑，但较高的交易宗数正反映了支付领域蕴含的海量机遇以及该领域在投资者眼中的长期吸引力。多个辖区产生了超过1亿美元的“过亿轮”2022年下半年，风险投资交易的地理多样性尤为显著，表现为七项最大交易分别产生于七个不同辖区，包括：瑞典Klarna（8亿美元）、英国SumUp（6.03亿美元）、韩国Toss（4.05亿美元）、卢森堡Satispay（3.18亿美元）、印度尼西亚Xendit（3亿美元）、意大利Piteco（2.52亿美元）、印度ezetap（2亿美元）和美国 Evertec（1.96亿美元）。全球支付领域投资（风险投资、私募基金与并购）20192022*$107.8$29.1$57.1$53.158265796773102004006008001,0001,200$0$20$40$60$80$100$1202019202020212022*Deal value($B)Deal count金融科技之支付科技交易价值（10亿美元）交易宗数环球洞察 金融科技板块金融科技板块 区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。15#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2023年上半年应关注的趋势投资者越发关注B2B支付解决方案的开发和投资；支付科技公司直接或间接通过各种合作和外建提升其服务的广度和可触及范围；先买后付公司不断进化，变得更具平台特征，而不是提供单独的产品；亚太地区的支付科技公司和投资者将关注重点从新客户获取转移到深化客户关系上；财务状况良好的机构希望以较低估值收购科技公司。虽然估值受压，但先买后付领域发展势头持续2022年上半年，先买后付领域遇到了一些发展挑战，尤其是估值方面，如七月瑞典Klarna在广为宣传的估值下调融资轮中筹得8亿美元。随着通胀高企和利率上升，先买后付公司的利润将很可能受到冲击。尽管某些独立的先买后付公司正面对着挑战，但该领域的投资热情仍然不减，尤其是对那些希望嵌入或创建自身先买后付产品或服务的企业而言。2022年下半年，沃尔玛宣布将与One（一家由沃尔玛拥有多数股权的金融科技公司）合作以提供新的先买后付方案。1嵌入式支付热度上升2022年，投资者对嵌入式支付的兴趣持续上升，涵盖多个行业 从零售与电子商务到游戏和网约车。企业对该领域尤为感兴趣，很可能是为了以此扩展客户价值。鉴于全球不明朗的经济环境（已导致许多辖区的交易金额下跌），支付领域的投资交易宗数不减这一事实有着重大的意义。这反映了支付领域正受到大量关注和正在进行的无数创新和合作，以及投资者对全球支付领域内各类企业的巨大兴趣。Courtney Trimble支付业全球主管金融服务业主管毕马威美国金融科技之支付科技1 https:/www.convenience.org/Media/Daily/2022/Dec/11/4-Walmart-Plan-Launch-Buy-Now-Pay-Later_Payments#:text=A fintech company backed by Walmart plans to,service could available as soon as next year.环球洞察 金融科技板块金融科技板块 区域分析”“16#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年保险科技投资降至七年以来的最低点2022年，全球保险科技投资降至七年以来的最低点，总额仅为71亿美元，这一定程度上反映了部分投资者对该领域投资的减少，原因是他们看到数家近年上市的保险科技公司在上市后遇到业绩挑战。虽然交易额整体下滑，但仍存在以下积极发展：2022年下半年，三个主要区域（即美洲、EMEA和亚太区）均出现巨额交易，包括Lemonade完成了对美国Metromile的5亿美元收购（于2021年下半年首次公布）、德国Wefox 的4亿美元风险融资、美国Pie Insurance 的3.15亿美元风险融资和新加坡Bolttech 的3亿美元风险融资。2022年下半年保险科技领域的主要亮点包括：投资者对保险科技投资持观望态度2022年的保险科技投资相对平静，原因是在充满挑战的宏观经济环境、估值下滑和公开市场中保险科技公司业绩不佳的情况下，许多保险科技投资者停下脚步以待不明朗因素消散。随着估值逐步稳定，投资者将很可能恢复投资活动。保险科技投资者重点关注盈利2022年，保险科技投资者显著提升了他们对盈利的关注：他们减少了对企业增长的关注，而更重视企业的盈利方式。这使得部分初创企业须同时从技术角度和保险角度重新评估他们的企业价值所在。全球保险科技投资（风险投资、私募基金与并购）20192022*$12.9$15.5$12.1$7.14153514853490100200300400500600$0$2$4$6$8$10$12$14$16$182019202020212022*Deal value($B)Deal count金融科技之保险科技交易价值（10亿美元）交易宗数环球洞察 金融科技板块金融科技板块 区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。17#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。专注于赋能领域的保险科技公司热度上升在过去12个月，投资者提升了对专注于赋能领域的初创企业的关注 这些企业提供针对传统保险业机构的“软件即服务”（SaaS）解决方案，以助他们改善运营、产品和服务或客户体验。企业更注重合作以往，许多对保险科技进行投资的企业投资者关注的是将新的技能带入自身机构这一最终目标。到了2022年，此趋势已发生变化。部分企业开始在投资中更注重与保险科技企业的合作如向后者提供数据、分析或接触其客户基础的途径以助他们发展和成长。金融科技之保险科技回顾2022年，保险科技就像经历了一场完美风暴。保险科技公司在过去几年所面对的大好形势，如大量可用资金、投资者投资意愿高涨且愿意承受风险，都已经随着经济逆风和不利状况的到来而开始减退。但保险科技领域还有很大潜力有待发掘，未来几年资金也将继续涌入该领域。一旦尘埃落定，那些能够证明自身价值和盈利能力的保险科技公司将更有可能实现增长。Ram Menon保险交易咨询服务全球主管毕马威国际2023年上半年应关注的趋势 投资者持续关注盈利方式明确的保险科技公司；投资者更关注赋能领域和“软件及服务（SaaS）”解决方案领域的保险科技公司；保险公司寻求机会收购那些可与他们的公司实现战略融合的保险科技公司；投资者正在观望并评估能在有利市场环境中壮大的保险科技公司能否抵受更具挑战性的市场环境；亚太区越来越多初创企业开始关注技术解决方案，以作为其规模扩展和增长的途径。环球洞察 金融科技板块金融科技板块 区域分析”“18#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，监管科技逆市走强，全球投资总额创下186亿美元的新高2022年，多数金融科技细分领域的投资均有所下滑，但监管科技却逆市走强与2021年的118亿美元对比，2022年创下了全球投资总额186亿美元的新高。2022年下半年，美国的数宗巨额收购项目大大提升了监管科技交易金额：包括Vista Equity Partners以84亿美元全面收购税务合规自动化企业Avalara以及Centerbridge Partners 和Bridgeport Partners 以16亿美元全面收购财务与监管合规企业Computer Services Inc.（CSI）。2022年下半年监管科技领域的主要亮点包括：监管科技投资的韧性凸显了此领域的重要性2022年，监管科技投资在地缘政治不确定性和宏观经济状况不佳的重重挑战下保持着出色的韧性。此韧性反映了监管科技在协助金融机构管理未来合规和报告责任方面的重要性。随着越来越多金融活动和交易的数字化，企业与投资者均认识到监管科技的应用对多数金融机构而言而不再是选项，而是一种必要。合规成本仍然是监管科技投资热度的主要驱动因素不断上涨的合规成本对金融服务公司而言是一项重大挑战，尤其是跨国公司，因它们需要管理不同辖区的合规工作。由于全球及辖区范围内的监管形式不断变化，投资者和企业纷纷寻找能够提供更精简、高成效和可持续的合规要求管理方案的监管科技企业，因此，监管科技投资在2022年实现连续第四年增长实属意料之内。金融科技之监管科技$3.7$10.6$11.8$18.6249274380315050100150200250300350400$0$2$4$6$8$10$12$14$16$18$202019202020212022*Deal value($B)Deal count全球监管科技投资（风险投资、私募基金与并购）20192022*交易价值（10亿美元）交易宗数环球洞察 金融科技板块金融科技板块 区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。19#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。金融科技之监管科技监管科技投资的韧性展示了此领域的重要性：不断变化的合规要求和漫长的数字化转型是监管科技即使在2022年这样充满种种不明朗的时期下仍保持增长的主要驱动因素。Fabiano Gobbo监管科技全球主管毕马威国际实时合规管理承受不断增大的压力许多金融机构正在面对巨大的压力，以使客户能够更快、即时地完成财务交易。这使得投资者同时关注能够提供无缝、实时的合规责任管理方案的监管科技公司。监管科技企业是数字银行产品发展的重要合作伙伴过去几年，数字银行、数字支付和加密资产在不同辖区的发展已驱使大量投资进入监管科技领域，目的是确保此类交易是准确、透明、可靠和合规的。近期，投资者强烈关注能够提供多维度服务的公司；2022年，美国Cross River Bank在私募股权融资中筹得6.2亿美元以发展其金融科技合规产品，旨在实现多种金融服务活动，包括支付、市场借贷、“银行业务即服务”平台、资本市场和其他数字银行业务。2023年上半年应关注的趋势 随着企业努力应对不同辖区的监管变化（如巴塞尔协议四、欧盟的加密资产市场监管法、数字运营韧性法案人工智能法案数字化服务法案和ESG准则），合规科技领域投资将不断增长；投资者更加关注人工智能和机器学习的使用以支持反洗钱解决方案；一站式合规科技解决方案的热度提升；监管机构持续通过各种项目激励合规科技发展，如新加坡金融管理局利用人工智能技术平台NovA!生成金融风险洞见，以及中国香港金融 管 理 局 的“反 洗钱合 规 科 技 实 验 室”（AMLab）。环球洞察 金融科技板块金融科技板块 区域分析”“20#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，全球投资者对网络安全技术的兴趣保持高涨，尽管该领域的投资总额从2021年的超过50亿美元降至2022年的稍多于21亿美元。超大型并购的缺乏是网络安全领域融资下滑的主要原因，而与往年相比，此领域的交易宗数仍然保护稳定。风险资本项目在2022年吸引了大部分资金，包括2022年下半年开曼群岛以太坊扩展企业Matter Labs筹得2亿美元、美国“了解您的客户”企业Alloy筹得1.52亿美元，以及以色列舞弊预防企业nsKnow筹得1.5亿美元。2022年下半年网络安全技术领域的主要亮点包括：数据保护仍然是风险投资者的优先考虑事项2022年，数据管理及保护企业持续获得风险投资者的重点关注，多家企业年内完成了超过一亿美元的融资轮，其中包括 Chainalysis（1.7亿美元）、Alloy（1.52亿美元）和 TokenEx（1亿美元）。数据管理领域的交易规模在近几年取得显著增长；随着监管机构和企业对数据保护的日益重视，此领域的交易规模还将进一步增长。“政策即代码”热度提升2022年，由于超大规模云供应商的网络安全控制操作方式上的差异，投资者将目光和资金投向可通过将安全控制嵌入安全代码管线从而协助企业管理潜在盲点的解决方案。这使数据在上传到云时具备内嵌控制。金融科技之网络安全$1.1$2.2$5.1$2.1705968685254565860626466687072$0$1$2$3$4$5$62019202020212022*Deal value($B)Deal count全球网络安全技术投资（风险投资、私募基金与并购）:20192022*交易价值（10亿美元）交易宗数环球洞察 金融科技板块金融科技板块 区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。21#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。机器学习、分析与自动化推动网络安全技术投资2022年的网络安全技术投资延续2021年的趋势，其中大部分投资聚焦如何协助企业利用自身安全运营中心内的自动化、机器学习和智能数据分析来加快问题识别和应对。不同地区的关注重点推动网络安全技术投资2022年，虽然网络安全仍然是全球大部分地区的优先考虑事项，但不同地区的网络安全投资热点有着显著差异。欧洲的许多投资是由隐私因素和一般数据保护法规驱动；美国的投资则更多是由企业的自动化需求和提升网络防御和响应的迫切性所驱动。20232023年上半年应关注的趋势年上半年应关注的趋势金融科技之网络安全我们正使用越来越多的第三方解决方案，如托管平台、SaaS平台、基础设施和定制化商业应用等，这意味着我们需向客户平台授予访问权，因此造成数据被非必要的相关方访问。鉴于大众对隐私的关注以及相关隐私法规，我们需要更深入地了解数据被传输到各个相关方时所执行的保护措施和访问控制。未来，这很可能是网络安全技术投资的又一热点。Charles Jacco美洲区网络安全服务主管及金融服务主管合伙人毕马威美国2023年上半年应关注的趋势企业更加关注对超大规模云供应商在可视性和可控性方面的创新；投资者更加关注如何在减少人为干预的情况下加快对网络安全问题的响应速度；风险评估企业与联合体的整合；超大型供应商收购专营领域的网络安全技术企业以扩展其服务范围。环球洞察 金融科技板块金融科技板块 区域分析”“22#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，全球财富科技领域吸引了超过12亿美元的投资是表现优异的一年，虽然投资总额从2021年的20亿美元高峰有所下滑。2022年下半年发生了两宗年内最大的财富科技交易，即英国Pollen Street Capital的3.23亿美元收购以及新加坡加密资产企业Amber的3亿美元融资。2022年下半年财富科技领域的主要亮点包括：扩大客户的另类投资选择去年，越来越多财富科技公司专注于开发相关解决方案，以使更多类型的投资者可投资一些原本仅可被机构投资者或高净值投资者投资的资产类别。此类平台能够以较高的成本效益协助散户投资，这些投资以往一般设置了较高的最低投资额要求。客户体验和价值成为关键传统财富管理企业和财富科技公司均已意识到今日的投资者手中掌握着海量的信息，因此，他们致力于寻找不同的方案以提升他们为客户提供的价值和建立更深入的客户关系以留住客户。这导致企业纷纷将目光和资金投向各种旨在提升财富管理体验的解决方案。譬如，UBS在2022年推出了 Circle One 一个亚太地区的社交平台，旨在及时向客户提供专业见解和在高净值客户、UBS专题专家和全球思维领导之间建立有价值的联系。2金融科技之财富科技信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。$0.4$0.2$2.0$1.2442755480102030405060$0.0$0.5$1.0$1.5$2.0$2.52019202020212022*Deal value($B)Deal count全球财富科技投资（风险投资、私募基金与并购）全球财富科技投资（风险投资、私募基金与并购）20192022*2 https:/ 金融科技板块金融科技板块 区域分析23#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。提升传统财富管理者的能力全球不同市场持续关注B2B赋能领域的财富科技解决方案，包括旨在提升和改善财富管理者的可用知识以及通过使用创新科技提升生产力的解决方案。ESG在财富管理中的重要性不断上升2022年，ESG成为全球市场热点，部分源于欧洲的能源危机以及各国政府和企业对实现它们远大的气候变化目标的日益关注。在此背景下，由于投资者的逐渐年轻化，他们更关注那些能够将财富管理与ESG原则和结果结合的解决方案。虽然这仍然属新兴领域，但该领域将在未来数年快速发展。金融科技之财富科技随着越来越多财富科技企业的出现，传统私人银行业市场正对以往不能获得财富管理建议、产品和服务的客户（大众富裕阶层）开放。鉴于ESG持续是市场焦点，财富科技企业无疑可为客户获取ESG产品提供便利，并协助希望贡献社会和造福人类未来的投资者实现目标。Leon Ong金融服务咨询合伙人毕马威新加坡2023年上半年应关注的趋势财富管理者和其他金融科技企业致力推出独特且相关的行业研究和洞见，同时提升其电子银行业务（客户渠道）功能，如通过社交媒体、应用程序和其他渠道来引导客户参与投资；企业更关注如何使用创新技术向客户提供高度个性化和有针对性的信息和洞见；企业持续关注开发相关产品，以满足财富等级较低的客户的需求；随着财富代代相传，越来越多资金将涌入那些能够满足投资者希望在贡献社会的同时创造或保持现有财富的需求的财富科技产品和服务中，比如希望利用家族财富以改变社会的高净值投资者，以及刚开始其财富创造之旅的年轻人士。环球洞察 金融科技板块金融科技板块 区域分析”“24#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。FTX崩溃后，加密领域受到更严格审查金融科技之区块链/加密货币信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。$5.3$5.3$30.0$23.17037241,8071,53702004006008001,0001,2001,4001,6001,8002,000$0$5$10$15$20$25$30$352019202020212022*Deal value($B)Deal count全球区块链及加密货币投资（风险投资、私募基金与并购）20192022*从生态体系角度而言 即从技术发展和应用角度来看区块链和加密领域的发展状况 该领域在2022年的发展中规中矩。萨尔瓦多在将比特币用作货币上并没有退缩。巴西已承认比特币是合法的支付形式。中国持续推进央行数字货币的应用。同时，其他辖区也已开始将目光投向稳定币产品，部分监管机构则持续关注加密资产的监管。这些均是有积极意义的活动。Debarshi Bandyopadhyay金融服务业总监毕马威新加坡交易价值（10亿美元）交易宗数环球洞察 金融科技板块金融科技板块 区域分析”“25#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。继2021年的爆发性增长后（全球投资达300亿美元），2022年的区块链及加密领域投资下跌至231亿美元但与2021年之前的所有年度对比，2022年的投资水平也属优异。该领域的大部分投资发生于上半年，包括日本Coincheck 的11亿美元特殊目的并购公司并购和德国Trade Republic的11亿美元风险融资。与此相比，下半年的大型交易规模较小，包括新加坡加密资产交易平台Amber的3亿美元风险融资、开曼群岛以太坊开发企业Matter Labs 的2亿美元融资和美国去中心化加密货币交易所Uniswap的1.65亿美元融资。2022年下半年加密币和区块链领域的主要亮点包括：FTX的破产激化加密企业的审查在Terra（Luna）于5月崩盘后，投资者纷纷希望更深入了解此次事件及其对集中式交易平台和其他相关业务的影响，加密领域的投资急剧下降。11月，总值325亿美元的加密资产交易所FTX的破产更激化了业界疑虑。这对区块链、加密协议和风险投资趋势的影响已在2022年上半年显露，投资者也正在加强他们的尽职调查程序并对投资组合中的企业进行风险评估。监管机构关注投资者与消费者保护2022年涌现了不少与加密资产监管有关的监管架构、指引和提案其中大部分关注的是消费者和散户投资者保护。鉴于加密领域在2022年遇到的挑战，部分辖区（如新加坡）凭籍它们已建立的加密资产监管体系，开始将自身定位为负责任的加密资产交易枢纽。金融科技之区块链/加密货币我认为，在2023年，非金融行业将是数字资产和支付代币化领域的主角，原因是，与已受到高度监管的金融行业不同，非金融行业可自由选择合适的代币业务进行操作。因此，游戏企业、电信运营商和其他公司将在2023年主导加密币领域，他们将重点关注非同质化代币、去中心化自治组织及其他类似产品。Kenji Hoki金融服务业总监毕马威日本环球洞察 金融科技板块金融科技板块 区域分析”“26#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。投资者更加关注以基于区块链的解决方案应对真实世界问题2022年下半年，由于投资者对加密解决方案的热情退却，范围更广的区块链领域开始受到更多关注和青睐。受关注的企业包括利用区块链技术构建解决方案以应对真实世界问题的公司，如通过区块链技术实现实时支付结算的预验证、精简跨境支付流程和资产代币化。重心从零售转移到商业市场我们在2022年看到并将在2023年继续增长的其中一个趋势是投资者的关注正逐渐从专注于零售市场的区块链公司转移到专门为中小企市场提供解决方案的初创企业。其中一个热度不断上升的领域是针对中小企的去中心化融资方案，包括中小企贷款融资方案或贸易融资方案。金融科技之区块链/加密货币继FTX事件后，风险投资者将对C5平台进行更全面的尽职调查，尤其是对风险管理架构和关联方安排；他们还会仔细审查现有投资组合内的公司，并执行风险评估以识别任何会导致挤兑的缺陷或弱点；同时也将致力在这些公司的董事会层面获得一定控制权，以确保公司已实施适当的治理程序，以及决策是通过正当流程作出的。Alexandre StachtchenkoAlexandre Stachtchenko区块链与加密资产总监毕马威法国2023年上半年应关注的趋势投资者重点关注范围更广的区块链解决方案和公司，如去中心化金融、跨境支付、资产代币化和游戏；投资重点从零售转向机构与中小企解决方案；监管机构强化或引入法规以监管加密资产公司和活动；由于投资者强化尽职调查程序，加密资产交易耗时更长；投资者对潜在加密交易执行更深入的尽职调查，并更重视自身投资组合内中企业的风险管理和控制；投资者与初创企业更青睐具备更强加密交易监管体系的辖区，如日本、中国香港特别行政区和新加坡；各辖区将持续推进稳定币的开发和测试。环球洞察 金融科技板块金融科技板块 区域分析”“27#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，美洲区金融科技投资宗数为2,786宗，交易总额达686亿美元环球洞察 l 金融科技板块 区域分析区域分析28#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。虽然交易宗数保持高位，但2022年美洲区金融科技投资总额下跌至686亿美元虽然美洲区金融科技投资总额从2021年的1,089亿美元下降至2022年的686亿美元，但2022年该地区创下了仅次于2021年（3,316 宗交易）的年度交易宗数第二高（2,786宗交易）。2022年下半年与上半年对比，投资总额和交易宗数均有明显下滑从1,760宗交易、416亿美元下跌至1,026宗交易、269亿美元。2022年下半年的最大型交易包括美国三个全面收购项目：税务合规公司Avalara的84亿美元全面收购、B2B“订单到现金”解决方案企业Billtrust的17亿美元收购和监管科技供应商Computer Services Inc.的16亿美元收购。2022年下半年，美国以外的最大型交易包括大开曼岛以太坊扩展企业Matter Labs的2亿美元融资、加拿大区块链技术公司Blockstream的1.631亿美元融资以及可再生能源融资平台Solfcil的1.3亿美元融资。2022年下半年美洲区的投资亮点包括：美国占美洲区金融科技投资总额的最大份额2022年，美国继续占据美洲区金融科技投资的最大份额，达成2,222 宗交易，交易总额为616亿美元；下半年交易总额为252亿美元。与此对比，巴西在2022年达成146宗交易，交易总额为18亿美元，而加拿大则达成169宗交易，交易总额为13亿美元。种子轮交易在2022年创新高，因交易规模较大由于获风投支持的后期企业的估值面临重大下调压力，美洲区的许多金融科技投资者将投资重心从后期交易转移至种子轮和早期交易。2022年，种子轮交易吸引了大量资金交易总额创下45亿美元的新高（2021年为34亿美元）。与上年对比，虽然后期交易的交易规模中位数从9,450万美元下跌至5,200万美元，早期交易的交易规模中位数从1,000万美元下跌至810万美元，但种子轮交易的交易规模中位数却从240万美元上升至300万美元。区域分析之美洲环球洞察 l 金融科技板块 区域分析区域分析“先付后买”领域热度持续美洲区的“先买后付”领域已实现爆发式增长尤其是美国商家和消费者均有强烈兴趣。美国的大企业已开始考虑推出自己的先买后付方案；2022年下半年，沃尔玛宣布与One（一家其拥有多数股权的金融科技企业）合作，为其顾客提供先买后付服务。随着利率上升，先买后付企业的利润可能会受到侵蚀，这将令业界更为关注他们的公司业务模型。2022年下半年，美国消费者金融权益保护局也对先买后付产品提出了若干疑虑，并就该专题发表报告。这或将导致本领域在2023年受到更多审查或监管机构对此作出相关监管行动。29#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。美洲区的企业投资保持韧性对美洲区金融科技企业风险投资而言，2022年是有史以来表现次佳年份，投资总额和交易宗数均保持高位，达182.1亿美元和687宗交易。其中，美国的投资总额为149亿美元，交易宗数为544宗交易。企业风险投资的较强韧性或许反映了大型金融机构的创新动力。我们也能从中看出，企业普遍承认收购技能比内部技能建立更为快速。区域分析之美洲我们可以看到，美洲区越来越多金融科技投资者愿意投资种子期和早期风投交易，并大幅减少后期交易（尤其是首次公开募股前交易）的投资，原因是目前首次公开募股市场缺乏机遇。此情况似乎将在2023年初持续。在利率将在2023年上半年继续攀升的预期下，后期企业的估值将持续受压。随着估值回落，并购活动有望在2023年下半年复苏。Robert Ruark金融服务业战略主管金融科技主管毕马威美国2023年上半年应关注的趋势人工智能科技企业致力于在人工智能数据分析、承保风险评估和决策等领域为银行、保险公司和其他金融机构提供支持；2023年上半年，金融科技投资者仍将关注种子期和早期交易；金融科技公司专注于现金管理和效率，并进行人员削减，与整个科技业的行为一致；企业寻求以较好价格购入金融科技能力以增强自身业务；上半年的并购活动仍然较少，因投资者保持观望，等待估值平稳。环球洞察 l 金融科技板块 区域分析区域分析”“30#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。总体而言，交易仍然活跃；并购活动略显疲软，而私募股权投资仍具韧性区域分析之美洲美洲区金融科技成长性股权投资20192022*美洲区金融科技投资总额（风险投资、私募基金与并购）20192022*美洲区金融科技并购20192022*$118.3$81.5$108.9$68.61,8381,8473,3162,78602,0004,000$0$50$100$1502019202020212022*Deal value($B)Deal count$97.4$55.5$35.9$23.63162764733170200400600$0$50$100$1502019202020212022*Deal value($B)Deal count$1.5$1.4$5.8$4.656467460050100$0$5$102019202020212022*Deal value($B)Deal count$19.4$24.6$67.2$40.31,4661,5252,7692,40902,0004,000$0$50$1002019202020212022*Deal value($B)Deal count美洲区金融科技风险投资20192022*交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。31#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。财务指标依然稳固区域分析之美洲美洲区金融科技风险投资（企业参与）20192022*美洲区金融科技并购规模中值（百万美元）20192022*$8.6$12.9$35.1$18.231636477768705001,000$0$20$402019202020212022*Deal value($B)Deal count$66.7$72.0$50.0$70.5$0$20$40$60$802019202020212022*美洲区金融科技交易前估值中位数（按阶段，百万美元）20192022*$7.0$7.0$10.0$12.6$26.0$30.0$60.0$62.5$73.7$72.3$138.0$140.0$500.0$780.0$1,000.0$1,000.02019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growth交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析天使与种子早期风投后期风投成长性风投信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。32#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。并购活动进入低迷平稳阶段区域分析之美洲信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。美洲区金融科技投资总额（风险投资、私募基金与并购）20192022*美洲区金融科技并购20192022*$17.2$8.3$83.6$9.2$12.5$8.3$18.7$41.9$24.4$24.4$33.5$26.5$22.3$19.3$9.2$17.702004006008001,0001,200$0$10$20$30$40$50$60$70$80$90Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$13.0$2.7$77.3$4.4$6.1$3.3$12.2$33.9$9.3$6.5$12.0$8.1$4.4$5.4$1.5$12.3020406080100120140$0$10$20$30$40$50$60$70$80$90Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count环球洞察 l 金融科技板块 区域分析区域分析交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数33#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。风险投资（企业参与）保持坚挺区域分析之美洲信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。美洲区金融科技风险投资20192022*美洲区金融科技风险投资（企业参与）20192022*$3.9$5.4$5.8$4.3$6.2$4.6$6.2$7.7$14.4$16.5$20.4$16.0$15.6$12.3$7.3$5.20100200300400500600700800900$0$5$10$15$20$25Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seedEarly-stage VCLate-stage VCVenture growth$2.5$2.0$2.8$1.2$2.9$2.5$3.9$3.7$8.4$8.3$11.0$7.4$8.2$6.1$2.6$1.4050100150200250300$0$2$4$6$8$10$12Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count环球洞察 l 金融科技板块 区域分析区域分析交易价值（10亿美元）交易宗数天使与种子早期风投后期风投成长性风投交易价值（10亿美元）交易宗数34#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。42857139美洲区2022年美洲区十大金融科技交易610环球洞察 l 金融科技板块 区域分析区域分析1.1.Avalara Avalara 84亿美元，美国西雅图 监管科技 私有化买断2.2.Bottomline Technologies Bottomline Technologies 26亿美元，美国朴茨茅斯 机构/B2B 私有化买断3.3.BilltrustBilltrust 17亿美元，美国劳伦斯维尔 支付 私有化买断4.4.Computer Services Computer Services 16亿美元，美国帕迪尤卡 机构/B2B 私有化买断5.5.Genesis Digital Assets Genesis Digital Assets 10.5亿美元，美国纽约 加密货币 成长性股权投资6.6.SimpleNexusSimpleNexus 9.34亿美元，美国李海 借贷 并购7.7.TechnisysTechnisys 9.15亿美元，美国迈阿密 机构/B2B 并购8.8.Ramp Ramp 7.483亿美元，美国纽约 机构/B2B C轮9.9.FinxactFinxact 6.72亿美元，美国杰克逊维尔 机构/B2B 并购10.10.Cross River Bank Cross River Bank 6.20亿美元，美国李堡 机构/B2B 成长性股权投资35#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，欧洲、中东与非洲区（EMEA）金融科技投资总计449亿美元，交易宗数达1,977宗环球洞察 l 金融科技板块 区域分析区域分析36#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。EMEA金融科技投资从2021年790亿美元急剧下滑至2022年449亿美元EMEA金融科技投资年同比急剧下跌，从2021年的790亿美元、2,379宗交易下跌至2022年的449亿美元、1,977宗交易。2022年上半年投资额为328亿美元，远强于下半年，其中包括六个超过10亿美元的交易，包括意大利SIA的39亿 美 元 收 购、瑞 典 Tink 的 21 亿 美 元 收 购 以 及 英 国Interactive investor的18亿美元收购。与上半年对比，下半年投资额为120亿美元，其中大型交易均低于10亿美元，包括英国投资管理平台NucleusFinancial Group 的8.39亿美元收购、瑞典先买后付企业Klarna的8亿美元风险融资 估值比上一融资轮大幅降低 以 及 英 国 近 距 离 支 付 公 司 InternationalGameTechnology的7亿美元收购。2022年下半年，EMEA地区的主要亮点包括：欧洲的监管科技投资增长迅速2022年，投资者对监管科技的关注大幅增长。尽管全球宏观经济环境充满挑战，如不断变化的监管环境、监管合规的复杂性提升以及越来越多公司现正寻找能助他们提升合规活动的效力和成本效益的监管科技解决方案，监管科技的增长预计仍将持续。随着区域内越来越多金融科技企业向价值链上游移动并进入受监管活动领域，未来它们对能够协助它们满足监管要求的监管科技解决方案的需求将日益上升。欧洲区保险科技持续吸引大量投资2022年下半年，欧洲区保险科技领域吸引了大量投资，包括德国Wefox的4亿美元融资和以色列Vesttoo的8,000万美元融资。过去数年，EMEA地区的保险业在数字化转型方面一直落后于银行业，但现在已开始赶上。过去一年，多家大型保险公司已对保险科技进行投资，以协助它们全面实施数字化转型或建立平台或提供生态体系产品或服务。区域分析之欧洲、中东与非洲（EMEA）尽管多数公司目前正面对着巨大的成本压力，但由于不同企业（包括其他金融科技企业）正在寻找解决方案以应对不断扩张的监管环境，我们预计监管科技投资将持续增长。Anna ScallyAnna Scally合伙人，科技与媒体主管金融科技主管毕马威爱尔兰环球洞察 l 金融科技板块 区域分析区域分析”“37#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年下半年，加密货币与区块链交易规模暴跌，但基础设施企业仍获得投资者关注2022年上半年，欧洲加密货币及区块链领域出现了多项巨额交易，包括英国B的4.9亿美元巨额风险融资以及已在自身产品中纳入加密货币的网上银行和投资应用程序，如德国Trade Republic 的11亿美元融资和丹麦Lunar的3.14亿美元融资。但在Terra（Luna）崩盘后，此领域的投资显著下滑。那些仍然可获得巨额融资的公司重点关注web3和数字资产基础设施层，包括阿联酋Fenix Games（1.50亿美元）、瑞士QPQ（1亿美元）、英国Aztec（1亿美元）、塞浦路斯ZoidPay（7,500万美元）和比利时KeyRock（7,280万美元）。FTX的破产触发了业界对加密资产监管的进一步需求，包括有关是否需要对即将出台的欧洲加密资产市场监管法作进一步优化的评估，这将导致进一步的投资选择性出现。区域分析之欧洲、中东与非洲（EMEA）随着许多金融科技企业的市场估值下滑，交易优势已从创始人处转移到投资者处。同时，随着金融科技业进一步成熟，监管关注度也在不断提升。对洞悉市场的投资者和金融科技公司而言，目前正是进行价值链内整合和扩张以进军受监管服务领域的大好时机。Dave RemueDave Remue总监，金融科技主管毕马威咨询毕马威比利时2023年上半年应关注的趋势在欧洲市场的带动下，EMEA地区在发展和支持ESG和绿色金融科技上发挥领导作用；对嵌入式金融、嵌入式银行业务和嵌入式保险的兴趣和投资持续；业界对加密资产市场监管法的支持度提升，且监管机构可能须对其作进一步优化。环球洞察 l 金融科技板块 区域分析区域分析”“38#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。私募股权和风险投资对全年投资额构成有力支撑，但增长动能已放缓区域分析之欧洲、中东与非洲（EMEA）EMEA金融科技风险投资20192022*EMEA金融科技成长性股权投资20192022*EMEA金融科技投资总额（风险投资、私募基金与并购）20192022*EMEA金融科技并购20192022*$68.1$28.2$79.0$44.91,4871,5272,3791,97702,0004,000$0$50$1002019202020212022*Deal value($B)Deal count$59.0$16.5$45.1$16.32112123852980200400600$0$50$1002019202020212022*Deal value($B)Deal count$626.1$1,181.2$2,173.9$3,553.643465358050100$0$2,000$4,0002019202020212022*Deal value($M)Deal count$8.5$10.4$31.7$25.01,2331,2691,9411,62102,0004,000$0$20$402019202020212022*Deal value($B)Deal count环球洞察 l 金融科技板块 区域分析区域分析交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（百万美元）交易宗数信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。39#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。成长期风投估值下调显示投资者渐趋审慎区域分析之欧洲、中东与非洲（EMEA）EMEA金融科技风险投资（企业参与）20192022*EMEA金融科技交易前估值中位数（按阶段，百万美元）20192022*EMEA金融科技并购规模中值（百万美元）20192022*$27.6$18.8$40.3$65.7$0$20$40$60$802019202020212022*$3.8$3.7$5.8$5.4$9.9$10.8$13.9$17.2$18.5$18.9$41.7$38.7$78.4$76.6$136.0$66.92019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growth天使与种子早期风投后期风投成长性风投$3.8$5.0$13.7$12.12682815484610200400600$0$5$10$152019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。40#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。交易动能正在消减区域分析之欧洲、中东与非洲（EMEA）信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。EMEA金融科技投资总额（风险投资、私募基金与并购）20192022*EMEA金融科技并购20192022*$4.6$4.5$52.4$6.5$2.9$3.0$6.8$15.5$28.7$18.3$20.0$12.1$20.3$12.5$8.9$3.20100200300400500600700800$0$10$20$30$40$50$60Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$1.8$2.1$50.4$4.7$1.1$0.0$2.6$12.8$20.9$8.6$11.8$3.9$8.8$3.8$3.2$0.5020406080100120$0$10$20$30$40$50$60Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析41#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。经过一段强劲升势后，所有阶段的风投活动均在衰减区域分析之欧洲、中东与非洲（EMEA）EMEA金融科技风险投资20192022*EMEA金融科技风险投资（企业参与）20192022*$2.7$2.3$1.7$1.7$1.6$2.2$4.0$2.6$7.4$9.3$7.2$7.8$9.3$8.0$5.4$2.30100200300400500600700$0$1$2$3$4$5$6$7$8$9$10Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seed$948.8$957.7$949.7$930.3$720.1$1,206.6$1,727.4$1,370.1$3,113.5$3,079.4$4,619.4$2,928.3$5,323.5$3,377.2$2,314.2$1,091.0020406080100120140160180$0$1,000$2,000$3,000$4,000$5,000$6,000Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($M)Deal count交易价值（10亿美元）交易宗数天使与种子早期风投后期风投成长性风投交易价值（百万美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。42#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。7511098236欧洲、中东与非洲（EMEA）2022年EMEA地区十大金融科技交易4环球洞察 l 金融科技板块 区域分析区域分析1.1.SiaSia（米兰米兰）39亿美元，意大利米兰 支付 并购2.2.Tink Tink 21亿美元，瑞典斯德哥尔摩 机构/B2B 并购3.3.Interactive Investor Interactive Investor 18亿美元，英国利兹 财富/投资管理 并购4.4.FNZ FNZ 14亿美元，英国伦敦 财富/投资管理 成长性股权投资5.5.Trade Republic Trade Republic 11.5亿美元，德国柏林 资本市场 C轮6.6.C C 10亿美元，英国伦敦 支付/交易 D轮7.7.Nucleus Financial Group Nucleus Financial Group 8.399亿美元，英国爱丁堡 财富/投资管理 企业剥离8.8.Klarna Klarna 8亿美元，瑞典斯德哥尔摩 支付/交易风投后期9.9.SpartfinSpartfin 7.422亿美元，法国多马尔特蒙特 机构/B2B 企业剥离10.10.International Game TechnologyInternational Game Technology（意大利支付业务意大利支付业务）7.009亿美元，英国伦敦 支付/交易 并购43#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，亚太区金融科技投资总额为505亿美元，交易宗数为1,227宗环球洞察 l 金融科技板块 区域分析区域分析44#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2022年，亚太区金融科技投资创505亿美元的新高亚太区金融科技投资从2021年的502亿美元、1,604 宗交易微升到2022年的505亿美元、1,227 宗交易，创下历史新高。Block在2022年上半年以279亿美元收购澳大利亚先付后买公司Afterpay。此项交易已占全年交易总额的一半以上 凸显了超大型并购交易对金融科技投资总额的影响。2022年下半年没有出现10亿美元以上的并购交易，使下半年金融科技交易额仅为上半年的一小部分：58亿美元（对比上半年的446亿美元）。2022年下半年，风险投资占金融科技投资的最大份额，包括韩国超级财务应用Toss的4.05亿美元融资、印尼支付技术企业Xendit的3亿美元融资和两家新加坡公司（加密领域企业Amber和保险科技公司Bolttech）的3亿美元融资。2022年下半年，亚太区市场的主要亮点包括：B2B解决方案逐渐获得亚太区投资者的青睐去年，亚太区投资者对B2B金融科技解决方案的关注度不断提升。譬如，在2022年下半年，印尼数字支付平台Xendit融资3亿美元以扩张其在东南亚的产品线和影响力。3中国金融科技公司向海外市场寻找增长机遇在中国政府对国内金融科技活动实施监管措施后，中国内地的金融科技投资总额与交易宗数均跌至2013年以来的最低水平：7.7亿美元和107宗交易。更富挑战性的金融科技环境已驱使大量中国金融科技企业向海外寻找发展机遇。2022年，蚂蚁集团推出了“支付宝 统一支付”应用。这是一个跨境数字支付应用，允许消费者使用本地货币数字钱包支付不同国家（如韩国、马来西亚、菲律宾）特定零售商的商品。4越来越多中国金融科技企业与传统银行建立合作关系，其目的是扩大传统银行向新客户板块（如低收入人士及小企业）提供更有效的普惠金融服务。这正是2023年初的工作要务。黄艾舟黄艾舟金融服务审计合伙人毕马威中国区域分析之亚太地区3 https:/ https:/ l 金融科技板块 区域分析区域分析”“45#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。2023年上半年应关注的发展趋势 在FTX崩溃后，亚太区内具备严格的加密资产监管环境的辖区 如日本、新加坡和香港特别行政区 吸引了加密领域企业和投资者的兴趣；投资者与金融科技公司均更关注B2B金融科技产品的发展与增长；支付领域持续吸引地区内最大规模的投资；360 DigiTech 继其在香港特区进行二次上市后的业绩表现，以及此业绩能否改善该地区内金融科技投资退出的前景。持续关注金融科技产品获取渠道的扩张亚太区投资者持续关注致力于提升个人及小企业获取各类金融产品（如小额贷款、中小企借贷及B2B支付）的渠道的金融科技公司。针对较低财富阶层的财富管理公司也受到一定程度的关注：如新加坡的Syfe和Endowus为传统财富管理公司目标客户以外的人士提供独特的投资机会。数字支付仍然是东南亚市场的投资热点2022年，支付领域继续是东南亚金融科技投资者的最热点领域。但经过多年的加速发展后，该地区的支付企业已开始将业务重心从客户获取转移到价值延伸和深化客户互动上。2022年，支付领域的竞争仍然激烈，尤其是印尼。中国金融科技公司重点关注行业赋能中国某些金融科技公司的业务重点是协助传统金融机构提升运营或向客户提供新产品和服务，并以此获得业务成功。如在普惠金融领域，金融科技公司与大型银行合作，向后者提供技术方案，让它们能更有效地评估中小企贷款或低收入人士贷款的风险。区域分析之亚太地区环球洞察 l 金融科技板块 区域分析区域分析46#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。一个超大型交易使并购交易数据失真；若不计此超大型交易，交易额将下滑区域分析之亚太地区亚太地区金融科技投资（风险投资、私募基金与并购）20192022*亚太地区金融科技风险投资20192022*亚太地区金融科技并购20192022*亚太地区金融科技成长性股权投资20192022*$30.4$15.2$50.2$50.51,0471,0531,6041,22701,0002,000$0$50$1002019202020212022*Deal value($B)Deal count$11.6$2.2$23.3$33.98395121111050100150$0$20$402019202020212022*Deal value($B)Deal count$1.1$1.1$3.0$1.5202027230102030$0.0$2.0$4.02019202020212022*Deal value($B)Deal count$17.7$12.0$23.9$15.09449381,4561,09301,0002,000$0$20$402019202020212022*Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。47#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。成长期估值仍然高企区域分析之亚太地区信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。注：2019年的并购规模中值是根据非规范的样本数（n=27）计得。亚太地区金融科技风险投资（企业参与）20192022*亚太地区金融科技并购规模中值（百万美元）20192022*亚太地区金融科技风险投资投前估值中位数（百万美元）20192022*$12.0$8.2$13.9$9.230430358442405001,000$0$10$202019202020212022*Deal value($B)Deal count$43.4$15.0$13.0$26.3$0$20$40$602019202020212022*$3.5$3.1$4.7$8.0$8.6$16.0$10.9$27.8$73.4$32.9$60.1$56.2$187.2$198.5$540.3$650.02019202020212022*Angel&seedEarly-stage VCLate-stage VCVenture growth天使与种子早期风投后期风投成长性风投交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析48#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。交易逐渐停滞区域分析之亚太地区信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。亚太地区金融科技投资（风险投资、私募基金与并购）20192022*亚太地区金融科技并购20192022*亚太地区金融科技并购亚太地区金融科技并购201920192022*2022*$7.0$4.8$8.8$9.8$6.4$3.2$2.3$3.4$3.9$25.1$8.2$12.9$38.2$6.4$2.7$3.2050100150200250300350400450500$0$5$10$15$20$25$30$35$40$45Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count$4.6$2.8$3.2$1.0$0.5$0.2$0.2$1.2$0.1$18.5$0.6$4.1$31.8$1.5$0.6$0.0051015202530354045$0$5$10$15$20$25$30$35Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count交易价值（10亿美元）交易宗数交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析49#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。风投融资活动持续下滑区域分析之亚太地区信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。亚太地区金融科技风险投资20192022*亚太地区金融科技风险投资（企业参与）20192022*亚太地区金融科技并购亚太地区金融科技并购201920192022*2022*$2.1$1.9$5.0$8.7$5.6$2.5$2.0$1.8$3.7$4.4$7.2$8.6$5.9$4.0$2.1$3.0050100150200250300350400450$0$1$2$3$4$5$6$7$8$9$10Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal countAngel&seed$0.7$1.2$2.5$7.7$4.4$1.4$1.1$1.3$1.6$2.2$4.5$5.6$3.8$2.7$0.8$1.9020406080100120140160180200$0$1$2$3$4$5$6$7$8$9Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42019202020212022Deal value($B)Deal count交易价值（10亿美元）交易宗数天使与种子早期风投后期风投成长性风投交易价值（10亿美元）交易宗数环球洞察 l 金融科技板块 区域分析区域分析50#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。信息来源：金融科技动向（2022年下半年），全球金融科技投资分析，毕马威国际（数据由PitchBook提供），*截至2022年12月31日止。21658491073亚太区2022年亚太地区十大金融科技交易环球洞察 l 金融科技板块 区域分析区域分析1.1.AfterpayAfterpay 279亿美元，澳洲墨尔本 支付 并购2.2.Yayoi Yayoi 21亿美元，日本东京 机构/B2B 企业剥离3.3.CoincheckCoincheck 12.5亿美元，日本东京 加密货币 并购4.4.Superhero Superhero 10.6亿美元，澳洲悉尼 财富/投资管理 并购5.5.Coda Payments Coda Payments 6.90亿美元，澳洲悉尼 支付/交易 资本重组/成长性6.6.Polygon Polygon 4.50亿美元，印度班加罗尔 区块链/加密货币 风投后期7.7.Toss Toss 4.05亿美元，韩国首尔 支付/交易 G轮8.8.XenditXendit 3亿美元，印尼雅加达 支付/交易 D轮9.9.Amber Group Amber Group 3亿美元，新加坡 加密货币 C轮10.10.BolttechBolttech 3亿美元，新加坡 保险科技 B轮51#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。随着创新产品、渠道及业务模型的出现，金融服务行业正在转型。此次变革浪潮的主要驱动因素包括不断变化的客户期望、数字化以及持续的监管及成本压力。毕马威成员所致力协助客户成功转型、缓释风险并藉此机会获利。毕马威金融科技专业人员包括遍布全球50多个金融科技中心的合伙人及员工，他们与金融机构和金融科技公司紧密合作，协助他们了解变化趋势、识别发展机遇和制定与执行战略方案。毕马威全球金融科技服务请访问请访问 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。请与我们联系Anton Ruddenklau金融科技全球主管金融服务咨询主管合伙人毕马威新加坡Judd Caplain金融服务业全球主管毕马威国际Courtney Trimble支付业全球主管金融服务业主管，毕马威美国Fabiano Gobbo监管科技全球主管风险咨询服务合伙人，毕马威意大利Ram Menon保险交易咨询服务全球主管毕马威国际Leon Ong金融服务咨询合伙人毕马威新加坡Dave Remue总监，金融科技主管，毕马威咨询毕马威比利时Charlie Jacco美洲区网络安全服务主管及金融服务主管合伙人毕马威美国黄艾舟金融科技主管合伙人毕马威中国Anna Scally合伙人，科技与媒体主管，金融科技主管毕马威爱尔兰Alexandre Stachtchenko咨询业总监，智链科技毕马威法国Debarshi Bandyopadhyay金融服务业总监毕马威新加坡Robert Ruark金融服务业战略主管金融科技主管毕马威美国Kenji Hoki金融服务业总监毕马威日本联系我们环球洞察|金融科技板块|区域分析53#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。张楚东金融业主管合伙人毕马威中国 86(21)2212 陈少东金融业审计主管合伙人毕马威中国 86(10)8508 史剑银行业主管合伙人毕马威中国 86(10)8508 李嘉林深圳管理合伙人毕马威中国 86(755)2547 黄艾舟金融科技主管合伙人毕马威中国 86(10)8508 张豪金融科技合伙人（北方区）毕马威中国 86(10)8508 彭成初金融科技合伙人（华东及华西区）毕马威中国 86(21)2212 蔡正轩金融科技合伙人（华南区）毕马威中国 86(755)2547 环球洞察|金融科技板块|区域分析联系我们54#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。Anton Ruddenklau，金融科技全球主管，金融服务咨询主管合伙人，毕马威新加坡 Spencer Burness，咨询服务总监，毕马威美国 Fabiano Gobbo，监管科技全球主管，风险咨询服务合伙人，毕马威意大利 黄艾舟，金融科技主管合伙人，毕马威中国 Charles Jacco，美洲区网络安全服务主管及金融服务主管合伙人，毕马威美国 Dave Remue，总监，金融科技主管，毕马威咨询，毕马威比利时 Robert Ruark，金融服务业战略主管，金融科技主管，毕马威美国 Anna Scally，合伙人，科技与媒体主管，金融科技主管，毕马威爱尔兰我们特此鸣谢以下对本刊编制作出贡献的毕马威成员所人员：鸣谢关于本报告环球洞察|金融科技板块|区域分析 Alexandre Stachtchenko，区块链及加密资产总监，毕马威法国 Courtney Trimble，支付业全球主管，金融服务业主管，毕马威美国 Leon Ong，金融服务咨询合伙人，毕马威新加坡 Debarshi Bandyopadhyay，金融服务业总监，毕马威新加坡 Kenji Hoki，金融服务业总监，毕马威日本 Leah Fegan，全球营销总监，金融服务业 Olivia Mount，数字营销经理，全球营销，金融服务业55#金融科技动向 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。本 报 告 采 用 的 数 据 与 分 析（“数 据 集”）由PitchBookData,Inc（“PitchBook”）于2022年1月12日提供，并采用该公司网站https:/ 2023 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。并购交易PitchBook将并购定义为一家公司购入另一家公司的控制性股权的交易。并购交易包括控制收购、杠杆收购、企业剥离、反向并购、对等并购、分拆、资产剥离和资产收购，但不包括债务重组及任何其它折现、回购或内部重组。交易中收购的必须是超过50%的目标公司股权。少数股权交易（少于50%股权）不计入。本报告也不包括小型企业交易。金融科技子行业金融科技是由金融与科技组成的混合词，指利用科技在传统金融服务模型的外部运营以改变现在金融服务供应的方式。金融科技还包括利用科技提升传统金融服务企业的竞争优势、财务职能和消费者及企业的行为。PitchBook将金融科技业纵向定义为“使用（包括互联网、区块链、软件和算法）在内的新技术来提供或协助一般由传统银行提供的金融服务（包括贷款、支付、财富及投资管理）的企业，以及实现财务流程自动化或满足金融公司核心业务需求的软件供应商，包括ATM机、电子交易门户和销售点软件的制造商。”在本报告，我们定义了以下金融科技子行业：1.支付/交易 企业业务模型围绕和利用科技提供以价值转移为服务，包括B2B及B2C。2.区块链/加密货币 区块链/加密货币核心业务基于分布式账本技术（区块链），并与金融服务业相关，及/或与任何加密货币（如比特币）用例有关的企业。该子行业包括就加密货币交易、储存及利用加密货币协助支付提供服务或开发技术的企业以及通过挖掘活动获得加密货币账本的企业。3.借贷 利用技术平台借出款项，一般执行可替代数据分析的非银行企业；或主营业务涉及向线上贷款的借款人或投资者提供数据分析服务的公司。4.房地产科技 开发及利用技术以协助商业及住宅房地产的购买、管理、维护及投资的金融科技企业，包括物业管理软件、物联网家用设备、物业登记及租赁服务、按揭及借款应用、数据分析工具、虚拟现实建模软件、增强现实设计应用、交易市场、按揭科技及众筹网站等。5.保险科技 利用科技提升保险价值链各个流程的速度、效率、准确性与便捷性的企业，包括报价比较网站、车保信息系统、保险家庭自动化、点对点保险、企业平台、线上经济、网络保险、承销软件、索赔软件及数字销售赋能。6.财富科技 主营业务涉及利用科技提供财富管理服务以提升效率、降低费率或提供与传统业务模型不同的服务的企业或平台，还包括为散户投资者而设的通过定性及定量研究以分享想法及洞见的科技平台。7.监管科技 提供技术驱动型服务以协助及简化监管合规及报告，并管控员工及客户舞弊的企业。方法（续）关于本报告环球洞察|金融科技板块|区域分析如需获取毕马威中国各办公室信息，请扫描二维码或登陆我们的网站：https:/home.kpmg/cn/zh/home/about/ 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，均是与英国私营担保有限公司 毕马威国际有限公司相关联的独立成员所全球性组织中的成员。版权所有，不得转载。毕马威的名称和标识均为毕马威全球性组织中的独立成员所经许可后使用的商标。本出版物经毕马威国际授权翻译，已获得原作者及成员所授权。本刊物为毕马威国际发布的英文原文Pulse of Fintech H222（“原文刊物”）的中文译本。如本中文译本的字词含义与其原文刊物不一致，应以原文刊物为准。毕马威审计客户及其附属公司或相关实体可能不允许使用本报告所述的部分或全部服务。
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2023-03-29 57页 
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新华财经：2023年中国大学生基金投资研究白皮书（26世纪）.pdf
2023年中国大学生基金投资调查白皮书2023年中国大学生基金投资调查白皮书倾听大学生声音，助力理性投资风险提示：投资有风险，在进行投资前请参阅基金的 基金合同、招募说明书 等法律文件。本资料仅为宣传用品，不作为任何法律文件。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也不保证最低收益。上述资料并不构成投资建议，或发售或邀请认购任何证券、投资产品或服务。所刊载资料均来自被认为可靠的信息来源，但仍请自行核实有关资料。投资涉及风险，不同资产类别有不同的风险特征，过去业绩并不代表未来表现。投资前请参阅销售文件所载详情，包括风险因素。观点和预测仅代表当时观点，今后可能发生改变。报告出处人介绍关于新华财经“新华财经”是国家发展改革委立项、中央财政支持、新华社建设的国家“十二五”政务信息化项目,是中国经济信息社承建运营的国家金融信息平台，是国家金融业基础设施的重要组成部分。依托专业终端、移动终端、公共终端、门户网站，已具备资讯、研报、数据、行情、分析工具、交易信息服务六个方面的基础服务能力,为政府部门、金融机构、企业、研究机构、高校等提供定制化解决方案。关于蚂蚁投教基地蚂蚁集团投资者教育基地是中国证监会授牌的国家级证券期货投资者教育基地。蚂蚁投教基地小程序自2020年在支付宝App上线以来，秉持“以用户为中心，易懂实用与时俱进”的投教理念，将专业内容和服务能力以丰富多样的形态融入理财场景中，持续为亿万投资者提供集系统性、互动性、成长性于一体的学习体验，在监管机构指导下，与官方组织、媒体平台、行业机构长期紧密合作，共同开展广泛、多样、生动的投教活动，助力社会公众与行业生态共享资本市场发展成果。截至2023年，覆盖用户超5亿人次，并与50家证券基金经营机构组成投教联盟。关于上投摩根基金上投摩根基金管理有限公司，成立于2004年5月，由摩根资产管理和上海信托共同组建，是中国最早成立的中外合资公募基金公司之一。2023年，经中国证券监督管理委员会批准，摩根资产管理完成了对上投摩根基金的全资控股。截至2022年底，上投摩根基金拥有近百名经验丰富的专业投研人员，服务零售及机构客户超6400万，业务条线规模超过1500亿元。凭借长期卓越的基金业绩表现，上投摩根基金2022年斩获由 中国证券报 颁发的“权益投资金牛基金公司”、“金牛卓越回报”等权威公司级奖项，成为备受投资人信赖的基金公司。022023年中国大学生基金投资调查白皮书012023年中国大学生基金投资调查白皮书目录报告出处人介绍调查说明报告摘要一、大学生基金投资现状二、大学生基金投资困境及需求三、大学生基金投教工作建议第一章 初出茅庐：大学生基金投资现状一、大学生投资理财心智二、大学生基金投资现状三、大学生基金投资习惯第二章 拨云见雾：大学生基金投教需求一、大学生基金投资知识需求二、大学生基金投资知识掌握现状三、大学生基金投教服务体验与需求第三章 有的放矢：大学生基金投教建议一、监管层面：加大呼吁力度，助力投教工作落实二、金融机构及相关行业：开展因人制宜的大学生投教工作特刊 未雨绸缪：当代大学生养老规划一、大学生养老政策关注二、大学生养老意识规划三、大学生养老工作建议结语项目课题组附录样本结构0203-0607-1048495011-2627-3839-4344-4701 研究背景在互联网经济时代，金融投资理财产品呈现多样化、开放性、低门槛等特征，各种投资理财产品百花齐放，这也吸引着越来越多的大学生在校期间开始投资理财，其中不乏一些相对风险较高的理财产品。结合本次调研数据发现，随着近几年基金市场火热，基金已然成为大学生群体投资理财最普及的理财品种。大学生投资理财对其自身和投资市场发展都有着重要意义：一方面，投资理财可以帮助大学生养成理财规划的习惯，使资金能够被更合理、更有效地管理与利用，养成良好的理财消费观与价值观，塑造良好心态，提高财商；另一方面，大学生进行投资理财，可以为投资市场注入新鲜血液。当代大学生个性鲜明，对新兴事物接受能力强，各大金融机构可基于大学生投资者研究，不断优化产品及服务模式，推进投资市场螺旋式发展。但与此同时，大学生理财也存在一定的困境，如由于理财意识薄弱、基金等专业知识与技能匮乏、投资习惯不好等原因所导致的理财收益较低甚至亏损，对于资金本不富余的大学生来说无疑打击了其继续进行投资理财的积极性。目前大学生投资理财存在教育缺失或重理论而轻实践的问题，其理财经验不足以应对日常投资理财中产生的问题，遇到的理财困境也未能得到有效解决。大学生作为基金投资市场的潜在客群，也是未来基金投资市场的主要群体，投资潜力大，因此系统化、可操作性强的投资者教育对其乃至投资市场良性运行来说都很有必要。2022年4月26日，中国证监会发布了 关于加快推进公募基金行业高质量发展的意见，呼吁要做好投资者教育工作，强调基金管理人和各基金机构要牢固树立以投资者利益为核心的营销理念，积极创新投资者陪伴方式，搭建科学可行的投教工作评估体系，从而提高投资者的获得感。为响应加快推进公募基金行业高质量的发展，以及践行中国证券投资基金业协会 一司一省一高校 投资者教育项目，中国证券投资基金业协会、新华财经、摩根资产管理、上投摩根基金和蚂蚁投教基地联合发起中国大学生基金投资行为调查研究，从大学生投资理财行为与需求出发，将深入了解目前大学生投资理财习惯、挖掘其中存在的问题点及他们对投资者教育的需求，以此促进各行业参与方及时响应，为大学生树立正确的投资观，提供更有指导价值的投资者教育服务。042023年中国大学生基金投资调查白皮书调查说明032023年中国大学生基金投资调查白皮书中国公募基金规模攀升至27万亿元，数量突破10000只（截至2022年8月）300，000250，000200，000150，000100，000 50，000 012，00010,0008,0006,0004,0002,0000199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022截止日资产净值（亿元，左）总数（右）数据来源：中国证券投资基金业协会02 研究目的为了挖掘当代大学生投资理财习惯及困境，了解其所需的市场支持，中国证券投资基金业协会、新华财经、摩根资产管理及上投摩根基金联合发起中国大学生基金投资行为调查研究，并发布 2023年中国大学生基金投资行为调查白皮书。一方面，希望通过本次调查深入了解大学生投资理财习惯，挖掘其目前存在的基金投资困扰，提升基金及整体投资市场对大学生群体投资理财的关注度；另一方面，为后续各市场参与方（如监管机构、证券基金等投资理财公司、第三方理财平台等）制定符合大学生需求的投资者教育计划提供参考，以此及时引导大学生正确的投资理财观念，树立其更科学、合理的投资理财习惯。03 相关释义本报告仅指公募基金，即以公开方式向大众投资者发售基金份额、募集资金，形成独立资产，委托基金管理人进行投资管理、基金托管人进行财产托管、由基金投资者共享投资收益、共担投资风险的集合投资方式。本报告中所涉及的货币型基金、股票型基金、债券型基金、ETF等均属于公募基金。基金04 调研方式本报告结合三大调研方式采集数据。本次通过中国证券投资基金业协会、新华财经、上投摩根基金等平台投放 2022年中国大学生基金投资行为调查问卷，针对不同城市的专科、本科、硕士及博士的大学生群体进行调研，来了解当前大学生投资理财现状及未来意愿、投资理财知识/技能掌握情况及投资教育需求等。本次问卷调研最终回收有效样本共计4264条，各人群的样本回收量具体如下：线上问卷收集本次针对大学生进行了一对一深访，以此进一步挖掘大学生在投资理财时的具体行为、想法及对于投资者教育的需求。通过公开资料的收集，梳理基金市场发展现状、投资者基本情况、投资市场投教工作现状等信息，以用来作为前期研究设计参考；另通过整理投资者教育相关政策法规、养老政策等信息，进一步丰富研究产出。一对一深访桌面研究2022年中国大学生基金投资行为调查问卷 样本量（按学历分类）2022年中国大学生基金投资行为调查问卷 样本量（按城市等级分类）目标人群样本量目标人群样本量268328567635专科在读本科在读硕士在读博士在读一线城市新一线城市二线城市三线城市及以下87614616841243062023年中国大学生基金投资调查白皮书052023年中国大学生基金投资调查白皮书本报告所提及的投资者专指目前有投资理财行为的大学生投资者，投资理财行为指购买过包括余额宝等货币型基金在内的基金、股票、银行理财产品、定期储蓄等行为。投资者本报告提及的投资者教育是指针对个人投资者所进行的有目的、有计划、有组织地传播投资知识、传授投资经验、培养投资技能、宣传政策法规、揭示理财风险、倡导理性投资观念、告知投资者的权利和保护途径、提高投资者素质的一项系统的社会活动。在报告部分章节中简称“投教”。投资者教育报告摘要072023年中国大学生基金投资调查白皮书01 大学生基金投资现状作为未来经济的主要参与者，大学生对于投资理财的认知度和参与度越来越高。本次研究发现，近九成大学生觉得投资理财是必要的，多数人认为投资理财有利于日常生活和学习，超六成大学生投资理财是为了学习基金等理财知识或获得资金回报实现本金增值。但考虑大学阶段受课业、资金、时间等多方面因素影响，以及受个人的兴趣爱好驱动，大学期间进行投资理财是必要非必需的。大学期间投资必要非必需，锻炼理财能力、促进本金增值为主旋律由于大学阶段没有稳定的工作，生活费结余（72.2%）成为大学生投资理财最主要的本金来源。由于可自由支配资金数量有限，超六成(62.3%)大学生可用于投资理财的本金在5000-50000元之间，仅不到一成大学生投资金额在5万元以上，投资理财更偏以小金额练手为主。而在未进行投资理财的大学生中，“没有太多余钱”是其未投资的主要原因。生活费结余为多数大学生投资本金来源，而资金不足也是投资理财的主要障碍本次研究发现，在有投资行为的大学生受访者中，基金已成为大学生群体持有率最高的理财工具，超八成有投资行为的大学生受访者持有基金。或因投资本金不多且多数是从生活费中省下来的，多数大学生的投资风格更偏风险回避型，不会追求较高收益，以保本为主要目的。因此，宝宝类货币基金（余额宝、理财通等）以超七成的持有率成为最受欢迎的理财产品，而非货币基金（股票型、债券型基金等）也以超六成的持有率位列第二。基金是大学生最青睐的理财工具，其中宝宝类货币基金最受欢迎，非货币基金位列第二大学生整体投资风格偏保守稳健。受其投资产品多为宝宝类货币基金等产品特性影响，当前仅少数大学生（5.8%）处于亏损状态，但其收益也不高，近半数（45.9%）大学生处于“暂时不亏”的保本状态，与大学生心理期望的5%-20%的收益率还有一定差距。受主投产品特性影响，大学生整体亏损率较低，但收益也普遍不高082023年中国大学生基金投资调查白皮书六成左右大学生在购买基金时会重点关注基金过往业绩和投资行业前景，也有超五成大学生会考虑基金公司的品牌和规模，但普遍对于基金类型（混合型/指数型/股票型等）的关注度及了解度不高，对于基金的认知整体集中在行业、收益及持仓等基本面信息上。大学生选基主要考虑基金过往业绩、行业发展前景等，而对基金类型的关注和了解较低现状一现状二现状三现状四现状五大学生基金持有时间普遍不长，六成大学生基金持有时间在3个月-1年之间，仅有不到两成的大学生会持有基金一年以上。在购入基金时，超六成的大学生会综合各渠道观点，在认为时机合适时购入；而在卖出基金时，超六成大学生会本着止盈原则，在收益达到自己理想预期时卖出。基金集中管理、使用方便、不用额外注册开户等为大学生选择购买渠道时的主要考虑因素，所以支付宝等第三方财富管理平台是大学生购买基金的渠道首选；另外，一线城市大学生使用基金公司APP的比例相对其他城市较高。受市场波动大的影响，不知道何时是买入或卖出的最佳时机以及不知道怎么挑选/合理搭配理财产品来使利益最大化是大学生投资理财过程中遇到的主要问题，两者占比均超四成，而这或与大学生理财知识/技能不足有关。理财知识掌握尚可的情况在大学生群体中占大多数（58.9%），仅仅可以应对简单理财产品的日常操作，针对复杂情况则较难决策；其次，有超两成（25.2%）大学生表示自己理财知识/技能掌握不足，其认为仅凭自己目前掌握的投资理财知识无法满足投资理财需求，日常投资需要依靠身边朋友或大V建议。仅有15.9%的大学生表示理财知识/技能可以完全满足投资需要。大学生整体投资知识掌握情况有待进一步提升。多数大学生希望增加实践性经验分享类内容，其中对于行情分析策略的需求最迫切（61.3%），其次为优质产品分析（57.2%）。交易操作技巧（52.5%）、投资理财基础知识科普（52.1%）、持有产品分析（51.7%）和财产安全类科普（50.2%）等理财知识也是大学生投资理财过程中不可或缺的，占比均超过了五成。九成大学生认为有必要且有计划专门学习投资理财相关课程。其中，近八成大学生（77.4%）选择向有经验的人学习理财知识和技能，其次为市场上的投资理财课程（55.3%）。而目前大学生在高校接受的系统性教育不足，投资理财非通用性、基础性课程，课程安排占比仅为21.4%。支付宝等第三方财富管理平台是大学生购买基金的渠道首选，资金集中管理、操作便捷为其主要考虑因素大学生基金持有时间普遍不长，买入/卖出时机考虑较为理性 02 大学生基金投资困境及需求102023年中国大学生基金投资调查白皮书092023年中国大学生基金投资调查白皮书超九成大学生有投资困扰，不确定买卖时机及不知如何挑选/合理搭配理财产品为主要困扰理财知识一知半解，大学生理财知识储备有待进一步提升大学生实践性理财知识需求强烈，其中行情分析策略需求最迫切能者为师，大学生更偏向有经验的人学习理财知识；校内理财教育不足，课程安排占比仅两成大学生更偏好从基金/证券/银行/互联网金融等投资理财平台获取理财知识，占比为55.8%；其次为社交平台，如微信、QQ、微博、知乎、小红书等，占比为54.8%。其他渠道如财经媒体（新华财经、新浪财经、和讯网等）、金融理财类信息供应商（同花顺、雪球等）、短视频平台（抖音、快手等）等渠道也为其偏好的信息获取渠道。七成（71.8%）大学生接触过投资理财平台上的投教信息，整体对投教服务知晓度高；但从过往体验上看，信息分散、专业术语过多、信息查找困难、易与营销信息混淆、广告植入过多等问题使得大学生群体对目前投教信息的评价度不高。同时，由于形式枯燥、内容不符需求等问题现状，大学生希望展示形式更加通俗易懂、简单明了。超四成（45.9%）大学生更偏好真人视频形式，该形式能够直观展示知识内容，有助于系统化学习。除此之外，问答形式（44.8%）、直播形式（42.8%）、动画视频形式（39.5%）和社区论坛形式（如讨论区）（36.4%）也是部分大学生的选择。此外，近六成（58.8%）大学生更偏好实战经验丰富的知名投资分析师来进行介绍，平台理财经理（54.0%）和相关行业专家（51.4%）也是大学生比较偏好的介绍人身份。投资经验丰富或成功案例是重点关注要素，并对其表达能力强有要求，希望讲解内容通俗易懂。投资理财平台资讯和社交平台是大学生主要的理财知识获取渠道大学生对投教服务知晓度高，但体验评价不高真人问答形式是大学生投教服务主要偏好形式，若由经验丰富的知名投资分析师来讲解效果更佳现状六现状七结论一结论二结论三结论四结论五结论六结论七持续推进“一司一省一高校”的投资者教育活动，积极促进基金公司与高校开展深入合作，推进投资者教育纳入国民教育体系，提升当代大学生的理财意识，建立科学的人生投资规划。具体工作可从以下维度展开：1）搭建基金公司与高校之间的合作桥梁，推动各基金行业参与主体协同合作，开展大学生投资者教育；2）针对高校大学生特点，设计针对性的活动主题内容；3）倡导高校开设投教课程，继续扎实推进投资者教育纳入国民教育体系工作。金融机构需结合大学生投资理财知识及技能掌握程度的差异性，提供差异化、个性化、简明易懂的进阶投教服务，并利用好自有平台，在投资理财区域设置专属的投资者教育板块，并形成醒目指引，同时向外部年轻群体聚集平台拓展延伸。在形式上，应避免枯燥单一的教育形式，根据大学生群体喜好结合多元展示形式，同时为保证内容专业性和可信度，需由专业且经验丰富的分享人来介绍投教内容。持续推进“一司一省一高校”投教活动，推动投资者教育纳入国民教育体系金融机构提供个性化投教服务，需内容简明易懂、平台双管齐下、形式复合多元、讲解内行专业建议一建议二03 大学生基金投教工作建议大学生基金投资现状近九成大学生认为大学阶段投资理财是需要的，其中多数大学生认为大学阶段由于受到学业、时间、资金等影响，投资理财小金额练手即可。本次研究显示，近九成（88.3%）大学生认为在大学阶段有必要（含非常必要及比较需要）进行投资理财，多数大学生认为大学期间了解和尝试投资理财有其必要性，在大学阶段积攒投资理财经验，可以为日后进入职场后的个人资产管理或家庭资产规划打下一定基础。而对于是否一定要在大学期间进行投资理财，多数人认为这与个人兴趣相关，不是必需的，且也会受到资金、课业、时间等多方面因素的影响，没有太多精力过多投入到投资理财中来。大学生投资理财必要性认知比较需要46.5%非常必要41.8%一般9.2%不太需要非常没必要0.4%2.1%数据来源：2022年中国大学生基金投资行为调查问卷（N=4264）第一部分 投资理财态度必要非必需，锻炼为主122023年中国大学生基金投资调查白皮书112023年中国大学生基金投资调查白皮书初出茅庐第一章01 大学生投资理财心智受访者Z(英语专业，大三)：“我觉得投资理财还是挺重要的，有利于以后工作，也可以更好地规划家庭资产；而且大学期间时间相对自由一些，正好可以学习下理财练练手。”受访者L(财务管理专业，大三)：“我自己有在投资，只是手里资金不多，不过慢慢去试，一点点摸索还是有必要的。”受访者W(金融学专业，大四)：“个人觉得投资理财还是很有必要的，但是大学生如果投资股市可能不太合适，风险比较大，而且忙于学业，没有太多时间去盯盘看，买基金会好一点。”受访者J(金融学专业，大四)：“我觉得对投资理财有一些了解还是必须的，但是大学期间不一定要去做（投资），因为要考虑到学习，如果要盯盘、选择入市时间等也会比较占用时间，而且有的同学手上闲钱也不多，工作之后理财还是很有必要的。”受益于互联网平台广泛的用户基础及平台资金闭环管理的优势，凭借产品操作简便、收益稳定等特点，余额宝、理财通等宝宝类货币基金成为大学生持有率最高的理财产品（70.8%）；而出于平衡风险与收益的考虑以及市场热度的影响，超六成（62.6%）大学生购买过非货币基金（股票型、债券型基金等）；此外，五成大学生为了确保资金安全，会将钱放入银行定期储蓄（52.5%）或者购买银行理财（49.8%）。少部分大学生受到高收益驱使或亲友影响会购买股票，但从整体来看，多数大学生认为股票需要耗费更多的时间、精力以及更高的专业性支持，因此只会投入较少比例资金，或不投资股票。从不同学历来看，学历较高人群对于风险较高产品的接受度和持有率也相对较高研究发现，专科生中持有率最高的理财产品是定期储蓄（占比49.6%）；随着学历的提高，非货币基金（股票型、债券型基金等）及股票持有率也逐层提升，其中硕士及以上学历的大学生非货币基金及股票持有率最高。专科在读生理财产品的持有占比TOP4大学生购买过的理财产品不同学历股票及非货币基金持有人数占比大学生目前可用于投资理财的本金区间占比数据来源：2022年中国大学生基金投资行为调查问卷（N=4262）数据来源：2022年中国大学生基金投资行为调查问卷（N专科=268；N股票持有人数=1221）数据来源：2022年中国大学生基金投资行为调查问卷（N=4068）定期储蓄定期储蓄49.6p.8%宝宝类货币基金（余额宝、理财通等）宝宝类货币基金（余额宝、理财通等）48.9.3.4%非货币基金（股票型、债券型基金等）非货币基金（股票型、债券型基金等）40.3%银行理财产品银行理财产品股票债券从未购买过以上都购买过32.8b.9.9i.86.7%专科本科硕士及以上非货币基金股票62.6R.5I.8(.6.9%4.6%2.2%第二部分 投资品选择基金是大学生最青睐的理财工具，其中宝宝类货币基金最受欢迎，非货币基金位列第二研究显示，超六成(62.3%)大学生可用于投资理财的本金金额在5000-50000元，其中投资本金在10000-50000元的大学生占比31.4%。6.4%.00.91.400元及以下1000元-5000元5000元-10000元10000元-50000元50000元以上6.32023年中国大学生基金投资调查白皮书第三部分 投资本金5000-50000元居多，生活费结余为主要来源，一线城市大学生更多来源于实习兼职所得受访者W(金融专业，大四)：“我的钱主要都放在余额宝里，有收益，用起来也比较方便；银行里也放一点，是定额存款，偏理财产品的那种；少部分钱会购买基金试试水。”受访者Z(电子信息工程专业，大四)：“股票我不太懂，也没有精力去经常盯着它，基金是因为学长在买，通过他知道的，然后就会看一下，觉得之前也挺稳定的，就买了点放在那里赚点收益。”受访者Y(外语专业，大三)：“我是听从妈妈的建议买的基金，自己从小攒着的压岁钱放银行的利息比较低，股票专业性要求又比较高，风险大，所以买基金比较合适，也可以有收益。”受访者C(信息管理专业，研二)：“我大概30%的钱用在基金上，大多数还是在银行卡里，毕竟现在没有赚钱能力，不能把所有的钱都放在虚拟的平台上，还会保留一些在银行卡里比较安全。”132023年中国大学生基金投资调查白皮书总体一线城市162023年中国大学生基金投资调查白皮书本次研究发现，学习理财知识、锻炼理财能力为大学生投资理财的最主要原因（占比65.7%），部分大学生认为大学期间做投资理财是进入社会前的一次预演，可以在投资理财过程中学习理财知识、锻炼理财能力、积累理财经验；另有部分与金融行业有关联的大学生，如大学课程涉及到投资理财、或参与了校园投资理财相关活动等，也希望通过实战演练，提升投资理财能力，积累相关实战经验。第四部分 投资动因学习理财知识及资产增值是大学生投资理财的主要动因受经济能力影响，大学生的投资理财本金主要来源于生活费结余、实习兼职所得以及奖学金、助学金等学业奖励等，其中生活费结余占比72.2%，为大学生最主要的投资本金来源。或受益于一线城市更丰富的社会资源及实习机会，超七成一线城市的大学生投资本金来源于实习兼职所得。其次，实现资产增值是大学生进行投资理财的另一重要原因（占比64.3%），多数大学生觉得钱存在银行利息过低，希望通过投资理财获取较高的收益。此外，进行资金管理（56.6%）、实现财务自由（51.8%）以及控制消费（44.5%）也是占比较高的投资动因。大学生投资理财本金主要来源吸引大学生投资理财的原因本次研究发现，“没有太多余钱”是该部分大学生未进行投资理财的主要原因（占比66.7%），这部分大学生或因大学阶段资金来源主要依靠父母，无太多资金可以用来做投资理财等原因所致；其次,没接触过投资理财（50.3%）、对投资理财产品缺乏了解（45.6%）、惧怕/厌恶投资理财风险（22.1%）等因大学生对投资理财认知不足，而导致大学生望而却步；此外，少数大学生也会因觉得麻烦（17.9%）而未做投资理财。第五部分 投资阻力巧妇难为无米之炊，资金不足成为首要投资障碍大学生未做投资理财的原因数据来源：2022年中国大学生基金投资行为调查问卷（N总体=4067；N一线城市=855）数据来源：2022年中国大学生基金投资行为调查问卷（N=4065）数据来源：2022年中国大学生基金投资行为调查问卷（N=195）152023年中国大学生基金投资调查白皮书生活费结余学习理财知识65.7%实现财富增值64.3%另一种形式的存钱56.6%实现财务自由51.8%控制消费44.5%抵抗通货膨胀28.4%实习兼职所得奖学金、助学金等学业奖励父母支持/资助学校补助受访者Z(电子信息工程专业，大三)：“关于理财，我觉得自己已经长大了，还是有必要去了解一下的，感觉理财跟以后生活比较相关，目前我做投资理财也主要是想锻炼下理财能力，等毕业以后资金更多了，可以再更深入的了解。”受访者Z(英语专业，大三)：“我主要是想赚取收益，满足日常消费需求，喜欢每天赚出一杯奶茶钱的感觉。”受访者L(日语专业，大三)：“我上大学后做家教赚了点钱，钱越攒越多了，就想要不要拿一部分出来投资，看看能不能赚点钱。”没有太多余钱没接触过投资理财对投资理财产品缺乏理解惧怕/厌恶理财风险懒得折腾觉得麻烦金融机构推出的理财产品没有吸引力66.7P.3E.6.1.9%3.1r.2q.6i.8v.3c.2f.4V.7a.1$.3$.9%从不同城市层级看，城市层级越高，未投资比例越低。一线城市大学生中未做过任何投资的比例最低，仅2.4%，且随着城市级别的下降，未做过投资的大学生比例逐渐上升。不同城市等级的大学生未做过投资理财的人数占比数据来源：2022年中国大学生基金投资行为调查问卷（N一线=875；N新一线=1461；N二线=684；N三线=443；N四线=280；N五线=104）2.4%一线城市新一线城市二线城市三线城市四线城市五线城市2.9%4.8%7.0.0.52023年中国大学生基金投资调查白皮书大学生投资理财实际收益情况本次研究发现，近五成（48.4%）大学生投资理财有盈利，且有超四成（45.9%）大学生处于“暂时不亏”，多数大学生在投资收益方面未亏损；或由于基金是大多数大学生投资的主要理财产品，大学生整体投资收益情况与基金收益基本保持一致。第六部分 投资收益多数大学生目前投资无亏损整体收益基金收益数据来源：2022年中国大学生基金投资行为调查问卷（N整体=4067；N基金=3613）20%以上1.6%1.4%-20#.5!.4%跑赢通胀23.3%.4%暂时不亏45.9D.3%亏损5.8%7.5%本次研究发现，近九成（89.2%）大学生对基金有一定认知，但仅不到三成（29.6%）大学生对基金非常了解，多数（59.6%）大学生对基金的认知都处于“知道但了解不深”的状态。而大学生对于基金的认知整体集中在行业、收益及持仓等基本面方面，对基金公司品牌印象的认知较集中在基金头部公司或支付宝等第三方资产管理平台热推的基金所属公司，对于海外基金及品牌的认知更是寥寥无几。大学生基金认知度第一部分 基金认知知晓率高，了解度低02 大学生基金投资现状了解不深59.6%非常了解29.6%仅听说过，不了解没听说过0.3.5%数据来源：2022年中国大学生基金投资行为调查问卷（N=4262）受访者Z(信息工程专业，大三)：“我对基金的了解基本来源于支付宝页面展示的信息，公司品牌不怎么关注，可能会在基金名字或者热门推荐上看到，但印象也不太深。”受访者C(信息管理专业，研二)：“我听说过一些比较热门的基金公司，他们有几只明星基金，听说收益蛮高的，但我没有详细了解过，个人更关注产品；海外基金及品牌没有听说过。”172023年中国大学生基金投资调查白皮书192023年中国大学生基金投资调查白皮书本次研究发现，多数大学生认为基金收益相较银行理财或储蓄较高，而风险相较股票较低，整体表现较为均衡，是比较理想的理财工具；从产品管理所需精力与能力来看，股票需要花费较多的时间和精力盯盘，对专业性要求也较高，而基金有专业人士（基金经理）管理，不用过多关注，比较省心；另外，外界环境对大学生购买基金也有一定影响，部分大学生会受到市场热度和周围人持有/推荐的影响，增加对基金的关注，从而购买基金。此外，本次调研发现，多数大学生对于基金类型关注度及了解度不高。除了金融相关专业的学生外，大多数大学生对于基金类型的认知有限，在购买基金时，更多受到平台推荐与宣传的影响。大学生持有的基金类型数据来源：2022年中国大学生基金投资行为调查问卷（N=3611）债券型基金78.2%宝宝类货币基金股票型基金ETF海外基金FOF56.7Q.8.1.7.5%第二部分 持基动因风险收益均衡，产品管理不操心，市场热度高受访者W(金融学专业，大四)：“个人觉得大学生如果投资股市可能不太合适，风险比较大，而且忙于学业，没有太多时间去盯盘看，买基金会好一点，有基金经理来管理。”受访者Z(信息工程专业，大四)：“感觉基金的收益相对储蓄高点，风险又比股票小一些，比较均衡。”受访者Z(信息工程专业，大四)：“银行里有一些闲钱想赚点收益，基金市场热度蛮高的，身边朋友也很多人买，就去详细了解了下，感觉还不错就购买了。”出于规避风险考虑，货币型基金是大学生持有率最高的基金类型（78.2%），远高于其他类型基金，其次为股票型基金（56.7%）和债券型基金（51.8%）。本次研究发现，多数大学生投资风格偏保守型或稳健型，或因投资本金不多，对大学阶段的投资理财更多定位为对自身理财意识及习惯的养成、理财经验的积累，所以会更关注资金的安全性和收益的稳定性，以保本为主要目的，不会追求过高收益。第三部分 持基类型货币型基金居多，部分大学生不清楚所持基金类型受访者C(金融专业，大三)：“我还是比较回避风险的，学过的专业知识告诉我金融学最重要的不是收益而是风险，如果没有很确切的把握的话，基本上投资就是一种赌博。”受访者C(信息管理专业，研二)：“我不会去买那种短期收益高、风险也高的产品，并不是想通过这个赚大钱，只是想让自己有一个理财的意识，形成自己的理财习惯和积累理财的经验，等工作后把现在的经验作为参考，以后能更好地规划工资。”受访者Z(电子信息工程专业，大三)：“现在还没有到赚钱的阶段，肯定是把钱大部分放到余额宝，虽然利息少点，但能够保本。”受访者C(信息管理专业，研二)：“我没有了解是不是行业类或者偏债基的，只知道算是风险比较大的那种。”受访者C(金融专业，大三)：“我不太关注类型，我比较关注行业，如果对某个行业比较信得过的话，会从那里入手，选行业类的或者行业下的指数基金。”受访者L(日语专业，大三)：“我不太清楚是什么类型的，只知道是科技行业，没有考虑很多，支付宝上看到推荐就点进去了解了下，没有关注是什么类型。”202023年中国大学生基金投资调查白皮书222023年中国大学生基金投资调查白皮书212023年中国大学生基金投资调查白皮书大学生选择基金时的关注要素 TOP8基金过往业绩是大学生在选择基金时重点关注的因素，六成（61.1%）大学生会在购买基金时会关注基金的历史走势或收益，而过往业绩较好的基金则较受到大学生的青睐。而受到市场热度及互联网平台宣传的影响，行业发展前景是大学生关注的第二要素，占比59.1%，仅次于基金过往业绩，如新能源、光伏、医药、大消费、半导体等行业，也成为大学生热衷的选择。第四部分 选基考虑基金过往业绩、行业发展前景为大学生选基主要考虑因素大学生基金持有时间本次研究发现，近六成（59.6%）大学生基金持有时间在3个月-1年之间，其中半年至一年的持有者占比最高（33.4%），或受近年投资市场行情影响，伺机等待扭亏为盈；而仅有不到两成（19.8%）的大学生会持有基金一年以上。第五部分 持基时长以半年至1年居多，大学生整体基金持有时间不长数据来源：2022年中国大学生基金投资行为调查问卷（N=3612）受访者L(金融专业，大四)：“我选产品就看过往的业绩走势，持续观察一段时间，看它的价格起伏，自己心理会做一个预估，在我认为处在一个低点的时候就买进，等它上涨。”受访者L(日语专业，大三)：“我会比较关注历史收益，如果之前收益都比较好、稳定，会觉得这只基金挺好的。”受访者Z(英语专业，大三)：“我主要关注行业，我持有的光伏、新能源、基建等行业基金都是之前市场上呼声比较高的。”61.1Y.1T.4I.3D.0A.51.70.8%基金过往业绩投资行业前景基金公司品牌和规模基金规模基金评级费率底层资产/持仓基金经理名气4.7.9&.23.4%几天内看涨/跌了就卖了三个月内3个月-6个月半年到一年一年到三年三年以上16.6%3.2%数据来源：2022年中国大学生基金投资行为调查问卷（N=3613）242023年中国大学生基金投资调查白皮书232023年中国大学生基金投资调查白皮书在购入基金时，六成（60.9%）大学生会综合各渠道观点，在认为时机合适时购入，具体如行情表现、产品历史走势、网络评论等；其次，近四成（39.7%）大学生有追涨习惯，会在基金持续赚钱时购入；另有近四成（37.4%）大学生会选择基金定投的形式，按计划买入基金；此外，也有少数大学生较为随性，会依赖亲友推荐或者本着“有钱就买”的原则进行投资。大学生基金买入时机大学生基金卖出时机数据来源：2022年中国大学生基金投资行为调查问卷（N=3613）数据来源：2022年中国大学生基金投资行为调查问卷（N=3613）第六部分 买卖时机理性至上，买卖参考多方观点，不贪恋高收益，近四成大学生偏好基金定投，超两成会长期持有基金在卖出基金时，超六成（62.4%）大学生会本着止盈原则，在收益达到自己理想预期时卖出基金；其次，超五成（53.1%）大学生会综合各渠道观点，在认为时机合适时卖出；此外，有超两成（22.6%）的大学生会长期持有基金。受访者L(日语专业，大三)：“我基金已经持有了一年多了，收益挺稳定的，没有打算卖掉，除非很急用钱或者市场有什么大的风险，否则还是打算赚取长期收益的。”受访者Z(英语专业，大三)：“我是通过支付宝购买的，因为支付宝比较方便，资金都在支付宝上，银行卡也是绑定支付宝，可以直接转；活钱一般也在余额宝上。”受访者C(金融专业，大三)：“支付宝打开之后会有频繁的推送，可以很好的引流，在首页的推送和营销很容易点进去看，而且入口清晰，可以直接购买比较方便。”受访者L(日语专业，大三)：“支付宝比较方便，平时钱都在支付宝里，能够直接购买。如果用其他的（APP），还要注册账号、绑定银行卡、转钱等，很麻烦。”60.99.77.4$.1!.5 .4%我综合各渠道观点认为可以购买时当我的基金持续赚钱时我是按计划定期扣款买基金（基金定投形式）当身边的亲友认为可以购买时不太看市场行情有钱了就会买一点当我的基金下跌时62.3S.1(.3.6 .5%当我的基金达到比较理想的收益时我综合各渠道观点认为可以卖出时当我的基金跌到我扛不住时准备长期持有目前还没有卖出过当身边的亲友认为可以卖出时支付宝等第三方财富管理平台是大学生最主要的基金购买渠道。调研数据显示，支付宝、微信理财通和天天基金等第三方财富管理平台是大学生基金购买的主要渠道（占比为83.7%）；其次部分大学生也会通过银行APP（43.9%）、基金公司APP（41.4%）以及证券公司APP（30.8%）购买基金。从不同城市层级看，通过支付宝等第三方财富管理平台购买基金的大学生中，不同城市层级无明显差异，数据表现均较高；而在通过基金公司APP购买基金的大学生中，一线城市比例最高（占比50.5%），随着城市层级的下降，使用比例逐层降低。资金集中管理、操作便捷等是大学生选择基金购买渠道的主要考虑因素。本次调查发现，大学生选择购买平台的考虑因素主要包括以下五点：（1）资金集中在该平台上；（2）使用方便，不用额外注册开户，操作简单；（3）产品收益高，服务手续费低；（4）专业正规；（5）营销方式好：例如展示收益高、首页优质产品推送等。大学生基金购买渠道不同等级城市大学生通过支付宝等第三方财富管理平台购买基金的比例数据来源：2022年中国大学生基金投资行为调查问卷（N=3024）数据来源：2022年中国大学生基金投资行为调查问卷（N=3614）第七部分 基金购买渠道支付宝等第三方财富管理平台为主力购买平台，方便快捷为首要选择因素82.4.7.3.5.5%一线城市新一线城市二线城市三线城市四线及以下城市50.5A.29.38.04.8%一线城市新一线城市二线城市三线城市四线及以下城市83.7C.9A.40.8%2.6%第三方财富管理平台（如支付宝）银行APP基金公司APP证券公司APP线下渠道不同等级城市大学生通过基金公司APP购买基金的比例数据来源：2022年中国大学生基金投资行为调查问卷（N=1496）262023年中国大学生基金投资调查白皮书252023年中国大学生基金投资调查白皮书大学生未来继续投资基金意愿尽管市场波动较大，但未对大学生的购买意愿产生负面影响。调研数据显示，绝大多数（98.2%）大学生基金持有者未来依旧愿意继续购买基金。第八部分 未来投基意愿市场波动未打击购基意愿，未来继续购买基金意愿高受访者Y(外语专业，大三)：“我还是会持续购买基金的，毕竟钱放着也是放着，而且将来工作后收入也会增多，可能会购买更多的基金，做好分配。”数据来源：2022年中国大学生基金投资行为调查问卷（N=3614）数据来源：2022年中国大学生基金投资行为调查问卷（N=4069）考虑98.2%不考虑1.8%调研数据显示，近七成（67.2%）大学生“会提前设计好投资计划，然后按照计划配置基金”。或受限于目前资金有限，多数大学生的基金投资规划内容并不会做得详细、复杂，但也不会盲目设计，而是会在投资前关注产品信息，包括历史收益、基金经理、主要持仓表现、重大事件等，通过行业研报、经验及网络讨论等综合判断后决定是否进行投资。大学生基金投资习惯多数大学生在基金投资前会提前做好合理的规划配置，规划内容主要聚焦在基金本身表现及所处行业/市场情况03 大学生基金投资习惯会提前计划，然后按照计划配置基金没有计划，有钱时才会主动了解较热门的基金，然后详细了解基金信息后决定是否购买没有计划，有钱时会咨询身边亲友，购买他们建议的产品没有计划，有钱时直接购买当下比较热门或者周边朋友都持有的基金67.2%.9%4.7%2.2%受访者L(信息管理专业，研二)：“我会先把关注的一些产品加入自选，看他们的表现，再根据过往经验和网络上的舆情，来判断怎么购买和分配。”受访者L(财务管理专业，大三)：“我会比较关注产品，对比一下同样类型的不同产品，主要关注行业走势、行业政策、网友的分享笔记、收益率、折线图等等。”受访者L(日语专业，大三)：“我现在钱比较少，不太会提前做比较详细具体的规划，但如果以后投资数额比较大的话，肯定会提前做好更详细的规划。”大学生基金投教需求超九成大学生有过投资理财的困扰，其中不确定买入/卖出时机和不知如何挑选/合理搭配理财产品是大学生最常见的理财困扰。大学生在投资理财时，因市场波动大导致买卖时机难以确定、挑选/搭配理财产品困难等是大学生在投资理财时主要面临的两大难题。在大学生投资理财困扰中，超四成（44.5%）大学生表示难以把握买卖时机，在基金上涨或下降时不确定是否是合适的买卖时机，在买入或卖出时犹豫不决；另有超四成（44.1%）大学生在产品选择方面，不清楚如何选择一支优质的理财产品，比较困惑挑选基金的标准。大学生投资理财的困扰数据来源：2022年中国大学生基金投资行为调查问卷（N=4067）第一部分 投资困扰买卖时机、产品选择为主要困扰282023年中国大学生基金投资调查白皮书272023年中国大学生基金投资调查白皮书拨云见雾第二章01 大学生基金投资知识需求受访者Y(外语专业，大三)：“之前那只基金涨了，想卖了，但是妈妈说会翻倍，后来亏了，不知道当时是不是应该卖掉那只基金亏损的时候也往里补了一点，但是不知道这么做是不是正确的。”受访者Z(英语专业，大三)：“不太清楚选基标准，比如同样主题的基金产品该如何选择”市场波动大，不知道什么时候买入/卖出不知怎么合理挑选/搭配理财产品针对当下现状，不知如何合理进行资产配置基金表现差，不知道该卖出还是坚持银行理财收益低，找不到合适产品替代随大众入市，盈利比较一般看不懂股市/市场行情不知怎么选择基金经理没有遇到过困扰44.5D.15.85.04.32.3).7 .3%5.202023年中国大学生基金投资调查白皮书292023年中国大学生基金投资调查白皮书除此之外，不知如何合理进行资产配置、基金表现差时不知是否要卖出、无合适产品替代收益低的理财产品、理财收益一般、看不懂市场行情、无法识别网络理财信息真伪等也为目前部分大学生存在的投资理财难题，而这或与大学生理财知识/技能缺乏、导致其在实际理财投资时无法面对行情态势变化时做出应对反应有关。从数据表现看，仅约5%的大学生表示没有遇到过理财困扰，大部分大学生面临理财困扰。受访者L(财务管理专业，大三)：“有些人不是完全靠知识和讯息去做投资理财和判断的。对我来说有时候看到这个讯息可能也判断不出来以后的走向，但是有些人看到这个讯息就可以判断出来。”受访者C(信息管理专业，研二)：“无法分辨网上的大V是否真的有专业资质，缺乏实操类专业知识。”在大学生理财知识的需求中，超六成（61.3%）大学生表示行情分析策略在投资理财的过程能起到很大作用，能帮助他们判断理财产品的未来走向从而做出下一步判断，具体内容可以包括相关利好政策、国内外的形势对比、行业发展史、未来预测的相关信息、判断基金质量和未来发展的方法等。受访者L(日语专业，大三)：“不知道哪些是现在发展比较好的，以后更有潜力的行业。行情分析策略还是很需要的，比如说如何判断基金好不好，如何判断它的未来行情发展趋势等等。”受访者Z(英语专业，大三)：“想看到一些行情分析，比如有哪些利好政策、国内外的形势对比等。还有行业发展史及未来预测的相关信息也比较需要。”此外，交易操作技巧、投资理财基础知识科普、持有产品分析、财产安全类科普（如账户安全、持有资金安全、警惕金融诈骗等）、热点解读分享、宏观资讯分析、实操类经验分享等也是目前部分大学生所需要的理财知识，这些知识和资讯可以帮助大学生在投资理财过程中获得更加客观理性的参考资料，以便于进行综合性判断。受访者C(信息管理专业，研二)：“想要学实操方面的知识，比如基金怎么分配、怎么看走势等，这样以后做理财会更有行业专业的判断。”受访者L(金融学专业，大四)：“希望获得一些宏观的资讯，比如我会对于行业、个股、突发事件、大盘冲击的相关资讯比较关注。”受访者Y(外语专业，大三)：“行情、经验、实践方面的分享比较需要，一些基本专业知识会从妈妈那边了解。”受访者Z(电子信息工程专业，大四)：“基金的形势跟当前的一些重大事件有关的热点新闻可能会比较关注。”受访者L(日语专业，大三)：“我还需要比较专业一点的和基金相关的知识，比如定投之类的。”另有近六成（57.2%）大学生表示关于优质理财产品的分析与介绍能为投资理财提供有价值的参考信息，具体内容可包括理财产品的组成、盈利机制等。受访者Z(电子信息工程专业，大四)：“希望能更细致地介绍一些理财产品，比如介绍它的组成，它基金本身是怎么赚钱的这些。”数据来源：2022年中国大学生基金投资行为调查问卷（N=4262）行情分析策略优质产品分析交易操作技巧投资理财基础知识科普持有产品分析财产安全类科普热点解读分享61.3W.2R.5R.1Q.7P.2A.6%大学生有较强烈的理财知识需求，行情分析策略是超六成大学生目前最迫切需要的理财知识。大学生普遍存在补充和丰富理财知识的需求，并且更偏好实践方向的知识和经验分享，而非理论主导的专业知识内容。其中，行情分析策略和优质产品分析是大学生需求量最高的两类理财知识。大学生理财知识需求第二部分 投资知识需求行情分析策略需求最迫切322023年中国大学生基金投资调查白皮书从不同学历来看，行情分析策略是专科、本科和硕士生最需要的理财知识，而博士生最迫切需求的则是优质产品分析。其次相对来说，专科生更注重财产安全类科普和交易操作技巧；本科生则认为优质产品分析和交易操作技巧更重要；对硕士生来说，优质产品分析和持有产品分析能够提供更大的帮助；而博士生会更加需要行情分析策略和热点解读分享。大学生理财知识需求（按不同学历统计）数据来源：2022年中国大学生基金投资行为调查问卷（N=4262）数据来源：2022年中国大学生基金投资行为调查问卷（N=4068）受访者L(金融学专业，大四)：“目前掌握的知识和技能能满足一部分需求，但因为不会去做很技术性的操作，比如量化什么的，再加上在学校学了分辨公司行业前景的知识，比较够用了，但是和实操还是会有一定差距。”受访者C(信息管理专业，研二)：“现在了解到的是投资理财应该怎么操作、红线和底线应该怎么设置，而关于这个基金的持仓该怎么分配、怎么去看走势等专业知识目前还不具备。看过一些经验贴，但是受众是有多年经验的股民、基民，而自己近几年才进入这个领域，相关知识比较缺乏。”受访者Z(电子信息工程专业，大四)：“我觉得我的技能和知识肯定是不够的，如果以后要做很深入的投资，就需要更多的理财知识，目前的简单理财差不多。”受访者L(日语专业，大三)：“上课没有涉及相关知识，也没有参加相关活动；感觉自己好像没有掌握什么技能和知识，可能以后多一些实战经历就有经验了。”受访者Z(英语专业，大三)：“我感觉可以满足日常需求，因为平时的投资也没有很高的专业性，而且购买的产品都是偏稳健型的，后续如果要买更专业的理财产品，目前的理财知识就不够了。”行情分析策略59.2a.4b.0W.1%优质产品分析47.6W.0a.4b.9%交易操作技巧53.6R.5R.4B.9%投资理财基础知识科普48.7R.4S.17.1%持有产品分析45.7Q.7T.6E.7%财产安全类科普54.3P.4G.6H.6%热点解读分享38.6A.7A.9Q.4%专科在读本科在读硕士在读博士在读仅15.9%的大学生表示理财知识/技能掌握丰富，大学生整体投资理财知识/技能掌握不足。本次研究显示，理财知识掌握尚可的情况在大学生群体中占大多数（58.9%），仅仅可以应对简单理财产品的日常操作，针对复杂情况则较难决策；其次，有超两成（25.2%）大学生表示自己理财知识/技能掌握不足，其认为仅凭自己目前掌握的投资理财知识无法满足投资理财需求，目前仅处于小金额试水阶段，实操经验不足，无法支撑实际的投资理财，日常投资仍需要依靠身边朋友或大V建议。从数据显示来看，仅有15.9%的大学生表示理财知识/技能很丰富，可以完全满足自身的投资需要。大学生整体投资知识掌握情况有待进一步提升。大学生投资理财知识掌握情况第一部分 知识掌握情况一知半解，理财技能有待进一步提升02 大学生基金投资知识掌握现状理财知识/技能丰富理财知识/技能尚可理财知识/技能较少完全不了解理财知识/技能15.9X.9#.2%2.012023年中国大学生基金投资调查白皮书342023年中国大学生基金投资调查白皮书332023年中国大学生基金投资调查白皮书数据来源：2022年中国大学生基金投资行为调查问卷（N=4069）会向有经验的人学习77.4%近九成的大学生认为学习投资理财知识是很有必要的，并且向有经验的人学习是超七成大学生的首选方式；而目前校内理财课程安排较少，占比仅两成。本次研究显示，九成（90.1%）大学生有计划学习投资理财相关知识，其中直接向有投资理财经验的人请教是大学生的首要学习方式（77.4%），而市场上的投资理财课程成为了大学生群体的次选，占比55.3%。同时在调研中了解到，经验分享类的课程/文章对大学生也更有吸引力，相比枯燥的理论学习，他们更偏好向有经验的人学习投资思维和逻辑的解读，获取实战类的投资理财知识和技能。另本次调研发现，学校存在理财教育缺失、覆盖范围不足的情况，只有两成（21.4%）大学生能够在校内接触到理财相关的专业体系课程。大学生投资理财知识学习偏好第二部分 理财知识学习偏好以往鉴来，向有经验者请教为主要学习方式超九成大学生有自己偏好的知识获取渠道，其中投资理财平台和社交平台资讯是最受欢迎的两类渠道。研究数据显示，大学生更加偏好通过基金/证券/银行/互联网金融等投资理财平台和社交平台（如微信、QQ、微博、知乎、小红书等）等获取投资理财知识/技能，两类平台信息获取便捷，品牌公信力也较好，最受大学生群体青睐。其他渠道如财经媒体（新华财经、新浪财经、和讯网等）、金融理财类信息供应商（同花顺、天天基金、雪球等）、短视频平台（如抖音、快手等）等渠道也受到多数大学生的喜爱，此类平台兼顾了专业理财知识的传授和实战经验的分享，且方便实用，大学生日常使用频率高，更能满足他们的需求。大学生投资理财知识获取渠道第三部分 基金投资知识获取渠道投资理财平台、社交平台为主要渠道会了解投资理财课程55.3%学校已有安排相关课程21.4%没太大必要，靠实操经验9.9%受访者Y(外语专业，大三)：“我日常在平台浏览，如果有推送的日志、帖子会点进去看；对经验分享比较感兴趣，比如什么样是优质基金以及投资理财的成功案例等等，像单纯的理论课程就不会去看。”受访者C(信息管理专业，研二)：“我对于基金表现的解读比较需要，比如在实际操作中怎么判断近7天表现比较好的基金，想学习下他们的投资逻辑。”数据来源：2022年中国大学生基金投资行为调查问卷（N=4068）投资理财平台社交平台财经媒体金融理财类信息供应商短视频平台长视频平台各类专业投资书籍学校提供的投资理财类课程亲友介绍/传授55.8T.8P.0H.4E.67.66.00.9&.3%凭感觉投资1.062023年中国大学生基金投资调查白皮书此外，大学生认为目前投资者教育还存在形式过于枯燥（33.5%）、展示内容不符合自己的需求（27.3%）等问题，希望能让展示形式更加通俗易懂，并且增加一些关于“怎么做”的知识分享，而不是理论知识的堆砌。大学生投教信息认知现有投教问题第一部分 投教服务体验知晓度高，但体验评价不高1.投教认知：大学生对投教服务整体知晓度高03 大学生基金投教服务体验与需求有接触过投教信息没有接触过投教信息71.8.5%没留意过16.8%数据来源：2022年中国大学生基金投资行为调查问卷（N=4069）数据来源：2022年中国大学生基金投资行为调查问卷（N=2920）本次研究发现，仅有0.8%的大学生对投资者教育不感兴趣，几乎所有大学生都关注过投教内容，且遇到过各类问题。数据显示，五成（51.6%）大学生表示投资理财平台上的投教信息展示很分散，不便于自己系统学习投资理财知识；其次，超四成（46.8%）大学生表示投教内容包含太多专业术语，作为一个投资理财知识/经验储备不足的大学生投资者，难以理解其中含义。此外，信息查找困难（36.4%）、投教内容易与营销信息混淆（35.5%）、广告植入过多（35.0%）等也是大学生认为目前投教工作存在的几个主要问题点。本次研究显示，七成（71.8%）大学生接触过投资理财平台上的投教信息，投教认知度高。以大学生投资渠道中使用率高的支付宝为例，支付宝提供的投资风险评估、科普类文章和理财教学等投教信息被多数大学生所留意。2.投教问题：几乎所有大学生都关注过投教内容，而内容分散、无吸引、阅读困难、形式枯燥等为目前投教主要问题受访者C(信息管理专业，研二)：“有些平台会在我最开始买基金前给一个测评，然后他如果测出来了什么类型的，会给你一些解释，然后也比较推荐人去定投，会专门开一个板块，如定投有什么优势。”受访者C(金融学专业，大三)：“有些平台上有一些科普文，展示基金是怎样计算费用的等基础知识。”受访者L(财务管理专业，大三)：“投教内容有很多专业术语，太枯燥了。我刷到的都是教怎么防范风险，也有一些简单的介绍，但是没有教去怎么做，只是告诉了理论知识，希望能多一些关于怎么做的分析。”受访者C(金融学专业，大三)：“对目前平台上的投资课程不是很感兴趣，但是自己想听的内容很难落地，如在选择一个基金的时候要考虑什么东西、怎么分析财报等。”受访者L(财务管理专业，大三)：“小红书和东方财富上面会刷到（投教信息），但不是很多，偶尔会点进去，基本上因为没什么意思，就又退出来。”信息很散，无法形成系统学习专业术语太多，看不懂分布在平台各个地方，找起来麻烦分不清是投资者教育资讯还是产品营销，一般直接忽略有很多广告植入形式太枯燥，不想读推送的信息不是我喜欢的/关注的内容对投资者教育内容不感兴趣，不想琢磨51.6F.86.45.55.03.5.3%0.852023年中国大学生基金投资调查白皮书382023年中国大学生基金投资调查白皮书372023年中国大学生基金投资调查白皮书数据来源：2022年中国大学生基金投资行为调查问卷（N=4065）数据来源：2022年中国大学生基金投资行为调查问卷（N=4068）数据来源：2022年中国大学生基金投资行为调查问卷（N整体=4065；N男=1592；N女=2472）投教信息展示形式TOP6投教介绍人身份偏好专业投顾需求投教信息展示形式（按性别分类统计）第二部分 大学生基金投教服务需求 投教服务形式：真人形式及问答形式为主要形式偏好真人形式和问答形式是大学生投教服务主要偏好形式。研究数据显示，有近五成（45.9%）大学生更偏好真人视频形式，其次超四成（44.8%）大学生表示问答形式可以更好地满足自己的需求，另有超四成（42.8%）的大学生喜欢直播的展现形式，其他如动画视频形式等也是部分大学生较喜欢的展示形式。从此看出，大学生希望投教信息展示形式能够使其内容更加通俗易懂且便于阅读观看和理解，另外这些形式也提供了与他人互动交流的平台（如视频评论区、讨论区等），便于大学生获取适合自己的经验和知识。介绍人身份偏好：实战经验丰富的投资分析师更受大学生的青睐近六成（58.8%）大学生更偏好实战经验丰富的知名投资分析师来进行投教信息的介绍与分享，或因其身份所附带的经验和资历让大学生认为值得信赖；其次，各有超半数的大学生偏好平台理财经理（54.0%）或持有产品相关的行业专家（51.4%）来进行投教介绍，此类介绍人兼具专业知识和实践经历，更能获得大学生的认可。专业投顾需求：近九成大学生有专业投顾需求研究数据显示，近九成（89.5%）大学生表示需要专业的投资顾问给予投资建议与指导；剩余10.5%的大学生或因目前投资资金少、偏向自己学习和操作等原因表示不需要专业投资顾问的帮助和建议。整体而言，大学生更看重介绍人是否有丰富的投资理财经验和成功案例，而不是单纯根据其专业知识是否广博或者身份是否专业来做出判断。此外，对介绍人的表达能力和讲解内容也有所要求，最好能通俗易懂，而不只是单纯理论知识的讲解。从不同性别来看，男女生都会将真人视频形式作为投教信息展示形式的首选。其次，男生更喜欢直播形式，而女生更偏爱问答形式。真人视频形式问答形式直播形式动画视频形式社区论坛形式长图文形式真人视频形式问答形式直播形式动画视频形式社区论坛形式长图文形式45.9D.8B.89.56.44.6%男女知名投资分析师（如券商首席分析师等）平台理财经理所关注/持有理财产品的行业专家经济学教授/学者雪球、天天基金等专业投资信息平台的投资大V/资深投资者抖音、小红书等社交平台人气投资UP主财经评论员58.9T.0Q.4D.9B.35.95.0E.3F.3%受访者J(金融学专业，大四)：“有实践经验的比教授好一些，教授的实操经验不足，不是所有教授都投资，而且投资的收益率也不高。”受访者Y(外语专业，大三)：“只要成功案例多，经验丰富，口碑好，大众评价好的（介绍人）就可以，无论具体是什么身份；如果单单一个专家可能不太相信，要多方面佐证。”受访者C(电子信息工程专业，大三)：“（介绍人）要有一定专业水平，但是作为小白，也很难分辨他是不是真的有专业能力。此外，如果他讲的很专业，晦涩难懂而且学习门槛很高的话就不太愿意。”受访者L(金融学专业，大四)：“偏好知名投资分析师、业界专家之类的，他们日常工作就是在接触这些投资产品，虽然学者知识储备很丰富，但是会考虑他们的知识和实操是否会有脱节。”需要89.5%不需要10.5%数据来源：2022年中国大学生基金投资行为调查问卷（N=4263）43.1E.9A.36.6A.46.96.05.24.3E.12023年中国大学生基金投资调查白皮书大学生基金投教建议在证监会有关部门统一部署指导和行业机构的积极参与下，自2021年正式启动以来，“一司一省一高校”投资者教育活动取得了良好效果。在后续大学生投资者教育工作中，可以持续推进“一司一省一高校”的投资者教育活动，积极促进基金公司与高校开展深入合作，倡导将投资者教育纳入国民教育体系，提升当代大学生的理财意识，建立科学的人生投资规划。具体工作可从以下方面展开：有的放矢第三章01 持续推进“一司一省一高校”投教活动，推动投资者教育纳入国民教育体系392023年中国大学生基金投资调查白皮书由中国证券投资基金业协会牵头，搭起各基金公司参与主体与高校之间的合作桥梁，在此基础上开展高校大学生的投资者教育工作，发动行业力量共同发展。各基金行业参与主体作为基金行业的实践者，其丰富的行业实战经验可与高校教育之间形成有利互补。各基金行业参与主体分为活动主办方、协办方和支持方三类：活动主办方为公募基金管理人、证券公司、基金销售、投顾、评价机构等主体，负责在高校具体开展相关投资者教育活动。活动协办方主要为商业银行地方分支行，证券公司的分公司、营业部，以及基金管理人的股东方、上市公司等，利用各自优势，协助开展相关活动；活动支持方主要包括证监会相关派出机构及系统单位、地方协会（负责牵头联系，给予参与机构必要的支持）和相关媒体（主要负责线上投教、宣传等活动）。通过多方通力协作，助力大学生投资者教育工作持续且良性推进。（一）平台搭建搭建基金公司与高校之间的合作桥梁，推动各基金行业参与主体协同合作，开展大学生投资者教育大学生是投资者教育的重要群体。基于前两章对于大学生基金投资困扰及对投资者教育需求的梳理，各投资市场参与方应积极响应，开展多元化、丰富性、定向化的大学生投教服务工作，做好大学生步入社会前的投资预演，以提升大学生投资理财意识、培养其投资理财习惯、帮助其投资理财知识及技能的积累，进而提高大学生的财商。422023年中国大学生基金投资调查白皮书受访者J(金融学专业，大四)：“开设面向全校的（理财知识）课程，可以讲一些基本知识；但是在（金融学）院内开课可以讲得更深入。另外可以关注学院官方的宣传渠道，如学校职业发展协会、公众号、微信群、QQ群等可以利用起来，举办金融相关比赛。”受访者L(金融学专业，大四)：“在课上学了分辨公司行业前景的知识，对我目前投资理财需求比较够用了，但是和实操相比也会有一定差距。”受访者L(财务管理专业，大三)：“希望有实战类的课程，会更有体验感。但是只有实操也不行，肯定是要边实操边分析才行。”受访者Z(英语专业，大三)：“学校的金融课程偏向宏观的货币政策等，比较基础。也有股票的课，但是因为需要实地操作，受疫情影响没有开课，我还参加过模拟的炒股活动，感觉还是有收获的。建议与学校合作开展类似投资活动，表现优秀的可以得到奖金/实习机会等。”受访者W(金融学专业，大四)：“我关注了一些券商、资管和知名大V的微信公众号，看它们发出来的研报。也会在雪球APP和东方财富网上看财报，在做项目的时候需要一些数据。”受访者Y(外语专业，大三)：“我比较偏好在B站上金融类的讲座，或者他们分享的知识和专栏。”受访者L(财务管理专业，大三)：“我会在小红书上看他们分享的投资经历以及一些基金定投相关的专业知识等等，趣味性没有很强，但是部分内容还是浅显易懂的。”除开展投教活动外，根据大学生偏好的投资者教育模式，可推进大学生投资者教育成为国民教育课程，具体课程配置可从以下维度考虑：1）课程内容上，根据大学生金融理财知识掌握程度不同，可开设差异化、阶梯式的课程体系，课程包括但不限于：投资理财基础知识培训、行业分析策略解读、宏观资讯分析、基金配置与选择、基金走势解读、未来行情分析、投资实战模拟等；2）开课形式上，可为专业课程（含在线开放课程）、虚拟交易实操、社会实践、公益讲座、投资理财比赛等形式；3）在授课老师方面，由实战经验丰富的投资分析师或理财经理作为授课人更容易获得大学生群体的青睐，授课人是否拥有成功经历和良好口碑是其关注的焦点。本次研究发现，针对理论基础薄弱、非金融相关专业的大学生，更偏好投资理财基础知识相关课程，以增加自身在相关领域的知识储备；而针对有一定投资经验或金融相关专业的大学生，则更偏好行业分析策略、投资实战模拟等实战类课程，可更丰富其在投资理财方面的实操能力。（三）课程开设推进投资者教育纳入国民教育体系，开设相应的投教课程02 开展因人制宜的大学生投教工作除与高校合作开展投教工作外，金融机构自身可结合前章关于大学生的投资困扰及投教需求，从以下维度开展大学生投资者教育工作：结合大学生投资理财知识及技能掌握程度的差异性，提供差异化、个性化、简明易懂的进阶投教服务尤为必要。针对投资经验及技能不足的大学生，投资者教育服务更多侧重于投资理财基础知识科普、投资理财策略、产品选择考虑、交易操作技巧等内容，便于其进一步了解投资理财市场及平台、产品属性等，以提升其投资理财能力。针对有一定投资经验的大学生，则可提供进阶的多元化、差异化、个性化的行业知识或实时资讯等，如提供特定行业分析策略、优质产品分析、行业热点解读等，便于不同投资经验的大学生根据自身所需，及时获取相关信息。而在投教信息展示上，考虑大学生投资理财知识各有不同，在信息展示上尽可能使用简明易懂的文字表达，避免因文字内容专业、晦涩而导致可阅读性差、理解困难的问题。（一）投教知识体系提供差异化、个性化、简明易懂的投教服务在自有平台的投资理财区域，设置专属的投资者教育板块，并形成醒目指引。超五成大学生认为目前投资理财平台上的投教信息展示分散，无法形成系统学习；其次有超三成大学生反映投教信息分布在平台各个位置，找起来麻烦；另有超三成大学生表示因分不清是投教资讯还是产品营销而直接选择忽略。针对这三种情况，各大金融机构及相关行业需进一步优化平台投教服务，设立专属的投资者教育板块，改善信息展示，且在投资理财区域提供醒目指引，便于大学生用户快速查找到相关信息，学习相关理财知识及资讯。在年轻群体聚集平台开展投资者教育服务，进行投教宣导。除自有平台外，社交平台、长/短视频平台等也为大学生投资理财知识常用渠道。在大学生聚集平台，如抖音、快手、B站、小红书、微博、微信等，各金融机构及相关行业可通过开设账号，通过日常发布视频或图文形式进行投资者教育服务，以更全面触达大学生群体，提升其对投资理财的关注度及理财感知。（二）投教渠道自有平台设置专属板块，外部平台延伸拓展412023年中国大学生基金投资调查白皮书“一司一省一高校”投教活动需针对高校大学生的特点进行差异化设计，内容包括但不限于：投资理财基础知识讲解、理财思维建立及理财规划、金融理财工具介绍、行业分析策略解读、金融诈骗案例分享等。通过多样化的内容设计，以满足金融理财知识与技能掌握程度各异的大学生投教需求。（二）内容设计针对高校大学生特点，设计针对性的活动主题432023年中国大学生基金投资调查白皮书442023年中国大学生基金投资调查白皮书当代大学生养老规划未雨绸缪特刊本次研究发现，超三成大学生反映目前看到的投资者教育形式枯燥，不愿意阅读。针对这一问题，在后续投教工作中可提供更加多元化、符合大学生偏好的投教宣导形式，以吸引其浏览、阅读。信息易获取、易理解的投教形式更受大学生偏好。经研究发现，各有超四成大学生更偏好真人视频、问答及直播形式，其他如动画视频、社区论坛等也是部分大学生的比较喜欢的展示形式，可根据投教内容的内容属性，选择适配性的展示形式。随着人们生活质量的提高和人口老龄化问题的日益加剧，医疗、教育和养老已经成为这个时代的热门话题。2022年政府工作报告 多次提及“养老”话题，“积极应对人口老龄化”已上升到“国家战略”的重要地位。此外，全国两会上“养老”也成为热门议题，提案覆盖了智慧养老、适老化、养老人才队伍建设等方方面面，引发了社会高度关注。同时，2022年4月，国务院办公厅发布 关于推动个人养老金发展的意见，由政府政策支持、个人自愿参加、市场化运营的个人养老保险制度正式落地，为推进多层次、多支柱养老保险体系建设，促进养老保险制度可持续发展，实现资本市场服务养老事业，提供了新的支持与方向。政策的推动和社会的热议，让“养老”话题进入家家户户，同时也引发年轻群体的关注。本次也面向大学生群体，针对养老话题做了初步的摸底调研，旨在了解当代大学生的养老意识及规划，以便以投资理财的角度为大学生未来养老提供更多的帮助。（三）投教形式提供多元化的投教宣导形式，满足大学生个性化需求研究发现，大学生更偏好有着丰富实战经验、有成功案例、对相关行业有丰富知识的投资分析师、理财经理或行业专家来开展投教服务，其中知名投资分析师最为抢手。因此，在投教分享人角色中，可重点邀请相关角色人员进行投教宣导，可提高对投教内容的关注度和参与度。（四）投教分享人角色邀请实战经验丰富的投资分析师进行投教宣导大学生作为投资市场的特殊群体，也是投资者教育的重要工作对象，投资者教育工作需要结合大学生的特性有的放矢，才能事半功倍，达到其所期望的目标价值。因此，需要投资市场各参与方从大学生特性出发，提供针对性的投教服务；并且，始终保持开放、持续的态度，不断追踪、更新大学生投资理财特点及其投教需求，优化、创新大学生投教服务，在投资市场用户的始端，促进投资市场的健康良性运转。462023年中国大学生基金投资调查白皮书得益于当今社会信息的高效传播，多数大学生会主动关注或被动接收到养老政策的相关信息。本次调研发现，近七成（67.3%）大学生会主动关注养老政策，其中23.3%的大学生会对政策做深入了解；另有近三成（28.8%）大学生也会在日常生活中接触到相关信息。大学生对养老政策的关注度整体较高，其中两成大学生会深入了解养老政策02 大学生养老意识规划当代大学生对养老有前瞻性认知，近七成大学生会考虑养老问题。调研发现，近两成（18.3%）大学生表示已对养老做出详细的规划或行动，并有五成（49.9%）大学生虽目前未做出具体规划或行动，但会考虑养老问题。第一部分 养老意识近七成大学生会考虑养老问题，其中近2成已做好养老规划01 大学生养老政策关注数据来源：2022年中国大学生基金投资行为调查问卷（N=4264）数据来源：2022年中国大学生基金投资行为调查问卷（N=4264）数据来源：2022年中国大学生基金投资行为调查问卷（N=780）大学生对养老政策的关注度大学生养老意识及规划为老年生活积累财富和配置保险保障是当前大学生养老规划的两大举措，其中通过投资理财获取收益是积累财富的主要手段。调研数据显示，近八成（77.8%）大学生计划通过投资基金/股票/债券等赚取收益来为老年生活提供经济保障；超六成（61.8%）大学生计划配置商业养老险/重疾险等保险产品来为老年生活提供保障；此外也各有超五成大学生计划通过设置专项储蓄或投资不动产而为养老做准备。第二部分 养老规划近八成大学生计划通过投资理财积累财富，来为养老提供资金储备大学生养老规划会主动关注，并会对养老相关政策做深入了解23.3%不怎么关注，会从日常生活中（朋友聊天等）获取部分信息28.8%会主动关注，但只做大致了解44.0%不关注，也不想了解3.8%有考虑规划，并且正在一步步落实中7.9%偶尔会考虑，但还没有行动49.9%已做好详细的规划，过几年准备开始行动10.4%还没想过养老，现在考虑太早了31.8%通过基金/股票/债券等投资，积累财富投资住房等不动产来获取收益设立专项储蓄通过配置保险（商业养老险/护理险/重疾险等）进行保障77.8a.3Y.5U.4E2023年中国大学生基金投资调查白皮书482023年中国大学生基金投资调查白皮书03 大学生养老工作建议鉴于目前大学生养老意识逐渐增强，但较少有人真正规划实施，因而在此阶段进行合理的引导，可以快速高效地帮助大学生树立正确的养老观，为以后养老规划的实施提供正确的方向。此外，由于大学阶段并未完全走入社会，对于社保养老金及商业保险的认知有限，因此大学生养老规划基本集中在通过投资理财积累财富为老年生活提供经济保障。然而受到个人在养老方面的认知及阅历限制，很多大学生对自己的资产规划、养老方向并没有清晰的思考，对于养老所需要的资金量、投资方法及方向也不太明确。因此，需要监管机构及各金融机构发挥各自优势，为当代大学生未来养老规划提供指引，具体如下几个方面。加强宣传教育，在主流平台普及养老政策及动向。根据调研显示，超七成大学生都会通过主动或被动的方式了解到养老政策的更新及发展动向。由此可见，平台的宣传以及热点话题的讨论都会对大学生的认知产生较大影响。因此，加强平台养老宣传，以简单直白的方式普及养老政策及行业动向，可以加速大学生养老意识的形成及养老观念的树立。定位大学生“以投资供养老”的需求，为大学生乃至年轻群体提供专属养老型产品。鉴于大学生投资及养老需求，可以为大学生设置专属养老型产品，如风险较为分散的组合型基金等，以期限长、风险低、稳健收益、操作灵活为主要特性，并在产品介绍及推广期间加强理财养老的理念灌输和知识普及，以助力大学生“以投资供养老”的养老规划进一步落实。结语472023年中国大学生基金投资调查白皮书随着互联网经济的快速发展和观念思维的转变，投资理财已不再只是高净值人群探讨的话题，逐渐全民化、日常化、年轻化。而当代年轻人的投资意识更为超前，已从传统的“储蓄理财”拓展到炒鞋、炒股、炒基金等，掀起了一波投资风潮。在此背景下，如何尽早尽快引导年轻人树立正确的投资观，已成为当前的热点话题，同时如何为年轻群体提供科学、健康的投资理财环境也是各大金融机构年轻化转型的重要方向。本次中国证券投资基金业协会、新华财经、摩根资产管理、上投摩根基金和蚂蚁投教基地联合发布 2023年中国大学生基金投资行为调查白皮书，从大学生视角深入了解其投资理财行为及习惯，挖掘其基金投资困扰，洞察其理财知识及技能掌握情况，从而以其需求为导向，为后续各市场参与方（如监管机构、证券基金等投资理财公司、第三方理财平台等）制定符合大学生需求的投资者教育计划提供参考，共同为大学生建立健康、稳定、可持续发展的投资环境。通过本次调查发现，在大学生群体中，投资理财观念已深入人心，绝大多数大学生都认为可以通过投资理财获取理财知识技能及实现财富增值。因此，虽然资金来源相对单一，且金额有限，但绝大多数大学生都有过投资理财行为，而基金则成为大学生最偏爱的理财工具。在收益和风险面前，大多数大学生属于风险回避型，更偏向稳健收益，因此货币型基金成为首选产品。而在投资基金的过程中，多数大学生尚未形式科学、自主的投资观念及技能，基金产品选择以及买卖时机把握成为主要难题。因此在投资教育的推广中，需重点关注大学生基金投资的困扰问题，以其偏好的经验分享、侧重实践为主要形式，提升大学生整体投资技能及素养。监管机构可积极呼吁投资市场各参与方做好投教工作，助力投教工作落实；而金融机构则需因地制宜、因材施教，在自有平台设置专属投教板块，提供差异化、个性化、多元化的投教服务及宣导，共同促进金融投资市场的良性运转。另外，本次项目也同步调查了大学生对养老规划的考虑，调研发现大学生对养老有前瞻性认知，多数大学生会考虑养老问题，对养老政策的关注度整体也较高。而针对养老规划，多数大学生计划通过投资理财积累财富，来为养老提供资金储备。因此，需要监管机构及各金融机构发挥各自优势，为当代大学生未来养老规划提供指引：一方面加强宣传教育，在主流平台普及养老政策及动向；另一方面，定位大学生“以投资供养老”的需求，为大学生乃至年轻群体提供专属养老型产品，以助力大学生养老规划进一步落实。492023年中国大学生基金投资调查白皮书项目课题组502023年中国大学生基金投资调查白皮书附录数据来源：2022年中国大学生基金投资行为调查问卷（N=4264）数据来源：2022年中国大学生基金投资行为调查问卷（N=4263）年龄结构性别结构样本结构1990年-1995年3.8S.1 00年以后43.296年-2000年女61.48.6%男数据来源：2022年中国大学生基金投资行为调查问卷（N=4264)数据来源：2022年中国大学生基金投资行为调查问卷（N=3552）学历结构性别结构专科在读6.3w.0%硕士在读15.9%0.8%博士在读本科在读大一8.7.6%大二大三35.9.8%大四/大五项目发起方中国证券投资基金业协会、新华财经、摩根资产管理、上投摩根基金、蚂蚁集团投资者教育基地调研指导单位中国证券投资基金业协会、上投摩根基金研究设计中国证券投资基金业协会、上投摩根基金、零点有数问卷投放及数据采集中国证券投资基金业协会、新华财经、上投摩根基金访谈执行及报告执笔零点有数报告联合发布中国证券投资基金业协会、新华财经、摩根资产管理、上投摩根基金、蚂蚁集团投资者教育基地
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深圳市计量质量检测研究院：澳大利亚和澳大利亚碳足迹标准现状研究报告（78 Seiten）.pdf
国内外碳足迹标准现状 研究报告 深圳市计量质量检测研究院 2022 年 10 月 目录 目录 第一章 绪论.1 1.1 研究背景.1 1.2 目的意义.3 第二章 碳足迹评价方法.5 2.1 碳足迹的含义.5 2.2 碳足迹计算方法.5 2.3 小结.11 第三章 国外碳足迹评价标准与应用.12 3.1 标准现状.12 3.2 应用现状.15 3.3 小结.19 第四章 我国碳足迹研究进展.20 4.1 国外标准的转化.20 4.2 标准情况.20 4.3 应用现状.28 4.4 小结.29 第五章 结论与建议.30 5.1 结论.30 5.2 建议.30 附件 1 典型国家和地区碳足迹标识实施情况.32 1 第一章 绪论 第一章 绪论 1.1 研究背景 20 世纪末以来，由温室气体排放所引起的全球变暖、极端天气频发等气候变化问题引起了国际社会的广泛关注。气候变化问题不仅是全球环境问题，更是涉及各国经济能否可持续发展的重大问题。发展低碳经济作为应对气候变化、促进可持续发展的一项战略选择，日益受到国际社会的高度重视，而发展低碳经济，离不开政策制度的创新。在此背景下，为减少温室气体排放，人们在国际、国家和区域等各层次上制定措施并采取行动，低碳技术系列新政策应运而生。其中制定碳足迹计算标准、建立碳标签制度等被认为是构建气候变化政策体系的一项重要内容。产品碳足迹是温室气体排放在产品层面的量化，在节能减排、产品制造、金融投资、国际贸易等方面的影响越来越大，在国际上已被广泛应用。通过对产品全生命周期碳排放进行计算分析，一方面可以全面、客观地审视产品全生命周期过程中能源与环境问题，从计算过程和结果中挖掘碳减排潜力，为企业持续改善工艺、开发低碳技术，向低碳生产方式转变，提高低碳竞争力提供内在支撑；另一方面，将产品的碳足迹信息以标识标签的方式告知公众，可以引导消费者2 的低碳购买行为，从需求端撬动供应端；再者，碳足迹作为一种市场机制，对于应对日益严峻的国际贸易壁垒具有重要作用。我国高度重视气候变化问题。2020 年 9 月习近平总书记在第七十五届联合国大会一般性辩论上向国际社会作出“碳达峰、碳中和”郑重承诺，并在气候雄心峰会上提出了具体目标。实现碳达峰、碳中和涉及能源结构调整、产业转型、经济增长方式转变，是一项系统工程，需要完善的政策、经济和技术顶层设计，需要政府、企业、消费者等各方面全方位配合，而制定标准是不可或缺的技术基础，标准可以对“双碳”工作进行引导和规范，助力碳达峰、碳中和的实现。2021 年10 月中共中央、国务院印发国家标准化发展纲要国家标准化发展纲要，提出完善绿色发展标准化保障，建立健全碳达峰、碳中和标准，加快完善地区、行业、企业、产品等碳排放核查核算标准加快完善地区、行业、企业、产品等碳排放核查核算标准。同年 12 月，国标委等十部委联合印发“十四五十四五”推动高质推动高质量发展的国家标准体系建设规划量发展的国家标准体系建设规划，在生态文明领域中明确提出建设碳达峰、碳中和标准，推动碳排放管理体系、碳足碳足迹、迹、碳汇、碳中和、碳排放权交易等重点标准制定。2022 年，国家发改委在促进绿色消费实施方案促进绿色消费实施方案提出“优化完善标准认证体系。制定重点行业和产品温室气体排放标准，探索制定重点行业和产品温室气体排放标准，探索建立重点产品全生命周期碳足迹标准建立重点产品全生命周期碳足迹标准”。粤港澳大湾区地处中国沿海开放前沿，经济实力雄厚，3 创新要素集聚，国际化水平领先，是中国开放程度最高、经济活力最强的区域之一，在国家发展大局中具有重要战略地位。目前，粤港澳大湾区产业结构处于向后工业化过渡的阶段，具备产业低碳发展的优势，与此同时，大湾区的低碳发展仍面临产业结构调整升级的诸多挑战，从产业结构来看，粤港澳大湾区是制造业重地，重污染、高排放的产能在不断淘汰，高新技术制造比重加大，传统产业不断改造升级。2019中共中央、国务院印发粤港澳大湾区发展规划纲要，明确提出粤港澳大湾区创新绿色低碳发展模式，挖掘温室气体减排潜力，推动粤港澳碳标签互认机制研究与应用示范。推动粤港澳碳标签互认机制研究与应用示范。2021 年深圳市政府印发深圳市生态环境保护“十四五”规划要求：探索建立产品碳标签制度，研究制定产品碳足迹评价探索建立产品碳标签制度，研究制定产品碳足迹评价标准体系标准体系。综上，为持续当好绿色低碳排头兵，深入践行粤港澳大湾区新发展理念，推动“双碳”工作引领示范，有必要开展国内外碳足迹标准现状及其应用研究，为后续建立碳标签制度打好理论基础。1.2 目的意义 本研究是粤港澳大湾区碳足迹标准体系建设研究项目的重要研究内容之一，通过开展国内外产品碳足迹标准及其应用的研究，分析碳足迹标准特征和标准之间的关系，梳4 理现有碳足迹相关标准，调研国内碳足迹标准的实际应用，为大湾区制定本土化的碳足迹标准的必要性和可行性提供参考。研究成果有助于大湾区建立适合产业发展的碳足迹评价方法和标准、为探索建立大湾区统一、完善的产品碳标签制度提供技术基础。5 第二章 碳足迹评价方法 第二章 碳足迹评价方法 2.1 碳足迹的含义 “碳足迹”起源于生态足迹的概念，最早出现于英国，并在学界、非政府组织和新闻媒体的推动下迅速发展。碳足迹主要是指人类生产和消费活动中所排放的与气候变化相关的气体总量，将全球变暖潜势（Global Warming Potential,GWP）作为温室气体排放量的表征。按照研究对象的不同，碳足迹可以分为国家/区域碳足迹、组织/企业碳足迹以及产品/服务碳足迹、个人碳足迹。对于产品而言，产品碳足迹考虑的是产品从生产到废弃回收全生命周期的碳排放。2.2 碳足迹计算方法 环境毒理学与化学学会（SETAC）与欧洲声明周期评价指导委员会于 2008 年讨论了碳足迹的计算方法及相关标准，认为依据 ISO14040 系列标准的生命周期评价法（Life Cycle Assessment,LCA）可以通过计算与产品相关的温室气体排放量，碳足迹可认为 LCA 中关于全球变暖潜力 GWP 的评价结果。目前碳足迹计算的方法主要有：一是“自上而下”模型，以投入产出分析为基础的投入产出法（Input-Output,I-O）；6 二是“自下而上”模型，以过程分析为基础的生命周期评价法。2.2.1 投入产出法 投入产出模型是研究一个经济系统各部门间的“投入”与“产出”关系的数学模型，该方法最早由美国著名的经济学家瓦列昂捷夫（WLeontief）提出，是目前比较成熟的经济分析方法。Matthews 等根据世界自然基金会 WRI 和世界可持续发展商会 WBCSD 对于碳足迹的定义，结合投入产出模型和生命周期评价方法建立了经济投入产出-生命周期评价模型（EIO-LCA），该方法将碳足迹的计算分为三个层面，第一层面是来自工业部门生产及运输过程中的直接碳排放；第二层面将第一层面的碳排放边界扩大到工业部门所消耗的能源，具体指各能源生产的全生命周期碳排放；第三层面涵盖了以上两个层面，是指所有涉及工业部门生产链的直接和间接碳排放，也就是从“摇篮”到“坟墓”的整个过程。该方法可用于评估工业部门、企业、家庭、政府组织等的碳足迹。其计算过程包括以下步骤：（1）根据投入产出分析，建立矩阵，计算总产出。=( )=()?式中，总产出；单位矩阵；7 A直接消耗矩阵；y最终需求；A y部门的直接产出；A A y部门的间接产出。（2）根据研究需要，计算各层面碳足迹。第一层面：bi=Ri（I）y=Ri y 第二层面：bi=Ri（I A）y 第二层面：bi=Ri =Ri（I-A）?y 式中，bi碳足迹；RiCO2排放矩阵，该矩阵的直角线值分别代表各子部门单位产值的 CO2排放量（由该子部门的总 CO2排放量除以该子部门的生产总值得到）；A能源提供部门的直接消耗矩阵。投入产出分析的突出优点是：利用投入产出表提供的信息，计算经济变化对环境产生的直接和间接影响，用 Leontief 逆矩阵得到产品与其物质投入之间的物理转换关系。该方法的局限性在于：（1）EIO-LCA 模型是依据货币价值和物质单元之间的联系而建立起来的，但相同价值量产品的生产过程所隐含的碳排放可能差别很大，由此造成结果估算的偏差；（2）该方法是分部门来计算 CO2排放量，而同一部门内部存在很多不同的产品，这些产品的 CO2排放可能千差万8 别，因此在计算时采用平均化方法进行处理很容易产生误差；（3）投入产出分析方法计算结果只能得到行业数据，无法获悉具体产品的情况，因此只能用于评价部门或产业的碳足迹，而不能计算单一产品的碳足迹。2.2.2 生命周期评价法 生命周期评价法（LCA）以过程分析为基本出发点，从产品端向源头追溯，连接与产品相关的各个单元过程（包括资源、能源的开采与生产、运输、产品制造等），建立完整的生命周期流程图，再收集流程图中各单元过程的温室气体排放数据，并进行定量的描述，最终将所有温室气体排放统一使用 CO2作为当量表征，即碳足迹。具体计算过程如下：（1）建立产品的全生命周期流程图 产品的生命周期涵盖商品从原材料开采（包括原材料的运输）、产品制造、商品流通销售、使用到最终废弃处置的整个过程。这一步骤需要尽可能将产品在整个生命周期所涉及的原料、活动和过程全部列出，一般从两个角度确定流程图。一是：从商业到商业（B2B）的流程图，包括原材料的开采、产品的制造及分配，不涉及消费环节。二是：从商业到消费者（B2C）的流程图，包括原材料的开采、产品的制造、分销、零售、使用、最终处置或再循环等阶段。（2）确定系统边界 确定边界是全生命周期评价碳足迹工作的一项重要内9 容，产品生命周期中不同阶段的边界设置将对应不同的活动内容和排放量。同时，重要性原则即设定一个阈值（1%）也是产品碳足迹评价中的一个重要的规定。如果在商品的全生命周期中某个排放源的排放量占该商品整个排放量不足 1%，则可认为该排放源重要性不足，其排放量贡献可以排除在碳足迹之外，但所有可以排除的各类排放源对应排放量总量不能超过整个产品碳足迹的 5%。重要性原则的引入在一定程度上能够降低收集数据的成本。（3）数据收集 在确定好边界后，需要对产品全生命周期中的每一个环节进行测量。计算碳足迹必须包括：一是产品生命周期中涉及的所有材料和能源（物料输入和输出、能源使用、运输等）；二是排放因子，即单位物质或能量所排放的CO2等价物。一般情况下应尽量适用初级数据，使研究结果更为准确可信，但某些特定情况下，无法获取初级数据时，应根据数据质量要求，选择次级数据并在评价报告中解释说明数据来源和使用理由。（4）碳足迹计算 碳足迹的计算是将整个产品生命周期中所有活动的材料、能源和废弃物乘以其排放因子的和。产品生命周期各阶段碳排放计算公式如下：E=10 式中，E产品的碳足迹；i 物质或活动的数量或强度数据（质量/体积/千米/千瓦时）；C单位碳排放因子（CO2当量/单位）。（5）结果检验 这一步骤是检验碳足迹计算结果的准确性，并使不确定达到最小化以提高碳足迹评价的可信度。提高结果准确度的途径有以下集中：用初级活动水平数据代替次级数据；采用准确合理的次级数据；改进碳足迹计算模型，计算过程更加符合现实并细致化；请专家审视和评价。以过程分析为基础的生命周期评价法计算较为精确，适用于不同尺度的碳足迹计算，主要使用企业第一手或第二手过程数据，能够获得特定产品高精度的碳排放结果，但也存在不足之处：（1）该方法需要界定系统边界，相当于客观上连续的生产工艺流程、供应链和生命周期人为截断，由此可能导致截断误差，较难确定误差的大小。（2）该方法允许在无法获知初级数据的情况下采用次级数据，因此可能会影响到碳足迹分析结果的可信度。因此，用 LCA 来估算碳足迹重要的问题是如何界定合理的系统边界，将截断误差降到最低。如果将 LCA 用于估算国家/区域、组织/企业或产业部门等实体的碳足迹，会遇11 到困难，估算过程中需要假设某个单个产品能够代表整个产品群的碳足迹，即使能通过生命周期数据库的信息进行推算得到实体的碳足迹估算值，得到的是一个拼凑的结果，而且需要使用不同数据库的信息，不同数据库数据信息口径通常不一致。2.3 小结 本章节介绍了碳足迹的含义，分析投入产出法和生命周期评价法两种常用产品碳足迹计算方法，指出不同方法的计算过程、适用性和局限性，在产业部门、经营活动或特定社会经济集团等计算碳足迹时，投入产出法具有一定的优势；生命周期评价法更适合考察微观系统，适用于特定的工艺过程、单个产品的碳足迹计算。12 第三章 国外碳足迹评价标准与应用 第三章 国外碳足迹评价标准与应用 3.1 标准现状 在关于碳足迹的计算方法中，由于生命周期评价法计算过程比较详细和准确，适用于微观层面碳足迹的计算，产品碳足迹计算多采用生命周期评价法。本研究聚焦于产品层面的碳足迹，因此针对生命周期评价法进行研究分析。目前，国际上使用较多的产品碳足迹评价标准主要包括有：（1）英国标准协会 BSI 发布的产品碳足迹评价标准 PAS 2050；（2）国际标准化组织推出的 ISO 14067；（3）世界资源研究所（The World Resources Institute,WRI）与世界可持续发展工商理事会（World Business Council for Sustainable,WBCSD）共同发布的温室气体核算体系（Greenhouse Gas Protocol,GHG Protocol）；（4）日本的 TS Q0010-2009。（1）英国碳足迹计算准则 PAS 2050 PAS 2050商品和服务在生命周期内的温室气体排放评价规范（Specification for the assessment of the life cycle greenhouse gas emissions of goods and services）是由英国的碳信托以及环境、食品和农村事务部共同发起，由英国标准协会 BSI 制定，于 2008 年 10 月发布，PAS 2050：2011 是 PAS 2050：2008 的改进版，于 2011 年 10 月发布，是第一部通过统一的方法评价产品生命周期内温室气体排放的规范性文13 件。PAS 2050 以 ISO 14040 环境管理 生命周期评价原则与框架标准和 ISO 14044环境管理 产品寿命周期评价要求和导则所确立的生命周期评价方法为基础，提出相关性、完整性、一致性、准确性以及透明度五个原则，明确规定各种商品和服务的生命周期内温室气体排放的具体要求，适用于企业评价某种具体商品和服务的碳足迹，包括：从商业到消费者（B2C）的各类商品；从商业到商业（B2B）的各类商品；服务既可属于 B2C 类，也可属于 B2B 类。（2）国际标准化组织产品碳足迹标准 ISO 14067 由于各个国家或机构颁布的产品碳足迹评价标准和规范存在明显的理念和核算方法差异，且存在不同标准或规范核算的产品碳足迹结果难以有效比较的缺点，因此国际标准化组织 ISO 编制了产品碳足迹的国际标准 ISO 14067，2018年进行了修订，全称为温室气体产品碳足迹 量化要求和指南（ISO/TS 14067:2018 Carbon footprint of products Requirements and guidelines for quantification）。ISO 14067 主要规定了产品温室气体评价与计算程序、方法、原则与产品碳足迹报告等内容，其特点为：以生命周期评价方法作为产品碳足迹的量化方法，温室气体核算部分以及标识部分借鉴 ISO14064 系列标准（注：ISO 14064 标准共分三个部分：一是组织层面温室气体排放和清除的量化和14 报告规范及指南、二是项目层面温室气体减排和清除增加的量化、监测和报告规范及指南、三是温室气体声明审定与核查的规范及指南）和 ISO14020 环境标志和声明通用原则，其他相关内容借鉴 ISO14040 标准。（3）WRI/WBCSD 发布的 GHG Protocol 世界资源研究所（WRI）与世界可持续发展工商理事会（WBCSD）联合于 1998 年发起了温室气体核算体系倡议行动，目的是为企业及其他组织开发一套国际公认的温室气体核算和报告标准，并在企业、政府、非政府组织和其它团体中推广使用。为指导产品碳足迹工作，2011 年 WRI 和 WBCSD 联合制定，于 2009 年 11 月发布第一次修订稿，2010 年 11 月发布第二次修订稿，2011 年底发布最终版GHG Protocol：Product Life Cycle Accounting and Reporting Standard。该标准的制定主要参考了 ISO 14040、ISO 14044、PAS 2050 以及相关标准和公告，提供了一种详细的碳足迹评价和报告准则，协助企业开展产品生命周期温室气体核算。（4）日本 TS Q0010-2009 日本经济产业省 2009 年公布了 TS Q0010 产品碳足迹评估和标签的通则。该通则编制时参考了多个国家的环境标准和国际公约，并且随着技术的不断完善，与国际标准不断协调。通则范围包括产品的整个生命周期，并且规定了碳15 足迹的计算方式和碳标识方法等内容。配合碳足迹制度指导方针和PCR 制定准则等文件，日本多个产品陆续通过了认证。表表 3.1 不同生命周期产品碳足迹标准比对不同生命周期产品碳足迹标准比对 标准标准 ISO 14044 PAS 2050 ISO 14067 GHG Protocol TS Q0010 发布单位 国际标准化组织ISO BSI、Carbon Trust 国际标准化组织ISO WRI、WBCSD 日本工业标准委员会 温室气体种类 主要京都议定书要求的 6 类 IPCC的60多种（有 GWP 值）IPCC的60多种（有GWP 值）主要京都议定书要求的 6 类 主要京都议定书要求的 6 类 系统边界 依据研究目标和范围定，系统边界由计算结果和敏感性分析而定 从原材料到使用、废弃 从原材料获取到废弃，包括摇篮到坟墓，及摇篮到摇篮 从原材料获取到废弃，直接过程和间接过程，摇篮到坟墓，摇篮到大门 采购到废弃、回收 适用目标 B2B&B2C B2B&B2C B2B&B2C B2B&B2C B2C 取舍标准 基于物质、能量流动或环境显著水平 对碳足迹达到1%的实质贡献应包含在内，至少 95%的预期排放 基于物质、能量流动或环境显著水平 1%以上的实质贡献，通过上限假设来决定是否有意义进行报告 根据具体产品分类规则(PCR）而定 引用规范或标准 ISO14001、ISO14021、ISO14047ISO14040、ISO14044、IPCC ISO 14064、PAS 2050、GHG Protocol ISO 14040、ISO 14044、PAS 2050 ISO14040、ISO14044、IPCC 3.2 应用现状 在国际上，产品碳足迹评价和标识已被广泛应用。总体上看，英国、德国、法国、美国、日本、韩国等国家的碳足迹评价和标识发展比较迅速。3.2.1 英国 英国是全球最早推出产品碳标签制度的国家。英国16 Carbon Trust 公司于 2007 年 3 月试行推出全球第一批标示碳标签的产品，包括薯片、奶昔、洗发水等消费类产品。之后，Carbon Trust 公司加大了碳标签的应用推广，覆盖英国最大连锁百货 Tesco、可口可乐、Boots 等许多厂商。英国的碳标签包括碳足迹标签和碳减量标签，前者表示生产者已申请了产品的碳排放量核算，后者是由英国碳信托公司授权生产者在商品包装上标明其已消减温室气体的一种标识，表明生产者不仅作出减排承诺，并且已经成功减少温室气体排放。3.2.2 德国 2008 年 4 月，在世界自然基金会（WWF）、应用生态研究所等机构的共同发起下，德国启动了产品碳足迹试点工作，吸引了 BASF、DSM、Henkel、REWE 集团等众多德国企业参与，产品案例涉及绝缘材料、厕纸、冷冻食品、鸡蛋、咖啡、洗发水、洗涤剂、密封胶、包装硬纸盒、电话等。德国的产品碳足迹标签并未标识出具体的碳足迹数值，只表示该产品经过了碳足迹评估。3.2.3 法国 2006年法国Casino卡西诺超市推出“Group Casino Indice Carbon”碳标签，由 Bio 智能服务环境咨询公司开发的全生命周期计算方法推出，适用于所有 Casino 自售产品。Casino 公司邀请了约 500 家供应商参与了该碳标签计划，并为其提供了免费的碳足迹计算工具。据 Casino 公司统计，自碳标识推17 出以来，已减少了超过 20 万吨 CO2排放量。另一家超市来客莱 E.Leclerc 的碳标签计划由巴黎 Greenext 咨询公司开发，于 2008 年 4 月在其两个分店开始实施，覆盖了 2 万种产品。2009 年法国参议院通过了格勒诺环境法案“Grenelle 2”法案，法案规定从 2011 年开始实施，是世界上第一个强制性碳标签制度，规定必须通过标记、张贴或任何其他合理方式告知消费者产品及其包装的碳含量以及这些产品生命周期内对自然资源的消耗和对环境造成的影响。3.2.4 美国 美国已推出了三类碳标签制度。一是由 Carbon Label California 公司推出的碳标签，以全生命周期分析方法为核算准则，主要在食品中使用，如保健品和经认证的有机食品；二是为 Carbon Free 碳标识，由 Carbon Fund 碳基金公司推出的适用于碳中和产品的碳标签，核算准则为碳基金公司基于LCA 自行推出的碳足迹协议，产品主要有服装、糖果、饮料、电烤箱、组合地板等；第三个是 Climate Conscious 气候意识碳标签，由 Climate Conservancy 公司推出，基于全生命周期评价方法确立的核算准则，将碳标签的等级从高到低依次为金、银、铜，等级越高，产品的碳排放量也就越低，从而引导消费者在购买过程中选择等级高的产品和服务，培育低碳消费的生活方式。3.2.5 瑞士 18 瑞士的碳标识由企业自行发起，瑞士最大的连锁超市Migros于2007年启动了产品碳标识项目。顾客可以在Migros的一些自有品牌的产品上找到认证机构 Climatop 授予的碳标识。该标识不仅展示产品的碳含量，还证明贴有碳标识的产品比同类产品的碳效率高 20%。经 Climatop 标识核算的产品包括环保购物袋、有机原料蔗糖、奶油、洗衣液、洗衣服、卫生纸、洗碗巾、电池等。3.2.6 日本 2008年7月，日本内阁会议通过了“低碳社会行动计划”，该计划的内容之一，是使产品（或服务）的碳排放“可视化”，即通过计算产品（或服务）的 CO2排放量并在产品（或服务）上加贴碳足迹标签的方式向消费者明示产品整个生命周期的碳排放量，以此促进碳减排。为此，日本开展了为期 3 年的产品碳足迹试点项目。日本产品碳足迹标识基本规则包括三方面：一是原则上应把生命周期的碳排放量标示在每一个产品上，考虑到地区差异（多个生产地点）和季节差异，为节约成本和避免消费者混淆，统一产品应标示其碳排放的平均值；二是标示产品碳足迹组织应不断减少碳排放，但不强制规定其减排的具体目标，若组织有意愿向消费者宣告其具体减排目标，可授权使用附加和可选标识；三是采用统一标签。日本允许组织在某些情况下灵活对待碳标识基本规则，采取可选行动，如在碳标签上标示减排绿，标示不同过程（阶19 段）的碳排放等。3.2.7 韩国 2009 年韩国发布了碳标签认证指南 1、2、3，并开始实施碳标识制度，运行模式为政府支撑的市场化运行机制。韩国产品碳标识标出产品在生命周期（包括生产、销售、使用及废弃处置阶段）的温室气体排放量，其标识包括两种类型：其一为“温室气体排放量标志”，在标志上显示产品碳足迹，包括锅炉、水过滤设备、洗衣机、衣柜、洗发液、豆腐等在内的产品和服务获得了该类标志；其二为“低碳”标志，对获得“温室气体排放”标志的产品达到国家有关碳足迹的最低消减目标时，可获得“低碳”标志。3.3 小结 本章节介绍了国际上常用的碳足迹评价标准，包括 PAS 2050、ISO 14067、GHG Protocol 和日本的 TS Q0010-2009，简要分析典型国家碳足迹应用现状，碳足迹计算没有统一的技术标准，各国产品碳足迹计算准则基本上以 LCA 方法为主；一些是由国家推出碳足迹标准，一些是由企业单独制定碳足迹标准；标识所展示的信息包括碳足迹绝对值、碳足迹减排量、低碳标识、碳中和标识、碳等级标识等；验证机构有的是执行单位直接进行验证，有的是第三方验证。20 第四章 我国碳足迹研究进展 第四章 我国碳足迹研究进展 4.1 国外标准的转化（1）PAS 2050 2009年6月，在英国大使馆SPF基金项目“引入PAS2050对产品和服务的温室气体排放进行评价”的支持下，商品和服务在全生命周期内的温室气体排放评价规范及使用指南（2008 版）中文版正式发布。（2）ISO 14067 全国环境管理标准化技术委员会温室气体管理分技术委员会（SAC/TC207/SC7）在密切跟踪 ISO 14067 动向。4.2 标准情况 4.2.1 国家标准（1）标委会设置情况 2008 年 10 月，经国家标准委批准，同意成立全国环境管理标准化技术委员会温室气体管理分技术委员会，其编号为 SAC/TC207/SC7，英 文 名 称 为 Subcommittee 7 on Greenhouse Gas Management of National Technical Committee 207 on Environmental Management of Standardization Administration of China。全国环境管理标准化技术委员会温室气体管理分技术委员会主要负责温室气体管理等领域的21 国家标准制修订工作，对口国际标准化组织环境管理技术委员 会 温 室 气 体 管 理 和 相 关 活 动 分 技 术 委 员 会（ISO/TC207/SC7）。2010 年 8 月，全国电工电子产品与系统的环境标准化技术委员会温室气体排放工作组（SAC/TC297 GHG WG）于北京召开成立大会。SAC/TC297 GHG WG 主要负责我国电工电子产品与系统领域温室气体排放相关标准化工作，对口国际电工委员会电子电气产品与系统的环境标准化技术委员会温室气体特别工作组（IEC/TC111/AHG5）开展相关国际标准制定、转化和推广工作。2014 年 4 月，国家标准委正式批复国家发改委成立全国碳排放管理标准化技术委员会（SAC/TC548），主要负责碳排放管理术语、统计、监测；区域碳排放清单编制方法；企业、项目层面的碳排放核算与报告；低碳产品、碳捕获与碳储存等低碳技术与装备；碳中和与碳汇等领域的国家标准制修订工作。对口国际标准化组织二氧化碳捕集、运输与地质封存技术委员会（ISO/TC265）和环境管理技术委员会温室气体管理及相关活动分技术委员会（ISO/TC207/SC7）。该标准化技术委员会由国家发改委负责日常管理及标准立项、报批等业务指导，由中国标准化研究院和中国质量认证中心联合承担秘书处，负责具体工作的运行管理。目前 TC548 发布的标准主要聚焦于重点行业企业温室气体排放核算和报告、22 基于项目的温室气体减排评估方面的标准。（2）标准现状 随着国外相继颁布产品碳足迹评价标准及相关的政策文件，我国对低碳发展和产品碳足迹评价标准的关注和认识日益增强。生态环境部于 2009 年 10 月宣布将给予符合低碳认证的产品加贴低碳标签，正式启动实施产品低碳计划；国家发展改革委、国家认证认可监督管理委员会于 2010 年月组织召开了“应对气候变化专项课题我国低碳认证制度建立研究”的启动会暨第一次工作会议，标志着中国启动新一轮全面开展低碳认证制度的相关科学研究；国家发展改革委、国家认证认可监督管理委员会于 2013 年共同制定低碳产品认证管理办法，规定了低碳产品的认证实施、认证 标志、监督管理等制度，进一步规范和完善了节能低碳产品认证制度，为建立中国碳足迹评价标准打下了良好的基础。2013 年2016 年期间，共发布两批低碳产品，具体为：通用硅酸盐水泥、平板玻璃、铝合金建筑型材、中小型三相异步电动机、建筑陶瓷砖（板）、轮胎、纺织面料 7 种产品。全生命周期评价法 LCA 是产品碳足迹评价的基本方法，可为碳足迹评价提供规范支撑。我国积极开展生命周期评价相关的标准转化和制定工作，发布了 GB/T 24040-2008环境管理生命周期评价原则与框架和 GB/T 24044-2008环境管理生命周期评价 要求与指南，并完成浮法玻璃、金属23 复合装饰板材、钢铁产品、电子电气、变压器、电机、机械、塑料等 14 项全生命周期评价规范性文件。表表 4.1 产品全生命周期相关标准产品全生命周期相关标准 序号序号 标准名称标准名称 归口单位归口单位 1 GB/T 24025-2009 环境标志和声明 III 型环境声明原则和程序 全国环境管理标准化技术委员会 2 GB/T 24044-2008 环境管理 生命周期评价 要求与指南 3 GB/T 24040-2008 环境管理 生命周期评价 原则与框架 4 GB/T 29157-2012 浮法玻璃生产生命周期评价技术规范（产品种类规则）5 GB/T 30052-2013 钢铁产品制造生命周期评价技术规范（产品种类规则）6 GB/T 29156-2012 金属复合装饰板材生产生命周期评价技术规范（产品种类规则）7 GB/T 37552-2019 电子电气产品的生命周期评价导则 全国电工电子产品与系统的环境标准化技术委员会 8 GB/Z 40824-2021 环境管理 生命周期评价在电子电气产品领域应用指南 9 GB/T 40093-2021 变压器产品生命周期评价方法 10 GB/T 40100-2021 电机产品生命周期评价方法 11 GB/T 32813-2016 绿色制造 机械产品生命周期评价 细则 全国绿色制造技术标准化技术委员会 12 GB/T 26119-2010 绿色制造 机械产品生命周期评价 总则 13 GB/T 26789-2011 产品生命周期管理服务规范 全国自动化系统与集成标准化技术委员会 14 GB/T 41638.1-2022 塑料 生物基塑料的碳足迹和环境足迹 第 1 部分：通则 全国生物基材料及降解制品标准化技术委员会 总体来看，我国现行的国家全生命周期标准主要集中在几类产品，我国产品碳足迹评价标准较少，产品碳足迹的评价工作尚未完全展开。4.2.2 地方标准 北京、上海、广东、深圳等地均陆续出台了 16 项产品碳足迹地方标准（含深圳 6 项处于征求意见稿的地方标准）。上海产品碳足迹核算通则主要规定产品生命周期内24 的碳排放核算和评估的具体方法和要求，适用于产品全生命周期碳排放的核算和评估，也可用于部分生命周期碳排放的核算与评估，标准不包含量化过程中的抵消，生物质碳涉及的排放亦不纳入核算。深圳产品碳足迹评价通则由深圳市市场监督管理局归口，规定了产品碳足迹评价应遵循的原则、排放与清除要求、产品碳足迹评价方法以及产品碳足迹通报等内容。北京和广东分别对电子信息产品和家用电器、电子电气、巴氏杀菌乳发布了碳足迹评价地方标准，深圳的服装、家用纺织品、微型计算机、手机、印刷品和乳制品等 6 项产品碳足迹评价技术规范处于征求意见稿中，尚未正式发布。25 表表 4.2 产品碳足迹地方标准产品碳足迹地方标准 序号序号 标准编号标准编号 标准名称标准名称 所属地区所属地区 1 DB11/T 1564-2018 种植农产品温室气体排放核算指南 北京 2 DB11/T 1565-2018 畜牧产品温室气体排放核算指南 北京 3 DB11/T 1616-2019 农产品温室气体排放核算通则 北京 4 DB11/T 1860-2021 电子信息产品碳足迹核算指南 北京 5 DB31/T 1071-2017 产品碳足迹核算通则 上海 6 DB44/T 19412016 产品碳排放评价技术通则 广东 7 DB44/T 1503-2014 家用电器碳足迹评价导则 广东 8 DB44/T 1449.1-2014 电子电气产品碳足迹评价技术规范第 1 部分:移动用户终端 广东 9 DB44/T 1874-2016 产品碳足迹产品种类规则 巴氏杀菌乳 广东 10 SZDB/Z 166-2016 产品碳足迹评价通则 深圳 11 征求意见稿 产品碳足迹评价技术规范 服装 深圳 12 征求意见稿 产品碳足迹评价技术规范 家用纺织品 深圳 13 征求意见稿 产品碳足迹评价技术规范 微型计算机 深圳 14 征求意见稿 产品碳足迹评价技术规范 手机 深圳 15 征求意见稿 产品碳足迹评价技术规范 印刷品 深圳 16 征求意见稿 产品碳足迹评价技术规范 乳制品 深圳 4.2.3 行业标准 电子和通信行业已发布 6 项碳足迹评价行业标准，涵盖的产品类别有：液晶显示器、液晶电视机、便携式计算机、台式微型计算机、移动通信手持机和以太网交换机。表表 4.3 产品碳足迹行业标准产品碳足迹行业标准 序号序号 标准编号标准编号 标准名称标准名称 所属行业所属行业 1 SJ/T 11718-2018 产品碳足迹 产品种类规则 液晶电视机 SJ 电子 2 SJ/T 11717-2018 产品碳足迹 产品种类规则 液晶显示器 SJ 电子 3 SJT 11735-2019 产品碳足迹 产品种类规则 便携式计算机 SJ 电子 4 SJT 11736-2019 产品碳足迹 产品种类规则 台式微型计算机 SJ 电子 5 YD/T 3048.1.1-2016 通信产品碳足迹评估技术要求第 1 部分:移动通信手持机 YD 通信 6 YD/T 3048.2.2-2016 通信产品碳足迹评估技术要求第 2 部分:以太网交换机 YD 通信 26 4.2.4 团体标准 2018 年 1 月 1 日开始实施新修订的 中华人民共和国标准化法进一步明确了团体标准的法律地位，团体标准成为我国标准体制中的一个层级，与企业标准共同构成我国标准体系中市场标准成份。随着标准化法的实施，团体标准迎来快速发展时期。截止 2022 年，与碳足迹相关的团体标准有21 项。（1）佛山市高新技术应用研究会与 2022 年发布了与电池产品相关的 6 项产品碳足迹核算与报告要求标准。（2）中国电子节能技术协会发布了与电器电子、电池产品相关的 5 项产品碳足迹团体标准。（3）广东省节能减排标准化促进协会（GDES）作为活跃的团体组织，为适应国家的绿色低碳发展新形势和支持广东低碳节能发展工作，制定并发布了产品碳足迹评价技术通则（T/GDES20001-2006）、产品碳足迹声明标识（T/GDES2-2006）、碳足迹标识（T/GDES26-2019）等项团体标准。（4）中国印刷技术协会 2016 年发布印刷产品碳足迹评价方法团体标准。27 表表 4.4 产品碳足迹团体标准产品碳足迹团体标准 序号序号 标准编号标准编号 标准名称标准名称 归口单位归口单位 1 T/FSYY 0034-2021 产品碳足迹核算与报告要求 碳酸锂 佛山市高新技术应用研究会 2 T/FSYY 0033-2021 产品碳足迹核算与报告要求 氢氧化锂 3 T/FSYY 0032-2021 产品碳足迹核算与报告要求 硫酸镍 4 T/FSYY 0031-2021 产品碳足迹核算与报告要求 硫酸钴 5 T/FSYY 0028-2021 产品碳足迹核算与报告要求 锂离子电池正极材料前驱体 6 T/FSYY 0027-2021 产品碳足迹核算与报告要求 锂离子电池正极材料 7 T/DZJN 77-2022 锂离子电池产品碳足迹评价导则 中国电子节能技术协会 8 T/DZJN 003-2019 电器电子产品碳足迹评价移动通信手持机 9 T/DZJN 002-2019 电器电子产品碳足迹评价微型计算机 10 T/DZJN 001-2019 电器电子产品碳足迹评价电视机 11 T/DZJN 002-2018 电器电子产品碳足迹评价 LED 道路照明产品 12 T/DZJN 001-2018 电器电子产品碳足迹评价通则 13 T/GDES 50-2021 凉茶植物饮料产品碳足迹等级和技术要求 广东省节能减排标准化促进会 14 T/GDES 26-2019 碳足迹标识 15 T/GDES 20005-2019 产品碳足迹 产品种类规则 合成洗衣粉 16 T/GDES 20004-2018 家用洗涤剂 产品碳足迹等级和技术要求 17 T/GDES 20001-2016 产品碳足迹 评价技术通则 18 T/GDES 2-2016 产品碳足迹声明标识 19 T/GDES 20003-2016 产品碳足迹 小功率电动机基础数据采集技术规范 20 T/GDES 20002-2016 产品碳足迹 产品种类规则 巴氏杀菌乳 21 T/PTAC 002-2016 印刷产品碳足迹评价方法 中国印刷技术协会 综上，梳理了我国各层级有关碳足迹方面的标准，共有57 项（含深圳 6 项处于征求意见稿的技术规范）。从生效时间角度看，标准生效的年份集中在 20082022 年；从层级角度看，目前团体层级相对较多，上级标准较少；从标准类别角度看，包括通则类、标识标签类、产品碳足迹评价类、核算与报告类；从行业角度看，主要集中在电子电器、农食产品、纺织产品、建材产品、轻工产品。28 4.3 应用现状 当前我国尚未建立碳足迹标识/标签制度，典型企业、第三方机构、行业协会有在个别项目和产品上开展碳足迹试点，如：中国质量认证中心 CQC2016 年向荣邦机械有限公司和登王化学工业有限公司颁发了产品碳足迹证书；中环联合认证中心（CEC）2016 年对全国首款碳减排公益产品“碳减排公益茶”进行认证。电子电器行业，2021 年 7 月中国电子节能技术协会向TCL 颁发了国内首张电器产品的碳标签评价证书；2021 年 8月，江苏博亚照明电器有限公司与江苏开元太阳能照明有限公司拿到了产品碳标签评价证书。日用消费品方面，2021 年 8 月广州市蓝月亮实业有限公司获得了中国建材检验认证集团股份有限公司颁发的碳标签评价证书，旗下卫诺香氛洁厕液、宝宝专用洗衣液等 6 款不同规格产品拥有了碳标签（广州市碳标签体系研究及试点示范项目由广州市生态环境局牵头开展，国检集团作为评价机构，在广州市范围内选定了 7 家企业开展产品碳标签试点评价）。纺织服装行业，2021 年太平鸟发布新疆棉 T 恤碳足迹；2022 年女装玛丝菲尔、歌力思发布产品碳足迹评价报告。总的来说，在国内应用国内碳足迹标准开展碳足迹评价29 尚未完全展开，碳足迹评价工作仍处于探索状态。4.4 小结 本章节梳理了我国现存各级碳足迹相关标准类别、涵盖面等现状，指出标准之间存在重复、交叉内容，缺乏统一规划；在应用方面，国内产品碳足迹评价工作处于试点，尚未完全展开。30 第五章 结论与建议 第五章 结论与建议 5.1 结论 在当今全球资源环境问题日益突出的背景下，碳足迹作为一种环境管理工具，在应对全球气候变暖等环境问题方面具有积极意义。生命周期评价方法已逐渐成为世界范围内评估产品碳足迹的主导方法。总的来看，国外碳足迹标准起步较早，标准的应用和碳足迹评价品类比较丰富。目前我国产品碳足迹评价使用的标准主要援引 PAS 2050 和 ISO 14067，并没有属于我国自己的标准。国内由于LCA 起步晚，国家、行业、地方和团体均有发布碳足迹相关标准，但总体上产品碳足迹标准数量少、不完善、应用少、碳足迹评价工作不成熟等不足，极少数企业开展过碳足迹评价工作外，多数企业尚未真正开展生命周期评价相关工作。随着评价产品种类的增多与细化，碳足迹评价细化标准需要补充和完善，确立适合本土发展需要的碳足迹产品种类规则，是评价产品碳足迹的第一步。5.2 建议 我国作为世界上最大的发展中国家，在全球气候变化与碳贸易壁垒兴起的背景下，推行碳标签制度势在必行，但是在制定完善的碳足迹标准与建立碳标签制度方面仍有很长31 的路要走。粤港澳大湾区国际化水平领先，经济实力雄厚，绿色低碳工作一直走在全国前列，当前面临国际形势复杂、国内产业高质量转型发展，大湾区具备推动“双碳”工作先行示范条件，建议尽快构建粤港澳大湾区碳足迹标准体系。从系统化、全局化角度，聚焦粤港澳大湾区产业高质量低碳发展，关注政府、企业、消费者等相关方对碳足迹标准的需求，借鉴国际社会产品碳足迹评价标准的应用以及中国部分产品碳足迹评价标准的相关经验，进一步完善各行业产品生命周期评价方法，为持续性的碳足迹标准建设提供依据，助力粤港澳大湾区建立碳标签制度，并与国外碳标签体系互认，拥有行业话语权，积极应对绿色贸易壁垒。32 附件 1 典型国家和地区碳足迹应用情况 附件 1 典型国家和地区碳足迹应用情况 国家国家 英国 美国 欧盟 瑞典 法国 瑞士 德国 加拿大英国 美国 欧盟 瑞典 法国 瑞士 德国 加拿大 澳大利亚 日本 韩国 泰国 澳大利亚 日本 韩国 泰国 碳标碳标签名签名称 称 Carbon Label/Carbon Reduction Label Carbon Label for California Carbon Free Label Climate Conscious Carbon Label CO2 Star Climate Marking in Sweden Group Casino Indice Carbon approved by climatop Carbon Footprint Label Carbon Counted Carbon Reduction Label Carbon Footprint Label CooL（CO2 Low）Label Carbon Footprint label 年份年份 2007 2009 2007 2009 2006-2008 2008 2008 2008 2008 2007 2009 2008 2008 2009 碳标碳标签图签图标 标 标签标签类型类型 碳足迹标识、碳消减标识 自愿性 自愿性 无碳标签，自愿性 金、银、铜三个等级；自愿性 碳标签、自愿性 瑞典第三类环境声明；自愿性 卡西诺碳指标/自愿性 碳标签/自愿性 碳足迹标签/自愿性 碳标签/自愿性 碳减量标签/自愿性 碳足迹标签/自愿性 碳足迹标签/自愿性 减量标签/自愿性 33 核查核查依据依据标准标准 PAS 2050、GHG Protocol、足迹专家指南(Footprint Expert Guide)EIO-LCA（环境输入与输出生命周期评估方法）PAS 2050、ISO 14044、GHG Protocol、LCA LCA LCA,RED LCA 基于BPX30-323 标准多环境指标体系评价的一般准则与方法、PAS2050 GHG Protocol、ISO 14040、LCA 法 以ISO14040/44 为基础，同时参考PAS2050 GHG Protocol、ISO 14064、ISO 14025、PAS 2050 PAS 2050;Code of Good Practice TS Q 0010日本温室气体排放评价指南 ISO14040、ISO14064、ISO14025；PAS2050；韩国第三类环境声明标准；其它规范如 GHG 议定书等 PAS2050；ISO14040、ISO14064、ISO14025；UNFCCC/CDM 方法 执行执行部门部门或机或机构 构 Carbon Trust Carbon Label California Carbonfund Climate Conservancy 欧盟成员国相关组织机构联合支持 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等产品碳足迹评价标准。近年来，我国对产品碳足迹评价不断重视，行业、第三方机构也开展过相关工作，但总体来讲，产品碳足迹评价工作还处于摸索阶段，尚未得到广泛普及。在标准化方面，作为推行碳标签制度的重要技术基础，当前我国碳足迹标准比较匮乏、标准体系还不够健全。随着国家对低碳发展政策的颁布，碳足迹标准必将得到越来越重视和不断完善。2021 年10 月中共中央、国务院印发国家标准化发展纲要，提出2 完善绿色发展标准化保障，建立健全碳达峰、碳中和标准，加快完善地区、行业、企业、产品等碳排放核查核算标准；加快完善地区、行业、企业、产品等碳排放核查核算标准；同年 12 月，国标委等十部委联合印发“十四五”推动高质量发展的国家标准体系建设规划，在生态文明领域中明确提出建设碳达峰、碳中和标准，推动碳排放管理体系、碳足迹、碳足迹、碳汇、碳中和、碳排放权交易等重点标准制定；国家发改委2022 年在促进绿色消费实施方案提出“优化完善标准认证体系。制定重点行业和产品温室气体排放标准，探索建立制定重点行业和产品温室气体排放标准，探索建立重点产品全生命周期碳足迹标准重点产品全生命周期碳足迹标准”。国家发改委 2022 年 4 月联合印发的关于加快建立统一规范的碳排放统计核算体系实施方案在重点任务中明确要求，建立健全重点产品碳排建立健全重点产品碳排放核算方法放核算方法。标准是经济活动和社会发展的技术支撑，是国家治理体系和治理能力的基础性制度。目前我国经济已由高速增长转向高质量发展阶段。推动高质量发展，高标准引领是关键。习总书记强调“中国高度重视标准化工作，积极推广应用国际标准，以高标准助力高技术创新，促进高水平开放，引领高质量发展”。碳足迹标准，是以实现控制碳排放为目的，依据低碳发展制度体系中各项措施的需求与经验，对控制碳排放过程中的各个环节所制定和发布的一系列相关标准与规范文件。构建碳足迹标准体系，是实现碳排放管理标准化的重要环节，也是实施碳标签制度的重要技术基础，将为推动落3 实碳排放目标、完善低碳发展制度体系、促进低碳经济转型和技术进步、开展国际谈判与贸易提供有力支撑。1.2 研究内容 碳足迹标准体系是一项科学性、全面性的系统工作，涉及目标需求、标准性质、应用主体、技术方法等各项研究，有必要针对碳足迹标准体系建设进行顶层设计，为后续标准制订与实施，探索建立完善的产品碳标签制度提供技术依据，推动落实碳排放目标奠定坚实基础。（一）国内外碳足迹标准现状研究 调研分析国内外现有碳足迹标识制度和标准体系，分析现有标准体系存在的主要问题，总结优良实践经验和做法，为粤港澳大湾区碳足迹标准体系建设提供参考借鉴。（二）粤港澳大湾区碳足迹标准需求调研 面向政府、企业、消费者、相关行业机构和协会等开展调研，结合粤港澳大湾区产业现状特点和高质量转型发展需求，深入了解相关方对碳足迹标准的不同需求，为建立标准体系研究提供参考。（三）粤港澳大湾区碳足迹标准体系的构建研究 目前我国在碳足迹标准领域的探索仍处于点状，如何由点及面，需要研究分析现有碳足迹标准建设中的不足，在已有工作的基础上，结合产业发展特点和各方需求，构建碳足4 迹标准体系框架，研究明确碳足迹标准范围，建立碳足迹标准体系。（四）粤港澳大湾区碳足迹标准建设实施建议 根据标准目的，按照分步实施开展的原则，结合新时期面临的形势，针对性提出粤港澳大湾区碳足迹标准体系建设实施建议，为持续性的碳足迹标准制订与实施、开展标准化活动提供依据，为后续碳标签制度的实施提供技术基础保障。5 第二章 碳足迹标准现状 2.1 标准现状 2.1.1 国际标准 国际上使用较多的产品碳足迹评价标准主要包括有：（1）英国标准协会 BSI 发布的产品碳足迹评价标准 PAS 2050；（2）国际标准化组织推出的 ISO 14067；（3）世界资源研究所（The World Resources Institute,WRI）与世界可持续发展工商理事会（World Business Council for Sustainable,WBCSD）共同发布的温室气体核算体系（Greenhouse Gas Protocol,GHG Protocol）；（4）日本的 TS Q0010-2009。2.1.2 国内标准 当前我国在碳排放管理标准方面已开展了系列工作，如成立全国环境管理标准化技术委员会温室气体管理分技术委员会（SAC/TC207/SC7）、全国电工电子产品与系统的环境标准化技术委员会温室气体排放工作组（SAC/TC297 GHG WG）、全国碳排放管理标准化技术委员会（SAC/TC548），分别对口国际对应领域的标准化组织，统筹规划对应领域国家标准制修订的工作。标准方面，我国 2008 年2022 年之间发布的碳足迹相关6 标准共有 57 项（含深圳 6 项处于征求意见稿的技术规范）。从层级角度看，团体标准层级相对较多，上级标准相对较少。表 2.1 国内碳足迹相关标准 序号 标准层级 数量（项）备注 1 国家标准 14 为全生命周期评价规范性文件 2 地方标准 16 含深圳 6 项征求意见稿技术标准 3 行业标准 6 4 团体标准 21 小计 57 从标准类别看，国内碳足迹标准主要包括有：通则类、标识标签类、产品碳足迹评价类、核算与报告类。其中，通则类标准，主要有 4 项产品碳足迹评价通则标准，为上海、广东和深圳在 2016 年2017 年之间发布的地方标准，以及广东省节能减排标准化促进会 2016 年发布的团体标准；标识标签类标准有 2 项，为广东省节能减排标准化促进会发布的碳足迹标识、碳足迹声明标识方面的标准；标准涉及产品主要有：电子电器产品、农食品、轻工化工产品、电池及电池材料类产品、机械产品、钢铁产品、建筑材料产品。国内外碳足迹标准现状分析详见国内外碳足迹标准现状研究报告。7 2.2 现有标准不足 国际上已发布出台多项产品碳足迹评价标准，但不同产品碳足迹评价标准的原则、方法以及量化程度等方面存在一定差异。国内碳足迹标准起步较晚，产品碳足迹评价标准和应用工作处于试点，尚未完全展开。现有碳足迹标准主要存在以下几个问题：（1）标准覆盖范围不能满足支撑粤港澳大湾区碳标签制度的实施。现有标准处于点状，关注个别领域，无法对碳标签制度实施涉及的碳排放计量监测、核算、评价与报告、标识标签、审定与核查等全过程提供完善的技术支撑。（2）缺乏急需领域国际互认的产品碳足迹标准。产品碳足迹作为发达国家征收“碳税”的依据，形成新的技术贸易壁垒。如电池行业，欧盟 2020 年电池法要求 2024 年 7 月起强制披露电池产品碳足迹信息；如电力行业、水泥、钢铁、铝等高能耗行业，欧盟碳边境调节机制（CBAM）将从 2023年开始实施。对国际上实施碳壁垒的产品，行业需要尽快做出调整，尽快启动碳足迹标准和相关方法研究，实施产品碳排放管理，推动建立国际碳足迹互认机制，以保持全球市场中的优势地位。（3）标准的应用和实施性有待加强。碳足迹标准重要的核心是与实际生产制造相符合，真正反应产品全生命周期碳排放特点，可为供应链减碳、实现节能和提高工艺水平提8 供指导依据，这些才是真正实现碳排放减少的关键。现有碳足迹标准的权威性不够，实施率不高，标准制定处于条块分割状态，一些标准由与行业关联不密切的部门或团队编制，高水平技术专家参与程度低，因标准权威性不高而影响了标准的实施范围和效果；标准之间存在重复、交叉内容，缺乏统一规划。随着湾区经济社会、科学技术和产业的不断发展，标准与湾区产业生产制造特点存在针对性不强、适用性不足的问题，综上，我国目前尚未建立起完善的产品碳足迹标准体系，碳足迹标准体系是碳标签制度的重要依据和前提，是产业碳减排的重要技术基础，亟需结合湾区产业特点和高质量低碳发展需求，构建合适、科学、完善的碳足迹标准体系。9 第三章 碳足迹标准需求分析 3.1 需求调研 为了更好地构建碳足迹标准体系，十分有必要对企业、行业协会、技术机构、政府部门等相关方对碳足迹政策和标准方面的需求作一个全面的调查研究，为开展碳足迹标准化方面的工作提供客观的参考依据。3.1.1 调研内容 本次调研主要包括如下几个方面：（1）对现有碳足迹政策和标准的了解情况；（2）已开展碳足迹方面的工作和存在困难；（3）对碳足迹标准的需求和建议。3.1.2 调研对象 调研对象包括：（1）生产企业：主要有电子、电池和纺织服装行业生产企业，包括：华为技术有限公司、欣旺达电子股份有限公司等电子电器行业企业，比亚迪股份有限公司、深圳市华宝新能源股份有限公司、深圳乾泰能源再生技术有限公司、深圳市格瑞普电池有限公司等电池行业企业，纺织服装行业深圳全棉时代科技有限公司等；（2）行业协会：深圳市电池行业协会、中国钢铁协会、深圳市质量检验协会等；10（3）技术机构：哈尔滨工业大学（深圳）、中国标准化研究院环资分院、深圳腾讯、上海易碳数字科技有限公司等技术机构；中国质量认证中心深圳分中心、深圳市标准技术研究院、莱茵技术监护（深圳）有限公司、北京赛西认证有限责任公司深圳分公司、香港天祥公證行有限公司、香港中华厂商联合会等第三方认证机构；（4）零售企业：天虹、沃尔玛等商超企业和电商阿里巴巴；（5）政府相关部门：深圳市市场监督管理局、香港品质保证局。3.1.3 调研方式 本次调查主要通过分别组织专题会议形式进行座谈交流，采用现场会议和线上网络会议两种方式。3.1.4 调研结果（1）对碳足迹政策和标准的了解情况 调研的国内技术机构、政府部门十分关注和了解国内碳足迹标准和政策动向；行业协会及大型生产制造企业，因贸易需求，对国内碳足迹标准有一定了解，认为：与国际碳足迹标准相比，国内碳足迹标准起步较晚；不同行业、协会、机构均有不同程度推出碳足迹评价标准，技术标准不统一；缺乏碳足迹评价工作的有效激励政策；电商企业和外资零售企业，则表示有持续关注了解碳足迹政策和标准，关注加贴11 碳标签的产品在市场上对消费者的消费影响；部分中小型生产企业、实体零售企业如天虹，表示缺乏对碳足迹政策和标准的了解。（2）已开展的碳足迹工作情况 电子和电池行业大型知名企业均表示，十分关注企业绿色低碳发展，已在组织、项目和产品层面持续开展不同程度的节能减碳工作。其中，在产品层面，研发设计阶段，关注产品绿色属性，通过技术创新减少产品自身碳足迹；在供应链方面，联合上下游合作伙伴实现节能减排，全方位构建绿色供应链，在供应商认证、选择、审核、绩效管理及物料选型等环节明确提出绿色低碳要求；在产品生命周期管理方面，十分关注出口国对产品碳足迹、生命周期环境管理的要求，出口产品应出口国要求开展产品生命周期环境评估；企业内部开展 LCA 能力建设，包括对物质信息、材料信息、碳足迹、水足迹等产品生命周期影响评估。中小型企业表示尚未建立产品碳足迹评价工作的配套能力，如核算技术、专业人员和团队等。第三方认证机构，均在不同程度接触、了解并参与碳足迹工作，包括标准的编制、评价工作，具备一定技术能力，掌握碳足迹评价工作方法和流程。政府机构表示，当前碳足迹评价工作有待进一步加强合规性；核算标准、核算过程不统一，存在评价、认证等多种12 方式；实施机构有行业协会、第三方机构、咨询服务单位等。（3）开展碳足迹评价工作存在的困难 在实施碳足迹评价工作时主要面临的困难有如下几点：一是对国内碳足迹政策和标准不是十分了解。碳足迹核算过程存在技术难点，主要产品生命周期碳排放量核算中的核算边界、核算方法、排放因子等方面的规范性和一致性。二是缺乏统一权威的碳足迹基础数据库。在碳足迹核算过程中，由于不同国家和地区资源分布不平衡、科技水平不同、以及能源消耗的不对称，产品生命周期原料、生产、工艺等不同导致碳足迹核算存在很大差异。国际知名数据库并不适合我国国情。国际上常用的碳足迹数据库，如瑞士的商业数据库 Ecoinvent，以文献数据、学术研究为基础，后结合工业生产补充数据，现有以欧洲为主、涉及多国的 3 万多条数据；德国数据库 Gabi，以工业数据为基础，组建以材料学科为主的研究团队，并与知名制造商合作，数据不断更新、迭代，积累了近 2 万条数据，是业界公认的门类较为齐全、数据相对可信的数据集，该企业目前已被美国某石化公司收购。由于国际数据库基本都是基于特定地区和国家的平均数据，国外主流数据库适用于中国的数据非常有限，如 Gabi，仅 3%的数据集适用于中国，而且时效性不强（有些数据库采用的是 10 年前的数据）、技术代表性不够等问题，不能真实反应中国产品碳足迹的真实水平，严重制约中国在国际上13 应对气候变化、贸易往来等活动的话语权。另一方面，国内一些研究机构和行业协会正在同步推进不同行业的数据库建设，碳足迹数据集并不健全，目前典型数据库有：四川大学建立的中国生命周期参考数据库 CLCD，涵盖能源、原材料、运输的清单数据集只有 640 条；生态环境部环境规划院联系研究机构建立的中国产品全生命周期温室气体排放系数集，数据来源几乎全部来自于文献和年鉴。国内数据不准，质量不高，难以反应产品生产技术水平和碳足迹披露的实际情况。不同数据库、数据集的方法并不统一、或并未经统一、权威的方法学验证。由于数据口径、核算模型、方法学不统一，即使通过不同数据库信息能进行产品碳足迹核算，得到也是一个拼凑的结果，难以反应产品生产技术水平和碳足迹实际特点，影响碳足迹核算结果。三是缺乏碳足迹专业人才。碳足迹核算属于专业技术工作，是一个新兴行业，其理论知识体系尚未构建，需要了解温室气体核查、生命周期理论和产品生产制造全过程，相应地其专业人才必须是通晓多个专业的复合型人才，培养难度大。四是缺乏统一规则，缺乏监管依据，碳足迹评价市场存在一定乱象，给市场监管带来一定困难。（4）对碳足迹标准的需求和建议 企业、行业协会、政府部门和技术机构均表示，在当前14 双碳背景下，国内出现了各种碳足迹评价工作，推广主体有行业协会、第三方机构，对碳足迹评价工作实施主体企业来说，缺乏统一标准和规则，难以辨别碳足迹评价工作的有效性、权威性，甚至感到有点混乱，也给政府部门监管带来一定困难；建议由政府部门牵头建立统一的碳足迹标准体系，保证标准的先进性及相关工作的公正性、合规性。在标准建设内容方面，认为支撑碳足迹评价实施过程的技术和管理类标准急需建立和完善。如大型知名企业和行业协会表示，十分有必要加快国内碳足迹评价方法论的研究，根据国内生产工艺、制造过程等实际产品生命周期特点，建立本土化的碳足迹评价标准；建议与欧盟进行有效的交流实现互认；建议由主管部门牵头，围绕能源、材料、半成品、成品等基础建立统一标准数据库；建立科学有效的激励政策，鼓励更多企业应用碳足迹评价标准，参与碳标签制度工作。此外，第三方认证机构还建议，标准需要关注碳足迹审定与核算，建议对实施碳足迹审计与核算工作的机构和人员进行规范，统一工作流程和报告内容。政府部门表示，碳足迹标准需要考虑政府的监管工作，对碳足迹评价工作及碳标识的使用等合规性进行监督管理。15 图 1 部分调研交流照片 3.2 需求分析 3.2.1 政策需求 积极应对全球气候变化，控制以 CO2为代表的温室气体排放已成为国际社会的共识。中国高度重视气候变化问题，2020年9月习近平总书记在第七十五届联合国大会一般性辩论上向国际社会作出“碳达峰、碳中和”郑重承诺。为此，中国将 2030 年前碳达峰纳入“十四五”规划和 2035 年远景目标。在相关政策方面，国务院印发的2030 年前碳达峰行动16 方案（国发202123 号）在重点任务中提出：完善绿色完善绿色低碳技术和产品检测、评估、认证体系。低碳技术和产品检测、评估、认证体系。2021 年商务部在“十四五”对外贸易高质量发展规划提出：探索建立外贸产品探索建立外贸产品全生命周期碳足迹追踪体系。全生命周期碳足迹追踪体系。中共中央、国务院印发的粤港澳大湾区发展规划纲要提出，推动粤港澳碳标签互认机推动粤港澳碳标签互认机制研究与应用示范制研究与应用示范；深圳市政府印发的深圳市生态环境保护“十四五”规划要求：探索建立产品碳标签制度，研究制探索建立产品碳标签制度，研究制定产品碳足迹评价标准体系，推进产品碳足迹评价试点和产定产品碳足迹评价标准体系，推进产品碳足迹评价试点和产品碳排放基础数据库建设品碳排放基础数据库建设；在深圳碳普惠体系建设工作方案也明确要求：打造绿色消费场景，鼓励公众购买碳标签碳标签产品产品。国家把标准视为支持政策落实、支持产业转型、支持技术推广的有效手段。2021 年 10 月中共中央、国务院印发 国家标准化发展纲要，提出完善绿色发展标准化保障，建立健全碳达峰、碳中和标准，加快完善地区、行业、企业、产产品等碳排放核查核算标准品等碳排放核查核算标准。同年 12 月，国标委等十部委联合印发“十四五”推动高质量发展的国家标准体系建设规划，在生态文明领域中明确提出建设碳达峰、碳中和标准，推动碳排放管理体系、碳足迹碳足迹、碳汇、碳中和、碳排放权交易等重点标准制定重点标准制定。国家发改委 2022 年在促进绿色消费实施方案提出“优化完善标准认证体系。制定重点行业和产品制定重点行业和产品温室气体排放标准，探索建立重点产品全生命周期碳足迹标温室气体排放标准，探索建立重点产品全生命周期碳足迹标准准”。国家发展改革委、国家统计局、生态环境部于 2022 年17 4 月印发的关于加快建立统一规范的碳排放统计核算体系实施方案在重点任务中明确要求，建立健全重点产品碳排建立健全重点产品碳排放核算方法，研究制定重点行业产品的原材料、半成品和成放核算方法，研究制定重点行业产品的原材料、半成品和成品的碳排放核算方法品的碳排放核算方法推动适用性好、成熟度高的核算方法逐步形成国家标准，指导企业和第三方机构开展产品碳排放核算。综上，随着国家政策的引导，碳足迹标准得到越来越重视。制定碳足迹标准，可为政府在各领域推动低碳经济发展，出台财政激励政策等提供决策工具，对政府应对气候变化，倡导低碳经济转型发展具有非常重要的意义。3.2.2 行业需求 标准是产业发展的规范与秩序，也是产业迈向价值链中高端的基石，没有先进标准就没有现代产业竞争优势。粤港澳大湾区地处中国沿海开放前沿，经济实力雄厚，创新要素集聚，国际化水平领先，是中国开放程度最高、经济活力最强的区域之一，在国家发展大局中具有重要战略地位。持续推动粤港澳大湾区的绿色低碳发展，可以为“双碳”工作起到引领示范作用。粤港澳大湾区产业结构处于向后工业化过渡的阶段，已经具备了产业低碳发展的优势，与此同时，大湾区的低碳发展仍面临产业结构调整升级的诸多挑战。产品碳足迹有利于加快推进产业绿色低碳升级，优化产业结构，是实现节能减排的基础性工作。18 构建碳足迹标准体系，提出适合大湾区产业发展的碳足迹评价方法学和标准，可以清晰了解产业全生命周期内温室气体排放的比重，有助于推动湾区制造业绿色低碳技术创新和转型升级，促进技术创新成果转化，激发企业绿色低碳发展内生动力，同时可服务于国内国际双循环，助力中国产品融入国际绿色产业链供应链体系，增强粤港澳大湾区的国际竞争优势，进一步提升湾区乃至全国碳足迹工作的国际化水平。3.2.3 消费需求 绿色低碳正逐渐融入经济社会发展各方面，消费是经济发展的强大引擎，绿色生活方式的转变需要扩大绿色低碳产品供给和消费。随着社会发展，人们对生活质量要求和环保意识的提高，通过碳标签表现形式展示产品碳排放信息，可以更好的满足消费者绿色消费需求，满足人民日益增长的美好生活需要，加快形成绿色低碳生活方式；拓宽公众参与渠道，通过消费选择，促进广大公众和社会各界参与减缓气候变化的行动，把关注气候变化观念融入公众日常生活；以公众消费选择引导和鼓励企业绿色技术，从需求端带动供应端的低碳发展，促进形成绿色低碳的生产模式和消费模式。3.2.4 贸易需求 全球低碳经济是可持续发展的必然趋势。当前发达国家正在设立各种碳壁垒，通过新门槛和技术壁垒阻碍发展中国19 家的外贸和经济发展。如，欧盟电池法规定自 2024 年 7 月 1日起进入欧洲市场的工业和电动汽车电池的制造商和供应商必须提供碳足迹声明；欧盟将在 2023 年实施碳边境调节机制（CBAM），覆盖电力、水泥、钢铁等高能耗行业。我国正处于工业化中期加速发展、工业化与城镇化同时并举的阶段，也是能源资源消耗快速增长的阶段。我国主要贸易对象中的英国、法国、美国和日本等国家，都纷纷制定和实施了相应的碳标签制度，涉及的商品种类也在不断增加，其中涉及我国出口商品比重较大的有纺织服装、农产品和日用品等产品。以电池为例，深圳市统计局数据显示，2022 年上半年全市出口 9142.5 亿元，其中仅锂离子蓄电池出口额达129.6 亿元，较去年同期增长 56.7%，主要出口欧盟、美国和东盟等地。因此，出口贸易受碳标签的影响较为明显。同时，碳标签会增强国际贸易的不平衡，发达国家征收碳关税将对发展中国家的大量工业品将造成巨大冲击，绝大部分商品将成为征收对象。根据联合国征收系统预估，中国在国际市场上有 3 成以上的商品将被征收碳关税，我国出口产品的竞争力可能因此而下降，进而导致我国出口商品的市场份额降低。据统计，从 2002 年开始，中国已连续 17 年成为世界上遭遇贸易摩擦最多的国家。在今年全国两会上，山东钢铁集团、宁德时代等多家企业代表建议，尽快启动产品碳足迹标准和方法研究，建立产品碳排放管理体系。20 虽然我国目前没有实施碳标签制度的强制性政策，但碳标签已成为国际上常用做法，并作为进出口贸易中的壁垒。因此亟需加快产品碳足迹标准建设，为碳标签制度的建立实施提供重要技术依据；推动碳足迹标准应用，推动产品层面碳排放核算，积极应对国际贸易形势，推动国际贸易规则认同，有利于促进国际贸易便利化，持续保持湾区外贸出口领先地位，不断提升湾区绿色制造的国际竞争力。3.3 粤港澳大湾区产业分析 3.3.1 产业现状 粤港澳大湾区地处我国沿海开放前沿，以泛珠三角区域为广阔发展腹地，经济发展水平全国领先，2019 年粤港澳大湾区 GDP 总量达 11.6 万亿元，较 2018 年增长 6.7%，粤港澳大湾区的经济总量已与纽约湾区旗鼓相当，其中深圳 GDP贡献排在首位。作为世界级的制造基地，粤港澳大湾区是我国成熟度最高的湾区，是我国开放程度最高、经济活力最强的区域之一，产业体系完备，集群优势明显，经济互补性强，香港、澳门服务业高度发达，珠三角九市已初步形成以战略性新兴产业为先导、先进制造业和现代服务业为主体的产业结构。湾区制造业占 GDP 比重达 21%，制造业门类齐全，包含电子信息、装备制造、汽车、新能源、新材料、生物医药、石化、21 钢铁、海洋工程、高端消费品等等，世界 500 强企业在粤港澳占 25 个。随着中国制造 2025 规划的落地和实施，粤港澳大湾区的制造业面临着新的机遇和挑战，制造业从传统的中低端制造业向高端制造业转变。湾区在发展过程中制造业是重要的产业形式，2015-2019 年粤港澳大湾区规模以上工业企业总产值占全国工业总产值的比重的年均值为 10.7%，其中制造业规模以上企业总产值占比 10.84%。从变化趋势看，湾区工业和制造业总产值市场占有率呈逐年递增趋势。分行业看，计算机通信和其他电子设备制造行业市场占有率最高，年均值高达 33.32%，2019 年高达 35.56%。家具行业市场占有率也比较高，年均市场占有率高达 20.76%，2019 年提升到 24.68%。电气机械和器材、文教工美体育和娱乐用品、橡胶和塑料制品业、金属制品机械和设备修理业等其它十大制造行业的市场占有率年均值都在 10%以上。目前低端制造业比重从 43%下降到 31%，粤港澳大湾区内的制造业也呈现着产业结构转型升级的发展局面。以深圳为例，2020 年深圳第三产业占地区生产总值比重为 62.1，战略性新兴产业比重 达 37.1，高技术制造业增加值占规模以上工业增加值的比重分别达到 66，深圳确定了七大战略性新兴产业及20 大产业集群、8 大未来产业规划，明确了“20 8技术主攻方向，其中七大战略性新型产业包括：新一代电子信息、22 数字与时尚、高端制造装备、绿色低碳、新材料、生物医药与健康、海洋产业。另一方面，粤港澳大湾区产业低碳化发展趋势明显。粤港澳大湾区已经初步建立了现代经济体系，高污染高排放的产能在逐渐淘汰，正在实行更严格的排放标准，高新技术产业占较高比重，以先进制造业和现代服务业为主体的产业结构初步形成，产业低碳化发展趋势明显，温室气体排放控制成效显著，经济社会与生态环境保护开始呈现协调发展态势，大湾区特别是几个核心城市的低碳生产率指标在全国处于领先水平。3.3.2 面临形势 如何在中国制造和双碳背景下，推动制造业的高质量绿色低碳转型发展成为粤港澳大湾区面临的重要形势。当前，世界经济不确定不稳定因素增多，保护主义倾向抬头，全球治理体系和国际秩序变革加速推进，新一轮科技革命和产业变革蓄势待发，“一带一路”建设深入推进。在新发展理念引领下，我国深入推进供给侧结构性改革，推动高质量发展，粤港澳大湾区面临诸多挑战。大湾区经济运行存在产能过剩、供给与需求结构不平衡不匹配等突出矛盾和问题，经济增长内生动力有待增强，区域发展空间面临瓶颈制约，资源能源约束趋紧，生态环境压力日益增大，人口红利逐步减退。另一方面，粤港澳大湾区绿色低碳协同发展有待加强。23 粤港澳大湾区粤、港、澳三地缺乏统一的政策标准体系，比如绿色建筑、低碳产品等方面都缺乏统一的标准，鼓励绿色低碳发展的政策也没有普适性，在推进城市间绿色低碳协同发展方面有待强化，尚未在全社会形成良好的绿色消费和低碳生活的良好氛围。3.3.3 发展需求 粤港澳大湾区是中国现代化建设的先行示范区，在生态环境保护、绿色低碳发展方面走在全国前列。创建国家“碳达峰碳中和”引领示范区具有良好的政策基础、发展基础、实践基础，有条件先行探索，创建国家碳达峰碳中和引领示范区，为全国实现“双碳”战略目标贡献可推广的湾区经验。粤港澳大湾区需要以低碳创新为引擎，实现绿色经济增长。通过改变传统的高能耗、高污染、高排放的粗放型经济增长模式，面向绿色低碳的技术创新驱动，降低污染排放强度，提高产品的质量和效益，实现新的供给与需求的均衡，扩大有效供给，培育绿色发展的市场内生机制，实现产业低碳技术创新和结构优化升级，实现绿色经济增长。24 第四章 碳足迹标准体系框架构建 4.1 构建目标 针对如何支撑碳标签制度提出建立集标准、计量、监测、核查为一体的碳足迹标准支撑体系，为相关标准的申请、立项、深化编制及应用等工作提供指导，为建立和实施大湾区碳标签制度提供技术支撑。4.2 构建原则 构建湾区碳足迹标准体系框架，按照 GB/T 130162018标准体系表编制原则和要求中的有关规定，注重标准体系的整体性和结构化，遵循需求引领、创新驱动、统筹协调和注重实效四个基本原则，力求构建的湾区碳足迹标准体系框架层次分明、布局合理、体现湾区产品碳足迹管理技术水平并具有预见性，服务国内国际双循环，助力中国产品融入国际绿色产业链供应链体系。4.2.1 需求引领原则 将产业、市场和监管等社会各方需求作为建立湾区碳足迹标准体系的出发点和着力点，按照需求引领的原则，针对湾区碳足迹标准体系建设目标，全面系统，科学确定发展重点，以充分满足湾区产业高质量低碳发展、国内绿色消费和国际贸易壁垒、以及实施碳标签制度的技术需求。25 4.2.2 创新驱动原则 将创新作为建立湾区碳足迹标准体系的驱动力，标准体系具有开放性，为湾区产业发展预留空间，形成管理方式创新、标准供给形式创新，提高湾区碳足迹标准制修订的工作效率和实用价值，以充分发挥标准对碳足迹评价和管理、对产业低碳发展的支撑作用。4.2.3 统筹协调原则 将协调发展理念贯穿于湾区碳足迹标准体系建设的各个方面，标准体系各层次要划分清晰，与相关政策衔接配套，着力强化各方之间的统筹协调，注重政府部门、行业组织、企业、第三方机构等在碳足迹标准制修订和应用实施中的协同。4.2.4 注重实效原则 将符合湾区产业发展实际、便于实施作为湾区碳足迹标准体系建设的工作目的。注重碳足迹标准实操性，在经过充分调研和论证的基础上，制定与实际情况相符、可操作性强的标准，便于各相关方的实施。提高标准实施能力，加强标准实施的信息反馈、效果评估和监督管理，着力提升碳足迹标准的适用性和应用水平。4.3 体系设计 4.3.1 实施主体 26 对产业来说，生产制造企业是产品生命周期和供应链碳减排的责任主体，需要对产品生命周期碳足迹和上下游供应链碳排放进行量化核算，并针对性地建立减排措施，最终实现产品生命周期和全价值链的碳中和。碳足迹标准的实施主体主要是生产制造企业。同时，还需要建立碳足迹核算、评价等相关标准，以便对核算结果进行认可，标准的实施主体还包括第三方审定与核查机构等。此外，碳足迹评价工作的合规性受相关部门监管。因此，需要针对性地建立以生产制造企业、第三方审定与核查机构、监管机构为标准化实施主体的产品碳足迹标准体系。明确了产品碳足迹标准化的实施主体，还需要进一步明确标准化对象，也就是需要明确标准化实施主体对什么对象进行碳排放管理工作。产品碳足迹标准化的对象，主要关注生产制造企业的产品层面的碳排放量化核算、核查、减排等，需要根据产品类型的不同确定不同核算边界的碳排放。对于B2B 类产品，可以核算“摇篮到大门”或“大门到大门”边界范围的部分碳足迹，B2C 的产品，可以核算“摇篮到坟墓”边界的生命周期碳足迹，也可以对各个阶段的分碳足迹进行分解并分别制定各阶段的碳足迹限额，分阶段分步骤开展产品生命周期各环节的碳减排工作。4.3.2 体系特点（一）系统性 27 碳足迹标准体系应涵盖湾区战略新型产业和传统优势产业一定时期所需的标准，结构上具有逻辑性，内容覆盖全面。碳足迹标准体系在结构上应包括普适性、全局性和通用性强的基础通用部分，面向碳足迹核算、评价、监测和报告部分，以及面向气候变化具体减缓和适应措施的部分。（二）科学性 碳足迹标准体系内的标准既要对现有研究和实践给予指导，也要反映科学发展的阶段性成果。通过制定标准，深化相关研究，提升对绿色低碳和高质量发展政策的支撑作用。（三）针对性 碳足迹的提出是面向可持续发展，在实践和政策制定方面要符合国家绿色低碳可持续发展和产业高质量转型要求。碳足迹标准体系应以既有国际通用方法学为基础，瞄准现有国际贸易技术壁垒发展方向，结合粤港澳大湾区产业发展实际情况，有针对性地推动标准制定，提高湾区产业应对气候变化工作的支撑能力。4.3.3 体系框架 根据碳足迹标准体系构建目的，提出重点产品碳足迹核算标准、监测要求、审定与核查、碳标签、服务平台、管理体系为一体的系统化解决方案，全面支撑重点行业和领域推进碳达峰碳中和工作，实现各类标准的协调配合。湾区碳足迹标准体系涵盖以下类别：28 图 4.1 碳足迹标准体系框架（1）基础通用（0）子体系主要针对碳足迹领域基础性、共性和系统性内容，例如术语定义分类、通用方法、数据质量评估等。（2）碳足迹评价（A）产品碳足迹评价标准及具体类别产品种类规则，产品的碳足迹评价标准包括产品的环境影响功能单位、系统边界、数据描述、现场数据质量、背景数据及清单分析等，以及碳足迹报告编制方法。（3）碳足迹监测（B）子体系主要规定碳足迹可包括的监测内容和方法、监测实施方面的标准，遵循 MRV 原则，要求建立产品碳排放的监测体系，开展碳排放监测方法、监测设备、监测平台实施等标准的研究。粤港澳大湾区碳足迹标准体系框架 基础通用（0）碳足迹评价（A）碳足迹监测（B）审定与核证（C）碳标签/标识（D）碳管理（E）术语定义分类 通用方法 数据质量评估 碳足迹评价标准 产品种类规则 监测方法 监测设备 监测实施指南 碳足迹报告要求 机构资质能力 人员要求 审定与核证程序 信息披露要求 碳足迹管理 标签/标识管理 保密要求 29（4）碳足迹审定与核查（C）碳足迹的颁发与核查需要独立的审定与核查机构。审定与核查机构的成立、资质审核、运行管理需要按照标准来执行。具体内容包括建立碳足迹审定与核查机构要求、审定与核查机构的服务范围及作用，人员以及核查程序的要求，以便指导第三方审定与核查机构规范开展碳足迹评价工作。（5）碳标签/标识（D）规定碳标签的样式、使用和管理，主要内容包括：制定碳足迹认证标识使用管理规定，规范碳足迹标识申请、审查、公示、撤销等流程，提高信息采集、信息公开力度，对碳足迹标识动态管理。（6）碳管理（E）碳足迹信息需要对外交流、公示，因此需要制定产品碳足迹披露等相关要求标准，指导企业将碳足迹或碳减排信息和措施向社会公示；信息保密要求；建议企业开展碳足迹管理体系。4.3.4 体系内容 碳足迹标准体系的建设，需要考虑系统解决企业参与碳标签制度所面临的技术问题。聚焦碳足迹评价工作的技术基础，即标准、监测、计量、核查与示范中所面临的关键技术和系统化集成体系建设问题，制定重点行业产品碳足迹相关技术及标准，结合试点示范应用等手段，形成创新性强、经30 济与社会发展急需的集碳足迹标准、计量、监测、核查为一体的技术支撑体系，为粤港澳大湾区建立碳标签制度，实现碳减排等工作提供重要技术基础。（1）碳足迹评价标准，解决产品生命周期碳排放量核算中的核算边界、核算方法、排放因子等方面的规范性和一致性问题。制定碳足迹评价标准，建立统一产品碳足迹评价的方法学框架，适用于指导第三方机构、企业及其他相关组织开展基于生命周期评价方法学的产品碳足迹评价通用要求。内容包括：范围，规范性引用文件，与温室气体有关、生命周期、碳足迹评价相关的术语和定义，碳足迹评价原则，评价目的、目标确定、功能单位定义、系统边界划分，数据的收集、分配与计算，碳足迹报告要求等。制定具体产品种类规则，结合粤港澳大湾区产业特点，覆盖电池类产品、光伏组件产品、电子类产品、纺织服装类产品、家具类产品、电器类产品、建材产品、珠宝首饰产品、食品、纸质类产品等，结合湾区产业产品生产实际特点，确定产品生产环节，包括能源、原材料、运输、工艺、消费、处置等过程的碳核算边界，确定数据收集清单及数据收集方式。（2）数据质量，解决重点行业产品碳排放计算以及单位产品碳排放标准制定过程中所面临的数据获取、质量控制、31 不确定度评估以及限定值、先进值的确定方法等方面的问题。建设高质量核算模型，建立面向产品全生命周期供应链环境下的碳足迹模型，包括原材料获取、制造、分销、使用和回收处置各阶段。根据产品特点，识别生命周期碳排放重点关键环节，明确不同产品的系统边界及计算原则，保证碳足迹数据的科学性、统一性和透明性。（3）碳足迹计量与监测，解决企业在碳排放管控过程中所面临的燃料端、物料端、排放端的计量、监测等方面的系统性技术要求和相关监测计量方法和标准的缺失问题。建立符合国际规范、符合产业发展特点的碳足迹基础数据集，统一基础数据，按照产品类别，收集、计算、整理配套数据集，提升碳足迹核算的透明性、一致性和可比性。对数据质量进行科学评价确认，引入碳计量溯源服务体系，通过样本测量、动态跟踪、线上系统等手段进行计量、监测、统计，由第三方技术机构开展线上线下核查，保证碳足迹数据可追溯，保证数据质量和认可度，推动基础数据的汇集和共享。（4）碳足迹示范，解决企业参与碳足迹评价工作中缺少集标准、计量、监测、审定与核查为一体的集成示范案例，解决标准、计量、监测、核查等在支撑碳足迹评价工作中协同性差和集成服务能力薄弱的问题，为参与碳足迹评价的企业、第三方机构解决基础性技术问题。32 绿色低碳产业示范。选择充储能设施设备、能源电子、光伏光热等绿色低碳战略新兴产业的重点产品开展碳足迹标识认证示范，形成绿色低碳核心竞争力，实现“产业绿色低碳化，绿色低碳产业化”。民生保障产业示范。选择绿色属性突出、消费量大的民生产品开展碳足迹标识认证示范，与消费场景充分互动，增加绿色消费产品供给，使消费者“有迹可循”，形成“消费即生产”新业态。外向型产业示范。选择在国际绿色低碳贸易壁垒冲击大、大湾区产业链完整的出口产品开展碳足迹标识认证示范，辐射产业及上下游供应链的低碳发展，应对绿色低碳技术贸易壁垒，增强国际贸易竞争力。供应链降碳示范。开展供应链降碳示范，通过碳足迹分析供应链降碳关键点，带动绿色制造、绿色包装、绿色运输、废弃物绿色回收与循环利用，推动绿色产业链与绿色供应链协同发展。头部企业率先示范。发挥行业头部企业示范引领作用，树立标杆典型，以点带面，辐射产业及上下游供应链，形成一批效果突出、带动性强的示范案例。（5）碳足迹核查，解决审定与核查合格评定活动的规范性问题，为各利益相关方建立信心。基于生命周期理论，结合大湾区产业发展和产品特色，供应链覆盖面，活动数据33 丰富程度，排放因子质量等级等因素，形成碳足迹核查过程、方法、步骤的实施规则文件，保证碳足迹核查的统一性、合规性。4.4 实施路径 碳足迹标准体系的构建与实施是一项系统、长期的工作，需要根据产业发展、标签制度实施等实际情况，加快推进标准制修订工作，具体提出以下实施建议。4.5.1 成立标准建设统一协调机构 成立湾区碳足迹标准建设统一协调机构，统筹湾区碳足迹标准的规划、制定和落实。协调企业、行业协会、第三方机构、科研机构等资源共享，共同完善碳足迹标准，挖掘新的标准化需求，基于最佳实践提炼新的标准，激发标准生态体系的循环，共同构建一个可持续发展、可创造价值的标准生态体系；协调标准与其他标准保持统一，对标准落地时出现的问题给予协调和建议；开展标准的宣传推广、培训举办、标准成果出版等工作。湾区碳足迹标准建设统一协调机构建议可以由政府有关部门牵头，依托粤港澳大湾区（深港）计量检测认证发展促进联盟下设的碳足迹创新技术委员会组织实施，负责碳足迹标准建设的总体谋划、统筹推进，组织指导粤港澳大湾区碳足迹标准应用和示范工作。34 4.4.2 加强碳足迹标准化工作调研 广泛科学的工作调研对湾区碳足迹标准体系的实施具有关键作用，通过借鉴国内外相关经验，充分研究湾区产业、行业发展实际需求，进一步提升湾区碳足迹标准体系的完整性与适用性，调研内容主要可包括：（1）调研湾区战略新型产业和传统优势产业发展全周期内碳足迹核算和评价领域的标准实际需求，为核湾区碳足迹标准体系的构建与实施提供基础依据；（2）调研行业在碳足迹领域的最新动态，标准制修订工作最新进展，包括标准目录、分类、制修订工作流程的变化等情况，保证湾区碳足迹标准与相关文件的衔接性，为湾区碳足迹标准体系的构建与实施提供参考。4.4.3 明确标准制修订工作优先级 基于碳足迹标准化工作现状，为提高实施效率，应当首先明确核碳足迹标准优先级，重点推进碳足迹评价实施领域标准制修订工作，主要包括：重点产品种类规则、碳足迹审定与核查以及碳标签/标识方面的标准。4.4.4 丰富碳足迹标准的供给形式 建立标准采信机制，对于聚焦新技术、新产业、新业态、新模式等创新发展需求，实施效果好、符合标准制定范围的先进标准如团体标准、企业标准等，及时采信为湾区碳足迹标准；减少重复建设，提高标准利用效率，完善湾区碳足迹35 标准化技术文件制度，开源标准等标准供给形式。4.4.5 推进碳足迹标准的实施应用 国家标准化发展纲要提出不但要建立科学完善的标准体系,也要不断强化标准实施应用。因此，推进碳足迹标准的实施应用对于提升湾区乃至全国产品碳足迹标准化水平同样具有重要意义。实施应用方面需要关注以下几点：（1）湾区碳足迹标准是落实碳足迹管理和评价要求的技术规范，需要在实践中加强对湾区碳足迹标准的宣传力度，提升湾区碳足迹标准的影响力。在标准编制过程中，应充分征求碳足迹评价技术利用相关如企业、行业协会、第三方机构等单位意见，并对标准实施效果进行评估与修订，提高标准的适用性与可操作性。（2）加强湾区碳足迹标准的实施监督，健全湾区碳足迹标准制修订实施全过程的跟踪、实现标准研制、实施和信息反馈闭环管理，建立对湾区碳足迹标准实施情况的评估和反馈机制，鼓励行业、协会、第三方机构等相关方对标准实施情况进行监督，提出修订建议，有利于湾区碳足迹标准化工作的进一步推进。（3）加强与发达国家合作交流，鼓励企业尤其是出口贸易企业开展碳标签认证工作，开展碳标签制度试点行业，逐渐建立在口岸对进出口商品进行碳标签制度。一定程度上规避贸易壁垒，稳定进出口贸易，对低碳经济发展具有一定 36 帮助。4.5 保障措施 碳足迹标准体系建设旨在为建立和实施大湾区碳标签制度提供技术支撑，为后续在粤港澳大湾区协同推进碳足迹标准应用示范工作。4.5.1 加强组织实施 强化政府、行业、协会、第三方技术机构的协同合作，形成上下联动、共同推进，强化系统谋划和稳步推进，建立责任明确、协调有序、监管有力的工作体系，实现跨区域协作，打好组合拳，共同推进湾区碳足迹标准建设。4.5.2 强化部门联动 加强部门间联动合作与资源共享，充分利用市场资源，鼓励企业、行业协会、高校、技术机构等主动申报制修订技术领先、市场成熟度高的标准，增加碳足迹标准的市场供给。推动碳足迹标准的应用落地，形成碳足迹在绿色采购、绿色金融、绿色建筑、碳普惠等采信应用和持续机制。4.5.3 注重品牌推广 做好碳足迹政策解读和绿色低碳宣传教育，推广碳足迹标准应用优秀案例，加强国际交流与合作，利用香港国际化窗口优势，传播绿色低碳理念，推广粤港澳大湾区碳足迹质量品牌，引导公众参与，通过共谋共建共管共评共享，营造37 绿色低碳生产生活新风尚，不断提升碳足迹标准及应用影响力。38 第五章 结论 实现碳达峰、碳中和涉及产业结构转型、经济增长方式转变，需要完善政策、经济和技术的顶层设计，而制定标准是不可或缺的技术基础。标准化工作作为政策落地实施和服务市场化机制的重要抓手，对实现“双碳”目标具有重要支撑作用，是实现节能降碳目标的约束手段，是促进绿色低碳技术推广应用的有效途径，也是国际通行的应对气候变化规则的重要组成部分。当前我国产品碳足迹评价工作尚处于起步阶段，在产品碳足迹评价标准、碳标签制度建立等方面仍有较大进步空间。当前双碳背景下，以粤港澳大湾区为试点，建立碳足迹标准体系，是建立碳标签制度的重要技术基础，是国家可持续发展、产业高质量绿色低碳转型升级，消费者绿色消费，以及积极应对国际贸易形势的必然选择。本研究建立以生产制造企业、第三方审定与核查机构、监管机构为标准化实施主体，集标准、计量、监测、核查为一体的碳足迹标准支撑体系，内容涵盖基础通用、评价、监测、审定与核查、碳标识/标签和碳管理，为碳足迹标准化工作提供指导，全面支撑重点行业和领域推进碳达峰碳中和工作，实现各类标准的协调配合。在标准建设实施方面，提出成立标准建设统一协调机构，加强碳足迹标准化工作调研、39 明确标准制修订工作优先级、丰富碳足迹标准的供给形式，以及推进碳足迹标准实施应用等六方面的建议。产品碳足迹标准体系的建立，将为碳排放量化、核算、和监管提供理论依据，是开展产品碳足迹评价工作的依据和准则，有助于加快推进产业绿色低碳升级，优化产业结构，减少出口贸易摩擦，通过逐步引导并满足消费者绿色消费的观念，构建绿色低碳发展的新格局。
15人看过 2023-03-29 78页 5斯特恩
数据运营全流程手册数据运营全流程手册数据运营全流程手册数据运营全流程手册前言数据，在企业的经营和发展中发挥着越来越重要的作用。纵观近些年短时间内快速崛起的各行业头部企业、新兴独角兽，无一不是重视数据、运营数据的结果。由此，数据运营的相关岗位相继出现，数据运营的能力也愈发备受重视。未来已来，随着数字技术的发展和企业数据素养的提升，企业和品牌的核心竞争力将进一步集中在数字用户资产的沉淀与经营。只有真正掌握数据运营的能力，企业才能将业务数据化、数字资产化、资产业务化，沉淀数字用户资产，最大化每一个用户的价值。那么，现阶段的企业，以及企业内部的运营人员如何通过科学的方法和系统的流程，落地数据运营呢？易观方舟联合观远数据，结合服务过众多行业头部客户的经验，推出数据运营全流程手册。数据运营全流程手册以“理数-收数-看数-用数”这一数据运营闭环为整体框架，从运营而非技术人员的视角，通俗易懂地介绍了数据运营闭环的各环节是什么、有什么作用、以及具体应该如何落地。该电子书不仅对数据运营闭环进行全面解析，还梳理出一套可快速落地的数据指标体系搭建框架（OSM 模型 ARGO 模型 金字塔原则），以及总结出 11 大常用的数据分析模型，并拆解幸福西饼、蜜雪冰城、九阳胶囊豆浆机 Onecup 这三家企业的数据运营实战案例，旨在帮助企业及企业内的运营人员低门槛、高效率地落地数据运营，实现数据驱动精益成长。数据运营全流程手册数据运营全流程手册11.认识数据运营随着数据正式成为继土地、劳动力、资本、技术后的第五大生产要素，其在当今社会扮演的角色地位不言而喻。对于企业来说，在日常经营的过程中，各个环节、各个流程、各个部门等都在产生着各种各样的数据。数据也已经成为企业在进行运营策略、产品规划、品牌战略等几乎所有经营活动时，不可或缺的信息来源和参考依据。如果把企业比作舵手，数据就是导航。能正确应用导航的舵手，将率先到达目的地；同样，能正确应用数据的企业，也将在商业竞争中建立起自己的核心竞争力。那么，将企业的各种数据采集起来，并正确应用于企业各种经营活动的过程，便是数据运营。1.1 狭义的数据运营狭义的数据运营，仅仅把数据运营看作企业中的某个岗位。但不可否认的是，数据运营岗位正在成为企业中举足轻重的岗位。与数据分析师不同，数据运营对编程能力的要求较低，但更接近和了解一线业务。大部分数据运营通常都与一线业务人员在同一个部门，以更好地辅助业务决策，用数据驱动精益成长。为了方便大家更好地了解数据运营这一职能岗位，我们从众多 JD（JobDescription，岗位职责描述）中选取了比较有代表性的工作经验在 1-3 年、3-5年、5-10 年的数据运营 JD（见图 1-1）。数据运营全流程手册2图 1-1 不同年限数据运营 JD 示例不难发现，数据运营是一项围绕数据进行各种工作的岗位，从收集各部门的数据需求、采集数据、分析数据，到搭建数据报表、监测数据动态、产出数据报告，再到通过数据驱动经营决策、给出战略建议。越往后对数据运营各项能力的要求越高。一名优秀的数据运营不仅需要灵活使用各种数据工具，还需要变通应用各种数据分析方法，并且能够在第一时间发现问题、定位问题、并与业务同学共同快速找到解决问题的方法。1.2 广义的数据运营广义的数据运营，不仅仅把数据运营看作企业中的某个岗位，而是企业中的每一个岗位以及企业自身需要具备的一种能力。对于企业中的每一个岗位，数据运营的能力几乎作用在我们在日常工作中的方方面面，例如，通过数据证明自己的工作价值、通过数据发现工作问题并解决问题、通过数据提升工作效率并驱动业绩增长。掌握数据运营的能力，对每一个岗位来说都无异于“锦上添花”，甚至是“雪中送炭”。数据运营全流程手册3对于企业自身，掌握了数据运营的能力，才能将用户沉淀为数字用户资产这一数字化时代下，企业的核心资产。数字用户资产的沉淀在企业中一般会经历三个阶段（见图 1-2）：图 1-2 数字用户资产的三个阶段 阶段一：业务数据化。这是当前绝大多数企业所处的阶段，企业只有在这个阶段与用户建立起全面的数字触点，并在这些数字触点之上进一步承载业务的发展，才能进化到下一个阶段；阶段二：数据资产化。在这个阶段的企业，能对不同用户，基于属性、习惯、场景等因素打上不同的标签，生成单个&群体用户画像，并能对用户进行精细运营、个性运营、精准运营；阶段三：资产业务化。将所有数字用户资产进行货币化，使资产能够通过某种形式来获利。例如，拼多多就是非常典型的将用户实现资产化的范例，拼多多的用户通过分享，可以买到最便宜的商品。数据运营全流程手册4根据易观对国内行业的观察，目前国内走到数据资产化阶段的企业不超过3%，走到资产业务化阶段的企业更是凤毛麟角。对于企业而言，如何经营好数字用户资产，如何最大化每一份资产中的价值，仍然是当下的核心命题。1.3 数据运营闭环：理数、收数、看数、用数不管是狭义的数据运营岗位，还是广义的企业中每个岗位以及企业自身需要具备的数据运营能力，都需要科学的方法和系统的流程来落地数据运营。为此，易观方舟提出数据运营闭环（见图 1-3），包括理数、收数、看数、用数四个环节。图 1-3 数据运营闭环先通过“理数”梳理清楚目前业务所需的指标，并搭建数据指标体系，为高效“收数”做好准备。本电子书的第 2 章将系统介绍“理数”的四个步骤：梳理数据指标、明确北极星指标、定义指标口径、搭建指标体系。其中OSM 模型 ARGO 模型 金字塔原则指标体系搭建的整体框架，将带你系统搭建适用于具体业务场景的指标体系。“收数”包括数据采集、数据存储与数据打通，该环节收数的好坏将直接决定数据运营全流程手册5后两个环节能否正确进行。本电子书的第 3 章将系统介绍数据采集的原理，并总结目前主流的三种埋点方式：代码埋点、全埋点、可视化埋点，具体如何实现以及各自的优缺点。此外，还将带你梳理埋点需求、设计埋点方案。“看数”主要指将数据可视化呈现，并通过搭建数据看报/报表，进行数据洞察和数据分析，为“用数”做好准备。本电子书的第 4 章，我们邀请到观远数据为大家以专业的视角阐述数据可视化的内容。此外，还将系统介绍数据分析的类型和方法，并分享常用的 11 大数据分析模型。“用数”体现在企业各种经营活动的各个环节。本电子书的第 5 章将着重介绍数据驱动产品迭代、Workflow（自动化工作流）助力精细化运营、“量质转化点“提升用户留存，并在第 6 章以幸福西饼、蜜雪冰城、九阳胶囊豆浆机Onecup 为案例，拆解其数据运营如何在企业内具体应用和发挥作用。数据运营全流程手册6数据运营全流程手册62.理数2.1 梳理数据指标指标又称度量，是量化衡量的标准。例如，衡量 APP 基础运营情况的指标有：活跃用户数、使用时长、打开次数等；衡量用户留存情况的指标有：次日留存率、留存用户数等。我们可以将数据指标分为五大类：拉新指标、活跃指标、留存指标、转化指标、传播指标。|拉新指标对任何一款产品来说，都不可避免地要经历从触达下载注册用户的链路转化过程。在这个过程中，我们需要关注哪些拉新指标呢？浏览量：又称曝光量，指产品推广信息在朋友圈、搜索引擎、应用商店等渠道被用户浏览的次数。与浏览量相对应的是点击量，点击量与浏览量之比即为CTR（CTR=点击量/浏览量），CTR 常被广告平台用来评估广告质量；下载量：根据业务的不同，可能代表 APP 安装次数、资料下载数等，是衡量拉新效果的结果指标；新增用户：下载并不意味着就是用户，如果用户只下载并没有注册，那就是无效用户。每个产品对于用户的界定都不一样，大部分产品是将用户注册 APP 行为定义为新增用户；获取成本：用户获取必然涉及成本，而这是运营新手最容易忽略的。目前常见的成本计算方式有 CPM（Cost Per Mille，千人展现成本）、CPC（Cost PerClick，单次点击成本）、CPA（Cost Per Action，单次获客成本）。数据运营全流程手册7|活跃指标在人口红利逐渐消退的情况下，相较于下载量和用户量，大家更关注你到底有多少活跃用户？活跃用户数：DAU（Daily Active Users）指日活跃用户数，一般指在 24小时内活跃用户的总量；以此类推还有 WAU（Weekly Active Users，周活跃用户数）、MAU（Monthly Active Users，月活跃用户数）等指标；活跃率：活跃用户数衡量的是产品的市场体量，活跃率看的则是产品的健康；在线时长：不同产品类型的访问时长不同，一般情况下社交类产品长于工具类产品，内容产品长于金融理财产品；启动次数：该指标体现的是用户使用频率，日均启动次数越多说明用户对产品的依赖性越高，活跃度也就越好；页面浏览量：简称 PV（Page View），常见的 UV（Unique Visitor）则是指一定时间内访问网页的人数，用户在 1 个网页的访问请求即为 1PV，以此类推10 个网页即为 10PV。|留存指标如果说活跃数和活跃率衡量的是产品的市场体量和健康程度，那么用户留存衡量的则是产品是否能够可持续发展，对于早期产品来说其实更应该关注留存指标。用户留存率：留存率=留存用户数/总用户量；用户流失率：流失率在一定程度能预测产品的发展。假定产品某阶段有 10万用户，月流失率为 20%，几个月后产品用户将流失殆尽。数据运营全流程手册8|转化指标对运营而言，拉新、活跃和留存都只是手段，最终衡量工作业绩的是带来真正价值的用户数量。GMV：GMV 全称 Gross Merchandise Volume，即商品交易总额，是指一定时间段内商品的成交总额；成交额：指的是用户付款的实际流水，是用户购买后的消费金额；销售收入：指的是成交金额减去退款后的剩余金额；付费用户量：在产品里边产生过交易行为的用户总量，同活跃用户一样，交易用户也可分为首单用户（第一次消费）、忠诚消费用户（持续购买的用户）、流失消费用户（流失后又回来的用户）等；ARPU：ARPU（Average Revenue Per User，每用户平均收入）=总收入收费用户数；复购率：和新增用户一样，获取 1 个新付费用户的成本远远高于维护 1 个熟客的成本。复购率更多用在整体重复购买次数统计，即单位时间内消费 2 次以上的用户数占购买总用户数的比例。|传播指标现在大多产品都会内嵌分享功能，对于内容型平台或者依赖传播做增长的产品，病毒式增长的传播指标衡量至关重要。病毒 K 因子：K 因子大于 1 时，每位用户至少能带来 1 个新用户，用户量像滚雪球般越变越大，最终实现自传播；传播周期：指的是用户从传播到转化新用户所需要的时间，通常传播周期越短，意味着用户裂变传播的效果越好。数据运营全流程手册92.2 明确北极星指标梳理完数据指标后，我们还需要找到最能指导业务增长的核心关键指标，即北极星指标。Facebook 以“月活跃用户数（MAU）”作为北极星指标，击败了当时以“注册用户数”作为北极星指标的美国社交网络巨头 MySpace，成为了目前世界上最大的社交平台；LinkedIn 为“优质的活跃用户数”制定了 4 个维度的标准，并将其定为全公司为之共同努力的北极星指标，成为了目前世界上最大的职场社交平台；Airbnb 以“总预定天数”作为北极星指标，不断优化房东与租房者之间的连接，成为了目前世界上最大的“酒店”.看似一个小小的指标，正应了我们的一句古话“方向对了，就不怕路远”。再小的创业公司，只要方向对了，然后整个公司朝着一个共同目标共同努力，也能“摇身一变”成为世界级明星公司。|认识北极星指标什么是北极星指标？北极星指标（NSM，North Star Metric），又被称为唯一重要指标（OMTM，One Metric That Matters）。北极星指标是衡量产品、业务成功与否的关键指标，它体现了产品试图解决的“用户需求与企业经营”之间的关系，是一经确定后企业所有人都需要为之共同努力的唯一重要指标。在实际业务中，北极星指标的创建就是为了使组织对特定目标进行特殊关注。每个人都可以始终根据是否通过该指标来推动公司的发展来定义成功，而不必被日常事务或单个项目所困扰。正如 GrowthHackers 创始人&增长黑客之父 SeanEllis 所说：“北极星指标是最能体现产品为客户提供核心价值的单一指标。我们应该用最大限度的努力来增长该指标，因为这是企业在整个客户群中实现可持续增长的关键”。数据运营全流程手册10具体而言，北极星指标主要有以下 3 个核心作用：使整个公司了解产品团队的行动，并令其与公司营收目标一致，综合内部资源集中进行推进，进而提升协作效率；将产品团队的进展和效果传达给其他部门，获取更多支持，以加速战略产品计划，避免目标不同影响沟通效率；最重要的是让产品团队对结果负责，真正制定可落地的产品行动策略，推进北极星指标达成。企业的北极星指标一旦确定之后，它就会像“北极星”一样指引公司内的所有人，朝同一个方向迈进。因此，我们在选择北极星指标的时候要十分谨慎。例如，收入通常并不能特别说明公司的发展前景，而且可能很容易将其用于冲击短期增长，却带来了长期负面的影响，所以有时选择一个无收入的指标会更有益。|选择北极星指标的 3 个标准那么，要如何在众多重要数据指标中找寻到北极星指标呢？以下有 3 大标准：标准一：所选择的指标是否有助于业务发展电视剧创业时代演绎了中国移动互联网发展初期阶段，无论是语音通讯软件魔晶还是移动邮件应用狐邮的上线，为了满足各方的要求，都以应用商店的下载量作为对标的评价标准。而下载量这个指标可能更像是一个虚荣指标，因为对很多移动 APP 来说，产品的实际活跃用户数要优于累计下载数，因为活跃数反映的是当期用户的实际情况，而下载量只能反映总体量，却无法清晰且有效地定义当前状况。通过使用北极星指标作为业务发展进度的一致度量，可以根据每个活动是否在数据运营全流程手册11推进北极星指标来衡量每个活动。如果一个项目、功能或计划不能改善北极星指标，则其价值必须被质疑，并且可能因缺乏与业务发展的相关性而被放弃。标准二：所选择的指标是否能体现核心价值对内容型产品而言，用户对于内容社区的参与度，比如内容消费数量和内容生产数量要优于产品注册用户数，因为只有内容消费和内容生产才能确切反映：产品是否为用户提供了核心价值？用户是否愿意花更多时间在社区上？例如，对于问答社区知乎或者百度知道来说，单纯关注用户注册数或者活跃用户数，并不能反映平台内容的丰富程度及用户使用粘性，所以将问题回答数作为关键指标更能体现产品价值。标准三：所选择的指标是否具备可操作性定量指标优于定性指标。就制定产品指标而言，如果是提升产品体验，则不够具体，团队内每个人的理解可能都不一样；如果是产品使用时长至 15 分钟的人数，就非常具体了，每个人都清楚最终的目标是多少。在具体的操作性层面，我们可以将这个指标拆解成 4 个具体维度：（1）简单：可以是具体数字；（2）即时：业务部门能够实时看到数据更新；（3）可行动：具体可执行的，或者说能够改善的；（4）可比较：支持纵向和过去对比，横向和竞对比较。从以上可以看到，北极星指标与运营策略之间的匹配尤为重要。一般情况下，先导性指标（预测未来）要优于后验性指标（解释过去）。如果你想用自己的北极星指标来衡量产品成功与否，但北极星指标并不能够体现用户使用产品的真正价值，那就极有可能变成虚荣性指标。这时候选择的运营策略就会优化“错误的指标”，最终导致错误的结果。|北极星指标应用案例数据运营全流程手册12北极星指标通常会精简为一个可衡量的数字，但它会随着产品的发展阶段而改变。以用户生命周期为例，早期产品较为靠前，会更重视新增用户数和注册用户数；成熟产品较为靠后，会更偏向活跃用户数和转化用户数。不同行业和领域，北极星指标的确立也会有很大的差异。例如，对于订阅式收费的 SaaS 行业来说，可能会有已经是付费客户但已经停止使用产品的情况。在这种情况下，使用“每周活跃用户”而不是“每月经常性收入（MonthlyRecurring Revenue）”，这将确保 SaaS 企业专注于用户参与度，这会比营收领先一步。像硅谷知名的独角兽数据分析企业 Amplitude 的北极星指标，就是“每周至少运行一次查询的用户数”，即 Weekly Querying Users（WQUs）。例如，对于互联网社交平台而言，活跃用户数显得尤为重要。像 LinkedIn 的北极星指标就是“活跃的优质用户”，并对该指标的定义分成 4 个维度：（1）资料完整度，每完成一项用户资料就会加几分；（2）好友数，职场好友数达到 30人，是活跃度的一个拐点；（3）可触达，猎头是否可以直接联系到你；（4）保持活跃，一段时间内登录使用过多少次。为了帮助大家更好的找到属于自己的北极星指标，我们罗列了一些国内外知名企业的北极星指标（见图 2-1），供大家参考：图 2-1 国内外知名企业的北极星指标数据运营全流程手册13公司内可能有各种各样的核心指标，但北极星指标只有一个，应该适当聚焦做减法。当然，没有最好的指标只有更好的指标，北极星指标的确立也是一个逐渐优化的过程。2.3 定义指标口径在明确了北极星指标后，还有一项非常重要的工作定义数据指标口径。都说“数据指标口径是一个任人打扮的小姑娘”，我们都习惯于往有利于自己的模样“打扮”。像 GMV 这一指标，我们可以根据不同的统计口径，得到不同的统计数据。阿里巴巴对 GMV 的定义是“所有已确认的订单”。与常规理解不同，阿里巴巴的“已确认”包括了销售额、取消订单金额、拒收订单金额和退货订单金额；京东对 GMV 的定义是，京东集团线上自营业务和第三方平台所有产品和服务订单的全部订单金额。且无论该商品是否完成销售，投递或者被退回。在数据运营的过程中，我们如果没有统一的工具（例如易观方舟，点此可免费体验）管理数据指标口径，往往会出现以下问题：在不同的数据报表中，出现定义一致但名称不一样的数据指标；在相同的数据报表中，出现定义不一致但名称一样的数据指标。这将对我们跨部门协同开展运营工作、达成运营目标带来一定的困扰。如果在需求上线前事先没有做好数据指标口径的定义，就会导致某些数据对不上，给测试、技术等人员带去一定程度返工，大大降低工作效率。例如，对于一个企业来说，活跃用户往往反映了产品的用户规模、所处发展阶段，通过活跃用户可以快速定位产品人群，为后续拉新、促活做充分准备。我们在衡量用户活跃时，常用的指标有每日活跃用户数（Daily Active User）、每周活跃数据运营全流程手册14用户数（Weekly Active User）、每月活跃用户数（Monthly Active User），分别指每日/周/月访问产品的不同用户数。但活跃用户数这个数据指标口径的定义，由于所处的行业、不同的业务等因素，很多企业会根据自身特点对活跃用户数有不同的定义，例如：每日登录用户数（过滤掉匿名用户）即为活跃用户数；每日在线时长超过 5 分钟的用户数（过滤掉低质量用户）即为活跃用户数；每日访问页面超过 5 个的用户数（过滤掉低质量用户）即为活跃用户数。因此，数据指标口径的定义应该尽量做到明确、清晰、易懂，并需要逐步迭代建立起一套完整的数据指标口径字典，下发到各个协作部门，确保对数据指标的认知达成一致，避免在运营过程中出现歧义。2.4 搭建指标体系：OSM 模型 ARGO 模型 金字塔原则一套好的指标体系能够实时监控运营过程中发生的正负反馈变化，并能迅速定位问题所在，还能一定程度上指导我们解决问题。但就像天下没有两片相同的叶子，也没有完全相同的两套指标体系。产品类型不同、产品发展阶段不同、运营团队思考方式不同等，都会导致搭建的指标体系有所差异。不过，指标体系搭建的基本思路和方法是有迹可循的。易观方舟结合服务过上百家客户的经验，总结出搭建指标体系的OSM 模型 ARGO 模型 金字塔模型整体框架（见图 2-2），希望能够帮助大家系统搭建适合自身业务的指标体系。数据运营全流程手册15图 2-2 搭建指标体系搭建的整体框架|OSM 模型：确定指标体系的“骨架”OSM模 型 由 目 标（Objective）、策 略（Strategy）、度 量（Measurement）组成，通过将宏大的运营目标逐一拆解，对应到可落地的运营策略和可度量的运营动作上，从而确保我们梳理指标时不会偏离“主航道”。定义目标目标可能是整个企业、某条产品线、或者某个运营小组的运营目标，其在不同的行业领域以及公司或产品的不同发展阶段都是不一样的，需要我们结合自身的实际情况，定义目标。一般情况下，运营目标与核心 KPI 息息相关。例如：电商平台的目的是让用户在平台上完成更多交易，那么平台运营负责人的目标就可能是提高 GMV；ToB企业服务类网站希望可以获得更多的注册线索，那么网站运营的目标就可能是提高注册试用量；银行类 APP 希望可以让更多用户来购买理财产品，那么 APP 运营的目标就可能是提高理财产品的购买总金额。确定策略通过定义目标了解整个运营大方向后，我们便可以根据过往的经验、市场调研等制定达成运营目标所需要的策略。数据运营全流程手册16例如，电商平台运营负责人的目标是提高 GMV。按照 GMV=支付用户数 X每笔单价 X 用户购买频次的计算公式（注：GMV 的公式根据行业可能有所不同，需结合自身业务计算），其提升策略可能就会有：针对提升支付用户数的策略对新注册用户进行 9.9 元限时特价活动、针对提升每笔单价的策略进行商品组合销售、针对提升用户购买频次的策略节假日进行优惠券营销。明确度量策略制定后，如何衡量策略执行的效果？如何反映该策略是否有助于目标达成？这就需要用到度量。例如，通过商品组合销售策略，需要将每笔单价提升至 1000 元。这个将每笔单价提升至 1000 元就是该策略的度量。我们所制定的每一个策略都需要匹配相应的度量指标。综上，我们便可以根据 OSM 模型，形成指标体系初步的“骨架”（见图 2-3）。图 2-3 OSM 模型示意图数据运营全流程手册17|ARGO 模型：填充指标体系的“血肉”ARGO 模型（见图 2-4）由易观方舟基于“留量”时代提出，为解决用户运营的具体业务挑战而设计，帮助企业围绕用户全生命周期，更系统地制定运营目标及对应策略。图 2-4 ARGO 模型根据 ARGO 模型，我们可以分别从用户视角和企业视角（见图 2-5），进行运营目标和运营策略的设计，从而避免根据 OSM 模型梳理指标体系时有所遗漏。图 2-5 用户视角和企业视角的 ARGO 模型图（1）用户视角数据运营全流程手册18当用户从欢迎页到传播分享，会经历一个完整的用户全生命周期（见图 2-6）。图 2-6 基于 ARGO 模型的用户全生命周期虽然我们在运营过程中都希望用户尽可能参与到运营中来，也希望用户尽可能多次回访到产品中去。但并不是所有用户都会经历完整的用户全生命周期，因为在任意一个环节用户都可能会流失。但无论是什么类型的产品，都有一组典型的用户全生命周期，即从潜在用户（潜客）、新增用户（新客）、活跃用户（活客）、成熟用户（老客）、衰退用户（怨客）、沉默用户（睡客）、流失用户（死客）的全过程。以新增用户为例，这时用户处在刚与产品接触的阶段，即包括从外部的流量渠道到达网站、APP、小程序等的全部用户数量，多用于新用户获取阶段，表示可以转化成用户的最大值。如果是网站就与 UV 相关，如果是 APP 就与启动相关。提升新增用户量，是我们在这个用户生命周期阶段的主要目标。在这个阶段，我们通常需要知道固定时间内到达产品的访客构成。这时候就会涉及到流量渠道，了解不同渠道的用户构成状态有助于我们进行渠道优化、改善访客质量。（2）企业视角企业视角对应业务成长的需求，可以分为以下三个阶段（见图 2-7）：数据运营全流程手册19图 2-7 基于 ARGO 模型的企业业务成长需求 获客转化阶段，需要我们通过不同的渠道和方式获取客户，并引导用户转化。借助该阶段沉淀的用户关键数据，准确定义产品目标人群特征，优化运营的获客转化策略；活客粘客阶段，需要我们让用户形成使用习惯，为不同用户群体提供个性化的最佳体验，并及时定位流失原因，唤醒沉睡用户和召回流失用户，提升用户留存率和忠诚度，促进用户活跃；创造价值阶段，需要我们引导用户进行产品价值交换，关注不同运营活动、触达策略等与价值交换的关联度，实现用户 LTV（Life Time Value，生命周期总价值）的最大化。根据用户视角或者企业视角系统梳理运营目标后，就可以开始寻找不同场景下用户与我们的接触点，然后通过数据分析找到每个接触点上的待优化点。这些待优化点就可以作为我们 OSM 模型中的策略。例如，用户进入欢迎页时、进行注册时、开展新手任务时，与我们的接触点分别是产品欢迎页面、产品注册页面、新手任务引导流程页面。通过数据分析发现注册页面的转化率偏低，那么我们就要针对注册转化提升制定相应的策略。由此，不难发现，ARGO 模型是在 OSM 模型搭建好指标体系初步的“骨架”后，用来填充指标体系的“血肉”，可以让整个指标体系更丰富。如下图所示，以企业视角为例，将 ARGO 模型与 OSM 模型相结合（见图2-8），就可以帮助我们校准目标是否与用户全生命周期的每个阶段相匹配，以及检验策略是否覆盖了用户全生命周期、有无遗漏。数据运营全流程手册20图 2-8 基于 ARGO 模型和 OSM 模型的企业指标体系搭建|金字塔原则：打通指标体系的“经脉”金字塔原则源于世界级领先的管理咨询公司麦肯锡，通常被用来结构化写作过程。但其层次性、框架性、系统性的思考方式，也同样可以帮助我们梳理指标体系。在易观方舟服务客户的过程中，我们发现光有 OSM 模型确定指标体系大的框架，ARGO 模型帮助填充指标体系小的细节，往往是不够的。还需要用金字塔原则整体梳理，让整个指标体系具有上层概括下层、同层独立穷尽的逻辑自洽性。（1）上层概括下层通过 OSM 模型和 ARGO 模型搭建的指标体系一般包含第一关键指标、一级指标、二级指标等层级关系（见图 2-9）。在层级关系上，上一层的指标要能概括下一层级的指标。数据运营全流程手册21图 2-9 指标体系上下层关系图 第一关键指标第一关键指标又称北极星指标，当我们开始对一款产品（网站、APP、小程序、智能硬件等）进行运营时，会涉及到很多指标，但只有一个最重要的核心指标才能被称为第一关键指标。第一关键指标的特点就是与目标直接相关，我们的工作围绕着推动第一关键指标的数据变化而展开，这些数据变化也会帮助我们达成目标。例如网站每天的新注册用户数量，是与我们的目标实现新用户获取息息相关的，就可以将注册用户数作为其第一关键指标。需要注意的是，第一关键指标虽然是最重要的，但也并不是唯一的，比如电商网站，我们关注订单量的同时也需关注新用户注册量；而且第一关键指标也不是恒定的，会随着业务变化而改变，比如产品早期最关注的是拉新，当积累了大量用户后要提高对用户留存的关注程度，这时候第一关键指标可能是周用户活跃（WAU）或月用户活跃（MAU）。如何判断一个指标是不是第一关键指标？有一条判断标准就是：如果我们改善数据运营全流程手册22这个指标，产品的长期业绩是否被提高？一级指标一级指标是指对第一关键指标有直接贡献的，且与目标方向一致的系列指标。第一关键指标要能概括所有的一级指标。例如，企业服务网站的第一关键指标是注册数量。那么，一级指标就可能是表单页到访客数量，因为提高表单页访客数量可以直接提高最终的注册数量；一级指标也可能是表单页访客到注册成功的转化率，因为提高表单页访客到注册成功的转化率可以直接提高注册数量。二级指标二级指标是指对一级指标有直接贡献的，且与目标方向一致的系列指标。一级指标要能概括属于自己分支的所有二级指标。例如，企业服务网站的一级指标是表单页访客到注册成功的转化率，二级指标就可能是第一个字段完成验证的次数。因为在同样的访客数量情况下，第一个字段完成得越多，表单页访客到注册成功的转化率就越高。我们可以制定多层级的指标体系，但最好还是尽可能精简。根据易观方舟服务客户的经验，指标体系层级最好控制在 3-5 层。简约可控的指标体系可以让我们聚焦精力在更重要的策略执行上。需要强调的一点是：制定的每一级指标体系都是要对其上一级指标有直接贡献的。（2）同层独立穷尽在指标体系中，除了不同层上需要满足上层概括下层外，同层上还需要满足独立穷尽，又称 MECE 原则。MECE 原则要求处在同一层级的指标互相之间完全独立（Mutually Exclusive）且互相穷尽（Collectively Exhaustive）。数据运营全流程手册23以处在同层的二级指标 1.1、二级指标 1.2、二级指标 1.3 为例（见图 2-10）。图左就是符合 MECE 原则的，图中和图右就不符合，但却是我们在梳理同层指标中比较容易犯的错误。图 2-10 指标体系同层关系图通过 MECE 原则梳理过的指标体系，往往能够快速定位运营过程中出现的问题。综上，通过搭建指标体系的OSM 模型 ARGO 模型 金字塔原则整体框架（见图 2-11），我们便可以快速地搭建起一套适合自身业务的指标体系。图 2-11 指标体系整体框架数据运营全流程手册数据运营全流程手册243.收数3.1 埋点采集数据说到“收数”便离不开数据采集，说到数据采集便离不开埋点。埋点是指在应用的特定流程中，通过技术手段收集用户发生的行为信息，从而通过后续分析手段还原用户场景，以指导产品功能改进、验证客户服务质量等。针对目前移动互联网时代的应用，从用户行为的形式划分，常见的有：浏览页面、点击按钮、手势滑动、长按等；或从功能划分，常见的有：验证行为、交易行为、加入清单、搜索等功能行为。针对不同行为的埋点采集，从埋点在应用中的位置也可以分成客户端埋点、服务端埋点等；从实现手段上划分，可分为：代码埋点、全埋点、可视化埋点等（见图 3-1）。图 3-1 不同埋点方式划分互联网产品在研发时往往不会专门记录用户身份和行为数据，也不会包含专业的数据分析功能。但有时为了分析用户产生某些动作或不产生某些动作的深层原数据运营全流程手册25因，就需要详细的用户数据进行分析。这个时候就需要用到专业的用户分析工具以及埋点（例如易观方舟，点此免费体验）。数据获取是任何一个数据平台的起始动作。对于互联网产品来说，用户行为的捕捉及获取是重中之重。如果没有准确、全面的用户身份和行为数据作为输入，在后续分析中得到准确洞察结果就会存在不确定性，营销闭环也会缺少过程数据依据，精细化运营更难以开展。|埋点原理对基于用户行为的数据平台来说，发生在用户界面的，能获取用户信息的触点就是用户数据的直接来源，而建立这些触点的方式就是埋点。当这些触点获取到用户行为、身份数据后，会通过网络传输到服务器端进行后续处理。埋点从准确性角度考虑，分为客户端埋点和服务端埋点。客户端埋点，即客户操作界面中，在客户产生动作时对用户行为进行记录，这些行为只会在客户端发生，不会传输到服务器端；服务端埋点，通常是在程序和数据库交互的界面进行埋点，这时的埋点会更准确地记录数据的改变，同时也会减小由于网络传输等原因而带来的不确定性风险。从分析的角度出发，数据越准确、越全面就越能达到理想状态；但在实际生产过程中却不得不考虑数据获取可行性等问题。由于数据分析工具的最终用户可能是企业内部的各种角色，如工程师、产品运营、市场甚至其他业务人员；大家会在不同时间、不同产品模块，以不同规则向产品中注入自己关心的采集代码。遵循传统方式，常见工作流程如下（见图 3-2）：数据运营全流程手册26图 3-2 埋点常见工作流程团队内部还会使用 Excel 表格来搜集各个团队的埋点需求，然后再交给工程师。实际上，即使是赫赫有名的数据分析服务商 Mixpanel，在很长一段时间内也只能将这种工作流程作为所建议的最佳实践，甚至不得不花篇幅在文档中心提供了几种不同风格的文档，以此帮助大家熟悉这种工作流程。|传统埋点的不足一遍又一遍的迭代，使行为采集和埋点管理这两个动作构成了上图中的工作流闭环，但这个闭环却存在几个明显的弊端。因此，在实际工作中传统埋点存在很多不足之处，例如：人力成本增加，即需要投入对业务和技术都具备一定专业水平的人专门负责；沟通成本增加，即前期需要同多方协作；犯错成本增加，即发现错漏无法快速事后补救；管理成本增加高，即跨版本后，废点会造成代码垃圾也会影响性能。实际工作过程中，部分企业一方面强调数据获取的重要性，另一方面却依然没有真正把重心投入进来。对行业从业者来说，数据获取及管理，从来不是一个做到数据运营全流程手册27某种程度就够用的问题，而是只要数据业务还在发展就要不断通过自行迭代去探索更好的获取及管理方式。今天，企业在数据采集上面临的主要业务挑战有：（1）缺乏专业数据采集工具，自研难度、成本高、易用性不够；（2）缺乏数据采集经验，数据采集覆盖面不全、粒度无法满足自身业务要求；（3）数据获取实时性不够，数据采集到业务可用的时效不确定，多端数据采集不规范；（4）缺乏统一的数据管理与数据加密方案，数据维护成本高。作为新一代的用户行为数据分析工具，易观方舟智能用户运营平台支持自定义多维度、实时用户分析以及全端数据采集。全端用户行为数据采集能力，是易观方舟区别于前两代用户行为数据分析工具的重要差异。针对目前企业在数据采集上的困境，易观方舟智能用户运营平台的数据采集（见图 3-3）实现了：（1）一键式接入，可视化埋点、全埋点、0 成本完成全域数据采集；（2）22 种 SDK 明细粒度数据采集，支持属性可配置；（3）通用数据模型，数据采集即可用，迈出用户数据治理第一步；（4）上报数据支持默认加密与自定义加密，让企业数据更安全。数据运营全流程手册28图 3-3 易观方舟客户端 SDK 和服务端 SDK3.2 主流埋点方式：代码埋点、全埋点和可视化埋点在了解传统埋点方式的不足之后，我们将给大家详细介绍市面上 3 种主流的埋点：代码埋点、全埋点和可视化埋点。下面，将围绕不同埋点方式的优缺点及其适用常见场景进行展开。|代码埋点代码埋点（见图 3-4）是帮助工程师了解用户是如何使用产品的经典埋点方式。因为是工程师人工将埋点结合到代码逻辑中，理论上只要是客户端操作，就算是再复杂也能采集得到。常见的如：页面停留时间，页面浏览深度，视频播放时长，用户鼠标轨迹，表单项停留及终止等。尤其是一些非点击的、不可视的行为，非代码埋点实现不可。数据运营全流程手册29图 3-4 代码埋点的优缺点所以如果我们需要对埋点有更加精准的控制力，那么代码埋点是最好的选择。当然弊端也很明显，前文描述的那些苦恼几乎全是代码埋点相关的，例如数据采集周期长、人力成本高等。|全埋点全埋点，一些国内团队也称“无埋点”、“无痕埋点”、“自动埋点”，是一种对全自动埋点方式的探索。从名字来看，这仿佛是个一劳永逸的解决方案。那到底什么是全埋点呢？要了解全埋点，就得先从客户端埋点说起。客户端埋点一般分为访问级、页面级、页内行为级：当用户访问一个网站或启动一个移动应用时，几乎所有厂商都会自动采集上报用户的访问；当用户访问不同页面时，有一部分厂商就会选择不默认自动采集，而将其作为一个选项交给用户；针对用户在某一个页面内详细的操作行为，只有极少数厂商支持自动采集上报。数据运营全流程手册30实现了后两种自动采集的厂商，通常会说自己是全埋点。但页内行为级的采集还可以进一步探讨其采集范围。最常见的就是自动采集可交互元素和自动采集所有元素的差别：可交互元素包含：链接、表单项（如按钮、输入框等）、HTML 的对象级元素等；不可交互元素很多，绝大多数的页面元素都属于此类。由于很多网页和移动应用中的界面都不是标准元素，所以很多看似可交互的元素实际上也都是无法自动采集上报的。那么，全埋点有哪些优点呢（见图 3-5）？图 3-5 全埋点的优缺点首先，全埋点会自动采集非常多的数据，而且未来在使用数据的时候可以直接从数据库中查询，不会面临“我想看的时候因为没有埋点采集而获取不到”的情况。这是非常受分析师喜爱的方式，因此经常会听到“能采集就尽量都采集，后续分析总能用得到”的说法。其次，埋点是比较耗时的工作，需要业务方提供方案，工程师进行埋点，测试团队进行测试。而由于实际工作中埋点数量比较多，每次发布新功能或新活动都需要新的埋点，所以埋点不但费时，而且错误率也难以控制。数据运营全流程手册31有了全埋点，数据用不用都先收回来，而且由于都是程序自动完成，业务人员想要 A 而工程师埋成 B 这种错误也几乎不存在。然而任何事物都有其两面性。第一，全埋点的“全”并非真的全部。基本的电脑浏览器和移动应用页面内常见的用户操作包括鼠标行为、键盘行为和手指行为。例如网页端常见的鼠标点击、鼠标滑动、屏幕滚动、键盘录入、光标选取甚至静止等；移动端除了类似点击的按下，还有多指开合、拉动、用力按下等。这些操作并不会都被“埋点”，能埋点的通常仅限点击或者按下，这显然是远远不够的，甚至我们都不能称之为全埋点。第二，全埋点的“全”以采集上报的数据量为代价，随着数据量上升导致客户端崩溃的概率也会上升。尤其是移动端，更多的数据量意味着更多的电量、流量和内存消耗。从这个角度来看，现阶段想做到真正的“全”也很难。第三，即使全部行为数据可以被接收回来，具体分析时二次梳理和加工也无法避免，甚至痛苦。因为机器在采集时无法按照我们想要的方式对全部事件进行有意义的命名，甚至无法保证采集上来的事件都是正确的。于是前期埋点时节省下来的人力成本，这个时候又都搭进去了。第四，现阶段全埋点对于用户身份信息和行为附带的属性信息也几乎无能为力。那么这个功能到底是我需要的吗？这其实是个度的问题。关于这个问题，需要结合实际情况，如果你更需要随机探索过去点击行为趋势，那么这个功能就合适，否则还有更好的选择。|可视化埋点代码埋点的缺点对于网站来说还好，但对于移动应用来讲无疑是极其低效的。为了解决这个问题，在一部分厂商选择全埋点的同时也有大量厂商选择了一种所见数据运营全流程手册32即所得的埋点道路，即可视化埋点。可视化埋点（见图 3-6），通常是指用户通过设备连接用户行为分析工具的数据接入管理界面，对可交互且交互后有效果的页面元素（如：图片、按钮、链接等），直接在界面上进行操作实现数据埋点，下发采集代码生效回数的埋点方式。这种方式所见即所得，跳过代码部署、测试验证和发版过程，极大提升生产力。图 3-6 可视化埋点的优缺点可视化埋点的好处是可以直接在网站或移动应用的真实界面上操作埋点，而且埋点之后立即可以验证埋点是否正确。此外，将埋点部署到所有客户端也是几乎实时生效的。因为可视化埋点的这些好处，分析的需求方、业务人员等没有权限触碰代码或者不懂得编程的人都可以非常低门槛地获取到用于分析的数据，可谓是埋点的一大进步。可视化埋点的部署原理也很简单。支持可视化埋点的 SDK 会在被监测的网站或移动应用被访问时向服务器校验是否有新的埋点，如果发现更新的埋点，则会从服务器下载并且立即生效。这样就能确保服务器收到最新的埋点后，所有客户端都能在下一次访问时得到部署了。易观方舟可视化埋点技术（见图 3-7）不仅能感知事件，即在定位埋点目标数据运营全流程手册33时能使用位置、属性等方式精确定位到事件触发元素；还能获取事件属性，即能灵活地获取与该事件相关的信息；还能多环境支持，例如安卓/IOS/JS 等平台、原生页面/Hybrid 模式（App 内嵌入网页的）、以及 mPaaS/React Native 等架构。图 3-7 易观方舟可视化埋点流程可视化埋点和全埋点对埋点和分析有着全然不同的追求：可视化埋点的理念是提升原工作流程的效率依然要梳理需求、设计埋点；全埋点则是将工作流都进行了简化反正数据会被采集回来，这两步的必要性就容易被忽视。这里不能说孰优孰劣，因为事先严谨的计划和事后发散的探索都是分析中的不同角度。况且这两种埋点也完全不是排他的，可以同时使用。但不可否认的是，可视化埋点局限性也很多：数据运营全流程手册34第一，可视化埋点也只是针对点击可见元素的，其中可见元素最常见的就是点击行为了。对于点击操作的埋点也确实是目前可视化埋点的主攻点。但从实际情况看，复杂页面、不标准页面、动态页面都会给可视化埋点增加不可用的风险，一旦遇到就只能代码埋点。第二，对于点击操作附带的业务属性，虽然也可通过进一步选取属性所在元素来获取属性信息，但国内除了易观方舟外，其他厂商支持得好的就比较少了。第三，为了确保埋点准确性，可视化埋点也逐步整合了更为复杂的高级设置，例如：“同页面”、“同版本”、“同层级”、“同文本”等。但加上了这些复杂设置的可视化埋点，还是那个为提效而生的可视化埋点吗？至于如何选择不同类型的埋点，易观方舟总结出一张“埋点对比表”（见图3-8），通过对比这三类埋点的优缺点，并结合自身的业务需求，即可选择最适合的埋点方式。图 3-8 埋点对比表例如，当业务需要特别高的精度，不能有出错的空间，但对时间要求不是很严格，就可以采用代码埋点。例如，数据采集需求不要求特别高的精度，比如说有 10000 条数据，我们能够容忍 1%-2%的差错，而且我们还想知道历史数据的话，就可以采用全埋点。数据运营全流程手册35例如，想知道更多的属性和信息，但不想通过代码埋点，且希望能马上生效，那么就可以采用可视化埋点。通过这张“埋点对比表”，可以帮助大家更快地根据自身业务的具体需求采用更合适的埋点方式，进一步再结合易观方舟的数据采集能力，即可更方便、更快捷、更准确地获取数据。3.3 梳理埋点需求需求梳理是对需要实现的数据采集目标进行整理。这里描述的需求，特指在涉及数据分析业务中所需要实现目标的整理。需求梳理是数据基础建设过程中的关键步骤，是指导数据采集方案以及验证最终数据建设结果的参考性文档，缺乏良好需求梳理的数据采集方案容易漫无目的，也难以验证。需求梳理对于数据基础建设的重要性有以下 3 点：第一，为数据建设确立目标。这里我们要思考数据建设是为哪些部分服务的，最终需要为各部门实现哪些目的。通常，不同的业务部门对数据分析的诉求不同，故需求也有所不同。在实践过程中，建议有数据分析需求的部门均按照本部门的需求先进行梳理后，再提供给数据建设的设计者。这样才能设计出兼容各部门需求，同时又兼顾全局的采集方案。第二，分析需求是否可实现。有时候，部分需求可能利用目前的工具、技术手段暂时没法实现，需要在需求阶段由有经验的设计者进行判断，明确大家对可实现目标的一致性。第三，支持需求排期计划。数据建设是一个随着应用版本迭代而不断进化的过程，不同的产品阶段需要进行不同深度的数据分析。所以在整理需求后，可实现对需求进行优先级评估，实现对需求实现的排期计划。需求梳理在企业内部一般由统一的管理人进行收集，需要对各部门的相关需求数据运营全流程手册36最终以数据指标的形式进行展示。|需求的 SMART 要素在进行需求梳理之前，我们需要对需求做要素的衡量，即衡量需求的 SMART要素。第一个要素：具体（Specific）。这是指每一个需求都必须是具体的，比如希望查看用户的 DAU、想了解用户注册转化率等，这都是非常明确的需求。然而如果用户需要一个指标体系，或希望提升业务增长，那这些需求就不具体且无法衡量了。第二个要素：可衡量（Measurable）。目标没有衡量就没有意义，在这里我们更多的是衡量是否能在工具中以某种形式实现。例如，以配置概览的形式实现需求、以 SQL 或其他形式实现需求等。第三个要素：可达成（Attainable）。要了解目前所具备的条件，判断需求是否可达成相应目标。有些用户行为数据分析工具主要以用户行为数据为主，因此需求也往往基于用户行为分析。如果存在财务分析、库存分析等类似需求，也需要评估是否可以转化成行为的方式进行计算。第四个要素：务实的（Realistic）。需求是无穷尽的，但资源却是有限的。合适的需求是满足当前及未来一段时间内分析、挖掘所需达到的目的。希望一次建立未来所需的所有数据采集是不可能的，所以需求梳理务实于当下所需要进行的分析，既能节省成本，又能促进当下业务发展。第五个要素：时间阶段（Time Phrase）。时间是限制需求的重要因素。对于时间紧、上线要求快的项目，梳理需求时必须考虑需求实现时间的影响。|需求梳理的基本思路数据运营全流程手册37由于不同的业务部门工作内容差别较大，梳理需求时建议以业务部门在使用数据的过程中需要分析的场景为主。具体的需求梳理思路，一般可以分为 2 个步骤：描述希望实现分析的场景和对场景分析以指标形式进行细化。当易观方舟技术服务团队帮助客户进行需求梳理时，我们首先会按部门梳理出各个部门的需求场景，再针对不同场景下提出的目标以对应指标的形式进行细化（见图 3-9）。例如，市场部大多喜欢使用易观方舟的渠道推广分析。那当市场部同学在渠道推广分析时，需要关注哪些指标？这些指标又应该如何定义？我们会额外关注这一点，因为不同公司对同一个指标可能存在不同口径的定义。图 3-9 易观方舟针对不同部门的需求梳理表需求梳理的展现形式应该以指标形式梳理表达清晰，也利于后期验证需求的实现。我们推荐将需求细化成指标后，作为指导埋点方案设计的需求文档。具体可以参考易观方舟总结的相应模板（见图 3-10）：数据运营全流程手册38图 3-10 易观方舟埋点需求梳理模板（点击免费领取该模板）易观方舟可以实现多维度分析。所谓多维度分析是指针对某一个指标，可以从多种维度去查看这个指标变化情况，从而得到更多信息。因此，当易观方舟技术服务团队与客户对接好，并确定不同指标及其相关维度之后，就可以明确所需采集的数据，之后埋点方案设计就会水到渠成。3.4 设计埋点方案对于一名通过数据提取信息的人员来说，能进行多少数据分析的根本取决于数据采集人员在采集时获取的信息量，以及信息的准确率。然而在实际应用中，很多数据不准确、无法计算等问题，大多数都会定位到埋点缺失、埋点错误等。因此，严格把控数据质量是一项非常重要且必要的事情。假设存在方案 A 和方案 B。方案 A 是传统的常见数据采集方式，方案 B 是经过一定设计的埋点方案。两个方案拿到的数据（见图 3-11）：数据运营全流程手册39图 3-11 A 方案和 B 方案埋点上传数据如果想要还原用户当时进行行为的场景，哪个数据会更符合我们的需求？哪个方案可以把用户当时行为的场景想象得更清楚一些？显然，当我们需要去还原用户场景的时候，方案 B 能分析的信息量更多。虽然方案 B 并不是十分完备，但经过一定的埋点方案设计，就能让我们采集的信息量更大、更准确。|埋点方案的设计流程每一份埋点就像一个产品，而“埋点设计师”的工作就像产品经理的工作。所以，参考产品的实现流程，当设计一份埋点方案时，不是直接开始设计，而是要从用户的需求开始。具体的步骤（见图 3-12）：图 3-12 埋点方案的设计流程数据运营全流程手册40第一步：收集需求埋点采集的数据，面向的最终用户是各个部门需要使用数据的人员。所以，在进行埋点方案设计之前，有必要访问最终用户的需求。常见的有需求的部门有：市场部门、产品部门、运营部门、销售部门等。第二步：需求梳理由于各部门收集的需求可能形式不一，也会有很多重合的部分。所以需要我们对需求进行统一的整理，并根据目前公司的资源现状、埋点的技术实现成本进行优先级排定。这里推荐具体以数据指标的形式进行统一整理。第三步：需求解读为了实现从指标到埋点方案的落地，我们需要知道每一个指标是如何使用数据计算出来的。例如，指标 PV（页面被浏览次数之和）、UV（启动应用的用户去重数）等。当我们能解读每一个指标的计算方式之后，就可以着手实现埋点方案的设计了。第四步：埋点方案以上三个步骤都完毕后，便可以开始进行埋点方案的设计。埋点方案主要就是我们指导技术人员正确、准确、迅速实施埋点的方案。|埋点方案的 3 大组成一份完整的埋点方案由事件、事件属性和用户属性 3 大部分组成。（1）事件用户行为由用户一系列事件组成。事件是记录用户在使用网站、APP 或者小程序的过程中触发的行为，包含 5 个基本要素，通常简称为 4W1H（见图 3-数据运营全流程手册4113）。图 3-13 用户事件 5 要素 Who：对行为发起的主体进行标识，一般使用产品业务系统中的 user_id来进行标识，但并不是业务系统记录的用户时，我们也需要给用户一个匿名 id；When：行为触发的具体时间，一般会精细到毫秒级别，SDK 会自动进行采集；Where：一般应用中记录行为发生的地点，如：IP、国家、省份、城市。具体到应用上还应该采集一些设备相关信息，如：操作系统、设备型号、设备产商、应用版本等；How：用户发起行为的具体方式，一般已经包含在行为名称当中，如点击某按钮；也有一些行为是可以通过多种方式的，如一个操作可以通过点击也可以通过手势时，使用哪一种方式就是一种可以记录的信息；What：指用户具体行为的内容，如用户行为是购买了一件商品，那么就是购买的商品是什么、价格是多少、款式是怎样等信息。数据运营全流程手册42为了方便大家更好地理解，我们举了个简单的例子（见图 3-14）：图 3-14 用户事件要素对应示例（2）事件属性通过属性可以为事件补充位置、方式、内容等相关信息。用户产生行为时会上报具体的属性值。比如对“购买事件”定义了“支付方式”的属性值，则根据不同的行为可能会有微信支付、支付宝支付等。举个例子：在某电商平台上，用 1 万元购买了一台联想电脑。这个动作就会产生一个名为“购买”的事件。而“购买”事件同时也可以包含“品牌”、“价格”这两个属性，而“联想”和“一万元”就是这两个属性的具体值。需要注意的是，不同的属性会有不同的数据类型，在数据分析时对应不同的计算方式。所以，在上报数据时需要注意采用合适的格式。易观方舟定义了以下数据类型（见 3-15），供大家参考：数据运营全流程手册43图 3-15 易观方舟数据类型定义示例（3）用户属性在数据运营的过程中，除了事件有属性，用户也有属性。我们需要引入用户的更多维度，才能更好地进行接下来的精细化运营。例如，注册用户 ID、用户等级、姓名等都是不同维度的用户属性。需要注意的是，我们在对事件和属性进行命名时，需要统一规范命名，并且在公司上下建立对这套命名规范的统一认知。这将有助于提升企业的数据管理效率和数据运营的实用性。|如何选择埋点时机？当用户发生一个行为时，往往有多个不同的埋点时机（见图 3-16）。在真实的应用场景中，大部分行为是需要向服务器发起请求的，面对这类行为时，埋点的触发时机就有多种可以选择。数据运营全流程手册44图 3-16 不同埋点时机不同埋点时机的优劣势，如下：处埋点时机1.用户触发立即埋点，易于理解；2.埋点后，数据经过公网传输，有一定概率会丢包，造成数据不准确；3.业务请求可能出现失败情况，导致和业务数据库对不上。例如，用户点击加入购物车，但是服务器加入失败，而这个时候埋点已经完成；4.连续多次点击可能造成多次上报。例如，当用户点击注册按钮时，可能1s 内连续点了 4 次，这时如果前端没有考虑这种情况，则可能上报 4 次注册，和业务数据库无法匹配；5.多端埋点，每一类型客户端都得埋一次数据采集代码；6.错误处理难，当出现埋点错误时，需要更新版本才能解决。处埋点时机1.埋点数据在内网传输，丢包概率极低；数据运营全流程手册452.业务请求尚未完成，可能出现失败情况，会和业务数据库对不上；3.缺少前端相关属性（如操作系统、应用版本、公共属性等信息）。一般而言，很少会选择在处进行埋点。处埋点时机1.埋点数据在内网传输，丢包概率极低；2.业务请求已完成，对于常用的如注册、订单等数据基本都能和业务数据库保持一致；3.缺少前端相关属性，例如操作系统、应用版本、公共属性等信息，可以通过发起请求时，将相应属性携带在请求中，在服务端解析后再一起上报该数据。虽然实现成本稍高但数据可靠、修改方便；4.同一个事件埋点，只需要埋一次，埋点成本低；5.更改方便，埋点不受客户端版本限制，随时修改即时生效；6.错误解决成本低，发现错误时修改一处即可，且立即生效。一般对于重要的、与业务分析相关的数据，如注册、订单、发帖、评论等行为，在此处埋点可以获得更准确的数据。处埋点时机1.埋点后，数据经过公网传输，有一定概率会丢包，造成数据不准确；2.业务请求完成后再埋点，对于注册等需要和业务端比对的数据，一般比要好一些；3.对于功能按钮，一般不会造成连续多次埋点；数据运营全流程手册464.多端埋点，每一类型客户端都得埋一次数据采集代码；5.错误处理难，当出现埋点错误时，需要更新版本才能解决。一般对于像搜索行为的埋点，在分析时需要考虑用户获取的搜索结果情况，所以若选择前端埋点，在此处埋点较为合适。综上，我们可以这样选择埋点时机：一般的纯前端交互行为，如下拉框选择，按钮点击等，选择在处埋点即可；业务行为多选择在后端埋点，如评论、点赞、购买、提交订单、支付等行为，选择在处更为合适，其次选择前端处埋点；前端、后端都可以获取数据时，有资源情况下，建议优先选择处埋点；综上，最终会形成一张 Excel 表格（见图 3-17），交给技术人员开始埋点。图 3-17 易观方舟埋点方案模板（点击免费领取该模板）数据运营全流程手册473.5 进行数据打通随着移动互联网的发展，在多数人拥有多台设备的今天，用户触点在跨设备之间移动已经成为常态。实际上，很多企业也在搭建产品矩阵，在 Android、iOS、H5、Web、公众号、小程序等多端着力。但多数情况下，这些数据之间是割裂的，那么要如何进行打通呢？说到数据打通，站在运营角度来看，自然是希望能够知道用户在各个平台上的完整数据，通过用户行为来挖掘用户真实需求，使得很多基于此的分析变成可能，比如：获得完整的用户旅程；对比了解用户在不同平台上的使用情况，优化用户体验；能够在一个系统中查看所有平台的数据，提高工作效率。今天，用户行为多变，同一用户跨越多个平台。识别用户是一个比较复杂的过程，尤其是对于有帐号体系的产品来说，用户会有多种使用场景，可能会在匿名情况下访问，也有可能在登录情况下使用，也有可能在同一台设备上登录不同的帐号，也可能适用同一个帐号在多台设备上登录。因此，选择合适的用户标识（见图3-18）有助于准确标识用户，提高分析准确性。图 3-18 跨平台识别用户数据运营全流程手册48具体而言，跨平台识别有两种方法：（1）确定性方法识别；（2）概率论方法匹配。确定性方法识别是利用用户帐号体系中的数据资源，可以是系统生成的UserID，可以是手机号，也可以是邮箱，不同的产品情况略有差异，总之就是用户唯一标识。比如，X 应用在 Android、iOS、Web、小程序四个平台上运营，各个平台用统一的帐号体系。假如小明有 Android、iOS、PC 三台设备，早上在Android 的小程序上看了一个推荐，中午登录了网页查看了详细信息，晚上回家在 iOS 手机上下单，那么完全可以通过 UserID 将用户行为连贯起来。概率论方法匹配：使用设备相关的间接数据来匹配。比如，Cookie、IDFA、上网时间、WIFI、IP 等等，通过机器学习或者其他复杂的规则来分析。但是严重依赖于数据的多样性和算法，相对确定性的方法来说，准确性差距很大，因此不推荐。易观方舟面向完整的用户数据，可以实现多端用户数据基于用户的唯一标识ID 打通，并且可以实现任意指标的下钻，可以追踪到用户行为粒度的详细数据。数据运营全流程手册数据运营全流程手册494.看数4.1 数据可视化埋点方案实施完毕及进行数据打通后，数据便可以通过易观方舟自定义可视化呈现。此外，我们还可以借助专业的 BI（Business Intelligence，商业智能）分析工具（例如观远数据，点此免费体验）进行数据可视化。随着世界进入大数据时代，数据可视化作为大量数据的呈现方式，成为当前重要的课题。数据可视化的目的则是要对数据进行可视化处理，使其能明确、有效地传递信息。|数据可视化呈现形式目前，大多数企业都会通过 BI 来做数据可视化呈现。在数据可视化的展现形式上，主要包含图表可视化和表格可视化。其中，最常见的 3 种图表如下：（1）柱形图（见图 4-1）图 4-1 柱状图示例数据运营全流程手册50基础柱状图，使用垂直或水平的柱子显示类别之间的数值比较。其中一个轴表示需要对比的分类维度，另一个轴代表相应的数值。用于回答每一个分类中有多少的问题。（2）折线图（见图 4-2）图 4-2 折线图示例折线图用于显示数据在一个连续的时间间隔或跨度上的变化，它的特点是反映事物随时间或有序变量而变化的趋势。例如可用来分析某类商品或是某几类相关的商品随时间变化的销售情况，从而进一步预测未来的销售情况。（3）饼图（见图 4-3）图 4-3 饼图示例数据运营全流程手册51饼图用于表示不同分类的占比情况，通过弧度大小来对比各种分类。饼图通过将一个圆饼按照分类的占比划分成多个区块，整个圆饼代表数据的总量，每个区块（圆弧）表示该分类占总体的比例大小，所有区块（圆弧）的加和等于 100%。随着业务场景及数据分析技术的进一步深入，又演化出了针对不同场景的可视化展现形式，如子弹图、堆积图与百分比堆积图、簇状图、帕累托图、瀑布图、旭日图、矩形树图、漏斗图等等。观远数据的一站式智能分析平台可以提供 50 不同种类和形式的图表，用户还可以基于观远后台强大的数据处理能力，构建自定义的数据可视化展现形式，通过自定义报表的形式，根据自己的实际场景，扩展出丰富多样的可视化类型。另外，用户还可以通过观远数据的可视化插件扩展，帮助用户更快更方便地落地数据可视化拓展的需求。|数据可视化设计原则除了数据可视化呈现形式之外，我们对数据可视化也有一定的设计原则。其中包括：准确。从数据转化到可视表达时不歪曲，不误导，不遗漏，忠实反映数据里包含的信息。有效。信息传达有重点，克制不冗余，避免信息过载，用最适量的数据-油墨比（Data-ink Ratio）表达对用户最有用的信息。清晰。表现方式清楚易读，具条理性，可以帮助用户快速达成目标，在最少的时间内获取更多的信息。美观。对数据的完美表达，合理利用视觉元素进行艺术创作，不过度修饰，给用户优雅的体验。数据运营全流程手册52可扩展。使可视化适应不同的设备与尺寸，同时预期用户对数据深度，复杂性的需求。在数据可视化设计的原则之上，我们需要注意的图表的逻辑是包括做图逻辑和业务逻辑的。其中做图逻辑指的是数据间的关系，其中包括成分关系、时间序列关系、大小排序关系、频率分布和相关性的关系。图表的业务逻辑则是指图表必须符合业务常识，包括渠道或客户大小逻辑，按业务重点排序、按城市大小排序等。其次，业务逻辑必须符合受众习惯，比如一张图表把 2013 年的柱体放在 2012 年前面，就不符合大多数人从左到右的看图习惯。第三，要适当突出作图者想表达的结论。|数据可视化应用通过观远数据可以轻松实现数据可视化（见图 4-4）：图 4-4 数据可视化示例数据运营全流程手册53当我们把企业的数据要素做成可视化图表之后，就变成了我们所说的数据仪表盘，它的展现形式也可以是一个数据大屏。一个成功的数据仪表盘，需要考虑 4大方向的问题（见图 4-5）：图 4-5 数据仪表盘需要考虑的 4 大方向问题当我们完成了数据底层架构的搭建之后，我们可以通过数据仪表盘进行可视化分析，其中可视化分析可以对多维形式进行联动、钻取、维度切换、链接等各种分析操作，以便剖析数据，使分析者、决策者能够从多个角度、多个侧面观察数据库中的数据，从而深入了解包含在数据中的信息和内涵。钻取。下钻是通过在维级别中下降或通过引入某些维来更细致的观察数据，通过改变维的层次，变换分析粒度。比较常见的例子就是地区的省市钻取，我们可以由某个省下钻到该省下的某市来查看数据。联动。可视化设计不需要将所有信息同时展示，而是通过筛选随时调取感兴趣的数据绘图，这个时候就需要用到联动功能。它指的是，一张图表和另一种图表的联动展示。数据运营全流程手册54跳转。链接功能不仅可以实现页面跳转，还可以传递参数值来实现跨页面的数据筛选。通过这些功能，企业可以从决策层、管理层和执行层的视角出发，通过实时准确的信息传递帮助管理者和业务人员及时发现经营问题，把握决策时机，同时通过实时数据监控，不断提升经营分析的效率和颗粒度。4.2 数据分析的 5 种类型作为运营，数据分析有时候是为了探究发生了什么、有时候是为了找到某件事情发生的原因，还有时候是为了预测分析可能会发生某件事情.在正式进行数据分析之前，我们需要弄清楚数据分析的 5 种类型。这里总结了 5 种数据分析类型，从描述性分析到规范性分析，数据分析的复杂性和工作量随之增加，且越往后越依赖机器。描述性分析发生了什么描述性分析是任何数据分析过程的起点，旨在回答发生了什么问题，是我们通过对各种来源的原始数据进行整理，再将其转化为对业务有价值的洞察。通过易观方舟可视化看板（见图 4-6），我们支持将采集的数据自定义可视化成线图、柱状图、气泡图等，可以很直观地看到发生了什么。数据运营全流程手册55图 4-6 易观方舟可视化看板示例 探索性分析探索数据之间的关系顾名思义，探索性分析的主要目的是探索，其最典型的应用领域就是数据挖掘。通过探索性分析，能够帮助我们发现原本不相关事物之间的数据变量联系。数据挖掘领域有一个典型案例：沃尔玛通过数据挖掘，发现纸尿裤与啤酒的销量数据呈相关关系。于是调整了超市货架的摆放位置，将纸尿裤与啤酒放在相近的位置，没想到双双增加了这两种完全不同品类的销量。诊断性分析为什么会发生诊断性分析是最常见的数据分析类型。运营人员通过诊断性分析能探究某件事情发生的原因，引发这件事情的前置事件是什么，这件事情发生后又会引发什么后置事件。例如，某天客户电话投诉突然减少：为什么会发生这种情况？通过数据分析发数据运营全流程手册56现，可能是因为雇佣了新客服、或者产品的某个界面添加了投诉功能等。如果能知道某件事情发生的原因以及是如何发生的，我们将能很快确定问题以及具体可落地方法。预测性分析会发生什么预测性分析通过分析已知数据假设未来，回答将来会发生什么的问题。预测性分析不仅会用到前文所提到的 3 种数据分析类型，还需要用到机器学习（ML）和人工智能（AI）等前沿的数据科学技术。例如，根据某零售店过去 5 年的销售数据，我们能预测该零售店下个月、下个季度的总销售额，以及某个单品的销量。通过预测性分析，不仅可以了解事情的发展趋势、模式以及某件事情发生的原因；还可以根据某件事情在特定领域的发展现状，做出明智的预测。易观方舟内置用户流失预警、商品销量预测等预测模型，大幅提升运营竞争力。规范性分析要采取什么行动规范性分析是最高级的数据分析类型，通过以上所有数据分析，并结合数据模型，回答要采取什么行动的问题。规范性分析会分析多个场景，预测每个场景的结果，并根据结果决定哪个是最佳行动方案。人工智能（AI）是处于数据分析前沿的规范性分析例子。人工智能（AI）建立在大数据基础之上，通过摄取和分解大量的数据，自学如何使用数据信息并做出明智的决策。我们在进行数据分析时，大多是进行描述型分析、探索型分析和诊断型分析，预测性分析和规范性分析大多交由机器去学习和解决。数据运营全流程手册574.3 数据分析的方法：三板斧 双股剑回到数据分析的实际应用中，不管是产品迭代优化分析，还是运营活动分析等，似乎总会涉及到很多数据分析方法。但万变不离其宗，最终总结下来其实都是这 5 种方法或者他们的交叉组合。易观方舟将其总结为数据分析的三板斧和双股剑（见图 4-7）。图 4-7 数据分析的三板斧和双股剑|数据分析的三板斧数据分析的三板斧分别是趋势分析、细分分析和对比分析。趋势分析趋势分析（见图 4-8）可以说是最基础且最常用的数据分析方法。通过对有关指标各期对基期的变化趋势分析，分析该指标的趋势变化，从中直观地发现问题，让运营决策更准确和更实时。数据运营全流程手册58图 4-8 品牌零售行业趋势分析示例例如，对于品牌零售行业，GMV 是最核心的指标，我们就可以根据日、周、月等时间维度描绘 GMV 的趋势图，这样便可以很直观地看到按照不同时间维度GMV 的变化。细分分析当趋势分析过于宏观，那细分分析（见图 4-9）则是精细化运营的必备，按照不同的维度一步步地对数据进行拆分，不断接近问题发生的起源，让运营获取更加精细的数据洞察。图 4-9 品牌零售行业细分分析示例例如，某品牌零售企业的 GMV 某天有明显下降，那么我们就可以根据全国各省级行政区的维度，细分湖南省、广东省、北京市、云南省等 34 个省级行政数据运营全流程手册59区，查看具体是哪个省级行政区的 GMV 有所下降。定位到具体的省级行政区后，还可以继续往市级、区级层层细分。对比分析对比分析（见图 4-10）是将两个或两个以上的数据进行比较，分析差异并揭示数据所代表事情的发展变化情况以及规律。其特点是可以非常直观地看出事情某方面的变化或差距，并且可以准确、量化地表示出这种变化或差距是多少，主要是为了给孤立的数据参考系。图 4-10 品牌零售行业对比分析示例例如，同样以品牌零售企业的 GMV 为例，通过对比不同年份的 GMV 变化趋势，我们可以很直观地看到这家企业的年度增长情况，判断是否值得投资。|数据分析的双股剑数据分析的双股剑分别是溯源分析和归因分析。溯源分析追溯到事情的源头去分析，是避免运营做过多无用分析的方法。举个例子，当一批用户到来我们的产品内，购买转化率比较低。通常情况下我数据运营全流程手册60们去分析，可能会围绕产品流畅度、运营活动力度，或者商品吸引力等问题。但很有可能从源头分析，这批用户就并非我们的目标用户，而是虚假流量。归因分析通过一种或者一组规则，将销售功劳或者转化功劳等分配给转化路径中的各接触点，即为归因分析。本质上归因分析都是为了衡量和评估用户触点对总体转化目标达成所作出的贡献，评价的核心指标为转化贡献度。但具体如何衡量和评估，就需要我们用到归因分析模型。有关归因分析模型的内容可跳转至 4.4.6。4.4 数据分析的 11 大模型在了解完数据分析的 5 种方法之后，我们再来认识一下常见的 11 种数据分析模型。|事件分析事件，是指用户在 APP、网站等应用上发生的行为，即何人，何时，何地，通过何种方式，做了什么事。事件分析模型主要用于分析用户在应用上的行为，比如打开 APP、注册、登录、支付订单等。通过触发用户数、触发次数、访问时长等基础指标度量用户行为，同时也支持指标运算，构建复杂的指标衡量业务过程。那么，事件分析模型能够解决哪些问题呢？例如：监测产品每天的用户数、访问次数、使用时长；趋势是否发生了变化？引起变化的因素有哪些？北京地区的用户和上海地区的用户，购买家电品类的金额分布差异在哪里？今天在产品中发起了一个话题，各个时段用户的参与情况如何？数据运营全流程手册61 最近半年付费用户数和 ARPU 值是多少？事件分析模型（见图 4-11）能够实时监测用户在不同平台的用户行为，通过不同维度归因指标变化因素，还能通过自定义指标组合成新的指标实现更为强大的分析能力。易观方舟智能分析产品支持细分维度与条件过滤，同时支持通过分析用户群进行人群对比。图 4-11 易观方舟事件分析模型|属性分析属性分析是基于用户自定义属性或预置属性的占比分析，能够按照不同的属性来统计用户数等指标的属性占比，进而得到初步的分析结论。例如，通过对性别属性的用户数占比分析，我们可以快速得到不同性别的用户数统计结果。通过属性分析，可以快速查看在不同属性上的用户数分布情况，便于统计不同特征的用户总量，在使用属性分析的过程中，需要合理选择度量方式，常用的度量数据运营全流程手册62方式包括：用户数、去重数、总和、最大值、最小值、均值等。例如：我们选择的指标为“累计消费金额的均值”，维度为“会员等级”，用户选择“所有用户”，那么我们得到的结果是“所有不同会员等级用户的平均消费金额是多少”。属性分析模型（见图 4-12）同事件分析模型类似，可以进行多维度多用户之间的对比、多种图表形式展示统计结果。在有标签功能的场景下，还可以对不同版本标签的统计对比分析。图 4-12 易观方舟属性分析模型|渠道分析渠道，即企业（产品）与用户产生互动的各个触点，比如搜索引擎、社交媒体、广告平台、线下站会等等。数据运营全流程手册63渠道分析模型用于分析用户（包括访客）的访问来源，通过访问用户数、访问次数、访问时长、跳出率等基础指标评估渠道质量，同时也支持自定义转化目标衡量渠道的转化效果。那么，渠道分析能够解决哪些问题呢？例如：各个渠道实时的访问用户数、浏览量如何？上周选择了多个渠道对网站进行推广，各个渠道带来的用户注册量如何？社交媒体、搜索引擎、外部链接哪个渠道带来的用户留存率更高？微信来源用户更多集中在公众号还是朋友圈？哪些搜索词带来的流量很大，且转化效果也好？渠道分析模型（见图 4-13）通过定义基础指标和转化指标、选择分析平台、渠道维度，就能够清晰地呈现各渠道表现，从而评估不同渠道的实际产出效果，最终选择优质渠道组合，提高整体 ROI。图 4-13 易观方舟渠道分析模型数据运营全流程手册64|Session 分析Session，即会话，是指在指定的时间段内在网站/H5/小程序/APP 上发生的一系列用户行为的集合。例如，一次会话可以包含多个页面浏览、交互事件等。Session 是具备时间属性的，根据不同的切割规则，可以生成不同长度的Session。Session 分析模型（见图 4-14）含多种度量 Session 访问质量的指标，包括访问次数、人均访问次数、总访问时长、单次访问时长、单次访问深度、跳出次数、跳出率、退出次数、退出率、人均访问时长、总页面停留时长、平均页面停留时长。图 4-14 易观方舟 Session 分析模型不同于事件分析，Session 分析中额外支持了一些维度的细分，以满足特定场景下针对 Session 分析的需求，包括：渠道来源分组：用以区分每次访问的渠道来源，仅适用于 Web/H5/小程序；数据运营全流程手册65 浏览页面数：以步长 5 为间隔，统计每次浏览页面数的分布情况；着陆页：用以区分每次访问的着陆页，可以评价不同着陆页的访问质量；退出页：用以区分每次访问的退出页，可以评价不同页面的退出情况，找到退出率高的页面进行优化；访问时长：按照 0-3 secs，3-10 secs，10-30 secs，30-60 secs，1-3mins，3-10 mins，10-30 mins，30-60 mins，1 hour 以上的区间进行划分，统计每次访问的时长分布。同事件分析类似，Session 分析也支持多指标、多维度和多过滤条件，同时也支持多用户分群之间的横向对比。同时在 Session 分析中，还支持按照日、周、月三种不同粒度来进行统计分析，用户可以根据查询数据的时间跨度来选择合适的粒度进行分析。|留存分析留存是指用户在 APP、网站等应用上使用过，并一段时间后仍有使用。留存分析模型是一种衡量用户健康度/参与度的方法，超越下载量、DAU 等指标，深入了解用户的留存和流失状况，发现影响产品可持续增长的关键因素，指导市场决策、产品改进、提升用户价值等。那么，留存分析模型能够解决哪些问题呢？例如：上个月做了一次产品迭代，如何评估其效果？是否完成了产品经理期望完成的行为？作为一个社交 APP，在注册后不添加好友和添加 10 个好友的用户后续留存有差异吗？数据运营全流程手册66 短期留存低，长期留存一定很差吗？两个推广渠道带来不同的用户，哪个渠道的用户更有可能是的高价值用户？近 30 天注册的用户，半个月都没有回访的用户比例是多少？留存分析模型（见图 4-15）支持条件过滤和多人群的对比分析，支持对全量数据随机抽样计算。同时我们还可以通过留存分析判断新用户在几天、几周、几月后是否愿意回来使用你的功能，还可自定义初始行为和结束行为进行功能留存分析。图 4-15 易观方舟留存分析模型留存是基于某个用户群体的初始行为时间来计算的，描述发生了某个行为的同期群，在一段时间后是否发生了期望的行为。初始行为和后续行为均可以是任意事件或者某个具体的事件。不同的分析场景中可以设置多个不同的留存条件来分析：初始行为和后续行为设置为相同，对比不同的功能重复发生的情况，发现用数据运营全流程手册67户对不同功能的使用粘性；初始行为相同，设置不同的后续行为，对比同一个优化是否对其他功能有不同的影响；后续行为相同，设置不同的初始行为，对比发现不同的运营手段、产品功能对核心业务目标的影响。|归因分析在做运营活动时，我们可能会在产品内的多个运营位上投放活动素材，试图在用户与产品交互过程中的各个触点上，吸引用户的注意力，引导流量走向和用户行为，促成最终转化。此外，用户本身可能还会通过搜索、内容推荐等触点获取信息，这些触点对用户是否能达成转化也发挥着重要作用。也就是说，在用户转化路径上，站内的众多触点都参与了对用户的劝说和引导，影响了用户的最终决策。那么，对比各个用户触点，它们对关键指标的达成分别贡献了多大力量，是否都如运营人员所预期的那样，具有优秀的转化能力；亦或者，存在被低估的情况？在之后的运营中，该如何调整对各运营位资源投入的权重分配？对于以上问题，归因分析提供了一种直观的度量 转化贡献度，主要用于衡量和评估站内的用户触点对总体转化目标达成（如订单总金额）所作出的贡献，可以非常直接地量化每个运营位和触点的转化效果和价值贡献。常见的归因分析模型有以下五种（见图 4-16）：数据运营全流程手册68图 4-16 易观方舟 5 种归因模型 首次触点归因：将转化功劳 100%归于首次互动的待归因事件；末次触点归因：将转化功劳 100%归于末次互动的待归因事件；线性归因：将转化功劳平均分配给转化路径上的所有待归因事件；位置归因：按待归因事件在转化路径上的位置分配转化功劳，一般首次和末次互动的事件各占 40%，中间触点的事件均分剩余的 20%；时间衰减归因：按待归因事件发生的时间顺序，分配转化功劳，距离目标事件发生时间越近的待归因事件，做出的贡献越大，分配到的功劳越多。通过易观方舟归因分析模型（见图 4-17），只需简单五步设置（定义目标事件、触点事件、选择归因模型、定义窗口期和选择查询时间范围），就可直观看到各触点对总体转化指标的贡献情况。数据运营全流程手册69图 4-17 易观方舟归因分析模型|热图分析热图分析模型能够用热谱图直观呈现用户在网站、H5 页面、APP 上的点击、滚动行为，帮助产品、运营人员了解用户的点击偏好，辅助做页面设计优化、内容调整等。常见的热图类型有以下 4 种：点击位置热图（见图 4-18），用于展示用户在网站上所有点击的位置，聚集的点击越多，颜色越亮。通常用于分析着陆页：是否点击了 CTA 的内容？是否有被大量点击的重要按钮或元素被放到了很少有用户到达的地方？是否有用户点击的图片或文字其实没有链接？数据运营全流程手册70图 4-18 易观方舟点击位置热图 点击元素热图（见图 4-19），展示可交互元素的点击情况。用于分析：具体是哪些元素吸引了多少点击？占据了整页点击多少比例？是否有不符合我们预期的失误诱导？图 4-19 易观方舟点击元素热图 浏览深度线（见图 4-20），展示用户抵达某个区域的留存比例。百分比越低，越少用户能够看到这一位置。通常用于寻找 CTA 的最佳位置和内容营销转换监测。数据运营全流程手册71图 4-20 易观方舟浏览深度线注意力热图（见图 4-21），展示用户在某个区域停留的时长，停留时间越长，该区域颜色越亮。通常用于分析：了解到网页哪些内容吸引访客，哪些内容认为重要却被用户忽略？是否有被用户仔细阅读的内容放到了过于靠下的位置？图 4-21 易观方舟注意力热图不同类型的热图各有优缺点，例如点击位置热图，劣势是上报的数据量会增加，但可以非常直观地定性分析用户的探索性需求，发现非交互元素上意料之外的大量点击；点击元素热图，过滤掉了部分不可点击的内容，对可点击元素可以集中数据运营全流程手册72定量分析，但不够直观。我们可以在不同场景下选择不同适合的类型，目前易观方舟已经支持 Web 端的点击位置热图、点击元素热图、浏览深度线，APP 端的点击位置热图和点击元素热图（点此免费体验 11 大数据分析模型）。|分布分析分布分析（见图 4-22）主要能够提供维度指标化之后的数据分解能力，将原有维度按照一定的数值区间进行维度划分，进而分析每个维度区间的分布情况，在以下分析场景中十分常见：分析订单的金额分布、分析某类特殊事件的发生时段分布、分析某类特殊事件的发生次数分布、分析触发某类事件的用户年龄分布。图 4-22 易观方舟分布分析模型由此可见，分布分析主要针对的是数值型和日期型这两类属性，如金额、年龄、时间、频次，因此当用户打点上传的数据中包括这两类属性时，那么在日常的数据运营全流程手册73分析中就有可能会使用分布分析来解决一些特定问题。常用指标有：X 事件的次数分布、X 事件的活跃时段分布、X 事件的活跃天数分布、X 事件 Y 属性的总和/均值/人均值等分布。|间隔分析间隔分析（见图 4-23），主要用于统计用户从触发指定的起始事件开始到完成指定目标事件之间的时间间隔。也就是说主要提供从起始事件到转化目标之间的时间角度和步长角度的相关指标统计，便于关注转化的人群能够从这些指标中观察转化过程的情况。图 4-23 易观方舟间隔分析模型间隔分析应用场景比较丰富，既可以用于统计产品的登录时间间隔、复购周期等，作为衡量用户活跃度和用户黏性的分析工具；也可以作为对转化漏斗分析的一种补充，通过转化时长指标来衡量特定转化路径在时间维度上的转化效率。用于转化效率评估时，间隔分析是对转化漏斗的一种补充。不过两者各有侧数据运营全流程手册74重，间隔分析聚焦于用户完成转化的时间效率，而转化漏斗聚焦于转化的结果指标以及转化流程中各环节的转化和流失情况。我们在关注转化结果和影响结果维度的同时，也需要关注转化过程中的效率指标，例如：对金融理财类 App 而言，从落地页引流到首次入金，中间涉及的转化环节很多，除了最终转化率之外，需要关注核心步骤之间的转化效率，尤其是注册、绑卡等几个环节。通过间隔分析，观察用户完成两次指定事件的时间间隔分布情况，同时结合其他分析模型，我们可以洞悉用户行为背后的规律，从而发掘改善用户体验、提升活跃度、产品转化率以及不断提升产品价值的线索。|漏斗分析漏斗分析（见图 4-24），是分析用户使用某项业务时，经过一系列步骤转化效果的方法。易观方舟的漏斗分析模型能够灵活自定义多步骤之间的转化过程，找到关键流失环节及影响因素，进而分析用户行为进行针对性优化动作。图 4-24 易观方舟转化漏斗模型数据运营全流程手册75那么，具体而言，漏斗分析能够解决什么问题呢？例如：官网流量很大，但注册用户很少，是过程中哪个环节出了问题？用户从“注册 绑卡-提交订单-支付订单”总体转化率如何？不同地区的用户支付转化率有什么差异？两个推广渠道带来了不同的用户，哪个渠道的注册转化率高？上周针对注册环节的问题做了一次优化，转化率趋势是否有提升？在理想情况下，用户会沿着产品设计的路径到达最终目标事件，但实际情况是用户行为路径是多种多样的。通过埋点事件配置关键业务路径，可以分析多种业务场景下转化和流失的情况，我们不仅找出产品潜在问题的位置，还可以定位每个环节流失用户，进而定向营销促转化。|路径分析路径是指用户在应用中使用的行为轨迹。在产品运营过程中，无论是产品、运营还是市场团队都希望能够清晰地了解用户行为路径，来验证运营思路、指导产品迭代优化，达到用户增长、转化的最终目的。当有明确的转化路径时，通过预先建立漏斗来监测转化率会比较容易。但是很多情况下，虽然有最终的转化目标，但是用户到达该目标却有多条路径，无法确定哪条路径是用户走得最多的路径，哪条转化路径最短，这时候就需要智能路径分析模型的帮助。通过易观方舟智能路径分析模型（见图 4-25），能够打开用户行为黑盒，探索式发现转化目标的来源路径，可视化呈现所有路径和用户占比。数据运营全流程手册76图 4-25 易观方舟智能路径分析模型通过智能路径分析模型能够解决如下问题：用户主要是从哪条路径最终形成支付转化的？用户离开预想的路径后，实际走向是什么？不同特征的用户行为路径有什么差异？4.5 案例：产品注册数据分析数据分析的实质，其实就是通过数理思维来指导我们的业务工作。对于一款 App 来讲，我们可以从用户的新增、活跃、转化、留存等指标，来了解产品的整体运营状况；从业务人员的角度出发，市场渠道人员比较关注渠道的获客质量，运营人员比较关注用户在产品内的行为信息，从而对用户分群进行针对性运营；产品人员则关注产品功能使用情况以及核心流程转化情况。以已经有账号体系产品的注册为核心流程为例，给大家讲解下如何使用易观方数据运营全流程手册77舟进行数据分析。产品注册的一般流程（见图 4-26）：图 4-26 产品注册的一般流程下面我们将根据具体的业务场景，先在易观方舟上找到对应的数据分析模型：了解产品的新增和活跃用户情况，利用易观方舟事件分析模型，可以查看每天的注册和登录用户数；查看注册流程的转化和流失情况，利用易观方舟转化漏斗模型，能够定位流失节点，找出用户流失的原因；了解流失用户（一个月未登录）情况，通过易观方舟用户分群功能，对流失用户进行分群，了解用户流失前行为以及用户画像，从而有针对性地开展召回活动。易观方舟是针对市场/运营/产品人员等对用户行为分析和精益运营的大数据产品。那么，易观方舟的产品功能是如何帮助业务人员实现数据分析需求的呢？对于市场人员来说，甄别渠道质量是一项重要的工作，同时也是自身的核心职业技能。易观方舟的渠道分析功能，能够帮助用户了解各渠道的获客能力，进而结合投放成本计算 ROI。分渠道统计注册用户数-评估渠道获客数量；分渠道统计活跃用户数、人均使用时长和留存-评估渠道获客质量；对于运营人员来说，了解用户在平台上的行为轨迹和偏好，从而有针对性地优数据运营全流程手册78化后续的运营监测策略。易观方舟提供了事件分析、留存分析、用户分群等功能，帮助运营人员根据数据分析结果实现精益运营管理。事件分析：主要分析用户在应用上的行为数据。可以了解活跃用户情况，可以从登录事件的触发用户数和触发次数进行分析；还可以从细分维度分析，根据登录方式占比评估用户偏好，优化登录通道；也支持指标运算和构建复杂指标，如注册转化率。留存分析：是一种衡量用户健康度/参与度的方法，可以深入了解用户留存和流失状况。注册用户留存，根据产品性质选择留存周期，若用户留存率较低可以通过运营活动（如签到）提高用户粘性。用户分群：用户分群即将用户标签化，把具有相同特征/行为的用户进行聚类，是精细化运营的基础。对于产品人员来说，无论是在早期验证 MVP（Minimum Viable Product，最简化可实行产品），还是正式运营阶段的迭代优化，最重要的作用就是通过数据分析验证产品功能和用户体验流畅度。易观方舟提供的转化漏斗功能就能够帮产品人员快速定位产品优化方向。若产品注册转化率较低，可以通过注册流程转化发现用户流失的重要节点，例如短信通道，下发短信是否收到验证码、产品是否出现 bug 导致用户注册失败等。数据运营全流程手册数据运营全流程手册795.用数5.1 数据驱动产品迭代优化对于线上产品，产品迭代优化可以拆解成 3 部分：流量分发、内容建设和业务达成（见图 5-1）。图 5-1 产品迭代优化 3 大部分组成流量分发除了推荐位，一般没有先前行为，后续行为基本上都是一样的。对于大多数行业来说，流量分发的数据分析方法都是一样的，解决的核心问题都是商品和用户之间的匹配。内容建设行为分为两类，一类是输出内容，目的是为了让用户掏钱；另一类是内容，目的是为了满足用户需求。前者需要支付成功才算业务达成，后者可能需要关注点赞转发就算业务达成了。业务达成主要有三种行为：第一种是进入业务流程，但未达成，退出。数据运营全流程手册80 第二种是最可惜的一种，进入业务流程，但未达成也未退出，跑别的地方去了。比如在结算页，有一个特别吸引人的推荐位，跟用户正在购买的东西高度交叉，人就被吸引到其他页面了。第三类是企业最希望的行为，进入业务流程，并达成业务。不同的业务占比有不同的路径分支。判断哪些价值高，哪些价值低，固定好比例，先优化这些指标，再去优化路径，最终达成业务。如果相应的内容建设和业务达成功能的数据量太小，不足以分析出有价值的结论时，只能先分配一些流量，让数据多一点。整个迭代优化思路就是先定位产品最薄弱的环节，抽丝剥茧，最后再完成小的优化动作。|案例：某化妆品电商品牌的产品优化下面，以某化妆品电商品牌为例，给大家介绍如何通过数据完成业务达成。将购物车改成购物袋会有效果吗？因为与在超市购买其他商品不同，化妆品在商场或专卖柜购买时使用的都是袋子而不是购物车。那么，将购物车改成购物袋会不会影响女性的消费心理，进一步提升支付转化呢？我们发现调整前后一周，从浏览页面到支付成功的数据没有很大的变化，只是常规的波动。但是用这个数据去验证购物车改购物袋的效果合适吗？其实不太合适。我们找了另外一组数据，从浏览商品详情到放入购物袋，调整后数据相比调整前是有提升的，证明有些消费者是真的被打动了。将这两个数据结合（见图 5-2），我们发现加入购物车不支付的用户因为这一改动反而增多了，加入购物车和支付行为并没有直接关系。数据运营全流程手册81图 5-2 购物车调整为购物袋前后一周数据对比通过调研发现，很多人把购物车当成收藏夹使用。购物车不操作，商品始终在里面；收藏夹不操作，商品始终在里面。虽然在产品上这是两个功能，但是由于它的设计在实用价值上没有任何差别，满足的用户需求完全是一样的。所以，要想办法把这两个功能从需求层面拆解出来，在做后续的优化才会比较有价值。否则从数据层面来看，用购物袋和收藏夹的用户都是一类人。我们给加入购物袋超过 7 天未支付的用户发信息询问是否愿意把这个东西转入收藏夹。一天内未回复自动进收藏夹；回复是，立刻进收藏夹；回复否，给他发一个限时优惠券，鼓励购买。因为加入购物袋的用户是有购买需求的，加入收藏夹的人可能是想要，但不是立刻要，通过以上运营动作就能将这两类人区分开来。这个调整虽然没有让加入购物袋转支付的数据提升，但是让企业通过数据更清楚地定义了这些用户。通过精准定义，对用户不同行为开展不同运营，使得后续整体复购率提升 16%左右。5.2 Workflow（自动化工作流）助力精细化运营对运营人员来说，与运营活动所要实现的明确目标相比，相应的运营策略要显得更加复杂多样。就用户触达而言，“给合适的人在合适的时机通过合适的方式推送合适的内容”是我们的目标，如果用户点击消息后完成转化行为，以上“4 个合适”可以说就已经实现了。但是，转化未成功的客户依然存在，这部分用户可能未接收到消息、未点击、数据运营全流程手册82点击后未完成转化甚至是产生反感情绪，进而卸载软件等情况不一而足。对于这部分客户，我们当然不可能置之不理，而是得根据其具体表现设置后续的触达方案，将产品价值以合适的方式呈现给他们，进而才能不断培养出更多自己的核心用户。上面提到的几种情况，虽然我们最后的运营目标一致，但用户路径却极为复杂。要做好精细化运营，除了完备合理的策略规划外，准确、及时的策略执行及同步的效果监测与分析也至关重要。前者是运营人员思维能力的核心展现，后者如果完全依靠人力执行，则需付出大量的时间与精力，疏漏难免的同时，也大大影响了运营人员在策略制定与完善方面的效率。能不能有一种工具？可以将运营策略以既定的逻辑自动执行下去，运营人员在完成逻辑设定后，只需将精力投入到效果分析与策略制定上来，工作效率定会大大提升。这种自动化运营的工作思路模型，最终被易观方舟实现产品化，特别是针对运营人员的工作流程问题，特别设置了 Workflow（点此免费体验易观方舟Workflow 功能）这一解决方案。|大幅提升运营效率的不二选择Workflow（自动化工作流）作为复杂运营策略的精确执行者，可以将复杂、长期的运营策略简化为系列具有逻辑关系的运营活动，系统将会自动判断活动中的各个节点状态，并根据预设的触发条件来运行下一步将要执行的动作。借助 Workflow 功能，可以帮助我们管理用户生命周期的各个阶段（见图 5-3），针对不同用户群体设计不同阶段的运营策略并自动执行。例如，针对新用户的激励策略、召回潜在流失用户的策略、刺激老用户产生复购的返利策略等，它们都是需要跨越很长时间周期的运营活动，并非短期或一次性的促销、领劵等运营活动。因此需要使用 Workflow 来设计更加复杂和多面的用户运营策略。数据运营全流程手册83图 5-3 用户生命周期的不同阶段借助于 Workflow（见图 5-4），企业运营人员还能进一步将已经验证有效的用户运营策略长期沉淀下来，在自动化执行中，结合环境变化与特点，对策略效果展开监测与分析，进而展开优化和改进，保持企业稳定的前进状态。图 5-4 易观方舟 Workflow 监测和分析功能示例|快速上手的便捷式运营工具易观一直践行着“让数据能力平民化”的使命，易用性也成为了易观方舟产品设计的核心要素，Workflow 的设计也同样遵循了易用性原则（见图 5-5）。数据运营全流程手册84图 5-5 易观方舟 Workflow 工作流程Workflow 内置了丰富的组件，通过组件间的组合，可以满足大多数用户运营的场景。同时随着产品的快速迭代，组件可以无限扩展。根据组件的作用不同，产品内将它们分成了 3 部分，分别是用户类组件、触达通道类组件及条件判断类组件。使用时，只需将目标用户分群拖拽至工作面板中，便可根据条件判断类组件中的不同逻辑关系，将用户进一步细分，并在触达通道类组件中选择合适的触达方式进行推送。运营人员只需将运营策略的思维导图准备好，便可根据提示快速完成Workflow 的设置。值得注意的是，在进行触达方式选择时，运营人员可根据自身需要，选择“并行”或“串行”两种手段（见图 5-6 和图 5-7），从而保证目标触达率的实现。数据运营全流程手册85图 5-6 并行使用多种触达通道图 5-7 串行使用多种触达通道数据运营全流程手册86|案例：电商运营的 Workflow 设置某电商 App 想在用户提交订单 20 分钟后，对未支付订单进行 Push 推送，提醒支付，以提升支付转化率，在易观方舟中我们采用拖拽的形式进行配置，配置示例（见图 5-8）：图 5-8 电商行业 Workflow 活动示例以下为具体步骤，共分为 5 步。选定人群，从用户类组件中进行拖拽，运营触达的对象人群来自于易观方舟创建的用户分群，本次创建动态分群，即每日的活跃用户，配置完分群后进行保存具体配置条件。选定事件，从条件判断类组件中进行拖拽，本次选择【提交订单】事件，即分群内用户触发【提交订单】事件后进入后续节点。设置等待条件，仍从条件判断类组件中进行拖拽，一般订单支付的超时时间为 30 分钟，本次设置时间为 20 分钟，即用户在未支付订单后 20 分钟触发后续 Push 推送，即分群用户触发【提交订单】事件，20 分钟以后进入后续节点。设置后续触发事件，依然从条件判断类组件中进行拖拽，事件依然选择为【支付订单】，后续节点触发条件为“否”，即 20 分钟以后如果没有触发【支付订单】事件就触发后续行为。数据运营全流程手册87 设置 Push 消息，从触达通道类组件中拖拽，配置 Push 的标题和消息内容，即分群用户触发【提交订单】事件，20 分钟以后如果没有触发【支付订单事件】就触发该 Push。作为易观方舟智能运营产品的重要功能Workflow，它是数据赋能企业运营、提升运营人员创造能力的关键。以简便的操作，实现复杂的运营策略，帮助企业实现精细运营和精益成长。5.3“量质转换点“提升用户留存什么是高留存量质转换点？企业私域用户包括新用户、复购用户、流失用户等不同类型用户，其中，高留存用户的某些共性特征就是高留存量质转换点。通过找到这些共性特征，并引导其他用户也产生这些共性特征，以此提升留存率。不同产品的高留存量质转换点是不一样的，需要我们通过数据分析寻找。以易观方舟客户某智能健康硬件厂商的用户次月留存数据为例（见图 5-9），可以清晰地看到，当用户同步 14 次数据后，留存率明显提升，实现了由量到质的飞跃。图 5-9 某智能健康硬件厂商用户次月留存数据数据运营全流程手册88|行为 数字，促成量质转换的关键节点行为（同步数据） 数字（14 次），是促成这次量质转换的关键节点。其实，类似的量质转化点，在很多领域也屡见不鲜（实际上行业内也有叫“魔方行为数字”的）：对 Facebook 来说，一个用户如果在注册的前 10 天就添加了 7 个好友，他就极有可能成为忠实用户；对 Twitter 而言，当用户在注册后一个月内关注过其他 30 个用户时，留存率大幅提升；Snap 的用户，如果在一周内发送超过 2000 条消息时，他就离不开这个聊天工具了；生鲜电商领域，当用户在前三月下单 3-5 次，或者半年内下单 6-10 次时，他有极大可能成为长期的忠实粉丝；还有易观方舟曾服务的珠宝行业客户，发现了珠宝客户量质转换点，即在首次购买首饰后半年内，又来柜台买了第二单。|提升留存量质转换点 6 步法如何寻找高留存量质转换点呢？易观方舟总结了高留存量质转换点的 6 步法。这 6 步法也是遵循了度量、分群和触达的理念。Step1：划分确定留存阶段周期（初期、中期、长期），根据行业确定留存指标和基准，对比实际数据和行业优秀数据，从而明确留存工作阶段重点和优先级。Step2-3：确定并跟踪群组，按时间（一般是按月）、按渠道、按不同频率次数等；尝试寻找高留存组特征。Step4-6：针对各阶段留存关键任务方向（初期阶段的指标寻找方向：用户体数据运营全流程手册89验达到一定的次数才能强化对产品价值的认识；中期阶段：习惯养成的心理学，核心任务是让使用产品成为一种习惯；长期阶段：确保产品继续为用户带来更大价值，升级现有功能或者推出全新功能），相应对未达到量质转换点的用户细分分群，制定相应的触达方案，并闭环追踪评估效果。易观方舟智能用户运营产品套件，包含的易观方舟智能分析工具、易观方舟智能运营工具能够完整支持以上步骤（点此开始寻找量质转换点）。具体方法（见图5-10）：图 5-10 高留存量质转换玩法的智能用户运营三部曲|案例：某商业综合体 App以某商业综合体 App 为例，要如何寻找高留存量质转换点、以及促使非高留存用户转变为高留存用户呢?首先，进行用户分群，多维度分析不同核心事件，包括签到、线上支付、核数据运营全流程手册90销、线上积分兑换和自助上传积分（见图 5-11）。核心事件并不是仅仅是使用户产生购买的行为，也有承载用户服务的，我们需进行多维度分析。通过留存分析，找到各核心事件下高留存的用户群（图中黑色字体），再进行综合对比。图 5-11 各核心事件下的高留存用户群就签到这一行为而言，3 月份新注册用户当月签到 7 次的用户群，后期两个月的留存是最高的；3 月份新注册用户且支付过 2 次的用户群，后期留存也较好；3 月份新注册且核销过 2 次的用户群，留存也较高。我们会发现，高留存组的特征并不是数字越大越好，而是要找到一个临界点。在临界点之前用户留存曲线增长明显，之后缓慢下降。对我们来说数字越大运营难度越大，次数越高门槛越高，因此只需找到临界点即可。然后，通过综合对比（见图 5-12），虽然 3 月新注册签到 7 次（蓝色线条）的后期留存较高，但 3 月注册消耗积分 3 次（橙色线条）的用户在长远留存上更稳定。考虑到事件的具体性质，我们建议客户同时将注册首月签到 7次和注册首月消耗积分 3 次作为高留存量质转换点。数据运营全流程手册91图 5-12 3 月不同事件用户群留存对比最后，分析高留存组的用户行为特征，为后期将更多用户转化为高留存用户的运营策略做数据支持。例如，我们通过启动时间段分析，发现注册首月签到 7 次的用户组更喜欢在上午 9 点、10 点和下午 6 点、7 点签到（见图 5-13）。可尝试对首月注册且当天未签到的用户在晚上 8 点推送签到提醒，让新用户养成签到习惯。图 5-13 注册首月签到 7 次用户群首月启动时间段分析数据运营全流程手册92例如，我们对注册首月消耗积分 3 次的用户群进行消耗方式分析，发现这些用户更愿意参与抽奖类的活动（如积分兑奖等）。可尝试将此类活动作为主动引导用户多次消耗积分的抓手。例如，我们对注册首月消耗积分 3 次的用户群进行首月消耗积分行为间隔时长分析，发现高留存组用户再一次消耗积分的间隔时长中位数大致为 2.8天。可尝试将 3 天作为时间节点，在新用户首次消耗积分后 3 天内无消耗行为时，对其进行主动触达。通过分析高留存组的用户行为特征，我们可以制定引导更多新用户成为高留存用户的运营策略（见图 5-14），我们要考虑用什么样的方式、给什么样的人、在什么时机、发送什么样的内容、以达到什么样的核心目标。图 5-14 高留存用户运营策略此外，我们还给到该客户长期的运营策略建议，将高留存量质转换点融入固定运营策略。例如，将新注册用户在 30 天内签到满 7 次作为新手任务，任务完成后即可获得更多的奖励（如优惠券或积分），以此来促使用户主动签到、并养成签到习惯提升后期留存。数据运营全流程手册数据运营全流程手册936.数据运营案例6.1 幸福西饼2008 年成立，至今已走过 13 个年头的幸福西饼，已经成为一家由数据和技术驱动的新零售烘焙品牌。从全力转型电商到线上线下相结合，幸福西饼不仅重构了烘焙行业的商业模式，更是为传统烘焙行业探索新零售提供了新思路，并逐渐成为行业驱动者。目前，幸福西饼已拥有超 1500 万社交媒体粉丝，为超 2 亿人次提供优质烘焙产品带去幸福好味道。数据和技术是幸福西饼成为行业驱动者的核心驱动力。因此，幸福西饼在选择数据化运营的合作伙伴上也要求甚高。经过多方评估，幸福西饼最终选择易观方舟为其提供新零售业务的数据分析与全场景私域用户运营产品及解决方案，并达成长期合作关系。自合作以来，幸福西饼的新零售小程序幸福西饼 GO大幅提升了产品的精准分析，以及用户的精准触达等数据化运营能力。|个性化精准下发，小程序弹窗转化率显著提升幸福西饼 GO小程序运营最重要的是如何提升转化效能。弹窗是小程序转化新用户的强有力触点。如果对所有用户进行全量弹窗，那么弹窗的点击率相对较低。而通过易观方舟私域运营的微信生态运营工具，幸福西饼基于不同的人群进行小程序弹窗活动，提升弹窗的点击率。此外，通过易观方舟智能分析，幸福西饼会对用户从点击弹窗到支付的整个路径进行数据分析，不断优化和简化小程序的支付转化路径，提升新用户的支付率。幸福西饼会针对不同的新用户，借助易观方舟个性化精准下发弹窗活动（见图6-1）。数据运营全流程手册94图 6-1 幸福西饼针对不同新用户的弹窗示例|用户分群运营策略，小程序充值用户数持续增长要想提升小程序的 GMV，充值用户数的提升是非常重要的一环，一是需要考虑如何将新用户转化为充值用户，二是如何将已充值的老用户进一步转化为再充值用户。通过易观方舟智能分析的分人群事件分析，多维度对不同用户群体进行数据洞察，幸福西饼制定相匹配的运营策略（见图 6-2）。数据运营全流程手册95图 6-2 幸福西饼针对不同充值用户的运营策略示例通过易观方舟私域运营的 WorkFlow 功能（见图 6-3），幸福西饼可以提前设置好给什么人、在什么时间、通过什么触达方式、发送什么内容。易观方舟将会自动判断活动中的各个节点状态，并根据预设的触发条件来运行下一步将要执行的动作，这大幅提升了小程序运营效率。图 6-3 易观方舟私域运营-WorkFlow 功能示例此外，幸福西饼还会结合每次的活动数据，在活动中及活动后进行数据分析，数据运营全流程手册96进一步调优以找到最优充值用户转化方案。经过不断地迭代，幸福西饼 GO小程序的充值会员数已经连续数月持续增长，活动单日的充值金额也屡创新高。|数据化门店运营，产品报废率大幅降低截止目前，幸福西饼已经在深圳、广州、上海、南京、北京、天津、重庆、长沙等全国 240 多个城市建立了 400 多个分布式制作中心。用户下单后，幸福西饼的分布式制作中心即可快速生产，覆盖范围内 2-5 小时专业冷链高效配送（见图 6-4）。图 6-4 传统烘焙门店与幸福西饼新零售门店的区别正是因为创新的分布式制作中心，幸福西饼敢于为用户做出“就敢减（每迟到1 分钟减 1 元）、就敢退（货不对板退款不退货）、就敢送（迟到 30 分钟免费赠送）、就敢赔（早到或迟到 60 分钟以上，双倍赔付）”的幸福承诺，赢得用户的深度喜爱与广泛好评。传统烘焙行业的产品报废率相对高。幸福西饼凭借数据和技术的创新在降低产品报废率上颇有成效。一方面，幸福西饼会通过易观方舟分析小程序上用户路径每数据运营全流程手册97一个转化环节的各项数据，以此优化面包、饼干等产品的标题、图片等（见图 6-5）。数据同步到门店，指导门店的电子价签及门店商品卡片的优化，提升门店场景的销售效率。图 6-5 易观方舟智能分析-智能路径功能示例另一方面，幸福西饼会通过易观方舟数据看板实时监测各门店、各产品的销售数据，指导线下门店的配货。例如，明天北京某门店预计生产多少 A 款面包、B款饼干。以此提升线上下单线下配货的整体效率。作为烘焙行业的驱动者，幸福西饼一直秉持“用心传递幸福”的服务理念，始终坚持“新鲜现做，准时送达”的原则，不断完善服务体系。以数据和技术作为核心驱动力的幸福西饼，已经逐步构建起“产品力、技术力、传播力”三位一体的核心竞争力。正如幸福西饼集团高级副总裁刘苹女士所言：“易观方舟不仅为幸福西饼提供了数据驱动私域用户运营的产品，还提供了切实可行的落地方法。自合作以来，幸数据运营全流程手册98福西饼新零售业务团队的数据运营能力显著提升，各项运营指标也显著增长”。6.2 蜜雪冰城蜜雪冰城是以新鲜冰淇淋茶饮为主的全国知名饮品连锁品牌。自 1997 年创立以来，始终坚持高质平价原则，品牌飞速发展。截至 2021 年 8 月 15 日数据，蜜雪冰城全国门店已接近 18000 家，按照中国 3000 座左右的三四线城市及县级市计算，平均每个县市就有 4-5 家蜜雪冰城，其中，蜜雪冰城在一线城市、新一线城市以及二线城市的门店数量突破 7000 家，占比接近 40%。随着业务的高速发展，蜜雪冰城对数字化基础建设及数据决策的需求越来越迫切。传统管理手段在当前的规模递增效应下开始出现弊端，内部信息传递不及时，各业务部门日常的经营管理依赖手工统计逐层反馈，效率低下，区域及门店的异常表现也成为管理“黑洞”，难以快速洞察。同时，随着蜜雪冰城门店的不断增加，业务扩展的不断壮大，传统业务系统下的轻量级数仓已经无法满足未来发展的数据需求，跨库多表取数，运行慢，缺乏分层建模，运维麻烦，排查问题复杂，提取数据一人一视图，复用性、可扩展性低、难交接、难梳理等问题逐渐显露，此时快速响应的可视化的 BI 数据分析平台和统一规范的企业级数仓的搭建迫在眉睫。观远数据聚焦蜜雪冰城在数字化上的痛点与难点，为其提供了一整套数仓 BI平台的解决方案，在公司范围内建立企业级数仓和可视化 BI，同时建设配套的数据管理体系，实现各类数据整合、集中存储。另外观远数据还引入成熟的分层建模方法，实现数据的精准管理，用适合蜜雪冰城的决策分析模型和智能分析体系，提升其专业数据分析能力，为公司各层级决策提供数据支持。|一站式数据融合，助力业务迭代数据运营全流程手册99观远数据通过一站式智能数据分析平台，实现蜜雪冰城多个业务系统的数据接入，打破数据孤岛，减少沟通成本和系统集成接口，科学分层、实现数据贯通，提升了蜜雪冰城整体运营效能，同时也为企业提供自上而下、权限分明的数据视角。|多维度分析模型，赋能核心业务场景观远数据帮助蜜雪冰城营运部门建立起从总部级到门店级的数据运营体系，支持时间维度和区域维度的切换，一键实现区域订货排名、门店销售排名、时段销售、商品畅滞销，新品上市等二十多种营运特色业务场景的分析，帮助业务端实时洞察各个环节可能存在的问题和潜在机会，实现企业持续增长。|构建经营驾驶舱，数据驱动运营闭环观远数据通过和蜜雪冰城多个业务部门的走访调研，最终实现形成一版全流程链的指标体系，搭建了满足企业核心管理层、各级管理层和一线业务人员等不同角色的数据分析需求，打造“监控-分析-诊断-改善”的迭代闭环，赋能各级组织高效决策和快速反应。通过观远数据的数字化解决方案，蜜雪冰城摆脱了经验驱动，实现了运营效能的提升，数据成为了支撑业务的通用语言，真正实现了数据驱动业务发展。6.3 九阳胶囊豆浆机 Onecup现代生活场景下，越来越多的厨卫家电不断丰富着我们的生活。围绕家居厨房场景，看看智能厨电品牌 Onecup 是如何通过数据驱动实现私域用户运营的。作为九阳旗下专注于研发胶囊饮品机的独立子品牌，Onecup 的定位在继承了九阳健康优质品牌血统的同时，又将欧美盛行的胶囊咖啡机与国民度极高的豆浆机完美融合，利用先进的萃取技术，将豆浆的制作时间从 30 分钟压缩到 1 分钟，做到 1 颗胶囊一键式即时畅享。清新而有辨识度的外观设计，能够保证一周数据运营全流程手册100不重样的花式胶囊选择，Onecup 收割了对饮品需求度极高，同时又担心健康问题的时尚白领们隐藏的少女情怀。按下开始键的同时拿手机记录下美好瞬间，暖胃又暖心。Onecup 的用户足够垂直，而胶囊机“剃刀-刀片”式的消费模式保证了高度的粘性，却也存在一条目前消费电子领域普遍存在的问题：难统计、难转化。从电商平台或是实体商城买来后，无论是放在家中自用，还是摆在公司的茶水间与所有人共享，使用者都很难有耐心打开配套 APP 与设备互联，同时我们也无法知道买的人与用的人存在什么样的关系。数据采集源不稳定，且与用户缺乏关联性，这必然导致了 Onecup 难以从线下实体业务数据中提炼用户特征，也没有充足的使用数据指导其进行产品和 APP的改进。在 Onecup 找到易观方舟服务团队时，客户的需求非常明确：通过统一的用户 ID，打通各系统数据并进行指标规划，从而有效地进行数据分析。为了帮助 Onecup 打通业务数据，使运营人员能够第一时间便捷地进行数据分析，并进行精细化的用户运营，易观方舟服务团队选择从平台关联、数据可视化和用户触达3 个方面开展优化工作。|全渠道数据打通，形成用户 OneIDOnecup 要想把产品卖到用户手中，务必会经过电商平台和线下电器商店等销售渠道，再通过下单动作发货到用户手中，并被带回用户家中进行使用。与中间商的订供货数据、用户在平台上的订单数据与设备的使用数据之间，难以进行有效串联，这导致我们无法得知是什么样的人购买了设备？带回家又是如何进行使用的？而在数据上一旦形成人货分离的尴尬情形，双方提供的信息都不再具有针对性的参考价值，也就无法根据人群进行精细化管理和产品迭代。所以我们必须找到一个统一的 ID 作为线索，将各平台和线上、线下的数据关联起来，并导入数据库进行汇总，以还原完整的用户生命旅程。对此易观方舟服务团队选择了覆盖率最广且最容易获取的串联线索：用户的手机号码（见图 6-数据运营全流程手册1016）。对于厨房小家电而言，设备的消费者与使用者往往就是同一个人，而下单与绑定行为都会涉及到手机号码的录入，利用手机号进行数据关联具有可操作性和低成本的特点。图 6-6 利用用户手机号码沟通多平台的业务数据如上图所示，原本单向且不连续的数据，在设备绑定阶段被录入了手机号信息，我们就可以立刻追溯到电商平台的相关用户 ID，将使用者与使用习惯进行匹配，并统一汇总到易观方舟私域用户运营平台上进行管理，得到更加具体的用户画像和用户使用习惯，为精细化用户运营奠定基础。|数据可视化，多样化场景看板在设备使用数据与下单用户数据进行关联并汇总后，还需要经过提取的步骤才能到达运营人员手中，成为用户分析的依据。然而，在 Onecup 之前的数据管理模式下，不同的业务人员在工作过程中，一旦产生数据需求，就不得不通过 SQL和 Python 从庞大的数据库中爬取目标数据，过程费时费力，无法做到快速即时的数据反馈，而操作还必然会涉及到一定的开发知识，对人员的使用门槛较高，拖数据运营全流程手册102慢效率的同时还变相增加了企业的用人成本。根据各岗位的职责分工，Onecup 的运营人员需要快速获取针对性的业务数据，易观方舟的数据看板功能可以很好地解决此类调取问题。无论是针对获取、留存、转化，还是用户画像、用户偏好，或者具体营销活动的后续反馈，易观方舟都提供了相应的预设看板，而通过相应字段和标签，使用者还能够自定义设置个性化的看板，同时支持多个看板相互切换，可视化、人性化和实效性，能够满足客户企业绝大部分运营人员的数据提取需求（见图 6-7）。图 6-7 易观方舟电商 Demo 数据看板示例|精准用户触达，个性化营销利用手机号码将平台用户信息与设备使用信息打通，然后通过易观方舟的看板功能实现数据可视化，运营人员接下来可以使用数据平台提供的用户分群功能对用数据运营全流程手册103户进行更加精细的管理。基于用户使用偏好、频次和活跃周期等表现，Onecup不仅能够预估市场需求，指导不同产品的生产计划，还能在分群之后，对接相应的推送平台透过短信触达用户，针对各类细分人群运用有针对性的营销策略，以促进用户的留存和复购行为（见图 6-8）。图 6-8 分析使用数据对接平台实现短信精准触达以统一 ID 串联、围绕用户数据形成的运营及营销闭环，可以帮助运营者在易观方舟数据平台上进行自动化的便捷操作，实现一站式精细化的智能用户运营。既帮助企业有效利用了多个端口采集的业务数据，将其转变为可以持续开发的用户数据资产，又降低了企业进行用户管理和产品迭代工作中对运营人员的使用门槛，以较为低廉的成本实现企业的数字化管理。数据运营全流程手册
143人看过 2023-03-29 114页 5斯特恩
LHH：为什么员工在开始职业生涯时应该得到支持？ (2021)（11 页）.pdf
为什么要向员工提供职业生涯过渡的支持？解密一流的公司都在向员工提供职业生涯过渡的五大原因2为什么要向员工提供职业生涯过渡的支持？毫无疑问，当今的企业正在以更快的速度“变身”。很多企业甚至在新冠疫情造成重大经济破坏之前，就已经被迫适应商业环境，无论他们是受到政策、技术或人口的影响，企业不得不跟上市场需求的不断变化。在后疫情时代，尽管我们仍将面对很多不确定性，但全球知名数据统计互联网公司Statista的数据显示，2021年中国的GDP年度增长率将飙到8.44%，远超2020年的2.27%。而回顾中国经济在过去10年的表现，进入世界500强的企业也从69家升至143家，成为了全球第一拥有最多世界500强企业的国家。迈入世界500强的企业无一不在进行变革与创新，组织架构调整与人员调整是这类企业不断向前迈进的常态。同时，快速变化的市场环境也给一些企业带来了不小的挑战，他们为了短期的生存目标，不得不暂时缩减人员规模，以蓄力待发。人员削减是企业不可避免的决策，但若人员削减项目的计划与执行不当，企业将会面对许多令人意想不到的负面连锁反应，影响企业原本的战略目标。2011到2020年中国的GDP年度增长率与世界五百强占比47310414Q947016V884519c646320g670821712223086526t4127220309241598627%(%)Chinese Companies in Top 50020112011GDP（亿元）2012201220132013201420142015201520162016201720172018201820192019202020203为什么要向员工提供职业生涯过渡的支持？1 哈佛商业评论例如，仅仅1%的人员规模缩减就会导致1 次年的员工离职率增加工作满意度下降对组织的忠诚度下降工作的绩效表现下降31A6 %4为什么要向员工提供职业生涯过渡的支持？读到这里，不难理解为什么一流的企业都在向面临裁员的员工提供职业生涯过渡的支持，因为人力战略是企业成功推进业务转型战略的重要前提与基础。企业的领导者可能无法改变企业的重大决策，但在执行层面人力资源管理者一定要知人性、懂人心、晓人情。那些曾经为企业发展立下功劳的每一位员工都值得被尊重和被真心相待。富有责任心的雇主，会引导员工重启职业生涯，这样不仅可以帮助受到影响的员工走出阴霾实现职业过渡，同时让继续留在企业的员工安心工作。今天，绝佳雇主不再只是人才吸引和保留，当企业遇到人员削减的危机时，如何不让员工关系问题升级为劳动仲裁、公关危机或刑事案件，才是企业应该认真考虑的问题。接下来，让我们揭秘一流企业向员工提供职业生涯过渡支持的五个重要原因，以及这项服务为他们带来了哪些益处吧！5为什么要向员工提供职业生涯过渡的支持？2 国际劳工组织3 Statista支持团队处理人员削减的工作国际劳动组织（ILO）曾提出，为了应对全球就业缺口在2019年我们需要创造2.8亿个工作岗位，然而2020年由新冠疫情引发的经济危机却导致了全球范围的失业人数达到了1.14 亿2，这创造了前所未有的记录。很多人的工作在疫情期间变得危危可及，企业被迫实行降薪制甚至进行裁员。国际劳动组织（ILO）曾提出，为了应对全球就业缺口在2019年我们需要创造2.8亿个工作岗位，然而2020年由新冠疫情引发的经济危机却导致了全球范围的失业人数达到了1.14 亿2，这创造了前所未有的记录。很多人的工作在疫情期间变得危危可及，企业被迫实行降薪制甚至进行裁员。然而，疫情并不是影响企业裁员的唯一原因，近来在中国热议的双减政策直接导致了一场数百万中国人的职业迁徙，从教育行业走出来的人们陷入了迷茫与焦虑。作为雇主，为即将非自愿离职的员工提供职业生涯过渡支持对员工有着至关重要的引导作用，这还可以减轻企业的管理团队与人力资源部门的面临压力。当员工收到被裁员的消息时，无论是在现场还是在线上，第三方的及时支持对员工成功完成职涯过渡将产生重大影响。5,92%5,78%5,78%5,77%5,63%5,66%5,55%5,37%5,37%6,47%5,63 1020122011201320142015201620172018201920202010至2020年的全球失业率36为什么要向员工提供职业生涯过渡的支持？维持正面形象和良好声誉未来的候选人、员工、客户甚至投资者是企业的一些利益相关者，对他们而言，一家企业是否真正关心自己的团队和员工是最重要的考量因素之一。在困难时期为员工提供帮助和指导，有利于促进业务的发展，提高对外界人才的吸引力。彰显您的企业强调 向前看 的思维，这不仅可以帮助您的员工成功过渡职业生涯，还可以有效保护您费劲心力打造的雇主品牌形象，在业界维持良好的声誉。别让一场裁员演变为公关危机或刑事案件，通过第三方专业的支持确保您在促进组织不断发展时的专业、专注和尽心尽力。减少冲突，降低法律风险为员工提供职业生涯过渡支持还有助于化解雇员与雇主之间潜在的冲突。当您的员工面临非自愿的合同终止时，帮助他们找到新的途径，帮助他们平稳、顺利地离开，可以有效降低甚至避免任何可能发生的法律风险。因裁员项目处理不当而导致的官司与仲裁将导致企业付出高昂时间和费用成本，且一旦企业败诉将极大损伤士气和声誉。向员工提供职业生涯过渡支持将有助企业降低这些法律风险，实现更平稳、更成功的过渡。7为什么要向员工提供职业生涯过渡的支持？维持生产力 一项来自行业领先的研究调查机构Aberdeen Group的职业生涯过渡调查显示，63%的受访企业将以提高现有员工的敬业度以及留任率作为开展职业生涯过渡计划的出发点4。尽管解雇员工从来都不是一件容易的事情，但重要的是，不断思考如何提高留下来为企业工作的员工的积极性和生产力。即使那些员工不是必须离职的人，他们也会因为同事的离开在心理和情感上受到影响，如果加上企业对人员削减项目的管理不当，很可能影响团队的士气与员工的生产力。而职业生涯过渡支持将帮助您的人力资源团队更好地与员工沟通，通过提高员工适应力的相关培训和专家建议，提高敬业度和生产力。彰显社会责任2020年在社交媒体上除了能看到人们对疫情的焦虑，还可以到处看到人们对求职的渴望和对失业的绝望，而此时那些曾畅谈企业该如何彰显社会责任的雇主仿佛变得很透明。其实，职业生涯过渡支持可以彰显企业作为负责任的社会成员的定位，尤其随着企业将更多精力放在制定良好的企业社会责任政策时，这一点就变得越来越重要。通过提供职业生涯过渡支持，企业在对抗失业的斗争中发挥了作用，为更广泛的社会挑战真正做出了重要贡献，而这必然为企业好的影响。4 研究报告 职业生涯过渡的价值建立在员工敬业度之上 Aberdeen Group8为什么要向员工提供职业生涯过渡的支持？真正发挥职业生涯过渡最大价值一旦整个行业了解到为员工提供职业生涯过渡支持的益处，接下来的重点是确保服务的价值得到充分的发挥。请注意如果您使用职涯生涯过渡服务只是作为对内部和公众的幌子，这将无法为个人和组织真正带来任何积极影响。以下四条建议将指导您如何为即将离开公司的员工提供全方位的支持，帮助您达成员工敬业度和参与度的目标。9为什么要向员工提供职业生涯过渡的支持？在通知日当天的支持 无论员工是否预料到被裁员的消息，任何人在收到离职通知的那一天都会有各种各样的感受。有经验丰富的职涯咨询顾问能够帮助受到影响的员工理解和管理自己的情绪，同时还能够清楚地强调企业并不是将他们丢弃，企业还将提供专业的职业生涯过渡支持，由经验丰富的职涯顾问将为他们进行一对一的辅导，帮助员工进行过渡。当员工知道他们还有专业的团队在身后，帮助他们重拾职涯发展的主动权，这将有助于解决可能出现的潜在问题。持续不断的支持许多员工在第一次听到自己被裁员的消息时，他们可能无法接受，也可能不能完全理解他们得到的所有信息。他们需要一些时间来接受自己将要离开公司的现实，而不是立即考虑下一步的职业发展计划，这是人们在听到这样的消息后的正常反应。因此，许多企业在发布裁员通知后，会即刻告知员工当天有顾问咨询在现场支持，如果大家有问题可以即刻开始咨询。尤其对于有大量员工受到裁员影响的时候，现场支持对员工显得格外重要。10为什么要向员工提供职业生涯过渡的支持？贯彻以支持为核心的沟通我们不可避免地需要在员工感到五味杂粮的时候还要将大量的信息传递给他们。很多领导者担心如何与受到裁员影响的员工对话，有些领导者甚至将难题直接丢给人力资源部门。他们忘记了在这样的沟通中，我们必须向员工强调以支持为核心的信息，有多种方式企业可以提及职业生涯过渡支持的信息，让员工感受到企业的关心而不是无情。从初步沟通到直线经理谈话，企业需要制定涵盖所有形式和渠道的全面沟通计划，尽可能让员工获得专业的支持。积极主动的支持向您的职业生涯过渡合作伙伴提供受到裁员影响的员工的联系方式非常关键，这可以让第三方代表您的企业主动向您的员工提供支持。数据显示，通过职业生涯过渡得到支持的员工中有 88%的人是在初步沟通时其公司就提供了他们的联系方式。对于没有提供联系方式的企业，只有18%的员工使用了职业生涯过渡支持服务，对企业的敬业度与参与率指标有着极大的影响。当一个专业的团队积极主动地向您的员工提供支持时，他们会更愿意启动服务，也因此更容易与企业和解。2致电领德86 21 6157 7455 邮箱地址官方网站 领询LHH领德助力企业发掘企业内部人才的无限可能。通过法律咨询、职业生涯过渡、人才测评、背景调查、教练式辅导、领导力发展，以及技能升级与重塑一系列的解决方案，我们致力于在职业生涯的每一个关键时刻为企业保驾护航。作为世界领先人力资源解决方案公司德科集团的全资子公司，LHH领德遍布全球超过60个国家与地区，拥有4,200多位高管教练与雇员，为全球12,000家企业提供专业的人力资源管理咨询服务。我们为每一位与LHH领德合作的客户提供与众不同的专业服务。全球超过60%的世界500强企业都在与领德合作，拥有中国本地化的专业能力、全球化的基础设施，和领跑行业的技术支持，为我们帮助企业解决至关重要的人力变革与挑战奠定了成功的基石。欢迎通过我们官网
15人看过 2023-03-29 11页 5斯特恩
沃峰科技：2023年机器人行业智能化售后服务转型技术报告（38世纪）.pdf
机器人是自动执行工作的机器装置，包括一切模拟人类行为或思想与模拟其他生物的机械。机器人技术是综合了计算机、控制论、机构学、信息和传感技术、人工智能、仿生学等多学科而形成的高新技术，是当代研究十分活跃，应用日益广泛的领域。国际标准中，ISO（2021）将机器人划分为工业机器人、服务机器人以及医疗机器人。IFR将机器人划分为工业机器人以及服务机器人；我国2020年新标准将机器人划分为工业机器人、服务机器人、特种机器人和其他机器人。2021年，机器人产业在中国迎来了前所未有的发展机遇，机器人产业已经成为助力未来中国经济发展的关键一环。在诸多因素的影响下，协作、手术、仓储、服务、清洁、工业等各种机器人细分品类百花齐放，国内机器人企业的竞争悄悄走向白热化。在这种情况下，研发实力、供应链能力、销售能力和服务能力是影响机器人企业竞争力的四大关键要素，其中能够决定客户是否复购的，往往来自于厂商提供的服务能力。沃丰科技总结多年的机器人企业服务经验凝结成这一本白皮书，本白皮书聚焦机器人行业，以机器人服务中的咨询、安装、维修、培训、投诉、分析等六大场景为基线，深入分析各细分场景下机器人企业智能化服务转型中的痛点问题，以机器人行业中的五大标杆企业案例作为参考，针对各个企业的个性化问题提出针对性的解决方案，帮助诸多机器人企业实现智能售后服务转型。研究梳理机器人行业现状及服务痛点 分析机器人企业服务中的六大场景及企业需求深入调研分析机器人行业的五大标杆案例总结沃丰科技ServiceGo解决方案及方案优势PART ONE机器人行业研 究 背 景中国是全球最大的机器人市场和增长最快的新兴市场 中国市场占全球市场份额一半以上据国泰君安证券研究显示：20162022 年，全球机器人市场复合增长率 12%，21年市场规模 366亿美元（出货 50 万台），IFR 预测 22 年市场规模为 405 亿美元/YOY 14%。22 年市场规模由高到低预计为：服务机器人 138 亿美元/占比 34%、工业机器人 132 亿美元/占比33%、特种机器人 70 亿美元/占比 17%、物流机器人 65 亿美元/占比 16%。从成长速度看，20162022 年复合增速由高到低分别是：物流机器人 23%、服务机器人 21%、特种机器人 13%、工业机器人 3%。全球工业机器人市场规模整体呈扩大趋势22 年工业机器人市场规模 87 亿美元，5 年复合增速 13.6 年服务机器人市场规模 65 亿美元，5 年复合增速 40.2 年特种机器人市场规模 22 亿美元，5 年复合增速 29.7%当前，在被称为制造业皇冠上的明珠的机器人领域，中国正在不断突破。在工业机器人领域，连续9年销量位居第一，而且，日前中国机器人又取得一重要突破，2021 年，中国协作机器人销量在全球协作机器人市场整体销量的占比达51.02%。根据浙商证券研究报告显示：预计2020-2024年全球、中国机器人市场规模CAGR约18%、22%工业机器人：预计2020-2024年中国市场规模CAGR约15%服务机器人：预计2020-2024年中国市场规模CAGR约29%特种机器人：预计2020-2024年中国市场规模CAGR约27%“机器人 ”创造新需求，不同应用领域机器人百花齐放 按照中国国家标准，机器人大致可以分为四大类，工业机器人、个人/家用服务机器人，公共服务机器人与特种机器人。不同类型机器人均受益于应用场景的不断丰富，市场规模持续扩张。工业机器人在传统汽车、3C 应用领域需求保持旺盛，同时近年来中国新能源相关业务的快速发展成为行业重要增长点。人口老龄化背景下，服务机器人市场空间广阔。机器人在教育、康养等方向的应用可以有效缓解劳动力供需矛盾。特种机器人在地震、洪涝灾害、极端天气以及公共安全事件中具有突出作用。随着中国在相应场景的处理不断精细化、专业化，特种机器人迎来新的机遇期。控制器减速器伺服电机传感器末端执行器芯片雷达导航定位芯片上游中游航空航天仓储物流汽车制造特种安防电子电力批发零售石油化工餐饮住宿医疗服务食品饮料医疗服务医疗服务机械制造驱动系统控制系统感知系统环境交互系统人体交互系统码垛机器人搬运机器人喷涂机器人公共服务机器人检测机器人分拣机器人家庭服务机器人专业领域服务机器人装配机器人下游三大驱动因素助力机器人产业腾飞中国是全球规模最大，增速最快的机器人市场，20012022 年机器人销量从 700 台增长至 30.3 万台（销售规模 87 亿美元），复合增速 33.5%。伴随语音识别、机器视觉、自主导航、人机交互等智能技术的发展，传统机器人行业进入快速智能化转型期。2020年，中国智能机器人市场规模达到168亿元，尽管受疫情等外生因素，在整体经济形势相对低迷的背景下，机器人行业仍然表现出较为强势的增长力，2021年市场规模突破250亿。疫情的反复爆发催生了多领域对无人化、自动化、智能化生产力及劳动力的旺盛需求，整个机器人产业呈现健康走势。艾瑞预测，2025年中国智能机器人市场规模接近千亿。相较于工业机器人，应用于非工业领域的机器人存在更多与人直接接触的机会，对机器人智能化的要求更高，智能渗透率大于工业领域的渗透情况。需求端：应对人口形势变化，催化机器人行业需求。随着老龄化程度进一步加深。机器人作为人类生产生活的重要工具和应对人口老龄化的得力助手，有利于推动生产水平提高、生活品质提升，市场前景广阔。政策端：引导技术创新，致力提升制造业机器人密度，拓宽应用深度广度。国家出台多项政策，明确智能机器人产业顶层战略地位，突破核心部件与关键技术难点，助力机器人向多样化应用领域延伸。供给端：国产工业机器人稳步发展；核心零部件技术有望持续突破；产业集群逐步形成，同时工程师人才储备有望加强。人口老龄化驱动产业变革机器人作为国家战略新兴产业之一，是国家从制造大国发展成为制造强国的重要抓手，在当今国家制造业处于人口红利逐渐消失、产业迫切需要转型升级的背景下，提升产业智能化升级将助力企业提高制造效率，提升品质，从而增强企业综合竞争力。当前，机器人已经成为推动中国经济转型和产业升级的核心动力。它将创造一个强大的引擎，重建生产、分配、交换和消费等经济活动，形成新的智能需求，提高生产效率，推动整个经济社会实现高质量发展。人口老龄化程度进一步加深根据国家统计局公布的数据，2022 年中国人口 141175 万人，较上年末减少 85 万人。从年龄结构看，60 岁以上占比达 19.8%，65 岁及以上人口 占比达 14.9%。据国家卫健委，“十四五”时期，我国将从轻度老龄化进入到中度老龄化阶段。“婴儿潮”人群陆续退休，后备劳动力缺口或将进一步显现。1962-1975 年，中国每年出生人口数超过 2000 万；自 2017 年起，这一代人群相继步入退休。对于制造企业高端人才来说，职业培训的速度已经跟不上企业对劳动者需求增长的速度了，很多企业面临用工不足的问题。近年人口出生率持续走低数据显示，2021年出生人口为141260万人，比上一年增加48万人。全年出生人口1062万，人口出生率为7.52%，死亡人口1014万人，人口死亡率为7.18%，人口自然增长率为0.34%。政策引领驱动技术变革机器人作为国家战略新兴产业之一，是国家从制造大国发展成为制造强国的重要抓手，在当今国家制造业处于人口红利逐渐消失、产业迫切需要转型升级的背景下，提升产业智能化升级将助力企业提高制造效率，提升品质，从而增强企业综合竞争力。十三五规划加快构建智能穿戴设备、高级机器人、智能汽车等新兴智能终端产业体系和政策环境关于促进机器人产业健康发展的通知 国务院关于推进供给侧结构性改革加快制造业转型升级工作情况的报告培育创建新材料、机器人等制造业创新中心，启动国家制造业创新中心网络化布局的顶层设计推动机器人产业理性发展，强化技术创新能力，加快创新科技成果转化加快构建智能穿戴设备、高级机器人、智能汽车等新兴智能终端产业体系和政策环境增强制造业核心竞争力三年行动计划（2018-2020年）十四五规划推动机器人、先进轨道交通装备、先进电力装备、工程机械、高端数控机床、医药及医疗设备等产业创新发展“机器人 ”应用行动实施方案目标到2025年，制造业机器人密度较2020年实现翻番，服务机器人、特种机器人行业应用深度和广度显著提升 技术进步引领，核心部件补短板机器人三大核心技术模块：环境感知、人机交互、运动控制。机器人作为一种智能化软硬件结合的产品，性能提升的根基在于算法，核心算法（如 SLAM、路径规划、避障等）、数据资源、计算能力是行业中长期竞争关键壁垒。软硬件升级相辅相成，AI 技术推动服务机器人智能化提升，以 SLAM、机器视觉、语音交互、深度学习等为核心的 AI 技术不断发展能够推动机器人智能决策能力和场景覆盖范围的提升。567891234101112公元前4世纪亚里士多德提出了机器人的设想1893年，乔治摩尔设计了以蒸汽为动力的机器人1927年，国西屋工程师温斯利制造了 Televox机器人1933年，温斯利发明了Elektro机器人1963 年，NASA造出了“机动多关节假人的机器人1973年，加藤一郎研发出真人大小的人 形 智 能 机 器 人WABOT-11986年，本田开发了双足机器人E01993-1997年，本田相继开发出P1、P2、P3 机器人2000年P系列中的第4台也是最后一台机器人-P4诞生2000年，我国独立研制出“先行者”号机器人2014年，初代Atlas机器人正式发布2022年擎天柱落户特斯拉国产替代：从复制跟随到技术引领，从国产替代到出口拓展根据CRIA与IFR数据，2021年国产工业机器人销量约8.7万台，同比增长51%，国产市场占有率约32%。根据MIR DATABANK数据，前三季度内资厂商市场份额约36%，较2021年前三季度比例提升约4%。一方面，在补短板政策指引下，机器人核心零部件如精密减速机、伺服系统、控制器等有望加速实现技术突破。另一方面，国产替代道路愈发清晰，“自主可控”路线或进一步加速国产产品崛起。20172017 年以前，中国工业机器人行业主要是国产替代阶段。国内的机器人公司主要通过模仿四大家族，以更低的成本国产替代四大家族的产品。20202017 年以后，结合 AI 深度学习、3D 视觉、力控等新技术的变革，中国工业机器人行业开始从国产替代走向市场引领。20172022 年行业市场规模复合增速 13.6%。2020 年新能源开始扩产潮，中国新能源产业引领全球，带动机器人国产化替代。锂电池作为新兴行业，愿意协同各方探索标准化工艺，工业领域的国产机器人得以借势追赶，技术能力的积累使国内机器人厂商具备满足工业场景客户需求的能力。工业机器人：能源转型机遇期，进口替代提速国产工业机器人份额在 20 年疫情后得到了快速提升。服务机器人：全面进入海外市场拓展阶段中国服务机器人企业开始全面拓展海外市场。在国内市场，移动机器人、清洁机器人、配送机器人等品类国产品牌市场份额占据领先优势，海外同样实现了较好的市场拓展。其他特种机器人：多种场景加速应用煤矿、深海、极地等场景加速应用，新兴机器人厂商数量将快速增长，行业竞争日趋激烈。行业背景总结机器人赛道在人口和政策双从红利下百花齐放，当下，中国已经成为全球最大的机器人市场。在2020年，我国的机器人市场规模已经达到了712亿元。今天的机器人创业战场，从研发到零配件生产到本体制造到系统集成、售后服务环节，已然呈现出一派百家争鸣的态势。中国机器人产业正处在产能扩张向技术突破转变的阶段，后市场尚未形成，从用户角度考虑，工业4.0让企业更加关注成套工业装备的维护与快速修理，企业现金流普遍紧张，带来机器人产业融资租赁与二手交易市场潜在商机。机器人行业装机量正在增加，并将于未来大幅上涨 机器人行业海外出口将得到增长 机器人产品和技术将不断提升，企业须做好后市场服务准备当下，机器人产业正在面临两个变化：存量市场悄然来临，机器人近年来发展迅猛，但增速开始出现拐点，进入存量发展市场。万物物联已经开启，在智能设备万物互联的发展大方向下，机器人产业的服务体系面临新的挑战和机遇。PART TWO机器人行业服 务 现 状国产机器人内卷之下，提升服务能力或成初创团队突围点国内机器人企业的竞争已经走向白热化根据国家统计局发布的最新数据显示，2021年前三季度，工业机器人产量同比增长57.8%。天眼查数据显示，我国现有超过9.3万家工业机器人相关企业。近10万玩家共同抢食中国市场虽然是一块肥美蛋糕，但并不好啃，一场在存量市场的厮杀即将拉开帷幕。中国市场客户的特点是决策慢、ROI要求高。在面向国内市场进行拓展的过程中，中国客户往往需要花费大量的时间对机器人产品进行POC试点应用，从初次购买到二次复购中间链条漫长。同质化成全行业的共同难题实际上，目前市面上的工业机器人企业大多是互相模仿的技术方案、性能和外观设计，主要面向的工艺环节也大多围绕着码垛、焊接、装配、物流等领域开展自身业务。尽管“机器换人”是大势所趋，但机器人初创企业往往需要通过服务头部大客户才能够打造出自己的标杆场景，进而去挖掘水下客户需求实现进一步盈利。但大客户的场景又是有限的，眼下机器人企业间的产品同质化趋势严重，一些初创企业为了抓住更多头部客户，满足国内客户企业对ROI测算要求，往往会选择主动压缩盈利空间，试图以低价的模式试图获得大KA的青睐，间接导致中国机器人市场内卷走向价格竞赛。价格内卷并不是获客的长久之计。相反地，价格战不仅带来了一场“互联网式”的恶性竞争，还带来了新的困境：在打价格战时，企业们会尽可能地压缩成本以提升利润，因此在核心零部件的选择上，往往难以选用最优配置的零部件，机器人产品的故障率也逐渐增高。故障率提高带来的结果是，客户体验将大打折扣。在同质化竞赛中，人人都希望通过比拼创新能力抓住增量用户，但如果想让机器人走得更远，除了要“应用为王”，还要考虑“服务至上”。各类机器人服务现状暴露诸多问题国际标准中，ISO（2021）将机器人划分为工业机器人、服务机器人以及医疗机器人。IFR将机器人划分为工业机器人以及服务机器人；我国2020年新标准将机器人划分为工业机器人、服务机器人、特种机器人和其他机器人。本部分将按照这个分类来梳理各个类型机器人的服务难点。工业机器人缺乏基本的BI数据管理，企业往往是被动响应客户需求。导致了服务过程不透明，派单效率低下，服务周期长、大部分情况工程师花很长时间到现场机器人的维修技术要求非常高，一方面企业不得不快速解决和响应客户需求，但另一方面一部分服务工程师技术难以匹配专业服务的要求部分设备缺乏IoT的物联系统集成，下游不能实时获取设备状态数据机器人不良品的处理水平落后，简单来说这使得资产利用率不高当下机器人更新迭代较快，配件管理和提供的供应链也是新的难题 服务机器人售后派单和维修不及时，等待时间长产品更新迭代快，备件管理和替用成为难题，备件供应链的痛点多服务团队分散，上门周期长缺乏必要的维修技术、服务一次性完好率不高中国工业和信息化部的数据显示：在客诉方面，售后服务响应时间长、维修周期长、备件等待时间长和售后服务网点少、售后服务团队员工技术不行是最常见的五大客诉类别。其他机器人而家庭智能硬件终端的困局是，多数是通过电商环节进行销售，厂商往往不知道客户是谁、产品卖给了谁。这时候产品销售后往往只是一次获客，消费者没有成为终身客户，不产生服务营收或者复购售后服务成本高，对于消费者来说，也很难获得愉悦的服务体验售后服务仍是全服务中最薄弱也最容易忽视的一环当前，机器人的竞赛已经从比拼价格的初期走入产品为王和服务为王的中后期，机器人产业蓬勃发展，不断刷新市场高度，对服务体系也提出了重大挑战。对于制造企业和集成商而言，服务的重要性已经不断凸显，提供服务能力已经成为补齐机器人企业综合实力的关键一环。但对于大多数厂家而言，售后服务依然是全服务中最薄弱也最容易忽视的一环，现存痛点明显。设备维修派单，接单，处理各个节点状态难以获取，维修进度不透明，设备维修无法提前预知故障信息，有时需要23次到现场才能解决问题，不能快速处理解决故障，维修周期长。垂直于单一领域，产品生命周期短，产品线扩张迭代快、品类多，服务需求复杂，对服务能力的响应要求高。缺乏备品备件台账和流通去向管理，原厂副厂配件混用，严重影响运维效果。且机器人产品更新迭代快，备件管理和替用也成为难题，备件供应链的痛点多。缺乏数据沉淀，很多有效的数据是分散性的，留存在不同的系统和设备中，形成了单个的信息孤岛，未有效进行数据整合，造成数据利用率低，没有发挥数据价值。售后服务过程不透明，维修周期长产品迭代快，服务需求复杂备件管理难，备件供应链痛点缺乏数据沉淀，数据分散，存在信息孤岛服务渠道分散，需要在各个反馈渠道之间手动切换和手动记录、同步信息，导致售后派单效率低下，维修不及时，客户响应慢，等待时间长。售后服务渠道分散，客户响应慢机器人的维修技术要求非常高，各类服务人员分布到各地，维修水平不一，一部分服务工程师技术难以匹配专业服务的要求，人员绩效难以精确统计，管理培训难度大。售后服务人员管理难，维修技术要求高机器人是新生产业，普遍还没有建立健全服务体系，缺乏服务业规则和流程，流程不完善、不规范使其售后服务运作起来效率不高。如何快速搭建服务运营体系、创新服务模式是目前面临的重大挑战。缺乏认知服务体系，售后服务流程不完善PART THREE售后服务成新型增长点售后咨询场景：全渠道触达用户，及时响应用户需求全渠道广泛覆盖，覆盖国内外服务渠道，可接入网页、微信、小程序、APP、企业微信、钉钉、飞书、WhatsApp、Facebook、Twitter等多个渠道。多模式便捷交流，全渠道客服系统提供图文、音视频、表情包、文件等内容传输，沟通更流畅，服务不掉线。多模式便捷交流当用户使用产品出现一些疑问或者问题时，往往需要寻求官方售后人员联系，以寻求解决办法，全渠道客服系统能够实现多渠道用户咨询触达，及时响应用户需求。AI支撑，7*24小时在线，底层AI技术支撑的AI文本机器人、语音机器人客服，通过情景重现、语音语义融合，语义增量自适应，让机器像人一样去理解、去思考企业级视频客服，实时在线聊天、内容文件共享的企业级视频客服，让企业与客户随时随地面对面交流。全渠道广泛覆盖网页微信小程序APP企业微信钉钉WhatsAppFacebookTwitter呼叫中心工单系统语音机器人坐席助手在线客服视频客服文本机器人智能质检客服解答知识库查询业务记录问题处理7*24小时在线企业级视频客服客服人员售后业务咨询售后安装场景：从工单生成到安装结束全程流程清晰可见无论是工业机器人还是服务机器人，很多机器人由于其生产工艺较高、机器较大、零件较多的情况，那么就必然面临着厂家派人安装的问题。在这一场景中，很多客户面临安装服务响应慢、安装过程流程长、安装人员行迹难把控、安装售后无保障的问题，针对这些痛点问题，沃丰科技为机器人的安装场景提供给了一整套解决方案，从安装需求发起到安装结束满意度回访的全流程实现线上化管控，能够随时随地查看安装进度，做好安装准备。工单生成及派单用户能够在多种平台进行安装咨询与地址信息录入，并自动生成工单，同时安装工单支持手动派单、自动派单、工单池抢单等多种形式01工程师匹配借助智能化调度平台，根据地理位置、客户偏好合理调度资源，自动预约最近服务站，匹配出色技能工程师，AI智能分析实时提供优质服务建议02轨迹实时查看客户能够实时查看移动服务轨迹，高效管理现场作业流程，为客户提供更加优质的服务03工程师签到安装过程中能够支持工程师进行打卡签到，以便与确认工程师的服务真实性04现场勘察在现场勘查过程中，支持工程师将现场勘查结果进行文本、拍照和视频录入05服务评价在安装结束后，用户可对于安装服务进行满意度评价，支持自动回访和人工回访两种形式06 安装流程优势：自动生成工单准确方便自动匹配工程师避免资源浪费线上查看轨迹方便快捷工程师管控保障服务真实现场勘察保障安装速度服务评价进一步提升工程师服务质量售后维修场景：工程师上门服务，售后维修无忧售后维修场景是售后服务过程中经常遇到的场景，产品在使用中不免会出现各种问题，维修不及时，会严重影响用户的使用体验，甚至会影响客户生产进度。ServiceGo现场服务管理，覆盖现场服务全流程，管理更透明、更智能。01 全渠道受理服务对接渠道覆盖呼叫中心、微信服务号、APP、H5、邮件、小程序、官网等，用户可随时随地咨询业务、提交工单，实现现场服务全流程数智化。02 服务工程师管理借助智能化调度平台，根据地理位置、客户偏好合理调度资源，实时查看移动服务轨迹，高效管理现场作业流程，为客户提供更优质的售后服务。03 设备合同管理全面整合设备相关信息，基于设备创建维保计划，提供周期性的维保、巡检等预防性服务，全流程管理监控合同流程，推动服务合同的全生命周期管理。04 备件库存管理提供完善的仓储备件管理功能，统一管理全国仓库，支持备件申请、调拨、核销、退回等备件全流程的管理，保证维修服务的及时性，降低库存成本。资源直管资源直管全连接，服务站点和全部一线交付人员通过移动APP实现，备件也通过APP进行可视化管理。交付透明交付透明客户通过前端微信/小程序精确掌握每一次交付人员、备件、流程的工作状态，交付信息全程数字化记录，电子化，无纸件。智能调度智能调度总部借助软件平台实现自动调度、集中管控、应急指挥。应用效果应用效果售后投诉场景：客户投诉反馈，倾听用户的声音客户投诉，是企业不得不面对的一项重要工作。面对投诉，若处理得当，则转危为机，不仅避免差评，甚至还有机会因为优秀服务而获得的好评。ServiceGo新一代智能客户投诉管理系统智能投诉工作流，充分串联多部门协同作业，显著提高客诉处理效率。多种低风险客诉渠道，显著降低高风险客诉几率，连接国内国外超过几十种渠道，并通过提高官网Web、H5、客户端App、微信、小程序、微博、Facebook、LINE、WhatsApp等低风险社交客诉渠道的便捷度，让全世界的客户可以更加轻松表达自己的不满，反馈自己的意见。多系统集成，数据对接，通过标准数据接口，轻松实现与客户内部系统各个场景的数据集成，对于大型本地项目，也支持主动对接客户内部数据总线，支持将第三方界面嵌入到系统内，实现同页面数据识别与处理，支持投诉单SDK嵌入到第三方平台或微信等公众平台，实现数据获取。自定义客诉处理流程，自定义构建符合企业规章制度而又灵活自主的智能投诉处理工作流，实现跨部门、跨层级机构协同处理用户投诉案件；自定义触发逻辑，实现投诉流程内多种场景的实时提醒。解决方案推荐服务，对于典型客户投诉案例，支持一键生成知识库解决方案，基于投诉工单主题，自动筛选知识库解决方案，并形成关联知识库列表，供坐席人员参考。AI智能推荐，基于工单主题与描述信息，AI自动推荐相关解决方案，并根据客户画像实现智能风险提醒。售后人员培训：两大路径实现工程师从小白到资深 售后人员业务水平影响着用户的售后满意度，售后技术人员普遍存在的短板，一般表现为三方面：专业知识的系统性及其深度、售后思维的科学化及现代化和践动手作业的技能综合性。支持课程学习、练习任务、考试任务等多种任务模式支持文本对练、语音对练、幻灯片演讲练习等多种练习模式支持情景对话练习、一问一答练习、单一话术练习等多种练习方式，满足售后人员的多种交互场景智能陪练平台工程师管理人员1 1 课程课程学习学习2AI2AI陪练陪练辅导辅导3 3 智能智能评分评分4 4 提升提升计划计划5 5 考试考试验证验证1 1 课程课程发布发布2 2 任务任务管理管理3 3 学习学习监督监督4 4 团队团队分析分析5 5 辅导辅导提升提升了解故障代码/故障现象，故障原因，解决措施等点击故障代码/故障现象可以展开该条下面的故障原因，点击故障原因，展开该条故障原因下面的解决措施，各项内容均支持模糊搜索企业知识库售后分析场景：用户信息深度挖掘带来增长新机遇随着移动互联网流量见顶，互联网红利消失殆尽。当前市场将由增量逐渐转变为增量存量共同发展的模式，尤其是存量市场的发展会提速。抢夺用户成为企业的一大难题。与其抢夺新用户，对老用户进行留存和复购成为企业新的增长点。在很多企业的内部，留存着诸多的客户信息，从用户咨询、购买、安装到售后的全路径上都留下了海量的用户数据，深挖用户数据，生成用户画像，捕捉用户关注点，促成用户复购成为企业的一个新的增长路径。沃丰科技推出的Insight数据报表，为企业关注的用户信息生成用户报表，进行可视化展示，帮助企业生成战略决策。数据分析能力丰富，数据全方位呈现具备对比钻取、趋势分析、地理分析、高级计算等多种能力，丰富的可视化能力与交互操作，数据可读性强，快速发现业务问题nsight数据大屏，数据实时监控数据分析结果通过仪表盘和大屏的方式呈现，自定义动态炫酷的可视化大屏，企业形象的私人定制，数据业务信息实时监控，让上一秒发生的事情下一秒就知道可视化拖拽操作，简单易用自助式的可视化探索分析服务，预置丰富的数据分析可视化报表，业务数据生成报告，降低业务人员使用门槛全自定义自动化报表，免去重复操作负担支持自定义数据建模，报表一次实施，每次重复使用，数据支持各种函数计算，满足计算要求，满足用户复杂的自定义分析场景多系统对接，实现跨系统数据分析Insight数据中心内部无缝衔接Udesk产品，外部支持企业系统数据接入，通过数据建模，得以连接不同系统的数据孤岛，数据即时同步Insight绩效分析，多职场数据管理效率提升高性能大数据计算分析能力，可实现周、月、季、年数据极速计算；采用关键绩效指标（KPI）进行评估，模型验证速度快，考核针对性强，全方位洞察客户服务PART FOUR机器人企业标 杆 案 例高仙机器人高仙机器人成立于2013年，已在服务机器人、自动扫地车、安防机器人等多个领域实现商用，向近百家智能机器人终端企业提供商用解决方案，业务范围包括工业物流、交通枢纽、商业地产等主要应用场景。截至目前,高仙已为全球逾40个国家和地区的2000多个客户提供超过4亿公里的清洁服务。售后部门服务的终端客户与销售合同的客户，没有形成有效同步与管理。自研系统未与其他系统全面打通，导致设备信息维护困难，成本高昂。原有系统一直未实现客户对于仓库额度管理、库存预占等功能要求。系统内角色繁杂、权限定义复杂，业务流程定制化程度要求高，并且对界面自定义、过滤器等有较高需求。客户简介客户需求高仙机器人商用清洁机器人01整合电话、线下、表单等各渠道带来的销售线索，按照直销、经销、经销子客户渠道进行区分，分别设置线索跟进流程和权限规则，实现线索商机高效管理。02系统支持从服务受理、派工、配件申请、维修处理到回访的闭环管理和实时跟踪，确保服务的及时性。04借助移动端App，服务人员可随时更新处理状态，保证服务及时性、过程透明化。03设置员工跟进线索、商机、签约客户等行为的积分，实行积分管理制度激励员工签单。沃丰科技解决方案05提供多维度数据与过程分析，把控服务质量，优化客户服务体验。工单管理工单管理设备管理设备管理备件管理备件管理配件调拨配件调拨服务结算服务结算客户管理客户管理应用效果应用效果ServiceGo满足了高仙机器人售后咨询、备品备件、现场服务等售后服务管理需求，让企业资源管理（产品、备件）和服务管理（现场服务人员、客服）相结合，实现线上线下全面打通，帮助高仙机器人完成了售后服务全流程数字化管理。知名德国机器人企业知名德国机器人是世界工业机器人行业的领头羊。其在全球拥有20多个子公司，为客户提供智能自动化解决方案，从机器人、工作单元到全自动系统及其联网，遍及汽车、电子产品、金属和塑料、消费品、电子商务/零售和医疗保健等多个市场领域。客户简介客户需求全业务流程自动化在内部启用服务中台，期望实现全业务流程自动化，并针对各部门的业务特性进行差异化处理。数据一致性将各部门的系统统一与中台打通，保证数据一致性。中台也需要包含大数据处理和分析的模块，并将中台的数据作为BI功能的数据源。知名德国机器人企业ServiceGo实现了用应用来定义系统内不同的工作场景，添加现场服务管理、备件管理、服务商管理、项目管理等多个应用，同一平台统一管理。涵盖从上门维修、退换货、投诉客户、送修到有偿维修各个方面，同时完善了现场服务工作的特殊应对机制。统一平台统一平台现场服务管理现场服务管理服务商管理服务商管理备件管理备件管理项目管理项目管理包含出库单管理、入库单管理、出入库流水、备件采购、返还管理等，能够满足仓储备件管理基本功能。建立起清晰的管理结构，分级管理各地服务商，各服务商下设服务站，以服务站为单位管理工程师及本站的服务单。高效项目管理，帮助企业增大市场占有份额、增加公司业务量，调动员工积极性。InsightInsight报表报表通过Insight报表的自定义能力，实时监控线索转化率、团队分配情况、运营效率、机构状态等指标，帮助团队及时发现问题、更新运营策略，持续提高效率、增加营收。沃丰科技解决方案物流机器人企业某物流机器人企业是全球领先的视觉导航移动机器人（AMR）企业，为制造业和仓储业提供了机器人搬运和拣选解决方案。作为第四代移动机器人引领者，该企业AMR凭借柔性、视觉、跨场景、全流程的强大优势，持续帮助企业降本增效。2020年，该企业入选北京第一批“专精特新”中小企业名单，2021年荣获国家级专精特新“小巨人”企业称号。客户简介客户需求作为一家随需而动的智能制造型企业，该企业需要根据客户的需求不断进行流程的优化，因此新的系统必须足够灵活，以适应业务的发展。活度产品灵该企业对于客户录入、商机推进、合同签署等多种场景规定了不同的审批制度。要求新系统审批配置需要适应跨部门、复杂的流转。审批流自定义需要系统有合理抽象的通用化配置能力，同时便于支撑不同业务的差异化需求，且需要系统内置销售场景、服务场景等标准化解决方案。理中台能力客户关系管企业希望使用一套从数据获取、到统计分析、到输出报表的强大的BI报表体系，实时监控销售进展、客户维护、运营情况等，从而针对性的调整销售运营策略。能力数据分析物流机器人企业1、L2C解决方案从线索到订单，自动化的商机转化流程，助力企业赢得更多交易。利用智能评分模型快速识别有价值的商机，从线索、客户、商机到合同订单，统一营销、销售和服务数据，实现数据、人员和流程的高效管理与协作。3、数据沉淀与分析商机推进全阶段文档和数据沉淀、各阶段协同处理，打破数据孤岛。和财务、产品、研发、项目等部门打通数据和账号，协同管理商机推进全过程。2、自定义能力ServiceGo系统高度的自定义能力支持业务流程自定义、功能模块自定义、界面自定义、权限体系自定义，能够满足该企业通用化配置和自定义审批流的需求，适应不断变化的销售业务场景。4、系统高扩展性低代码PaaS平台，ServiceGo系统具备可持续扩展的能力，能够适应不断增长和变化的业务模块，及时调整和搭建，具备很强的灵活性。Leads线索客户商机售前支持投标报价合同订单发货交付回款管理应收管理发票管理合同创建合同审批合同执行资源管理任务管理质量管理物流管理客户跟进销售步骤销售动作线索跟进线索维护线索转化ERPOAWMSCash回款技术支持方案咨询资源分配CPQ报价审批管理价格查询语音机器人电话广告-网站公众号微信展会活动运营部实施部销售部市场部沃丰科技解决方案软银机器人软银机器人（上海）有限公司，是一家集人工智能机器人技术开发与产品销售为一体的公司。软银机器人在巴黎、东京、旧金山、波士顿和上海拥有500多名员工，为各行各业传递机器人解决方案。软银机器人的产品及服务已导入零售业、旅游业、健康陪护、政务服务、金融及教育等各行各业当中。客户简介客户需求业务与用户的交互受限业务与用户的交互受限原业务系统不具备呼叫中心能力，Case能力，只能通过传统等邮箱获得用户反馈。集成呼叫中心能力受有系统限制，针对性等开发代价过高。业务拓展受系统限制业务拓展受系统限制原有Salesforce整体运维成本高，同时是由国外的外包商运维，后端的管理都是代码级，对软银业务的理解较差。运营成本高运营成本高只能在系统平台内做一些更改，无法做到多系统联动，多业务协同，如合同工管理，知识库管理等。整合难整合难软银机器人01ServiceGo建设一体化运营平台，业务模块包含CRM、售后股务、客户关系管理、产品管理、知识系统建设等。02呼叫中心平台整合，构建电话服务休系，将CRM售后服务，客户关系进行串联，所有的信息进行分类汇总。04数据分析系统建设，根据业务需要，使用我司银供的BI平台进行无缝对接，构建用户的数据分析系統，趋势预測系统。03售后服务流程构建和优化，参照原有使用Salesforce的体验，进行优化，将原有繁琐的流程进行精简，重新建设业务控制，流程市批，以及与用户的交互体验。05整合现有的产品系統，将全国布局的营销售后仓储 产品进行一体化管理，同时对产品的零配件进行流程优化，更加的适应本士化运营。沃丰科技解决方案售后服务营销管理物资管理合同管理一体化运营管理平台一体化运营管理平台物灵科技物灵科技是面向全球的人工智能科技公司。物灵科技致力发展成为国内外面向消费者市场及家庭场景的人工智能产品领域的一线品牌。物灵科技(Ling Techno logy）基于底层计算机视觉、自然语言交互等人工智能技术。于2016年率先开创了“无屏实现触控智能机器人技术，创造了阅读教育机器人Luka。客户简介客户需求销售部门和客户部门员工多用个人微信与客户进行沟通。个微没有活码功能，添加好友效率低下，营销群发的场景下也存在被封号的风险。个人微信转企业个人微信转企业微信微信客服部门面对大量客户售后咨询的问题，多有回复不够及时，甚至遗漏的现象。需要有工具提高客服部门的工作效率。售后回复时效亟售后回复时效亟待提高待提高服务人员与客户的沟通主要集中在售后场景，随着产品种类增多，向老客户推荐新产品的需求日益增加。需要有好的管理工具，实现营销和服务一体化。售后营销一体化售后营销一体化应用场景应用场景物灵科技客户运营管理客户运营管理工作质效把控工作质效把控售后营销一体化售后营销一体化微丰SCRM平台，可实现个微转企微统一管理的问题。通过发送活码高效添加客户。在与客户对话的窗口，通过侧边栏，可快速查找过往沟通信息，常见问题回复等等，提高服务效率。员工所有跟客户的会话都留存下来，通过会话分析，可有效把控员工的工作量和工作质量。同时，敏感行为实时监控可有效管理员工与客户的沟通服务质量。售后服务过程中，可通过素材管理模块，快速将新产品信息，营销材料等一键发送给客户。通过产品管理模块，可迅速查询公司所有产品的基本信息，报价等。沃丰科技解决方案客服部门在处理客户售后问题的同时，也可对沉淀到公司私域流量池的企微客户进行新购营销推广。通过营销素材管理模块，SOP营销计划模块等，让新品推广更加高效快捷，也大大增加了老客户新购的成功率，新品销售收入提升显著。通过活码、欢迎语、知识库、素材库等模块，让客户服务工作更加高效便捷。员工跟客户的所有对话都留存下来，通过会话分析模块，对客户人员的工作质效进行统计分析，让客户部门的绩效管理更加透明有效，大大提升了客户的感知体验。售后营销一体化，新品销售收入提升售后营销一体化，新品销售收入提升客户服务更加高效，提升客户体验客户服务更加高效，提升客户体验应用效果低代码PaaS平台，可视化灵活配置，支持功能/模块、界面、业务流程、审批流程、权限体系等方面的自定义设置，匹配多种业务模式，满足企业个性化管理需求。高度自定义高度自定义基于数据分析的业务洞察和知识沉淀Insight数据分析工具，预置丰富的数据分析可视化报表，以数据指导业务决策。数据为中心数据为中心ServiceGo平台支持多个用户同时访问，协作应用的数据和服务可供位于不同位置的多个用户共享，有助于团队在活动中密切合作。高度协作高度协作ServiceGo提供标准的API接口和触发器，实现与ERP/OA/WMS等系统对接，数据自动同步、统一管理，打破数据孤岛。多系统集成多系统集成优势与优势与特点特点PART FIVE机器人服务趋势与展望数字化转型不是一蹴而就的，而选择一个好的系统提供商可以事半功倍 系统规划 鉴于企业数字化转型是一项系统而复杂的工程，需要高度结合企业的宝贵经验和数字化专业顾问团队，实现高效完整的解决方案设计。企业方需要以高层管理团队为代表，充分发挥其成熟的经 验和对行业、对公司的理解，在方案的实际价值评估、可行性和实施等方面发挥优势。顾问发挥数字化转型知识和案例经验的优势，通过指导和辅导，协助企业完成专业、高效的数字化改造解决方案，并监督实施过程，以达到预期的积极效果。建立数字意识，制造紧张气氛 无论是个人还是组织，改变都需要不断地努力和长期的考验，而改变的第一步从认知开始。一个组织之中具有组织变革积极意识的群体往往不到两层，剩下的大部分成员会局限于过去成功经验和思维惯性的束缚，过于关心和依赖过去的习惯和经验，对变革漠不关心甚至抗拒变革。建立数字化试点团队 在统一数字化转型认识后，必须统筹考虑，第一步是数字化试点创建试验模型，收集经验，以利于后续经验推广和大规模改革实施，核心是选择试点团队的负责人。团队领导者首先要有强烈的变革意愿，最好来自业务部门，能直接接触一线市场环境并对变化敏感，并可参考从销售和渠道部门挑选一些高层次的员工。及时调整和规划 数字化转型的推广一段时间后，需及时复盘。复盘一方面可以及时总结成功的经验和规律，另一方面，可以及时完善下一步的工作规划，包括哪些不恰当的行为需要及时制止，解决哪些高价值的问题并持续改进，并坚持巩固哪些现有的正确优势。经验分享及推广应用 分阶段的数字化转型实践将带来很多成功和失败的经验案例，通过及时回顾和讨论分享成功经验，开展更大范围的推广。沃丰科技 作为中国人工智能与营销服务解决方案提供商，沃丰科技拥有 Udesk、GaussMind、ServiceGo、微丰等完整的产品矩阵，将人工智能技术应用到企业的营销获客、销售管理、客户服务及企业内部共享服务等各个场景，为消费品、制造业、生命科学、汽车、央国 企、数字政府、金融等多个行业提供定制化解决方案，全面助力企业实现数字化转型，得到众多世界 500 强、中国 500 强客户的信赖。免责声明 本文档可能含有预测信息，包括但不限于有关未来的财务、运营、产品系列、新技 术等信息。由于实践中存在很多不确定因素，可能导致实际结果与预测信息有很大的差别。因此，本文档信息仅供参考，不构成任何要约或承诺，沃丰科技不对您在本文档基 础上做出的任何行为承担责任。沃丰科技可能不经通知修改上述信息，恕不另行通知。版权所有 北京沃丰时代数据科技有限公司所有 保留一切权力 非经北京沃丰时代数据科技有限公司书面同意，任何单位和个人不得擅自摘抄、复 制本手册内容的部分或全部，并不得以任何形式传播。关于沃丰科技
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艾瑞咨询：2023年中国“专精特新”企业发展研究报告：医疗板块（61世纪）.pdf
中国“专精特新”企业发展研究报告-医疗篇2023.3 iResearch Inc.22023.3 iResearch I摘要来源：艾瑞咨询研究院自主研究绘制。“专精特新”企业是指具有“专业化、精细化、特色化、新颖化”特征的中小企业，是我国近十年来重点发展与扶持的中小型企业。我国中小企业规模庞大效益明显，连接千行百业，联系千家万户，成为推动创新、促进就业、改善民生的重要力量。在当下国际环境日趋复杂的背景下，培育“专精特新”企业成为提升中国在全球产业链地位的重要路径。概念阐述截至目前，工信部公示了9279家专精特新“小巨人”企业，已接近达成2025年培育1万家专精特新“小巨人”企业的目标，其中医疗企业 共514家，这些企业有如下特点：产业分布：集中分布于医药研发与生产、医疗器械两大领域，占总数超过90%；上市情况：上市企业主要分布在科创板和创业板，主板上市公司数量相对较少；区域特征：多分布于资源丰富的东部沿海地区，前四省市数量占整体超三分之一；企业特点：凭借差异化优势领跑细分赛道，具有小而强的特点。培育情况政府培育措施上，自“专精特新”培育体系提出以来，政府从顶层目标、资金奖励、税收优惠、资本支持、产业链联动等多方面为企业发展提供支持。区域培育效果上，上海城市总体引领，深圳区域定向培育，长春医药园区建设推动，市、区、园区三级生态培育成效显著，助力中小企业发展。培育生态投资侧“专精特新”医疗培育侧重点方面，短期内制造业的国产替代将持续发力，同时科技创新将长期赋能医疗服务行业发展。高价值赛道方面，结合专精特新“小巨人”医疗企业特点，医药研发与生产领域创新药、CXO市场发展的确定性较高，医疗器械领域上国产替代仍将是一段时间以内的主旋律，医疗服务中互联网医疗、医疗信息化、消费医疗领域值得市场关注。赛道展望企业侧发展路径上，承借政府系统化专精特新培育的东风，广大中小企业应顺势而上，趁势而起。在明确专、精、特、新发展目标的基础上，贴合国家培育方向，坚定自身市场战略，持续加强创新能力，增强数字化转型内力，以求实现“强链补链”，促进企业高效发展。发展路径3观局：“专精特新”概述1入局：专精特新之“小巨人”医疗企业2稳局：政府侧“专精特新”培育生态3破局：企业侧“专精特新”发展路径4拓局：投资侧“专精特新”赛道展望542023.3 iResearch I工信部指出我国将建立中小企业梯度培育体系，聚焦创新型中小企业、“专精特新”中小企业、专精特新“小巨人”企业，分层打造“专精特新”企业群体，并推动“小巨人”企业加快向单项冠军、领航企业发展。本次研究聚焦于医疗领域“专精特新”中小企业及专精特新“小巨人”企业，以期从局外到局内全面探索医疗领域政府侧、企业侧及投资侧发展路径。报告研究范畴界定从医疗领域专精特新“小巨人”企业培育情况探析政府侧、企业侧及投资侧发展路径来源：艾瑞咨询研究院自主研究及绘制。我国中小企业梯度培育体系目标100万家，已培育11.7万多家创新型中小企业专精特新“小巨人”企业制造业单项冠军目标10万家，已培育5万多家目标1万家，已培育9千余家领航企业目标1千家，已培育近1千家“专精特新”中小企业一大批领航企业本次研究聚焦于医疗领域“专精特新”中小企业及专精特新“小巨人”企业，探究政府侧、企业侧及投资侧发展路径。52023.3 iResearch I“专精特新”内涵阐述“专、精、特、新”四字诀助推中小企业向前发展“专精特新”企业是指具有“专业化、精细化、特色化、新颖化”特征的中小企业，工信部对“专、精、特、新”四字诀有明确的定义，这也是我国近十年来重点扶持与发展的中小型企业。这当中，专精特新“小巨人”企业是指位于产业基础核心领域和产业链关键环节，创新能力突出、掌握核心技术、细分市场占有率高、质量效益好的中小企业，是优质中小企业的核心力量，其评价标准则包括“专、精、特、新、链、品”六大要素。来源：艾瑞咨询研究院自主研究及绘制。“专精特新”内涵阐述与发展特点专业化专企业坚持专业化发展战略，从事特定细分市场时间达到2年以上，专注核心业务，主营业务收入占本企业营业收入的70%以上，具有较高专业化生产、服务和协作配套能力，能为大企业、大项目提供关键零部件、关键元器件、配套产品和配套服务。开展技术创新、管理创新和商业模式创新，适应或创造消费新需求，拥有符合“新技术、新产业、新业态、新模式”四新经济发展特征的产品或服务，具有较高的信息化、智能化应用水平，通过行业的交叉融合提供新的产品或服务，拥有近2年内新授权的发明专利或独特、独有的工艺、配方等专有技术。近2年新授权的与主导产品相关的知识产权须满足以下所列任意一条：发明专利1项以上；实用新型专利、外观设计专利2项以上；软件著作权6项以上；参与制（修）定国家标准、主持（参与）制（修）订行业标准1项以上。新颖化新精精细化企业建立精细高效的管理制度和流程，采用适合企业的现代管理方式，如5S管理、KPI考核、卓越绩效管理、企业资源计划ERP、供应链管理系统SCM、客户管理系统CRM等，取得质量管理体系认证，开展精细化生产、精细化管理、精细化服务，管理效益突出、降本增效显著，产品品牌和服务美誉度高、性价比好、品质精良，在细分市场具有一定的比较优势。特色化特企业利用特色资源，弘扬传统技艺和地域文化，采用独特工艺、技术、配方或原料，研制生产具有地方或企业特色的产品，具备区别于其他同类产品的独立属性，获得国家授权的发明专利1项以上（含）或实用新型专利技术2项以上（含）。定义特点产品专有性长期主义性管理高效性产品精细性工艺独特性产品特色性技术领先性创新驱动性62023.3 iResearch I新冠疫情的不确定性,84.3%美国等国打压中国企业,41.9%全球供应链不稳定,20.7%新变局下企业的管理和创新能力凾待提升,18.4%数字化转型真正落实困难,12.9%其他，.2022年中国企业需应对的挑战调查“专精特新”发展背景国内外环境复杂多样，多方因素限制我国中小企业发展当前，全球产业竞争格局正在发生重大调整。受全球经济下行等因素的影响，国际贸易保护主义抬头、全球贸易摩擦加剧。国务院发展研究中心2022年中国企业经营者问卷跟踪调查报告指出，在2022年对企业的调查中发现，中小企业普遍认为新冠疫情的不确定性与美国等国打压中国企业是当时情况下最难应对的挑战。在中美贸易摩擦加重，中国崛起成为新兴的超级大国已势不可挡的情形之下，美国收紧了针对中国的贸易政策，采取一系列手段进行出口管制与供应链打击。以上国内外环境因素大大限制了中小企业的成长，这使得中国专精特新化发展成为经济向前的重要基础与路径。来源：国务院发展研究中心2022年中国企业经营者问卷跟踪调查报告，N=1391，截至2022年11月19日，艾瑞咨询研究院自主研究及绘制。中国“专精特新”发展的国内外环境因素反倾销调查：进口国依法对造成进口国产业损害的倾销行为采取征收反倾销税等调查。拒绝人员清单：对特定实体或个人颁布禁止令，禁止参与特定活动。337调查：调查对象为进口产品侵犯美国知识产权的行为以及进口贸易中的其他不公平竞争。301调查：始于2017年，对中国货物加征关税，税率从7.5%至25%不等。1中国企业面对国内外环境新变化所面临的的挑战2美国特殊贸易手段时间反倾销调查数量2012-2016年2017-2021年4544反补贴调查数量34302012-2021年美国对中国发起反倾销、反补贴调查数量72023.3 iResearch I“专精特新”发展背景中小企业规模庞大效益明显，连接千行百业，联系千家万户在当前中国的经济形势下，中小企业已经逐渐成为国民经济与社会发展的主力军。规模方面，截至2021年末，我国企业数量达到4842万户，其中中小企业数量4800万户，占企业总数的99%以上，是市场中主体数量最大、最具活力的企业群体。效益方面，中小企业的不断发展产生了良好的经济与社会效益。据工信部统计，中国中小企业具有“五六七八”的典型特征，即贡献了全国50%以上的税收，60%以上的GDP，70%以上的技术创新成果以及80%以上的劳动力就业，成为现代化产业体系的重要组成部分。因此，中小企业的良好发展关乎千家万户，连接千行百业，是保障经济良性发展与维持就业韧性的重要立足点。来源：第四次经济普查、工信部，艾瑞咨询研究院自主研究及绘制。中国中小企业的规模与效益截至2021年末，全国企业数量达4842万户中小企业4800万户，占全国企业数量99%以上规模以上工业中小企业40万户，较2012年增长23.5PP%以上的税收贡献60%以上的GDP70p%以上的技术创新80%以上的城站劳动就业80%中小企业规模庞大中小企业效益明显“五六七八”中国中小企业具有“五六七八”的典型特征，要坚持聚焦主业、打造优势、勇于创新，走“专精特新”发展之路。82023.3 iResearch I93.293.1939393.192.892.892.782.0 85.586.887.0 87.587.286.786.488.788.488.288.12018Q12018Q32019Q12019Q32020Q12020Q32021Q12021Q32022Q12022Q3中小企业发展指数（SMEDI）“专精特新”发展背景中小企业发展指数受疫情影响亟需复苏，企业经营压力大中小企业是我国经济发展的重要主体，但因其体量小、科技薄弱等特点，往往处于产业链的弱势地位，受2020-2022年新冠疫情黑天鹅事件的影响，叠加宏观经济下行、去杠杆、去产能等多重因素，中小企业的经营压力进一步加大。根据中国中小企业协会发布的中小企业发展发展指数（SMEDI），2020年疫情以来，中小企业发展指数总体下行，2020年第一季度跌至最低点82.0。截至2022年第三季度，中小企业发展指数仍未恢复至2020年以前的水平，恢复基础有待稳固，在这一情况下，专精特新培育生态无疑成为广大中小企业保增长、促发展的一剂良药。来源：中国中小企业协会，艾瑞咨询研究院自主研究及绘制。2018年Q1-2022年Q4中国中小企业发展指数运行图受2020-2022年新冠肺炎疫情影响，2020年第一季度中小企业发展指数（SMEDI）大幅下跌，其中2月SMEDI为76.4，较上月下降16.2点，创2010年二季度开启调查以来的最低纪录。92023.3 iResearch I“专精特新”发展背景中小企业成为促创新、稳就业、惠民生的重要力量随着中小企业的不断发展壮大，其逐渐成为推动创新、促进就业、改善民生的重要力量。创新方面，在制造业由三低一弱走向三高一强的进程中，技术创新是发展的关键力量。工信部数据显示，占全国企业数量99%的中小企业提供了大约65%的发明专利、75%的企业创新和80%的新产品研发，中小企业作为产业链的重要参与者，对市场需求反应更为灵敏，能够对应需求进行产业与技术创新。就业与民生方面，民营经济是居民就业与收入增长的重要基础，也是稳定居民与社会经济预期的基础。中小企业民营经济稳定发展，就业与民生随之稳定进步。因此，中小企业在中国产业经济发展中的地位与贡献不容小觑，中小企业的向前发展是现阶段产业发展的重要议题。来源：公开资料、工信部，艾瑞咨询研究院自主研究及绘制。中国中小企业对创新、就业与民生的重要贡献开展研发活动，贡献创新成果三低一弱 低附加值 低技术含量 低质量 弱品牌推动创新促进就业改善民生三高一强 高附加值 高技术含量 高质量 强品牌65u%发明专利企业创新新产品研发提高收入水平城镇私营单位就业人员年均工资由2010年20759元上升到2021年62884元。优化收入结构通过创业提升居民经营性收入；通过员工持股等带动居民财产性收入增加。扩大就业容量，提升就业质量吸纳城镇就业人员比例从1990 年 的 4.6%上 升 至2022年的80%以上。2021届本科毕业生在300人以下规模的中小微企业就业的比例为46%，高职为63%。102023.3 iResearch I自2011年“专精特新”一词提出以来，国家就开始了“专精特新”企业培育的长期规划，十数年间政策频发，尤其2021年之后，“专精特新”一词开始频繁出现在政府公开文件和讲话中，730政治局会议上专门提出要“开展补链强链专项行动，加快解决卡脖子难题，发展专精特新中小企业”。与此同时，北京证券交易所的设立从资本角度进一步加大了对专精特新中小企业的扶持力度。“专精特新”政策沿革十数年间政策不断加码，助力创新型中小企业乘风而起来源：艾瑞咨询研究院自主研究及绘制。“专精特新”中小企业发展相关政策梳理日期政策名称发布方相关内容2011年9月“十二五”中小企业成长规划工信部将专精特新发展方向作为中小企业转型升级的重要途径，形成一批“小而优”、“小而强”的企业，推动小企业和大企业协调发展。2013年7月工业和信息化部关于促进中小企业“专精特新”发展的指导意见工信部提出促进“专精特新”中小企业发展的总体思路、重点任务及推进措施。2018年11月关于开展专精特新“小巨人”企业培育工作的通知工信部提出在各省级中小企业主管部门认定的“专精特新”中小企业基础上，培育一批专精特新“小巨人”企业。2019年4月关于促进中小企业健康发展的指导意见国务院特别提出引导中小企业专精特新发展，在核心基础零部件、关键基础材料、先进基础工艺和产业技术基础等领域，培育一批主营业务突出、竞争力强、成长性好的专精特新“小巨人”企业。2021年1月关于支持“专精特新”中小企业高质量发展的通知财政部、工信部提出中央财政安排100亿以上奖补资金，分三批支持1000余家国家级专精特新“小巨人”企业加大创新投入。2021年7月7.30 政治局会议中国政府网提出开展“补链强链”专项行动，特别提出要扶持“专精特新”中小企业。2021年9月证监会就北京证券交易所有关基础制度安排向社会公开征求意见证监会贯彻新发展理念，突出专精特新中小企业特点，明确简便、包容、精准的发行条件，建立多元、灵活、充分博弈的承销机制，聚焦服务实体经济，大力支持科技创新。2022年6月优质中小企业梯度培育管理暂行办法工信部明确创新型中小企业、“专精特新”中小企业、专精特新“小巨人”企业的评价或认定标准。112023.3 iResearch I“专精特新”企业培育历程从“概念”到“系统化培育”，政策助力实现多维度扶持“专精特新”这一概念最早于2011年工信部“十二五”中小企业成长规划中提出，2011年至2016年处于专精特新政策战略布局期，相应培育政策被不断提出。随着顶层设计的持续落地，2019年工信部公布了第一批248家专精特新“小巨人”企业名单，“专精特新”企业培育持续推进。2021年，国务院提出中央财政累计安排100亿元以上奖补资金扶持专精特新“小巨人”企业，专精特新领域政策井喷式爆发，进入高速成长期，政府对于培育中小企业的方法论已渐趋成熟。来源：艾瑞咨询研究院自主研究及绘制。“专精特新”企业培育发展历程201120172021阶段特征相关事件孕育孵化期持续推进期加速发展期战略生态布局提出“专精特新”概念，明确专精特新发展思路细化培育措施逐步推进“专精特新”企业培育并细化培育方式政策补贴加码加速“专精特新”企业培育工作，明确培育体系，加大培育力度。2011年，工信部首次提出了“专精特新”这一概念；2016年提出在“专精特新”企业基础之上，再培养一批专精特新“小巨人”企业。2019年，工信部公示第一批248家专精特新“小巨人”名单；2020年，工信部公示第二批1744家专精特新“小巨人”名单。2021年中央财政安排100 亿以上奖补资金，支持专精特新“小巨人”企业发展；2021年工信部公示第三批2930家专精特新“小巨人”名单；2021年北交所开市，为“专精特新”中小企业提供发行支持；2022年工信部公示第四批4357家专精特新“小巨人”名单，第一批复核通过155家。122023.3 iResearch I“专精特新”企业培育价值良好应对国际复杂经济形势，自主实现内部供需良性循环在国际经济增速放缓的大背景下，培育“专精特新”企业，向内发力，进一步提升中小企业生产效率十分必要。首先，通过中小企业专精特新化培育，能够帮助中国经济从宏观视角转向微观视角，更加重视激发产业链微观主体活力，重点培育专精特新“小巨人”企业，提升产业链韧性；其次，国家辅以精准滴灌的帮扶政策，将会有效扩大融资供给、提振市场信心、稳定中小企业预期的良好效果。最后，在充分发挥“专精特新”企业优势补链强链的基础上，以新基建为契机，将推进存量中小企业走专精特新化发展之路，促进产业链整链提升，进而实现提高生产率，推动产业整体向中高端迈进。来源：艾瑞咨询研究院自主研究及绘制。“专精特新”企业培育对于内部供需循环的核心价值核心价值提振信心 通过“专精特新”企业培育，能够将发展视角从宏观转向微观，充分激发产业链之中微观主体的活力，重点培育专精特新“小巨人”企业，提升产业链韧性。通过政府对“专精特新”中小企业的积极培育与精准帮扶，能够有效扩大融资供给，帮助提升服务能力，从而提升市场当中中小企业的发展信心。发挥中小企业作用，通过“专”与“精”强化企业优势，“特”与“新”补足企业短板，从而达到强链补链的效果，结合新基建基础，实现产业链的整体提升。现阶段全球宏观环境瞬息万变，经济下行形势明显，产业竞争格局不断加剧。在此背景下，中国想要稳定国际地位，获得产业链竞争优势，必须不断向内发力，进一步提升生产效率，通过高质量供给引领创新需求，实现供需的良性循环。13观局：“专精特新”概述1入局：专精特新之“小巨人”医疗企业2稳局：政府侧“专精特新”培育生态3破局：企业侧“专精特新”发展路径4拓局：投资侧“专精特新”赛道展望5142023.3 iResearch I“专精特新”与医疗产业契合度专、精、特、新四维关注度与医疗产业细分领域高度契合“专精特新”企业是我国近十年来出台的扶持发展中小型企业发展政策中，被国家认定为具备专、精、特、新四个企业特色之一的中小型企业。这当中，专、精、特、新分别对应企业的专业化、精细化、特色化和创新化。根据工信部对于专精特新的定义和医疗行业细分领域的标签特征，艾瑞将医疗领域的化学制药、生物制药、中药、医疗服务、医疗器械等进行了“专精特新”的匹配。专、精、特、新四字诀与医疗细分产业高度契合，成为广大中小企业的一大发展方向。本章报告将围绕专精特新“小巨人”医疗企业具体培育情况展开数据分析，并探讨相关行业的发展情况。注释：专精特新“小巨人”企业数量按照工信部初次公示名单进行统计。来源：艾瑞咨询研究院自主研究及绘制。“专精特新”与医疗产业契合度四批共9279家企业专注于医疗生产制造业务专注于医疗器械供应业务专注于医疗相关配套服务医疗相关企业514家医疗领域5.5%专精特新 专业 长期 积累 精细 工艺 优化 特色 差异 定制 创新 研发 前沿软件与信息技术服务化学制药生物制药创新药研发中药医疗服务高端医疗器械专用设备制造医疗科技生物制品专精特新“小巨人”医疗相关企业152023.3 iResearch I专精特新“小巨人”医疗企业总体特征深耕细分赛道，中小企业凭借差异化竞争优势脱颖而出在经济发展“新常态”背景下，我国致力于通过创新驱动、强链补链实现高质量发展、推动共同富裕。在当下国际环境日趋复杂的背景下，提升科技竞争力、解决“卡脖子”问题成为必然选项。培育“专精特新”企业成为提升中国在全球产业链地位的重要路径，有望推进我国“科技产业金融”的高水平循环，为我国优质中小企业发展带来更多助力。工信部共分四批次公示了9279家专精特新“小巨人”企业，其中医疗相关企业占比5.5%。总体来看，行业分布上“小巨人”企业多分布在医药研发与生产、医疗器械两大领域；上市情况上，“小巨人”上市企业多集中在创业板与科创板，市值大部分小于100亿元；区域分布上，“小巨人”医疗企业多分布在东部技术、资源、人才密集省市；企业特点上，“小巨人”医疗企业大多凭借差异化竞争优势成为细分领域龙头，具有“小而强”的企业特征。注释：专精特新“小巨人”企业数量按照工信部初次公示名单进行统计。来源：艾瑞咨询研究院自主研究及绘制。专精特新“小巨人”医疗企业总体特征行业分布：已公示的专精特新“小巨人”医疗企业集中分布于医药研发与生产、医疗器械两大领域，主要从事药械研发生产，占公示专精特新“小巨人”医疗企业总数超过90%，这进一步体现了专精特新助力中国实现从“制造大国”向“制造强国”的转变。上市情况：在“小巨人”医疗企业当中，上市企业共119家，占比仅23.2%，已上市企业主要集中在创业板、科创板，大部分市值小于100 亿元；这符合“中小企业-专精特新-专精特新小巨人-单项冠军”的发展路径。区域分布：工业产业较为发达的东部沿海地区是“小巨人”的聚集高地，数量TOP5省市为北京、上海、浙江、广东以及江苏，占整体医疗企业数量超三分之一；这体现医疗健康行业的政策依赖强、技术壁垒高以及人才需求大的特点。企业特点：大部分专精特新“小巨人”医疗企业为民营企业，具有小而强的特点，由于本身业务具有差异化的独特优势，成为某个细分领域的龙头，科技含量较高，创新能力较强。162023.3 iResearch I专精特新“小巨人”医疗企业,514专精特新“小巨人”非医疗企业,8765专精特新“小巨人”医疗企业（个）专精特新“小巨人”非医疗企业（个）专精特新“小巨人”医疗企业画像专精特新“小巨人”医疗企业514家，整体占比不高自2019年以来，工信部共分四批次公示了9279家专精特新“小巨人”企业，已 接 近达成2025年培育1万家专精特新“小巨人”企业的目标。艾瑞对一到四批专精特新“小巨人”企业进行梳理和统计，将9279家专精特新“小巨人”企业大致分为医疗企业与非医疗企业两大类。根据统计，一到四批专精特新“小巨人”企业中共有514家医疗企业，占比为5.5%。分批次来看，第二批中“小巨人”医疗企业数量达到最高，共199家，占第二批总数量的比重为11.4%；自第三批开始，医疗企业的入选占整体数量的比重有所下降。注释：专精特新“小巨人”企业数量按照工信部初次公示名单进行统计。来源：工信部，艾瑞咨询研究院自主研究及绘制。专精特新“小巨人”企业数量情况2519911517524817442930435710.1.4%3.9%4.0%第一批第二批第三批第四批医疗企业数量（个）专精特新“小巨人”企业总数（个）医疗企业占比（%）专精特新“小巨人”分批次公示数量专精特新”小巨人“企业9279家”小巨人“医疗企业占比5.52023.3 iResearch I专精特新“小巨人”医疗企业画像“小巨人”医疗企业主要为非上市公司，成长空间较大艾瑞将专精特新“小巨人”企业中的医疗企业按照一至四批次进行统计，以上市和非上市企业进行区分。总体来说，在已纳入专精特新“小巨人”名单中的514家医疗企业当中，119家为上市公司，395家为非上市公司，“小巨人”上市医疗企业占比23.2%。分批次来看，从第一批到第四批专精特新“小巨人”企业当中，各批次被纳入名单的非上市医疗企业数量明显高于上市企业，第二批上市企业数量最多。从所属板块来看，医疗上市企业主要分布在科创板和创业板，主板上市公司数量相对较少，依然存在较大的成长空间，这与专精特新企业的创新内核相契合。来源：工信部，艾瑞咨询研究院自主研究及绘制。专精特新“小巨人”医疗企业总体上市情况专精特新“小巨人”医疗企业分批次上市情况上市医疗企业,119非上市医疗企业,395上市医疗企业（个）非上市医疗企业（个）专精特新”小巨人“医疗企业514家”小巨人“上市医疗企业占比23.2%批次上市企业非上市企业合计第一批101525第二批51148199第三批2788115第四批31144175合计119395514182023.3 iResearch I专精特新“小巨人”医疗企业画像沿海地区凭借其明显产业优势吸引最多“小巨人”医疗企业近年来，在医疗健康市场需求飞速增长的推动作用下，我国医疗健康企业不断成长为优秀的专精特新“小巨人”企业。区域分布方面，拥有30家以上的专精特新“小巨人”医疗企业的省市主要集中在沿海经济发达地区，分别为北京、山东、江苏、上海、浙江和广东，企业分布呈现东强西弱的阶梯特征，这也展现出东部地区作为我国经济持续增长的核心区，在“专精特新”医疗企业培育方面的领先优势与雄厚实力。整体来看，伴随着我国医疗健康产业的发展，京津冀、长三角、珠三角已成为我国重要的医疗健康产业聚集区。来源：工信部，艾瑞咨询研究院自主研究及绘制。专精特新“小巨人”医疗企业区域分布情况0-10家11-20家21-30家31-40家40家以上.南海诸岛.1545191464913771981113227115东部地区中部地区西部地区东北地区第一批(个）第二批(个）第三批(个）第四批(个）192023.3 iResearch I专精特新“小巨人”医疗企业画像前四省市“小巨人”医疗企业占整体数量超三分之一随着我国经济社会的不断发展和医疗相关产业政策的逐步引领，医疗健康领域“小巨人”企业数量不断增加，截至工信部公布的第四批专精特新“小巨人”企业名录，根据艾瑞统计，国内514家医疗相关的“小巨人”企业在省市分布方面有明显特征，发达省市企业数量较多，其中北京、上海、浙江、广东四地分别以57、49、39、39家排名前四，共计184家，占整体“小巨人”医疗企业数量超过三分之一，这与医疗健康行业的高技术属性、对政策支持的依赖性以及对人才的高需求性等特点直接相关。来源：工信部，艾瑞咨询研究院自主研究及绘制。专精特新“小巨人”医疗企业省市分布情况 发达省市专精特新“小巨人”企业分布最多；前四名地区共计184家，占总数超三分之一。574939 393835292118 181716151211 1110 109887777543220专精特新“小巨人”医疗企业数量（个）202023.3 iResearch I专精特新“小巨人”医疗企业画像医药制造是重点发展方向，医疗服务行业增长空间巨大根据中国“制造强国”的发展需求，我国专精特新“小巨人”医疗行业重点培育方向主要集中在制造业领域。从行业领域来看，按照艾瑞划分的医药研发与生产、医疗器械以及医疗服务三大行业，已公示的专精特新“小巨人”医疗企业集中分布于医药研发与生产与医疗器械两大领域，占公示专精特新“小巨人”医疗企业总数超过90%，这体现了现阶段“专精特新”助力制造业实现制造强国的目标愿景。分批次来看，专精特新“小巨人”医药研发与生产企业占比呈现明显下降，从第一批占比60.0%下降至第四批的40.6%；医疗器械企业凭借疫情下体外诊断需求的增加，呈现大幅增长趋势。同时，医疗服务目前入选企业占比在10%以内，可以看出中国医疗服务市场仍待开发，未来增长空间巨大。来源：工信部，艾瑞咨询研究院自主研究及绘制。医药研发与生产,50.2%医疗器械,44.7%医疗服务,5.1%“小巨人”医疗企业行业领域分布情况医药研发与生产医疗器械医疗服务60.0g.33.0.66.01.7X.3R.0%4.0%1.0%8.7%7.4%第一批第二批第三批第四批各批次“小巨人”医疗企业行业领域占比情况医药研发与生产（%）医疗器械（%）医疗服务（%）212023.3 iResearch I专精特新“小巨人”医疗企业图谱注释：按照企业典型产品领域进行划分，仅展示部分企业，图谱中的企业logo顺序及大小并无实际意义。来源：艾瑞咨询研究院自主研究及绘制。医疗器械医药研发与生产中药化学制药生物制药医疗设备医疗耗材体外诊断细分科室骨科康复其他医疗服务医药流通医疗信息化2023年中国专精特新“小巨人”医疗企业图谱心血管辅助诊疗医学检验22专精特新“小巨人”医疗细分领域医疗服务医药研发与生产医疗器械细分行业说明：综合专精特新“小巨人”医疗企业培育情况，根据行业特征、企业分布等因素，选定三大细分行业展开分析。232023.3 iResearch I医药研发与生产行业现状化学制药市场占比依旧领先，创新药赛道正有序扩张我国医药研发与生产呈现高技术、长周期、高投入等行业特征。三大细分领域分别来说，化学制药收入在细分领域中占比最大，发展速度快于平均水平，发展空间广阔。生物制药相比之下收入占比依然较低，但增速处于较高水平。中药具有明显的内循环特征，中药材具有一定地域性，具备资源属性，同时掌握上游中药材资源的中药生产企业将拥有更多发展机会。从创新程度分类来说，行业内仿制药壁垒较低，企业较为分散，受一致性评价、集采等政策影响需优化药品价格提升药品质量；创新药国内市场仍较为初级，处于加大研发投入，有序扩张阶段。来源：中国化学制药工业协会，国家药品监督管理局，艾瑞咨询研究院自主研究及绘制。医药研发与生产发展现状及行业特征 占比占比仍有较大提升空间 特征中药材具有资源属性产业链内循环明显 占比占比相比化学制药仍然较低 增速增长潜力大于化学制药增速高于中国整体医药市场收入增长速度化学原料药4265亿元中药化学制药 2021年行业收入化学药品制剂8408.7亿元生物制药 占比：化学制药从市场规模、公司数量和市值等方面看都是占比最大的板块行业特征行业分类仿制药行业壁垒低 集中度低创新药市场较为初级，国产创新药占比低一致性评价带量采购政策研发各公司不断加大研发投入 2021年仿制药质量和疗效一致性评价注册申请908件 2021年受理创新药注册申请1886件（998个品种）行业发力点39940857375211667612312729666631391823542017年2018年2019年2020年2021年2017-2021年创新药受理量创新化学药（件）创新生物制品（件）创新中药（件）技术含量高周期长投入高收益高行业特点仿制药 提高药品质量 降低药品价格创新药 加大研发投入 注重创新抢占赛道242023.3 iResearch I 企业效能：未来医药制造将逐步向智能化研发与生产转型，实现制药过程网络化、数字化、精细化发展，以此提升企业效能。医药研发与生产行业发展方向产业链上下游联动，实现创新研发迭代与行业智能化探索在我国医药研发与生产市场需求始终处于高位的条件下，这一行业发展前景广阔。医药制造行业是关系国计民生的重要领域，其发展始终受到国家相关政策的支持。在此基础上，产业链方面将日益向平台化、产业化与智能化方向发展，实现产业链上下游的资源整合与联动共进。企业转型方面，在仿制药受到冲击、创新药加速发展的背景下，医药企业将加速进行智能化升级与改造，实现精细化、智慧化的研发与生产，由此进一步提高企业在细分领域的话语权。研发创新投入方面，行业在政策的支持下将不断加大研发投入，提高创新能力，提高产品质量，加快国际化步伐，促进行业高质量发展。来源：各公司年报，艾瑞咨询研究院自主研究及绘制。医药研发与生产行业未来发展方向产业链上下游联动赋能智能化平台化产业链联动医药研发与生产产业链上下游公司未来将依托平台化、产业化与智能化的核心能力做到相互赋能，共同成长。上游：一站式服务平台赋能行业 下游：创新研发平台促进创新 上游：拓展产能形成规模优势 下游：持续推进新产品商业化进程 通过信息化智能化升级，赋能上下游企业智慧研发生产企业转型智能化程度企业效能企业效能（假设沿用原有设备技术）企业效能（假设进行智能化升级）智能化升级促使超过原有企业效能 企业结构：面对激烈的国内外竞争，企业将进行系列兼并、重组、整合动作，这在一定程度上提高了生产的集中度与规模经济效益。研发创新投入 依据“双十定律”，医药研发与生产企业将逐渐加大对新产品、新工艺的投入开发力度，加大创新药研发的投入；行业科技研发与创新属性进一步增强，由依靠生产制造逐步向依靠科技技术进步转移。研发投入：国内外头部制药企业纷纷加大医药研发投入以完善自身的核心优势，研发费用呈现增长趋势。119.0 122.5 123.4 26.7 39.0 59.4 59.4 7.1 10.7 9.3 9.8 2018年2019年2020年2021年强生研发费用（亿美元）恒瑞医药研发费用（亿人民币）华东医药研发费用（亿人民币）2018-2021年国内外头部制药企业医药研发费用252023.3 iResearch I医药研发与生产“小巨人”企业分析企业总体数量最多，生物制药领域分布最为广泛医药研发与生产领域的专精特新“小巨人”企业伴随着一到四批时间的变化展示出不同的特点。总体数量方面，医药研发与生产企业数量最多，比例占到三大领域数量的一半，这与国家发展专精特新以鼓励制造业做大做强这一目标完美契合。从细分领域来看，“小巨人”企业主要分布在生物医药领域，化学制药、中医药领域企业数量较少，这主要因为化学制药虽然拥有更高的市场份额但仍以仿制药为主，而生物制药的疾病治疗方向市场热度较高，更多企业入局并加快研发，其研发创新性更符合“专精特新”小巨人发展，同时通过成为“专精特新”小巨人，企业能够获得国家更多地研发与创新支持。来源：艾瑞咨询研究院自主研究及绘制。医药研发与生产“小巨人”企业总体数量与主要分布领域 行业特征化学制药是医药制造业重要组成部分，市场份额最大，但其尽管有上万亿元的药品消费市场，却主要以仿制药为主，创新性不高；反观生物制药，在治疗市场更为关切的肿瘤、癌症等方面有极大优势，市场更多玩家开始开拓生物制药板块并专注研发新药；因此在专精特新“小巨人”企业中，生物制药凭借其市场关注度及未来发展前景挤占更多数量，更利于获取国家研发支持。4512654724111545912151343871第一批第二批第三批第四批医药研发与生产细分领域企业数量生物制药（个）化学制药（个）中药（个）总计（个）领域分布 企业情况：一到四批医药研发与生产“小巨人”企业共计258个，占到医疗企业的50.4%。总体数量 行业特征：医药生产企业占到专精特新“小巨人”医疗企业的半数，这与国家发展专精特新以鼓励制造业做大做强这一目标完美契合。50.4%企业情况：细分领域上，生物制药企业数量最多，达到135个，占医药研发与生产企业的52.3%。52.3&2023.3 iResearch I 行业特征：行业内大型企业市场占有率高，这使得中小型企业规模普遍偏小，同质化竞争现象严重；反映在“专精特新”小巨人企业当中，上市企业数量极少，大多企业虽有差异化优势，能够在激烈的竞争中脱颖而出，但其企业本身规模与市占依然较小，多为非上市企业。医药研发与生产“小巨人”企业分析出于技术、资源、成本等因素考量，企业选址有所不同上市情况上，由于行业中大型企业市占率高、中小企业数量多、规模小等特点，“专精特新”小巨人企业上市数量少，占比仅有19.8%，大部分企业凭借差异化优势在市场上占有一席之地，但其体量与规模仍未达到上市水准。地域分布方面，医药研发与生产企业东部地区分布多，这体现东部经济发展与资源禀赋对中小企业的巨大吸引力。同时，中部与西部地区也有一定比例分布，这侧面反映出与医疗器械及医疗服务企业相比，部分从事医药生产、原材料种植、加工等的医药企业对技术依赖度相对较低，主导其区域分布的更多是人力、土地等因素，以降低生产成本。来源：艾瑞咨询研究院自主研究及绘制。医药研发与生产“小巨人”企业上市情况与地域分布特征东部地区,48.1%中部地区,24.4%西部地区,20.2%东北地区,7.4%东部地区中部地区西部地区东北地区147255第四批第三批第二批第一批上市企业数量（个）上市企业：51企业总计：258占比：19.8%医药研发与生产上市企业数量医药研发与生产企业区域分布占比上市情况区域分布 企业情况：一到四批医药研发与生产“小巨人”企业共计258个，其中上市企业只有51个，上市企业占比仅有19.8%。19.8%企业情况：医药研发与生产“小巨人”企业多集中在中东部地区，东部地区占比达到48.1%。48.1%行业特征：医药研发与生产行业中，医药研发对地区资源禀赋与技术加持更为看重；医药生产制造则可以酌情平衡技术、资源、土地、人力等各方因素，以寻求最佳区位布局；反映在专精特新“小巨人”企业中，由于特色化、新颖化标准框定，企业技术、资源导向型布局更多，多在东部地区；但同时部分从事医药生产、原材料种植、加工等的医药企业对技术依赖度相对较低，布局在中西部地区可以获得土地、人力等优势，以降低生产成本。27专精特新“小巨人”医疗细分领域医疗服务医药研发与生产医疗器械细分行业说明：综合专精特新“小巨人”医疗企业培育情况，根据行业特征、企业分布等因素，选定三大细分行业展开分析。282023.3 iResearch I287.02 994.09 2019年2021年医疗器械出口额（亿美元）267.85 446.78 2019年2021年医疗器械进口额（亿美元）医疗器械行业现状政策与需求奠定行业基础，壁垒高与研发弱仍是制约因素医疗器械行业是一个知识密集、资金密集且多学科交叉的高技术产业。近年来，医疗器械领域政策频发，行业需求旺盛，支付能力提升，这些因素叠加使得医疗器械进出口贸易额以及注册数量均有显著上升，行业发展较好。但同时应注意，中国医疗器械产业起步较晚，受益于庞大的国内需求使得行业呈现高位增长，而高端医疗器械依然拥有很高的行业壁垒，我国医疗器械行业呈现出“大而不强”的现状。高端医疗器械产品国产化率较低，现有医疗器械更多趋向于进口，国内企业研发投入较低，创新能力较弱，这无疑成为行业发展的制约因素。来源：中国医药保健品进出口商会，艾瑞咨询研究院自主研究及绘制。医疗器械行业发展现状及影响因素行业发展有利因素行业发展制约因素政策推动行业扩容 国家各部门发布大量医疗器械相关文件，涉及质量安全、标准化、带量采购和注册审批等方面，规范并保障行业健康发展。人口老龄化催生行业需求 人口老龄化是医疗需求增长的源动力，中国老龄化呈现规模大、程度深、速度快的明显特点，这为行业奠定了巨大的需求基础。收入增加大幅提高支付能力 随着国民经济水平的提升、人均可支配收入的增长以及医保的全面覆盖，医疗健康服务的支付能力正逐步增强。高端市场技术壁垒高 高端市场被跨国公司占据，我国医疗器械行业起步晚，与全球差距大，高端设备技术壁垒高，仍主要依赖进口，导致医疗费用高昂。企业竞争力弱，集中度低 我国医疗器械生产企业规模普遍较小，行业较为分散，集中度低。目前市场中竞争者较多，但尚未出现垄断企业。企业研发投入低，创新能力弱 相比发达国家，中国企业研发创新投入较低，具有完全自主知识产权可以替代发达国家进口产品的医疗器械依然较少。医疗器械行业现状5528 8471 9849 11314 2018年 2019年 2020年 2021年2018-2021年药监局批准医疗器械注册情况医疗器械注册数（项）医疗器械69.3%体外诊断试剂30.7 21年按注册品种分类医疗器械进口额医疗器械出口额 由于新冠防疫物资需求增加，中国医疗器械企业2021年出口贸易额较2019年呈倍数级增长。2018-2021年中国医疗器械注册数逐年递增。292023.3 iResearch I医疗器械行业发展方向国产替代进程进一步加快，持续的技术创新成为必然方向中国医疗器械行业以其重要性加持未来将有巨大的市场发展空间。首先，面对我国高端市场被持续垄断，医疗器械进口依赖度高这一局面，政府高度重视行业发展，相继落地各项政策，这推动市场不断涌现出具有更强竞争力的国产企业。随着技术的不断进步以及支付水平的日益提高，预计未来国内产品将取得更高的市场份额，加速实现国产化替代。其次，随着医学、材料学等上下游行业技术的进步以及信息技术的赋能，医疗器械的研发生产与流通全流程将不断向数字化、智能化、精确化方向发展，从而大幅提升其质量与使用效率。来源：艾瑞咨询研究院自主研究及绘制。医疗器械行业发展方向探索12融合新兴技术提升创新能力国产替代进程进一步加速 发展后疫情时代，全球加强公共卫生建设，顺应医疗新基建浪潮，为国内医疗器械产品出海提供发展机遇，医疗器械行业国产替代、国际化进程持续加速。政策推动中国制造2025“十三五”医疗器械科技创新专项规划政策明确提出提高医疗器械的创新能力与产业化水平，相关鼓励配套措施将不断落地，医疗器械国产化进程将不断加速。接受度提升耗占比：重点监控高值医用耗材收入占比 使国内医院对部分进口产品和品牌的依赖降低；通过价格压力促使医院选择国产医疗器械。研发生产流通互联网AI5G大数据.新技术赋能医疗器械全流程 发展随着大数据、AI、5G等技术的不断发展，“互联网 ”将与医疗器械行业紧密结合，全行业的信息化程度将普遍提升，实现产品的信息可追溯，用信息化手段对医疗器械研发、生产、流通全过程进行监管。302023.3 iResearch I 行业特征中国医疗器械高端市场仍被国际巨头垄断，因此国产替代成为重大发展方向，目前的“小巨人”主要方向是实现细分领域的国产替代；伴随着2020-2022的新冠疫情，更多体外诊断玩家涌入，入选的体外诊断“小巨人”企业也有明显的增加。医疗器械“小巨人”企业分析总体数量次多，疫情时期体外诊断企业入选数量增长明显中国是全球最大的医疗器械市场之一，其市场规模和需求正在不断增长，在制造业大力发展的浪潮之下，专精特新“小巨人”医疗企业当中，医疗器械企业数量仅次于医药研发与生产企业。但目前中国医疗器械市场竞争激烈，国内企业仅在低端设备耗材市场有一定优势，国际企业更多占领高端市场，这使得中国医疗器械企业难以向高端化市场发展，国产替代化进程刻不容缓，因此一到四批专精特新“小巨人”企业多是有一定的技术前沿性优势，能够实现国产替代并进行自主创新的高价值企业。除此之外，随着2020-2022年新冠疫情的动态变化，体外诊断企业大量兴起，技术成熟、效果优良的企业更多地进入“小巨人”企业名单。来源：艾瑞咨询研究院自主研究及绘制。医疗器械“小巨人”企业总体数量与主要分布领域 企业情况：一到四批医疗器械“小巨人”企业共计230个，占到医疗企业的44.7%。总体数量 行业特征：在国家大力推动制造强国发展战略的背景下，医疗器械制造企业数量同样较多，这与现阶段的国家战略密切相关。44.7%领域分布 企业情况：医疗设备与耗材上，心血管、骨科、康复等领域入选企业数量最多；体外诊断大类也成功入选企业42个，其中第四批涨幅最大。96255620112299636791第一批第二批第三批第四批医疗器械细分领域企业数量医疗设备与耗材（个）体外诊断（个）总计（个）按照科室分类：心血管：21 骨科：15 康复：12 呼吸：10 血液：7 眼科：5 口腔：5 神经：4 肿瘤：3.312023.3 iResearch I 行业特征：行业高端医疗器械市场多被国际巨头所垄断，国内企业很难进入，同时在低值器械领域国内企业数量众多同质化严重，只有少数企业能够凭借自身优势领先，这就导致“小巨人”械企上市企业数量不多。医疗器械“小巨人”企业分析依托东部地区技术与资源优势，械企逐步加强自主创新目前中国医疗器械市场呈现国产替代、低端向高端不断突破的发展趋势，专精特新“小巨人”企业更青睐技术能力优异、能够进行国产替代并专注研发创新的中小企业。结合国内高端市场被垄断、技术不成熟的现状，专精特新“小巨人”企业成功上市的不多。除此之外，医疗器械企业的地域选择与区域的经济发展情况、技术能力支持、生产制造成本等多方因素相关，因此在企业的地区分布上，基于国产替代、自主创新这一目标，“小巨人”企业多分布在产业基础与技术力量更为雄厚的东部地区，这一占比达到74.2%。来源：艾瑞咨询研究院自主研究及绘制。医疗器械“小巨人”企业上市情况与地域分布特征1718265第四批第三批第二批第一批上市企业数量（个）上市企业：66企业总计：230占比：28.7%医疗器械上市企业数量医疗器械企业区域分布占比上市情况区域分布 企业情况：一到四批医疗器械“小巨人”企业共计230个，其中上市企业只有66个，上市企业占比仅有28.7%。企业情况：医疗器械“小巨人”企业大多集中在东部地区，东部地区占比达到74.2%。行业特征：医疗器械行业低值市场附加值低，发展潜力不大，因此专精特新“小巨人”企业更多聚焦于深入高值领域、有能力进行国产替代的中小企业；国产替代需要强大的科技能力，以进行医疗器械的研发与创新；从中国区域资源分布来看，东部地区产业基础与局能力更为雄厚，吸引更多械企在此布局；同时在入选“小巨人”后，东部地区对企业研发创新支持力度也将更大。东部地区,74.2%中部地区,12.9%西部地区,8.8%东北地区,4.1%东部地区中部地区西部地区东北地区28.7t.22专精特新“小巨人”医疗细分领域医疗服务医药研发与生产医疗器械细分行业说明：综合专精特新“小巨人”医疗企业培育情况，根据行业特征、企业分布等因素，选定三大细分行业展开分析。332023.3 iResearch I医疗服务行业现状-医疗信息化搭建智能信息平台，实现医院、临床、区域间的互联互通医疗信息化旨在通过新兴技术的加持，提升用户与患者体验，构建智慧医疗生态圈，进而实现医疗服务模式的革新。中国医疗信息化主要分为医院信息化、临床信息化以及区域信息化，信息化的建设能够大幅提升医生的工作效率，提高患者的满意度和信任度，无形之中树立起医院的科技形象。同时各方在政府的倡导下搭建区域信息化平台，能够促进区域信息共享与协同发展。因此，受政策、需求等因素驱动，中国医疗信息化加速发展，医疗与基础平台的融合正成为国内医疗信息化发展的重要方向。来源：艾瑞咨询研究院自主研究及绘制。医疗信息化主要应用与价值医院信息化医疗协同药事服务运营管理流程便捷服务安心临床信息化门诊治疗影像管理以患者为核心区域信息化区域信息共享医疗大数据电子健康档案公共卫生应急管理住院诊疗管理高效医疗服务应用场景药品管理传统信息化商业模式生态价值聚焦广泛且深入的信息化需求致力于全面赋能医疗健康生态利用信息化技术助力智慧应用分类医务管理平台BI决策平台护理管理平台医院信息系统影像信息系统临床信息系统.药店社区医院居民社区服务健康管理送药到家远程医疗协同医院信息化互联网信息化平台342023.3 iResearch I医疗服务行业现状-医药流通数智化环境愈加成熟，为医药流通高效运营提供有力支撑在传统的医药流通模式中，流通通路与采购模式单一，终端购买成本较高，在这一情况下，医药电商介入医药流通，将传统流通方式平台化、线上化、多样化，丰富流通渠道，改变药品低效供应链，直接连接各端，节省终端消费者的购买成本，促进了医药流通的良性发展。科技的成熟发展与应用将持续推动医药电商平台快速发展，助力行业的商流、信息流、物流及资金流的高效配合与流通。医药电商进而将覆盖全场景、全品类与全渠道服务，渗透至用户生命健康全周期的各类需求。来源：艾瑞咨询研究院自主研究及绘制。医药流通的数字化发展及价值医药电商模式传统医药流通模式药械患者批发企业零售终端药械患者批发企业零售终端B2CB2BO2O模式演进科技赋能技术赋能数据赋能智能仓配管理体系冷链箱周转体系智能用药系统.帮助上下游整合资源 优化物流链路，提升运载效率 使下游服务更加高效、便捷数据监测数据平台.便于各主体之间信息壁垒的消除 精准把握患者用药需求 辅助药企研发决策 流通模式较为单一，各主体间存在信息孤岛，可能存在终端购买成本较高的现象。线上电商模式介入，有效减少信息壁垒，提升流通效率。生态价值全场景筛查诊断治疗用药康复保健院内院外线上线下全渠道全品类药品医疗器械滋补养生保健品.352023.3 iResearch I医疗服务行业发展方向参与健康管理全过程，为患者提供全生命周期医疗健康服务当前，医疗服务行业通过人工智能等技术驱动服务提质增效的需求日渐迫切。医疗健康服务正在逐步引入数字化技术，从满足基础功能需求向提升个性化、智能化诊疗服务体验发展。人工智能等技术已在医疗行业进行诸多探索，未来将呈现巨大的应用发展潜力。随着其与医疗服务融合的不断深入，医疗服务的发展必将从目前的技术、工具驱动向以人为本的价值医疗演进，力求实现“无处不在的医疗”以及“全生命周期关怀”。来源：艾瑞咨询研究院自主研究及绘制。医疗服务行业发展方向探讨保健家庭公共卫生机构康复机构养老机构中年诊断用药青年以人为本基层医疗医院健康管理机构婴幼儿儿童老年筛查治疗康复无处不在无时不在云计算物联网AI大数据5G技术的不断升级驱动医疗服务提质增效，促进行业向以人为本的价值医疗演进。362023.3 iResearch I医疗服务“小巨人”企业分析医疗服务入选企业较少，行业未来发展空间广阔中国的医疗服务市场规模庞大，随着人口老龄化趋势的加快和居民生活水平的提高，群众医疗服务意识产生大幅的提升，医疗服务市场的需求不断增加。但在专精特新“小巨人”企业的培育进程中，短期内仍以中国高端制造业的发展为主线，服务类的技术导向型医疗企业入选“小巨人”较少。在一到四批专精特新“小巨人”医疗企业当中，由于疾病诊断与疾病治疗的需求催化，医学检验、医疗信息化以及辅助诊疗企业数量正逐步提升，这也反映长期来看国家与行业将更加注重科技导向、以人为本的服务发展方向，医疗服务行业未来发展空间十分广阔。来源：艾瑞咨询研究院自主研究及绘制。医疗服务“小巨人”企业总体数量与主要分布领域1010025400230026121013第一批第二批第三批第四批医药流通（个）医学检验（个）医疗信息化（个）辅助诊疗（个）医疗服务细分领域企业数量 行业特征伴随着人口老龄化进程加快与居民生活水平提高，中国医疗服务市场需求不断扩大，整体市场规模十分庞大；短期专精特新医疗服务领域的培养以疾病诊断与治疗需求为主，但秉持着以人为本、服务于人的理念，未来全流程的医疗服务将大有发展。企业情况：一到四批医疗服务“小巨人”企业共计26个，占到医疗企业的5.1%。总体数量 行业特征：在专精特新“小巨人”企业的培育进程中，短期内仍以中国高端制造业的发展为主线，力图提升中国的产业链地位。领域分布 企业情况：整体入选领域分布较少，主要伴随疾病诊断与治疗的需求而兴起；医学检验与辅助诊疗等细分领域入选企业数量最多。5.172023.3 iResearch I医疗服务“小巨人”企业分析医疗服务企业技术导向最为明显，大多分布在东部地区上市情况上，与医药研发与生产以及医疗器械领域类似，行业进入者多但规模尚小，头部领先企业不多，因此整个行业上市公司数量较少。地区分布上，中国的医疗资源分布不均，东部和西部地区之间存在巨大的差距，加之人工智能、大数据等技术的应用正在不断改变医疗服务的模式和内容，这使得高附加值、强技术导向的医疗服务企业绝大多数分布在最为发达的东部地区，这在医药研发与生产、医疗器械与医疗服务三大领域中占比最高，达到84.6%。来源：艾瑞咨询研究院自主研究及绘制。医疗服务“小巨人”企业上市情况与地域分布特征 行业特征：医疗服务最为贴近居民生活，受益于市场需求的不断增长，医疗服务有着良好的发展前景；也正因为行业的广阔性与需求的多样性，医疗服务细分赛道庞杂，进入者良多，因此行业大多处于初步聚合的状态，各领域的头部上市企业较少。2第三批上市企业数量（个）上市企业：2企业总计：26占比：7.7%医疗服务上市企业数量医疗服务企业区域分布占比上市情况区域分布 企业情况：一到四批医疗服务“小巨人”企业共计26个，其中上市企业只有2个，上市企业占比仅有7.7%。企业情况：医疗服务“小巨人”企业大多集中在东部地区，东部地区占比最高，达到84.6%。行业特征：医疗科技类企业对地域资源与科技依赖程度高，消费医疗则更看地区经济水平与消费能力；我国东部和西部地区之间在地区资源禀赋、经济发展情况、技术能力支持等方面存在存在巨大差距，因此绝大多数医疗服务企业选择分布在资源密集的东部地区；同时，医疗服务企业目前体量尚小，东部地区对专精特新“小巨人”的资金、研发等扶持力度更大，更利于企业的创新发展。7.7%东部地区,84.6%中部地区,7.7%西部地区,3.8%东北地区,3.8%东部地区中部地区西部地区东北地区84.68观局：“专精特新”概述1入局：专精特新之“小巨人”医疗企业2稳局：政府侧“专精特新”培育生态3破局：企业侧“专精特新”发展路径4拓局：投资侧“专精特新”赛道展望5392023.3 iResearch I培育生态：放好活水，养好活鱼政策支持：各省市政府公布“专精特新”企业培育总体目标自“专精特新”这一理念提出以来，为持续引导中小企业向“专精特新”方向发展，在中央的统一领导指示下，全国各省市陆续公布了“十四五”时期的发展目标与方向。其中，多个省市明确提出了“专精特新”企业培育的目标数量，为地方中小企业的专精特新培育指明方向与目标。注释：未公布具体培育目标的省市未进行统计，例如宁夏、新疆。来源：各省市政府官网，艾瑞咨询研究院自主研究及绘制。“十四五”时期全国各省市“专精特新”企业培育目标地区省市国家级数量省市级数量华北地区北京500家（2025年）6000家（2025年）天津150家（2025年）1000家（2025年）河北500-600家（2025年）4500-5000家（2025年）山西300 家（2025年）3000 家（2025年）内蒙古80家（2025年）200家（2025年）东北地区辽宁/50家（每年新增）吉林/1000家（2025年）黑龙江60家（2025年）600家（2025年）华东地区上海300家（2025年）5000家（2025年）江苏150 家（2025年）600 家（2022年新增）浙江1000家（2025年）10000 家（2025年）安徽500 家（2025年）5000 家（2025年）福建/1000家（2025年）江西5500家（2025年）山东750家（2025年）10000家（2025年）地区省市国家级数量省市级数量华中地区河南100家（每年新增）1000家（每年新增）湖北12000 家（2025年）湖南/300家（每年新增）广东200家（2022年新增）1000家（2022年新增）华南地区广西/2300 家（2025年）海南40家（2025年）500家（2025年）西南地区重庆300家（2025年）2500家（2025年）四川350 家（2025年）4000家（2025年）贵州16家（每年新增）100 家（每年新增）云南100家（2025年）2300家（2025年）西藏10家（2025年）50家（2025年）陕西1000家（2025年）西北地区甘肃100 家（2025年）400 家（2025年）青海/200家（2022年）数量总计“专精特新”中小企业目标：10万家“专精特新”中小企业已培育：5万 家402023.3 iResearch I 银行提供“专精特新”专项金融服务方案；探索为“专精特新”中小企业申请在新三板挂牌开辟绿色通道；区域股权交易中心设立“专精特新板”。高新技术企业减按15%征收企业所得税；研发费用加计扣除；税收即征即退；小微企业普惠型税收减免。2021-2025年中央财政累计安排100亿元以上奖补资金，分三批重点支持1000余家国家级专精特新“小巨人”企业；根据不同地方政策，对国家专精特新“小巨人”企业额外给予5-200万不等的一次性奖励补助。培育生态：放好活水，养好活鱼资金支持：以资金流为切入点，助力企业长远发展面对顶层设计的倾斜与推动，各地加强对“专精特新”企业的资金支持。包括资金奖励、税收优惠、股权融资、信贷支持等多个方面。其中政府部门支持方式多以设立发展基金、提供融资政策支持、加强供需对接与政策引导金融产品创新为主，财政部、工信部联合印发关于支持“专精特新”中小企业高质量发展的通知中明确指出，2021至2025年，中央财政累计安排100亿元以上奖补资金，引导地方完善扶持政策和公共服务体系，分三批重点支持1000余家国家级专精特新“小巨人”企业高质量发展；金融机构则以推出专属信贷、保险产品及增值服务的形式提供支持。来源：艾瑞咨询研究院自主研究及绘制。针对“专精特新”企业的资金支持概览专精特新企业资金支持贯穿企业成长全流程的资金流支持 财政奖励 相关税收优惠 融资、融券等的支持财政税收股权债券信用资金流贯通多层级、多维度培育举措财政奖励税收优惠融资服务412023.3 iResearch I培育生态：放好活水，养好活鱼资本支持：北交所开市为“专精特新”企业发展按下快进键国家加大资本市场对中小企业，特别是“专精特新”企业的支持与服务力度，这对提升中小企业创新能力和专业化水平，助力实现“保链稳链强链”具有重要意义。其中，北交所的成立更是为中小企业加快上市提供有力支持，北交所中创新型中小企业集聚效应不断增强，灵活高效的融资机制运行更加顺畅，初步形成有活力、有韧性的市场生态，多层次资本市场互联互通更加顺畅。截至2月28日，北交所总市值 近 2500亿元，包含生物医药、高端装备制造、大消费、TMT及化工新材料五大产业集群。北交所175家上市公司中，有70家是国家级专精特新“小巨人”企业，占比达到40.0%。注释：时间截止至2023年2月28日。来源：艾瑞咨询研究院自主研究及绘制。北交所市值及企业类型 截至2023年2月28日，北交所总市值近2500亿元。北交所总市值（亿元）近2500亿化工新材料生物医药高端装备制造大消费TMT.北交所上市企业包含生物医药、高端装备制造等产业集群北交所“专精特新”企业数量 截至2023年2月28日，北交所共上市170家企业。17570企业数量上市企业（个）国家级专精特新“小巨人”企业（个）40.0%北交所申请上市流程及时间尽调和准备材料2-3个月中介机构内核1个月基础层股票审核反馈3-4个月基础层挂牌公司转板创新层1-2个月股改1-2个月新三板挂牌阶段不少于12个月北交所审核反馈3-4个月证监会注册反馈1-2个月公开发行 北交所上市流程及所用时间较短，审核较为高效。主板2年左右创业板科创板1年左右北交所9-12个月各板块上市时间对比北交所上市流程北交所适配“专精特新”企业加速发展422023.3 iResearch I培育生态：放好活水，养好活鱼产业链支持：开放产业链资源，助力大中小企业互联互通“专精特新”中小企业作为国民经济和社会发展的主力军，成为推动创新、促进就业、改善民生的重要力量。在促进专精特新发展上，产业链层面培育生态逐步明晰，中央实施优质企业梯度培育工程，通过中小企业服务平台网络集聚服务资源，不断健全中小企业服务体系；同时发挥“链主”企业带动作用，推动大中小企业融通发展；引导专精特新企业加大创新研发投入，参与制造业强链补链，加速企业创新发展。来源：艾瑞咨询研究院自主研究及绘制。“专精特新”企业的产业链支持举措优化服务效能促进产业链融通发展加大研发创新投入 工信部征集市场中配套服务和产品支持相关企业成长。领域产品名称优惠市场开拓专精特新中小企业数字化全球供应链服务云平台5折优惠企业创新大型实验室仪器共享服务8折优惠数字化垂直行业工业互联网服务8-9折优惠知识产权高价值专利导航、预警和培育服务8.5折优惠医疗领域部分专精特新中小企业服务产品2021年累计开展“中小企业服务月”等活动1500余场，服务中小企业100多万家次。北京2020-2021年，“专精特新”企业高质量发展巡诊活动共问诊“专精特新”中小企业190多家，深度诊断企业86家。江苏措施落地 施行链长制，在产业链中“链长”带头，“链主”联动，厚植产业优势。链长：省级政府领导负责相应产业链招商的组织领导副链长：产业链所在地党政主要领导负责落实各条产业链招商的具体推动工作链主：相关龙头企业负责协调目标企业，联动制定工作计划，推动资源配置主要协同部门：政府多个部门负责产业链招商引资项目签约、审批、建设、投产等各环节的协调配合措施落地“创客北京2021”中小企业创新创业大赛发挥大企业“链主”作用，吸引全国2000多家中小企业参赛。北京采取“母基金 子基金”的运作方式，推动细分行业、产业基金的设立、运作和投资，形成财政出资合力。福建 长期支持中小企业创新发展，进一步提升中小企业创新能力和专业化水平。在前沿技术研发及成果转化项目的申报中，政府会对专精特新企业给予政策倾斜，知识产权申报通道、税收优惠等政策扶持。政策扶持针对典型应用场景，引导数字化服务商面向中小企业开发使用便捷、成本低廉的数字化解决方案。服务支持加大对知识产权保护力度，提高侵权成本。知产保护措施落地深圳市举办专精特新“小巨人”企业融通创新路演暨创新产品展示对接会，32家专精特新企业进行了创新产品发布、展示及对接。深圳432023.3 iResearch I典型区域案例：百舸争流，奋楫者先上海：城市总体引领，多措并举赋能企业长远发展长三角地区是我国经济发展最活跃、开放程度最高、创新能力最强的区域之一，这也造就长三角城市成为了专精特新企业培育和成长的热土。长三角城市群经济实力雄厚、产业优势突出，上海市作为代表性城市，目前拥有专精特新“小巨人”企业超五百家，发达的外向型经济为专精特新“小巨人”企业的目标提供发展动能。上海市从事创新、研发等领域的高端人才集聚，政府连续十年为企业家开展培训，打造专精特新领军人才；同时对评选企业给予资金奖励与贷款扶持，帮助企业进行知识产权学习与专利申请，为企业的进一步发展注入创新活力。来源：政府官网、公开资料，艾瑞咨询研究院自主研究及绘制。上海城市总体引领模式下专精特新企业培育成效企业情况 企业总数：上海目前拥有专精特新“小巨人”企业超五百家；成立时间：平均成立年限15年；行业分布：从行业分布来看，智能制造占比最多，医疗企业共计49家。培育目标专精特新“小巨人”企业培育目标：1000家强化优质中小企业的动态管理，建立健全“有进有出”的动态管理机制。“十四五”期间，努力在全市推动培育十万家左右创新型中小企业、一万家左右专精特新中小企业、一千家左右专精特新“小巨人”企业。上海市经信委上海市优质中小企业梯度培育管理实施细则,2022.11培育成效“专精特新”企业领军人才培训班 自2011年起，上海市中小企业发展服务中心率先举办“专精特新”企业领军人才培训班，持续举办10年，超2000企业家参与培训；联合复旦大学，上海交通大学，为“专精特新”企业掌舵人开展能力提升培训。“专精特新”企业资金奖励与扶持 实现奖励全覆盖。市级“专精特新”中小企业给予奖励10 万；国 家 级 专 精 特 新“小巨人”企业奖励30万；为符合条件的专精特新中小企业提供最高1000万元的贷款担保；合作银行包括工行、农行、中行、建行、交行、浦发、兴业、上行、上海农商行等。知识产权服务专精特新中小企业 上海市知识产权局优先支持“专精特新”中小企业申报国家知识产权示范和优势企业；组织开展“知识产权宣传周”系列活动；组建“专精特新”中小企业服务团队，提供知识产权创造、运营、法律等咨询服务。442023.3 iResearch I典型区域案例：百舸争流，奋楫者先深圳：区域定向培育，推动区内医药企业厚植产业优势深圳市作为中国改革开放的前沿城市之一，也是中国的高新技术产业重镇，聚集了大量的“小巨人”医疗企业，其中南山区是深圳市的一个核心区域，有良好的产业、学术科研和政策支持，华大基因、同方生物、万泰生物、新疆天山生物等一大批知名的医药“专精特新”企业均设有总部或分支机构，形成了相对密集的产业集群。依托产业集群优势，南市区政府近年来不断加强专精特新企业政策扶持，并从产业园区建设、人才引进、创新孵化器、行业交流、政企合作、资金支持等方面采取系列措施，形成独特培育体系，取得了显著成效。来源：政府官网、公开资料，艾瑞咨询研究院自主研究及绘制。深圳区域定向培养模式下专精特新企业培育成效建设医疗健康产业园区 措施：南山区政府设立了多个医疗健康产业园区，如南山生物医药产业园、华大生命科学产业园、深圳国际生物谷等；意义：为医疗企业提供场地和资源支持，增强集聚效应，加速了医疗产业的发展。加强医疗人才引进 措施：政府鼓励医学院校和医疗机构加强教育培训来培育人才，并通过优化营商环境，设立人才公寓、开展人才计划等措施帮助企业引进和留住高端人才；意义：提高医疗人才素质和技能水平，解决技能人才后顾之忧，为医疗产业的发展提供了有力的人才支持。创新孵化器 措施：南山区设有多个科技园区和创新孵化器，如南山科技园、南山创新创业中心等，鼓励企业参与“创客中国”（深圳）创新创业大赛，对获奖项目给予奖励支持；意义：为医药专精特新企业提供创新、研发与孵化的场所，推动医疗技术和服务创新，加大专精特新企业新产品推广力度，促进了医疗产业的升级。行业交流与政企合作 措施：南山区定期组织医药专精特新企业间的交流和合作，积极推动政企之间的合作；意义：交流企业发展与创新经验，促进行业的多元发展。资金支持 措施：南山区对评选为专精特新的企业发放资金奖励，并为医药专精特新企业设立专项资金；意义：支持企业研发、生产和市场拓展等需求，推动了医疗产业的发展。452023.3 iResearch I典型区域案例：百舸争流，奋楫者先长春：园区建设推动，促进医药健康产业集群化规模化发展长春新区坚持把医药健康产业作为重中之重，加快构建医药产业链条和生态体系，打造吉林省重点医药产业园区长春医药健康产业园区。自2014年设立以来，园区大量引进医药健康领军企业，助力医药健康“专精特新”企业发展，孵化创新医药企业，使其集群效应逐步显现，形成全产业链条医药健康企业排布，助力企业间优势互补。与此同时，园区着力打造医药健康产业发展核心引擎，加强产学研合作以提升园区创新能力。在多措并举之下，长春新区产业竞争力大幅提升，产值突飞猛进，科技含量高、辐射带动力强、经济效益好的大企业与业务为园区医药健康产业持续发展增添后劲。来源：时间截至2022年1月7日，艾瑞咨询研究院自主研究及绘制。长春园区建设推动模式下企业发展情况产业集聚效应明显创新能力逐步增强25规模以上企业510亿元以上企业79高新技术企业13专精特新企业 长春医药健康产业园区先后引进国药集团、金赛药业、百克生物、迪瑞医疗等行业领军企业，医药健康企业总体发展到657户，其中：知名企业的引进加速形成产业集群效应，进一步促进了产业的聚集和升级。产业链条不断完善 园区企业涵盖医药研发、生产、销售、物流等全产业链；形成了以创新药、生物制品、医疗器械、生物材料等为核心的产业链条；实现了园区内各企业之间的协同发展和互补优势；平台建设促进了医药产业技术创新和人才培养，从而不断提升产业链条的竞争力。企业孵化器服务平台众创空间.建设细分产业集群 园区按照高标准建设了长春高新医药产业园、吉林省摆渡中医药健康产业园等9个医药产业园区，不断推出创新药物和高端医疗器械；加强产学研创新合作 集聚了长春生物制品所、中科院长春分院等医药技术研发中心23个，为现代中药、医疗器械、化学制药、医药物流等产业的高质量发展提供了坚实的技术支撑。经济效益稳步提升 园区各企业的年产值和利润不断攀升，医药健康占全区产业比重由2018年的18%上升到2021年的30%。国药集团2021年国药二大疫苗生产基地长春生物制品研究所新冠疫苗项目落位投产，完成产值40.7亿元；金赛药业2021年金赛药业生长激素获批三个新适应症生产批件，产值同比增长超60%；百克生物百克生物于2021年6月成功在科创板上市，挂牌首日涨幅超300%。46观局：“专精特新”概述1入局：专精特新之“小巨人”医疗企业2稳局：政府侧“专精特新”培育生态3破局：企业侧“专精特新”发展路径4拓局：投资侧“专精特新”赛道展望5472023.3 iResearch I企业发展目标：持续优化、跃升成长拓展行业视野，聚焦主业实现专、精、特、新发展随着全球经济格局的不断变化，中国内循环开启，这对中小企业专精特新化发展提出新的期待。在中国经济稳定发展的情况下，中小企业应不断借鉴“专精特新”企业发展经验以寻求发展。中小企业实现向“专精特新”企业迈进的发展目标，一是专注企业发展目标，精准定位自身行业赛道以深耕发展；二是以诚意服务、精工产品赢得客户的信任，在发展自身的同时成就客户；三是发挥特长，“专精特新”中小企业在“宽”与“窄”之中选择窄、专注和深入挖掘，力图在一个具体的产品或业务上形成绝对的竞争优势；四是以创新能力支撑企业持续发展，并以建设者的身份创造价值，优化行业生态。来源：艾瑞咨询研究院自主研究及绘制。中小企业专、精、特、新发展目标把握市场需求赢得客户信任超越竞争对手强化行业地位专注精诚特长创新以专注深耕市场深耕行业 敏锐洞察专家团队 需求管理 捕捉行业机会，精确行业定位补链型源自客户难题的机会强链型、优链型源自技术与竞争升级的机会创链型源自行业升级的机会以精诚赢得客户诚意服务 精工产品专业销售 本真品牌 为客户创造价值，得到客户信任产品价值服务价值关系价值协作价值以特长超越竞争专精技术 良性竞争危机意识 自我进化 形成良性竞合，以超越竞争对手相互促进的竞合关系竞争凭借自身产品、技术优势超越竞争对手合作通过交流合作，共同促进行业进步以创新持续发展长期主义 价值共创行业优化 生态共建 为行业及社会创造价值，得到各方信任定位行业生态建设者措施 深耕自身细分领域 坚持长期投入 注重价值创造愿景促进生态的优化与进化482023.3 iResearch I企业发展诉求：苦炼内功，成就能力市场战略、创新能力与数字化转型是企业发展的迫切诉求“专精特新”企业整体呈现年轻化特征，大多处于企业发展的成长期。根据江苏省中小企业专项问卷调查数据，产品性能达到国际先进水平的中小企业不足三成；逾一成企业没有创新活动，创新过程中行业与大企业支持力度不高，自身抵抗风险能力较弱；近四分之一的企业尚未开展数字化转型。针对这些现状，转变市场战略、专注细分领域、提升自主研发与合作创新能力、以及数字化转型成为现阶段中小企业专精特新化成长的迫切诉求。来源：江苏省中小企业专项问卷调查，N=875，艾瑞咨询研究院自主研究及绘制。“专精特新”企业现阶段发展痛点与诉求“痛点一：市场战略不明确企业产品性能不强，市场定位模糊发展诉求：锚定市场战略“痛点二：创新研发能力不强中小企业创新意愿不强，路径单一发展诉求：拓宽创新路径“痛点三：数字化转型能力弱企业的数字化转型不完全发展诉求：加强数字化转型高品质发展产品更加专注细分市场产品质量得到大幅提升产品性能达到国际先进水平优先推出新品抢占市场制约创新因素创新风险成本与收益不符缺少资本支持企业生存困境技术人才等创新要素不足终端需求下滑缺乏动力市场环境不健全创新发展诉求提升自主研发能力高校、机构合作研发与产业链大企业协同创新专利引进购买产业联盟研发行业协会辅助技术提升江苏省中小企业问卷显示：有近1/4中小企业未开展数字化转型 已有数字化转型实践以OA等信息化系统为主政府与行业产业链企业服务商优势扶持助力作用生态建设产业联动数字化服务492023.3 iResearch I企业发展路径：闻势而上，乘势而起宏观方向：紧跟国家培养赛道，探寻市场未来发展方向“十四五”规划明确提出“推动战略性新兴产业融合化、集群化、生态化发展”，强调新兴产业培育与当地资源禀赋的衔接，各地战略性产业集群建设加速推进。在国家政策的引导与推动下，各地区加快产业集群建设，多数省市在2022年政府工作报告中强调高端制造、医疗健康、信息技术等产业集群的重点发展布局。在其明显的示范与带动作用下，产业集群无疑为中小企业的发展指明方向。来源：各省市政府官网，艾瑞咨询研究院自主研究及绘制。各省市医疗相关产业集群发展方向省市优势产业集群重点发展&培育项目北京信息技术、健康医疗、智能制造、区块链和先进技术等人工智能、创新药、高端医疗器械、区块链、扩展现实和超高清显示等上海生物医药、人工智能等电子信息、生命健康、高端装备、先进材料等深圳专用集成电路及关键部件、数字电视软件等电子信息、先进材料、生物医药与健康、高端装备制造等武汉光电子信息、汽车及零部件、生物医药及医疗器械等网络安全、航空航天、空天信息、人工智能、数字创意、氢能等广东先进材料、生物医药与健康等高端装备制造、智能机器人、区块链与量子信息、前沿新材料、精密仪器设备等多省市强调医疗健康产业培育省市优势产业集群重点发展&培育项目浙江汽车、绿色石油化工、现代纺织、智能家居等新一代信息技术产业、生物医药和高性能医疗器械、新材料、高端装备等江苏工程机械、新型碳材料等生物医药、人工智能、信息技术应用创新、区块链等山东新一代信息技术、高端装备、医疗健康、高端化工、等先进计算、集成电路、医疗健康、新型智能终端、超高清视频等安徽新一代信息技术、装备制造、新材料等医药及医疗器械、人工智能及软件、量子信息、绿色和精细化工、先进核能、类脑智能等四川电子信息、生物医药、装备制造、新经济、特色消费品等重大装备制造、机器人、生物医药等产业集群建设为中小企业发展指明方向502023.3 iResearch I企业发展路径：闻势而上，乘势而起市场战略：自身布局结合外部支撑，快速启动目标市场在中小企业发展过程中，确定企业定位后如何低成本快速启动目标市场是企业进一步发展的重要基础。只有定位明确、布局合理，企业才能更好地组合生产、营销等各个要素，科学合理地调配企业各项资源，从而完成市场快速启动的战略目标。为确保目标市场的顺利拓展，企业需要从产品、渠道、市场、人员四个方面进行完善自我认知与战略的规划，同时辅以外围能力支撑，包括政策支持、资讯机构市场洞察、资本注入等，将宏观情况、市场情况与企业发展相结合，下活市场战略布局这盘棋，如此方能低成本快速启动目标市场，完成战略构建使命。来源：艾瑞咨询研究院自主研究及绘制。中小企业目标市场战略锚定与发展布局2134产品布局Products渠道布局Place市场布局Marketing人员布局Personnel明确产品定性，进行科学的产品细分，对接消费者需求，打好产品“组合拳”，以此进行产品布局，打开布局市场的突破口。针对企业自身及产品定位寻找合适的服务客群及销售渠道，从行业匹配度、产品匹配度、后期费效与维护等方面评估并选择合适供应商，从而让产品更快捷地进入销售与消费终端。结合企业自身的规模实力与市场定位，给以清晰的市场布局规划，集中人、财、物优化资源使用，按先后、主次进行资源投放以抢占市场。结合公司产品与业务线特点，选择有一定匹配能力的人员进行配置与布局，发挥团队整体实力，使市场在短时间内得到启动与拓展。各类资本：资本注入 提升活力政府机关：政策制定 方向引导咨询机构：市场洞察 战略参考其他：.512023.3 iResearch I企业发展路径：闻势而上，乘势而起创新研发：从无到有集成创新，加速释放研发创新生产力“专精特新”企业是自主创新的主力军，在加快推进新旧动能转换过程中发挥着重要作用。很多中小企业依然面临着较大的生存压力，如何持续创新以找寻市场机会、开拓市场仍然是他们的重中之重。因此创新能力成为中小企业实现向专精特新进化的必由之路，企业应当有志向钻研技术，逐步增加研发投入，锻造自身产品优势，攻克国家领先技术，向实现国产替代迈进。如果自身能力不够，可以从大学、市场上吸引人才，或者与机构合作购买专利，将企业单品打造成明星单品、单品龙头，再向品类龙头迈进。来源：艾瑞咨询研究院自主研究及绘制。中小企业创新能力成长路线促成因素医疗数据资产化数字化&智能化技术生态合作&科研人才公司数据的采集治理分析与应用能力、研发生产的数字化智能化升级、良好的生态合作伙伴以及重创新的企业文化与科研人才是企业埋头创新的重要内部因素，在这些能力的加持之下，企业方能深耕研发，持续创新。赋能赋能赋能助推助推助推创新能力研发投入研发效能生态合作研发费用提留机制建立研发费用提留机制，将每年销售收入的固定百分比作为研发投入。研发效率人员技能业务协同成本控制能力提升注重科研人才招纳是提升研发效能的基石。流程规范注重各板块之间的业务协同，以减少协同消耗。工具赋能利用数字化工具进行高效研发，以降低创新成本。科研创新人才科研专利技术与高校合作，定点培养人才1依托企业自身人才研发专利23自院所、机构等处购买专利企业成长集成创新看齐标准赶超巨头522023.3 iResearch I企业发展路径：闻势而上，乘势而起数字化转型：积极拥抱数字化时代，加速提升数字化能力各地在“专精特新”企业认定工作开展过程中，相应评价指标中均要求企业数字化建设达到一定水平，这为中小企业的专精特新发展指明了方向。创新型中小企业在数字化建设上将优先考虑成本与创新，先覆盖研发、生产等核心业务，在企业达到一定规模后再向联动化、集成化发展。因此现阶段中小企业数字化建设多是碎片化、模块化状态，要想冲击专精特新，企业应以现有业务数字化能力为抓手，通过数字化建设打通企业管理层、运营层、执行层的信息壁垒，逐步健全全链条数字化能力，以高效方式实现信息联动，帮助生产制造企业降本提效。来源：艾瑞咨询研究院自主研究及绘制。中小企业数字化赋能发展路径多元需求质量研发设计生产规划需求多样工序柔性用户需求分析协同研发平台智能仓储供应链协同工艺分解 工艺规划运动仿真 公差仿真智能排产虚拟生产 线路规划新型组织管理个性订单信息标识交付策略模型智能合约 智能物流发展现状类别研发生产财务.发展需求 降低成本 加强联动 保证质量 提升效率 优化资源配置 碎片化、模块化数字化建设 各系统、平台间难以形成相互联动随着定制业务的不断增加与产品更新迭代的不断加速，企业的生产管理应不断向智能化、数字化迈进，以数字化建设赋能研发到交付全流程，以提高效率、降低成本。53观局：“专精特新”概述1入局：专精特新之“小巨人”医疗企业2稳局：政府侧“专精特新”培育生态3破局：企业侧“专精特新”发展路径4拓局：投资侧“专精特新”赛道展望5542023.3 iResearch I投资风向：交替发力，持续发展短期制造业国产替代持续发力，科技创新长期赋能医疗服务在国际经济形势复杂、国内经济新常态的背景下，中国必须要从“数量追赶”转向“质量追赶”，从“规模扩张”转向“结构升级”，提高全要素生产率，实现高质量发展。因此，现阶段中小企业“专精特新”主要发展聚焦制造业，通过国产替代向制造强国转变，凭借更高质量的产业体系在新一轮产业革命中提升全球竞争力。将时间线拉长，中国医疗行业始终坚持“以人为本”的重要思想，人类在科技创新上逐步积累的力量最终能够将自身发展从“要素驱动”转向“创新驱动”，以创新科技赋能更加贴合人类生活场景的医疗服务行业。来源：科技部，艾瑞咨询研究院自主研究及绘制。医疗行业“专精特新”培育侧重点及投资风向探讨服务制造短期：制造业长期：服务业国产替代科技创新短期来看，作为推进制造强国战略的主攻方向，加速制造企业的智能化升级，变革制造业生产方式和资源组织模式，打破国外垄断，实现国产替代是专精特新企业发展的目标与方向。从长期趋势进行探讨，未来医疗科技的发展与创新将成为全流程、全业务的体系化运营支撑，全面助推医疗服务行业升级，在“以人为本”的理念驱动下，赋能人民健康照护，提供更加便捷高效的医疗服务，逐步彰显医疗社会价值。中国正处在由制造大国走向制造强国的过程中，在国际局势复杂多变的背景下，必须在硬科技、卡脖子技术等领域取得突破，因此政策推动下制造业的国产替代以提升中国在全球产业链中的地位，是短期内的重要方向。2022年我国全球创新指数排名上升至11位，成功进入创新型国家行列，科技创新成为长期发展的重要议题。科技创新能力大幅提升国产替代助力实现制造强国201020252030552023.3 iResearch I赛道展望：掘金赛道，扬帆起航医药研发：技术引领下的创新研发是医药持续发展的本源根据艾瑞预判，未来在”专精特新”企业的发展路径上，市场将更为关注处于技术跃迁中的高景气细分赛道。创新是全球医药产业发展的关键驱动力，也是中国医药产业突破现状更上一层楼的必然路径。在国家政策的鼓励下，我国创新药行业未来将持续快速发展。长远来看创新药的商业天花板够高，逐渐成熟的监管政策也将推动行业良性竞争和发展。短期来看，疫情影响走弱，多个核心品种成药的确定性逐步获得确证，创新药板块发展潜力较高。同时，创新药研发脚步的加快将有望带动CXO行业的持续繁荣。注释：高价值赛道展望根据公开资源、政府文件、专家访谈，结合艾瑞研究思考列示，仅提供行业参考。来源：国家药品监督管理局、Wind，艾瑞咨询研究院自主研究及绘制。中国“专精特新”医药研发与生产高价值赛道展望35747256867223031542856958778899512412018年2019年2020年2021年2018-2021年制药工业上市公司研发投入A股（亿元）港股（亿元） 28.34%研发费用率仍有上升空间与美股医药企业的研发费用率相比，A股和港股生物药企、化药企业的研发费用率均有增长空间。中国医药企业研发投入持续增加中国创新药研发成效显著76646989594853502018年2019年2020年2021年2018-2021年中美获批创新药数量中国（件）美国（件）上市公司研发投入持续上升2021年国内A股上市制药工业企业的研发费用达到1241亿元，其中A股672亿元，港股569亿元；2018 到2021年复合年增长率达28.34%。中国创新药获批数量持续增长2018年以来，国内历年获批的创新药数量呈增长趋势，2021年国内共有89款创新药获批，其中生物药创新药31款，化药创新药46款，中药创新药12款。中国每年获批的创新药数量已经与美国相当中美获批创新药数量相当，治疗领域具有相似性，2021年获批创新药中占比最多的均为肿瘤领域，也大多集中心血管代谢、抗感染、血液疾病领域。药物研发不断发展、监管审批要求不断变化，对于国内药企的创新药研发能力、临床试验设计能力的提升起到良好的推动作用。创新药在探索中前行 一方面，具有国际化能力的头部企业更具优势；聚焦专精特新中小企业领域，具有差异化创新能力的企业则是未来国家重点培育方向，尤其是审批集中的肿瘤、心血管、抗感染等创新药研发赛道。受益于国内医药研发行业投入的不断增加，中国CXO行业快速发展，行业整体高景气，未来成长确定性强。医药研发外包有望高速发展562023.3 iResearch I赛道展望：掘金赛道，扬帆起航医疗器械：自主可控、供应链安全的细分赛道确定性更高我国虽然是制造业大国，但是在一些核心零部件领域竞争力薄弱，主要依赖进口，在近年来贸易摩擦频发的大背景之下，国产替代将会是确定性较高的赛道。医疗器械领域中，目前低端国产医疗器械已经基本实现了国产替代。2022年境内受理的第三类医疗器械注册申请达到5425项，超越进口注册申请达到5146项，这也在一定程度上意味着在高端医疗器械方面，国产替代开始加速。从细分领域来看，除体外诊断外，无源植入器械国产替代实现程度较高。结合获批情况与融资规模，艾瑞综合推测，未来心血管、医学影像等器械将成为国产替代的核心主力，顺理成章地，这些赛道也将是专精特新的重点培育与发展方向。注释：高价值赛道展望根据公开资源、政府文件、专家访谈，结合艾瑞研究思考列示，仅提供行业参考。来源：国家药品监督管理局、众成数科，艾瑞咨询研究院自主研究及绘制。中国“专精特新”医疗器械国产替代高价值赛道展望438011583228113162168246400有源手术器械医用成像器械注射、护理和防护器械神经和心血管手术器械无源植入器械2020&2022年除体外诊断试剂外境内三类器械获批情况2022年（个）2020年（个）7.88 26.00 20.87 42.48 65.57 245.21 骨科器械AI辅助医疗医学影像医疗机器人心血管IVD2021年医疗器械细分领域融资规模2021年（亿元）细分领域探讨发展趋势探讨 低值向高值替代近年来，随着“中国制造2025”的大力推进，国家陆续出台相关政策支持国产高值医用耗材的发展；通用向专用替代从医疗过程当中通用的低价值设备与耗材逐步过渡到专业领域的专用设备，深耕专业领域以打破垄断，填补国内市场的空白；诊断向治疗替代基层医疗能力建设的推进加快了国产设备的普及，治疗设备的需求大幅增加，为械企提供了更为广阔的拓展方向。572023.3 iResearch I赛道展望：掘金赛道，扬帆起航医疗服务：需求留存、技术赋能、消费复苏成为三大主线目前来看，中国专精特新的发展仍集中在制造业领域，但基于新兴技术的不断发展以及人口医疗健康需求的增加，医疗服务行业将迎来广阔的发展。首先，需求留存上，中国人口基数较大，医疗资源大部分集中在大型三甲医院，2020-2022年出现的大规模聚集性疫情导致医院在患者收治方面压力较大，甚至对常规就诊造成挤兑风险，由此催生了在线医疗及医药电商的需求，在两年多的适应时间内，在线医疗被证实为高效便捷的医疗渠道，由此推断，互联网医疗将是未来较为确定的发展方向。其次，技术赋能上，我国医疗服务模式的转变同技术发展息息相关，5G、大数据、移动物联网、云计算等作为技术底座，支撑了大量垂直医疗场景的信息化应用，大数据与人工智能改变医疗知识发现的路径与方式，创新医疗诊断与决策的方式和渠道，物联网和云计算变革了医疗信息共享和服务模式，可预见的是，未来新一代技术将更深层次的推动医疗信息化建设。最后，消费复苏上，随着疫情对社会经济的影响逐渐趋缓，居民的消费欲望与医疗健康诉求逐步提升，消费医疗将逐渐复苏，医美、健康体检、智慧养老等消费医疗领域有望迎来一轮新的增长。注释：高价值赛道展望根据公开资源、政府文件、专家访谈，结合艾瑞研究思考列示，仅提供行业参考。来源：艾瑞咨询研究院自主研究及绘制。中国“专精特新”医疗服务高景气赛道展望医疗信息化以用户为核心消费医疗互联网医疗 发展因素：疫情期间互联网医疗发挥了重大作用，两年左右时间留存大量用户；同时政府也不断加码，打通医保、支付等互联网 医疗的关键环节，这些因素共同助力互联网医疗的高速发展；赛道展望：随着互联网医疗服务模式的逐渐成熟，市场对这一较确定定赛道的主要聚焦方向从概念转向高价值，专精特新培育也将侧重拥有优质医疗资源的互联网医疗企业。发展因素：在医院评级、智慧医院建设与医院运营管理等内外部因素驱动下，加之宏观政府层面陆续出台相关政策指导医疗信息化高效有序推进，医疗信息化市场繁荣增长；赛道展望：目前各方信息化需求仍然旺盛，尤其基层医疗主体的信息化缺口仍需长时间满足，医疗信息化将成为未来的高价值赛道。发展因素：消费医疗是与人生活最为贴近的医疗健康场景，伴随着人口老龄化、健康意识的提高，消费医疗领域迎来发展；赛道展望：伴随经济的复苏，居民对消费医疗的需求有所增加，医美、健康体检、智慧养老等细分赛道或将借此迎来新一轮发展。58艾瑞新经济产业研究解决方案行业咨询投资研究市 场 进 入竞 争 策 略IPO行业顾问募投商业尽职调查投后战略咨询为企业提供市场进入机会扫描，可行性分析及路径规划为企业提供竞争策略制定，帮助企业构建长期竞争壁垒为企业提供上市招股书编撰及相关工作流程中的行业顾问服务为企业提供融资、上市中的募投报告撰写及咨询服务为投资机构提供拟投标的所在行业的基本面研究、标的项目的机会收益风险等方面的深度调查为投资机构提供投后项目的跟踪评估，包括盈利能力、风险情况、行业竞对表现、未来战略等方向。协助投资机构为投后项目公司的长期经营增长提供咨询服务59艾瑞咨询是中国新经济与产业数字化洞察研究咨询服务领域的领导品牌，为客户提供专业的行业分析、数据洞察、市场研究、战略咨询及数字化解决方案，助力客户提升认知水平、盈利能力和综合竞争力。自2002年成立至今，累计发布超过3000份行业研究报告，在互联网、新经济领域的研究覆盖能力处于行业领先水平。如今，艾瑞咨询一直致力于通过科技与数据手段，并结合外部数据、客户反馈数据、内部运营数据等全域数据的收集与分析，提升客户的商业决策效率。并通过系统的数字产业、产业数据化研究及全面的供应商选择，帮助客户制定数字化战略以及落地数字化解决方案，提升客户运营效率。未来，艾瑞咨询将持续深耕商业决策服务领域，致力于成为解决商业决策问题的顶级服务机构。关于艾瑞400-026-联系我们 Contact Us企 业 微 信微 信 公 众 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99人看过 2023-03-29 61页 5斯特恩
世界风能理事会 (GWEC)：2023 年全球风能报告（英文版）（120 页）.pdf
GLOBAL WIND ENERGY COUNCILGWEC|GLOBAL WIND REPORT 2023Associate SponsorsLeading SponsorSupporting SponsorGWEC.NETVERI_1101664_COUV_FI_A4_GB.indd 14/02/11 15:40:22Foreword 3 Executive summary 7Wind energy:The coming renewables acceleration 13Part One:A new energy market 17Part Two:Challenges in the supply chain 23Part Three:The risks and opportunities of regionalisation 33Part Four:The IRA is set to turbocharge the US wind sector 41Part Five:How Europe plans to rise to the challenge 47Part Six:Will China continue to be the market leader?51Part Seven:How to achieve a just transition 57Case studies 63 Focus on offshore wind 69Markets to watch 83Market Status 2022 91Market Outlook 20232027 103Appendix 1 1 1Table of contentsGlobal Wind Energy CouncilRue de Commerce 311000 Brussels,BLead Authors Mark Hutchinson,Feng ZhaoContributors and editing Ben Backwell,Emerson Clarke,Esther Fang,Ramn Fiestas,Jeanette Gitobu,Navneet Khinda,Reshmi Ladwa,Anjali Lathigara,Wanliang Liang,Wangari Muchiri,Thoa Nguyen,Liming Qiao,Marcela Ruas,Martand Shardul,Thang Vinh Bui,Nadia Weekes,Rebecca WilliamsAdditional contributions Asociacin Mexicana de Energa Elica,Asociacin Costarricense de Productores de Energa,SER Colombia Asociacin Energas Renovables,Associao Brasileira de Energia Elica e Novas Tecnologias(ABEElica),Camara Elica Argentina,Asociacin Peruana de Energas Renovables SPR,Asociacin Chilena de Energas Renovables y Almacenamiento ACERA,Japan Wind Power Association,Renewable Energy Institute Japan,Korea Wind Energy Industry Association,China Wind Energy Association,Developers of Renewable Energy for AdvanceMent(DREAM)Philippines,Thailand Wind Energy Association,Mongolian Renewable Energy Association,Indonesian Renewable Energy Society(METI),Iran Renewable Energy Association IRWEA,Electricity Sector Association of Kenya,South African Wind Energy Association SAWEA,Clean Energy Council(Australia),American Clean Power,Canadian Renewable Energy Association CanREA,WindEurope.We received valuable review and commentary for this report fromRina Bohle Zeller(Vestas)Dan Wetzel(IEA)Front cover image courtesy of VestasPublished27 March 2023Designlemonbox www.lemonbox.co.ukGLOBAL WIND ENERGY COUNCILGWEC|GLOBAL WIND REPORT 2023 1GWEC.NET 2ForewordCOP27 may have concluded with the target of 1.5C in critical condition,but the global commitment to renewable energy is stronger than ever.Meeting the objectives of the Paris Agreement calls for us to halve global greenhouse gas emissions by 2030.Thats less than seven years to replace swathes of high-emission technologies with zero-or low-carbon alternatives.In terms of energy,this means leaving behind a traditional system designed around fossil fuels and installing a new one as fast as we can.Aiming for 61%of total electricity generation to come from renewables by 2030,the IEA estimates that renewable energy capacity will have to triple,and that most of this growth is to come from wind and solar PV.1Scaling up renewable energy is key to the energy transition.Beyond the installation of renewable power,this also means installing transmission lines,building grids and storage solutions,and rolling out technologies that enable system flexibility.Delivering to this demand requires stronger supply chains across the renewables industry just at a time when supply chains are threatened by inflation,rising interest rates,geopolitics and bottlenecks.Investments in wind in 2022 decreased in Europe,the Americas,the Middle East and Africa.The only exception was the Asia-Pacific region.This marks a paradox during a period when various crises are disrupting energy security and climate deadlines are drawing closer.Wind energy has never been more needed:it builds energy security,lowers the cost of electricity and supports decarbonisation.Last years investment trends exemplify how faster political action is now critical.This year is crucial for strengthening the supply chains that bolster renewable energy.Healthy industries require thriving markets.At present,permitting and grid bottlenecks are limiting volumes to a crippling degree.Profitable companies must be able to set cost-covering prices.Policies must seek a balance between cost-competitive electricity,viable projects and healthy supply chains.In the current environment,prices are often pushed to their minimum,while technical and sustainability requirements increase costs in parallel.Renewables depend on a skilled workforce,access to raw materials,infrastructure and low-cost financing.Most market outlooks forecast an imminent increase in demand for renewables.Policymakers in major renewable energy markets have begun to address the current challenges by supporting the companies that will be driving the renewables scale-up.The USAs Inflation Reduction Act,Europes Green Deal Industrial Plan and Chinas Five-Year Plan are all clear examples of increasing political momentum.This welcome news can bring concerning underlying issues with it.The global wind industrys strength is its global footprint.Opening a subsidy race in support of loosely defined clean energy transition technologies while increasing protectionism would come at a huge cost to industries and societies.It is time for governments to realise that serious climate change mitigation and sustainable energy security go hand in hand.Governments must also accept that a thriving renewables industry is the first step to addressing both.Decarbonisation is too big a challenge for one country or region alone to overcome:only by working together can we unlock the acceleration needed to achieve a clean energy transition.GWEC and its members have an important role to play in supporting sound policies,collaboration and action.I look forward to doing just that.Word from the ChairmanMorten DyrholmChairman,Global Wind Energy Council1.https:/www.iea.org/reports/world-energy-outlook-2022GWEC|GLOBAL WIND REPORT 2023 3The coming years will mark a crucial transition period for the global wind industry.Later this year,wind energy will reach the historic milestone of 1 TW of installed capacity.It has taken us around 40 years to get here.However,the next TW will take less than a decade.The energy and climate policies now being pursued by the worlds largest economies in both the West and the Global South point to a whole new level of ambition and support for wind energy and renewables.These policies are likely to take us to 2 TW of installed wind energy by the end of 2030.They are the consequence of growing urgency in the fight against dangerous global heating;prolonged high fossil fuel prices and the impact of fossil fuel dependence on security;and the success of our industry in scaling up and establishing wind as one of the most cost-competitive and reliable power sources in the world.While the industry pushed through the new level of 100 GW of annual installations in 2021,the last few years have not been without their challenges.Many of the manufacturers at the heart of the industry have seen mounting financial losses caused by race to the bottom pricing,as a result of misguided government policies around procurement and offtake arrangements,exacerbated by higher inflation and logistics costs.Meanwhile,wind projects have been delayed or stalled by inadequate and inefficient permitting and licensing rules,from Denmark to India to Japan and beyond.This has created the bizarre paradox of energy markets rewarding fossil fuel companies with record profits,while renewable energy companies have struggled to break even.As this report shows,while companies have regrouped to adapt to the new inflationary pressures,the market has stalled,and the industry installed only 77.6 GW in 2022.All this has come at a time when policymakers are racing to address the energy and climate crises by dramatically increasing their targets for wind energy across the world.The situation,however,is about to change and 2023 will mark the start of a decisive turnaround.Governments of all the major industrialised nations have enacted policies that will result in a significant acceleration of deployment.In the US,the Inflation Reduction Act has completely changed the rule book for both onshore and offshore wind,while in the EU,policymakers are racing to introduce new rules and regulations to enable the huge increase in deployment that the REPowerEU plan foresees.In China,unstoppable momentum behind the energy transition continues,and the end of COVID-19 restrictions will see the return of faster economic growth.Large emerging market economies such as Vietnam and the Philippines are enacting new plans for wind,the sleeping wind power giant of India seems set to pick up the pace,and Brazil will continue to establish itself as a wind energy powerhouse.By 2024,GWEC expects onshore wind to pass the 100 GW annual installations mark,while offshore wind will install more than 25 GW in a single year for the first time in 2025,and installations will accelerate rapidly after that.Market conditions will change,as countries and regions will have to compete for badly needed We must invest in supply chain to build the next TWForewordBen BackwellCEO,Global Wind Energy CouncilGWEC.NET 4investment in their wind sectors:who gets the investment will depend on who has the most attractive market conditions and the most efficient regulators.For power equipment and this includes key commodities such as copper and rare earth elements(REEs),power transmission equipment,wind turbines and offshore installation vessels market dynamics are likely to change from buyers to sellers markets as supply chains struggle to keep up with demand.According to the data in this Global Wind Report 2023,spare capacity in the wind energy manufacturing industry is likely to disappear by 2026.For some inputs and in some regions,the squeeze will be felt before then.Both Europe and the US are facing the risk of supply chain shortfalls,and these could be worsened by policies aimed at reshoring manufacturing away from China and protecting local industry and jobs.As this report shows,while creating more diversity and resilience in the supply chain is an important and necessary objective,decision makers will have to design policy very carefully to make sure that it allows the fair exchange of essential inputs for the energy transition,fosters innovation and keeps costs from rising unnecessarily.In order to ensure that the wind industry is able to meet the expectations of policymakers and society at large,it is essential that we start investing in new capacity and plant,and in training and skills,right now.Otherwise,we run the risk that we will not be able to deliver our promises,policymakers will turn to other,less efficient alternatives,and society will fail in its climate goals.This may sound counterintuitive in an environment where companies have found it difficult to keep their businesses viable,but it is a challenge we cannot ignore.Thankfully,the sectors leaders can see the opportunity ahead,and companies are already investing despite the highly unfavourable conditions of the last few years in new manufacturing facilities,from South Korea to the US to Poland.Much more is needed,and fast.The wind industry will need to forge new partnerships with governments,cities,communities,investors and customers in order to enable the next era of growth.Working together,we can put into place the right policies,which will allow trillions of dollars in investments to flow and the creation of millions of jobs.As a starting point,we need to leave the hesitancy of the past behind and adopt a new mindset in our industry.The wind industry is no longer the hobby sector of forty years ago.Our technology is resilient and mature,and is poised to play a unique role in the energy transition.Now,in order to deliver on the promises we have made,we need a confident wind industry that is capable of moving boldly ahead.ForewordThe wind industry will need to forge new partnerships with governments,cities,communities,investors and customers in order to enable the next era of growthGWEC|GLOBAL WIND REPORT 2023 5ForewordIn Brazil,we are living in a time of great excitement and renewed hope in our potential and in the future.The new government of President Luiz Incio Lula da Silva is resuming work on key issues that were abandoned in recent years,such as the fight against climate change,protection of the environment especially the Amazon and the reduction of social inequalities.These are matters dear to the wind sector,which positively impacts society from an environmental,social and economic point of view.The Brazilian wind power revolution has been under way for some years now.The industry achieved 25.6 GW of installed capacity in 2022,with wind energy now holding a firm position as one of Brazils strongest energy generation sectors.In addition to the continued growth of onshore wind,we have great expectations for the development of Brazilian offshore wind.IBAMA,the Brazilian Institute for the Environment and Renewable Natural Resources,has already received project proposals for more than 170 GW of offshore wind energy.This number is equivalent to practically the entire Brazilian electricity matrix and shows the extent of investor appetite and the enormous potential for offshore wind in Brazilian waters.There is not enough demand for that amount of electricity,however.Thats where green hydrogen comes into play.Coupling this technology with the enormous potential for offshore wind could consolidate Brazils standing as a renewable energy superpower building on its already advanced wind energy supply chain and wider industrial and maritime capabilities.The renewable resources available in Brazil,especially its abundance of quality wind both onshore and offshore,are certainly unique in the world.This opens a window of opportunity for the production of green hydrogen,which would have the capacity not only to revolutionise Brazils energy matrix already one of the most renewable in the world but also to export green hydrogen to other countries that may not be able to produce all the renewable energy they will need to meet their energy transition goals.Brazilian companies and state governments have taken important steps towards the creation of a green hydrogen sector for the country,including agreements to invest more than 200 billion USD.In January,EDP produced its first green hydrogen molecule in Brazil and Unigel will have its first hydrogen and green ammonia production plant in commercial operation by the end of 2023.From 2050,according to the consultancy Roland Berger,Brazil could derive annual revenues of 150 billion BRL from green hydrogen,of which 100 billion BRL would come from exports alone.1What we are seeing,therefore,is an industry that is already here and ready to grow rapidly,especially considering the opportunities for domestic demand.Currently,Brazil uses fossil-fuel hydrogen in its fertiliser,refining,chemical,food and metallurgy industries.Replacing this with green hydrogen would allow decarbonisation and net zero in many Brazilian industry sectors to become a reality.We know this is a long road,but we are also certain that we are on the right track.The Brazilian wind energy revolution is already here for all to see and will continue to gain strength.It is just a matter of time and dedicated work by the government,investors,companies and professionals in the sector.Lets all work together to continue putting the wind in Brazils sails.Brazils wind power revolutionElbia GannoumPresident of ABEElica,Brazils wind energy and new technologies association,and GWEC Vice Chair1.https:/ the supply chain for the industry of the futureChristopher L.MapesChairman,President and Chief Executive OfficerThe Lincoln Electric CompanyAs the global wind industry focuses on solving the supply chain challenges ahead for the expansion of offshore and onshore wind,there are tremendous accomplishments already achieved.The transformation of steel into the key components of the energy transition is already well under way,supported by record new investment commitments.From new steel plant capacity,planned or already online,to pipe mills,shipyards and regional fabricators around the world,these new industry investments are driving one of the most rapid global industrialisation periods we have seen.The outcome of this process will enable the world to build and install turbines,towers and foundations(fixed-bottom and floating)of immense size,never before realised.With the race to wind turbines of 20 MW accelerating,the offshore wind supply chain of the future will need to produce at elevated levels,higher than ever before.However,it is clear that the present levels of investment commitment across the entire supply chain still fall well short of what is required for the global industry to hit installed capacity targets.The supply chain of the future needs rapid expansion in line with the ambitions of its main stakeholders.This is why GWECs Global Wind Report 2023 is even more crucial,highlighting a number of key actions necessary in both the short and long term.While there are many pieces of encouraging news across the global supply chain,there are also several practical challenges to overcome if we are to accelerate capacity to meet the installed targets forecast around the world.As a key global supplier who supports the entire fabrication supply chain of assets and infrastructure,Lincoln Electric sees the global industry through a unique lens.Key to unlocking the full capacity of the supply chain is innovation,together with new installation methods,designs and advanced technology that can drive the profitable success of the industry.Additionally,the continuous development of a highly skilled workforce will be critical,as well as the implementation of higher levels of automation solutions,which can reduce project hours and overall costs.Todays industry leaders know that new technologies for steel transformation will play a critical role in profitability,particularly in welding and cutting,which continues to be at the core of the expanding global wind industry.Lincoln Electric and other critical supply chain businesses are leveraging decades of industry expertise and experience to innovate and solve these critical challenges through two key drivers:technology and higher involvement in workforce training and development.Together,these critical initiatives will advance the growing global needs for a highly skilled workforce that can support the ambitions of industry and countries around the world.Building on earlier success in offshore wind across Europe and now the rapid expansion in Asia and the Americas the future of the wind industry depends on the combined efforts of many.The industry needs continued support from governments and private investment around the world for further acceleration and expansion of the supply chain.By aligning these resources with a growing role for wind as a key part of the energy transition,the industry will thrive.SponsorThe supply chain needs rapid expansion in line with the ambitions of stakeholdersGWEC.NET 6EXECUTIVE SUMMARYGWEC.NET 8Wind in 2022Nearly 78 GW of wind power capacity was added last year,the lowest level in the past three years but still the third highest year in history.This was achieved despite a challenging economic environment and a disrupted global supply chain,compounded by global health and energy crises.Market status Globally,77.6 GW of new wind power capacity was connected to power grids in 2022,bringing total installed wind capacity to 906 GW,a year-on-year(YoY)growth of 9%.The onshore wind market added 68.8 GW worldwide last year,with China contributing 52%.Additions were 5%lower than the previous year.The slowdown in Latin America,Africa&the Middle East is partly responsible for the decline,but the primary reason is falling installations in the US.Despite finishing the year with a strong final quarter,the US wind industry commissioned only 8.6 GW of onshore wind capacity in 2022,due in part to supply chain constraints and grid interconnection issues.Thanks to record installations in Sweden,Finland and Poland and recovering installations in Germany Europe performed well in a volatile 2022,adding a record 16.7 GW of onshore wind capacity and bringing its market share up to 24%.Onshore wind additions in North America last year fell by 28%while new additions in Asia-Pacific(APAC)remained constant,but the three regions combined still made up 92%of global onshore wind installations in 2022.8.8 GW of new offshore wind was fed into the grid last year,bringing total global offshore wind capacity to 64.3 GW by the end of 2022.New additions were 58%lower than the bumper year of 2021 but still made 2022 the second highest year in history for offshore wind installations.China continued to lead global offshore wind development,although its new installations dropped to 5 GW from 21 GW in 2021 a record year driven by the end of the feed-in tariff(FiT).Two other markets reported new offshore wind installations in APAC last year:Taiwan(1,175 MW)and Japan(84 MW).No intertidal(nearshore)wind projects achieved commercial operation in Vietnam in 2022,due to the ceiling price to be used by Vietnam Electricity(EVN)to negotiate PPAs with investors for their renewable projects missing until January 2023.Europe connected the remaining 2.5 GW of capacity in 2022,with France and Italy each commissioning their first commercial offshore wind projects.Despite the rate of installations last year being the lowest since 2016,Europes total offshore wind capacity reached 30 GW,46%of which is from the UK.With total installed offshore wind capacity reaching 34 GW in APAC,in 2022 Europe relinquished its title as the worlds largest offshore wind market.Nevertheless,Europe continues to lead the way with Feng ZhaoHead of Strategy and Market Intelligence,GWECThe Data:2022 was the wind industrys third-best yearGWEC|GLOBAL WIND REPORT 2023 9Wind in 2022floating wind.Norway commissioned 60 MW of floating wind capacity last year,bringing the regions total installations to 171 MW,equal to 91%of global installations.Market outlookThe unprecedented twin challenges of ensuring secure and affordable energy supplies and meeting climate targets have propelled wind power development into an extraordinary new phase of ever faster growth.After a challenging year,the global wind market is ready to bounce back in 2023,exceeding 100 GW for the first time.With a double-digit growth rate of 15%,the mid-term outlook for wind energy looks very positive.GWEC Market Intelligence expects that 680 GW of new capacity will be added in the next five years.This equals more than 136 GW of new installations per year until 2027.We believe there are five pillars that will underpin this level of success in the next five years:l Europes renewed urgency to replace fossil fuels with renewables to achieve energy security in the aftermath of the Russian invasion of Ukraine.l A strong uplift for renewable energy in the US over the next ten years,primarily driven by the Inflation Reduction Act(IRA).l Chinas commitment to further expanding the role of renewables in its energy mix,aiming for renewable energy to contribute more than 80%of total new electricity consumption by the end of the 14th Five-Year Plan(2021-2025).l Governments fully waking up to the opportunities that offshore wind can provide,making offshore wind truly global and increasing ambition in mature and developing markets.l Strong growth in large emerging markets both onshore and offshore from the middle of this decade.The CAGR for onshore wind in the next five years is 12%.Expected average annual installations are 110 GW,with a total of 550 GW likely to be built in 20232027.Growth in China,Europe and the US will be the backbone of global onshore wind development in the next five years.Altogether,they are expected to make up more than 80%of total additional capacity in 20232027.The global offshore wind market is expected to grow from 8.8 GW in 2022 to 35.5 GW in 2027,bringing its share of total new global installations from todays 11%to 23%by 2027.In total,130 GW of offshore wind is expected to be added worldwide in 2023-2027,with expected average annual installations of nearly 26 GW.Beyond 2027,we expect the growth momentum to continue as global commitments to net zero,coupled with growing energy security concerns,have already brought the urgency of deploying renewables to the top of the political agenda.Compared with the 2030 global outlook released alongside last years Global Wind Report,GWEC Market Intelligence has increased its forecast for total wind power capacity additions for 20232030 by 143 GW(YoY growth of 13%).The revised growth rate will only achieve 68%of the wind power capacity required by 2030 to stay on track for a net zero/1.5C pathway.Nevertheless,GWEC believes that the milestone of a second TW is likely to be passed before the end of 2030 provided governments implement new policy solutions to ensure that the global supply chain can meet increasing demand from both established and emerging markets in addition to addressing challenges such as permitting and market design.The twin challenges of secure energy supplies and climate targets will propel wind power into a new phase of extraordinary growthGWEC.NET 10Policy summaryBy mid-2023 GWEC anticipates wind energy to achieve the highly symbolic milestone of 1 TW in operation.And the 2 TW mark is expected to arrive by 2030,closing a decade of tumultuous acceleration.The sector has changed beyond recognition over the past four decades.Long gone are the days of wind installation clusters in a handful of European countries and a few US states.Wind power has a growing presence in tens of countries worldwide.The surge of offshore wind and innovative technologies such as floating foundations promise to deliver large amounts of wind energy in locations where its deployment would have been unimaginable until very recently.The stakes could hardly be higher for wind energy as the world strives to emerge from the polycrisis of post-pandemic recovery,inflationary pressures,a war in Europe and growing climate impacts.But all the signs point to a sharp turnaround this decade,and it is starting now.A sluggish 2022 saw only 77.6 GW of additional wind capacity installed globally 17%lower than the previous year but still the third highest year in history for additions.Offshore additions,at 8.8 GW,were less than half the 21 GW clocked in 2021,and yet the second highest volume ever.Despite the relatively positive wind installation numbers,2022 was the year when a perfect storm of race to the bottom pricing caused by misguided government policies,higher logistics costs and project delays due to inadequate permitting rules created the bizarre paradox of energy markets rewarding fossil fuel companies with record profits,while renewable energy companies struggled to break even.Change has altered the dynamics of the wind industry too.From an early obsession with demonstrating reliability to an unrelenting drive to cut costs,the wind industry now needs a laser-sharp focus on ensuring that it can deliver the ambitious installation targets required of it.Renewables will dominate installationsUnder all credible scenarios,renewable energies will dominate installations over the coming years.The IEA forecasts that nearly all of the additional electricity generated between 2022 and 2025 will come from renewable energy sources.Alongside solar,wind will remain a leading source of renewable power.By 2024,GWEC expects onshore wind to pass the 100 GW annual installations mark,while offshore wind will install more than 25 GW in a single year for the first time in 2025.Installations will accelerate rapidly after that,driven by most countries ambitious green energy and climate targets.GWEC forecasts that 680 GW of wind capacity will be installed globally by 2027,of which 130 GW will be offshore.The Story:the wind industry gears up for the coming accelerationGWEC|GLOBAL WIND REPORT 2023 11Policy summaryAs our heat map(see page 82)shows,there are still tens of countries where wind power development is being held back by regressive policies or ineffective processes.Increasingly,however,governments are eyeing up the vast opportunities that facilitating this sector opens up in terms of industrial development,skilled jobs and socioeconomic returns,as well as environmental benefits.Investing to boost wind developmentWind energy has established its credentials as one of the most efficient tools for decarbonising power systems.Failing to deploy wind fast enough risks increasing costs through greater exposure to fossil fuel volatility,geopolitical pressure and higher carbon emissions.Socially,wind power has the potential to benefit communities by creating millions of skilled jobs around the world.Economically,it can act as a catalyst for trillions of dollars of investment.Heavyweights such as the US and the EU have ramped up government support for wind energy.The Biden administrations Inflation Reduction Act(IRA)is already mobilising massive investment in renewable generation,decarbonised transport,energy storage and improved grid connections.In Europe,the REPowerEU programme seeks to wean the continent off Russian gas while removing obstacles to green energy deployment.And approval of Chinas 14th Five-Year Plan,covering the 20212025 period,turbocharges innovation-driven low-carbon development,with GWEC estimating annual wind installations of 6065 GW per year for onshore and 15 GW for offshore in the second half of this decade.While these policies are providing a welcome boost to local industry and promising long-overdue action to reduce some of the complex rules associated with wind energy development,they could also threaten the sectors ability to rise to the acceleration challenge.Growing demand for equipment and the key commodities that are required to produce it will place significant pressure on supply chains.It is essential that policymakers approach procurement with a more holistic perspective that prioritises economic development and job creation over a narrow focus on achieving the lowest possible price.By adopting this high-level mindset,governments will allow wind power original equipment manufacturers(OEMs),developers,shipping companies and other actors in the supply chain to invest,ensuring an optimal balance between supply and demand,and delivering benefits for all.Facing up to the size of the challengeGearing up to deploy huge volumes of wind power capacity is a far from straightforward task.Adding 1 TW in seven years,when it took around 40 years to install the first TW,is no mean feat.Following a difficult patch of retrenchment,the wind energy manufacturing industry is now facing the prospect of a rapid upturn.Spare capacity is very limited,and likely to disappear by 2026 unless urgent action is taken to invest in the supply chain.Our analysis in Part 2 shows that 163 GW of nacelle production capacity is available worldwide,which is likely to meet projected global demand up to 2027.But the picture is less rosy for offshore wind.Starting in 2026,Europes existing offshore turbine nacelle assembly capacity will no longer be able to support growth outside of Europe,and by 2030 it will have to double from current levels to meet European demand alone.Elsewhere,nacelle bottlenecks look likely in Asia(excluding China)and in the Americas,especially once the pipeline of Brazilian projects starts being rolled out.Shortages are expected to emerge in the second half of this decade for key components such as blades and generators.Gearbox manufacturing capacity is well positioned to support growth up to 2027,but a concentrated supply chain and regionalised sourcing strategies look certain to create bottlenecks.China dominates the global supply chain for other crucial components Spare capacity is limited and will likely disappear by 2026 unless urgent investment is made in the supply chainGWEC.NET 12Policy summarysuch as castings,forgings,slewing bearings,towers and flanges,with a market share of more than 70%.Vessels used in offshore installations are expected to be in sufficient supply in China,but Europe could see shortages towards the end of the decade,unless investments are made before 2027.And the US,with its Jones Act restrictions,will certainly struggle to meet the Biden Administrations target of 30 GW of offshore wind by 2030 unless it acts to build new vessels.In sum,both Europe and the US are facing the risk of supply chain shortfalls as soon as 2026,particularly if they follow through with some of the reshoring policies that several countries and regions are rolling out to strengthen energy resilience and boost local industry.Supply chain pressures will alter market dynamics Paradoxically,just as renewable energy proves itself as the most cost-effective form of energy and the one best insulated from the vagaries of geopolitical pressures,wind energy runs the risk of seeing its progress thwarted by the practical implications of untapping its immense growth potential.As countries and regions compete for investment,the winners will be those with the most attractive market conditions and the most effective regulation.Policymakers must tread the narrow path that enables an adequate level of trade to ensure the energy transition is not delayed while boosting opportunities for their domestic supply chains.Efforts to boost energy security and strengthen the local economy have led some countries to reach beyond manufacturing to achieve local supply of critical inputs for their industries,including steel products and raw materials such as rare earth elements(REEs).This has the potential to severely limit the industrys capability to upscale.When considering the localisation or reshoring of their energy sector,governments have choices:they can use incentives or preferential treatment for domestic suppliers or reserve the procurement of certain goods or services for them.GWEC advises against prescriptive localisation requirements or restrictive trade practices,which could lead to price increases and disruption.It argues instead for flexibility that can build on national and regional competitive advantages,giving OEMs and the supply chain more flexibility in optimising their production.An incentive-based approach will also give the wind industry the confidence to overcome recent challenges and begin to scale up for the next phase of global growth.The scale of the investment and production needed to achieve the energy transition will require continued global and regional collaboration and the scaling up of investment everywhere.Policymakers must come together to design mechanisms that make the relevant inputs for the energy transition freely available around the world.Policymakers have the power to avoid the crippling bottlenecks that are likely to arise if supply chains do not rise to the challenge of the growing demand for equipment.But they must ensure they engage in early and open dialogue with industry to ensure that policy goals and industry action are aligned.If designed properly and comprehensively,policies designed to enable the scaling up of the supply chain and its diversification represent a huge opportunity for the world.For the wind industry to meet the expectations of policymakers and society at large,it is essential that investment starts right now in new industrial capacity,and in training and skills.In the absence of such impetus,the industry runs the risk of falling short of what is required to deliver the necessary capacity,leading policymakers to turn to less efficient alternatives,and ultimately causing society to miss its climate targets.WIND ENERGY:THE COMING ACCELERATIONGWEC.NET 14The coming renewables accelerationThe prolonged period of high energy prices the world experienced in the aftermath of the COVID-19 pandemic,sharply exacerbated by the Russian invasion of Ukraine,has exposed the fact that we are suffering a deep energy crisis.This is a consequence of a patchy and delayed energy transition,which has left energy markets vulnerable to volatile fossil fuel supply much of which is driven by political agendas and anti-competitive practices.As well as exposing consumers and industry to high energy prices,the crisis has been a significant contributor to the return of inflation as the major challenge for the worlds economy.Meanwhile,the impacts of accelerated global heating are becoming ever clearer at the same time as countries continue to delay taking the actions needed to achieve the emissions trajectory outlined in the Paris Agreement.However,the current polycrisis has not gone unanswered by society in general and policymakers in particular.The drive towards lowering emissions and prioritising sustainability continues to gather momentum.The past year has seen governments around the world take unprecedented steps to speed up the energy transition and wean their economies off their dependence on fossil fuels.Whether through the Inflation Reduction Act in the US,the REPowerEU program in the EU or enhanced national plans,the policy environment has evolved quickly over the past 12 months.This in turn has led to countries and regions setting new,highly ambitious targets for renewable energy and for the phaseout of fossil-based technologies in generation,transport and industry.The leading intergovernmental energy agencies agree that renewable energy and the two leading technologies of wind and solar especially will dominate electricity demand growth in the coming period.According to the International Energy Agency,renewable energy will provide 98%of the 2,518 TWh of electricity generation to be added between 2022 and 2025.1 GWEC expects 680 GW of wind capacity to be added globally between 2023 and 2027,of which 130 GW will be offshore.Onshore wind in China will continue to lead installations with 300 GW,followed by Europe with nearly 100 GW.Offshore wind will play an increasingly large role with projected global additions of more than 60 GW between 2023 and 2025,and 68 GW in 20262027.Wind energy is expected to achieve the milestone of 1 TW of installed capacity by the middle of this year.In a recent report,BloombergNEF(BNEF)forecast that,having taken 33 years to reach 1 TW,wind will deliver close to another TW by 2030.2 The coming renewables acceleration1.https:/www.iea.org/reports/electricity-market-report-20232.https:/ 15%New installations outlook 20222026(GW)Source:GWEC,2023GWEC|GLOBAL WIND REPORT 2023 15The coming renewables accelerationA new geopolitical eraPolitical conditions that have made wind deployment difficult in many countries are beginning to shift,as our heat map illustrates.There are only a few places now where wind power is neither in existence nor planned.Under the leadership of President Luis Incio Lula da Silva,Brazil is looking at wind energy as a vehicle for achieving climate goals while boosting economic growth.As it continues to move away from regulated auctions and towards corporate power purchase agreements,the Brazilian wind energy sector gains resilience and prepares for a very bright future.On the other side of the globe,India is targeting wind capacity additions of more than 60 GW onshore and nearly 40 GW offshore by 2030.It is also looking to seize supply chain opportunities,particularly by capitalising on the role of micro,small and medium enterprises(MSMEs)in the Indian wind manufacturing sector.After a spell of virulent anti-wind rhetoric under the Trump administration albeit with continued economics-led growth of the sector President Biden has enacted a dramatic change of direction,both through restating the USAs climate leadership in international forums,and through the Inflation Reduction Act(IRA).This landmark piece of legislation offers funding,programmes and incentives for accelerating the transition to a clean energy economy across multiple sectors.The prospects for offshore wind,in particular,are very exciting.The EU,for its part,is laying out a multi-pronged approach to boost European industry while achieving energy and climate goals.Renewable energy projects could be given priority permitting in special go-to areas under new provisions being considered in the upcoming revision to the Renewable Energy Directive,while the REPowerEU package offers renewables a 20 billion EUR funding pot.India Annual target of 8 GW onshore wind tender every year between 2023 and 2030 based on a single-stage two-envelope bid system.MNRE published a strategy paper outlining a tender trajectory of 37 GW of offshore wind by 2030 Indian government and industry seizing supply chain opportunitiesEgypt 42%renewable energy by 2035 with support of Green Corridor Initiative Installations projected to rise from 1.7 GW to 8 GW by 2030 Multi-GW scale projects in early stages of developmentChina 50 GW of planned installations during the 14th Five-Year Period(20212025)Projected annual installations of 7080 GW until 2030 Local industry ready to support annual installations of approximately 15 GWAustralia New national government supportive of onshore and offshore wind development Offshore Electricity Infrastructure Regulations released Announced areas for offshore wind in Gippsland(Victoria)Brazil Cross-party support for wind energy as a driver of economic growth and job creation ABEElica expects annual additions in the region of 3 GW for onshore wind over the next decade Offshore wind and green hydrogen expected as additional drivers for wind energy developmentSouth Korea Wind energy target increase from 2 to 34%,as part of a 30%renewables target by 2036 Projected 34 GW of installed wind energy by 2036 New government implementing a One Stop Shop Bill to fast-track project developmentStrong installed capacity increase,new ambitious targets and/or policy improvementAdequate targets and policies,but not matched by expected progressLack of progress or regressionTunisiaOffshore wind by 205030 GW60 GW300 GW17 GW28 GW9 GW15 GWWind energy by 2030Victoria-offshore wind by 2040 No federal targetsWind energy by 203045%Wind energy by 20305%Offshore wind over 20262035(1.5 GW/yr)10 GWOffshore wind targets of 10 GW by 2030 and 3045GW by 2040 Renewable energy by 2030Offshore wind by 2030Offshore wind by 2030100%Renewable power by 2030100%Renewable power by 2030MongoliaAustraliaIndonesiaThailandIndiaChinaKazakhstanUzbekistanSaudi ArabiaEgyptAlgeriaMauritaniaBrazilArgentinaChilePeruColombiaCosta RicaMexicoUnited StatesCanadaNigeriaMoroccoEUUKSenegalSouth AfricaEthiopiaKenyaTanzaniaVietnamPhilippinesTaiwanSouthKoreaJapanUruguayGhanaNambiaMozambiquePolicy heat mapGWEC.NET 16The coming renewables accelerationAdditionally,the EU is looking to introduce legislation that would simplify and fast-track permitting procedures for climate-neutral industrial infrastructure,with the goal of boosting Europes key green industries and their full value chains.Efforts are also being made to reduce dependence on non-EU sources of raw materials and rare earth elements(REEs).Responding to burgeoning demandDemand for wind energy continues to grow and expand.The trend towards corporate power purchase agreements shows no sign of slowing down,and large companies from outside the energy industry are increasingly keen to invest in wind development.BloombergNEF estimates that offshore wind financing activity will hit new records in 20233,with more than 30 GW of new projects getting the go-ahead,over half of which will be outside China.Floating offshore technology is making steady progress and will open up previously untapped markets.However,the promise of massive expansion risks colliding with the reality of delivering turbines on land and in the water.The industry is emerging from several difficult years,during which turbine manufacturers have suffered financial losses and policymakers have often failed to provide the optimal conditions for fast and efficient market development and the necessary grid buildout.While technological advances are happening across the sector from Chinas continued lead in upsizing turbine components,to global efforts to improve the circularity of traditionally difficult-to-recycle epoxy-based turbine blades4 there is a danger that an industry scarred by years of financial losses may retreat into caution and protectionism.This would be the worst possible scenario both for the wind industry and the energy transition as global supply diversification has supported the reduction of winds LCOE.As gigawatt-level projects kick off in new and traditional wind markets across the globe,GWEC anticipates a flurry of orders for turbine manufacturers everywhere,and pressure on all elements of the supply chain as a result.It is essential that the industry gears up to respond to this challenge by thinking strategically about the road ahead and setting itself up to deliver on its ambition,supported by adequate policies.A turning point for windHaving achieved impressive learnings and economies of scale over the past two decades,wind is now a mature sector which,like more traditional energy sources,reacts to external factors such as commodity prices,interest rates and political support rather than its own internal dynamics.No longer the new kid on the energy block,the wind sector is at a turning point facing up to a host of new challenges while looking to deploy massive amounts of additional capacity in an ever-growing number of countries.Such a huge rise in wind power development can only materialise if governments play their part,through supportive and stable market conditions,in allowing the wind industry to scale up to the ambitious targets it is expected to deliver.In an increasingly interconnected world,the wind sector must prove that it can continue to innovate,collaborate and integrate.From the role of women and minorities in the industry to the wide-ranging challenge of sustainability,GWEC is determined to facilitate connections between the many stakeholders the sector affects.Having long established its credentials as a reliable,effective,efficient and cost-competitive technology,the wind industry now needs the right conditions to step up to the level that is required of it to fully deliver on its promise of cleaner and cheaper energy for all.3.https:/ 1:A NEW ENERGY MARKETGWEC.NET 18Part 1:A new energy marketIn 2022,the world saw many of its long-established paradigms shattered by a number of deeply transformative events.Inflation reached levels not seen since the massive disruptions of the 1970s driven at both times in large part by commodity price increases.The unprovoked attack on Ukraine by Russia laid bare the worlds dependence on fossil fuels and the energy insecurity that comes with it.As Russia is the worlds second largest gas producer,this dependence came at a steep price for gas-importing countries,causing surges in the prices of everything from fertilisers to heating and power and causing low-income countries to suffer the most.The global response has been to focus on energy security and resilience.Governments introduced measures to make energy affordable by utilising all available energy sources,including coal,gas and nuclear,and by committing to developing more renewables in the latter part of the decade.The short-term focus on affordability and the subsequent increased use of fossil fuels led to an increase in global carbon emissions1,even with nearly 80 GW of wind power and more than 200 GW of solar capacity installed2.What this tells us is that installing 300 GW of renewables in one year is not enough to curb a rise in carbon emissions.A tipping point for wind energyAmid the turmoil of 2022,it is clear that we have reached a tipping point for renewable energy in general and for wind power in particular.In Europe,the REPowerEU3 programme has committed the bloc to weaning the continent off Russian gas by 2030(or sooner).The policy also seeks to remove bottlenecks to permitting and other hindrances to the deployment of renewable energy projects.The US passed the Inflation Reduction Act(IRA)4,transforming the way the country approaches renewables,decarbonised transport,energy storage,the electricity grid and energy efficiency.The act has already accelerated large amounts of investment.Approval of Chinas 14th Five-Year Plan5,covering the 20212025 period,paves the way for innovation-driven,sustainable and low-carbon development.The plan also aims to reduce the carbon intensity of the Chinese economy and targets peak CO2 emissions before 2030.A new energy market202128,00028,50029,00029,50030,00030,50031,00031,50020252022CoalOilGasNuclearRenewablesProjected changes in global electricity generation(TWh)by sourceSource:IEA,20231.https:/www.carbonbrief.org/analysis-global-co2-emissions-from-fossil-fuels-hit-record-high-in-2022/2.https:/ 4.https:/www.epa.gov/green-power-markets/inflation-reduction-act 5.https:/www.adb.org/publications/14th-five-year-plan-high-quality-development-prc GWEC|GLOBAL WIND REPORT 2023 19Part 1:A new energy marketSignificantly more wind will be required to achieve those goals.Substantiating this trend,the International Energy Agency(IEA)s Electricity Market Report 2023 sees renewable energy sources supplying pretty much the totality of the additional electricity generated between 2022 and 2025.6In its Renewables 2022 report the agencys primary analysis of the renewable energy sector the IEA forecasts capacity additions reaching record highs through 20277,led by solar and wind.It expects annual additions to range from 350 GW in the main scenario to 400 GW in the accelerated case.What does a wind energy boom mean?Wind power is not just growing bigger,it is also spreading more widely.Beyond the current world leaders,many other countries are also refocusing on renewables driven both by the insecurity of relying on fossil fuels and the desire to remain economically competitive.Economic drivers are becoming increasingly important as companies globally commit to environmental,social and governance(ESG)goals that require them and their suppliers to decarbonise.This is a mega-trend to watch as GWEC believes the demand side will become much more vocal in its desire to see more renewables come online to help them and their suppliers meet their decarbonisation targets.An example of this is the Asia Clean Energy Coalition8 launched by GWEC,the World Resources Institute and The Climate Group and including Google,Apple,Samsung,Nike and many other large corporates with significant commitments to decarbonise.But while these trends and commitments are very positive for renewables in general and wind energy in particular,there remains much to do to fully enable the renewables sector to deliver the ambitious deployment levels required to achieve these wider ESG goals.Take,for example,the supply of wind turbines.Based on the 050100150200250300202120222020201920182017201620092008200720062005200320042015201420132012201120102016=100Commodity Price Index01234567202120222020201920182017201620092008200720062005200320022004201520142013201220112010Historical London Interbank Offered Rate(LIBOR,%)6.https:/www.iea.org/reports/electricity-market-report-20237.https:/www.iea.org/reports/renewables-2022 8.https:/ 20Part 1:A new energy marketGWEC Market Intelligence database of global wind supply side,the industry had a potential turbine production capability of 120 GW in 2020.Since 105 GW of turbines were delivered in 2021,that leaves approximately 10%of spare capacity.However,because of low profitability in 2021 and 2022,many turbine manufacturers have cut back on staff and closed some production facilities.As the industry starts to grow again,will turbine manufacturers have enough visibility on turbine demand to rapidly ramp up production capacity?Another significant recent trend is the growing ChinaUS/EU tension on trade and other policies,possibly marking a move away from globalisation in an attempt to shore up regional economies and security of supply.What are the implications for wind energy,especially with China being such a dominant producer across the renewables supply chain?These are some of the questions we will look to address in detail in later chapters of this report.At the high level,it seems inevitable that a significant,global ramping up of production capacity will be needed to meet fast-growing demand.All energy costs are on the upFollowing the massive disruptions to supply chains caused by the COVID-19 pandemic,energy demand bounced back as economies reopened.Stretched supply chains tried to balance supply with demand,while shipping and logistics bottlenecks added to the strain.Prices for a range of goods,from cars and wind turbines to washing machines and food,rose dramatically.Meanwhile,as inflation soared,central banks became concerned about its impacts on the economy and embarked on a series of interest rate rises,leading the cost of capital to also increase.Higher cost of capital leads to increased costs for all investments.The historically high commodity prices seen in the last two years,and the upturn in the cost of capital seen in 2022 as central banks tightened monetary policy,has impacted all energy sources worldwide.From 2010 to 2020,Newcastle coal futures,the benchmark for the top 01020304050602021202220202019201820172016201520142013LNG spot prices in Asia(USD/mmbtu)0Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 Q4200201920202021202220232024400Indexed electricty price(Q1 2019-=100)60080010001200European indexIndiaNordicsAustraliaJapanUnited StatesSpainUnited KingdomFranceGermanyAverage quarterly wholesale electricity pricesSource:IEA,2023Source:Federal Reserve,2023GWEC|GLOBAL WIND REPORT 2023 21Part 1:A new energy marketcoal-consuming region of Asia,ranged between$50/tonne and$120/tonne9.After sharp increases in 2021,they averaged$350/tonne in 2022,making the cost of coal-fired power generation substantially higher than the cost of wind in almost every country.And that is before the cost of carbon or its abatement is even taken into account.Over the past two years,prices for Asian liquified natural gas(LNG)have spiked against 2020 levels.While most LNG-importing countries have long-term contracts in place,they are unlikely to cover 100%of demand,leaving countries exposed to importing spot cargoes.This has come at a very high financial cost,particularly in the past year.And because LNG markets are global the price impacts are felt globally.These trends contributed to a historic increase in wholesale electricity prices.Average quarterly wholesale electricity prices spiked in much of the world through the end of last year,and while the IEA projects prices to drop in 2023,the projections are not close to where they have been in previous years.Equipment manufacturing for gas-fired and coal-fired generation as for wind and solar generation has benefited from the efficiency improvements achieved over the decades.But with high inflation and massive disruptions to global supply chains,coupled with higher expenditure in shipping and logistics,the capital cost(CAPEX)of electricity generation for all technologies has risen.Wind has achieved significant cost reductions over the last 20 years and the wind industry is now considered fairly mature,especially onshore wind.Offshore wind is newer but,having been commercial for at least 15 years,it is also reaching maturity.This means that the dramatic price reductions that we have seen historically are likely to slow and future cost fluctuations in the cost of wind are likely to reflect the underlying cost of capital,commodity costs(steel,copper),and logistics costs,as noted above.For example,the cost per kilowatt(kW)for a gas-fired turbine,a mature technology,has been roughly 1,000 USD/kW for the last 20 years( /-30%)with the variation caused by the usual movements in supply and demand,and particularly by the cost of materials such as steel and copper.10 There is no reason to think that wind,as it matures,will act differently.Relative costs of wind power remain lowThe cost profile of electricity generated from wind and solar energy versus electricity generation powered by traditional fossil fuels appears very favourable it has been for some time and will continue to be.050100150200250201420152016201720182019202020212022Coal USCCGT UKCCGT JapanWind onshore UKWind offshore UKWind onshore USPhilippines coalJapan coalHistorical LCOE by technology(USD/MWh)9.https:/ 22Part 1:A new energy marketWind power still maintains price advantages in most countries,even without considering the impacts or future carbon pricing schemes.There is no reason why wind power should lose its price advantage over LNG and coal in most markets globally.To make wind power as cost-efficient as possible going forward,it is essential that governments continue to provide visibility on future demand through ambitious nationally determined contributions and sectoral targets while introducing enabling regulations and removing bottlenecks in permitting and other phases of development.From cost to valueAt the same time,to achieve their ambitions,countries will also have to move decisively to fix current market and regulatory imbalances,which have seen leading companies in the wind industry supply chain declare losses over a period of several years while fossil fuel-producing companies make record profits.This situation,referred to by leading commentators in the energy sector as a bizarre paradox,has been a colossal market failure,according to GWEC CEO Ben Backwell.11 Poor market design and procurement have led to a race to the bottom on wind pricing,while inflationary pressures combined with government price caps have exacerbated the squeeze on profitability.As we shall see,this in turn has led to underinvestment in manufacturing and has created the likelihood of supply chain bottlenecks in the years to come.In order to enable the huge amounts of supply chain investment needed to meet increased demand,governments and regulators will need to act smartly to fix current market imbalances and set the stage for growth.While the focus over the last two decades or more has been on achieving cost reductions,with procurement arrangements largely led by concerns from treasury departments,policymaking now needs to focus on the societal and economic value of wind energy.Wind energy is already highly competitive compared with fossil fuels and nuclear,but its wider social value needs to be recognised in market and procurement frameworks.Wind energy,in combination with other renewable energy technologies,is the most efficient way of decarbonising power systems.The evidence shows that a failure to deploy wind rapidly enough carries with it far higher costs in terms of exposure to fossil fuel volatility,geo political pressure and higher carbon emissions leading to damage from climate change.Wind energy has the potential to create tens of millions of new skilled jobs around the world and act as a catalyst for trillions of dollars of investment.It is essential that policymakers move the discussion around procurement away from a narrow focus on achieving the lowest price possible,to one around how they can achieve the maximum amount of economic development and job creation,while moving rapidly to fulfil their emission reduction targets.GWEC and its member companies,alongside sister organisations and partners like IRENA and the IEA,are working hard to achieve the necessary change in focus and create improved market and regulatory conditions for a rapid and confident transition.This will allow wind original equipment manufacturers(OEMs),developers,shipping companies and other actors in the supply chain to invest,ensuring an optimal balance between supply and demand,and delivering benefits for all.In later sections of this report,we look at how policy discussion is shifting in key markets for the renewables transition.But first we examine the current state of the global wind supply chain and discuss the potential impact of policies aimed at achieving a larger share of national and regional content in wind turbine manufacturing.11.Wind Powers Colossal Market Failure Threatens Climate FightPART 2:CHALLENGES IN THE SUPPLY CHAINGWEC.NET 24Part 2:Challenges in the supply chainWhile 2022 saw only 78 GW of new capacity connected worldwide,the market is ready to bounce back in 2023,primarily driven by expected explosive growth in China.Cumulatively,nearly 940 GW of wind power had been installed globally(without taking into account grid connection)by the end of 2022.GWEC Market Intelligence forecasts that the 1 TW milestone will be reached sometime mid-2023.What is the expected demand in this decade?Compared with the 2030 global outlook released alongside last years Global Wind Report,GWEC Market Intelligence has increased its forecast for total wind power capacity additions for 20232030 by 143 GW(13%YoY).The main reasons behind this upgrade include:l Energy system reform in Europe,replacing fossil fuels with renewables to achieve energy security in the aftermath of Russias invasion of Ukraine;l Chinas commitment to further expand the role of renewables in its energy mix;l An anticipated ten-year installation uplift in the US,driven by the passage of the IRA.Although the revised rate of wind growth is still not rapid enough to enable the world to achieve its Paris Agreement targets or net zero by 2050,GWEC believes the milestone of a second TW is likely to be passed before the end of 2030 provided the anticipated growth materialises in the three key wind markets of China,Europe and the US.What is the state of the global wind supply chain?As the birthplace of the wind industry,Europe enjoys a mature supply chain spanning from turbine nacelles through to key components and raw materials.However,since establishing a local wind supply chain in 20082010,China has not only become the worlds leading wind turbine manufacturing base,but also the largest production hub for key components and raw materials.Challenges in the supply chain202020212022202320242025Installations need to grow 5xOr we reach only 68%of the wind power required by2030 to stay on track for a net-zero/1.5C pathway20262027202820292030New wind capacityNew global installations(GW)Cumulative global installations(GW)Projected new wind capacity based on current growth ratesAnnual capacity gap to meet net zero by 2050 scenariosCumulated wind capacity to meet net zero by 2050 scenarios0509594781151251351501571691801902 TW1 TW10015020025030035040004008001,2001,6002,0002,4002,8003,200The 2 TW milestone is expected to be achieved in just seven years15423Worlds top five wind turbine and component production hubs by annual outputSource:GWEC Market Intelligence,February 2023Source:GWEC Market Intelligence;IEA Net Zero by 2050 Roadmap(2021);projected new wind capacity from 2023-2030 assumes a 7.2GR,which is based on GWECs Q1 2023 Global Outlook;capacity gap figures are estimations based on the IEA Roadmap milestone for 2030.Cumulative global installations for wind energy are roughly in alignment with the IRENA World Energy Transitions Outlook:1.5C Pathway(2021).This data represents new and cumulative capacity and does not account for decommissioned projects.GWEC|GLOBAL WIND REPORT 2023 25Part 2:Challenges in the supply chainEuropean and American turbine OEMs decided to diversify their supply chain to ensure security of supply,in the aftermath of the COVID-19 pandemic.India,the second-largest Asia-Pacific(APAC)hub for turbine assembly and key components production,has since gained an increasingly prominent role in the global wind supply chain.While most of the suppliers to the wind industry are still based in APAC,Europe and the Americas,new entrants have also emerged in the Middle East and North Africa(MENA)region.Will there be enough supply chain capacity to feed growth?Turbine nacellesGlobally,there are 153 turbine assembly plants currently in operation,with another 74 facilities either under construction or in the planning stage.China has more than 100 nacelle assembly facilities in operation and another 64 under construction.With a turbine nacelle production capacity of 98 GW per year,the country accounts for 60%of the global market share,making it by far the worlds dominant turbine nacelle manufacturing hub.Europe is the worlds second-largest turbine nacelle production base,with assembly facilities mainly located in Germany,Denmark,Spain,France,Portugal and Turkey.The US is the worlds third-largest wind nacelle manufacturing hub,followed by India and LATAM primarily Brazil.Globally,163 GW of nacelle production capacity is available in 2023.At first glance,the wind industry appears to have enough nacelle assembly capacity to meet the projected global demand up to 2027.However,the picture is different if separate benchmarks are applied for onshore and offshore wind,especially at a China(incl.capacity from three western turbine OEMs)60%Europe 19%US 9%India 7%LATAM 4%Other(APAC excl.China and India)13 GWGlobal wind turbine manufacturing capacity in 2023Overview of global wind turbine nacelle facilities China Europe IndiaUSA LATAMAsia Pacific Africa&METotal Total number of nacelle assembly facilities(onshore)77(4)*16134631123Total number of nacelle assembly facilities(offshore)20(1)*50 004030Number of announced nacelle assembly facilities(onshore)1702 000019Number of announced nacelle assembly facilities(offshore)4710 304055*facilities owned by western turbine OEMsNote:Wind turbine manufacturing capacity refers to wind turbine nacelle assembly capability and doesnt represent actual nacelle production in 2023.Source:GWEC Market Intelligence,February 2023GWEC.NET 26Part 2:Challenges in the supply chainregional level.Challenges in the supply chain for onshore wind nacelles China dominates global onshore wind turbine nacelle assembly with 82 GW of identified annual capacity.Out of this total,12 GW is from the three western OEMs:Vestas,SGRE and GE Renewable Energy.With 21.6 GW of annual assembly capacity per annum,Europe is the worlds second largest onshore turbine nacelle production base,followed by the US(13.6 GW),India(11.5 GW)and LATAM(6.2 GW).When we compare these production capacities with the onshore wind demand projected for this decade,we conclude that the supply chain in China,India and LATAM will have enough nacelle production capacity to accommodate demand,while the rest of world,in a business as usual scenario,will continue to Onshore turbine nacelle capacity in China,202382,000MWOnshore turbine nacelle capacity in India,202311,500MWOnshore turbine nacelle capacity excl.China&India,2023RoW 1%(350)LATAM 15%(6,150)Europe 52%(21,600)Chinese turbine OEMs 85%(70,000)Chinese turbine OEMs 11%(1,200)Indian turbine OEMs 39%(4,500)Western turbine OEMs 15%(12,000)Western turbineOEMs 50%(5,800)North America 32%(13,650)41,750MWOnshore wind demand and supply benchmark,20232030(MW)Demand vs supply analysis 2023-2030(MW)2023e2024e2025e2026e2027e2028e2029e2030eEurope1450017750189202095023290235002400025000US80009000100001300015000170001800020000LATAM58605362520050505030500050005000China6000060000600006000060000650006500065000India34004200450047004500450050005000RoW56199955104241356013705140001430015000Global97379106267109044117260121525129000131300135000l Sufficient l Potential bottleneckSource:GWEC Market Intelligence,March 2023Source:GWEC Market Intelligence,February 2023GWEC|GLOBAL WIND REPORT 2023 27rely on imported wind turbines to cope with the anticipated growth.For Europe and the US,we expect sufficient supply throughout this decade if western turbine OEMs can smoothly mobilise the capacity they own in China and India.However,if the free flow of the global wind supply chain is interrupted by proposed regional initiatives such as Made in Europe and Made in the USA and no new nacelle assembly capacity is built at the same time we expect to see supply chain constraints in both regions by the middle of this decade.Even assuming that all of the existing nacelle production capacity in Europe and the US can be fully utilised an unlikely occurrence as buffer room is normally required to ensure suffcient supply and production capacity will be impacted by the introduction of new onshore turbines with greater power rating we foresee a bottleneck occurring from 2026.Challenges in the supply chain for offshore wind nacellesCompared with onshore wind,the supply chain for offshore wind turbines is more concentrated,due to the fact that more than 99%of total global offshore wind installation is presently located in Europe and the APAC region.Expected offshore turbine nacelle capacity excl.China,202415,200MWOffshore turbine nacelle capacity in China,202316,000MWOffshore turbine nacelle capacity excl.China,2023North America 0%Europe 83%(9,500)Europe 76%(11,500)China(CN OEMs)94%(15,000)APAC excl.China 17%(1,900)North America 0,400MWAPAC excl.China 24%(3,700)China(non CN OEMs)6%(1,000)Offshore wind demand and supply benchmark,20232030(MW)Demand vs supply analysis 2023-2030(MW)2023e2024e2025e2026e2027e2028e2029e2030eEurope5760295570021003612143154032144025950China1000012000120001500015000150001500015000APAC excl.China17511569288426153855477069007900North America5351660378047504460450045005000LATAM0000005001000Global1804618184256663240135458396734834054850l Sufficient l Potential bottleneckSource:GWEC Market Intelligence,March 2023Source:GWEC Market Intelligence,February 2023Part 2:Challenges in the supply chainGWEC.NET 28Part 2:Challenges in the supply chainChina is the worlds number-one offshore turbine nacelle production centre with annual assembly capacity of up to 16 GW,of which 1 GW is owned by one western turbine OEM.Excluding China,the APAC region has an offshore turbine nacelle capacity of 1.9 GW,mainly located in Taiwan and South Korea.In Europe,current nacelle assembly capacity for offshore wind is about 9.5 GW,which we anticipate reaching 11.5 GW next year when a new nacelle facility comes into operation in Eastern Europe.No offshore turbine nacelle assembly facility is currently in operation in North America,although GE Renewable Energy,SGRE and Vestas have announced nacelle investment plans for New York and New Jersey in Q1 2023.Similar to North America,LATAM has no offshore nacelle assembly facilities despite Chinese turbine OEM Mingyang looking for offshore wind investment opportunities in Brazil since 2020.Looking at the demand and supply situation for this decade,our benchmark results show more challenges for offshore wind than for onshore wind.GWEC Market Intelligence does not see any problems arising in the near term,given that European OEMs are able to share spare offshore nacelle assembly capacity with emerging markets in APAC and North America in 20232024.However,the situation is going to change.Starting in 2026,we expect Europes existing offshore turbine nacelle assembly capacity to no longer be able to support growth outside of Europe.In fact,we expect that from 2027 Europes offshore wind turbine nacelle assembly capacity will struggle to cope with the growth expected in Europe alone.Existing capacity needs to double in order to meet the projected demand for this region in 2030.Looking at APAC(excluding China),although offshore turbine nacelle capacity is likely to increase to 3.7 GW after expansion work is completed at one of the existing facilities in 2024,it will still be insufficient to meet demand in this region from 2027.Taking into account estimates that demand for offshore wind turbines in this region will reach 7.9 GW in 2030,it is imperative that the investment plans announced by western OEMs in partnership with Japanese and Korean firms materialise in time.In the US,considering local content requirements(LCRs)associated tax credits and incentives under the IRA and the two-year lead time needed to build a new offshore wind nacelle production facility from scratch,it is of the utmost urgency that GE Renewable Energy,SGRE and Vestas turn their investment plans into concrete action.There are no plans for offshore wind projects to be built in LATAM until the latter part of this decade.However,early investment is needed to avoid bottlenecks.This is especially true of Brazil,where 71 offshore wind projects,totalling more than 170 GW,had filed environmental investigation licences by the end of 2022,according to the countrys Ministry of Mines and Energy.Key components GWEC Market Intelligence has been monitoring the supply chain for key wind turbine components since 2019.Based on our latest supply chain update,no bottlenecks are expected in 20232024 for key components such as GWEC|GLOBAL WIND REPORT 2023 29Part 2:Challenges in the supply chainblades and generators,but further investment in both components is needed to accommodate growth after 2024.Following recent investment,gearbox manufacturing capacity is well positioned to support the expected growth up to 2027.A concentrated supply chain and regionalised sourcing strategies,however,look certain to create bottlenecks.It is also important to note that the supply chain for key components is highly dependent on China.In addition to gearboxes and generators,China controls the global supply chain for castings,forgings,slewing bearings,towers and flanges with more than 70%global market share.How other regions enact policies designed to reshore production or restrict trade will have a strong impact on the supply picture and on cost.Global WTG generator manufacturing capacity in 2022125GWGlobal wind gearbox manufacturing capacity in 2022160GWGlobal WTG blade manufacturingcapacity in 2022China 60%Europe 14%India 11%US 7%LATAM 7%Other APAC 1%China 65%Europe 22%India 7%LATAM 3%Other APAC 3%China 75%Europe 12%India 12%Other APAC 10GWGlobal wind key component supply chain overviewSource:GWEC Market Intelligence,February 2023GWEC.NET 30The increasingly ambitious wind energy targets being set to reduce reliance on traditional energy sources both in terms of geographical and material dependence present a challenge from a supply chain perspective.This is particularly true for rare earth elements(REEs),with top policymakers increasingly calling for de-risked supply chains.Wind energy uses large amounts of rare earth permanent magnets(REPMs),contributing significantly to global demand.Wind energy OEMs have faced challenges in obtaining the quantities of REPMs they need,despite supply growing at record speed and demand softening thanks to hybrid wind energy technologies increasingly replacing standard direct drive(DD)turbines over the past five years.Hybrid systems(medium-speed drivetrains)use just one-tenth of the REPMs needed in a DD drivetrain.In the fourth quarter of 2022,China accounted for 68%of rare earth mining and 94%of downstream processing.Only a meagre amount of materials was processed elsewhere,principally in Malaysia and Estonia.Because the wind industry is exposed to the impacts of geopolitical tensions and following a toughening of Chinas export restrictions of rare earth-related technologies there is growing policy and industrial concern in Europe,North America,Australia and elsewhere.While sourcing enough REPMs for wind energy generation can be difficult,the greatest challenge for the industry is being able to source them domestically or from a de-risked supply chain.In major markets such as Europe,the US and Australia,demand for REPMs in wind energy is substantially larger than local supply.Policymakers have made some efforts to bridge this gap,for example in the US,the UK and Australia,where Benchmark Mineral Intelligence(Benchmark)expects to see rapid processing capacity growth by 2024-2025.l The US Department of Defense has awarded two high-profile contracts to MP Materials and Lynas Rare Earths,at 35 million USD and 120 million USD respectively,to expand rare earth oxide(REO)separation capacity.Additionally,bill H.R.5033 proposes to support magnet producers in the US to help them compete with their Chinese counterparts.Benchmark forecasts Case study:Sourcing rare earth materials for wind energy from local supply chainsChina 68%China 94%Other 6%Other 32%ProcessingMiningChina dominated REE mining and processing in Q4 2022202720202019201820172016201420152026202520242023202220210 0,00014,00012,00010,0008,0006,0004,0002,0000Medium-speed driveDirect driveHigh-speed driveREPM consumption,tonnesWind turbine technology forecast(%)and equivalent direct REPM use(tonnes)Source:GWEC,Benchmark Mineral IntelligenceNote:This chart displays direct REPM use(magnet volumes)in DD and medium-speed drivetrains per annum.It is not normalised to final raw materials demand.Source:Benchmark Mineral IntelligencePart 2:Challenges in the supply chainGWEC|GLOBAL WIND REPORT 2023 31Part 2:Challenges in the supply chainactive production from multiple REPM facilities in the US,notably by MP Materials in Texas and USA Rare Earths in Oklahoma.l The UKs 850 million GBP Automotive Transformation Fund will develop Pensanas 145 million GBP separation facility at Saltend Chemicals Park,in northern England.This facility is expected to consume a growing input of external feedstocks as the facility scales and the companys own mine reduces production to produce separated oxide,and is the UKs largest effort to date to establish domestic rare earth processing.l In Australia,Iluka Resources has received 1.25 billion AUD in non-recourse financing from Export Finance Australia.This is part of the governments wider 2 billion AUD Critical Minerals Facility to establish the Eneabba refinery in Western Australia,with additional capacity to consume external feedstocks.While the pipeline of processing facilities in North America,Australia and Europe is significant,it will take time for the first inputs to be converted into saleable material,and to fund and construct the required facilities.The availability of locally processed and manufactured REPMs may be further limited,in the short and medium term,by offtakes securing sizeable portions of planned production for EV manufacturers.Whereas a facility such as Solvays La Rochelle,in France,may be able to scale up fast thanks to existing knowledge and experience,other parts of the puzzle need to align.Before a diversified,de-risked and sizeable local supply chain is established,more than 300 GW of additional wind power capacity may already have been built.Benchmark forecasts a more diversified and regionally scaled rare earth processing market beginning to take shape after 2025,particularly in Europe,North America and Australia.Environmental protections and economic concerns,such as high CAPEX requirements and low Chinese costs,together with considerable project lead times,cast a shadow on capacity addition forecasts,however.A large part of the wind industry will,as a result,have to rely on sourcing REPMs from China in order to meet clean energy demand in the short term.With input from Benchmark Mineral IntelligenceCase study:Sourcing rare earth materials for wind energy from local supply chains(continued)GWEC.NET 32Part 2:Challenges in the supply chainWind turbine installation vessels(WTIVs)According to GWEC Market Intelligences Global WITVs database 2022,China and Europe operate the majority of jack-up and heavy-lift vessels used for offshore wind turbine installation.No global shortage of WTIVs is expected up until 2026.Following an offshore wind installation rush in 2021,new installations in China slowed down in 2022,and we do not expect to see 2021-level installations again until 2026.In Europe,the current WTIV supply chain can cope with demand,given that annual offshore wind installations are relatively flat and unlikely to reach the 10 GW milestone until 2026 which also explains why European vessel operators are able to release their jack-up and heavy-lift vessels over the next two years to support the demand from emerging markets in Asia,mainly Taiwan and Japan,and the US.Looking at the supply chain situation for the 20272030 period,however,while GWEC Market Intelligence does not expect WTIV supply chain constraints in China,it foresees a likely shortage in Europe towards the end of this decade,unless investment in new WTIVs is made before 2027(assuming a lead time of three years for delivering a new WTIV vessel).In the US,where only two tailor-made Jones Act compliant WTIVs are currently under construction,plans for new WTIVs will have to be executed in the next two or three years to avoid bottlenecks,if the Biden Administrations target of 30 GW of offshore wind by 2030 is to be met.Restrictive trade policies could delay the energy transition The past three years have shown the exposure and vulnerability of renewable industries to geopolitical dependencies,commodity price cycles,logistics bottlenecks and trade barriers.The sudden post-lockdown recovery of industrial production in 2021 led to fierce competition for raw materials,as well as ongoing bottlenecks in manufacturing capacity.Russias invasion of Ukraine also deepened geopolitical concerns and intensified the existing trade tensions between China and other markets,such as Europe and the US.All of this has brought the urgency of building supply chain security for renewables to the top of the political agenda and created a global green investment race.The Inflation Reduction Act(IRA),signed into law by the Biden Administration in August 2022,promises to move the US closer to its climate goal.Its provisions on ax credits and LCRs associated incentives have generated concern in the EU and other countries about the IRAs potential negative impact on their domestic manufacturing industries.In response,the EU unveiled its Green Deal Industrial Plan,which aims to boost Europes cleantech competitiveness and to keep green investments at home.What we are witnessing now is a clear misalignment between government,industrial,trade and financial policies.It must be understood that without well-functioning and competitive global wind supply chains alongside equal access to raw materials and components the energy transition will not materialise.There is a danger that the restrictive trade policies proposed by the EU and the US may risk delaying the global energy transition.In operationUnder construction/planned01020304050607080Heavy lift(North America)Jack-up(Europe)4812Heavy lift(Europe)314Jack-up(North America)42Jack-up(China)4719Heavy lift(China)437Jack-up(Asia ex.China)410Heavy lift(Asia ex.China)8Number of wind turbine installation vessels in 2022Source:GWEC Market Intelligence Global Offshore Wind Turbine Installation Vessel Database,October 2022PART 3:THE RISKS AND OPPORTUNITIES OF REGIONALISATIONGWEC.NET 34As a result of the combined effects of geopolitical threats,climate imperatives and energy security challenges,the deployment of renewable energy capacity is expected to accelerate substantially over the coming years(see Part 1).This acceleration comes as countries and regions move to implement their ambitious energy and climate targets and is driven by continued cost advantages compared with fossil fuels.GWEC Market Intelligence has increased its forecast for additional wind power installations in the 20232030 period by 143 GW( 13%YoY).We now expect the first TW of wind power to be installed by mid-2023 and the second TW to be reached at the end of this decade.This massive increase in installations will create a need for significant additional capacity across the entire wind supply chain(see Part 2).For example,there are 153 turbine nacelle assembly plants in operation today,with another 74 facilities either under construction or in the planning stage.These assembly plants will need components from across the global supply chain,requiring substantial investment to meet demand.Our analysis in Part 2 also reveals that shortages for both nacelles and key components may develop in the US and Europe mid-decade if the free flow of the global wind supply chain is impacted by regional initiatives aimed at achieving Made in Europe and Made in the USA supply chains.GWEC is concerned that governments around the world do not understand the potential impacts of their poorly coordinated actions,which is why the availability of key data on supply chain development is critical,and why continuous dialogue with industry must be undertaken.The Inflation Reduction Act(IRA)provides significant incentives for US-based manufacturing,which could render uncompetitive any projects that do not use the levels of local content required to qualify for the extra tax incentives stipulated in the law.The EU has expressed serious concerns about the IRA,alleging it may breach WTO international trade rules,and has responded with its Green Deal Industrial Plan.Within this plan is the Net Zero Industry Act(NZIA),which requires national governments to apply non-price criteria defined as environmental sustainability,energy system integration,and contribution to the resilience of cleantech supply chains to procurement mechanisms.These measures would allow governments to award higher prices in procurement mechanisms to enable companies to invest in EU-based supply chains,and make production more sustainable through circular economy and other practices.However,policymakers should beware of introducing more Regionalisation and decoupling supply chains risks and opportunitiesGWEC|GLOBAL WIND REPORT 2023 35Part 3:The risks and opportunities of regionalisationCountry/RegionActions taken to reshore supply chainsUSAPassed Inflation Reduction Act(IRA)in August 2022.Provides a tax credit,the advanced manufacturing production credits(AMPC),for US-made renewable energy equipment,including vessels,with sunsets beginning in 2030.Extends the existing ITC and PTC to 2024 and then replaces them with the Clean Electricity Investment Credit and the Clean Electricity Production Credit,both applying to designated renewable energy and storage technologies.They sunset in 2032 or when the Treasury determines that annual greenhouse gas emissions from electricity production in the US are less than 25%of 2022 levels.Incentivises developers of US renewable projects to purchase domestically produced equipment by providing an additional tax credit if they meet domestic content requirement(DCR)thresholds.To qualify,onshore wind projects installed before 2025 must source 40%(20%for offshore wind)of all equipment in the US.This rises to 55ter 2026 (2027 for offshore wind).100%of steel and iron construction materials must be manufactured in the US.Requires certain wage and apprenticeship requirements to qualify for some of the incentives.Introduces other incentives to induce additional investment in everything from rural small business loans for energy efficiency to R&D grants.According to consultancy Wood Mackenzie,incentives under the IRA will cut the cost of solar,wind and storage equipment by anywhere from 20%to 60%.European Union The European Commission presented its Green Deal Industrial Plan in March 2023,consisting of a Net Zero Industry Act(NZIA)aiming to strengthen the EUs industrial base for clean technologies,a Critical Raw Materials Act(CRMA)to increase Europes capacity to source and refine critical raw materials,and more flexible state aid rules.The NZIA aims to support investment in manufacturing capacity in net-zero emissions technologies in Europe.For wind,it sets an annual manufacturing capacity target of 36 GW.The commission envisages a new Sovereignty Fund to support cleantech supply chains and identifies the EU Innovation Fund as a bridging instrument.The CRMA includes a list of materials important for the wind industry such as REEs used in permanent magnets,copper for cables and lithium for batteries.With the aim of building its own domestic critical raw materials supply chain,the CRMA wants the EU to extract at least 10%of the critical raw materials it uses from within Europe by 2030.At least 40%should be processed within the EU by then.Under the CRMA,15%of the EUs annual consumption of raw materials would need to be recycled by 2050.New EU State Aid Guidelines for Climate,Energy and Environment entered into force in January 2022,allowing governments to include up to 30%non-price elements in the selection criteria of their auctions.The NZIA now requires national governments to apply non-price criteria,defined as:environmental sustainability,energy system integration,and contribution to resilience of cleantech supply chains.More flexible state aid guidelines were also proposed for national investments in cleantech manufacturing under the Temporary Crisis and Transition Framework.This allows national governments,for a limited time,to support CAPEX investments in their national cleantech supply chains.It does not cover OPEX.The European Commission has imposed anti-dumping duties on towers imported from China,increasing tariffs from 7.2%to 19.2%.GermanyFollowing European Commission proposals to allow more state aid,Germany is considering offering financial support to investments in domestic energy transition supply chains,as well as wind and solar projects.UKThrough negotiation,the industry has agreed to a local content requirement(LCR)of 60%by 2030.According to the UK government,making a LCR reality will require“significant inward investment activity”on capex elements of offshore wind projects.PolandUnder the Polish Offshore Wind Sector Deal,a level of LCR must be achieved at different stages:“at least 20-30%”of a projects total value in the preparatory,installation and operational stage for projects implemented under the first,pre-auction stage of the support system;at least 45%for projects implemented by 2030 under the second,auction stage;and at least 50%for projects implemented after 2030.Japan&South KoreaBoth have strong requirements for local content in wind projects that effectively require localisation of parts of the supply chain.TaiwanHas produced a specified list of components that must be localised,depending on the completion date of offshore wind projects.GWEC.NET 36requirements and restrictions on industry that do not result in better rates of return for companies.The NZIA also sets an annual wind-turbine manufacturing capacity target of 36 GW for EU member states,which is more than double the 16 GW of wind turbines installed in Europe in 2022.However,unlike the clarity and long-term visibility provided in the IRA,the NZIA does not directly address the poor market conditions that caused the profitability of European wind turbine manufacturers to fall.Nor does it establish new EU funding or financing mechanisms to scale supply chains to the level required.Another key pillar of the EUs plan,the Critical Raw Materials Act,states that by 2030 10%of raw materials should be extracted and at least 40%of them processed in the EU.However,whats not yet clear is how the potentially higher costs of those materials will be distributed fairly among western supply chain companies.Many other major economies,including Japan,Korea,the UK,Poland,India,Taiwan,Saudi Arabia and Brazil already have or are in the process of designing measures to ensure high levels of local content in their wind energy sectors.The table below summarises some of the measures being introduced by major actors.Some countries are reaching well beyond manufacturing,going upstream to achieve local supply of critical inputs for their industries,including specific steel products used in the wind industry and raw materials such as rare earth elements.In some cases,this includes inputs that are currently not produced locally,or are produced in small quantities.The COVID-19 crisis and its aftermath(including widespread disruption of logistics and increased geopolitical tensions)have created a greater understanding of the need to create a more diversified and resilient supply chain.However,global trade flows continue to be critical to global economic manufacturing.Additionally,actions attempting to decouple from China and to reshore or localise manufacturing capabilities are likely to create unintended consequences in terms of bottlenecks and higher costs.These in turn,could have the potential to slow,delay or even derail the global energy transition.It is of critical importance that,as they are urged to act on the energy crises,governments around the world do not underestimate the potential impacts of poorly PrescriptiveHighly prescriptive taxesComponent-specific requirementsIncentive basedIncome or production tax creditsMore collaborative approachRange of options for localisationGWEC|GLOBAL WIND REPORT 2023 37Part 3:The risks and opportunities of regionalisationcoordinated interventions.This is why GWEC advocates urgent and continued dialogue with the wind and renewables industry along with the wider network of key components and commodities suppliers to ensure that policies achieve the intended goals of supporting cost-effective and faster deployment of larger quantities of renewables while boosting local economies and employment.Governments have several choices when they look to localise or reshore their energy sectors.They can encourage the use of locally produced content either through incentives and/or preferential treatment,such as tax incentives or favourable customs duties.Alternatively,they can specify which goods or services must be provided by domestic suppliers.Or they can use a combination of both of these approaches.For GWEC members,localising production is a desirable approach that can lead to significant efficiencies and logistical savings.However,achieving necessary scale to amortise investments in industrial plants is a key concern.The industry has advised governments against prescriptive localisation requirements and argued instead for flexibility in order to build on national and regional competitive advantages.As a rule,GWEC is more supportive of incentive-based rather than prescriptive policies as the former tend to give more flexibility to both OEMs and the supply chain in optimising their production.Measuring the impacts of reshoring As more reshoring policies are being proposed and introduced globally,it is important to reflect on the potential impacts on costs and timing of wind installations.Any time policies require local content,either through restrictions or incentives,there is a risk of increasing the overall costs of the wind power produced.Another significant unintended consequence is the creation of supply chain bottlenecks.Currently the wind supply chain is highly globalised but with China as the principal supplier at a component level.GWEC Market Intelligences global wind supply chain analysis shows that China controls more than 70%of the global supply chain for powertrains(main shaft and gearbox plus generator),slewing bearings,towers,flanges,castings and forgings.By comparison,according to consultancy Wood Mackenzie,no powertrains or castings were made in the US in 2021.Even in some countries where sophisticated manufacturing supply chains exist,for example India,China is the primary supplier of castings.How politicians,policymakers and regulators globally try to address this concentration in the supply chain will have a critical impact on the wind industry and its ability to deliver the capacity necessary for carrying out the energy transition in the timelines outlined in the Paris Agreement.Industry approaches to localisationAs we have noted,wind project operators and OEMs must take into consideration a series of complex,interconnected factors when they decide where to locate manufacturing facilities.These include:l the size of local wind marketsl logistical factorsl the existence of national and regional incentives l the existence of specific rules around local manufacturingl the availability of critical components and materialsl the existence of a skilled workforcel the need to create or maintain political support for continued market growth.For the offshore wind sector,a strong degree of localisation is imperative,since producing and assembling very large components is best done portside,facilitating installation in nearby waters.Transporting fully assembled nacelles plus blades and towers from remote locations and installing them in limited numbers would likely make projects uneconomical.There is no exact formula for managing the trade-offs between localisation and affordability.Achieving the right balance can be particularly challenging in new markets that have yet to deploy wind projects and as such do not have fully developed and/or competitive wind supply chains.From a purely cost-driven point of view,it makes more sense for countries to take a phased approach that allows imports of key components and aims to increase localisation as scale GWEC.NET 38Part 3:The risks and opportunities of regionalisationincreases.It is also important for countries to carefully consider their specific advantages in terms of access to materials and components at competitive prices,existing industrial footprints and availability of skilled labour.Countries with relatively small domestic markets need to look to regional markets and plan how their industries can make the most of regional supply chains while playing to their own advantages.For example,for offshore wind,the countries around the North Sea have built an array of interlinked industrial capabilities,a skilled workforce,port facilities and logistics around installation and operations and maintenance.It would be desirable for a similar cooperative ecosystem to evolve to address APACs strong demand for offshore wind,rather than every country trying to quickly evolve its own complete offshore wind manufacturing and installation supply chains.However,as we have seen,cost considerations often take second place to concerns such as local investment and job creation;the position of local industrial conglomerates;and political considerations around national control and rivalries with other actors.In many cases,strong political factors make commitments to creating a local wind energy manufacturing industry a prerequisite for achieving the regulatory support the wind sector needs to take off.This is particularly true given the predominance of government-run auctions as the main procurement mechanism for wind energy and the strong political levers that these create.In the long run,as markets develop,the growth of the wind energy manufacturing sector and related service sectors can play a key role in maintaining social and political support for the industry.As we have seen in places as diverse as the UK,the US,Brazil and Denmark,local manufacturing and employment eventually translates into long-term,bipartisan support for the wind industry,and creates a virtuous circle of growth,investment and higher political ambition for the sector.In short,industry is usually willing to accept some increase in costs in order to achieve political and regulatory support and wider social licence.But some ways of achieving this are better than others.The debate around the proposed approaches for achieving more local content is developing rapidly.GWEC,as already noted,is strongly supportive of the incentive-led approach that has been adopted in the US through the IRA and would suggest that this approach be adopted and adapted,of course,to local circumstances in other major energy markets such as the EU,the UK,Japan and elsewhere.As the world enters a phase of significant acceleration of renewable energy deployment,with governments and the private sector seeking to realise heightened ambition,GWEC believes that the incentive approach will be a key differentiator for countries and regions wishing to attract the huge amounts of investment that the energy transition will require.Although the panorama is evolving rapidl
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F-1 1 ff12023_ccsctechnology.htm REGISTRATION STATEMENTAs filed with the U.S.Securities and Exchange Commission on March22,2023.Registration No.333-UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_FORM F-1REGISTRATION STATEMENTUnderThe Securities Act of 1933_CCSC Technology International Holdings Limited(Exact name of Registrant as specified in its charter)_Not Applicable(Translation of Registrants name into English)_Cayman Islands 3640 Not Applicable(State or other jurisdictionof incorporation ororganization)(Primary StandardIndustrial Classification Code Number)(I.R.S.Employer Identification Number)1301-03,13/f Shatin Galleria,18-24 Shan Mei StFotan,Shatin,Hong Kong00852-26870272(Address,including zip code,and telephone number,including area code,of Registrants principal execut_Cogency Global Inc.122 East 42nd Street,18th FloorNew York,NY 10168(Name,address,including zip code,and telephone number,including area code,ofagent for service)_Copies to:Ying Li,Esq.Lisa Forcht,Esq.Hunter Taubman Fischer&Li LLC48 Wall Street,Suite 1100New York,NY 10005212-530-2206 Victor J.DiGioia Esq.Steven L.GlaubermanEsq.Becker&Poliakoff,LLP 45 Broadway,17thFloor New York,NY 10006 212-599-3322_Approximate date of commencement of proposed sale to the public:As soon as practicable after the effective date of this registration statement.If any of the securities being registered on this Form are to be offered on a delayed or continuousbasis pursuant to Rule 415 under the Securities Act of 1933,or the Securities Act,check thefollowing box.If this Form is filed to register additional securities for an offering pursuant toRule 462(b)under the Securities Act,check the following box and list the Securities Actregistration statement number of the earlier effective registration statement for the same offering.If this Form is a post-effective amendment filed pursuant to Rule 462(c)under the Securities Act,check the following box and list the Securities Act registration statement number of the earliereffective registration statement for the same offering.If this Form is a post-effective amendment filed pursuant to Rule 462(d)under the Securities Act,check the following box and list the Securities Act registration statement number of the earliereffective registration statement for the same offering.Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405of the Securities Act of 1933.Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S.GAAP,indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B)of the Securities Act._ The term“new or revised financial accounting standard”refers to any update issued by theFinancial Accounting Standards Board to its Accounting Standards Codification after April 5,2012.The Registrant hereby amends this registration statement on such date or dates as maybe necessary to delay its effective date until the Registrant shall file a furtheramendment which specifically states that this registration statement shall thereafterbecome effective in accordance with Section 8(a)of the Securities Act,as amended,or until the registration statement shall become effective on such date as theU.S.Securities and Exchange Commission,acting pursuant to said Section 8(a)maydetermine.Table of ContentsThe information in this preliminary prospectus is not complete and may bechanged.These securities may not be sold until the registration statementfiled with the United States Securities and Exchange Commission iseffective.This preliminary prospectus is not an offer to sell nor does itseek an offer to buy these securities in any jurisdiction where the offeror sale is not permitted.Subject to Completion,dated March 22,2023PRELIMINARY PROSPECTUS2,500,000 Ordinary SharesCCSC Technology International Holdings LimitedThis is an initial public offering of our ordinary shares.We are offering on a firm commitmentbasis our ordinary shares,par value$0.0005 per share(“Ordinary Shares”).Prior to thisoffering,there has been no public market for our Ordinary Shares.We expect the initial publicoffering price to be in the range of$4.00 to$6.00 per Ordinary Share.We have applied to list ourOrdinary Shares on the Nasdaq Capital Market(“Nasdaq”)under the symbol“CCTG”,and thisoffering is conditioned upon final approval from Nasdaq to listing our Ordinary Shares.We cannotguarantee that our application will be approved,but will not complete this offering unless ourOrdinary Shares will be listed on Nasdaq upon the completion of this offering.Joseph Stone Capital,LLC is acting as the representative of the underwriters of this offering.Investing in our Ordinary Shares involves a high degree of risk,including the riskof losing your entire investment.See“Risk Factors”beginning on page 13 to readabout factors you should consider before buying our Ordinary Shares.We are not a Chinese operating company,but rather a holding company incorporated in the CaymanIslands.Our Ordinary Shares offered in this prospectus are shares of our Cayman Islands holdingcompany,which has no material operations of its own and conducts its operations throughsubsidiaries established in Hong Kong,mainland China,and the Netherlands.Holders of our OrdinaryShares do not directly own any equity interests in our operating subsidiaries,but instead ownshares of a Cayman Islands holding company.The Chinese regulatory authorities could disallow ourcorporate structure,which would likely result in a material change in our operations and/or amaterial change in the value of our Ordinary Shares,including that it could cause the value of ourOrdinary Shares to significantly decline or become worthless.Unless otherwise stated,as used inthis prospectus and in the context of describing our operations and consolidated financialinformation,“we,”“us,”“Company,”“CCSC Cayman”,“our company”,or“our,”refers toCCSC Technology International Holdings Limited,a Cayman Islands holding company.For a descriptionof our corporate structure,see“Corporate History and Structure.”We are an“emerging growth company”as defined under applicable U.S.securities laws and areeligible for reduced public company reporting requirements.Please read the disclosures beginning onpage 9 of this prospectus for more information.The chairman of the board of directors of the Company,Dr.Chi Sing Chiu,beneficially owns and willcontinue to own at least 50%of the voting power of our Company after the closing of this offering,therefore we are a“controlled company”as defined under the Nasdaq listing rules.However,evenif we qualify as a“controlled company,”we do not intend to rely on the controlled companyexemptions provided under the Nasdaq listing rules.For more information about risks relating to“controlled company”,see“Risk Factors Risks Relating to Our Ordinary Shares and ThisOffering Since Dr.Chi Sing Chiu,the chairman of the board of directors of the Company,will ownat least 50%of our Ordinary Shares following the initial public offering,he will have the abilityto elect directors and approve matters requiring shareholder approval by way of resolution ofmembers.”We face legal and operational risks associated with having substantial operations in mainland Chinathrough our PRC subsidiary,CCSC Interconnect DG,which designs and manufactures interconnectproducts.The government of the Peoples Republic of China(“PRC”)has significant authority toexert influence on a China-based company,such as us,to conduct its business.Changes in Chinaseconomic,political or social conditions or government policies could materially adversely affectour business and results of operations.These risks could result in a material change in ouroperations and/or the value of our Ordinary Shares,significantly limit or completely hinder ourability to offer or continue to offer securities to investors,and cause the value of suchsecurities to significantly decline or be worthless.In particular,recent statements and regulatoryactions by Chinas government,such as those related to the data security or anti-monopolyconcerns,as well as the ability of Public Company Accounting Oversight Board(United States)(the“PCAOB”)to inspect our auditors,may impact our ability to conduct our business,accept foreigninvestments,or be listed on a U.S.or other foreign stock exchange.See“Risk Factors RisksRelating to Doing Business in China.”Recently,the PRC government initiated a series of regulatory actions and statements to regulatebusiness operations in China with little advance notice,including cracking down on illegalactivities in the securities market,enhancing supervision over China-based companies listedoverseas using the variable interest entity structure,adopting new measures to extend the scope ofcybersecurity reviews,and expanding the efforts in anti-monopoly enforcement.As confirmed by ourPRC counsel,Jincheng Tongda&Neal Law Firm(“JT&N”),neither we nor our PRC subsidiary aresubject to cybersecurity review by the Cyberspace Administration of China(“CAC”),pursuant to theCybersecurity Review Measures,which were jointly promulgated on December 28,2021 by the CAC,theNational Development and Reform Commission(“NDRC”),the Ministry of Industry and InformationTechnology(“MIIT”),the Ministry of Public Security,Ministry of Stated Security,the Ministry ofFinance of the PRC(“MOF”),the Ministry of Commerce of the PRC(“MOFCOM”),Peoples Bank ofChina(“PBOC”),the State Administration for Market Regulation(“SAMR”),the National Radio andTelevision Administration,the China Securities Regulation Commission(“CSRC”),the NationalAdministration of State Secrets Protection,and the State Cryptography Administration and tookeffect on February 15,2022.Since these statements and regulatory actions are new,it is highlyuncertain how soon legislative or administrative regulation making bodies will respond and whatexisting or new laws or regulations or detailed implementations and interpretations will be modifiedor promulgated,if any,and the potential impact such modified or new laws and regulations will haveon our daily business operation,the ability to accept foreign investments and list on a U.S.exchange or other foreign exchange.See“Risk Factors Risks Relating to Doing Business in China Recent greater oversight by the CAC over data security,particularly for companies seeking tolist on a foreign exchange,could adversely impact our business and our proposed offering.”In addition,on February 17,2023,the CSRC promulgated the Trial Administrative Measures ofOverseas Securities Offering and Listing by Domestic Companies(the“Trial Measures”)and fivesupporting guidelines,which will come into effect on March 31,2023.Pursuant to the TrialMeasures,domestic companies that seek to offer or list securities overseas,both directly andindirectly,shall complete filing procedures with the CSRC pursuant to the requirements of the TrialMeasures within three working days following its submission of an initial public offering or listingapplications.If a domestic company fails to complete required filing procedures or conceals anymaterial fact or falsifies any major content in its filing documents,such domestic company may besubject to administrative penalties,such as an order to rectify,warnings,fines,and itscontrolling shareholders,actual controllers,the person directly in charge and other directlyliable persons may also be subject to administrative penalties,such as warnings and fines.According to the Notice on the Administrative Arrangements for the Filing of the Overseas SecuritiesOffering and Listing by Domestic Companies that was issued by the CSRC on February 17,2023,or“the CSRC Notice”,which further clarified that,(i)domestic companies that have already beenlisted overseas before the effective date of the Trial Measures,which will be March 31,2023,shallbe deemed as existing issuers(the“Existing Issuers”),and Existing Issuers are not required tocomplete the filing procedures immediately,but they shall be required to file with the CSRC for anysubsequent offerings,(ii)domestic companies that have obtained approval from overseas regulatoryauthorities or securities exchanges(for example,the effectiveness of a registration statement foroffering and listing in the U.S.has been obtained)for their indirect overseas offering and listing Table of Contentsprior to March 31,2023 but have not yet completed their indirect overseas issuance and listing,aregranted a six-month transition period commencing from March 31,2023 to September 30,2023.Thosethat complete their indirect overseas offering and listing within such six-month period are alsodeemed as Existing Issuers and are not required to file with the CSRC for their initial indirectoverseas offerings and listings.Within such six-month transition period,however,if such domesticcompanies fail to complete their indirect overseas issuance and listing,they shall complete thefiling procedures with the CSRC before their listing and offering on an overseas exchange.Therefore,if our registration statement on Form F-1 cannot be declared effective on or before March31,2023,or if our registration statement on Form F-1 is declared effective on or before March 31,2023 but we fail to complete this offering and listing on or before September 30,2023,we will berequired to complete necessary filing procedures with the CSRC as required under the Trial Measuresand the CSRC Notice.See“Risk Factors Risks Relating to Doing Business in China The NewOverseas Listing Rules and other relevant rules promulgated by the CSRC may subject us to additionalcompliance requirements in the future.”As of the date of this prospectus,CCSC Cayman has not paid dividends or made any distributions toany investors,nor were any transfers,dividends,or distributions made between CCSC Cayman and itssubsidiaries.A subsidiary of CCSC Cayman,CCSC Technology Group,paid a dividend of$3.37 millionto its shareholders during the fiscal year ended March 31,2021,prior to the reorganization inMarch 2022 that consolidated CCSC Cayman(the holding company)with its operating subsidiaries.Weintend to keep any future earnings to finance the expansion of our business,and we do notanticipate that any cash dividends will be paid in the foreseeable future.As such,we have notinstalled any cash management policies that dictate how funds are transferred among CCSC Cayman,itssubsidiaries,or investors.See“Risk Factors Risks Relating to Our Ordinary Shares and ThisOffering We do not intend to pay dividends for the foreseeable future.”Under the Cayman Islandslaw,a Cayman Islands company may pay a dividend on its shares out of either profits,if any,orshare premium amounts,provided that under no circumstances may a dividend be paid if this wouldresult in the company being unable to pay its debts as they become due in the ordinary course ofbusiness.Under our current corporate structure,we may rely on dividend payments from our operatingsubsidiaries to fund any cash and financing requirements we may have,including providing the fundsnecessary to pay dividends and other cash distributions to our shareholders.There are no laws or regulations that restrict us from providing funding to or receiving dividendsfrom our Hong Kong or Netherlands subsidiaries;however,the transfer of funds to or from our PRCsubsidiary,CCSC Interconnect DG,is subject to PRC laws and regulations.Cash transfers from ourCCSC Cayman to our PRC subsidiary are subject to applicable PRC laws and regulations on loans anddirect investment.In addition,current PRC laws and regulations permit our PRC subsidiary to paydividends to its shareholder only out of its accumulated profits,if any,determined in accordancewith PRC accounting standards and regulations.For details,see“Risk Factors Risks Relating toDoing Business in China To the extent cash or assets of our business,or of our PRC or Hong Kongsubsidiaries,is in mainland China or Hong Kong,such cash or assets may not be available to fundoperations or for other use outside of the PRC or Hong Kong,due to interventions in or theimposition of restrictions and limitations by the PRC government to the transfer of cash orassets.”If needed,our Cayman Islands holding company can transfer cash to our PRC subsidiarythrough loans and/or capital contributions,and our PRC subsidiary can transfer cash to our CaymanIslands holding company through issuing dividends or other distributions.Our Ordinary Shares may be prohibited from trading on a national exchange or over-the-counter in theUnited States under the Holding Foreign Companies Accountable Act(the“HFCAA”)and relatedregulations,if the PCAOB determines that it cannot inspect or fully investigate our auditors fortwo consecutive years.On December 16,2021,the PCAOB issued a report on its determinations that itwas unable to inspect or investigate completely PCAOB-registered public accounting firmsheadquartered in mainland China and in Hong Kong,a Special Administrative Region of the PRC,because of positions taken by PRC authorities in those jurisdictions(the“Determinations”).OnAugust 26,2022,the PCAOB signed a Statement of Protocol Agreement(the“SOP”)with the ChinaSecurities Regulatory Commission(the“CSRC”)and Chinas Ministry of Finance(the“MOF”).TheSOP,together with two protocol agreements governing inspections and investigations(together,the“SOP Agreements”),establish a specific,accountable framework to make possible completeinspections and investigations by the PCAOB of audit firms based in mainland China and Hong Kong,asrequired under U.S.law.On December 15,2022,the PCAOB determined that it was able to securecomplete access to inspect and investigate registered public accounting firms headquartered inmainland China and Hong Kong and vacated its previous determinations to the contrary.However,should PRC authorities obstruct or otherwise fail to facilitate the PCAOBs access in the future,the PCAOB may consider the need to issue a new determination.On June 22,2021,the U.S.Senatepassed the Accelerating Holding Foreign Companies Accountable Act,and on December 29,2022,legislation entitled the“Consolidated Appropriations Act,2023”(the“ConsolidatedAppropriations Act”)was signed into law by President Biden,which contained,among other things,an identical provision to the Accelerating Holding Foreign Companies Accountable Act and amended theHFCAA by reducing the number of consecutive non-inspection years required for triggering theprohibitions under the HFCAA from three years to two.Our former auditor,Friedman LLP,theindependent registered public accounting firm that issued the audit report included elsewhere inthis prospectus,was a PCAOB-registered public accounting firm headquartered in New York during thetime it served as our independent auditor.Effective on September 1,2022,Friedman LLP combinedwith Marcum LLP.The services previously provided by Friedman LLP are now being provided by MarcumAsia CPAs LLP(“MarcumAsia”),which is a PCAOB registered public accounting firm headquartered inNew York.Our current and former auditors are both subject to laws in the United States pursuant towhich the PCAOB conducts regular inspections to assess an auditors compliance with the applicableprofessional standards,and have been inspected by the PCAOB on a regular basis.As such,as of thedate of this prospectus,our offering is not affected by the HFCAA and related regulations.However,there is a risk that our auditor cannot be inspected by the PCAOB in the future.The lack ofinspection could cause trading in our securities to be prohibited under the HFCAA and relatedregulations,and,as a result,Nasdaq may determine to delist our securities,which may cause thevalue of our securities to decline or become worthless.See“Risk Factors Risks Relating toDoing Business in China The HFCAA and the Accelerating Holding Foreign Companies Accountable Actcall for additional and more stringent criteria to be applied to emerging market companies uponassessing the qualification of their auditors,especially the non-U.S.auditors who are notinspected by the PCAOB.These developments could add uncertainties to our offering and listing onNasdaq,and Nasdaq may determine to delist our securities if the PCAOB determines that it cannotinspect or fully investigate our auditor.”Per Share TotalInitial public offering price US$US$Underwriting discounts and commissions(1)US$US$Proceeds,before expenses,to us US$US$_(1)The underwriters will receive compensation in addition to such discounts and commissions asset forth under“Underwriting.”This offering is being conducted on a firm commitment basis.The underwriters are obligated topurchase and pay for all of the Ordinary Shares.We have granted the underwriters an over-allotmentoption for a period of 45 days after the closing of this offering to purchase up to 15%of the totalnumber of the Ordinary Shares offered by us pursuant to this offering,solely for the purpose ofcovering over-allotments.As part of underwriters total compensation,we have agreed to issuewarrants to Joseph Stone Capital,LLC,as the representative of the underwriters,or its designees,to purchase a number of Ordinary Shares equal to 7%of the total number of shares sold in theoffering(excluding any shares sold under the over-allotment option)at an exercise price of 125%ofthe public offering price.We are also registering such warrants and the underlying Ordinary Shares.The underwriters expect to deliver the Ordinary Shares against payment as set forth under“Underwriting,”on or about ,2023.Neither the U.S.Securities and Exchange Commission(the“SEC”)nor any statesecurities commission nor any other regulatory body has approved or disapproved ofthese securities or determined if this prospectus is truthful or complete.Anyrepresentation to the contrary is a criminal offense.You should not assume that the information contained in the registration statement to which thisprospectus is a part is accurate as of any date other than the date hereof,regardless of the timeof delivery of this prospectus or of any sale of the Ordinary Shares being registered in thatregistration statement of which this prospectus forms a part.No dealer,salesperson or any other person is authorized to give any information or make anyrepresentations in connection with this offering other than those contained in this prospectus and,if given or made,the information or representations must not be relied upon as having beenauthorized by us.This prospectus does not constitute an offer to sell or a solicitation of an offerto buy any security other than the securities offered by this prospectus,or an offer to sell or asolicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer orsolicitation is not authorized or is unlawful.Joseph Stone Capital,LLCProspectus dated ,2023.Table of ContentsAbout this ProspectusWe and the underwriters have not authorized anyone to provide any information or tomake any representations other than those contained in this prospectus or in any freewriting prospectuses prepared by us or on our behalf or to which we have referredyou.We take no responsibility for,and can provide no assurance as to thereliability of,any other information that others may give you.This prospectus is anoffer to sell only the Ordinary Shares offered hereby,but only under circumstancesand in jurisdictions where it is lawful to do so.We are not making an offer to sellthese securities in any jurisdiction where the offer or sale is not permitted orwhere the person making the offer or sale is not qualified to do so or to any personto whom it is not permitted to make such offer or sale.For the avoidance of doubt,no offer or invitation to subscribe for Ordinary Shares is made to the public in theCayman Islands.The information contained in this prospectus is current only as ofthe date on the front cover of the prospectus.Our business,financial condition,results of operations and prospects may have changed since that date.Other Pertinent InformationUnless otherwise indicated or the context requires otherwise,references in thisprospectus to:“BVI”are to the“British Virgin Islands”;“CCSC Group”are to our direct wholly-owned subsidiary,CCSC GroupLimited,an exempted company with limited liability incorporated under thelaws of the BVI;“CCSC Interconnect DG”are to CCSC Technology Groups wholly-ownedsubsidiary,Dongguan CCSC Interconnect Electronic Technology Limited,acompany organized under the laws of the PRC;“CCSC Interconnect HK”are to CCSC Technology Groups wholly-ownedsubsidiary,CCSC Interconnect Technology Limited,a limited liabilitycompany incorporated under the laws of Hong Kong;“CCSC Interconnect NL”are to CCSC Technology Groups wholly-ownedsubsidiary,CCSC Interconnect Technology Europe B.V.,a private limitedliability company organized under the laws of the Netherlands;“CCSC Technology Group”are to CCSC Groups direct wholly-ownedsubsidiary,CCSC Technology Group Limited,a limited liability companyincorporated under the laws of Hong Kong;“China”or the“PRC”are to the Peoples Republic of China,includingthe special administrative regions of Hong Kong and Macau for the purposesof this prospectus;“HK”are to Hong Kong,which is a special administrative region of the PRCauthorized to exercise a high degree of autonomy and enjoy executive,legislative and independent judicial power,under the principle of“onecountry,two systems”;“mainland China”are to the mainland China of the PRC,excluding Taiwan,the special administrative regions of Hong Kong and Macau for the purposesof this prospectus only;“Ordinary Shares”are to the ordinary shares,par value US$0.0005 pershare,of the Company;“our PRC subsidiary”is to CCSC Interconnect DG;“PRC laws and regulations”or“PRC laws”are to the laws and regulationsof mainland China;“RMB”are to Renminbi,the official currency of mainland China;“U.S.dollars,”“$,”and“US$”are to the legal currency of the UnitedStates;and “we,”“us,”“the Company”,“our”,“our company”,or“CCSC Cayman”are to CCSC Technology International Holdings Limited,an exempted companywith limited liability incorporated under the laws of the Cayman Islands;Our fiscal year end is March 31.References to a particular“fiscal year”are to ourfiscal year ended March 31 of that calendar year.Our audited consolidated financialstatements have been prepared in accordance with the generally accepted accountingprinciples in the United States(the“U.S.GAAP”).Except where indicated or where the context otherwise requires,all information inthis prospectus assumes no exercise by the underwriters of their over-allotmentoption.Table of ContentsTABLE OF CONTENTS PagePROSPECTUS SUMMARY 1RISK FACTORS 13SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 44USE OF PROCEEDS 46DIVIDEND POLICY 47CAPITALIZATION 48DILUTION 49ENFORCEABILITY OF CIVIL LIABILITIES 50CORPORATE HISTORY AND STRUCTURE 52MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS 54INDUSTRY OVERVIEW 75BUSINESS 85REGULATION 95MANAGEMENT 108PRINCIPAL SHAREHOLDERS 113RELATED PARTY TRANSACTIONS 115DESCRIPTION OF SHARE CAPITAL 117SHARES ELIGIBLE FOR FUTURE SALE 125TAXATION 127UNDERWRITING 135EXPENSES RELATING TO THIS OFFERING 139LEGAL MATTERS 140EXPERTS 140CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT 140WHERE YOU CAN FIND ADDITIONAL INFORMATION 141INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1iTable of ContentsPROSPECTUS SUMMARYThe following summary is qualified in its entirety by,and should be read inconjunction with,the more detailed information and financial statements includedelsewhere in this prospectus.In addition to this summary,we urge you to read theentire prospectus carefully,especially the risks of investing in our OrdinaryShares,discussed under“Risk Factors,”before deciding whether to buy ourOrdinary Shares.This prospectus contains certain estimates and information from anindustry report(“Frost&Sullivan Report”)commissioned by us and prepared byFrost&Sullivan Inc.(“Frost&Sullivan”),an independent market research firm,regarding our industries and our market positions.The information in such sourcesmay not be consistent with other information compiled in or outside of China.OverviewWe are a holding company incorporated in the Cayman Islands.As a holding companywith no material operations of its own,we conduct our operations through ouroperating subsidiaries established in Hong Kong,mainland China,and theNetherlands,primarily in the sale,design and manufacturing of interconnectproducts,including connectors,cables and wire harnesses.As of the date of thisprospectus,we have a diversified global customer base located in more than 25countries throughout Asia,Europe and the Americas.Interconnect products are essential components that form physical or logicalconnections between two electronic devices or networks.We specialize in customizedinterconnect products,including connectors,cables and wire harnesses that areused for a range of applications in a diversified set of industries,includingindustrial,automotive,robotics,medical equipment,computer,network andtelecommunication,and consumer products.We produce both OEM(“original equipment manufacturer”)and ODM(“original designmanufacture”)interconnect products for manufacturing companies that produce endproducts,as well as electronic manufacturing services(“EMS”)companies,whoprocure and assemble products on behalf of such manufacturing companies.OEMproducts refer to products we manufacture based on design and specificationsprovided by customers,while ODM products refer to those products that we design,develop and manufacture based on the specifications provided by customers.For thesix months ended September 30,2022,and fiscal years ended March 31,2022 and2021,almost all,or more than 99%,of our sales were attributed to manufacturingcompanies and EMS,while the remaining sales were attributed to dealers who resellinterconnect products.Many of our customers are global name-brand manufacturers,such as Linak,Danfoss,Bitzer,Maersk,Universal Robots,Philips,Osram,Flextronics,Harman and Vtech,with whom we have established long-term workingrelationships.We work closely with our customers in developing products and providing solutionsthat meet their specific requirements for the end applications,and believe thatour focus on customers needs has contributed to our steady growth in the last twodecades.We strive to achieve high customer satisfaction by(1)providing value-added services such as our“design for manufacturing”(“DFM”)analysis,throughwhich we routinely analyze product design and specifications based on endapplication requirements to ensure final products achieve optimal results forcustomers,and(2)providing prompt and effective responses to customer inquiriesand requests by utilizing our in-house management information system,whichmanagement information system is designed to store,track and analyze datacollected from various operational units,including sales,procurement,production,quality control,and engineering.Additionally,in order to better service ourgrowing customer base in Europe,in 2016,we established our Netherlandssubsidiary,CCSC Interconnect NL,which has since served as our Europe logisticsand service hub.We seek to deliver quality products at competitive prices through a verticallyintegrated production process.CCSC Interconnect DG,our PRC subsidiary,is ourmanufacturing and product development hub.CCSC Interconnect DG leases a facilityin Dongguan,Guangdong Province,where more than 300 employees carry out design anddevelopment,engineering,manufacturing and assembly,and quality control of ourproducts.While we strive to achieve efficiency and low costs by standardizing andoptimizing certain processes across the production cycle,we understand theimportance of maintaining the quality of our products.Our team of more than 30quality assurance specialists strictly enforce our quality control protocols atevery step of the production process.Our product research and development capabilities has been a cornerstone of oursuccess.Our engineering team that is responsible for product research anddevelopment currently has more than 30 employees,many of whom are experiencedmechanical and electrical engineers.We own the rights to 68 patents registeredwith the intellectual property agency of mainland China and CCSC Interconnect DGhas been certified as a High and New-Technology Enterprise(HNTE)(the“HNTE”)since 2016.We intend to continually invest in our engineering team and furtherenhance our research and development capabilities.1Table of ContentsWe are led by a management team with extensive experience in research anddevelopment,manufacturing and commercialization of interconnect products.Webelieve our management team is well positioned to lead us through the developmentand commercialization of new products,while maintaining and improving the marketposition of our existing products.Our revenue was$15,620,925,$27,169,935 and$22,608,447,and our net income was$2,840,350,$2,289,158 and$2,429,728,for thesix months ended September 30,2022,and fiscal years ended March 31,2022 and2021,respectively.For the same periods,our revenue generated from cables andwire harnesses sales was$14,529,982,$24,485,584 and$20,028,718,which accountedfor 93.0%,90.1%and 88.6%of our total revenue,respectively;our revenuegenerated from connectors sales was$1,090,943,$2,684,351 and$2,579,729,whichaccounted for 7.0%,9.9%and 11.4%of our total revenue,respectively.For the sixmonths ended September 30,2022,$3,022,887,or 19.4%,of our revenue was generatedfrom sales in China,while$12,598,038,or 80.6%,of our revenue was from the salesin the rest of the world.In the fiscal year ended March 31,2022,$6,656,803,or24.5%,of our revenue was generated from sales in China,while$20,513,132,or75.5%,of our revenue was from the sales in the rest of the world.In the fiscalyear ended March 31,2021,$6,907,312 or 30.5%of our revenues was generated fromsales in China,while$15,701,135,or 69.5%was from the sales in the rest of theworld.Our Competitive StrengthsWe believe that the following strengths enable us to capture business opportunitiesand differentiate us from our competitors:established long-term relationships with customers and key suppliers;high standard and commitment to quality control;strong focus on customers needs and value-added services;vertically integrated production;and experienced management team and dedicated workforce.Our Growth StrategiesWe plan to pursue the following strategies to further grow and expand our business:upgrade facility and management system to enhance operational efficiencyand increase production capacity;expand new customer base and increase product offering to existingcustomers;accelerate our sales and marketing efforts;continue to invest in research and development and cultivate engineeringtalents;and pursue expansion through strategic acquisitions and collaboration.Approvals from the PRC Authorities to Issue Our Ordinary Shares toForeign InvestorsRecently,the Chinese government promulgated a series of statements and actions toregulate business operations in China with limited advance notice,includingcracking down on illegal activities in the securities market,enhancing supervisionover China-based companies listed overseas,adopting new measures to extend thescope of cybersecurity reviews,and expanding efforts with respect to anti-monopolyenforcement.For example,the General Office of the Central Committee of theCommunist Party of China and the General Office of the State Council jointly issuedthe“Opinions on Severely Cracking Down on Illegal Securities Activities Accordingto Law,”or the“Opinions”,which were made available to the public on July 6,2021.The Opinions emphasized the need to strengthen the administration overillegal securities activities,and the need to strengthen the supervision overoverseas listings by Chinese companies.Moreover,the Cyberspace Administration ofChina,or the“CAC”,promulgated the Cybersecurity Review Measure that becameeffective on February 15,2022,which extends the scope of cybersecurity review todata processing operators engaging in data processing activities that affect or mayaffect national security,including listing in a foreign country,and require amandatory clearance of cybersecurity review to be completed by network platformoperators that possess personal2Table of Contentsinformation of more than 1 million users.See“Risk Factors Risks Relating toDoing Business in China Recent greater oversight by the CAC over data security,particularly for companies seeking to list on a foreign exchange,could adverselyimpact our business and our proposed offering.”On August 8,2006,six PRC governmental and regulatory agencies,including theChina Securities Regulatory Commission,or the CSRC,promulgated the Rules onAcquisition of Domestic Enterprises by Foreign Investors,or the M&A Rules,thatbecame effective on September 8,2006,and was amended on June 22,2009.The M&ARules,among other things,require that offshore special purpose vehicles,or“SPVs”,that are controlled by mainland China companies or individuals and thathave been formed for overseas listing purposes through acquisitions of mainlandChina domestic interests held by such companies or individuals,shall obtain theapproval of the CSRC prior to publicly listing their securities on an overseasstock exchange.See“Risk Factors Risks Relating to Doing Business inChina The approval of the China Securities Regulatory Commission and othercompliance procedures may be required in connection with this offering,and,ifrequired,we cannot predict whether we will be able to obtain such approval.”In addition,on February 17,2023,the CSRC promulgated the“Trial Measures”andfive supporting guidelines,which will come into effect on March 31,2023.Pursuantto the Trial Measures,domestic companies that seek to offer or list securitiesoverseas,both directly and indirectly,shall complete filing procedures with theCSRC pursuant to the requirements of the Trial Measures within three working daysfollowing its submission of an initial public offering or listing applications.Ifa domestic company fails to complete required filing procedures or conceals anymaterial fact or falsifies any major content in its filing documents,such domesticcompany may be subject to administrative penalties,such as an order to rectify,warnings,fines,and its controlling shareholders,actual controllers,the persondirectly in charge and other directly liable persons may also be subject toadministrative penalties,such as warnings and fines.According to the CSRC Notice,it further clarifies that,(i)domestic companies that have already been listedoverseas before the effective date of the Trial Measures,which will be March 31,2023,shall be deemed as existing issuers(the“Existing Issuers”),and ExistingIssuers are not required to complete the filing procedures immediately,but theyshall be required to file with the CSRC for any subsequent offerings,(ii)domesticcompanies that have obtained approval from overseas regulatory authorities orsecurities exchanges(for example,the effectiveness of a registration statementfor offering and listing in the U.S.has been obtained)for their indirect overseasoffering and listing prior to March 31,2023 but have not yet completed theirindirect overseas issuance and listing,are granted a six-month transition periodcommencing from March 31,2023 to September 30,2023.Those that complete theirindirect overseas offering and listing within such six-month period are also deemedas Existing Issuers and are not required to file with the CSRC for their initialindirect overseas offerings and listings.Within such six-month transition period,however,if such domestic companies fail to complete their indirect overseasissuance and listing,they shall complete the filing procedures with the CSRCbefore their listing and offering on an overseas exchange.Therefore,if ourregistration statement on Form F-1 cannot be declared effective on or beforeMarch 31,2023,or if our registration statement on Form F-1 is declared effectiveon or before March 31,2023 but we fail to complete this offering and listing on orbefore September 30,2023,we will be required to complete necessary filingprocedures with the CSRC as required under the Trial Measures and the CSRC Notice.See“Risk Factors Risks Relating to Doing Business in China The New OverseasListing Rules and other relevant rules promulgated by the CSRC may subject us toadditional compliance requirements in the future.”Based on the foregoing,as of the date of this prospectus,we are not required byany currently effective PRC laws or regulations to obtain permission from any PRCauthorities to issue securities to foreign investors,and we have not received anyinquiry,notice,warning,sanction,or any regulatory objection to this offeringfrom the CSRC,the CAC,or any other PRC authorities that have jurisdiction overour operations.Further,our PRC counsel,Jincheng Tongda&Neal Law Firm(“JT&N”),has advised us that,based on their understanding of the current PRClaws and regulations,as of the date of this prospectus,we and/or our PRCsubsidiary(i)are not subject to the cybersecurity review by the CAC,since we arenot deemed to be a critical information infrastructure operator or network platformoperator under the Cybersecurity Review Measure that are required to undergo acybersecurity review,(ii)are not subject to the CSRC approval in the context ofthis offering as required under M&A Rules,as we formed our PRC subsidiary,CCSCInterconnect DG,by way of equity investment rather than by a merger with oracquisition of a PRC company.However,we may be subject to the Trial Measures forfiling procedures with the CSRC,if we cannot obtain the approvals from SEC orNasdaq for this offering and listing prior to March 31,2023,or otherwise if wefail to complete this offering prior to September 30,2023 after the effective dateof the Trial Measures.3Table of ContentsSince these statements and regulatory actions are new,it is highly uncertain howsoon legislative or administrative regulation making bodies will respond and whatexisting or new laws or regulations or implementations and interpretations will bemodified or promulgated,if any,and the potential impact such modified or new lawsand regulations will have on our business operation,our ability to accept foreigninvestments or list on a U.S.exchange.There is a possibility that we could haveinadvertently concluded that we are not subject to such review or approval.Giventhe current PRC regulatory environment,it is uncertain whether we or our PRCsubsidiary will be required to obtain approvals from or complete the filing withthe CSRC to offer securities to foreign investors or list on a U.S exchange,orwhether we or our PRC subsidiary will be required to obtain clearance from the CACif we are deemed to be subject to cybersecurity review,and whether we would beable to obtain such approval or complete the filing if required.If we are unableto obtain such approval or complete the filing if required in the future,orinadvertently conclude that such approval or clearance is not required,our abilityto offer or continue to offer our Ordinary Shares to investors could besignificantly limited or completely hindered,and the value of our Ordinary Sharesmay depreciate significantly or become worthless.See“Risk Factors Risksrelating to doing business in China.”Approvals from the PRC Authorities to Conduct Our OperationsAs of the date of this prospectus,we and our PRC subsidiary have received from thePRC authorities all requisite licenses,permissions,or approvals that are requiredfor conducting our operations in China,such as business licenses,import andexport permits and value added tax permits for general taxpayers.However,it isuncertain whether we or our PRC subsidiary will be required to obtain additionalapprovals,licenses,or permits in connection with our business operations pursuantto evolving PRC laws and regulations,and whether we would be able to obtain andrenew such approvals on a timely basis or at all.If(i)we do not receive ormaintain such permissions or approvals,(ii)we inadvertently conclude that suchpermissions or approvals are not required,or(iii)applicable PRC laws,regulations,or interpretations change and we are required to obtain suchpermissions or approvals in the future,we may be subject to fines or otherpenalties,including suspension of business and revocation of prerequisitelicenses,which could result in a material change in our operations,and may have amaterial adverse effect on our business,financial condition or results ofoperations,and the value of our Ordinary Shares could depreciate significantly orbecome worthless.For more details,see“Risk Factors Risks Relating to DoingBusiness in China The Chinese government exerts substantial influence over themanner in which we must conduct our business and may intervene or influence ouroperations at any time,which actions may result in a material change in ouroperations and impact our operations materially and adversely,and significantlylimit or completely hinder our ability to offer or continue to offer securities toinvestors and cause the value of our Ordinary Shares to significantly decline or beworthless.”Dividends and DistributionsUnder the Cayman Islands law,a Cayman Islands company may pay a dividend on itsshares out of either profits,if any,or share premium amounts,provided that underno circumstances may a dividend be paid if this would result in the company beingunable to pay its debts due in the ordinary course of business.As of the date ofthis prospectus,(1)no cash transfer or transfer of other assets have occurredamong the Company and its subsidiaries,(2)no dividends or distributions have beenmade by a subsidiary to the Company,and(3)the Company has not made any dividendsor distributions to U.S.investors.A subsidiary of the Company,CCSC TechnologyGroup,paid a dividend of$3.37 million to its shareholders during the fiscal yearended March 31,2021,prior to the reorganization in March 2022 that consolidatedthe Company with its operating subsidiaries.We intend to keep any future earningsto finance the expansion of our business,and we do not anticipate that any cashdividends will be paid in the foreseeable future,or any funds will be transferredfrom one entity to another.As such,we have not installed any cash managementpolicies that dictate how funds are transferred among the Company,itssubsidiaries,or investors.Under our current corporate structure,we rely ondividend payments from our operating subsidiaries to fund any cash and financingrequirements we may have,including providing the funds necessary to pay dividendsand other cash distributions to our shareholders or to service any debt we mayincur.There are no laws or regulations that restrict us from providing funding toor receiving dividends from our Hong Kong or Netherlands subsidiaries;however,thetransfer of funds to or from our PRC subsidiary is subject to PRC laws andregulations.We are permitted under PRC laws and regulations to provide funding to our PRCsubsidiary only through loans or capital contributions,and only if we satisfy theapplicable government registration and approval requirements.For more details,see“Risk Factors Risks relating to doing business in China PRC laws andregulations of parent/subsidiary loans and direct investment by offshore holdingcompanies to PRC entities may delay or prevent us from using the proceeds of thisoffering to make loans or additional capital contributions to our PRC subsidiary,which could materially and4Table of Contentsadversely affect our liquidity and our ability to fund and expand our business.”Our PRC subsidiary is permitted to pay dividends only out of its retained earningsand is required to set aside at least 10%of its after-tax profits each year,aftermaking up for previous years accumulated losses,if any,to fund certainstatutory reserves,until the aggregate amount of such funds reaches 50%of itsregistered capital.Our PRC subsidiary is also required to further set aside aportion of its after-tax profits to fund an employee welfare fund,although theamount to be set aside,if any,is determined at its discretion.These reserves arenot distributable as cash dividends.If our PRC subsidiary incurs debt on its ownbehalf in the future,the instruments governing the debt may restrict its abilityto pay dividends or make other payments to us.Furthermore,dividends paid by ourPRC subsidiary to its parent company will be subject to a 10%withholding tax,which can be reduced to 5%if certain requirements are met.For more details,see“Risk Factors Risks relating to doing business in China We may rely ondividends and other distributions on equity paid by our PRC subsidiary to fund anycash and financing requirements we may have,and any limitation on the ability ofour PRC subsidiary to make payments to us could have a material and adverse effecton our ability to conduct our business.”In addition,the PRC government imposes controls on the convertibility of theRenminbi into foreign currencies and,in certain cases,the remittance of currencyout of mainland China.If the foreign exchange control system prevents us fromobtaining sufficient foreign currencies to satisfy our foreign currency demands,wemay not be able to transfer cash out of mainland China and pay dividends in foreigncurrencies to our shareholders.There can be no assurance that the PRC governmentwill not intervene or impose restrictions on our ability to transfer or distributecash within our organization or to foreign investors,which could result in aninability or prohibition on making transfers or distributions outside of mainlandChina and may adversely affect our business,financial condition and results ofoperations.For more details,see“Risk Factors Risks relating to doing businessin China Governmental Controls and Restrictions on currency exchange may limitour ability to utilize our revenues effectively”,and“Risk Factors Risksrelating to doing business in China To the extent cash or assets of ourbusiness,or of our PRC or Hong Kong subsidiaries,is in mainland China or HongKong,such cash or assets may not be available to fund operations or for other useoutside of mainland China or Hong Kong,due to interventions in or the impositionof restrictions and limitations by the PRC government to the transfer of cash orassets.”PCAOBs Determinations on Public Accounting Firms Headquartered inMainland China and in Hong KongOur Ordinary Shares may be delisted under the HFCAA and related regulations,if thePCAOB is unable to inspect our auditors for two consecutive years.On December 16,2021,the PCAOB issued a report on its determinations that it is unable to inspector investigate completely PCAOB-registered public accounting firms headquartered inmainland China and in Hong Kong,a Special Administrative Region of the PRC,because of positions taken by PRC authorities in those jurisdictions(the“Determinations”).On August 26,2022,the PCAOB signed the SOP Agreements withthe CSRC and the MOF governing inspections and investigations,to establish aspecific,accountable framework to make possible complete inspections andinvestigations by the PCAOB of audit firms based in mainland China and Hong Kong,as required under U.S.law.On December 15,2022,the PCAOB determined that it wasable to secure complete access to inspect and investigate registered publicaccounting firms headquartered in mainland China and Hong Kong and vacated itsprevious determinations to the contrary.Our former auditor,Friedman LLP,theindependent registered public accounting firm that issued the audit report includedelsewhere in this prospectus,was a PCAOB-registered public accounting firmheadquartered in New York during the time it served as our independent auditor.Effective on September 1,2022,Friedman LLP combined with Marcum LLP.The servicespreviously provided by Friedman LLP will now be provided by Marcum Asia CPAs LLP(“MarcumAsia”),which is a PCAOB registered public accounting firm headquarteredin New York.Our current and former auditors are both subject to laws in the UnitedStates pursuant to which the PCAOB conducts regular inspections to assess anauditors compliance with the applicable professional standards,and have beeninspected by the PCAOB on a regular basis.As such,as of the date of thisprospectus,our offering is not affected by the HFCAA and related regulations.However,should PRC authorities obstruct or otherwise fail to facilitate thePCAOBs access in the future,the PCAOB may consider the need to issue a newdetermination.However,there is a risk that our auditor cannot be inspected by thePCAOB in the future,and if the PCAOB determines that it cannot inspect or fullyinvestigate our auditors for two consecutive years,our securities will beprohibited from trading on a national exchange or over-the-counter trading market,and,as a result,Nasdaq may determine to delist our securities,which may causethe value of our securities to decline or become worthless.See“RiskFactors Risks Relating to Doing Business in China The HFCAA and theAccelerating Holding Foreign Companies Accountable Act call for additional and morestringent criteria to be applied to emerging market companies upon assessing thequalification of their auditors,especially the non-U.S.auditors who are notinspected by the PCAOB.These developments could add uncertainties to our offeringand listing on the Nasdaq Capital Market,and Nasdaq may determine to delist oursecurities if the PCAOB determines that it cannot inspect or fully investigate ourauditor.”5Table of ContentsSummary of Risk FactorsAn investment in our Ordinary Shares is subject to a number of risks,includingrisks relating to our business and industry,risks relating to doing business inChina,and risk relating to our Ordinary Shares in this offering.You shouldcarefully consider all the information in this prospectus before making aninvestment in the Ordinary Shares.The following list summarizes some,but not all,of these risks.Please read the information in the section entitled“Risk Factors”starting on page 13 for a more thorough description of these and other risks.Risks Relating to Doing Business in China Changes in Chinas economic,political,or social conditions orgovernment policies could have a material adverse effect on our businessand operations.There are uncertainties regarding the enforcement of laws and rules andregulations in China,which can change quickly with little advance notice,and there is a risk that the Chinese government may exert more oversightand control over offerings that are conducted overseas,which couldmaterially and adversely affect our business and hinder our ability tooffer our securities or continue our operations,and cause the value ofour securities to significantly decline or become worthless.Recent greater oversight by the CAC over data security,particularly forcompanies seeking to list on a foreign exchange,could adversely impactour business and our proposed offering.The approval of the CSRC and other compliance procedures may be requiredin connection with this offering,and,if required,we cannot predictwhether we will be able to obtain such approval.The Opinions recently issued by the General Office of the CentralCommittee of the Communist Party of China and the General Office of theState Council and the New Overseas Listing Rules promulgated by the CSRCmay subject us to additional compliance requirements in the future.The Chinese government exerts substantial influence over the manner inwhich we must conduct our business and may intervene or influence ouroperations at any time,which actions may result in a material change inour operations and impact our operations materially and adversely,andsignificantly limit or completely hinder our ability to offer or continueto offer securities to investors and cause the value of our OrdinaryShares to significantly decline or be worthless.You may experience difficulties in effecting service of legal process,enforcing foreign judgments,or bringing actions in mainland China againstus or our management named in the prospectus based on foreign laws.It mayalso be difficult for you or overseas regulators to conduct investigationsor collect evidence within mainland China.The HFCAA and the Accelerating Holding Foreign Companies Accountable Actcall for additional and more stringent criteria to be applied to emergingmarket companies upon assessing the qualification of their auditors,especially the non-U.S.auditors who are not inspected by the PCAOB.Thesedevelopments could add uncertainties to our offering and listing on theNasdaq Capital Market,and Nasdaq may determine to delist our securitiesif the PCAOB determines that it cannot inspect or fully investigate ourauditor.We may face disruption to our technology systems,if our technologysystems or the proprietary information and/or data collected and stored byour PRC subsidiary via such systems,particularly billing and clientinformation,were to be accessed or tampered with by unauthorized persons,and,in any such case,our reputation and relationships with our customerscould be harmed and our business could be materially and adverselyaffected.Increases in labor costs in the PRC may adversely affect our business andour profitability.Our PRC subsidiary has not made adequate social insurance and housing fundcontributions for all employees as required by PRC regulations,which maysubject us to penalties in the PRC.PRC laws and regulations relating to offshore investment activities bymainland China residents may subject our mainland China residentbeneficial owners or our PRC subsidiary to liability or penalties,limitour ability to inject capital into our PRC subsidiary,limit our PRCsubsidiarys ability to increase its registered capital or distributeprofits to us.6Table of Contents We may rely on dividends and other distributions on equity paid by our PRCsubsidiary to fund any cash and financing requirements we may have,andany limitation on the ability of our PRC subsidiary to make payments to uscould have a material and adverse effect on our ability to conduct ourbusiness.PRC laws and regulations of parent/subsidiary loans and direct investmentby offshore holding companies to PRC entities may delay or prevent us fromusing the proceeds of this offering to make loans or additional capitalcontributions to our PRC subsidiary,which could materially and adverselyaffect our liquidity and our ability to fund and expand our business.Fluctuations in exchange rates between the RMB and other currencies couldhave a material and adverse effect on our results of operations and thevalue of your investment.Governmental Control and Restriction on currency exchange may limit ourability to utilize our revenues effectively.To the extent cash or assets of our business,or of our PRC or Hong Kongsubsidiaries,is in mainland China or Hong Kong,such cash or assets maynot be available to fund operations or for other use outside of mainlandChina or Hong Kong,due to interventions in or the imposition ofrestrictions and limitations by the PRC government to the transfer of cashor assets.There are uncertainties under the PRC Securities Law relating to theprocedures and requisite timing for the U.S.securities regulatoryagencies to conduct investigations and collect evidence within theterritory of mainland China.Under the PRC Enterprise Income Tax Law(“EIT Law”),we may beclassified as a mainland China“resident enterprise”for PRC enterpriseincome tax purposes.Such classification would likely result inunfavorable tax consequences to us and our shareholders who are notmainland China residents and have a material adverse effect on our resultsof operations and the value of your investment.We face uncertainty with respect to indirect transfers of equity interestsin mainland China resident enterprises by their holding companies that arenot mainland China resident companies.There are significant uncertainties under the EIT Law relating to thewithholding tax liabilities of CCSC Interconnect DG,and dividends payableby CCSC Interconnect DG to our offshore subsidiaries may not qualify toenjoy certain treaty benefits.The M&A Rules and certain other PRC laws and regulations establish complexprocedures for some acquisitions of Chinese companies by foreigninvestors,which could make it more difficult for us to pursue growththrough acquisitions in mainland China.If we become directly subject to the scrutiny,criticism,and negativepublicity involving U.S.-listed Chinese companies,we may have to expendsignificant resources to investigate and resolve the matter which couldharm our business operations,stock price,and reputation.The disclosures in our reports and other filings with the SEC and ourother public pronouncements may be subject to the scrutiny of anyregulatory bodies in the PRC.Risks Relating to Our Business We operate in a highly competitive industry,and the scale and resourcesof some of our competitors may allow them to compete more effectively thanwe can,which could result in a loss of our market share and a decrease inour net revenues and profitability.A disruption,termination or alteration of the supply of materials orcomponents due to natural disasters,political and economic turmoil,orwidespread disease or pandemics(such as the COVID-19 pandemic)couldmaterially and adversely affect the sales of our products.If we fail to acquire new customers or retain existing customers,especially our large customers,our business,financial condition andresults of operations could be materially and adversely affected.Increases in the price of raw materials could impact our ability tosustain and grow earnings.We have limited sources of working capital and may need substantialadditional financing.7Table of Contents The Company is dependent on the end markets,including industrial,automotive,robotics,medical equipment,computer,network andtelecommunication,and consumer products,for the demand of itsinterconnect products,and is susceptible to negative trends relating tothose industries that could adversely affect the Companys operatingresults.The Companys international operations subject the Company to additionalbusiness risks that may have a material adverse effect on the Companysbusiness,operating results and financial condition.The Companys business will suffer if the Company fails to develop andsuccessfully introduce new and enhanced products that meet the changingneeds of the Companys customers.Risks Relating to Our Ordinary Shares and This Offering If we fail to implement and maintain an effective system of internalcontrols or fail to remediate the material weaknesses in our internalcontrol over financial reporting that have been identified,we may fail tomeet our reporting obligations or be unable to accurately report ourresults of operations or prevent fraud,and investor confidence and themarket price of our Ordinary Shares may be materially and adverselyaffected.As a foreign private issuer,we are not subject to certain U.S.securitieslaw disclosure requirements that apply to a domestic U.S.issuer,whichmay limit the information publicly available to our shareholders.As a foreign private issuer,we are not subject to certain U.S.securitieslaw disclosure requirements that apply to a domestic U.S.issuer and areexempt from certain Nasdaq corporate governance standards applicable toU.S.issuers,which may limit the information publicly available to ourinvestors and afford them less protection than if we were an U.S.issuer.We do not intend to pay dividends for the foreseeable future.Corporate StructureThe following diagram illustrates our corporate structure as of the date of thisprospectus and upon completion of this offering based on 10,000,000 Ordinary Sharesissued and outstanding as of the date of this prospectus and 2,500,000 OrdinaryShares being offered.For more detail on our corporate history please refer to“Business Corporate History and Structure”.8Table of ContentsCorporate InformationOur principal executive offices are located at 1301-03,13/f Shatin Galleria,18-24Shan Mei St,Fotan,Shatin,Hong Kong.Our telephone number at this addressis 00852-26870272.Our registered office in the Cayman Islands is located at PO Box309,Ugland House,Grand Cayman,KY1-1104,Cayman Islands,and the phone number ofour registered office is 1 345 949 8066.Investors should submit any inquiries to the address and telephone number of ourprincipal executive offices.Our corporate website is http:/www.ccsc-.The information contained on our websites is not a part of thisprospectus.Our agent for service of process in the United States,Cogency GlobalInc.,is located at 122 East 42nd Street,18th Floor,New York,New York 10168.Implications of Being an Emerging Growth CompanyAs a company with less than US$1.235 billion in revenue during our last fiscalyear,we qualify as an“emerging growth company”as defined in the Jumpstart OurBusiness Startups Act of 2012,as amended,or the“JOBS Act”.As long as we remainan emerging growth company,we may rely on exemptions from some of the reportingrequirements applicable to public companies that are not emerging growth companies.In particular,as an emerging growth company,we:may present only two(2)years of audited financial statements and onlytwo(2)years of related Managements Discussion and Analysis ofFinancial Condition and Results of Operations,or“MD&A;”are not required to provide a detailed narrative disclosure discussing ourcompensation principles,objectives and elements and analyzing how thoseelements fit with our principles and objectives,which is commonlyreferred to as“compensation discussion and analysis”;are not required to obtain an attestation and report from our auditors onour managements assessment of our internal control over financialreporting pursuant to the Sarbanes-Oxley Act of 2002;are not required to obtain a non-binding advisory vote from ourshareholders on executive compensation or golden parachute arrangements(commonly referred to as the“say-on-pay,”“say-on frequency”and“say-on-golden-parachute”votes);are exempt from certain executive compensation disclosure provisionsrequiring a pay-for-performance graph and chief executive officer payratio disclosure;are eligible to claim longer phase-in periods for the adoption of new orrevised financial accounting standards under 107 of the JOBS Act;and will not be required to conduct an evaluation of our internal control overfinancial reporting until our second annual report on Form 20-F followingthe effectiveness of our initial public offering.We intend to take advantage of all of these reduced reporting requirements andexemptions,including the longer phase-in periods for the adoption of new orrevised financial accounting standards under 107 of the JOBS Act.Our election touse the phase-in periods may make it difficult to compare our financial statementsto those of non-emerging growth companies and other emerging growth companies thathave opted out of the phase-in periods under 107 of the JOBS Act.Under the JOBS Act,we may take advantage of the above-described reduced reportingrequirements and exemptions until we no longer meet the definition of an emerginggrowth company.We will remain an emerging growth company until the earliest of(a)the last day of the fiscal year during which we have total annual grossrevenues of at least US$1.235 billion;(b)the last day of our fiscal yearfollowing the fifth anniversary of the completion of this offering;(c)the date onwhich we have,during the preceding three-year period,issued more thanUS$1.0 billion in non-convertible debt;or(d)the date on which we are deemed tobe a“large accelerated filer”under the United States SecuritiesExchange Act of 1934,as amended(the“Exchange Act”),which would occur if themarket value of our Ordinary Shares that are held by non-affiliates exceedsUS$700 million as of the last business day of our most recently completed secondfiscal quarter.Once we cease to be an emerging growth company,we will not beentitled to the exemptions provided in the JOBS Act discussed above.9Table of ContentsForeign Private Issuer StatusWe are a foreign private issuer within the meaning of the rules under theSecurities Exchange Act of 1934,as amended(the“Exchange Act”).As such,we areexempt from certain provisions applicable to United States domestic publiccompanies.For example:we are not required to provide as many Exchange Act reports,or asfrequently,as a domestic public company;for interim reporting,we are permitted to comply solely with our homecountry requirements,which are less rigorous than the rules that apply todomestic public companies;we are not required to provide the same level of disclosure on certainissues,such as executive compensation;we are exempt from provisions of Regulation FD aimed at preventing issuersfrom making selective disclosures of material information;we are not required to comply with the sections of the Exchange Actregulating the solicitation of proxies,consents,or authorizations inrespect of a security registered under the Exchange Act;and we are not required to comply with Section 16 of the Exchange Actrequiring insiders to file public reports of their share ownership andtrading activities and establishing insider liability for profits realizedfrom any“short-swing”trading transaction.Implications of Being a Controlled CompanyUpon completion of this offering,our director and chairman of the Board,Dr.ChiSing Chiu,will beneficially own approximately%of the aggregate voting powerof our outstanding Ordinary Shares assuming no exercise of the over-allotmentoption,or%assuming full exercise of the over-allotment option.As a result,we will be deemed to be a“controlled company”for the purpose of the Nasdaqlisting rules.As a controlled company,we are permitted to elect to rely oncertain exemptions from the obligations to comply with certain corporate governancerequirements,including:the requirement that our director nominees be selected or recommendedsolely by independent directors;and the requirement that we have a nominating and corporate governancecommittee and a compensation committee that are composed entirely ofindependent directors with a written charter addressing the purposes andresponsibilities of the committees.Although we do not intend to rely on the controlled company exemptions under theNasdaq listing rules,we could elect to rely on these exemptions in the future,andif so,you would not have the same protection afforded to shareholders of companiesthat are subject to all of the corporate governance requirements of Nasdaq.10Table of ContentsTHE OFFERINGOffering Price We currently estimate that the initial publicoffering price will be between US$4.00 andUS$6.00 per Ordinary Share.Ordinary Shares offered by us 2,500,000 Ordinary Shares(or 2,875,000 OrdinaryShares if the underwriters exercise in full theover-allotment option).Ordinary Shares outstanding priorto the completion of thisoffering 10,000,000 Ordinary SharesOrdinary Shares outstanding afterthe completion of this offering 12,500,000 Ordinary Shares(or 12,875,000Ordinary Shares if the underwriters exercise infull the over-allotment option).Over-Allotment Option We have granted to the underwriters an option,exercisable within 45 days after the closing ofthis offering,to purchase up to an aggregateof 15%of the total number of Ordinary Sharesoffered by us pursuant to this offering,solelyfor the purpose of covering over-allotments atthe initial public offering price,lessunderwriting discounts.Representatives Warrants We have agreed to issue warrants to Joseph StoneCapital LLC,the representative of theunderwriters,or its designees,to purchase anumber of Ordinary Shares equal to 7%of thenumber of Ordinary Shares sold in this offering,excluding any Ordinary Shares sold under theover-allotment option(the“RepresentativesWarrants”).Such warrants shall have an exerciseprice equal to 125%of the offering price of theOrdinary Shares sold in this offering.TheRepresentatives Warrants will be exercisableafter 180 days after the commencement of thesales of this offering and will expire five(5)years thereafter.The Representatives Warrantswill provide for registration rights(including aone-time demand registration right and unlimitedpiggyback rights),customary anti-dilutionprovisions,may be exercised cashless,will beexercisable after 180 days from the commencementof the sales of this offering,and will expirefive years after the commencement of the sales ofthis offering.The Registration Statement alsocovers the Representatives Warrants and theOrdinary Shares issuable upon their exercise.Use of Proceeds We estimate that we will receive net proceeds ofapproximately US$9.97 million(or US$11.70million if the underwriters exercise the over-allotment option in full)from this offering,assuming an initial public offering price ofUS$5.00 per Ordinary Share,which is the mid-point of the estimated range of the initialpublic offering price,after deducting estimatedunderwriting discounts,non-accountable expenseallowance,and estimated offering expensespayable by us.We anticipate using the net proceeds of thisoffering primarily for(i)upgrading facility andmanagement system(including IT system)toenhance operational efficiency and increaseproduction capacity;(ii)marketing efforts andexpand sales team;(iii)research anddevelopment,including recruitment andcultivating of engineering talents;(iv)strategic acquisitions and collaborations;and(v)working capital and for other generalcorporate purposes.See“Use of Proceeds”for more information.11Table of ContentsLock-up We,our officers,directors,and existingshareholders owning of at least ten(10%)percentof our issued and outstanding Ordinary Shares,have agreed that,for a period of 365 days fromthe closing of this offering,without the priorwritten consent of the representative of theunderwriters,will not sell,offer to sell,contract or agree to sell,pledge,grant anyoption,right or warrant to purchase,lend orotherwise encumber,transfer or dispose of,directly or indirectly,any Ordinary Shares ofthe Company,or securities convertible into orexercisable or exchangeable for Ordinary Sharesof the Company.In addition,any shareholder(whois neither an officer or director of the Company)owning at least five(5%)percent but less thanten(10%)percent of our issued and outstandingOrdinary Shares shall enter into a similar lock-up agreement for at least 180 days following theclosing of this offering.See“Shares Eligible for Future Sale”and“Underwriting.”Listing We intend to apply to have our Ordinary Shareslisted on the Nasdaq Capital Market under thesymbol“CCTG.”Payment and settlement The underwriters expect to deliver the OrdinaryShares against payment on ,2023,throughthe facilities of The Depository Trust Company,or DTC.Risk Factors See“Risk Factors”and other informationincluded in this prospectus for a discussion ofrisks you should carefully consider beforeinvesting in our Ordinary Shares.12Table of ContentsRISK FACTORSAn investment in our Ordinary Shares involves a high degree of risk.Before decidingwhether to invest in our Ordinary Shares,you should consider carefully the risksdescribed below,together with all of the other information set forth in thisprospectus,including the section titled“Managements Discussion and Analysis ofFinancial Condition and Results of Operations”and our consolidated financialstatements and related notes.If any of these risks actually occurs,our business,financial condition,results of operations or cash flow could be materially andadversely affected,which could cause the trading price of our Ordinary Shares todecline,resulting in a loss of all or part of your investment.The risks describedbelow and in the documents referenced above are not the only ones that we face.Additional risks not presently known to us or that we currently deem immaterial mayalso affect our business.You should only consider investing in our Ordinary Sharesif you can bear the risk of loss of your entire investment.Risks Relating to Doing Business in ChinaChanges in Chinas economic,political,or social conditions or governmentpolicies could have a material adverse effect on our business andoperations.A substantial amount of our assets are located in China and we conduct themanufacturing of interconnect products through our PRC subsidiary,CCSC InterconnectDG.Accordingly,our business,financial condition,results of operations,andprospects may be influenced to a significant degree by political,economic,andsocial conditions in China generally.The Chinese economy differs from the economiesof most developed countries in many respects,including the level of governmentinvolvement,level of development,growth rate,control of foreign exchange,andallocation of resources.Although the Chinese government has implemented measuresemphasizing the utilization of market forces for economic reform,including thereduction of state ownership of productive assets and the establishment of improvedcorporate governance in business enterprises,a substantial portion of productiveassets in China is still owned by the government.In addition,the Chinese governmentcontinues to play a significant role in regulating industry development by imposingindustrial policies.The Chinese government also exercises significant control overChinas economic growth by allocating resources,controlling payment of foreigncurrency-denominated obligations,setting monetary policy,and providing preferentialtreatment to particular industries or companies.While the Chinese economy has experienced significant growth over the past decades,growth has been uneven,both geographically and among various sectors of the economy.Any adverse changes in economic conditions in China,in the policies of the Chinesegovernment,or in the laws and regulations in China could have a material adverseeffect on the overall economic growth of China.Such developments could adverselyaffect our business and operating results,reduce demand for our products,and weakenour competitive position.The Chinese government has implemented various measures toencourage economic growth and guide the allocation of resources.Some of thesemeasures may benefit the overall Chinese economy but may have a negative effect onus.For example,our financial condition and results of operations may be adverselyaffected by government control over capital investments or changes in taxregulations.In addition,in the past the Chinese government has implemented certainmeasures,including interest rate adjustments,to control the pace of economicgrowth.These measures may cause decreased economic activities in China,which mayadversely affect our business and operating results.Furthermore,we and our Chinese subsidiary,as well as our investors,faceuncertainty about future actions by the Chinese government that could significantlyaffect our financial performance and operations.Failure to take timely andappropriate measures to adapt to any of these or similar regulatory compliancechallenges could materially and adversely affect our current corporate structure andbusiness operations.As of the date of this prospectus,we dont believe that we are required to obtainpermission or approvals from the competent Chinese authorities to list onU.S.exchanges.However,there is a risk that we could be inadvertently concludedthat we are not subject to such permission or approval,and if we are required toobtain such permission or approval,we cannot be certain that we will be able toreceive such permission or approval in a timely manner,or at all,for us to list onU.S.exchanges,which could significantly limit or completely hinder our ability tooffer or continue to offer our securities to investors and cause the value of ourshares to significantly decline or be worthless.13Table of ContentsThere are uncertainties regarding the enforcement of laws and rules andregulations in mainland China,which can change quickly with little advancenotice,and there is a risk that the Chinese government may exert moreoversight and control over offerings that are conducted overseas,whichcould materially and adversely affect our business and hinder our abilityto offer our securities or continue our operations,and cause the value ofour securities to significantly decline or become worthless.The legal system of mainland China is based on written statutes.Unlike common lawsystems,it is a system in which legal cases have limited value as precedents.Thereare uncertainties regarding the enforcement of PRC laws and regulations which canchange quickly with little advance notice.Any actions by the Chinese government toexert more oversight and control over offerings that are conducted overseas couldmaterially and adversely affect our business and hinder our ability to offer orcontinue our operations and cause the value of our securities to significantlydecline or become worthless.For example,the Chinese cybersecurity regulatorannounced on July 2,2021 that it had begun an investigation of Didi Global Inc.(NYSE:DIDI)and two days later ordered that companys app be removed fromsmartphone app stores.In December 2021,DIDI announced that it would delist from theNew York Stock Exchange less than six months after its initial public offering.On July 6,2021,the General Office of the Communist Party of China Central Committeeand the General Office of the State Council jointly issued an announcement to crackdown on illegal activities in the securities market and promote the high-qualitydevelopment of the capital market,which,among other things,requires the relevantgovernmental authorities to strengthen cross-border oversight of law-enforcement andjudicial cooperation,to enhance supervision over China-based companies listedoverseas,and to establish and improve the system of extraterritorial application ofthe PRC securities laws.Since this announcement is relatively new,uncertaintiesstill exist in relation to how soon legislative or administrative regulation makingbodies will respond and what existing or new laws or regulations or detailedimplementations and interpretations will be modified or promulgated,if any,and thepotential impact such modified or new laws and regulations will have on companieslike us and our Ordinary Shares.From time to time,we may have to resort to administrative and court proceedings toenforce our legal rights.Since mainland China administrative and court authoritieshave significant discretion in interpreting and implementing statutory andcontractual terms,however,it may be more difficult to evaluate the outcome ofadministrative and court proceedings and the level of legal protection we enjoy inmainland China legal system than in more developed legal systems.Furthermore,thelegal system of mainland China is based in part on government policies and internalrules(some of which are not published in a timely manner or at all)that may haveretroactive effect.As a result,we may not be aware of our violation of thesepolicies and rules until sometime after the violation.Such uncertainties,includinguncertainties over the scope and effect of our contractual,property(includingintellectual property)and procedural rights,and any failure to respond to changesin the regulatory environment in China could materially and adversely affect ourbusiness and impede our ability to continue our operations,and cause the value ofour securities to significantly decline or become worthless.Recent greater oversight by the CAC over data security,particularly forcompanies seeking to list on a foreign exchange,could adversely impact ourbusiness and our proposed offering.On December 28,2021,the CAC,together with 12 other governmental departments of thePRC,jointly promulgated the Cybersecurity Review Measures,which became effective onFebruary 15,2022.The Cybersecurity Review Measures provides that,in addition tocritical information infrastructure operators(“CIIOs”)that intend to purchaseInternet products and services,network platform operators engaging in dataprocessing activities that affect or may affect national security must be subject tocybersecurity review by the Cybersecurity Review Office of the PRC.The CybersecurityReview Measures further requires that network platform operators that possesspersonal information of more than one million users must apply for a mandatorycybersecurity review before conducting listings in foreign countries.On November 14,2021,the CAC published the Network Data Security AdministrationDraft,or the“Security Administration Draft”,which provides that data processingoperators engaging in data processing activities that affect or may affect nationalsecurity or that processing personal information of more than one million users mustbe subject to network data security review by the relevant Cyberspace Administrationof the PRC.The deadline for public comments on the Security Administration Draft wasDecember 13,2021.As of the date of this prospectus,we have not received any notice from any PRCauthorities identifying our PRC subsidiary as a CIIO or requiring us to go throughcybersecurity review or network data security review by the CAC.We believe our PRCoperations will not be subject to cybersecurity review or network data securityreview by14Table of Contentsthe CAC for this offering,because we believe our PRC subsidiary is not a CIIO or anetwork platform operator,nor do we collect personal information of more than1 million users.As of the date of this prospectus,we are of the view that we are incompliance with the applicable PRC cybersecurity laws and regulations that have beenissued by the CAC in all material respects,and we have not received any complaintsfrom any third party,nor been investigated or punished by any competent PRCauthority in this regard.There remains uncertainty,however,as to how the relevantPRC cybersecurity laws and regulations will be interpreted or implemented and whetherthe PRC regulatory agencies,including the CAC,may adopt new laws,regulations,rules,or detailed implementation and interpretation related to cybersecurity.If anysuch new laws,regulations,rules,or implementation and interpretation come intoeffect,we expect to take all reasonable measures and actions to comply and tominimize the adverse effect of such laws on us.We cannot guarantee,however,that wewill not be subject to cybersecurity review or network data security review in thefuture.The approval of the China Securities Regulatory Commission and othercompliance procedures may be required in connection with this offering,and,if required,we cannot predict whether we will be able to obtain suchapproval.The M&A Rules require overseas special purpose vehicles that are controlled bymainland China companies or individuals formed for the purpose of seeking a publiclisting on an overseas stock exchange through acquisitions of mainland China domesticcompanies using shares of such special purpose vehicle or held by its shareholders asconsideration to obtain the approval of the CSRC,prior to the listing and trading ofsuch special purpose vehicles securities on an overseas stock exchange.However,the application of the M&A Rules remains unclear.If CSRC approval is required,it isuncertain whether it would be possible for us to obtain such approval.Any failure toobtain or delay in obtaining CSRC approval for this offering would subject us tosanctions imposed by the CSRC and other PRC regulatory agencies.Our PRC legal counsel,JT&N,has advised us based on their understanding of thecurrent PRC laws and regulations that the CSRCs approval may not be required forthe listing and trading of our Ordinary Shares on Nasdaq in the context of thisoffering,given that:(i)the CSRC currently has not issued any definitive rule orinterpretation concerning whether offerings like ours in this prospectus are subjectto the M&A Rules,(ii)we establish our wholly-foreign owned enterprise(“WFOE”),CCSC Interconnect DG,by means of direct investment rather than through merger andacquisition of a“mainland China domestic company”as defined under the M&A Rules.However,our PRC legal counsel,JT&N,has further advised us that there remains someuncertainty as to how the M&A Rules will be interpreted or implemented in the contextof an overseas offering and its opinions summarized above are subject to any newlaws,regulations and rules or detailed implementations and interpretations in anyform relating to the M&A Rules.We cannot assure you that relevant PRC regulatoryagencies,including the CSRC,would reach the same conclusion as our PRC legalcounsel does.If it is determined that CSRC approval is required for this offering,we may face sanctions by the CSRC or other PRC regulatory agencies for failure toobtain or delay in obtaining CSRC approval for this offering.These sanctions mayinclude fines and penalties on our operations in China,limitations on our operatingprivileges in China,delays in or restrictions on the repatriation of the proceedsfrom this offering into the PRC,restrictions on or prohibition of the payments orremittance of dividends by our subsidiary in China,or other actions that could havea material and adverse effect on our business,reputation,financial condition,results of operations,prospects,as well as the trading price of our OrdinaryShares.The CSRC or other PRC regulatory agencies may also take actions requiring us,or making it advisable for us,to halt this offering before the settlement anddelivery of the Ordinary Shares that we are offering.Consequently,if you engage inmarket trading or other activities in anticipation of and prior to the settlement anddelivery of the Ordinary Shares we are offering,you would be doing so at the riskthat such settlement and delivery may not occur.In addition,if the CSRC or otherregulatory agencies later promulgate new rules or explanations requiring that weobtain their approvals for this offering,we may be unable to obtain a waiver of suchapproval requirements or to obtain such approval in timely manner,or at all.The New Overseas Listing Rules and other relevant rules promulgated by theCSRC may subject us to additional compliance requirements in the future.On February 17,2023,the CSRC promulgated the Trial Measures and five supportingguidelines,which will come into effect on March 31,2023.Pursuant to the TrialMeasures,domestic companies that seek to offer or list securities overseas,bothdirectly and indirectly,shall complete filing procedures with the CSRC pursuant tothe requirements of the Trial Measures within three working days following itssubmission of an initial public offering or listing applications.If a domesticcompany fails to complete required filing procedures or conceals any material fact orfalsifies any major15Table of Contentscontent in its filing documents,such domestic company may be subject toadministrative penalties,such as an order to rectify,warnings,fines,and itscontrolling shareholders,actual controllers,the person directly in charge and otherdirectly liable persons may also be subject to administrative penalties,such aswarnings and fines.Further,according to the Notice on the Administrative Arrangements for the Filing ofthe Overseas Securities Offering and Listing by Domestic Companies issued by the CSRCon February 17,2023,or the CSRC Notice,it further clarifies that,(i)domesticcompanies that have already been listed overseas before the effective date of theTrial Measures,which will be March 31,2023,shall be deemed as Existing Issuers,and Existing Issuers are not required to complete the filing procedures immediately,but they shall be required to file with the CSRC for any subsequent offerings,(ii)domestic companies that have obtained approval from overseas regulatory authoritiesor securities exchanges(for example,the effectiveness of a registration statementfor offering and listing in the U.S.has been obtained)for their indirect overseasoffering and listing prior to March 31,2023 but have not yet completed theirindirect overseas issuance and listing,are granted a six-month transition periodcommencing from March 31,2023 to September 30,2023.Those that complete theirindirect overseas offering and listing within such six-month period are also deemedas Existing Issuers and are not required to file with the CSRC for their initialindirect overseas offerings and listings.Within such six-month transition period,however,if such domestic companies fail to complete their indirect overseas issuanceand listing,they shall complete the filing procedures with the CSRC before theirlisting and offering on an overseas exchange.Therefore,if our registrationstatement on Form F-1 cannot be declared effective on or before March 31,2023,or ifour registration statement on Form F-1 is declared effective on or before March 31,2023 but we fail to complete this offering and listing on or before September 30,2023,we will be required to complete necessary filing procedures with the CSRC asrequired under the Trial Measures and the CSRC Notice.On February 24,2023,the CSRC,together with the Ministry of Finance,the NationalAdministration of State Secrets Protection and National Archives Administration ofChina,revised the Provisions on Strengthening Confidentiality and ArchivesAdministration for Overseas Securities Offering and Listing,which were issued by theCSRC and National Administration of State Secrets Protection and National ArchivesAdministration of China in 2009,or the Provisions.The revised Provisions wereissued under the title the“Provisions on Strengthening Confidentiality and ArchivesAdministration of Overseas Securities Offering and Listing by Domestic Companies,”and will come into effect on March 31,2023,together with the Trial Measures.One ofthe major revisions to the revised Provisions is expanding their application to coverindirect overseas offering and listing,as is consistent with the Trial Measures.Therevised Provisions require that,among other things,(a)a domestic company thatplans to,either directly or indirectly through its overseas listed entity,publiclydisclose or provide to relevant individuals or entities,including securitiescompanies,securities service providers,and overseas regulators,any documents andmaterials that contain state secrets or working secrets of government agencies,shallfirst obtain approval from competent authorities according to law,and file with thesecrecy administrative department at the same level;and(b)a domestic company thatplans to,either directly or indirectly through its overseas listed entity,publiclydisclose or provide to relevant individuals and entities,including securitiescompanies,securities service providers,and overseas regulators,any other documentsand materials that,if leaked,will be detrimental to national security or publicinterest,shall strictly fulfill relevant procedures stipulated by applicablenational regulations.As of the date of this prospectus,the revised Provisions havenot come into effect.On or after March 31,2023,any failure or perceived failure byour Company and our subsidiaries to comply with the above confidentiality andarchives administration requirements under the revised Provisions and other PRC lawsand regulations may result in the relevant entities being held legally liable bycompetent authorities,and referred to the judicial organ to be investigated forcriminal liability if suspected of committing a crime.The Trial Measures and the revised Provisions recently issued by PRC authorities maysubject us to additional compliance requirements in the future,as there are stilluncertainties regarding the interpretation and implementation of such regulatoryguidance,and we cannot assure you that we will be able to comply with all the newregulatory requirements of the Trial Measures,the revised Provisions,or any futureimplementing rules on a timely basis,or at all.Any failure by us to fully complywith the new regulatory requirements,including but not limited to the failure tocomplete the filing procedures with the CSRC if required,may significantly limit orcompletely hinder our ability to offer or continue to offer our Ordinary Shares,cause significant disruption to our business operations,and severely damage ourreputation,which would materially and adversely affect our financial condition andresults of operations and cause our Ordinary Shares to significantly decline in valueor become worthless.16Table of ContentsThe Chinese government exerts substantial influence over the manner inwhich we must conduct our business and may intervene or influence ouroperations at any time,which actions may result in a material change inour operations and impact our operations materially and adversely,andsignificantly limit or completely hinder our ability to offer or continueto offer securities to investors and cause the value of our Ordinary Sharesto significantly decline or be worthless.The Chinese government has exercised,and continues to exercise,substantial controlover virtually every sector of the Chinese economy through regulation and stateownership.Our ability to operate in China may be harmed by changes in its laws andregulations,including those relating to manufacturing,taxation,environmentalregulations,land use rights,property and other matters.The central or localgovernments of these jurisdictions may impose new,stricter regulations orinterpretations of existing regulations that would require additional expendituresand efforts on our part to ensure our compliance with such regulations orinterpretations.Accordingly,government actions in the future,including anydecision not to continue to support recent economic reforms and to return to a morecentrally planned economy or regional or local variations in the implementation ofeconomic policies,could have a significant effect on economic conditions in China orparticular regions thereof,and could require us to divest ourselves of any interestwe then hold in Chinese properties.Our business is subject to various government and regulatory interference.We couldbe subject to regulation by various political and regulatory entities,includingvarious local and municipal agencies and government sub-divisions.The Company mayincur increased costs necessary to comply with existing and newly adopted laws andregulations or penalties for any failure to comply.Our operations could be adverselyaffected,directly or indirectly,by existing or future laws and regulations relatingto our business or industry,which could result in further material changes in ouroperations and could adversely impact the value of our Ordinary Shares.Furthermore,recent statements by the Chinese government indicate an intent to exertmore oversight and control over offerings that are conducted overseas.Although webelieve that we are currently not required to obtain permission from any of the PRCcentral or local government and we have not received any denial to list on anyU.S.exchange,it is uncertain whether or when we might be required to obtainpermission from the PRC government to list on U.S.exchanges in the future.Even ifsuch permission is obtained,it remains uncertain whether it may be later denied orrescinded,which could significantly limit or completely hinder our ability to offeror continue to offer our securities to investors and may cause the value of ourshares to significantly decline or be worthless.If(i)we do not receive or maintainsuch permissions or approvals,(ii)we inadvertently conclude that such permissionsor approvals are not required,or(iii)applicable PRC laws,regulations,orinterpretations change and we are required to obtain such permissions or approvals inthe future,we may be subject to fines or other penalties,including suspension ofbusiness and revocation of prerequisite licenses,which could result in a
6人看过 2023-03-29 223页 5斯特恩
Jones Lang LaSalle：绿色租赁 2.0 - 缩小差距并提供共享的 ESG 价值（英文版）(34 Seiten).pdf
Green Leasing 2.0Bridging the owner-occupier divide to deliver shared ESG valueGlobal Research March Green Leasing 2.0|March 20232ContentsExecutive Summary 3The need for a new approach 5Green Leasing 2.0:Why now?8The Value Proposition 12Core Enablers of success:How to deliver the new approach?15Start and finish with the right team 25Data and technology are core foundations of Green Leasing 2.0 27Looking ahead 29Greening the lease:Example clauses 32Core Enabler#3:Shared Equity 22Core Enabler#2:Engagement 18Core Enabler#1:Education 16Green Leasing 2.0|March 20233We have seven years to halve emissions and the window for effective action is closing rapidly.If the real estate industry is to achieve this 2030 target,a complete shift in how we use and manage buildings is required.Executive SummaryKey to this is reforming the current leasing system and process,as existing lease structures that are compliance-based and centered around a single leasing event are no longer fit for purpose.The owner-occupier relationship requires a reset,a move to more collaborative relations which necessitate new forms of contract and engagement:Green Leasing 2.0.The Green Leasing 2.0 model:A new way of working centered around Education,Engagement and shared EquityGreen Leasing 2.0Data sharingExpert teamBeyond carbonFlexibilityIntegrated processEngagementEducationEquityGreen Leasing 2.0|March 20234Three vital Enablers will help drive this change:Education:Green Leasing 2.0 requires education,upskilling,multi-stakeholder collaboration and behavioral change to achieve a leapfrog moment at scale.It is no longer a check-box exercise,but an understanding of a shared set of values,actions and mutual benefits for both building owners and occupiers.Engagement:Green Leasing 2.0 goes beyond contractual lease clauses it centers around ongoing collaboration between owners,occupiers and third-party stakeholders to deliver on ESG goals throughout the life of the lease.It should maintain a degree of flexibility as different organizations have unique objectives,opportunities and challenges that will change over time.Equity:Green Leasing 2.0 represents a new business partnership on building management,operation and financing.This entails new levels of cooperation,cost-sharing and co-investment between building owners and occupiers,as well as transparency on goals,plans and risks.Capital expenses that improve the operational efficiency or reduce harmful emissions,or other environmental factors,will provide benefit for both the owner and occupier.Green Leasing 2.0 will enable this value to be shared in proportion to who makes it happen.123Data and technology are core foundations of Green Leasing 2.0:Data capture and sharing can ensure that companies have the necessary information to comply with increasingly stringent disclosure requirements,as well as the right systems in place to work together on building improvements and clean energy procurement.Beyond carbon:Circularity,climate resilience and social impact principles are also making their way into green leasing.Social value,in particular,is garnering more attention in the leasing process as corporations look to meet all their ESG objectives more holistically.This report aims to help you understand and unlock the full potential of owner-occupier collaboration through Green Leasing 2.0.Leveraging subject-matter expertise and data from our property services,this report should serve as a resource for you to leapfrog into effective action and scale in this make-or-break decade for transformational change.Green Leasing 2.0|March 20235The need for a new approachSystematic change to the leasing process is needed nowTo meet ambitious decarbonization targets,building owners and occupiers will increasingly need to make complex choices together regarding the real estate they own or occupy.This will require a shift from the adversarial and at times contentious relationships that exist today.In doing so,they will have to form new business models of building management which allow for increased collaboration and communication between both parties,with clearly defined responsibilities and benefits for each.This is the Green Leasing 2.0 model.Green Leasing 2.0|March 20236Among the varying hurdles on the road to decarbonizing buildings,it is the leasing system itself that is one of our greatest challenges.This is because traditional lease structures create distance between occupiers and owners and make cooperation on building improvements and other sustainability initiatives a rare practice.Green lease clauses first emerged over 15 years ago,yet they remain largely self-defined as there is still no industry-wide guidance on minimum standards.Lack of transparency and follow-through,legal complexities,split incentives and unrecognized value have remained persistent barriers to green lease adoption.Where green leases have been implemented,they have historically been owner-led,compliance-based contracts with boilerplate clauses around energy,water and waste,with obligations mainly imposed on the occupier to protect a buildings green certification.Moreover,legal teams and brokers are often reluctant to agree on green lease terms.This is because legal teams look to avoid risks as much as possible while brokers look to simplify and speed the negotiation process,both often resorting to redlining such clauses without much consideration.If signed,they are often check-box exercises and passive actions that center around a singular lease event.Transitioning to Green Leasing 2.0Why havent green leases reached widespread adoption?Green Leases 1.0 Compliance-based list of obligations Check-box exercise Costs Asymmetric information Static Basic green lease ambitions(energy,water,waste)Stage of implementation:Lease NegotiationsGreen Leasing 2.0 Mission-aligned cooperation Ongoing collaboration Flexible Co-investment Cost savings Transparent Data-driven and performance-based KPIs Tech-enabled Widening scope(social,climate risk,circularity,etc.)Stage of implementation:Location SelectionLease NegotiationsDesign of FacilitiesOperationsEnd of LeaseSource:JLL,2023Green Leasing 2.0|March 20237Initially,green leases were proposed as a potential solution to navigating the split incentive problem whereby one party,usually the owner,incurs capital expenses for an energy retrofit,while the other,usually the occupier,receives the benefit,e.g.,in reduced operating costs.On the other hand,occupiers are also reluctant to foot the bill as costly improvements often outweigh their operational savings.Who pays?Owner pays all core building operating and capital expenses i.e.,Full service gross leaseTypes of Lease StructuresCost allocations also depend on geography as lease structures vary globally.For instance,in Australia,owners typically pay for both operational and capital expenses and are highly incentivized to perform building upgrades.In the UK,occupiers pay for operating costs through service charges,and in the U.S.,occupiers in triple net leases are responsible for operating expenses.Owner pays for capital expenses and a pool of operating expenses The occupier pays base monthly rental amount plus some portion of the propertys operating expensesi.e.,Modified gross leaseOccupier pays rent,real estate taxes,all operating expenses,as well as maintenance fees This implies no running costs for the owner except for certain capital improvementsi.e.,Triple net leaseSource:JLL,2023Owner pays utilitiesOccupier pays utilitiesGreen Leasing 2.0|March 20238While the leasing process can be quite complicated,it is a very definable moment in time;a process that allows both parties to come together at the outset.It is a process that should be a key stage in both occupiers and owners pathways to achieving Net Zero Carbon(NZC)commitments.In the coming years,the size of opportunity for occupiers and owners to partner on decarbonization through their leases cannot be understated.In the U.S.alone,1.2 billion square feet(111 million square meters)of office space and 2.5 billion square feet(232 million square meters)of industrial space will be experiencing a lease expiration before 2030.1 The current energy crisis and general volatility in the energy market emphasize that collaboration on energy efficient upgrades through green leases should be a priority not only from a sustainability viewpoint,but also from operational stability and cost perspectives.If every leased office building implemented green leases,the U.S.market could reap US$3.3 billion in annual cost savings,as estimated by the IMT.2 Ambitious green lease structures will be unique to the parties and building in question but,at a basic level,JLL considers that all leases should have clauses requiring data sharing of energy,water and waste,and green certification or environmental performance rating protection.Green Leasing 2.0:Why now?JLL has defined three distinct groups of green leasing 1 JLL Research,covers leases 5,000 sf(500 sqm)or greater for office and 10,000 sf(1,000 sqm)for industrial2 IMT,Measuring the Potential Impact of Green Leases in the U.S.Office Sector,2015Minimum StandardsClauses that should be included in all leases,regardless of owner or occupier ambition:Sharing of energy,water and waste data Protection of environmental performance rating/green certificationProgressiveClauses ensuring appropriate response to the current ESG expectations of the market for the next few yearsLeadingMarket-leading clauses that will support a 2030 mindset and beyondSource:JLL,2023Green Leasing 2.0|March 20239Momentum to achieve NZC is stronger than ever beforeMost companies have yet to align their real estate assets and operations with their NZC commitments.We see this changing as many of our occupier clients are integrating ESG as a priority into their site selection criteria.As they do,the lack of NZC buildings,in both ready supply and in the pipeline,will become increasingly evident.We know that 90%of office stock is over 10 years old3,and even buildings delivered just 5 years ago will likely require major efficiency improvements.The vast majority of existing buildings will need to be retrofitted and these decisions must be thought of and planned out in the long term.3 JLL Research,Retrofitting Buildings to be Future-Fit,November 2022(across 10 major cities)4,382Companies committed to the Science Based Targets initiative(YE2022)x6 Increase from just two years prior1,820GRESB participants( 20%YoY)US$6.9 trillion Gross asset value Source:Science Based Targets initiative,GRESBGreen Leasing 2.0|March 202310SupplyDemand2.1 million sqm(23 million sf)Current space with LEED Zero certifications 740,000 sqm(8 million sf)Current development pipeline of NZC buildings between now and 2026770,000 sqm(8.3 million sf)Sustainable development in pipeline540,000 sqm(5.8 million sf)Sustainable development in pipeline28.8 million sqm(310 million sf)Current office space of top 20 office occupiers that have made commitments to net zero carbon by 20501.8 million sqm(19.2 million sf)Office demand between now and 2030 from 693 office occupiers that have signed up to Science Based Targets2.2 million sqm(23.7 million sf)Future occupational NZC requirements*910,000 sqm(9.8 million sf)Future occupational NZC requirements*United States LondonParisBerlinImpending supply-demand imbalance of NZC buildings*based on SBTi company commitments and top 100 corporate occupiers by floorspace Source:JLL,2023EuropeGreen Leasing 2.0|March 202311Green lease priorities are already expanding and reshuffling.Carbon is what organizations across sectors are increasingly focusing on,in part because it is being regulated sooner than other areas.JLLs 2023 Responsible Real Estate Survey found that corporate occupiers are already looking to prioritize carbon-centered criteria in their next lease.Which of the following areas are typically covered by leases with your landlord(s)today,or would you like to see included in future leases?50%0%P%Installation of EV charging stationsReduced embodied carbon fit-outsLowering emissions/Electrification StrategyCarbon and/or Energy TargetsMandatory collaboration to ensure ESG performanceAir quality standards and monitoringLowering energy use/availability of renewables or offsetsHuman rights due diligence Inclusive design principlesData Sharing and Data TransparencyInstallation of nature-based solutionsRegularly engaging with local communitiesEngaging in socially responsible procurementSupporting economic development of local communitiesLowering water usage and wasteAmenities within the buildingWould like to include in lease upon renewalAlready includedin our leases25%Lease priorities among corporate occupiersSource:JLL Responsible Real Estate Survey,2023Green Leasing 2.0|March 202312The Value Proposition for owners,investors and developers Occupier activity is a major source of emissions.Outside of the office property sector,occupier activity typically accounts for 100%of emissions.If building owners do not have an occupier engagement strategy,they do not have a decarbonization strategy.Investors are faced with tricky decisions-pertaining to retrofit strategies and timing,electric vehicle(EV)charging stations,renewable energy procurement and so on-that all largely depend on how the building occupiers might engage.Energy Use Intensity(EUI)the amount of energy used in a building divided by its area-is an asset owners biggest challenge to reaching NZC.Green buildings are a driver of liquidity and value.As a buildings value is increasingly interwoven with its energy performance,collaborative green lease structures are a clear business opportunity for forward-thinking owners and should form part of productive asset management and risk mitigation strategies.With rapidly changing legislation,green lease structures also provide the legal mechanisms to ensure a buildings environmental performance is maintained or may be effectively improved.Green leases are a brand factor at the point of sale or when searching for new occupiers.For developers,green leases also provide a mechanism to engage with occupiers and secure keen occupants,potential cost-sharing structures,and funding that would soften the price tag of a NZC development.Green Leasing 2.0|March 202313The Value Proposition for occupiers We have seen more and more occupiers committing to NZC targets compared to building owners and investors.As corporations look to turn their NZC commitments into actions,they will be assessing their leased portfolio and making complex decisions around location strategies and operations that fit their targets.Options to reduce emissions from an occupiers leased space are limited and highly dependent on the ambitions of the building owner.Opportunity to exercise their greatest impact and influence over the property is restricted to a very small window in time:the leasing decision.Occupiers will not just be looking for space but also for partners who can help them achieve their sustainability targets.Occupiers should be leveraging green leases to effectively codify their NZC goals.Green leases also help occupiers protect their position if the building is sold.Carbon taxes and fines are surfacing in governments around the world and their burden will often land on the occupier through operational pass-through costs.Occupiers need to proactively pursue green lease arrangements that protect them from being responsible for a disproportionate share of those costs.Occupier spaces are a clear expression of their values,and sustainability-linked attributes of workplaces can lead to quality talent recruitment and retention.Green Leasing 2.0|March 202314The carbon implicationsThe focus on NZC is subjecting both building owners and occupiers to an ever-increasing urgency to act,as well as increasing risk surrounding lack of transparency around emissions.Source:JLL ResearchMoving a building away from fossil fuel sources and towards electrification is a necessary process,but the dialogue between occupiers and owners should encompass the Whole Life Carbon(WLC)assessment.Building owners can go through the rigorous process of designing or improving a building to attain a green certification or meet other sustainability criteria,but they will end up with lackluster energy performance results if the building isnt operated efficiently.Occupier operations typically account for a majority of a buildings emissions,making true NZC highly dependent on occupiers committing to using less energy and collaborating with owners on electrification strategies.Green certifications are becoming a de facto requirement of premium offices,making up over 80%of class A office stock in cities like Singapore,Boston and Denver.Though they lay a great foundation for a sustainable building,they dont always equate to lower emissions,as discussed in.Carbon offsets have also made their way to the negotiating table,but their use generally remains under scrutiny.For the most part,many companies will ultimately need to use high-quality offsets(as defined by the Oxford Offsetting Principles)from a verified offset scheme to reach net zero goals,but they are a last resort.Read more on offsetting:.Office Operational Carbon Emissions BreakdownModerate/Colder ClimateModerate/Warmer Climate45%Uuse-buildingEmissionsOccupierEmissions60%Average share of CO2 emissions from buildings in major citiesSource:JLL Project&Development ServicesEmbodied CarbonCarbon from the construction process of a building,and the end-of-life stage(i.e.,demolition)11%of global emissions*Operational CarbonCarbon from operating the building28%of global emissions*Whole Life Carbon =*Globally,39%of CO2 emissions are generated by the built environment according to the GlobalABCJLLs Return on Sustainability researchCarbon offsets are not a quick fix for net zeroGreen Leasing 2.0|March 202315Green Leasing 2.0|March 2023Core Enablers of success How to deliver the new approach?New way of working centered around Education,Engagement and shared EquityGreen Leasing 2.0 transforms the traditional owner-occupier relationship into a new,more collaborative form of engagement that occurs throughout the life of a lease and creates alignment and shared value across both parties.At its core,it is an improved business model of building management and operation.The model acknowledges that there is no one-size-fits-all approach to successful green leasing,but three key enablers will drive the necessary step change:Education,Engagement and shared Equity.Green Leasing 2.0|March 202316Core Enabler#1:EducationAchieving the necessary step change to implementing Green Leasing 2.0 begins with establishing shared value among owners and occupiers.This requires multi-stakeholder education,upskilling and alignment of goals and priorities.Education and communication are particularly critical when either side is less motivated.People are inherently opposed to change and are especially reluctant to accept legally binding terms and conditions if they do not understand their purpose or benefits.Information sharing and communication,particularly around costs,can be a great way to nudge the party to agreement.Stakeholders should also understand the cost implications of increasingly stringent regulations.Parties should look to future-proof their leases and ensure lease language allows for the future actions necessary to comply.Several cities are turning to carbon pricing and fines as mechanisms to drive down emissions in the built environment.Occupiers are especially vulnerable to such carbon fines as they are often passed through to them as operational expenses.Forward-thinking occupiers are well aware of this vulnerability and are anticipating such regulation and proactively pursing collaborative lease agreements that reduce these cost burdens.Green Leasing 2.0|March 202317Location:Washington,D.C.Challenge 1:Tower Companies is a commercial property owner,developer and manager in the Washington,D.C.metro area.They sought to promote sustainable practices throughout their buildings but,as is the case with most building owners,they do not have control over energy and water usage in occupier spacesSolution:Influence usage through requirements on the design of the occupier spaceCase StudyNavigating challenges through education Challenge 2:Perception that the costs of the occupier space build-out would be significantly higherSolution:Work with occupier leasing staff and brokers to educate them about the terms and conditions included in the lease.Review each requirement with them to explain that the energy-related requirements are low-or no-cost itemsAreas covered in leases:Energy use reduction,energy benchmarking,fundamental commissioning,above-code lighting power,motion and occupancy sensors requirement,water use reduction,prohibiting space heatersSource:Better BuildingsGreen Leasing 2.0|March 202318Core Enabler#2:EngagementMission-aligned collaboration to lease and manage a space in a sustainable way throughout the life of the lease forms the core of the Green Leasing 2.0 model.Green leases,in and of themselves,should be treated as a step that outlines the governance structure to ensure that actions are taken and the targets are achieved.Occupiers and owners green leasing strategies should tie into their entire real estate scheme.Occupier engagement is part of the value proposition for forward-thinking owners.For occupiers,engaging with their landlords early allows them greater leverage to execute stronger green lease terms and have more influence over improvements to the building throughout their lease.Leading owners and occupiers are developing site or occupier selection checklists with criteria that puts sustainability at the forefront of the entire leasing process.In Canada,we have already seen both occupiers and owners select locations or occupants based on which site or party could contribute most to their own ESG ambitions.By contrast,we are just beginning to see these questions being asked in Asia.Clauses that formalize regular points of contact and enable productive engagement are often the most useful and effective among all green lease clauses.Best practice is for stakeholders to meet at least annually.Occupier Engagement RoadmapSite Selection Lease NegotiationsSpace Fit-OutOperationsMid-LeaseEvent End-of-Lease Parties InvolvedLeasing TeamsLegalSustainability SpecialistsProject DevelopmentProperty ManagementOperations TeamsProcurementSource:JLL,2023Asset Life CycleGreen Leasing 2.0|March 202319JLL utilizes a multidisciplinary,full-service Workplace Dynamics team to ensure consistent standards for the operation and environmental management of all occupied space by JLL.An integral mission of the team is delivering on a coordinated,portfolio-wide process that embeds sustainability expertise into the real estate life cycle.Challenge:Incorporate sustainability across a huge portfolio spanning 52 countriesSolution:Create a program that integrates corresponding sustainability requirements into each stage of the life cycle.Program includes green lease clauses that are aligned with our ESG commitments and bring sustainability into our workplace experience.Commitments:Submeters installed for new sites 10,000 sf and long-term holds Net Zero carbon emissions across all offices by 2030 Water management plans for sites in high water stress areas Reduce single-use plastics and 100%of sites have recycling Sustainability and wellness fit-out for sites 10,000 sfWins to date:Our office fit-outs use 15%less energy than a standard code minimum design:For a portfolio of our size,thats annual cost savings of over US$2 million to have Sustainable Operations ensure energy efficiency measures are incorporated into the fit-out designOur office fit-outs have 25%less embodied carbon than a typical design52 countries381 sites4.6millionsf of leased spaceSource:JLL,2023Case StudyIntegrated,ongoing engagementGreen Leasing 2.0|March 202320Green Leasing 2.0 is not a plug and play model and should maintain a degree of flexibility as different organizations have unique objectives,opportunities and challenges that will change over time.Stakeholders should encourage flexible language where applicable and be ready to lean into alternative forms of agreement when necessary.The key is to think practically about all possible intervention points and consider when the ideal moment is to engage.Though the most effective form of agreement,occupiers and owners are not limited to a single lease event,and frequently agreement will have to occur outside of the contractual leasing process.Alternative documents include a Memorandum of Understanding(MoU)which is commonly used in the UK,an Environmental Management Plan,or collaboration deeds.Because a contractual lease can only be amended if there is an expiry or break,alternative documents offer a faster route to collaboration until such an event occurs.These types of documents also A flexible approachallow both parties time to experiment with what is achievable before signing a legally binding lease document.Non-contractual collaboration on decarbonization may become the norm faster in many Asian countries than the use of green lease contracts.Companies in the region are even more wary of legal complexities,and leases commonly have very quick turnarounds.Leading actors in Asia are still agreeing on submetering,waste monitoring,data sharing and so on,but are building that into the design and operation of the building and positioning them as features to drive competitiveness.Flexibility should also accommodate advances in technology which are providing an ever-changing landscape of new ways to facilitate change.Because of this,it is important that neither party mandates the use of very specific types of technologies in their contract,e.g.,the installation of LED lighting,as the most efficient option today might not be in the future.Green Leasing 2.0|March 202321Case StudyWorking outside of a lease event Location:Hong KongChallenge:Swire Properties is a prominent commercial property developer,owner and operator in Hong Kong and Mainland China.They sought to foster tenant-landlord collaboration in pursuit of sustainability objectives for both parties,outside of the lease contractSolution:Swire Properties flagship“Green PerformancePledge”(GPP).Part of the companysSustainable Development(SD)2030 Strategy,the GPP is an action-oriented approach thatbuilds on the basic premises of a green lease It covers the entire tenancy cycle,identifying two core areas of fit-out and operation A dedicated team from Swire Properties will work with tenants at various touch points throughout the lease term to guide companies on their SD journey,from goal setting to planning and results Includes a comprehensive set of SD Fit-out Technical Guidelines Performance-based program focusing on creating significant impact in energy,water and waste reductions Provides users with a multitude of cutting-edge,data-driven tools and technologies,including free energy audits,to influence behavioral change while enhancing tenant-landlord collaborationWin to date:Since launching in August 2021,office tenants representing approximately 20%of the occupied lettable floor area from the companys Hong Kong office portfolio have signed upSource:Swire PropertiesGreen Leasing 2.0|March 202322Core Enabler#3:Shared EquityFor the full potential of the Green Leasing 2.0 model to be unlocked,green leases should exist as equitable forms of contract.This includes cooperation and cost-sharing clauses as well as fair distribution of benefits along with transparency,which all form the base of a well-founded,trustful partnership.Quid pro quo approach to cooperationAny capital expense that improves the operational efficiency or reduces harmful emissions or waste from the property will provide benefit for both the owner and occupier.The best way to entice the other party to agree to cooperate is by highlighting that benefit.Historically,owners have demanded the sharing of data in occupier-controlled spaces,but a more successful route would be if they were to provide reasons why that data is useful:If occupiers control utilities,they should collect and share data with owners so that owners can provide the right decarbonization solutions.If the owners control utilities,they should be collecting the data and sharing it with occupiers to influence energy conservation behavior.Owners can also offer more favorable lease terms if certain commitments are made to reduce energy usage or can even pair financial incentives with specific KPIs.Leveraging cost-sharing and co-investment opportunitiesCosts have been where most negotiations on building improvements stumble.JLL estimates that US$3 trillion4 will be required to retrofit the office stock alone and building owners cannot take this on without help.However,occupiers can work with owners and incentivize building upgrades.They can,for example,agree to sign a lease extension or agree to a higher rent if an owner covers the capital expenditure of a retrofit.In addition,as we move closer to key emissions reduction targets,renewable energy will become a central focus.Both parties should look to collaborate on its procurement,whether by installing on-site energy or purchasing it off-site.4 JLL Research,Retrofitting Buildings to be Future-Fit,November 2022(across 17 major countries)Green Leasing 2.0|March 202323Location:Southampton,UKChallenge:Aviva Investors sought to develop a viable finance structure for a solar photovoltaic(PV)installation at Next Plcs distribution centerSolution:Incorporate low-carbon technology into Avivas assets through rentalizing the income Avivas Lime Property Fund financed the solar PV installation The solar project will facilitate renewable energy supply for Next Plc 2,900 kW system expected to generate over 1,980 MWh of clean energy per year The Lime Property Fund financed the cost of the solar project(3 million)in return for an additional rent of 210,000 per annumSource:Aviva Investors 2021 Progress ReportEfforts to decarbonise the real estate sector must involve greater owner and occupier collaboration to improve the sustainable occupancy and management of buildings.An effective tool gaining traction in the commercial property sector to address this problem is sustainable real estate leasing.Case Study Cost-sharing and onsite renewable energyGreen Leasing 2.0|March 202324Building owners have also attracted efficiency investments in space fit-outs by rewarding occupiers who choose a more sustainable design.We have seen building owners formulate a decarbonization roadmap that entailed presenting new occupiers with a blank space and outlining fit-out options that varied in cost and energy efficiency.The owner then manipulated lease structures and pricing,depending on which option was chosen,to help incentivize the more efficient fit-out.These types of alternative funding structures are a smart move to make sustainability solutions more financially viable.To protect the occupier from underperforming projects,some lease negotiations have included a performance buffer that caps the owners cost recovery to 80%,for example,of the predicted annual savings,while still guaranteeing the owner is paid back in full.5 In another instance,5 NYCs Energy Aligned Clausea building owner and occupier have formulated such performance-based programs where the owner paid for the retrofit but the savings in the occupiers energy utility bills helped cover the costs.Transparency is a form of equityTransparency is a form of equity and a good way to build trust.This comes through not just data sharing but also in the owners communication of capital projects and pipelines to ensure an occupier isnt blindsided.In doing so,this opens the door to new cost-sharing opportunities.This transparency and communication should also involve both parties being able to accurately record and provide documentation of their share of emission reductions through any procurement of renewable energy-particularly as were increasingly seeing companies procure real renewable energy through Renewable Energy Credits(RECs)instead of offsets.Green Leasing 2.0|March 202325Start and finish with the right teamIncluding sustainability experts as early in the process as possible is the most successful route to effective green leasing.These experts help draw the line between commitments to actionable plans and results.Best practice is to establish sustainability contacts or building environmental collaboration teams formed by members from both sides.The inclusion of sustainability experts from both sides is key to facilitating understanding across stakeholder groups and party lines.Their level of expertise can help guarantee that the clauses are the best fit for the property,as well as for the goals and commitments of both owner and occupier.These experts can maximize any savings opportunities and identify potential tax incentives as well as other financial benefits.Leasing teams/Capital MarketsProperty/facilities managersLegalSustainability expertProject developmentOccupiersBuilding ownerOperations teamAssembling the right teamThe right team includes the involvement of property managers and operations teams as they are critical to the decarbonization value chain.Together with the sustainability experts,property managers are responsible for delivering on the lease objectives and will be the principal party engaging with occupiers during the lease term.From an implementation and momentum driver perspective,brokers often hold the key,as they are always present in negotiations,so buy-in from this stakeholder group is critical.Through collaborating with sustainability experts,brokers are able to deliver their standard services more sustainably and to pursue clauses and initiatives that help achieve a base-level of environmental ambitions.Source:JLL,2023Green Leasing 2.0|March 202326Location:CanadaChallenge:Negotiate a NZC certification in an area with a fossil-fuel-heavy electricity gridSolution and Value Add:A JLL specialist was able to negotiate a lease mandating a NZC certification,while leveraging their expert knowledge to take a holistic picture of the clients electrification strategies along with their renewable strategies This ensured that the targeted emissions reductions were realized for their clientSource:JLL,2023Case StudySustainability expertise Location:ChicagoChallenge:Property managers sought to promote high-performing and sustainable features of the Aon Center to occupiers and gain buy-in for future projects Lease structure:Triple netCase Study Assembling the right teamSolution and Value Add:Capitalize on sustainability ambitions of occupiers as well as the important role that property managers can play in engaging both owners and occupiers on sustainability Create an owner-occupier committee that meets regularly so that occupiers may share ideas and form a more integral part of driving sustainability initiatives in the building Explore opportunities to match occupiers broader ESG targetsSource:JLL,Energy StarGreen Leasing 2.0|March 202327Data and technology are core foundations of Green Leasing 2.0To know where were going,we have to know where we are.Data measurement and sharing is the critical first step to Green Leasing 2.0;to properly and efficiently measure data,you need technology.In 2022,many disclosure mandates like EFRAG,SEC and the newly formed ISSB all drafted varying proposals for disclosure standards on climate-related issues and sustainability-related accounting.6 Final drafts of these standards are expected to be adopted in 2023,which will collectively put much greater pressure on companies and investors to respond and adapt.Like GRESB,such disclosure mandates will become more and more granular,making measurement and data sharing a necessary win-win.In the U.S.and the UK there is still hesitancy to agree on data sharing,whereas in countries like Canada,France and the Netherlands it is standard practice.Setting measurable goals with corresponding KPIs that provide both parties with clear targets,makes green leases not about clauses but about outcomes.Accurate performance measurement provides users with a speedometer to let them know how energy-intensive they are.Some owners are taking it a step further and providing their occupiers with specific recommendations and actions to decrease energy consumption.In the case of a multi-let building,submetering is best practice to ensure proportionate distribution of costs;central meters are frequently used where the owner divides the costs of utilities among occupiers by their floor area.This raises issues if,for example,one user is running an energy-intensive data center while the other is a low energy demand law office.In addition,submetering base-building equipment allows owners to better understand how their own equipment is using energy to make more informed decisions when planning improvements.6 European Financial Reporting Advisory Group(EFRAG);U.S.Securities and Exchange Commission(SEC);International Sustainability Standards Board(ISSB)Green Leasing 2.0|March 202328What?JLLs signed lease for new UK flagship office at 1 Broadgate in London with British Land 132,000 sf 15-year term Pre-let 30%of the office space 2026 occupationAmbition:JLLs new workplace will deliver a flexible,best-in-class office that showcases the company and what it does The new workplace will be inclusive,sustainable and driven by technology while promoting the wellbeing of JLLs peopleHow?Applied the Green Leasing 2.0 model:Began search three years ahead of signing JLL,in collaboration with British Land,developed market-leading green lease clauses across all aspects of ESG which are now feeding into wider industry guidance These are mission-based clauses that embrace JLLs 2030 objectives Integrated smart building systems to maximize efficiencySource:JLL,2023Case Study Market-leading leaseWhat became clear to us fairly early on in the process was that to find the right asset meant to find the right developer,with the right credentials,that matched our strategy,so it very much became about partnership.Andrew ODonnell,COO UK Agency,JLLGreen Leasing 2.0|March 202329Looking aheadBeyond CarbonAddressing the challenge of climate change will require action across multiple fronts.While decarbonization of the built environment is a primary concern,owners and occupiers must also focus on other critical areas,such as electric vehicle(EV)charging,circularity and climate resilience,to fully address the impacts of climate change.As companies look to meet all their ESG goals,social value elements are also making their way into lease negotiations.Green Leasing 2.0|March 202330By taking a comprehensive approach,building owners and occupiers can help to create more sustainable and resilient communities for the future.EV charging stations:Investment in infrastructure to support the transportation sectors transition towards EVs is rapidly gaining traction.As revealed by JLLs latest Responsible Real Estate survey,clauses around EV charging stations are the least included in current leases but will be the top priority in future negotiations.While EV charging at buildings provides a net positive benefit to global emissions,until the energy grid is comprised of completely clean sources,it shifts emissions from transportation to buildings.This brings additional questions around costs that are even more nuanced.Capital expenses,operating expenses and use are all up for deliberation and should be discussed and agreed upon in the lease.Circularity:Adopting circular economy principles to reduce waste and embodied carbon emissions is an important part of addressing climate change.A leading industry thinker,The Chancery Lane Project,has created Aatmays Clause to drive sustainability and circularity in leasing arrangements.The clause contains provisions to reduce the unnecessary waste and purchase of new products by prompting occupiers and owners to follow circular economy principles.7 Climate resilience:The impacts of climate change are already happening now,and both occupiers and owners face greater urgency to ensure that buildings and communities are prepared for the impacts of extreme weather events and other climate-related risks.They will need to collaborate to incorporate climate resilience into building development,design and operations.In one of the most notable changes to Canadas REALPAC Office Green Lease model,it has included climate resiliency under a specific clause.Social value:True responsibility goes beyond environmental ambitions.Leading companies are looking to drive positive social impact and good governance through their leasing decisions to more holistically meet their ESG objectives-turning leases from green to responsible.As JLL Research found in its recent occupier survey,44%of respondents are already leveraging their lease arrangements to drive social initiatives across air quality standards,socially responsible procurement and economic development of local communities.7 The Chancery Lane Project,Sustainable and Circular Economy Principles in Leasing Arrangements for Repairs and AlterationsGreen Leasing 2.0|March 202331With the first major checkpoint in the race to NZC on the horizon,corporate focus is shifting from commitments to actions and results.In a leased site,neither the owner nor occupier can singularly dictate the environmental or social impact of the building.Both parties are accountable,and as such,are responsible to act.Final reflectionsGreen Leasing 2.0 provides the blueprint for successful,results-driven use and management of buildings,present at each stage of the real estate life cycle.It is founded on the premise that both owners and occupiers will benefit from such lease arrangements and,in doing so,it mobilizes both parties as partners-taking on the immense challenge to decarbonize the built environment together.Green Leasing 2.0|March 202332Ongoing engagement and collaboration“Landlord and Tenant shall meet annually and review energy and water-use data,recommissioning outputs and recommendations and the effectiveness of efficiency programs,and mutually establish an energy optimization plan,including energy management and cost-effective savings opportunities for the building and the leased premises.Annual reports shall be produced summarizing both tenant and landlord efficiency efforts.Tenant and landlord shall work together to attain third-party green building certifications.”Source:GSAGreening the lease:Example clausesRenewable energy procurement“Tenants shall purchase energy from on-site renewables as provided by the landlord via a Power Purchase Agreement(PPA).Landlord shall install,own and maintain the on-site generation and sell power directly to the Tenants at a fixed rate that is at or below electricity rate offered by local utilities.”Source:Green Lease LeadersCost-sharing“All costs of any capital improvements made to the building that reduce the buildings energy expenses shall be cost capitalized and hereafter amortized as an annual Operating Expense under generally accepted accounting principles,only the yearly amortized portion of which shall be included in Operating Expenses.In no event shall the charge for yearly amortization be more than the actual reduction in Operating Expenses.”Source:IMTGreen Leasing 2.0|March 202333Sustainability contact“Landlord and tenant shall provide a point of contact to discuss issues related to sustainability and energy.Issues include,but are not limited to,retrofit projects,billing issues,energy efficiency upgrades,and data access.”Source:Green Lease LeadersClimate resilience“The Tenant agrees to implement its own,or follow the Landlords directive,to support,improve,and/or maintain the Projects Resilience.The Landlord and Tenant shall agree to which Natural Hazards are relevant to the Project and the adaptation measures that should be covered in the Building Resilience Plan.Adaptation measures may include retrofits to the Premises where possible.”Source:REALPACData sharing“Tenant shall be required to submit on a(n)monthly,quarterly,annual basis to Landlord energy and water consumption data,including total usage and total charges as they appear on Tenants electric,gas,water,and other utility bills,in a format deemed reasonably acceptable by Landlord.Landlord agrees to provide,at Tenants request,building level energy and water consumption,as well as(if applicable)the ENERGY STAR score of the building.”Source:IMTAbout JLLJLL(NYSE:JLL)is a leading professional services firm that specializes in real estate and investment management.JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities,amazing spaces and sustainable real estate solutions for our clients,our people and our communities.JLL is a Fortune 500 company with annual revenue of$20.9 billion,operations in over 80 countries and a global workforce of more than 103,000 as of December 31,2022.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further information,visit Research AuthorsAbout JLL ResearchJLLs research team delivers intelligence,analysis and insight through market-leading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.Paulina TorresESG and Sustainability Research Lead,AKamya MiglaniHead of ESG Research,Asia PSteven LewisGlobal Head of IContact our sustainability expertsBrenden McEneaney Senior Vice President,Client Sustainability SKaren SaarkoppelSenior Manager,Sustainability,Project&Development SKirsty DraperHead of Sustainability,UK Agency LQuentin DrewellDirector,Sustainability CPaul StepanHead of Client Sustainability Solutions,EMEAAsia PacificHelen AmosHead of Sustainability Consulting,Hong KAlex TzikasSustainability Director,Work Dynamics,AContactsAmericasEMEAAbout JLLs Sustainability ServicesThrough our end-to-end suite of Sustainability Services,we support our clients at every stage of their sustainability journeys.We start by helping them to develop sustainability strategies and action plans,then execute on those action plans,and optimize for cost and performance.Our sustainability solutions are configured to help our clients achieve their desired outcomes whether those outcomes be financial,environmental,social,or governance-or resiliency-related no matter where they are on their sustainability journey.With our end-to-end suite of energy and sustainability solutions,we can meet our clients exactly where they are,help them achieve their desired outcomes,and to do so more effectively and efficiently over time.COPYRIGHT JLL IP,INC.2023This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve 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小小咨询：2023年自动驾驶全球进展报告（第4版）（24页）.pdf
EDITION IVAUTONOMOUS MOBILIT Y JOURNALLatest developments worldwide2023JOURNALCONTENTFOREWORD 31.INDUSTRY DYNAMICS 62.USE CASE OF THE SEMESTER 103.CITY OF THE SEMESTER:HONG KONG 144.INTERVIEW OF THE SEMESTER 18JOSEPH SALEMPartner,Travel&TransportationD MICKAEL TAUVELPrincipal,Travel&TransportationPGAYA HACIANEManager,Travel&TransportationDABDULRAHMAN SALMANBusiness Analyst,Strategy&OrganizationRANTONIO SEMERAROPrincipal,Travel&TransportationDHASSAN KHAIRATManager,Travel&TransportationD NAMRATA JAISWALManager,Strategy&OrganizationD WALID BENHAMMADIBusiness Analyst,Strategy&OrganizationD2Dear reader,In response to the interest generated by the previous three editions of our journal,and in the spirit of our perpetual efforts to bring to you the latest developments and breakthroughs pertaining to the global autonomous mobility sector,we are excited to share the 4th edition of our Autonomous Mobility Journal.In the wake of COVID-19,we have come to realize that even though the pandemic has had disruptive effects on the global mobility and automotive sectors,it has simultaneously accelerated our move into a“new normal,”where consumers tend to favor home-based living and working,leading to a growing requirement for more frequent,fast,and cost-effective movement of goods and people within our cities and beyond.In todays context,for mobility industry players to innovate and cater to shifting consumer preferences,we foresee a growing interest in the research,development,and imminent rollout of autonomous mobility solutions across the transport value chain.This includes private consumer autonomous vehicles(private vehicle ownership)and public transit,as well as logistics and freight transport.FORE WORDARTHUR D.LITTLE3It is of paramount importance for industry players(public and private sector)to recognize the transformational phase that the mobility sector is undergoing.Mobility players must position themselves favorably to explore the promise of autonomous mobility,reap its benefits as they arise,and minimize its future impacts on their business models.In that spirit,over the past year we have been working closely with mobility stakeholders across the globe,identifying trends,opportunities,and challenges to draw implications for the sector and push the boundaries of thought leadership.While the development of autonomous mobility solutions globally remains experiential,industry players are clearly on the lookout for technological and business model innovation to unlock value-creating use cases.In this journal,we provide our insight into recent developments and industry dynamics.In addition,we highlight the key considerations and existing challenges that stand in the way of full-scale autonomous mobility solution rollout.We hope that you enjoy reading,and we look forward to hearing your ideas,thoughts,and queries.Joseph Salem Partner,Travel&Transportation Arthur D.Little4AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLE5After a long period of hype during the last decade,autonomous mobility has met the harsh reality of the market.Limited global implementation of the technology in high-volume use cases,crises driven by the COVID-19 pandemic,and supply shortages have shifted attention toward more critical technologies such as longer-range batteries for electric vehicles(EVs).Moreover,recent stock exchange listings of mobility start-ups have also stirred some controversy.Most of these listings happened through special-purpose acquisition companies(SPACs),and nearly all of them have lost significant value since their introduction.However,amid these troubled times,the growing focus of large global original equipment manufacturers(OEMs)on accelerating the adoption of new technologies in the industry,including by growing their EV offerings,represents a positive prospect for autonomous mobility in the mid to long term.We explore these dimensions in this section.RECENT STOCK EXCHANGE LISTINGS OF MOBILITY START-UPS HAVE STIRRED SOME CONTROVERSYLOOKING FOR THE SILVER LININGAutonomous mobility led the new mobility hype during the 2010 decade,but it appears to have suffered from both internal limitations and external risks in recent years.While the technology exists and has proven to be fully functional and usable both in testing grounds and in real-life conditions,the lack of suitable infrastructure and insufficient cost-effectiveness seem to have limited use cases to select innovation-driven models and brands.The COVID-19 pandemic and its impact on economies and consumer behavior were also not of much help in spreading autonomous mobility to larger-scale use cases.Moreover,the lasting global semiconductor chip shortage and greater supply crisis have shifted automaker attentions toward the installation of more critical functions in their vehicles.However,promising silver linings are starting to appear.First,while autonomous mobility is still not accessible or even available to most users on the roads globally,companies operating in this space have continued their work in the background to advance the technology.Second,the growth of other mobility-related technologies and use cases is expected to pave the way and facilitate the uptake of autonomous mobility.According to the International Energy Agency(IEA),EV sales reached 2 million units in the first quarter of 2022,representing a 75%increase compared to the same period in 2021.Compared to traditional internal combustion engines(ICEs),EV hardware and software are significantly more suited to accommodate autonomous-driving features,and autonomous-driving technology is more prevalent across EVs than ICE vehicles.1.INDUSTRY DYNAMIC S 6AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLEFigure 1.Stock price and 52-week high share price for select mobility SPACsSPACs:THE VEHICLE OF CHOICEOne of the characteristics that differentiates the autonomous mobility landscape from more mature or advanced sectors is the appeal of SPACs,as a significant number of start-ups in this space are going public through SPACs rather than more conventional initial public offerings(IPOs).SPACs are companies without a commercial purpose,established specifically to raise capital through an IPO.Once the IPO is completed,the SPACs management team has up to 24 months to identify a suitable target to acquire or with which to merge.Hence,SPACs act as publicly traded shell companies that allow a business to be listed on the stock exchange,either directly by merging with the SPAC or indirectly as the sole asset in a SPACs portfolio.This solution provides an alternative path to access the stock market for companies that do not want to(or cannot)go through the traditional IPO process and fulfill requirements in terms of revenues and financial documentation.In recent years,SPACs have become increasingly prevalent,allowing start-ups,tech companies,and nontraditional businesses to be publicly listed and receive significant cash inflows with less complexity and fewer requirements from the market regulator.The smart mobility ecosystem has been particularly prone to SPACs,with more than 40 deals announced in 2021 alone,mostly focused on autonomous mobility,EVs,and air mobility companies.Embark Trucks,an autonomous trucking software company,went public in 2021 through a SPAC formation with a valuation of around US$5 billion.In the same year,the autonomous trucking and ride-hailing company,Aurora,listed through a SPAC with a starting valuation of$13 billion.Electric Last Mile Solutions(ELMS),another player in this segment,also went public with a valuation of$1.4 billion.These are just a few of the many examples in the autonomous and EV space.AMID THE CRISIS,WHATS THE FUTURE HOLD IN THE MID-TERM?Over the last two years,mobility SPACs have rapidly increased in number.However,they have also shown fragility and lack of resilience in a difficult market context.Valued at$1.4 billion at the time of its SPAC in 2021,for example,ELMS filed for bankruptcy just one year later,and many other mobility SPACs seem to be on a similar path.According to data collected by PitchBook(see Figure 1),nearly all mobility SPACs have been trading below their IPO price of$10 per share.In fact,43 out of a total of around 60 companies analyzed by PitchBook have been trading below$5 per share,while 15 companies have registered a 90%loss on their share price compared to their 52-week high at the close of the second quarter of 2022.*As of 16 June 2022Source:Arthur D.Little;PitchBook*As of 16 June 2022Source:Arthur D.Little;PitchBookFigure 1.Stock price and 52-week high share price for select mobility SPACs$30$0$5$10$25$15$20$35$40$45Charge-PointQuantum-ScapeFiskerLuminarEmbark TrucksNikolaBird RidesProterraJoby AviationSESHyzonAuroraArrivalVelodyne LidarCazoo Group52-week highStock price*$10 per share SPAC IPO price7Even more troubling,only four out of the 60 companies considered have been trading over their IPO share price,with ChargePoint,Blue Bird,Enovix,and Verra Mobility valued between$11 and$16,but still far from all-time highs after their IPOs.The broader tech sector has also been suffering from a difficult market context since 2020,with the NASDAQ-100 Technology Sector Index losing close to 40tween November 2021 and November 2022.Mobility SPAC performance over the period appears to be below sector average,with certain players having lost a significant share of their valuation.However,if the short-term future appears relatively clouded for some autonomous mobility SPACs,a silver lining can be seen,driven by more conventional legacy players.While smaller mobility start-ups have been leading innovation in their specific verticals in recent years,large OEMs have taken their time to adjust their strategies,R&D focus,supply chains,and production capacity.As a result,legacy OEMs are progressively gaining traction in the innovative mobility space,including autonomous mobility.LEGACY OEMs ARE PROGRESSIVELY GAINING TRACTION IN THE INNOVATIVE MOBILITY SPACEThis shift appears to be driven by advancements in autonomous mobility technologies and,more importantly,by EV sales growth.Given their powertrain as well as their heavier reliance on software,EVs are more suited to accommodate autonomous mobility than traditional ICEs.As such,rapidly growing EV sales driven by their normalization in OEM model lineups and the development of more efficient charging networks are likely to present the positive outlook autonomous mobility was waiting for.With OEMs focusing more and more on EVs and innovative technologies,autonomous mobilitys mid-term future appears to be more promising than its recent past.Now it is up to smaller mobility players,including weakened SPACs,to take advantage of this traction and develop the marketable products and services,both for B2B and B2C,that will allow them to remain relevant in the mobility space.8AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLE9FOCUS ON ROBOTAXISRobotaxis,also known as autonomous taxis,are an important mode of transportation in autonomous mobility with enormous potential for a robust business case for service providers and car manufacturers from commercialization of the service.Today,robotaxis operate as“community robotaxis,”providing commercial services using simple community roads under restricted operating environments(see Figure 2).We foresee the evolution of robotaxis into“city robotaxis”by 2027,where they would operate in any mapped area of a city as well as under extreme weather conditions.We further anticipate the development of“anywhere robotaxis”by 2030,which would operate anywhere and under any weather conditions,traveling along bumpy,unmapped,or unmade roads.INTRODUCTION TO ROBOTAXISRobotaxis offer many benefits for the transportation industry,such as increased efficiency by operating 24/7 without the need for breaks or human drivers,reduced costs,and increased safety through the use of advanced sensors and navigation systems.They are also convenient to use,providing on-demand service and improved mobility for people who have difficulty driving or lack access to personal vehicles.Additionally,they can optimize traffic by taking the most efficient routes and reduce emissions by running on electric power.Therefore,we believe that robotaxis have the potential to revolutionize urban and suburban mobility use cases,serving as a convenient,safe,and affordable option.Today,robotaxis have hit a major milestone as companies are able to finally commercialize driverless ride-hailing services for the public in different cities around the world.2.USE CASE OF THE SEMESTERFigure 2.Robotaxis use case evolutionSource:Arthur D.LittleSource:Arthur D.LittleFigure 2.Robotaxis use case evolution2Today2027 2030 1st stageCommunity robotaxi Operate on simple community roads with full interaction with other vehicles&vulnerable road users Service not allowed during extreme weather conditions2nd stageCity robotaxi Operate on any mapped area of the city with full interaction with other vehicles&vulnerable road users Service allowed during extreme weather conditions3rd stageAnywhere robotaxi Operate anywhere and under any weather condition,traveling along bumpy,unmapped,or unmade roads,as necessary1 0AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLEHowever,despite these initial deployments,robotaxis still remain in the development stage and will have to evolve through the three stages described above in their quest for full autonomy.These stages have distinctive characteristics when it comes to the potential operating environment,journeys provided,and service availability.COMMUNITY ROBOTAXIS TODAYCommunity robotaxis are already technically feasible and have been implemented in different cities around the world.Many of these early experiments do not have a robust business case,but they are of upmost importance,primarily because they provide companies with the possibility to cover many miles and develop the experience they need to guide further robotaxi development.The typical operating environment for this use case is quite limited and represented mainly by city communities,where robotaxis can operate on simple community roads with full interaction with other vehicles and vulnerable road users,such as pedestrians and cyclists.COMMUNITY ROBOTAXIS ARE CURRENTLY IN USE IN SEVERAL CITIESDue to restrictions in the operating environment,the typical service profile is first-/last-mile service,including pickup and drop-off of passengers traveling between their homes and public transportation stops within their community or short-trip service,which allows pickup and drop-off of passengers traveling between their homes and work or leisure venues.The restricted operating environment is not the only constraint for this type of use case.Most of these deployments also are prohibited by regulation to operate during extreme weather conditions,such as heavy rain or sandstorms.As mentioned,community robotaxis are currently in use in several cities,and companies such as Waymo and Cruise have been charging customers for their robotaxi services for quite some time.Below,we present some of the early deployments of community robotaxis,highlighting their main characteristics:-In October 2020,Waymo finally opened up a truly driverless ride-hailing service.Existing Waymo One members were provided access to the service in a 50-square-mile area in the US city of Phoenix,Arizona.In August 2022,Waymo extended the driverless autonomous taxi service to downtown Phoenix.Currently,only people accepted onto Waymos“Trusted Tester”shuttle program are eligible to hail these rides.-In June 2022,the California Public Utilities Commission also gave a green flag to Cruise to launch a paid,driverless ride-hailing taxi service.The service initially will be limited to 30 electric cars transporting passengers in less congested parts of San Francisco during late-night hours(10 pm to 6 am).The driverless service will not be allowed to operate in bad weather conditions,such as heavy rain or fog.-In August 2022,the Chinese Internet giant Baidu secured permits to launch a fully driverless commercial autonomous taxi service in Chongqing and Wuhan in China.In Wuhan,Baidus service will operate from 9 am to 5 pm and cover a 13-square-kilometer area in the citys Economic and Technological Development Zone,which is known as Chinas“Auto City.”In Chongqing,the service will run from 9:30 am to 4:30 pm in a 30-square-kilometer area in Yongchuan District.Each city will have a fleet of five Apollo fifth-generation autonomous taxis.Both cities have been testing hubs for autonomous vehicles(AVs)and provide the right technology and infrastructure for launching the ride-hailing service.Baidu plans to expand its commercial ride-hailing service to 65 cities by 2025 and to 100 cities by 2030.1 1CITY ROBOTAXIS 2027 Based on the technology roadmaps of the main robotaxi OEMs,we anticipate that,in the next five years,robotaxis will enter the second stage of development,and city robotaxi use cases will be successfully implemented in various cities around the world,such as Dubai,San Francisco,Paris,and Beijing,among others.Compared to community robotaxis,city robotaxis will be able to operate in much more complex operating environments.Indeed,they will be capable of operating in automated mode in any mapped area of a city,and to circulate on any type of road,regardless of the level of complexity and interaction with mixed traffic.In addition,restrictions related to service availability will be relaxed as technology advances and public acceptance increase,allowing these deployments to operate even during extreme weather conditions.As a result,city robotaxis will offer a more robust business case to companies,enabling them to fully monetize the provided services.ANYWHERE ROBOTAXIS 2030 AND BEYONDAnywhere robotaxis represent the last development stage for robotaxis and will require a true leap in technology development since anywhere robotaxis will be able to operate anywhere and under any weather conditions.CITY ROBOTAXIS WILL OFFER A MORE ROBUST BUSINESS CASE TO COMPANIESIndeed,stage three will enable a robotaxi to pick customers up from their homes and drive them into another city(or vice versa),traveling along bumpy,unmapped,or unmade roads,as necessary.Operation will be possible under any weather conditions,including snow,hail,and heavy rain.1 2AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLE1 3AVs are intended to reshape the future of the transport sector across all travel modes.Pioneering countries and cities are preparing for this transformation journey by building momentum to unlock early advantages from this trend.Hong Kong,as an example,has set a clear target to enable the AV ecosystem from different angles,including setting a strategic direction that acts as an overarching umbrella to lead public and private sector efforts,upgrading the existing infrastructure to enable relevant technologies,and developing the necessary framework that allows for fast adoptions in response to market updates.Hong Kongs relative success in enabling the deployment of AVs can be attributed to its focus on setting a clear strategic direction,developing enabling regulations,encouraging stakeholder engagement,and strengthening the underlying infrastructure.SETTING A CLEAR STRATEGIC DIRECTION Hong Kongs Transport Department(TD)has initiated a proactive strategy to progress on numerous smart mobility initiatives that focus on four key elements:(1)autonomous mobility,(2)smart mobility infrastructure,(3)mobility services digitalization,and(4)improving current traditional services.The overarching program,encompassing autonomous mobility as a key focus,has a clear vision to capitalize on the advent of advanced technology to pursue smart mobility.The strategy consists of three building blocks to guide efforts toward advancing a smart and autonomous mobility ecosystem for Hong Kong(see Figure 3):1.Smart transport infrastructure sensing and analytic technology and onboard and vehicle technology.2.Data sharing and analytics data-sharing and data analytics technologies.3.Applications and services new data sharing,new-generation parking meters,and smart public transport infrastructure.As part of the strategy,the Hong Kong government has facilitated the achievement of technology advancement and industry development in vehicle-to-everything(V2X),AVs,and ultimately introducing AVs with integrated Internet access.However,its primary strategic focus is enabling the overarching ecosystem for such advancements through these three blocks.3.CIT Y OF THE SEMESTER:HONG KONGFigure 3.Hong Kongs Smart Mobility RoadmapSource:Arthur D.LittleSource:Arthur D.LittleFigure 3.Hong Kongs Smart Mobility Roadmap3Strategic building blocksProgram mission&vision“To capitalize the advent of advanced technology to pursue smart mobility”Setting out a holistic and coherent strategy for implementing numerous initiatives in a timely and coordinated mannerSmart transport infrastructure Applications&servicesData sharing&analytics1 4AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLEDEVELOPING ENABLING REGULATIONSIn 2017,the Hong Kong TD issued“A Guide on Application for Movement Permit for Test,Trial and/or Demonstration of Autonomous Vehicles on Roads Within Designated Sites in Hong Kong,”opening the door for AVs and marking the TD as a worldwide pioneering regulatory entity in testing and enabling the relevant technologies.The move also allowed the TD to proactively expand regulatory maturity and competitiveness from the early stages.At the end of 2020,the TD issued updated guidelines(“Guidance Notes on the Trials of Autonomous Vehicles”),establishing a clear yet flexible mechanism to facilitate applications for movement permits to conduct more advanced AV trials(including tests and demonstrations)while ensuring safety.Although Hong Kong lacks a comprehensive framework or laws governing and regulating the AV ecosystem,these guiding notes are currently used to clarify key elements for AV trials,including:-Application procedures for movement permits.The notes guide applicants through the licensing process and required applications to conduct AV trials.Each application is assessed on a case-by-case basis depending on its own merit.-General requirements.The guidance lists all major requirements(e.g.,AVs shall be roadworthy and in good/serviceable condition)and provides notes on trial proposals with information on the relevant stakeholders and intended results as well as safety management plans.-Vehicle requirements.Included in the notes is a list of obligations relating to vehicle fitness that applicants seeking on-road trial permits must fulfill.For example:-The AV,through its sensors or control by the driver/operator,will need to respond appropriately to all types of road users,hazards,and scenarios(TD representatives may attend and witness the pretrial tests,if required).-The applicant should start with in-house trials to gather experience and evidence to substantiate the satisfactory functioning of the AV and its components.-The transition function between autonomous mode and manual mode must first be proven in in-house trials or trials within a confined area before advancing to trials on temporarily closed and open roads.-Driver/operator requirements.During the road trials of AVs,there must be a driver/operator to monitor the operation of the AV and take over operation of the AV if necessary.ENCOURAGING STAKEHOLDER ENGAGEMENTHong Kongs ability to position itself as a leader in the smart mobility and AV ecosystem is contingent on the coordinated efforts of stakeholders,which are categorized as smart mobility leading entities and smart mobility contributors.Smart mobility leading entities primarily include government entities that drive the overall strategic-direction definition.Smart mobility contributors,on the other hand,are public and private entities that provide inputs to support defining of the direction,as well as a private sectorfocused advisory panel that channels market views.In the case of Hong Kong,all collaboration efforts are built on a concept of effective data exchange and transparency among three categories of stakeholders:1.Leading entities.Smart mobility,particularly autonomous mobility,is a key focus area for the Hong Kong government,and the TD is the leading entity developing all policies and attracting private sector players.2.Contributors.Contributors are predominantly private sector entities operating within the smart mobility ecosystem,formalized via the recent establishment of the Smart Mobility Consortium,an advisory panel established to provide input to the TD on regulatory direction.1 53.Dedicated unit.In addition,the TD leads the overall strategic direction for autonomous mobility in Hong Kong and has created a dedicated unit focused on enabling the deployment of autonomous mobility.The Smart Mobility Division unit spearheads regulatory adjustments and acts as the main interface with the private sector and third parties in areas related to smart mobility,including autonomous mobility.Overall,Hong Kong has identified autonomous mobility as a strategic focus area,as illustrated via its governance.The dedicated unit within the TD,supported by a formalized private sector advisory panel,serves as a key enabler to attract overseas companies,investors,and international expertise to assist in developing the smart mobility and autonomous mobility ecosystem.STRENGTHENING THE UNDERLYING INFRASTRUCTUREA key prerequisite for autonomous mobility is the development of a robust physical and digital infrastructural layer that effectively connects the vehicles.Hong Kong has ambitious plans to be among the first to roll out 5G communications capabilities to enable these connections and has structured a program across three goals:1.Connected.Hong Kong is driving connectivity by widening and increasing connectivity coverage and enhancing connectivity speed.In terms of coverage,Hong Kong has launched a Wi-Fi-connected city program,Wi-Fi.HK,which connects more than 36,000 hot spots across the city.In parallel,the city has put in place a program to launch a total spectrum of 4,500 MHz for 5G services and has assigned spectrums in the 26 GHz and 28 GHz bands.2.Autonomous.Hong Kongs focus is on the development of test beds to conduct trials,with the potential to focus on dedicated AV corridors or temporary testing in the future.The city is conducting AV trials for 5G research purposes and is testing infrastructure for vehicle identification of pedestrian lanes,including vehicles ability to slow down in front of pedestrians and react to a moving object.3.Shared.Given Hong Kongs urban landscape and crowded nature,the citys plans are focusing on potential dedicated lanes for different modes.Currently,dedicated lanes exist for bicycles,although those that exist are primarily restricted to new territories and parks.Hong Kong has understood the importance of infrastructure as a key prerequisite and enabling pillar for its autonomous mobility journey.It has initiated efforts related to increasing connectivity and rolling out 5G,and it should continue focusing on trials with AV-dedicated lanes and on growing shared mobility opportunities within the transportation ecosystem.Case study AV trials launched in Hong Kong-Context.The Hong Kong Science and Technology Parks Corporation launched an AV trial within the Science Park at Pak Shek Kok.The trial was approved by the TD.-Approach.The ongoing trial is structured across two stages.The first stage is available to companies within the park or testing under real-world scenarios,and the second stage will extend the availability of the trial to a broader audience,allowing members of the public to participate in the trial on weekdays and on selected occasions.-Results.The data accumulated will be integrated into a dedicated platform,where it can be analyzed and combined with traffic and transportation data,thereby supporting the future advancement and practical implementation of AVs across the public transportation systems in Hong Kong.Source:Sharon,Alita.“Autonomous Vehicle Trial Launched in Hong Kong.”OpenGov Asia,18 October 2022.1 6AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLESUMMARYHong Kong is positioning itself as a leader in the autonomous mobility ecosystem.Its efforts have been particularly successful due to coordinated efforts across the following key elements:-Strategy developing a central vision and direction that unifies all stakeholder efforts,drives partnerships,and enables private sector participation.-Regulations reviewing existing conservative regulations to define a clear regulatory framework across liability and insurance,registration,data privacy,and testing and deployment.-Stakeholder integration following a multitiered approach led by a dedicated unit within the transport authority.The unit leads all smart mobility/autonomous mobility efforts and is supported by effective engagement with the private sector,formalized via the Smart Mobility Consortium.-Infrastructure enhancing connectivity through 5G rollout to allow for higher peak speeds along with flexibility and lower latency.-Technology maintaining a clear focus on infrastructure connectivity and investing in expanding 5G connectivity.1 7Interview with Prof.Omaimah Bamasag,Deputy of Transport Enablement at the Transport General Authority of the Kingdom of Saudi Arabia(KSA)The Transport General Authority(TGA)was established in 2012 by the Council of Ministers Resolution No.373 to regulate the railway,maritime,and land transport industry in the KSA.TGA maintains high standards of quality and safety in the transport sector and uses data and technology to create a safe and efficient transport environment promoting investment opportunities to meet the Kingdoms Vision 2030 socioeconomic goals.We had the pleasure of conducting an e-interview with Prof.Omaimah Bamasag,Deputy of Transport Enablement at TGA.Q:What outlook do you foresee for autonomous mobility in the future?A:There is no doubt that AV technologies are progressing and growing significantly,especially in recent years with the development of computer capabilities and the emergence of the artificial intelligence revolution,the concept of big data,and 5G.It is well known that the ultimate global goal in AV is to bring them to Full Autonomy(Level 5,according to the Society of Automotive Engineers SAE International)in a commercial form,and it seems to me that we have a tricky road ahead to reach that level,especially in light of the challenges related to the security and privacy of data and risk of cybersecurity attacks.Therefore,I expect that in the coming years we will see an increase in spending on R&D and technology advancement by OEMs,start-ups,and tech giants for the development of AVs.We will also notice high developments in the areas of V2X,especially between vehicles and means of micromobility,to reduce the rate of accidents in this regard,besides the development of new business models for insurance companies to accelerate the commercial operation.This will definitely lead us to see more licensing of AVs around the world and their commercial operation on public streets.TGA MAINTAINS HIGH STANDARDS OF QUALITY AND SAFETY IN THE TRANSPORT SECTORI also expect to see AVs commercially soon in the applications of shared mobility by buses and taxis,and perhaps trucks and robots,due to the controllability of their applications and scope,as they often have predetermined origins,destinations,and paths.Besides that,there are many global efforts ongoing to define their technical and operational requirements.And with the emergence of the concept of mobility as a service(MaaS)and the proof of its effectiveness,it is expected that there will be a greater trend toward the concept of autonomous MaaS based on AVs to serve the first and last mile,and pilots have begun in some countries around the world.In the end,I may agree with the global forecast that commercial operation of AVs at SAE Level 4 and Level 5 will become a reality around 2038.4.INTERVIE W OF THE SEMESTER1 8AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLEQ:What is KSAs vision toward autonomous mobility?A:The Kingdoms goals for AV transport are very ambitious and can be seen from the giant projects based on autonomy,such as the Neom and Red Sea projects in the economic zone.These smart cities are designed to be sustainable through the introduction of new transport systems for passengers and goods based entirely on autonomous mobility,such as volocopters,autonomous pods,robotaxis,etc.On the other hand,there are several mega projects in a number of cities in the Kingdom aimed at catering AVs to passengers,such as the King Salman Park project in Riyadh and the King Abdullah University of Science and Technology in Thuwal.INTERAGENCY COLLABORATION IS CRITICAL TO ACHIEVING RAPID MATURITY AND DEVELOPMENTLooking at the National Transport and Logistics Strategy(NTLS),we find it was supportive of adopting new mobility systems for the transport of people and logistics sectors.This was reinforced by the sectoral strategy for land transport by TGA,with targets that aspire to convert approximately 15%of public transport vehicles into AVs and 25%of goods transport vehicles into AVs by 2030.Q:What role would TGA play in achieving KSAs vision?A:The regulatory position of TGA on the passenger and goods transport sectors in the Kingdom makes its role essential in achieving the Kingdoms vision.TGA is working on two tracks.The first revolves around promoting and adopting new modes and means of transportation through piloting and testing,R&D,and establishing relationships with governmental and private entities,universities,and research bodies to reach recommendations that formulate the necessary regulations and legislation for these technologies.In the second track,TGA prepares economic,social,and environmental feasibility studies through which it determines the stages of imposing certain regulations on operators and providers of public transport services and goods transport through which the goals of the Kingdoms Vision 2030 are achieved.In short,imposing regulations by TGA is very easy,but the most important thing is to verify the adverse effects that may result from imposing such regulations because some effects may deviate from the Kingdoms desired vision.Q:Are there any other stakeholders involved?How do you coordinate with each other?A:With the nature of AV technologies,interagency collaboration is critical to achieving rapid maturity and development.TGA is very keen to work with all concerned governmental,private,local,and international bodies,or even research bodies,each according to its specialization.On the governmental level,we are aligned with the Ministry of Transport and Logistic Services on AV projects,and with the Ministry of Municipal and Rural Affairs and Housing,including the municipalities and royal and development authorities of the regions,for their competence in infrastructure and city intelligence.We are also working with the Ministry of Communications and Information Technology and the Saudi Authority for Data and Artificial Intelligence to improve the readiness of the necessary communications infrastructure for these technologies,such as 5G,data privacy,and security.Meanwhile,we seek to discuss with some enforcement bodies,like the General Traffic Department and Public Security,about the improvement of traffic control units,smart usage of surveillance cameras,and fine approaches,etc.As for research bodies,cooperation is based on exchanging data obtained from tests for research purposes,localizing some operational tasks of autonomous mobility,and opening new horizons in development and innovation.Cooperation also extends to raising community awareness through holding local seminars,hosting international conferences specialized in autonomous mobility,and organizing competitions and hackathons.1 9Q:What is the status of AV regulations in KSA?A:The Kingdom is still in the early stages of regulating AVs,but this does not mean that we are not interested;on the contrary,it is the first concern and target of all parties of the transport ecosystem.At all levels,the authorities are working very hard to regulate and legislate AV in the Kingdom through piloting different technologies,conducting studies,and meeting with the competent local and global authorities in the field to determine their technical,operational,and legislative requirements.Saudi Arabias desire to build one of the largest sandboxes for new mobility may be strong support for advancing the growth of AVs in the Kingdom and is a great accelerator for the development of its regulations and legislation.ADDRESSING ROADBLOCKS SHOULD BE PARTICIPATORY WORK BETWEEN ALL STAKEHOLDERSIt is worth noting that the Saudi Central Bank(SAMA)recently announced its approval of a new insurance product,the first of its kind designed to provide coverage for AVs and related risks.The bank indicated that the product provides insurance coverage for AVs that can drive themselves from a start point to a pre-set destination in“autopilot”mode using various in-vehicle technologies and sensors.These include adaptive control,active steering,anti-lock braking systems,GPS navigation technology,lasers,and radar.Coverage is only valid for vehicles that are driven and operated in licensed areas and areas designated for AVs.Q:Are you collaborating with international authorities for regulatory standardization?A:Unfortunately,TGA does not have any collaboration thus far with international bodies to standardize the regulation,but we will definitely do so soon.In fact,it is an important step to unify and integrate efforts and advance the development toward the commercial operation of AVs.Q:What roadblocks do you foresee for AV market ramp-up in KSA?A:In terms of roadblocks,there are many,and perhaps the most important of them is the readiness of the infrastructure for AVs,particularly if the aim is to achieve commercial operation at SAE Level 4 and Level 5 for AVs.What I mean by readiness here is the readiness of technologies and other necessary requirements in the infrastructure for achieving safe operation and protection of privacy and data.Also,one of the important roadblocks,assuming that the infrastructure in the Kingdom is ready,is the delay in formulating the necessary regulations for these vehicles.Public acceptance may be another roadblock to increasing AVs in the Kingdom,especially if privacy and security issues are not well addressed.Q:How are you looking to tackle these roadblocks?A:It is important to note that addressing roadblocks should be participatory work between all stakeholders.We are working with many ministries and agencies,like the Ministry of Transport and Logistic Services;the Ministry of Municipal and Rural Affairs and Housing;the Ministry of Communications and Information Technology;the Saudi Data and Artificial Intelligence Authority;the National Cybersecurity Authority;the royal and development authorities of regions;municipalities;and some other local and international private sectors to improve the readiness of the infrastructure in the Kingdom and formulate the necessary regulations for AVs.We work also with many research bodies,universities,and organizations to set up programs and competitions and develop educational curricula that contribute to raising community awareness and educating the community about what is new in technology.2 0AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLEQ:Most AV players foresee large-scale commercialization of the service by 2024.Do you believe this target is achievable?A:Yes,it is achievable,but only to a certain extent.Levels 4 and 5 of personal AV may require more study and research to be commercially ready.But if we look around the world,we see that there are other AV technologies that are currently operating in a kind of commercial manner,like the autonomous pod,e-commerce robot,and all other technologies built similarly on the concept of shared mobility.These are what I expect to be commercially operational by 2024 because many organizations and governments have made extensive efforts to develop their requirements and legislation.It is important to note that the readiness of the infrastructure and regulation play an important role in achieving the commercialization of AVs.Q:Going forward,what will be the next steps for TGA to ensure effective collaboration with the private sector on AVs?A:The private sector is one of the most important arms in the development and growth of AVs.They possess technical and operational knowledge and have global experiences by the nature of their presence in several countries around the world,and their role with TGA comes through transferring their global knowledge.What I see in our collaboration is that they can strengthen TGA in establishing proof-of-concept piloting and support TGA in drafting the necessary regulation for technologies.Meanwhile,the role of TGA is to create investment opportunities for them and pave the way for new horizons in the local market for AVs.This is what the Public Authority for Investment and Competitiveness at TGA is targeting.2 1NOTES2 2AUTONOMOUS MOBILIT Y JOURNAL:L ATEST DEVELOPMENTS WORLDWIDEARTHUR D.LITTLE2 3Arthur D.Little has been at the forefront of innovation since 1886.We are an acknowledged thought leader in linking strategy,innovation and transformation in technology-intensive and converging industries.We navigate our clients through changing business ecosystems to uncover new growth opportunities.We enable our clients to build innovation capabilities and transform their organizations.Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics.ADL is present in the most important business centers around the world.We are proud to serve most of the Fortune 1000 companies,in addition to other leading firms and public sector organizations.For further information,please visit .Copyright Arthur D.Little 2023.All rights reserved.
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国际能源署 (IEA)：韩国煤炭转型战略报告 2023（英文版）（105 页）.pdf
Strategies for Coal Transition in KoreaThe IEA examines the full spectrum of energy issues including oil,gas and coal supply and demand,renewable energy technologies,electricity markets,energy efficiency,access to energy,demand side management and much more.Through its work,the IEA advocates policies that will enhance the reliability,affordability and sustainability of energy in its 31 member countries,11 association countries and beyond.This publication and any map included herein are without prejudice to the status of or sovereignty over any territory,to the delimitation of international frontiers and boundaries and to the name of any territory,city or area.Source:IEA.International Energy Agency Website:www.iea.orgIEA member countries:AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TrkiyeUnited KingdomUnited StatesThe European Commission also participates in the work of the IEAIEA association countries:ArgentinaBrazilChinaEgyptIndiaIndonesiaMoroccoSingaporeSouth AfricaThailandUkraineINTERNATIONAL ENERGYAGENCYStrategies for Coal Transition in Korea Abstract PAGE|3 IEA.CC BY 4.0.Abstract This report was commissioned by Koreas Ministry of Trade,Industry and Energy and carried out jointly by the International Energy Agency(IEA)and the Korea Energy Economics Institute.The objective of the study was to provide high-level policy recommendations on Koreas clean energy transition from coal in the power sector.The report covers a detailed review of policy and market developments around Koreas transition to net zero.The scope of the report includes all sectors of the economy,industry and all the regions across the world,where we extract the main recommendations that are applicable to the case of Korea.Currently,the power sector is the largest CO2-emitting sector and coal is the single biggest source of CO2 emissions,as it is the backbone of many electricity systems.Thus,coal power plants have been a target for reaching net zero emissions by 2050 for long time.Korea has firm objectives to achieve carbon neutrality by 2050,aiming to accelerate the clean energy transition of coal power plants.Policy recommendations were formulated around two priorities:affordable and secure supply of electricity and people-centred transition.Strategies for Coal Transition in Korea Ackknowledgements PAGE|4 IEA.CC BY 4.0.Acknowledgements,contributors and credits The report was jointly prepared by the International Energy Agency(IEA)and the Korea Energy Economics Institute(KEEI)at the request of Koreas Ministry of Trade,Industry and Energy,with the objective of providing high-level policy recommendations to attain the countrys net zero objectives.The report was designed and directed by Carlos Fernndez Alvarez,(acting)Head of the IEA Gas,Coal and Power(GCP)Markets Division.The lead authors of the report were Carlos Fernndez Alvarez and Jeong YuJin.Keisuke Sadamori,Director of Energy Markets and Security at the IEA,and Dr Yongduk Pak provided expert comments and senior guidance.Tae-Yoon Kim provided invaluable advice,comments and suggestions throughout the process.Rachael Moore and Ilkka Hannula provided useful input and advice for the analysis.Javier Jorquera Copier supported the publication of the report.The authors would like to thank Dr.Sang Lim Lee and Dr.Sung Sam Chung from KEEI for their detailed and constructive feedback on the report.Finally,the authors are grateful to the IEA Communications and Digital Office,notably Astrid Dumond and Therese Walsh,for their support in producing and promoting this report,and Erin Crum for editing the report.Strategies for Coal Transition in Korea Table of contents PAGE|5 IEA.CC BY 4.0.Table of contents Executive summary.6 Chapter 1.Coal in clean energy transitions.10 Coal in the net zero transition in the global context.10 A new context for the net zero transition.15 Status of coal phase-down pledges.20 The outlook for coal use and emissions.22 Lessons from past transitions.31 Chapter 2.Current transition policy for the coal-fired power sector in Korea.45 Status of Koreas coal-fired power generation.45 Coal phase-down progress.51 Relevant policies on coal-fired power generation.55 Survey for coal phase-down policy.61 Chapter 3.High-level policy recommendations for the coal transition in Korea.70 Applications to Korea.72 Follow the principles of a people-centred transition.74 Ensure security and affordability of the electricity system.85 Consider conversion of coal power plants to low-emissions assets.89 References.100 General annex.102 Abbreviations and acronyms.102 Units of measurement.103 Strategies for Coal Transition in Korea Executive summary PAGE|6 IEA.CC BY 4.0.Executive summary CO2 emissions from coal are at the centre of the climate and energy debate Coal is the largest energy source for electricity generation,steel making and cement production,three indispensable ingredients of modern life.At the same time,coal is the largest source of CO2 emissions,responsible for around 40%of energy-related emissions.This puts coal at the centre of the energy and climate debate.The fight against climate change entered a new phase in 2015 with the historic Paris Agreement,in which 195 countries and the European Union pledged to keep the temperature increases well below 2C,preferably below 1.5C above pre-industrial levels.Despite the strong signal given by the Paris Agreement,CO2 emissions have not decreased since then,with the exception of 2020,in which the pandemic induced a temporary decline.In 2021,a strong rebound resulted in emissions surpassing 2019 levels to set a new record high.The same year,the International Energy Agency(IEA)published its first net zero roadmap,in which a narrow but possible pathway was identified to lead the global energy sector to carbon neutrality by 2050.In November 2022,the IEA published Coal in Net Zero Transitions:Strategies for Rapid,Secure and People-Centred Change;its analyses and conclusions will be one of the sources of this report.In particular,chapter 1 of this report draws mainly from Coal in Net Zero Transitions report.The electricity sector of advanced economies must lead the race to net zero Globally,two-thirds of coal and therefore the associated emissions from it are used for power generation,and the rest is mostly for industrial purposes,mainly steel,and to a lesser extent,cement.In addition,in the electricity sector there are a variety of low-carbon technologies that can replace coal,unlike in sectors such as steel,in which there are no commercially available technologies to replace coal at scale today.For these two reasons,the electricity sector should be the first sector to move to net zero emissions.Moreover,given that part of the strategy for the net zero transition is the increasing electrification of the transport and industrial sectors,such a strategy can be successful only if the electricity sector is net or close to net zero.The energy transition requires important investments,which are more challenging and more costly due to higher cost of capital for emerging and developing economies than for mature economies.Therefore,the electricity sector of mature economies must Strategies for Coal Transition in Korea Executive summary PAGE|7 IEA.CC BY 4.0.lead the transition to net zero.Following that line,it is necessary to explore the opportunities and challenges of the transition to zero of coal power generation in Korea and which policies can help in this regard.The challenges of transition of coal power in Korea Koreas energy sector relies on coal up to some extent.The IEA has developed a Coal Transition Exposure Index,with which we assess the challenges faced by the countries when transitioning away from coal,which reflects that Korea is not highly dependent on coal.As Korean coal production is very limited,the country relies mostly on coal imports to meet its demand.At a national level,coal makes up 27%of total energy use.More than two-thirds of coal consumption is concentrated in the power sector followed by the iron and steel sector which account for most of the balance.Driving down coal-related emissions in the power sector in Korea will be essential for wide energy-sector decarbonisation in the country,as they account for three-quarters of national power sector CO2 emissions(and about a third of overall energy use).Presently,coal accounts for a third of the Korean power generation mix(closely followed by gas with 29%and nuclear with 27%).Renewables,on the other hand,make up about 7%of electricity generation in Korea.The 57 operational coal power plants(29 of them in Chungnam province)add up to 37 GW of coal-based generation capacity(among the top 10 in the world),and averaging 21 years of lifetime,it can be considered a moderately young coal-fired generation fleet.Moreover,the Korean coal-fired generation sector employs over 50 000 workers(considering both permanent and temporary jobs).Lock-in effects due to remaining uncovered capital of coal-fired plants,a relatively low share of renewable electricity in the power sector,and re-employment needs mark clear challenges for a quick transition away from unabated coal power in Korea.Korea is already making some progress towards phasing down emissions from coal.Coal-fired generation declined from 240 TWh(42%of the power mix)in 2018 to 200 TWh in 2021(34%of the mix),due to coal plant closures in 2017-2021 being offset by increases in nuclear,gas and,to a lesser extent,renewable output.Plans are already in place(for example,in Chungnam province)to address workers relocation and tax revenue issues.More broadly,the Korean government has implemented relevant policies that impact coal-fired generation,such as the 3rd National Master Plan for Energy and the 9th Basic Plan for Long-Term Electricity Supply and Demand(BPLE),which aimed to ban construction of new coal power plants and retire(or convert)ageing inefficient units.Further,the Korean government unveiled 2050 carbon-neutral scenarios and aims to base its coal phase-down ambition on a legal framework and compensation arrangements.As per the Korean government,nuclear power expansion will be an essential driver of emissions reductions,as planned in the 10th BPLE.Strategies for Coal Transition in Korea Executive summary PAGE|8 IEA.CC BY 4.0.An ad-hoc survey performed in Korea among 2 000 adults found that climate change is perceived by Koreans as the main challenge for the humankind,but only the third main challenge for Korea,after socio-economic disparity and ageing population.The government is the most important player in the transition,followed by business,public and municipalities.More than 90%of the participants were aware of the carbon neutrality pledge,but less than one-quarter knew the exact date to achieve it.Concerns about electricity security and price were identified as the main challenges.Around 70%of participants supported the coal transition despite the challenges.More than 90%think that the coal transition must go hand in hand with just transition policies.Policy action in Korea can be a significant driver for a successful transition away from unabated coal use To face the complexities entailed in a successful transition away from unabated coal use,policy makers in Korea must design and implement a well-studied set of policies.These measures should enable the country to unlock opportunities presented by the clean energy transition,while avoiding unintended consequences of phasing down unabated coal use,such as severe employment and economic impacts,particularly in labour-intensive regions with regard to coal.Many lessons can be obtained from experiences across the world as other countries progress in the transition and also,in particular regarding just transitions,from the past.Promote a people-centred transition from coal power A people-centred transition away from unabated coal should ensure fair treatment to workers and communities,opportunities for re-employment or alternative employment,compensation schemes,and sustainable production pathways.Korea should seek engagement and create governance schemes involving stakeholders directly affected by coal closures,but also other parties such as from academia and civil society.Social safety net expansions,retraining and job relocation programmes for coal power plant workers and their communities will be essential to ensure that nobody is left behind.Establishing clear long-term energy transition strategies would foster investment in promising technologies,such as electric mobility and renewable energy,resulting in stable job creation opportunities.Another crucial goal should be to carefully design the policy set to avoid regressive distributional impacts.Ensure security and affordability of electricity supply Electricity security and affordability are two essential components for a successful clean energy transition,and this is no exception in the case of Korea.Coal power plants not only provide electricity,but also contribute to system adequacy and flexibility and provide inertia to the grid.IEA analysis shows that those services can also be provided by low-emissions assets and storage technologies,which combined with other Strategies for Coal Transition in Korea Executive summary PAGE|9 IEA.CC BY 4.0.measures such as energy efficiency can support a transition to a more sustainable power grid without significant increases in electricity bills.Other tools such as demand response can enable the Korean power system in the future to avoid resorting to high-emissions generation to meet demand.Additionally,enhancements in electricity market design,for example on capacity and flexibility payments,can help to provide enough incentives for dispatchable assets to contribute to the system,particularly those that will see fewer operating hours per year than in the past.Finally,investments in enabling infrastructure such as transmission and distribution capacity will be crucial;this requires social engagement,especially when seeking to speed up the approval processes while still ensuring compliance with legal and social procedures.Make the most out of existing coal assets Repurposing existing coal power plant sites presents several potential benefits,such as longer asset utilisation,mitigation of impacts on jobs and tax revenues,enhanced security of supply,and making use of existing grid connections that may otherwise take a long time to be established for new plants.Coal-fired plants can be retrofitted to use carbon capture,utilisation and storage technologies,helping to decrease their emissions substantially while keeping some of their advantages such as flexibility and ability to provide ancillary services.Other low-emissions conversion possibilities include retrofitting coal power plants to co-fire coal with biomass or ammonia,for which there are already successful projects around the world.Additionally,coal plants could be repurposed to host a small modular reactor for nuclear electricity generation.As the upfront costs and technology readiness for these options vary,policy makers and industry will have to carefully decide which option is best for each plant intended to be repurposed.Early retirements could also be a feasible solution in some cases,to then potentially repurpose their sites for other ends.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|10 IEA.CC BY 4.0.Chapter 1.Coal in clean energy transitions Coal in the net zero transition in the global context Introduction For some time,climate change has been identified as one of the main challenges the world is facing.Despite decades of significant international efforts,it was not until 2015 when a legally binding international treaty was adopted by the practical totality of the countries of the world,as 195 countries plus the European Union signed the Paris Agreement,with the goal of limiting global warming to well below 2 C,preferably to 1.5 C,compared with pre-industrial levels.The Paris Agreement is a historical milestone in the climate negotiations process.However,the analyses of the International Energy Agency(IEA)showed that the pledges as expressed in the nationally determined contributions of the countries were far from what was needed to lead the trajectory that the agreement actually pursued.Climate ambitions have been gaining momentum since the Paris Agreement was signed,with a growing number of countries pledging to reach carbon neutrality or net zero emissions by mid-century or soon afterwards.However,with the exception of the decline driven by the Covid-19 outbreak and associated lockdowns and economic recession,global greenhouse gas(GHG)emissions have continued to increase.Actually,the rebound of over 2 Gt CO2 emissions in 2021 is the biggest increase ever,making 2021 the all-time high at that time,with preliminary figures suggesting that 2022 would mark a new high.Turning the trajectory around requires reductions in emissions from all fuels,including from oil and gas.However,a rapid decline in unabated coal use is inevitably a central feature of all pathways to a more sustainable energy system.Coal is the most carbonintensive fossil fuel and is responsible for a larger share of global GHG emissions than any other source of energy 15 Gt CO2 in 2021.However,global coal demand and its CO2 emissions have been stagnant,at or close to its highest level for a decade.With over 95%of global coal consumption occurring in countries that have pledged to reach net zero,governments and other stakeholders need to move quickly to decrease emissions.Global coal use is heavily concentrated in a small number of countries,in which coal plays a crucial role in their energy sector in particular,electricity,and also in the industry and the wider economy.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|11 IEA.CC BY 4.0.Specifically in the electricity system,the deployment of renewables and other clean alternatives is vital to replace coal power plants,although it should be accompanied by adequate infrastructure such as grids and energy storage in order to secure a reliable energy supply.Share of coal in electricity generation and coal policies IEA.All rights reserved Impacts of the clean energy transition relative to coal are country-specific.It varies depending on the level of coal in the national energy mix,resource endowments,the structure of the labour market and the acceptance of local society.In order to assess the challenges the countries face in the transition process,the IEA developed the Coal Transition Exposure Index(CTEI),a typology of major coal-producing and-consuming countries exposure to the global clean energy transition.The CTEI maps out which countries are dependent on coal and in what ways.It is structured with four key categories and two indicators for each category.0 0%South AfricaIndiaPolandMoroccoKazakhstanChinaIndonesiaPhilippinesAustraliaViet NamMalaysiaCambodiaChinese TaipeiKoreaTrkiyeJapanUkraineGermanyUnited StatesRussiaCanadaMexicoUnited KingdomNational plan to phase out coalAgreed internationally to phasedown coalNet zero emissions target but nocoal commitmentStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|12 IEA.CC BY 4.0.Energy dependence on coal is its share in the energy mix and in electricity generation.This category gives a direction of what it will take for a country to reduce coal use.Development gap is quantified by GDP per capita measured at purchasing power parity and total final energy consumption per capita.It provides an approximate idea for a countrys future rate of energy demand growth and its financial and technological capacities.A country with rapidly increasing energy demand will have to expand clean energy supply as fast as demand in order to avoid increased coal use.Economic dependence is the share of coal in total goods exports and the share of coal produced domestically compared with total coal consumption.Domestic production of a sizeable share of coal demand is likely to see coal playing a larger role in the economy than for a country that imports coal.Lock-in quantifies the challenge of potential early retirement of assets that have not been fully depreciated.Two indicators used are the capacity-weighted ages of a countrys integrated steel mills and its coal-fired power plants.The raw data of each indicator were normalised in order to assign a total score to generate the index.From least to most,Botswana,South Africa,India,Viet Nam,the Peoples Republic of China(hereafter“China”),Mongolia and Indonesia have a particularly heavy and multifaceted dependence on coal,the biggest among the worlds countries.Scores have been calculated for a selection of countries that represent more than 90%of global coal production and consumption.The 15 largest coal producers and 15 largest coal consumers are included.Coal Transition Exposure Index and its components IEA.All rights reserved Korea,despite its medium to high coal dependency in the power generation mix,is a developed economy without a significant domestic coal-mining sector,and therefore is 123456CanadaUnited StatesJapanGermanyRussiaKoreaBangladeshAustraliaPolandTrkiyeKazakhstanPakistanColombiaZimbabweBotswanaSouth AfricaIndiaViet NamChinaMongoliaIndonesiaNormalised CTEI scoreLock-inEconomicdependenceDevelopmentgapEnergydependenceStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|13 IEA.CC BY 4.0.not among the most impacted countries,but this does not mean that a coal transition for Korea is going to be a simple task.Coal mining a particularly labour-intensive sector is usually concentrated in few regions even in large producing countries.Therefore,it is important to consider the regional aspect of transitions.Regions such as Shanxi in China,Mpumalanga in South Africa and East Kalimantan in Indonesia have a strong density of jobs,companies and tax revenues linked to coal mining,and this needs to be addressed in a very particular way.In the case of the coal power sector,the labour intensity is lower and might need less intervention,but the social aspects of the transition have to be properly addressed.The second chapter of this report analyses the regional distribution of plants and jobs in Korea.In the Net Zero by 2050 report,the IEA clearly states that the clean energy transition is for and about people.Indeed,workers of the fossil fuel industry are the most recognisable vulnerable element in the transition to net zero.But this is not just about workers,and this is why the IEA has widened the concept of just transition,with a focus on workers,towards the people-centred transition,which incorporates all the principles of just transition,but tries to be more inclusive.It means that the citizens,not only those linked to coal or the fossil fuel industry,must be recognised as active participants of the transition for at least two very good reasons.First,because this is the fair way to do it.Second,because without peoples engagement and support,the clean energy transition will derail.After the publication of Net Zero by 2050 in May 2021,the World Energy Outlook(WEO),the IEAs flagship publication,included the Net Zero Emissions by 2050(NZE)Scenario within its long-term scenarios,taking into account the latest information about energy markets and technologies.The NZE Scenario identifies four priorities in order to keep the door to 1.5 C open in the current decade.The priorities are clean electricity,energy efficiency,prevention of methane leaks and technology innovation.The acceleration in the first three areas can be done with existing technologies with adequate policy and financing support.However,almost half of emissions reductions in the NZE Scenario come from technologies which are not commercially available today,mainly linked to heavy industries and long-distance transportation,the sectors in which electrification is the most challenging.Technology innovation is therefore a key element in achieving global climate goals and ensuring a smooth transition in the electricity system.In November 2021,the 26th Conference of the Parties(COP26)concluded the Glasgow Climate Pact,which included a call on the parties to“accelerate efforts towards the phase-down of unabated coal power”.In parallel to COP26,46 countries and more than 30 subnational governments and organisations signed the Global Coal to Clean Power Transition Statement,in which signatories recognised the need to accelerate the transition from unabated coal power Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|14 IEA.CC BY 4.0.generation to clean energy.The statement comprises four points,of which point two is especially relevant,as it includes the commitment to achieve a transition away from unabated coal power generation in the 2030s or soon afterwards for major economies and in the 2040s or soon afterwards globally.The signatories of the statement include big consumers of coal,such as Germany,Indonesia,Kazakhstan,Korea,Poland and Viet Nam.As coal is the single largest CO2-emitting fuel and the backbone of many electricity systems,especially in emerging and developing economies,unabated coal was one of the main topics of discussion in Glasgow.From the discussions,it was evident that the world needs clear strategies and strong policies in order to rapidly reduce coal emissions.In the case of emerging and developing economies,international support is also needed to face the consequences throughout the economy of transitioning away from unabated coal.In Glasgow,it was also clear that the gap between pledges and targets versus reality and data was increasing.In order to help narrow the ambition gap,in the run-up to COP27,the IEA launched a report,Coal in Global Net Zero Transitions:Strategies for Rapid,Secure and People-Centred Change,with the purpose of giving clear guidance for countries to reduce coal-related emissions,focusing particularly on emerging economies,a people-centred transition and practical recommendations to make progress in this decade.The analyses and conclusions extracted from Coal in Global Net Zero Transitions,together with complementary research made on Korea,constitute the foundations of this report.The report mainly focuses on coal use in the electricity sector in Korea,and thus contains relatively limited discussions on the two important aspects identified in the Coal in Global Net Zero Transitions report.a)Coal transitions in industry:While the power sector is the largest consumer of coal,rapidly reducing coal use in the energy system also requires actions in the industry sector,which consumes a large amount of coal.For some of those industries there are no current technologies at scale to replace coal use.Moreover,some of the industrial emissions come from the process itself,regardless of the fuel used in production.While carbon capture,utilisation and storage(CCUS)can provide some abatement of emissions,there is still a big technological gap to be covered by innovation.b)International financial support to aid coal transitions in emerging and developing economies(EMDEs):One of the main barriers for the energy transition is the lack of investment in EMDEs.Financial and technological support for EMDEs needs to be an important pillar of the coal transition strategies in advanced economies,including Korea.Our analyses suggest that with strong international co-operation,the world can achieve the energy transition more smoothly than in a segmented world.In many markets,coal has been seen as a relatively cheap fuel,and its position in the electricity sector is often shielded from market competition by long-term power purchase agreements or other instruments.However,the tight supply amid the current Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|15 IEA.CC BY 4.0.energy crisis as well as inflation in the input costs of coal production are driving up coal prices.The global fleet of coal power plants saw unprecedented growth in the last two decades driven by developments in Asia.A number of EMDEs have very young fleets,in which large amounts of capital remain unrecovered.For example,the average age of the coal fleet in China is only 13 years,12 years in Indonesia,and 8 years in Viet Nam.The average age of Koreas coal power plants is 21 years.An estimated 8.4 million people are employed in coal production,processing,transport and power generation around the world.Many of these jobs,in particular those related to mining and processing,are very localised and the coal sector is deeply embedded in the local economies of producing regions.In the case of Korea,the majority of coal-related jobs are concentrated in import terminals,transportation and coal power plants.The IEA adopts the concept of people-centred transitions,which is a broader concept than just transitions.In any case,the common element of both approaches is the support for workers and communities impacted by the transition.The closure of coal power plants may have a significant impact on communities,which needs to be carefully addressed.There are also many considerations around the closure of coal mines,given the high labour-intense nature of coal mining and some other peculiarities.Global coal demand rebounded strongly in 2021 to 5 650 Mtce as economies recovered from the pandemic and coal-fired power generation reached a historic high in 2021.The global energy crisis in 2022 sharpened energy security concerns,and several countries have announced plans to extend the use of coal in the near term,although long-term strategies towards net zero have remained firm.Against this backdrop,it is essential to understand the factors underpinning todays high levels of coal consumption and what lessons can be drawn from countries that have successfully reduced reliance on coal,and to find ways to align near-term energy security imperatives with longer-term energy transition goals.A new context for the net zero transition Coal and energy security Energy commodities in the global market rose to record prices in 2022 as a result of market imbalances and supply chain disruptions following the Covid-19 pandemic and that were exacerbated by the Russian Federations(hereafter,“Russia”)invasion of Ukraine.Prices of natural gas in Europe have been regularly above USD 40/MBtu for more than one year,which is more than double the oil price on an energy-equivalent basis.International coal has also seen unprecedented price levels,higher than USD 400/tonne,more than tripling the average price of the 2010s.In turn,high prices of natural gas and coal have led to high electricity prices in many markets.The global energy crisis is hurting entire economies more severely in the EMDEs.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|16 IEA.CC BY 4.0.Energy prices in global markets,2020-2022 IEA.All rights reserved.Note:TTF MA=Title Transfer Facility month-ahead;LNG=liquefied natural gas.Coal is the most abundant fossil fuel and reserves would be enough to satisfy 100 years of global consumption with current levels.The United States is estimated to have the largest coal reserves with more than 200 Gt,followed by China,Russia,Australia and India.The low energy density of coal,less versatility than other fossil fuels and air pollution issues have driven the substitution of coal in transportation and residential heating,meaning that its direct use is overwhelmingly directed to the electricity and some industrial sectors.In 2022,importing countries have faced extremely high prices,but the aggregate costs of coal to the energy system have not increased as much:in countries that use domestic coal,prices are often lower than in international markets.Price changes in international markets have a strong impact in countries that import almost all of their coal such as Korea and Japan.Global coal demand has been stable for over a decade Total coal accounts for around a quarter of the worlds total energy supply,which is at its highest-ever level.Energy supply from coal has been between 5 200 Mtce(155 EJ)and 5 650 Mtce(165 EJ)each year since 2010,oscillating by 3%around a central value of 5 500 Mtce depending on annual changes in economic growth,weather and energy markets.Contrary to some accounts of the imminent end of coal or of a coal renaissance,coal demand has been surprisingly stable for more than a decade despite many changes in the global economy and energy sector.100 500 9001 3001 7002 1002 500Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-221 September 2020=100TTF MAGermanpowerAsianspotLNGEUimportedcoalNorthSeaBrentStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|17 IEA.CC BY 4.0.Global total energy supply from coal,2000-2021 IEA.All rights reserved.Note:CAAGR=compounded annual average growth rate.Nonetheless,coal has been increasingly in the spotlight for policy makers,investors and activists.This is not surprising given that more than 95%of global coal consumption occurs in countries that have net zero emissions pledges,albeit on different timescales and varying levels of legal status.Despite all these commitments,unabated coal demand has not yet entered into a structural decline.Share of global coal consumption covered by net zero emissions pledges,by target date and status IEA.All rights reserved.1 0002 0003 0004 0005 0006 00020002005201020152021Mtce2011-21 CAAGR 0.3 00-11 CAAGR 4.7 0 50 or before20602070No pledgeNo pledgeAnnouncedIn policydocumentIn lawStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|18 IEA.CC BY 4.0.Emerging market and developing economies increasingly dominate coal use Coal is unique among fuels in the unparalleled dominance of a single country:China,which accounts for over 55%of global coal demand.Chinas power sector alone accounts for one-third of global coal demand.Indeed,Chinas coal-fired power generation is larger than total generation in any country.China is also the largest coal producer by far,mining roughly half of global output,and the largest coal importer.Despite Chinas impressive deployment of clean energy technologies,coal still accounts for more than half of Chinas energy supply and almost two-thirds of electricity generation.The second-largest coal-consuming country is India,accounting for over 10%of global coal demand.Coal is also the cornerstone of Indias electricity generation,accounting for around three-quarters of total generation.India has around 45%of the coal share in the total energy supply mix,which is lower than in China(around 60%),owing to Indias lower level of coal-intensive industrial energy demand.Together,China and India account for two-thirds of global coal demand.EMDEs as a whole accounted for over 80%in 2021,up from less than half in 2000.Coal demand in advanced economies has declined by about one-third over the last two decades.The United States now accounts for around 6%of global coal demand and the European Union for around 4%.The picture is slightly different in per capita terms,due to the large population and lower energy demand per capita in EMDEs.In the early 2000s,the United States consumed nearly 2.5 tce,or 80 GJ,of coal per capita.As a result of a modest decline in total energy demand,and a substantial switch to natural gas and renewables,the United States total coal demand per capita has more than halved over the last two decades,and is now well below Chinas.Despite the large size of Indias total coal demand,in per capita terms it consumes only around 0.45 tce(13 GJ),still less than half the level of the United States.Nonetheless,the decline in the European Unions consumption of coal means that per capita coal demand in the European Union is close to that of India today(around 0.5 tce or 15 GJ).Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|19 IEA.CC BY 4.0.Regional share in global coal demand and regional coal demand per capita,2000-2021 IEA.All rights reserved.Note:Other EMDEs=emerging market and developing economies excluding China and India;Other AEs=advanced economies excluding the United States and the European Union.Coal use is deeply embedded in few sectors Coals stable position in the global energy mix has been driven by its role in power generation,which accounts for two-thirds of total coal demand.Although low-emissions sources of electricity generation,-i.e.renewables and nuclear-as a group have recently overtaken it,coal is still the single largest source of electricity generation,responsible for 36%of total electricity generation.The share of coal in the generation mix has been slowly decreasing as the share of electricity in total energy has been rising.The industry sector accounts for almost one-third of global coal demand.In particular,coal is the dominant source of energy used to make two essential products for modern civilisation:steel and cement.The iron and steel sector accounts for around 16%of total coal demand.Coal is the largest source of energy for cement production with a share of over 50%due to its low cost and high availability.2 0004 0006 000200020102021MtceChinaIndiaOther EMDEUnited StatesEuropean UnionOther AECoal demand by region123200020102021tceDemand per capitaStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|20 IEA.CC BY 4.0.Global coal demand by sector and coal share in energy demand by sector,2000-2021 IEA.All rights reserved.Notes:For end-use sectors the right panel shows the share of coal in the sectors total final consumption.For the power sector it shows the share of coal-fired electricity in total generation.Power generation accounts for two-thirds of total coal demand;coal is the dominant energy source for steel and cement manufacturing.The surge in coal-fired capacity additions since 2000 was unprecedented.Between 2000 and 2021,the total installed capacity of coal-fired generation almost doubled,from about 1 100 GW to almost 2 200 GW.Even taking account of growing population,the expansion represents the fastest increase in the global installed capacity of coal-fired generation since the birth of this technology.The rapid growth in coal-fired generation capacity in the 2000s was largely driven by EMDEs,particularly in the Asia Pacific region and especially in China.The world now has a large stock of young coal-fired power plants,which must be made compatible with the pathway to net zero emissions.Status of coal phase-down pledges An increasing number of countries have made net zero emissions pledges or adopted policies to reduce coal use in the power sector.Since the Paris Agreement was signed,21 countries have committed to fully phase down coal within a fixed time frame.EU climate policies were significant in reducing coals share of power generation,which has accelerated the transition from coal in the region.Among Group of 20(G20)countries,only 5 have a full coal phase-down target:Canada,France,Germany,Italy and the United Kingdom.Emissions from the coal-fired power sectors of these five countries take up less than 0.8%of global emissions.By August 2022,only four countries had completed their phase-downs,Austria in 2020,Belgium in 2016,Portugal in 2021 and Sweden in 2020.Though the current high gas prices and scarcity are obliging some countries to rely on coal more than previously expected,no major changes have been perceived so far regarding coal phase-down plans.The main 10 0Pp0 0020102021PowerIron and steelCementOther industryBuildingsOtherCoal demand by sector200 0020102021Coal share in demand by sectorStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|21 IEA.CC BY 4.0.changes are that in France and the United Kingdom,the full phase-down might be delayed one year or so,and in Austria the Mellach coal power plant could be connected again to the grid,delaying its coal phase-down for few years,if it ever works.However,the capacity of the plant is only 240 MW.Seven large countries with a net zero emissions target remain without a coal phase-down plan:Brazil,China,India Japan,Korea,South Africa and the United States.In any case,Group of Seven(G7)countries committed to achieving carbon neutrality in the power sector by 2035 and an eventual phase-down of unabated coal power generation.In the United States,carbon neutrality in the power system by 2035 implies the end of unabated coal power generation by that date or earlier.Other countries from the G20,most notably Russia,do not have a net zero target yet.Several countries made announcements in 2021 to retire their coal power plant fleet ahead of time,which includes Chile,Hungary and the United Kingdom.Share of coal in the power mix(%)Countries Target date IEA Net Zero by 2050 target Coals share in the national power supply(2020)Share of coal in national CO2 emissions(2019)Most power generation coal from domestic mines Austria 2020 2050 3%8.6%No Belgium 2017 No 3%5.8%No Canada 2030 2050 5%7.2%Yes Chile 2040 2050 312.9%No Denmark 2028 2050 11.2%No Finland 2029 2035 8.6%No France 2022 2050 1%3.6%No Germany 2038 2045 26(.0%Yes Greece 2028 No 13.8%Yes Hungary 2025 2050 11.9%Yes Ireland 2025 2050 5%7.5%No Israel 2030 No 282.2%No Italy 2025 2050 5%7.1%No Netherlands 2029 2050 8.4%No New Zealand 2030 2050 5%8.9%Yes Portugal 2021 2050 5.6%No Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|22 IEA.CC BY 4.0.Countries Target date IEA Net Zero by 2050 target Coals share in the national power supply(2020)Share of coal in national CO2 emissions(2019)Most power generation coal from domestic mines Romania 2032 No 17%.3%Yes Slovak Republic 2030 2050 7.5%Yes Spain 2030 2050 2%6.2%No Sweden 2020 2045 1%8.0%No United Kingdom 2024 2050 2%3.3%No During COP23 in 2017,Canada and the United Kingdom launched the Powering Past Coal Alliance(PPCA),with the goal of accelerating the transition from unabated coal power generation.The PPCA shares memberships with national and subnational governments and business and international organisations.In addition to most of the countries listed in the table above,the following countries have joined the PPCA:Albania,Angola,Costa Rica,Croatia,El Salvador,Ethiopia,Fiji,Latvia,Liechtenstein,Lithuania,Luxembourg,Marshall Islands,Mexico,Niue,the Republic of North Macedonia(hereafter,“North Macedonia”),Peru,Senegal,Switzerland,Tuvalu,Uruguay and Vanuatu.Among them,only Croatia,Mexico,North Macedonia,Peru and Senegal generate some electricity from coal.During COP26 came the Global Coal to Clean Power Transition Statement,with the goal of accelerating the transition of unabated coal power generation.These international agreements also include provisions on just transitions,attraction of private finance,energy security,and utilities and grids.The outlook for coal use and emissions This report uses the latest scenarios from the IEA Global Energy and Climate Model,developed for the World Energy Outlook 2022(WEO-2022).The WEO-2022 includes detailed analysis of the energy sector transformation of each of the scenarios listed below.The sections below focus on the implications for coal markets,emissions and the role of CCUS.The Announced Pledges Scenario(APS)assumes that all climate commitments made by governments around the world,including nationally determined contributions(NDCs)and longer-term net zero pledges,will be met in full and on time,regardless of whether these pledges are currently backed by detailed implementing laws,policies and regulations.The Net Zero Emissions by 2050(NZE)Scenario sets out a narrow but achievable pathway for the global energy sector to achieve net zero Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|23 IEA.CC BY 4.0.CO2 emissions by 2050.In this scenario,advanced economies take the lead,but all regions achieve very rapid reductions in energy sector CO2 emissions in order to enable the global energy sector to reach net zero by 2050.The Stated Policies Scenario(STEPS)takes a more conservative and granular approach,integrating sector-by-sector analysis of the impacts of established and announced policies and regulations.It does not assume that net zero emissions pledges are met in full and on time unless they are backed up by specific policy measures.Coal demand The drop in coal demand in 2020 was more than offset by a strong rebound in 2021,taking it very close to its all-time high.In 2022,demand for coal was expected to increase marginally as nations attempted to fulfil rising energy demand while contending with slower economic development.Despite the energy crisis had a strong impact on many variables,expectations were confirmed and after a moderate growth,coal demand reached a new all-time high in 2022.Demand for coal is projected to fall structurally in all of our scenarios starting in the current decade,but the speed of this decline is highly dependent on the stringency of climate legislations.In STEPS,the need for coal declines by just under 10%to 2030 and by 30%by 2050.While industry coal demand declines moderately,the majority of the drop takes place in the power sector,which is concentrated mostly in advanced economies.Coal demand by scenario and sector,2010-2050 IEA.All rights reserved.Note:Other includes the small amounts of coal consumed in the buildings and transport sectors,and in the other energy transformation sector.Power includes both electricity and heat production.1 0002 0003 0004 0005 0006 000200020102020203020402050Total coal demandMtceSTEPS APSNZE STEPS APSNZEOtherIndustryPowerCoal demand by sector203020502021STEPAPSNZEStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|24 IEA.CC BY 4.0.In the APS,total coal demand falls by around 20%to 2030 and by 75%to 2050.The electricity sector experiences the largest declines through 2030 as renewable energy and other low-emissions sources start to displace coal.Just slightly slower than the pace of increase in the worlds coal demand between 2000 and 2010,total coal use declines by just over 2%annually from now until 2030.After 2030,global coal demand shrinks at an annual pace of more than 5%,which is quicker than the rate at which industrialised economies reduced their coal consumption over the previous decade.Given net zero commitments for 2050 and a relatively slower pace of energy demand growth(electricity consumption increases by 2%per year to 2030),coal use in advanced economies falls by almost 75%to 2030.Electricity consumption grows faster in EMDEs(nearly 3.5%per year through to 2030),and many nations have committed to achieving net zero emissions at a later timing,by 2060 or 2070.As a result,between 2021 and 2030,coal use for power generation decreases by 10%,with China experiencing a 10cline and India experiencing a 15%increase.These patterns are a result of the two countries divergent rates of economic development,with Chinas mature economy experiencing slower increases in both GDP and energy demand than India.By 2050,coal use in the electricity sectors of EMDEs has been reduced by more than half.Coal demand by region in power and industry,2010-2050 IEA.All rights reserved.In industry,options to substitute coal are at a lower technological maturity than in the power sector.In the APS,coal use in advanced economies decreases by around 20%to 2030,largely due to energy and material efficiency measures.By 2030,Chinas demand for coal will have decreased by roughly 20%as the market for raw materials such as steel starts to become saturated.In other emerging market and developing 1 0002 0003 0004 00020102020203020402050ChinaIndiaOther EMDEUnited StatesEuropean UnionOther AENZE(global)PowerMtce20102020203020402050IndustryStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|25 IEA.CC BY 4.0.nations,coal demand in the industry sector increases by roughly 5%to 2030 as demand for steel and cement production continues to grow.Global industry demand for coal falls by more than 60%by 2050.Both the electricity and industry sectors see declines in coal demand in the APS,initially led by reductions in advanced economies.Declines in the NZE Scenario are much steeper.In the NZE Scenario,global coal demand falls by 45%to 2030 and by 90%to 2050 to 540 Mtce.Declines are led by the electricity sector,where coal use is reduced by nearly 55tween 2021 and 2030 as low-emissions sources of generation dramatically ramp up.The use of coal with CCUS Coal facilities equipped with CCUS can produce low-emissions power,industrial products(steel,cement)and hydrogen and hydrogen-based fuels.CCUS provides an opportunity for countries with large coal resources to continue to produce domestic energy resources,preserve existing strategic assets and cushion the impacts of transitions on coal-dependent communities,while reducing emissions.The development of coal-related CCUS applications has been limited to date.There are five CCUS projects in operation globally that capture around 5 Mt CO2 each year from coal-based applications.This amounts to around 13%of current global capture capacity.As seen in the table below,China has three operating projects in the coal-based chemicals,power and fertiliser sectors,although the largest single facility is in the United States.Operating coal-related commercial-scale CCUS facilities and their applications Country Project Project promoter Application Capacity(Mt/yr)China Nanjing Chemical Industries CCUS project Sinopec Chemicals 0.2 Qilu Petrochemical Plant Sinopec Chemicals 1 Guohua Power Jinjie China Energy Power 0.15 Canada Boundary Dam CCS Saskpower Power 1 United States Great Plains Synfuel Plant Dakota Gas Fuel supply 3 Notes:CCS=carbon capture and storage.Projects are considered commercial-scale if they have an annual capture capacity of 0.1 Mt CO2 or greater.The Nanjing Chemical Industries CCUS project and Qilu Petrochemical Plant use coal as their primary feedstock.Source:IEA Tracking,(Cai,Lin,&Ma,2020)and corporate communications.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|26 IEA.CC BY 4.0.As of December 2022 there were 18 coal-related CCUS projects currently under development:12 are in the power sector,3 are in industry and 3 are for fuel supply.China is developing 7 projects,the United States is developing 5,and the remainder are in Australia,Japan,India,Indonesia and Russia.If all 18 projects were to be fully developed,they would capture around 30 Mt CO2 each year by 2030.In the APS,around 53 Mt CO2 is captured from coal facilities in 2030 and 1 300 Mt CO2 is captured in 2050.In the power sector,CCUS is retrofitted onto coal plants to support emissions reductions while allowing existing plants to continue to operate;this is especially important in developing economies in Asia which have a very large fleet of young coal-fired power plants.In industry,coal use with CCUS continues mainly in steel and cement production and is concentrated in EMDEs such as China,India and Russia.Around 30%of global coal in 2050 in the APS is equipped with CCUS.In the NZE Scenario,there is a much faster ramp-up in coal CCUS to 2030(when 260 Mt CO2 is captured from coal plants)but volumes captured in 2050 are slightly lower than levels in the APS.This is because the NZE Scenario sees more fuel-switching away from coal,the faster retirement of coal-fired assets and a much greater role for renewable power generation.More than three-quarters of coal use in 2050 in the NZE Scenario is equipped with CCUS.The current pipeline of under-construction and proposed projects would provide around 70%of the CO2 captured from coal CCUS in 2030 in the APS and less than 15%in the NZE Scenario.Making up the difference will require strong policy support.Coal CCUS is important in the APS and NZE Scenario,especially in EMDEs.CCUS is used with 30%of coal in the APS in 2050 and 70%in the NZE Scenario.CO2 capture capacity by scenario,sector and fuel IEA.All rights reserved.400 8001 2001 600APS NZEAPS NZEPowerIndustryFuel supplyCoal-based CO capture capacity2 0004 0006 0008 000APS NZEAPS NZECoalNatural gasProcess emissionsOtherTotal CO capture capacityMt CO2030205020302050Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|27 IEA.CC BY 4.0.Accelerating the deployment of coal CCUS In order for CCUS projects to successfully contribute to emissions reduction goals,governments and industry need to commit to long-term funding and investments to make CCUS technology more cost-effective and available.This includes investing in research and development and creating public-private partnerships to develop and deploy CCUS projects.In addition,policy incentives and regulations need to be implemented to encourage the uptake of CCUS technology and create a supportive environment for investment and deployment of these projects.In the NZE Scenario,projects need to capture more than 90%of the CO2 emissions arising from coal combustion or conversion;GHG emissions associated with the extraction,processing and transport of coal need to be kept to a minimum;and the end product needs to have a lower emissions intensity than the product it is replacing.Coal-producing regions and countries can still employ CCUS to manufacture low-emissions hydrogen,hydrogen-based fuels and chemicals,as well as to reduce emissions from existing assets through retrofits.In order to accelerate the deployment of CCUS,countries must make sure they have the proper legal and regulatory frameworks in place and support assessments of CO2 storage potential.Increased economies of scale and affordable transport and storage costs can result from the development of shared CO2 transport and storage infrastructure.In various nations and regions,including China,Europe and the United States,shared infrastructure is being built.In Canada,shared infrastructure has been operating since 2020 as a result of the Alberta Carbon Trunk Line Project.In turn,coal-based CCUS deployments can assist in the establishment of a common CO2 transit and storage infrastructure.The deployment of coal CCUS installations can produce volumes of centralised CO2 emissions and this in turn can act as an anchor for the development of wider CO2 transport networks and storage hubs.Emissions of different routes of hydrogen production IEA.All rights reserved.-200-100 0 100 200 300 400Nocapture95ptureNocapture60pture95ptureNocapture95ptureWindPVGridJapanGridIndiaConversionUpstream emissionsg CO-eq/MJBiomassElectrolysisCoalNatural gasStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|28 IEA.CC BY 4.0.Greenhouse gas emissions and air pollution CO2 emissions In 2021,coal combustion accounted for around 40%(15 Gt CO2)of all global energy-related CO2 emissions.In 2021,China and India produced more than two thirds of the worlds coal-related CO2 emissions,followed by the United States,the European Union,Russia,Japan and South Africa.In all scenarios,total energy sector emissions peak in the present decade,with coal playing a significant role in this pattern.According to the STEPS,emissions from coal fall by 1.5 Gt CO2 by 2030,more than offsetting increases in combustion emissions from oil and gas and from industrial process emissions.After 2030,coal emissions continue to decline,falling by another 3.8 Gt CO2 by 2050.In the APS,all fuel emissions are expected to decrease by 2030 although coal leads the way with a 20crease from 2021 levels.By 2030,this drop is roughly half as large as the reductions in emissions from oil,natural gas and industrial processes combined.Coal emissions decrease between 2021 and 2030 at a 3%annual pace(as opposed to a 1%annual fall in the STEPS),and by 7tween 2030 and 2050.In contrast,coal emissions increased at a rate of 4.5%per year from 2000 to 2010 during the economic boom.Coal emissions are 80%lower in 2050 than 2021 levels.CO2 emissions by source and scenario IEA.All rights reserved Up to 2030,roughly two-thirds of the emissions reductions in the APS come from coal reductions.This highlights the need to reduce coal use if countries are to reach their net zero emissions targets and expanding the range of affordable alternatives to coal in the power sector,which makes up the majority of coal use.Due to the rapid transition-100 10 20 30 4020212030 20502030 20502030 2050CoalOilNaturalgasOtherGt COSTEPSAPSNZEStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|29 IEA.CC BY 4.0.to clean energy technologies,particularly solar PV and wind,advanced economies see the largest reductions in emissions over the period to 2030.Between 2021 and 2030,advanced economies cut annual coal emissions by about 2 Gt CO2(a reduction of nearly 70%).In EMDEs,the near-term trend is tempered by rapid electricity demand growth and the additional space given by longer-term net zero pledges(e.g.2060 for China and 2070 for India).Coal emissions in EMDEs decline by 1.3 Gt CO2 between 2021 and 2030(a 10%reduction).The rapid growth of low-emissions sources of generation to 2030 lays the foundation for a much stronger reduction in emissions from coal thereafter,and emissions from coal are reduced by more than 4 Gt CO2 in the 2030s and around 3 Gt CO2 in the 2040s.In the NZE Scenario,emissions from all fossil fuels decline substantially by 2030.Coal leads the way,given its high emissions intensity and the competitiveness of lowemissions alternatives in the electricity sector.Emissions from coal drop by half from 2021 to 2030,driven by the rapid rise of lowemissions sources of electricity generation.Coal mine methane emissions Methane emissions are responsible for around 30%of the current rise in global average temperatures;rapid and sustained reductions are key to limiting nearterm global warming.Coal mine operations released around 43 Mt of methane into the atmosphere in 2021,close to onethird of total energyrelated methane emissions.This is equivalent to around 1.3 Gt CO2eq,more than all the CO2 emissions from Europes power sector.Coal seams naturally contain methane(referred to as coal mine methane),which can be released during or after mining operations in a number of ways.Absent mitigation measures,methane emissions tend to be higher for underground mines than for surface mines.Underground mines,which accounted for about 60%of total coal production in 2021,were responsible for around 80%of total coal mine methane emissions.We estimate that it is technically possible to avoid around half of global methane emissions from coal operations today,and more than 90%of abatement potential is associated with underground coal mines.For operating mines,ventilation air methane can be directed to processes such as blending or oxidation to make it usable as an energy source,for instance to heat mine facilities or to dry coal.Thermal or catalytic oxidation technologies can be used even with low methane concentrations(between 0.25%and 1.25%)and reduce over 50%of associated emissions.Air pollution Polluted air causes serious diseases,damages natural habitats,and reduces the health and yield of farmed crops.Around 3 million premature deaths were attributable Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|30 IEA.CC BY 4.0.to ambient air pollution in 2021,85%of which occurred in EMDEs,primarily in Asia.Additionally,2.4 million premature deaths were attributed in 2021 to household air pollution,primarily from the traditional use of biomass for cooking and concentrated mainly in Africa.Public healthcare systems are further burdened by air pollution,which also constrains economic growth.Different fuels are responsible for various air pollutant emissions.Over 60%of the sulphur dioxide emissions in 2021 came from burning coal,80%of the nitrogen oxide emissions were from burning oil,and burning biomass caused around three-quarters of fine particulate matter(PM2.5)emissions.Risk of lockedin CO2 emissions from existing coal plants The current fleet of relatively young coalfired power plants risks locking in CO2 emissions for decades to come.To measure the risks,the IEA developed a plantbyplant assessment of the remaining technical lifetime of coalfired power plants in operation at the start of 2022 and analysed the potential associated emissions from these plants through to the year 2100.Total coalfired power plant capacity today stands at a little under 2 185 GW and is made up of around 9 000 units with an average age of 20 years per unit.If existing plants continue to operate at current levels and without CCUS retrofits or cofiring with lowemissions fuels over the rest of their technical lifetime,330 Gt CO2 emissions could be emitted from 2022 to 2100,with the Asia Pacific region contributing almost 90%.The 330 Gt of emissions would account for twothirds of the remaining cumulative emissions budget of 500 Gt consistent with a 50%chance of limiting average global temperature warming to below 1.5 C.Emissions for the period from 2022 to 2030 alone could be as high as 90 Gt,and,if unchecked,cumulative emissions to 2060 from the existing coal plant fleet could exceed all coal plant emissions to date.Industrial facilities using coal are similarly long-lived:for coaldependent heavy industries such as steel and cement,the year 2050 is just one investment cycle away.Average lifetimes for emissionsintensive industry sector assets such as blast furnaces and cement kilns are around 40 years,but plants often undergo a major refurbishment after about 25 years of operation.Around 60%of steel production facilities globally and half of cement kilns will undergo investment decisions this decade,which to a large degree will shape the outlook for coal use in heavy industry.Without any modification to their current mode of operation,these existing assets would generate 66 Gt CO2 emissions through their remaining lifetime.Together with the existing coal-fired fleet,emissions from existing coal assets on their own would tip the world across the 1.5 C limit.A variety of existing technologies offer options to reduce emissions from existing coalfired power plants in ways that best fit the particular circumstances.They include:repurposing coal plants to focus on flexibility;retrofitting with CCUS technology;retrofitting to cofire with low-emissions fuels such as ammonia or biomass;and retiring them early.Against a baseline of coal plants continuing to operate as they have in the Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|31 IEA.CC BY 4.0.recent past,the cumulative CO2 emissions savings to 2050 in the APS is close to 100 Gt.Repurposing accounts for 60%of these reductions,with early retirements the secondlargest contributor to cutting emissions(33%of the total),followed by CCUS retrofits and cofiring with other fuels.Lessons from past transitions A number of countries have already seen major transitions in their coal sectors over the past 60 years.While each countrys coal transition must be assessed through the prism of its unique circumstances and historical context,a survey of past transitions provides some valuable lessons for the future.In this section,we focus on lessons from coal transition experiences in the power sector.Transitions in coal demand have often happened relatively quickly A number of countries have already seen a peak in unabated coal in their total energy supply with subsequent decline.Among them,we focus here on the countries that meet the following criteria:sustained:the peak in coal demand was sustained across at least ten years,and total unabated coal demand was at least 10low the peak in the most recent annual data substantial:coal accounted for at least 10%of total energy supply in the peak year growth-compatible:GDP growth was positive in the ten years immediately following the peak.These criteria leave a sample of 22 countries with coal peaks that were sustained,substantial and growth-compatible.A number of countries in the former Soviet Union are among those that do not meet these criteria:their coal transitions were driven by a collapse in their GDP after 1990,and they do not qualify as growth-compatible.What were the patterns related to the peaks in unabated coal demand?The median peak occurred at a GDP per capita of around USD 21 000 in purchasing power parity(PPP)terms,and GDP grew at a robust 3.3%per year in the ten years following the peak in unabated coal.Today China and India are the biggest consumers of coal:the median peak in our historical sample compares with a GDP per capita in 2021 of USD 19 500 in China,and a little more than USD 7 000 in India(in PPP terms).For the median country,the coal peak occurred at a point when total energy demand was essentially saturated,growing only 0.2%per year in the ten years following the peak.This compares with 0.05%per year in China in the APS over the next decade and 2.3%per year in India.Within ten years of the peak of unabated coal demand,the median country saw coal demand fall by roughly one-third.Within 20 years,the median country saw a Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|32 IEA.CC BY 4.0.halving of unabated coal demand.These trends are roughly in line with the speed of the decline in global unabated coal demand after it peaks in the APS.Historical trends in unabated coal demand,1960-2020,compared with the Announced Pledges Scenario,2020-2050 IEA.All rights reserved.Historical transitions away from coal have occurred roughly as fast as the global transition seen in the APS.The figure below looks at historical examples in 33 countries of decade-long transitions away from unabated coal in the power sector.It shows the decline in coal generation,growth in the main alternative source and change in total electricity demand,all expressed as a percentage of total generation from all sources at the start of the ten-year transition period.Most coal transitions were driven by the growth of wind and solar PV or of natural gas,although a smaller number were driven by growth in hydropower or nuclear power.The largest number of observed coal transitions in the electricity sector were driven by the growth of wind and solar PV.These transitions typically took place in economies where the rate of total electricity generation growth was often modest or even negative:the median rate of demand growth during the ten years after the peak was 0.2%per year,and the median rate of solar PV and wind growth relative to total generation at the start of the period was 1%per year.This highlights the critical importance of scaling up renewables fast enough to substitute away from coal,particularly where there is rapid demand growth in EMDEs.It is also worth noting that although wind and solar replaced a larger share of the energy provided by coal than other fuels,they did not provide a substitute for the system services provided by coal.The median rate of electricity demand growth in natural gas-driven transitions was higher than in the transition to solar PV and wind(1.9%per year versus 0.2%per 200%-100102030Total coal demand index(peak year=100%)Year index(peak year=0)33rd-66thpercentile25th-75thpercentileMedianAPSStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|33 IEA.CC BY 4.0.year),and the median rate of growth of the main substitute fuel source(natural gas)was also higher(1.6%per year).Decadal episodes of coal transitions in electricity generation,as a percent of total generation in the start year,1960-2019 IEA.All rights reserved.Historical transitions were largely unanticipated Policies to manage socio-economic impacts came too late Some countries have experienced large declines in coal production activities.Governments have often intervened to sustain domestic coal production,but these interventions have rarely been effective in the longer term.For example,Germany provided over EUR 280 billion in subsidies for coal production from 1958 to 2018,but domestic production remained uneconomic and continued to decline in the long run.Similarly,Poland provided subsidies for coal production of around USD 25 billion between 1990 and 2016 together with almost USD 1.5 billion per year for coal miners pensions.As in Germany,these subsidies failed to halt a gradual decline in production.In some cases,governments gave companies one-time transfers to make needed upfront investments in mechanisation and productivity improvements,though many operations then slid back into deficit.In other cases,nationalisations and privatisations injected new capital but could not compensate in the long run for mines with geological conditions that led to high production costs.When coal transitions have come,whether or not after attempts to sustain production,they have not always been anticipated by policy makers,and have often taken place without wide-ranging efforts to help those affected in coal mining regions.Governments have frequently provided some compensation to affected workers when coal mining jobs have been lost,but initial responses have sometimes proved relatively ineffective,-40%-20%0 0%CoalSolar and windNatural gasNuclearHydroDemandSolar and windNatural gasNuclear HydroTen-year changeStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|34 IEA.CC BY 4.0.and have only later been supplemented by additional measures to support broader community and economic development in response to emerging socio-economic challenges.In the United Kingdom,for example,workers who lost their jobs when mines were closed in the 1980s were offered redundancy payments lasting up to a year,and were eligible for unemployment and incapacity benefits.But it was not until 1997 that the government established the Coalfields Task Force and enacted measures to redevelop coal communities.These included efforts to reclaim mine land at over 100 coal sites for productive use such as housing and industry,and to channel European Union funding towards support for local infrastructure,businesses and vocational training.The Welsh Development Agency sought from the outset to attract investment and create jobs,but new infrastructure projects were generally not located in the counties where unemployment was the highest.To take another example,in the United States,many Appalachian coal mining counties took advantage of local grants and investments provided by the Appalachian Regional Commission to build their own transition strategies focused on education or economic diversification.For instance,Athens County in Ohio launched a cross-county retraining programme to help former coal miners and their families find well-paid jobs outside the mining industry after the closure of the last coal mine in 2002.Coal mining counties have also benefited from broader infrastructure development support from the Tennessee Valley Authority since the 1930s and later from the Appalachian Development Highway System.In 2015,President Barack Obama added to the help available by launching the Partnerships for Opportunity and Workforce and Economic Revitalization(POWER)Plus Plan to provide funding for economic diversification,job creation and employment in Appalachia.Funding was also allocated for the clean-up of abandoned mines and for schools,public health services and cultural amenities to attract investment and diversify local economies.However,this package was designed and implemented long after coal production and employment in Appalachia had begun to decline.Coal regions were often left with profound and long-lasting socio-economic scars The measures taken to support coal miners and communities in the face of closures and job losses have often not been able to compensate for the socio-economic challenges associated with coal transitions.Decades after the transitions began,coal mining communities still lag behind much of the rest of their respective countries.Across the United Kingdom,for example,every former coal region still sees lower job density than the nationwide average.In many regions,the employment rate is 5-10low the level in south-east England.In Wales in particular,where around 20%of Welsh working-age males lost their jobs during the 1980s,mine closures led to a rise Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|35 IEA.CC BY 4.0.in poverty and to people moving away from the affected counties.The failure to attract new heavy industry with blue-collar jobs into former coalfields led to many miners being unable to find new jobs.Differences in selected socio-economic indicators between Appalachian Basin counties and the rest of the United States,1970-2020 IEA.All rights reserved.Note:Computations draw on county-level data except for GDP data for 2000 and before,which is available only by state.Source:Bureau of Economic Analysis(2022).In the United States,the loss of jobs in the coal mining industry has had broad socio-economic impacts.Appalachia,once the cornerstone of the countrys energy supply,has seen coal mining jobs decline from over 500 000 to just 30 000 over the last century.It has struggled for decades with high levels of poverty and with public health crises,and its employment and GDP growth lag behind the rest of the country.As in other coal regions around the world,access to alternative opportunities was hampered by geographic isolation and lack of infrastructure.As a result,it proved difficult for a large mining workforce to find other blue-collar jobs,especially against the background of a nationwide decline in manufacturing jobs.People-centred transitions Employment In 2019,almost 8.4 million people worked in coal value chains,including 6.3 million in supply(both production and transportation)and 2.1 million in power generation.These numbers include our best estimate of informal workers as well as those formally employed.Jobs in coal supply and in coalfired power generation account for around 0.25%of total global employment,but they tend to be concentrated in areas around coal mines where entire communities may be dependent on income generated in the-2.0%-1.5%-1.0%-0.5%0%0.5%Employment inmining,manufacturing andconstructionGross domesticproductGovernmenttransfers per capita1970s1980s1990s2000s2010sDifferences in CAAGRDecadeStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|36 IEA.CC BY 4.0.coal industry.In these regions,coal revenues are critically important for the operation of many other businesses and industries and hence for the jobs they provide.Today coal supply jobs are concentrated in Asia,with 3.4 million coal workers in China,1.4 million workers in India,and around 470 000 workers in Indonesia.In recent years,some key coal producers have seen declining employment as labour productivity has improved,in part because of increasing mechanisation.For example,China reduced coal mining employment by almost 2.5 million jobs between 2013 and 2019 while maintaining production volumes.The largest number of coal supply jobs are in mining,the most labourintensive part of the value chain,but the transportation,washing and processing of coal also provide many jobs.An estimated 740 000 workers were employed in coalrelated power sector jobs in China in 2019.This compares with around 150 000 in Europe and over 80 000 in North America,where these jobs have been declining in recent years.Coal jobs in power generation involve tasks such as operating and maintaining existing plants,constructing new capacity,and manufacturing components such as boilers,turbines and generators.Employment in the coal value chain by region and as a share of global employment,2019 IEA.All rights reserved.Countries with net zero emissions targets currently account for more than 95%of coal consumption and employment along coal value chains.In the APS,total coal employment declines from 8.4 million in 2019 to 6.1 million in 2030.Some of this decline is due to a fall in coal production and consumption as countries make progress towards their net zero emissions targets.It also reflects improvements in productivity and increased mechanisation.1 2 3 4Rest of worldNorth AmericaAfricaEuropeOther Asia PacificIndiaChinaMillion employeesProductionTransportationPower generationCoal employment by regionGlobal employmentCoalOther energyStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|37 IEA.CC BY 4.0.Despite an increase in employment at coal plants with CCUS,coal employment sees a sharper decline than either oil or natural gas employment,making it an area of particular concern in terms of just transitions policies.The decline in coal sector jobs forms part of a broader shift in energy sector employment to clean energy,which increases from around 32 million jobs in 2019 to 54 million jobs in 2030,thanks in particular to increasing numbers of jobs focused on delivering lowemissions power generation and improving enduse efficiency.Of the 21 countries with the highest rankings on the IEA CTEI,17 have made net zero commitments or incorporated net zero emissions objectives in law,and 11 have undertaken or executed plans to phase down or limit their usage of coal.It is notable that only five countries,which represent a mere 4%of the worlds coal workers,have implemented,announced or initiated discussions on just transition policies for the coal workers and communities affected by transitions away from coal.This suggests that there is an urgent need for more countries to consider how best to help those individuals and communities that stand to lose coal-related jobs,especially in those regions that are most dependent on coal.Coverage of coal phase-down targets and just transition policy in 21 selected coal-dependent countries IEA.All rights reserved.A framework for best practice people-centred transition policies An important first step before the transition starts is comprehensive stakeholder engagement with the goal of reaching broad consensus around the transition.Mapping existing human resources and infrastructure in affected communities can be useful in identifying alternative industries that could make the most of local comparative advantage.Several countries,including Canada,the Czech Republic,Germany,South Africa and Spain,have convened national task forces or commissions to 25Pu0%Share ofcountriesShare ofoutputShare ofworkersShare ofcountriesShare ofoutputShare ofworkersNo net zero or coal transition targetUnder discussionNet zero target,no coal-specific targetAnnouncedIn law with fundingCoal phase-down targetsJust transition policiesStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|38 IEA.CC BY 4.0.estimate the financial implications of socio-economic challenges and provide policy recommendations.After establishing a timeline for coal transition,the next step is to agree on a set of just transition policies.Such policies need to address three objectives,which in the end offer tailored support to the people,local communities and economies:supporting workers and companies directly affected by the energy transition,including through inclusive policy-making processes developing alternative industries and stimulating macroeconomic growth in the region to provide additional opportunities for local workers and companies promoting environmental rehabilitation in the affected region to enhance its attractiveness and growth potential,and fostering local culture and identity to strengthen social cohesion and improve quality of life.Coverage of just transition policies designed in the context of coal phase-down in selected countries Canada Germany Korea Poland South Africa Net zero or carbon neutrality target 2050 2045 2050 2050*2050 National coal phase-out target 2030 2035 2050 2049*Support for workers Direct payments and compensation Training,reskilling,career services Support for industry development and economic diversification in coal communities Coal decommissioning or retrofits Clean energy industries Non-energy industries Holistic support for coal communities Environmental rehabilitation Community identity and cohesion Policy enacted with funding Policy announced or recommended by just transition commission*Reflects the EU objective of carbon neutrality by 2050.*Applies only to hard coal mining.Notes:Both national and subnational policies are included.Broader labour market policies are not included.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|39 IEA.CC BY 4.0.In acknowledgement of the fact that expedited coal phase-downs typically occur over a short period of time and are concentrated in certain places,many governments have developed measures to supplement standard labour regulations for coal workers.These policies cover early retirement options,welfare payments,and short-term income support programmes such as severance packages.In Germany,the government permits tax-free income support and a subsidy for health insurance for workers laid off from the coal business.Several governments provide support with job searches,career counselling,and reskilling and training.For example,the Canadian Coal Transition Initiative,established in 2018,provides USD 27 million over five years for economic diversification and skills development,and has established transition centres in coal regions.It is complemented by a related Coal Transition Infrastructure Fund providing another USD 116 million for coal communities through 2025.Some governments have also introduced measures to stimulate economic growth in coal-dependent regions.This is especially important in EMDEs where many coal mining regions have high dependence on the coal industry.In order to create realistic plans and initiatives,effective economic development strategies should carefully consider regional comparative advantage while also looking at the best ways to increase connectivity.So far,fewer governments have introduced measures that aim to enhance the local quality of life and social cohesion including environmental restoration in a comprehensive manner.However,such measures can be helpful in boosting employment and attracting capital.Furthermore,people-centred transition policies also need to be tailored to affected communities and people in terms of age and gender.Coal miners tend to be older on average than the workforce as whole the median age of coal miners is 44 in the United States,42 in India and 37 in South Africa but they span a wide range,so government spending should be divided strategically between enabling early retirements and providing career services and retraining.Regarding the gender aspects of people-centred transition,coal miners are predominantly male,but job losses have repercussions for women,too.In the past,more women have joined the labour force during and following coal transitions to bolster household income,primarily by taking on low-paying employment in the services sector.Interviews also reveal that men who lose their employment in the coal industry are unwilling to take on housework and instead choose to stick with labour-intensive manual jobs.Given this,there is a justification for governments to offer more childcare services and to extend career services to all members of households with coal miners throughout the transitions.Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|40 IEA.CC BY 4.0.Employment in coal mining by country and by gender,2019 IEA.All rights reserved The age profile of coal workers is a critical variable in just transition policies The age profile of coal workers is important when considering people-centred transitions since it provides information on the natural retirement rate of workers and the number of those in the workforce who are likely to be economically active until a specific retirement age.The IEA uses labour market surveys to build a model of the age profile of coal miners in India,South Africa,Indonesia and China,which together account for the majority of global coal mining employment.The IEA models a natural retirement timeline for these workers by using a range of retirement ages between 55 and 60 to take into account differences in retirement ages between countries and between formal and informal workers.We then compared this natural retirement rate to the level of employment required in the APS and the NZE Scenario.200%United StatesIndonesiaIndiaSouth AfricaColombiaPolandGermanyMenWomenShare of womenin totalemploymentCoal mining employmentStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|41 IEA.CC BY 4.0.Natural retirement rates for coal mining workers in India,South Africa,Indonesia and China compared with coal mining employment levels in the Announced Pledges and Net Zero Emissions Scenarios India IEA.All rights reserved South Africa IEA.All rights reserved 100 200 300 400 500 600 700 800 9001 0002021202420272030Thousand emmployeesNaturalretirement at 60Naturalretirement at 55APSNZE 10 20 30 40 50 60 702021202420272030Thousand employeesNaturalretirement at 60Naturalretirement at 55APSNZEStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|42 IEA.CC BY 4.0.Indonesia IEA.All rights reserved China IEA.All rights reserved The level of coal demand and employment seen in the APS implies that about 710 000 workers would need to retire early by 2030 in four major coal-producing countries.Despite the fact that many coal regions in EMDEs have young,active populations that need jobs,this analysis of the natural retirement rate of coal workers leaves no room for new workers to enter the sector.This emphasises the necessity of creating alternate development pathways for regions dependent on coal in order to diversify local economies,while also focusing on the individuals currently working in the sector.50 100 150 200 250 3002021202420272030Thousand employeesTypicalretirement at 60Typicalretirement at 55APSNZE 5001 0001 5002 0002 5002021202420272030Thousand employeesNaturalretirement at 60Naturalretirement at 55APSNZEStrategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|43 IEA.CC BY 4.0.Financing the coal transition Financing the coal transition lies at the intersection of a number of energy and development challenges,making integrated approaches critical.Even though there is a number of cost-competitive clean technologies that can replace coal,a rapid transition away from the most polluting assets will not occur at the required pace without a strong policy effort and adequate financing.In that sense,public finance,public policy and international co-operation all play crucial roles in accelerating the change.In many industrial applications,zero-emissions substitutes for coal are still in their infancy,thus innovation and demonstration projects must take a front seat in the near future in order to bring costs down.Compared with the power sector,these initial investments have a different risk profile and a considerably greater need for public funding and support.In the power sector,three-quarters of the USD 6 trillion investment to transition away from coal goes into renewables,grids and energy storage.The economic forces that underpin new generation investments encourage the use of private capital.By replacing coal assets with mature and affordable renewable technologies,emissions can be reduced while simultaneously bringing down overall system costs and costs to consumers.There is more than USD 1 trillion of unrecovered capital in todays fleet of coalfired power plants,meaning that their owners often stateowned enterprises have a strong stake in their continued operation.Emissions from the plants may be locked in by inflexible power purchase agreements,which remunerate plants regardless of their operation.In Viet Nam,for example,such contracts govern the operation of around half the fleet.Since most coal plants are effectively protected from market competition,their exit needs to be secured by other means in order to support the expansion of low-emissions sources.The IEA evaluates a variety of options available to governments to end this impasse,such as direct regulation,market-based solutions and financial mechanisms.The common denominator is that they alter the incentives facing coal plant owners so that they operate more flexibly,retrofit with CCUS,co-fire with low-emissions fuels or retire.Governments and financial institutions have made an increasing number of declarations in recent years to limit or forbid funding and investment in the coal industry.Nearly all of the multilateral development banks and export credit organisations have imposed tight lending requirements or outright bans on projects involving coal.The financial sector,where numerous institutional investors,pension funds,banks,insurance firms and others have pledged to cut or eliminate their engagement in coal,is providing additional momentum for restricting coal funding.Banks pledges to lessen their ties to the coal industry mostly take the form of lending limits,larger initiatives to decarbonise their loan books and a rise in the proportion of loans given to green assets.Similarly,in bond markets,there has been a rapid growth in sustainable Strategies for Coal Transition in Korea Chapter 1:Coal in Clean Energy Transitions PAGE|44 IEA.CC BY 4.0.issuances by capital providers in key markets,particularly in Europe where sustainable finance regulations are most advanced,and investors seek to reduce fossil fuel lending unless it is associated with achieving sustainability targets.Effective and fair coal transitions will require global co-operation,public financial support and integrated approaches that take into account the social components.Unintended consequences might result from poorly planned or fragmented interventions;for instance,retiring one coal plant without a holistic strategy may encourage others to operate more.There is also considerable scope for innovative financing to help bring down the total cost of the coal transition.Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|45 IEA.CC BY 4.0.Chapter 2.Current transition policy for the coal-fired power sector in Korea Status of Koreas coal-fired power generation In the first half of 2022,Koreas total installed capacity amounted to 134 237 MW,and power generation to 291 531 GWh.Gas takes the largest share of 30.7%(41 201 MW)in the installed capacity,followed by coal(27.6%;37 088 MW),renewables(19.8%;26 581 MW)and nuclear(17.3%;23 250 MW).Gas has been the most dominant source of Koreas installed capacity over the last five years,followed by coal with a decreasing share.Nuclear has been the third-largest capacity until renewables took over its place in 2022.Installed capacity by energy source(in MW,%)2018.H1 2019.H1 2020.H1 2021.H1 2022.H1 Total installed capacity 117 205 121 147 127 338 131 069 134 237 Nuclear 21 850 21 850 23 250 23 250 23 250 Share 18.6 18.0 18.3 17.7 17.3 Coal 36 877 37 063 37 053 36 798 37 088 Share 31.5 30.6 29.1 28.1 27.6 Gas 37 853 38 225 41 170 41 170 41 201 Share 32.3 31.6 32.3 31.4 30.7 Renewables 11 695 15 252 17 861 22 478 26 581 Share 10.0 12.6 14.0 17.1 19.8 Oil 4 230 4 057 2 101 2 159 960 Share 3.6 3.3 1.6 1.6 0.7 PSH 4 700 4 700 4 700 4 700 4 700 Share 4.0 3.9 3.7 3.6 3.5 Others 1 203 514 457 Share 0.9 0.4 0.3 Note:PSH=pumped storage hydropower.Source:Monthly Electricity Statistics(476th,488th,500th,512th,524th),KEPCO Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|46 IEA.CC BY 4.0.Installed capacity by energy source(in MW,%)IEA.All rights reserved Note:RE=renewable energy.Source:Monthly Electricity Statistics(476th,488th,500th,512th,524th),KEPCO.In the first half of 2022,coal accounted for the largest share of 31.1%(90 657 GWh)in the generation mix,followed by nuclear(29.7%;86 681 GWh),gas(28.5%;82 985 GWh)and renewables(9.2%;26 800 GWh).Coal has been the dominant source of power generation in the last five years despite a decreasing share.The shares of nuclear and gas have been slightly increasing with fluctuations.Power generation by energy source(in GWh,%)2018 2019 2020 2021 2022.H1 Total power generation 570 647 563 040 552 162 576 809 291 531 Nuclear 133 505 145 910 160 184 158 015 86 681 Share 23.4 25.9 29.0 27.4 29.7 Coal 238 967 227 384 196 333 197 966 90 657 Share 41.9 40.4 35.6 34.3 31.1 Gas 152 924 144 355 145 911 168 378 82 985 Share 26.8 25.6 26.4 29.2 28.5 Renewables 35 598 36 392 36 527 43 096 26 800 Share 6.2 6.5 6.6 7.5 9.2 Oil 5 740 3 292 2 255 2 354 1 196 Share 1.0 0.6 0.4 0.4 0.4 PSH 3 911 3 458 3 271 3 683 1 834 Share 0.7 0.6 0.6 0.6 0.6 Others 2 249 7 681 3 316 1 378 Share 0.4 1.4 0.6 0.5 Source:Monthly Electricity Statistics(524th),KEPCO Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|47 IEA.CC BY 4.0.Power generation by energy source(in GWh,%)IEA.All rights reserved Source:Monthly Electricity Statistics(524th),KEPCO.Korea has a relatively high share of power generation from coal.In 2021,coal-fired power generation accounted for 34.3%in Koreas energy mix,which was a larger share than that of France,Italy and the United Kingdom.Australia had a 52.84%share of coal-fired power generation followed by Korea,Germany(29.1%),Japan(28.55%)and the United States(22.75%).While Australia and Germany have been rapidly reducing the share of coal in recent years,Korea started to reduce the share of coal only since 2020 after a continued increase from 1992.Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|48 IEA.CC BY 4.0.The share of power generation from coal in key OECD member countries(%)IEA.All rights reserved Note:OECD=Organisation for Economic Co-operation and Development.Source:Enerdata,.As of 2022,57 domestic coal-fired power units are in operation and 4 units are under construction.Chungnam has the largest share with 29 units,followed by Gyeongnam(14),Gangwon(6),Incheon(6)and Jeonnam(2).In the first half of 2022,coal accounted for the largest share of 31.1%in the generation mix.Coal-fired power units by province(2022)Status Province(no.of units)Name of units Installed capacity(MW)Note In operation Chungnam(29)Dangjin-1-10 6 040 Taean-1-10 6 100 Boryung-3-8 3 050 Shin Boryeong-1-2 2 038 Gyeongnam(14)Samcheonpo-3-6 2 120 Hadong-1-8 4 000 Goseong High-1-2 2 080 Gangwon(6)Bukpyung-1-2 1 190 Samcheok Green Power-1-2 2 044 Donghae-1-2 400 Incheon(6)Yeongheung-1-6 5 080 0 20 40 60 80 1001991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021GermanyFranceUKItalyUSJapanKoreaAustraliaStrategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|49 IEA.CC BY 4.0.Status Province(no.of units)Name of units Installed capacity(MW)Note Jeonnam(2)Yeosu-1-2 668 Under construction Gangwon(4)Gangneung Anin Thermal-1-2 2 080 Construction period:May 2017 Mar 2023 Operator:Gangneung Eco Power Samcheok Thermal-1-2 2 100 Construction period:Aug 2018 Apr 2024 Operator:Samcheok Blue Power Source:KFEM&Monthly Electricity Statistics(524th),KEPCO.Current coal-fired power plants in Korea(2022)Source:KFEM.Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|50 IEA.CC BY 4.0.As of 2022,the Southern Power Corporation has the largest installed capacity among the five largest power corporations,followed by Western Power Corporation,Midland Power Corporation,East-West Power Corporation and South-East Power Corporation.Power generation market in Korea(2022)Category South-East Power Midland Power Western Power Southern Power East-West Power Hydro&Nuclear Power Others Total Installed capacity(MW)9 279 10 757 11 456 11 476 9 564 28 621 53 084 134 237 Market share(%)6.9 8.0 8.5 8.5 7.1 21.3 39.7 100.0 Power generation(GWh)21 871 22 691 20 839 24 893 18 569 88 954 93 714 291 531 Market share(%)7.5 7.8 7.1 8.5 6.4 30.5 32.3 100.0 Revenue(KRW hundred million)32 498 35 400 30 696 40 603 29 615 49 049 156 087 373 947 Market share(%)8.7 9.5 8.2 10.9 7.9 13.1 41.7 100.0 Notes:KRW=Korean won.Exchange rate:1 Korean won(KRW)=USD 0.00076(as of 08 March 2023).Source:Half-year Report,Korea East-west Power,2022.8.16.Coal takes the largest share in the installed capacity of the five largest power corporations.In case of South-East Power,coal plays a dominant role with a capacity of 7 869 MW.The installed coal capacity of East-West Power has installed coal capacity of 6 400 MW,Midland Power of 6 106 MW,Western Power of 6 100 MW and Southern Power of 6 044 MW.Power corporations installed capacity and power generation by energy source Energy source South-East Power Midland Power Western Power Southern Power East-West Power Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Coal 7 869 19 414 6 106 14 758 6 100 14 626 6 044 15 697 6 440 13 472 Oil-352 Gas-1 400 508-Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|51 IEA.CC BY 4.0.Energy source South-East Power Midland Power Western Power Southern Power East-West Power Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)Installed capacity(MW)Power generation(GWh)IGCC 922 1 565 4 310 7 262 3 387 4 220 5 061 8 342 2 972 4 413 Internal combustion-80 156-Renewables and others 488 892 261 515 569 1 486 371 854 152 332 Note:IGCC=integrated gasification combined cycle.Source:Monthly Electricity Statistics(524th),KEPCO.The number of workers in the sector excluding the plant workers amounts to 22 306(including the primary contractors).In other words,each of the almost 60 units employs around 372 workers on average.While these units could potentially retain 57%their employees through converting coal to liquefied natural gas(LNG),the outcome may vary significantly by company and job responsibility.Coal phase-down progress Schematic diagram of a coal power plant IEA.All rights reserved Source:Policy Discussion on the implications of decarbonisation policies on employment and a just energy transition Strategies for Coal Transition in Korea Chapter 3.High-level policy recommendations for the coal transition in Korea PAGE|52 IEA.CC BY 4.0.Employment in the coal-fired power generation sector Category Employment Type of company Features Generation operation 12 090 5 power corporations Regular workers of power corporations operate main components such as the generator,turbine and boiler,and supervise partner companies and subsidiaries.They work in rotation and can be relocated.Fuel management and pollution control 2 283 Private companies KEPCOs KPS and KEPID have high levels of expertise with patented technologies and large-scale operations natio
7人看过 2023-03-29 105页 5斯特恩
国际能源署 (IEA)：格鲁吉亚能源概况报告 2023（42 页）.pdf
Georgia Energy ProfileThe IEA examines the full spectrum of energy issues including oil,gas and coal supply and demand,renewable energy technologies,electricity markets,energy efficiency,access to energy,demand side management and much more.Through its work,the IEA advocates policies that will enhance the reliability,affordability and sustainability of energy in its 31 member countries,11 association countries and beyond.This publication and any map included herein are without prejudice to the status of or sovereignty over any territory,to the delimitation of international frontiers and boundaries and to the name of any territory,city or area.Source:IEA.International Energy Agency Website:www.iea.orgIEA member countries:AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TrkiyeUnited KingdomUnited StatesThe European Commission also participates in the work of the IEAIEA association countries:ArgentinaBrazilChinaEgyptIndiaIndonesiaMoroccoSingaporeSouth AfricaThailandUkraineINTERNATIONAL ENERGYAGENCYGeorgia Energy Profile Table of contents PAGE|1 I EA.CC BY 4.0.Table of contents Overview.2 Country overview.2 Key energy data.3 Energy sector governance.5 Regulatory framework.8 Key policies.10 Energy statistics.11 Energy security.13 Energy system adequacy.13 Natural gas.15 Oil and oil products.17 Hydrocarbon exploration and production.19 Electricity.19 Energy system transformation.26 Energy and climate change.26 Energy and environmental protection.28 Energy efficiency.30 Renewable energy.32 Technology research,development,demonstration and deployment.37 Georgia Energy Profile Overview PAGE|2 I EA.CC BY 4.0.Overview Country overview Located in the South Caucasus region at the crossroads of Western Asia and Eastern Europe,Georgia is bounded on the west by the Black Sea,on the north by the Russian Federation(hereafter“Russia”),on the south by Trkiye and Armenia,and on the southeast by Azerbaijan.Being on the shortest route between Europe and Asia,Georgias transport system is a key link in the historic Silk Road trade network.Tbilisi is Georgias capital and largest city,and the country covers a territory of 69 700 square kilometres(km2)with a population of 3.7 million.It is a unitary semi-presidential republic,with the government elected through a system of representative democracy.Georgias overall economic policy has been focused on creating a liberalised economic environment through minimal state interference,deregulation,privatisation,reduced and simplified licensing and taxation,and free trade.It has therefore been pursuing westward-oriented political,economic and foreign policies,and signed an association agreement(including assent to the Deep and Comprehensive Free Trade Area)with the European Union in June 2014.The European Parliament ratified the Association Agreement in December 2014,and in October 2016 the Georgian Ministry of Energy signed an Accession Protocol to the Energy Community Treaty,ratified by the parliament in April 2017.The country has been a signatory to the Energy Charter Treaty since 1995 and a member of the World Trade Organization since 2000.The reforms that followed have included adoption of the Law on Energy and Water Supply and the Law on Support of the Renewable Energy Sources in December 2019.Laws on Energy Efficiency and Energy Performance of Buildings were adopted on 21 May 2020.Average annual economic growth of 3.6tween 2017 and 2021 was achieved through structural reforms that stimulated capital inflows and investment,but it was seriously hampered by the Covid-19 crisis.Reforms improved the business environment,strengthened public finances,upgraded infrastructure facilities and liberalised trade.Growth was also supported by increased foreign direct investment(FDI)and was driven by capital accumulation and the sound use of excess capacity rather than by net job creation,with productivity gains concentrated mainly in the Georgia Energy Profile Overview PAGE|3 I EA.CC BY 4.0.non-tradeable sectors.Gross domestic product(GDP)per capita(in current prices)increased from USD 920 in 2003 to USD 5 015 in 2021.1 Georgia has developed a stable and reliable energy sector that has been largely unbundled since the mid-1990s;its primary domestic energy sources are hydropower and fuelwood.The government is focused on securing private investment to construct new hydropower stations,increase thermal generation efficiency and diversify fossil fuel supply sources and routes,but further efforts are required to improve efficiency in domestic energy use and to capitalise on the countrys ample renewable energy potential.Key energy data TES:4.94 Mtoe(natural gas 47.1%;oil and oil products 26.6%;hydro 14.4%;coal 4.3%;bioenergy 4.6%;other renewables 0.5%), 58.3%since 2010.TES per capita:1.33 toe/cap(world average:1.80 toe/cap)TES per unit of GDP:99 toe/2015 USD million PPP(world average:113 toe/USD million PPP)Energy production:1.04 Mtoe(hydro 68.0%;bioenergy 21.8%;coal 3.9%;oil 3.0%;other renewables 2.5%;natural gas 0.7%),-20.5%since 2010.Supply2 2 Georgias energy production covers about one-fifth of its energy demand(21.1%in 2020).Most of Georgias domestic energy production(1.043 Mtoe in 2020)comes from hydro(0.709 Mtoe)and bioenergy(0.227 Mtoe).Fossil fuel production exists but is very limited(40.3 ktoe of lignite,31.8 ktoe of crude oil and 7.7 ktoe of natural gas in 2020).Imports Georgia depends on imports for all its natural gas(2.7 bcm in 2020)and most of its oil products(1.33 Mt in 2020).Oil is imported mainly in the form of refined oil products(42.1%diesel and 40.4%gasoline).1 Preliminary figures for 2021.2 https:/www.geostat.ge/media/28552/Saqartvelos-Energetikuli-Balansi_2018_GEO.pdf.Georgia Energy Profile Overview PAGE|4 I EA.CC BY 4.0.Demand Georgias final energy consumption was 4.49 Mtoe in 2020.From 2000 to 2020,both final energy demand and electricity consumption per capita more than doubled,and are very close to global averages.The final energy mix is relatively diverse compared with other countries in the region.In 2020,natural gas was the first fuel in the mix(38.5%),followed by oil products(29.3%)and electricity(22.0%).The remainder is covered by renewables(5.5%)and coal(4.7%).About 80%of Georgias electricity generation comes from hydro resources(80.5%in 2021),with the remainder produced from natural gas and from a 20.7-megawatt(MW)wind power plant(83.4 GWh in 2020).The residential sector has the largest share of final energy consumption(1.41 Mtoe in 2020),followed closely by transport(1.34 Mtoe in 2020).Although the transport sector has historically claimed the highest share,Covid-19 lockdowns reversed this trend.Renewables The share of renewables in Georgias electricity mix is among the highest in the world(81.1%in 2021).Energy production and self-sufficiency Georgias energy-policy aim is to raise the countrys energy security,guaranteeing an uninterruptable supply of various energy products of acceptable quantity,quality and price to support national interests.As a net oil and gas importer,Georgia relies heavily on imports of natural gas,oil products and hard coal to meet most of its energy needs.In fact,net imports in total energy supply(TES)rose from 47%in 2002 to 81.4%in 2020 to meet rising energy demand.After the energy crisis of 2006,the country began reducing imports from Russia and increasing those from Azerbaijan,with 84.1%of natural gas and 17.9%of oil consumption now imported from Azerbaijan.Gas imports are highest during the winter months when there is a greater need for heating and less hydropower capacity is available for electricity generation.Interconnected with Russia,Azerbaijan,Armenia and Trkiye,Georgia exports its seasonal excesses of electricity from hydropower,but it has registered negative net electricity exports since 2012(except in 2016).Since 2016,Azerbaijan has been Georgia Energy Profile Overview PAGE|5 I EA.CC BY 4.0.transiting its electricity to Trkiye via Georgia.Transits from neighbouring countries peaked in 2021 at 1.18 TWh,of which nearly 61%was transited from Azerbaijan to Trkiye.Because of Georgias substantial rise in domestic energy demand and the seasonality of hydropower generation,the government is exploring all avenues to diversify oil and natural gas supply sources at the same time as aggressively promoting further hydropower development.It is also co-operating closely with neighbouring economies to develop projects for transiting energy through its territory to secure additional natural gas supply sources.Crucial to its energy security,Georgia is trying to develop its own gas storage to hold strategic volumes of gas stocks and to regulate seasonal imbalances in supply and consumption.An underground option with an active gas volume capacity of 210-280 mcm has been studied extensively,but the final decision is still pending.Fuelwood,the main fuel source for space heating in rural areas,accounts for 21.6%of energy produced from domestic sources.Most wood for fuel is harvested unsustainably and used inefficiently,which has led to forest depletion and related environmental problems.While extending gas access to rural areas has significantly reduced fuelwood consumption,it is still more than double the level of sustainable use.To remedy this situation,the state is introducing new forest management