不确定性中的乐观情绪：首席财务官的信心令人难以置信

Deloitte.

Togethermakesprogress

Optimism

throughuncertainty

CFOconfidencedefiesglobalrisk

DeloitteAsiaPacificCFOPulseSurvey

May2026

CONTENTS

Editionhighlights3Executivesummary4Regionaleconomicupdate5Sentimentoutlook7 Resilience,notretreat8 Stayready,stayflexible9 Fromglobalrisktolocalstrength10TheCFOviewpoint:Navigatingglobalshocks11AIadoptionandimpact12 Pacesetters,notspectators12 Turninghypeintohardnumbers13 Skillsanddataholdthekey14TheCFOviewpoint:AIadoptioninfinance15Learnmore16Methodology17

Deloitte/sAsiaPacificCFOPulseSurveyexploresthesentimentsandkeyissuesfacingCFOsintheregion.

InthisfirstPulseedition,wesurveyed462CFOstobetterunderstandtheirchallengesandpriorities,andthewaysthey/renavigatingthefuture.

ThesurveywasconductedacrossAustralia;ChinaMainland;HongKongSAR;Taiwan(China);Japan;NewZealand;RepublicofKorea;SouthAsia

(IndiaandSriLanka);andSoutheastAsia(BruneiDarussalam,Indonesia,Malaysia,thePhilippines,Singapore,Thailand,andVietnam).

Formoredetailonthesurveysampleseethe

Methodologypage.

Pleasenote:wheregraphsdonotaddupto100%,respondentswereabletoselectmultipleresponses.Figuresareroundedtothenearestwhole

number,socombinedpercentagesmayappeartodifferfromcharttotals.

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20262

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20263

EDITIONHIGHLIGHTS

Resilience,notretreat

Netoptimisminown

businessprospects

sitsat+41%,withCFOsconfidentthattheir

businesswillberesilienttoglobaleconomic

uncertainty.

Stayready,

stayflexible

MorethannineintenCFOsanticipatenegativeimpactsontheglobal

economyduetothe

MiddleEastconflict,

yettheyaretaking

actionstoposition

theirorganisationto

navigatetheseexternalheadwinds.

Fromglobalrisk

tolocalstrength

82%ofCFOsidentifygeopoliticalinstabilityasatoprisktotheir

business.Inresponse,businessfocusisfirmlyoninnovationand

growthwithinexistingmarkets.

Pacesetters,

notspectators

AIadoptionis

widespread,althoughscalingremainsa

challenge–54%of

CFOsreportpockets

ofuseofAIintheir

organisation,comparedtojust13%with

extensivedeployment.

Turninghypeintohardnumbers

Morethanhalfof

CFOssaythatAIis

alreadydeliveringvaluefortheirbusiness,withcompaniesthathave

beenabletoadoptatscaleseeingclearerandquantifiableimpacts.

Skillsanddataholdthekey

ThebiggestAI

constraintsaredata

qualityandskills–andCFOsareactingonit.AlmostthreeinfourareinvestingintheirAIworkforce,while48%areactingtoaddress

data-relatedchallenges.

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20264

EXECUTIVESUMMARY

Optimismthroughuncertainty

Thestartof2026hasbroughtuncertaintimesforCFOsacrossAsiaPacific.TheMiddleEast

conflicthascloudedtheglobaleconomicoutlookbringingfreshchallengesforbusinessleaders.

CFOsareclear:theMiddleEastconflict

willhaveanegativeimpact.AcrossAsia

Pacific,77%anticipatenegativeimpactson

theirbusinessduetotheconflict,yetdespite

this,thereisconfidencethatfirmswill

beresilient.Netoptimisminownbusiness

prospectssitsat+41%,withCFOsineveryregionpositiveabouttheoutlookfortheircompany.

Inpartthisisdrivenbyconfidenceinthe

region’seconomicprospects.At+5%,net

optimismintheAsiaPacificeconomyisbullish

incontrasttothe-27%readingfortheglobal

economicoutlook.ThepositivityalsoreflectstheactionsthatCFOsaretakingtoputtheirfirms

onasurefootinginresponsetotheconflict.

Withgeopoliticaltensionsgivingriseto

externalrisk,thefocusofCFOsison

reinforcinglocalstrength.Keydriversofgrowthareexpectedtocomefrominnovationandexpansioninexistingmarkets.

AIisanothervitalareafordrivingvalue.

Acrosstheregion,mostCFOs(54%)reportpocketsofuseofAIintheirorganisation,althoughscalingremainsachallenge

withjust13%beingextensiveusers.

However,thesignsarepromisingforthosethat

havebeenabletoscale.Ofthosewhoreport

extensiveAIuse,60%areseeingvalueinlineorexceedingtheirexpectations–doubletherateseenamongstnon-extensiveusers.These

CFOsalsoreportstrongerprofitexpectations.

Dataqualityandskillsremaintheprimarybarrierstoimplementation,andCFOsareactingonthis.AlmostthreeinfourCFOsare

investingintheirAIworkforce,while48%areactingtoaddressdata-relatedchallengestoensurethatthebenefitsofAIarerealised.

Despiteheighteneduncertaintyandrisk,CFOsarebackingtheirownperformance.Theyarepairingdisciplineandresiliencetodaywith

asustainedfocusonlong-termvalue.

77%

77%ofCFOsexpecttheMiddleEastconflicttohaveanegativeimpactontheirbusiness,yet...

53%

53%remainoptimisticabouttheoveralloutlookfortheirbusinessoverthenext12months.

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20265

O

Regionaleconomicupdate

TheAsiaPacificregionhasshownremarkableresilienceinthefaceofelevatedglobal

uncertaintyoverrecentyears.ThisresilienceisnowunderconsiderablestrainduetotheconflictintheMiddleEast.

Typically,80%ofthecrudeoil,petroleum

products,andnaturalgasthatflowsthrough

theStraitofHormuzisdestinedformarketsinAsia.However,withtheStraitremainingimpassableformorethantwomonths,globalenergypriceshaverisensharply.

Severaleconomiesintheregionhavehadto

searchforalternativesourcesofsupply,increasingcompetitionandleadingtosomeshortages.

Thechallengeismostacuteinthecaseofliquid

fuels–petrol,diesel,andjetfuel,withmany

Asianrefineriesbeingforcedtocutoutputsharplybecauseofreducedcrudeimports.

Theconflicthasalsodisruptedthesupplyof

non-energycommoditiessuchasfertilisersandpetrochemicals.Unlikeenergydisruptionswhichflowthroughquickly,disruptionstothesupplyofthesecommoditiescouldleadtobroader,more

persistentinflationarypressures.

Theresultingfallinconsumersentimentandthe

sharpspikeinnear-terminflationexpectations

acrosstheregionsuggestsanoutlookofweakergrowthandhigherinflationthroughthesecondhalfof2026.Aprolongeddisruptionwoulddeepentheeconomicimpact,particularlyforpoorer

countriesthatimportenergyandthoseintheregionwithoutdomesticrefiningcapabilities.

Anothermajorfactorforthemedium-termoutlookfortheregionisChina,seconomicperformance.

AgradualstructuralslowdowninChinaisexpectedtoweighonregionalgrowth.China’sexcess

domesticindustrialcapacityisalsoexpectedto

exertinfluence,especiallyasanincreasingshareofChineseexportsflowtotheregion.

Amidchallenges,onesignificanttailwindfor

theregionistheglobalboominAIinvestment.

StrongdemandforAIinfrastructureacrossthe

worldisdrivinggrowthinthesemiconductor

industryacrosstheregionwithTaiwan(China),SouthKorea,andSingaporeparticularlywell-positionedto

“AsiaPacific’seconomicresilience

isbeingtestedbyenergyandinputshockswhichposeanear-termrisk.

Thefundamentalsoftheregionremainstrongthough,supportedbyregionaltradeandinvestmenttrends.”

DavidRumbens

Partner

DeloitteAccessEconomics

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20266

“CFOsarelookingattheglobalenvironmentwithrealcaution,butwhatstandsout

isthattheyarenotretreating.

CFOsareleaningintowhattheycan

influence:sharpeningperformance,stayingclosetocustomers,protectingsupply

chains,whilemakingdisciplinedmovestotightencostsandmanageliquidity.

AsCFOsreinforcecorefundamentals,theycontinuetobuildthecapabilitiesthat

matter,andpreservetheirabilitytoinvestquicklywhenopportunitiesarise.”

KokYongHo

CFOProgrammeleader,

AsiaPacificandSoutheastAsia

SENTIMENTOUTLOOK

Companyconfidenceholdsdespitevariedoutlook

Chart1:Netoptimisminowncompanyandhomeeconomyprospectsbyregion

Howdoyoufeelaboutthefinancialprospectsofyourcompanyandyourhomeeconomygoingforward?(Netoptimism¹)

●Owncompany

●Homeeconomy

73%73%

50%

46%

38%37%

40%38%

35%

27%

26%

29%

23%

20%

6%

8%

-7%

-16%

-40%

-36%

SouthAsiaAustralia

Republic

ofKorea

HongKong

SAR

NewZealand

Singapore

Taiwan

(China)

China

Mainland

JapanSoutheastAsia

(ex-Singapore)

Source:DeloitteAsiaPacificCFOPulseSurvey,May2026(n=462)

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20261Numberofoptimistsminusnumberofpessimists7

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20268

SENTIMENTOUTLOOK

Resilience,notretreat

CFOsareoptimistic

thattheircompanieswillberesilientin

thefaceofglobal

economicuncertainty.

CFOsacrossAsiaPacificarelookingatthe

economicenvironmentwithunease.Netoptimism¹intheglobaleconomysitsat-27%,reflecting

widespreadpessimismintheexternaloutlook.

ConfidenceintheAsiaPacificeconomyisstronger,althoughthereiswidespreaddivergencein

viewsonthedomesticoutlookbyregion.CFOsinSouthAsia(netoptimism73%),Taiwan(China)(46%)andSingapore(26%)arenotablymore

optimisticonthedomesticeconomythan

businessleadersinNewZealand(-40%)Australia(-36%)andtheRestofSoutheastAsia(-16%).

Despitetheexternalheadwinds,CFOsare

confidentthattheirorganisationswillbe

resilient.AcrossAsiaPacificnetoptimismforowncompanyprospectssitsat+41%,68percentagepointsaheadoftheirconfidenceintheglobal

economy.CFOsineveryregionarepositiveabouttheoutlookfortheircompany.Indeed,more

than80%ofCFOsexpectprofitstoincreaseorremainsteadyoverthenext12months.

¹Numberofoptimistsminusnumberofpessimists

Chart2:Netoptimisminowncompany,AsiaPacificandglobaleconomy

Howdoyoufeelaboutthefinancialprospectsofyourowncompany,theAsiaPacificandglobaleconomygoingforward?(Netoptimism¹)

41%

5%

-27%

AsiaPacificEconomy

Own

Company

Global

Economy

Source:DeloitteAsiaPacificCFOPulseSurvey,May2026(n=462)

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey20269

SENTIMENTOUTLOOK

Stayready,stayflexible

CFOsareclearthattheMiddleEastconflictwillhaveanegativeimpact,yettheyarepositioningtheircompaniesto

navigatethedisruption.

“Moretimeisspentmonitoring

marketconditionsandreinforcingoperationalresilience.While

weremainoptimisticaboutourdevelopment,flexibleforecasting,supplychainstabilityandcash

managementareneededincaseofunexpectedchanges.”

CFO

SemiconductorIndustry,China

AcrosstheAsiaPacific,93%ofCFOsanticipatenegativeimpactsontheglobaleconomy

duetotheMiddleEastconflict².Pessimismaroundthecompanyimpactsismoremutedthough,with77%ofCFOsexpectingnegativeimpacts,and8%expectingbenefits.

Inresponse,CFOsarerespondingwithcharacteristicdiscipline,takingarangeofmeasurestoreinforce

theirsupplychainsandfinancialstability.The

emphasisisontacticalshort-termmeasures,with60%tighteningcostcontrolsand52%increasingfocusonliquidityandcashmanagement.

Theseactionspositionorganisationsto

remainagile,resilient,andreadytorespondtoexternalevents.ThisexplainswhyCFOsremainconfidentintheoutlookfortheirbusinesses.

²NotetheseresultsdonotcoverJapanduetodifferencesinthesurveybyregion.

Chart3:CompanyresponsestotheMiddleEastconflict

InresponsetocurrenteconomicuncertaintylinkedtoconflictintheMiddleEastandenergysupplyrisks,whichactionsisyourbusinesstaking?

Tighteningcostcontrols

Takingstepstostrengthenbalancesheetresilience

60%

30%

Reprioritisingordeferringcapitalinvestment

Increasingfocusonliquidityandcashmanagement

52%

28%

Increasedstockpilingofinventories

Monitoringdevelopmentsbeforetakingaction

24%

38%

Changestoproduct/servicepricing

Diversifyingbusinesssupplychains

35%

23%

Source:DeloitteAsiaPacificCFOPulseSurvey,May2026(n=435)

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey202610

SENTIMENTOUTLOOK

Fromglobalrisktolocalstrength

Inthefaceofexternaldisruption,CFOsare

focusedonmaximisingimpactintheir

existingmarkets.

“Weseesignificantopportunitiestodrivegrowthandinnovation

throughtechnology;asCFO,

Iremainfocusedonmaintainingfinancialdiscipline,whilecapturingopportunitiesanddelivering

greatercustomervalue”.

CFO

InsuranceIndustry,Japan

Unsurprisingly,CFOsidentifygeopolitical

instabilityastheprincipalrisktotheirbusinessfortheforthcoming12months.Supplychain

disruptionandinflationarenextontherisk

registerpointingtosomeofthespilloverimpactsgeneratedbytheMiddleEastconflict.

Inresponse,CFOsarefocusedoninnovationandgrowthwithinexistingmarkets.Theacquisitionofnewcustomersinexistinggeographiesis

theleadingstrategyoverall,althoughthisis

notuniformacrosstheregion.Innovationis

thefocusinTaiwan(China)andSouthAsia,in

MainlandChinaoperationalefficiencyiskey,whilefinanceleadersinSouthKoreareportthatthe

applicationoftechnologyistheirtoppriority.

Chart4:TopdisruptorsandgrowthdriversforCFOs

Whatexternalfactorsdoyouexpecttocausethebiggestdisruptionstoyourbusinessstrategyandoperationsover

thenext12months?Whatdoyouexpecttobethebiggestdriversofgrowthtoyourbusinessoverthenext12months?

TopDisruptors

TopGrowthDrivers

Geopoliticalinstability

Acquiringnewcustomersinexistinggeographies

82%

50%

Supplychaindisruption

Increasingsalestoexistingcustomers

43%

45%

Inflation

Innovation/newproducts

41%

40%

Financial/marketinstability

Increasedoperationalefficiencies

28%

31%

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey202611

THECFOVIEWPOINT

Navigatingglobalshocks

IndiscussionswithCFOsfollowinganearly

previewofourfindings,aconsistentpatternemerges:confidenceincorebusinessremainshigh,butthereisnocomplacency.Finance

leadersareactivelymanagingglobalrisks

andstructuralshifts–doublingdownon

performanceandcontrol,whilepreservingtheflexibilitytoinvestingrowthandcapability.

MostCFOssuggestthatboththeirorganisations

andtheircustomersaremoreaccustomedto

managinguncertainty–itisbecomingthestandardoperatingcontext.Inresponse,CFOsarecommittingmoretimeandefforttoenhancingforward

visibility,forecasting,scenarioplanning,andamoregranularunderstandingofrisk,volatilityandpolicyshifts.Inshort,thereisagrowingemphasison

strengtheningfinancialdisciplinewhilepreservingflexibilitytorespondasconditionsevolve.

WithconflictintheMiddleEastimpactingenergysecurity,supplychainsandtheglobaloutlook,

thisfurthersharpenstheneedfordisciplinearoundcash,costsandliquidityinthenear

term.However,responsesarecontext-specific.

Forsome,thisnecessitatescostreductionandbalancesheetprotection.Forothers,itisaboutenhancingflexibilityorcreatingfuturevalue,

withoneNewZealand-basedCFOhighlightingafocuson“preservingcapacitytoinvestandactonopportunities”;whileaSoutheastAsia-basedCFOhighlightsafocuson“prioritisinginvestmentsthatgeneratesustainable

returnsandlong-termstrategicvalue.

Acrosstheseconversations,resilienceis

consistentlyframedasastrategiccapability–

requiringproactiveinvestmentinsupplychain

stability,technologicaladaptabilityandsustainedoperationalflexibility,notjustefficiency.Today’sfocusoncosts,isalmostalwaysdiscussedin

thecontextoflonger-termproductivity.

Underlyingthisisacleardualfocus:CFOsare

managingnear-termriskandperformancewhilepositioningthebusinessforlonger-termshifts–rangingfromchangesinregionalcompetitivenesstothemorefundamentalimpactsofAIon

businessmodelsandeconomicstructures.

“Resilienceisnowacriticalmanagementmetric.Beyondgrowthandcostefficiency,success

dependsonstrengtheningsupplychains,

stabilisingcashflow,respondingtogeopolitics,andadaptingtotechnologicalchange.”

CFO

GlobalAutomotiveOEM

“Uncertaintycreatesrisk,butitalsocreatesopportunityforpreparedbusinesses.”

CFO

TransportInfrastructurecompany,NewZealand

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey202612

AIADOPTIONANDIMPACT

Pacesetters,notspectators

Chart5:AIadoption

WhatisyourcurrentadoptionlevelofAIacrosstheorganisationandinthefinancefunction?

AIadoptioniswidespread,althoughuptakevaries

byregion.Akeychallengeremainsscalingitsuse

acrosstheorganisation.

Acrosstheregion,mostCFOs(54%)reportpocketsofuseofAIintheirorganisation,withjust13%

beingextensiveusers².Thisindicatesthatmany

companiesareexperimentingwithAI,butrelativelyfewhavescaleditsuccessfullytodate.Uptakevariesacrosstheregion,withSouthKoreaandTaiwan

Organisation

(China)demonstratingnotableleadership,with

6%

26%

54%

13%

1%

27%and19%oforganisationsmakingextensiveuseofAIrespectively.

Adoptionlevelsinthefinancefunctionlagthe

organisationslightly,althoughalmostathirdof

“AIisapotentiallydisruptive

technologythatnotonly

increasesefficiencybutwill

alsoprofoundlytransform

conventionalbusinessmodels.”

CFOshaveplanstoimplement.ThemostcommonusesofAIwithinthefinancefunctionarefor

FinanceFunction

8%51%30%8%

2%

financialplanningandanalysisautomation(39%)andautomatedinvoiceprocessing(34%).ThisindicatesthatfinanceteamsareprimarilyleveragingAIto

automateroutineprocesses,toallowgreaterfocusoncomplexandvalue-addingactivities.

GroupCFO

FinancialServices,China

Extensiveuse●Pocketsofuse.Planstoimplement

NoplanstoimplementDon’tknow/unsure

Source:DeloitteAsiaPacificCFOPulseSurvey,May2026(n=435)

²NotetheseresultsdonotcoverJapanduetodifferencesinthesurveybyregion.

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey202613

AIADOPTIONANDIMPACT

Turninghypeintohardnumbers

Companiesthathave

beenabletoscaleAI

effectivelyareseeingthetangiblebenefitsintermsofvalueandprofitability.

“TherehasbeenunderstandablescepticismaroundAIadoption,particularlyinmanufacturing-ledorganisationslikeours–thekeyquestionremainsclarityofROI.”

CFO

AgriculturalManufacturer,India

CFOsareseeingtheimpactofAIimplementationwith52%citingthatAIisalreadydeliveringvalue

fortheirbusiness.However,thisisnotthecommonstoryforall.

Notably,companiesthathavebeenabletoadoptatscalereportclearerandquantifiableimpacts.

OfthosewhoreportextensiveAIuseintheir

organisation,65%areseeingvalueinlinewithorexceedingtheirexpectations–morethandoubletherateseenamongstnon-extensiveusers².

Cruciallythisimpactisexpectedtofeedthrough

tothebottom-line.Some69%ofCFOsinthe

extensiveusergroupexpectprofittoincreaseoverthenext12months,comparedto49%amongst

non-extensiveusers².

Chart6:AIvalue

Howwouldyouratetheimpactofyourorganisation’sAIinvestmentsindeliveringvaluesofar²?

61%

34%

25%26%24%

11%

4%5%

5%

2%

Alreadydelivering

value–exceeding

expectations

Alreadydelivering

value–inlinewith

expectations

Impactisunclearorhardtoquantify

Noimpact

Deliveringvalue,but

fallingshortofwhat

wasexpected

●Extensiveuse●Non-extensiveuse

²NotetheseresultsdonotcoverJapanduetodifferencesinthesurveybyregion.Thisanalysisremovesrespondentswhoanswered“NotApplicable”

Source:DeloitteAsiaPacificCFOPulseSurvey,May2026(n=435)

Optimismthroughuncertainty|DeloitteAsiaPacificCFOPulseSurvey2026