「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息，本篇为栏目第 290 篇报道。 整理丨赵晓晓 凯度、谷歌发布中国全球化品牌榜： 速卖通成为电商领域 第一 《 2025 凯度 BrandZ 中国全球化品牌》 50 强榜单发布， 速卖通 AliExpress 是电 商领域 唯一上 榜平台。此次榜单选取了来自 11 个不同地理区域市场的消费者反馈，包括澳大利亚、巴西、法国、 德国、印度、印度尼西亚、日本、墨西哥、西班牙、美国和英国。 除 速卖通 外，字节跳动（第 6 位）、 SHEIN （第 12 位）同步上榜，覆盖社 交电商 与快时尚领 域。 本周（2025.06.23-2025.06.29）出海大事件包括： 阿里速卖通拿下澳洲下载榜TOP2；TEMU和 甲骨文签订巨额合同；SHEIN秘密提交香港IPO申请；文远知行已秘密提交香港上市申请；阿里云将 在全球节点部署全栈AI能力；菜鸟打通海湾六国，最快3日达；Anthropic将在东京开设首个亚太办事 处；阿联酋蝉联富豪迁移首选地；生成式AI临床对话平台研发商Abridge完 ...

核心结论 证券研究报告 汽车智能化7月投资策略 城市NOA渗透率首次突破20％，继续看好智能化主线！ 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2025年6月29日 请务必阅读正文之后的免责声明部分 2 ◼ 为何我们建议All in汽车智能化？1）汽车智能化本质是一场出行革命。【L3智能化帮助车企卖车】- 【 L4Robotaxi实现车企软件收费】-【自主品牌实现全球崛起】是汽车智能化三部曲。2）2025年汽车智能化 或是拐点之年！城市NOA（L3智能化核心体验）普及是推动智能化成为消费者购车前三考虑因素的力量。目前 我们根据【引领车企新车周期—终端草根调研—爆款车型验证】体系将紧密跟踪【L3智能化渗透率】2025- 2027年从10%-50%-80%+的变化过程。3）汽车智能化是淘汰赛模式，强者恒强。整车未来或分为三类公司： B端Robotaxi运营+ C端个性化品牌+整车高端制造。零部件或分为两类公司：模块化供应商+单一品类供应商。 ◼ 6月智能化总结：关键词或是软硬件切换带来智能化渗透率上行。1 ...

Group 1: Industry Insights - In 2024, Saudi ports processed a total of 320.78 million tons of cargo, marking a significant year-on-year increase of 14.45% [2] - Qatar's GWC has introduced an innovative logistics solution called Flow Port, aimed at facilitating Chinese manufacturers' access to the Saudi market by reducing customs and port delays [2] - The cross-border logistics network established by Cainiao in the Gulf region allows for package delivery within three days, enhancing logistics efficiency [4] Group 2: Company Developments - WeRide, an autonomous driving technology company, has reportedly submitted a confidential application for a Hong Kong IPO, although the company declined to comment on the matter [3] - Stone Technology has filed for an IPO in Hong Kong, with plans to use the raised funds for international business expansion, R&D enhancement, and increasing production capacity [3] - Stand Robot has submitted its prospectus for a Hong Kong listing, aiming to become the first industrial humanoid robot company publicly listed [4] Group 3: Financial Performance - Alibaba reported a revenue of 996.347 billion yuan for the fiscal year 2025, with a net profit increase of 77% year-on-year to 125.976 billion yuan [6] - E-Control Smart Driving achieved a total revenue of 986 million yuan in 2024, reflecting a 264% increase compared to 2023 [18] - The annual revenue of Yushu Technology has surpassed 1 billion yuan, indicating strong growth in the tech sector [6] Group 4: Market Expansion - Geely Auto has officially entered the Greek market with the launch of its electric SUV, Geely International EX5, in Athens [5] - Saint Bella has successfully listed on the Hong Kong Stock Exchange, becoming the first global company focused on high-end maternal care services [7] - Farmer Spring has officially entered the Hong Kong market, with plans to distribute its products across over 3,500 sales points [7]

Core Insights - China's new-energy vehicle (NEV) market is experiencing significant growth due to strong consumer demand, rapid technological advancements, and ongoing government support. NIO Inc. and XPeng Inc. are key players in this competitive landscape, each with distinct strategies and performance metrics [1] Product Lineup & Upcoming Offerings - NIO's product lineup includes a variety of models such as ES6, EC6, ES7, ES8, EC7, ET5, ET5T, ET7, ET9, and EP9. The company is also expanding through sub-brands, including ONVO and Firefly, with new models set to launch in 2025 [2] - XPeng offers a diverse range of vehicles, including G9, P7i, G6, P7+, MONA M03, and X9. The recent introduction of the G7 model has generated significant pre-order interest, showcasing XPeng's focus on intelligent vehicles [3][4] Deliveries - XPeng delivered 190,068 vehicles in 2024, a 34.2% increase year-over-year, and saw a remarkable 331% increase in Q1 2025 deliveries compared to the previous year. The company expects Q2 2025 deliveries to be between 102,000 and 108,000 vehicles [5] - NIO delivered 221,970 vehicles in 2024 but lagged behind XPeng in 2025, with only 42,094 units delivered in Q1. NIO's Q2 2025 delivery projections are between 72,000 and 75,000 vehicles, reflecting a year-over-year growth of 25.5-30.7% [6][7] Revenues, Margins & Bottom Line - XPeng reported a revenue increase of 141.5% year-over-year to $2.18 billion, with a narrowed net loss of $90 million and improved vehicle margins of 10.5% [8][9] - NIO's revenues grew by 20.8% year-over-year to $1.66 billion, but the company faced a net loss of $930 million, a 30% increase from the previous year. NIO's vehicle margin was slightly lower than XPeng's at 10.2% [10] Technology & Innovation - NIO's key innovation is its battery swap technology, supported by over 3,400 stations globally, and advancements in smart driving through its NIO World Model [11] - XPeng focuses on full-stack intelligence with its AI solutions and is also exploring futuristic technologies like humanoid robots and flying cars, indicating a bold vision for the future of mobility [12] Stock Performance and Valuation - XPeng's stock has performed well in 2025, driven by investor enthusiasm for its advancements in technology, while NIO's stock has struggled [13] - Both companies trade at low forward price-to-sales ratios, but XPeng's ratio of 1.25 is significantly higher than NIO's 0.42, reflecting market sentiment favoring XPeng's growth narrative [15][17] EPS Estimates - The Zacks Consensus Estimate for XPeng suggests a 66.7% year-over-year growth for 2025, with a projected 207% increase for 2026. In contrast, NIO's estimates imply a 31% and 59% improvement for 2025 and 2026, respectively [18][19] Conclusion - Currently, XPeng is viewed as the more promising investment due to its faster growth, narrowing losses, and strong technological narrative, while NIO has yet to translate its advantages into comparable growth [21]

中国企业能吃苦，但中国企业不能总吃苦，总要有人能站出来，敢于站着把钱给挣了。 矿业是中国企业全球化的核心突破口 今日好文 你不能一边嫌弃内卷，一边又批判 labubu 割韭菜 中国矿企出海，从区域性玩家跃迁为全球资源巨头。 原小鹏联创发布智能电动摩托，获数千万美元融资 「目蔚科技」的智能电动摩托车将面向全球市场，首站定在东南亚的印尼。 访问36氪出海网站letschuhai.com，获取更多全球商业相关资讯。 热点快讯 阿里巴巴2025财年收入9963.47亿元 6月26日晚，阿里巴巴集团发布了2025财年年报，其收入为9963.47亿元，净利润同比增长77%至1259.76亿元。 在 AI 需求的推动下，阿里云财年收入突破双 位数增长，AI 相关产品收入连续七个季度实现三位数同比增长。淘天集团客户管理收入（CMR）同比加速增长至6%，此外投入用户增长和体验提升，新买 家强劲增长，88 VIP 会员规模超5000万。跨境业务表现强劲，国际数字商业集团财年收入同比增长29%。（智通财经） 石头科技向港交所提交上市申请书 6月27日，据港交所文件，北京石头世纪科技股份有限公司向港交所提交上市申请书，摩根大通、中信 ...

Group 1: Market Activity - Significant net purchases were made in China Construction Bank (1.338 billion), SMIC (0.629 billion), BeiGene (0.209 billion), and others, while notable net sales were recorded for Xiaomi (3.252 billion), Alibaba (0.797 billion), and Tencent (0.770 billion) [1][4] - Southbound funds have continuously sold Tencent for 21 days, totaling 21.56904 billion HKD, while they have bought China Construction Bank for 13 consecutive days, totaling 9.35939 billion HKD [4] Group 2: Company Developments - Citigroup noted multiple catalysts that will accelerate investments from mutual funds and insurance companies into the stock market, benefiting large-cap ETFs and high-yield stocks, particularly Chinese financial institutions [5] - China National Medical Products Administration approved Innovent Biologics' application for the dual receptor agonist injection for long-term weight control in adults with obesity or overweight [5] - XPeng Motors is set to launch its new mid-size electric SUV, the XPeng G7, next week, with a pre-sale price starting at 235,800 CNY and over 10,000 orders within 46 minutes of pre-sale [5] - Xiaomi officially launched its high-performance SUV, the Xiaomi YU7, with three versions priced between 253,500 CNY and 329,900 CNY, achieving over 200,000 orders within three minutes of launch [5] - Alibaba reported a revenue of 996.347 billion CNY for the fiscal year 2025, with a net profit increase of 77% to 125.976 billion CNY, focusing on e-commerce and "AI + Cloud" as core growth areas [5]

小鹏汽车国际业务中心总经理唐志坤介绍，小鹏在欧洲探索了四种市场模式：在丹麦采用直营代 理，落地新零售体验；在北欧其他国家推行代理制；在德国和法国以"子公司+经销商"模式拓展；其余 欧洲国家则采用总代理模式，基本实现欧洲市场全覆盖。小鹏全球化战略则聚焦三个关键词：高科技、 中高端、本土化。我们相信未来十年是AI驱动的十年，也将是中国智能电动车品牌全球化的黄金期。 岚图汽车海外事业高级总监高源表示，岚图成立之初就将国际化作为重要发展方向，同步考虑了品 牌标识、产品等国内外差异化策略。同时根据海外市场特点和用户偏好，打造本地化供应链和生态链。 根据此前发布的出海战略，岚图计划到2030年进入60个国家，布局500家以上门店，实现全球业务的可 持续健康发展。 6月25日，以"汽车产业全球合作新路径"为主题，2025全球新能源汽车合作发展(上海)论坛 (GNEV2025)成功召开。论坛围绕全球汽车产业合作的新形势、中国汽车企业的国际化发展路径、跨国 企业在华发展的新策略、金融服务汽车产业出海等议题，携手业界共探全球汽车产业协同发展新机遇。 "当前，传统全球化合作模式正面临瓶颈。一方面，整车销售的壁垒实际在不断增加，而且 ...

Core Insights - The report highlights a decline in the Chinese stock market, while stablecoin concepts continue to rise, and the Renminbi reaches a new high since November last year [1] - The report indicates that the Chinese government will allocate 138 billion yuan in the second half of the year to stimulate consumption, amidst pressures for additional consumer stimulus policies [1] - The report notes that the U.S. economic data is weakening, which raises expectations for interest rate cuts, contributing to a recovery in global market risk appetite [2] Company Analysis - ZhongAn Online (6060 HK) has initiated a new share placement at HKD 18.25 per share, raising approximately HKD 3.896 billion (around USD 496 million) to strengthen its capital base and support innovation in fintech [5][6] - The company expects a 15% year-on-year growth in total premiums for the year, driven by strong demand in health and auto insurance sectors, with a projected growth rate of 20% and 22% respectively for these segments [6] - ZhongAn's stock is currently trading at 1.3x FY25E P/B, with a target price of HKD 20.4, reflecting confidence in its core insurance business and potential for further capital strengthening [7] Industry Insights - The report emphasizes the positive market response to Xiaomi's recent product launches, including the YU7 SUV, which saw a pre-order volume of 289,000 units within the first hour, indicating strong demand [8] - The report projects that Xiaomi's electric vehicle sales could exceed initial forecasts, with a target of 360,000 units for 2025 [8] - The stablecoin market is highlighted as having significant growth potential, with Coinbase's stablecoin business accounting for 15% of its total revenue in Q1 2025, driven by favorable regulatory developments [7]

Core Insights - The global automotive manufacturers' market capitalization has shown significant fluctuations as of June 27, 2025, with various companies experiencing changes in their valuations [1] Group 1: Market Capitalization Changes - Volkswagen leads with a market capitalization of $525.28 billion, showing a change of +9.9% [3] - General Motors follows with a valuation of $472.64 billion, reflecting an increase of 9.9% [3] - Maruti Suzuki's market cap stands at $467.11 billion, with a slight decrease of 1.92% [3] - Mahindra & Mahindra has a market cap of $450.77 billion, with a marginal increase of 0.05% [3] - Porsche's valuation is at $422.93 billion, showing a decrease of 0.55% [3] - Ford's market cap is $422.71 billion, with an increase of 5.96% [3] - Honda's market capitalization is $399.13 billion, reflecting an increase of 3.05% [3] - Hyundai's valuation is $380.27 billion, with a notable decrease of 12.41% [3] - Other notable companies include Tata Motors at $293.7 billion (+3.54%), Li Auto at $290.73 billion (-1.05%), and Stellantis at $286.85 billion (+2.02%) [3] Group 2: Additional Market Insights - Kia's market capitalization is $283.15 billion, showing a decrease of 4.63% [3] - SAIC Motor's valuation is $259.11 billion, with no significant change reported [3] - Suzuki's market cap is $235.1 billion, reflecting an increase of 4.2% [3] - Great Wall Motors has a market cap of $222.43 billion, with a slight increase of 0.73% [3] - Geely's valuation stands at $204.53 billion, showing a decrease of 0.78% [3] - Changan Automobile's market cap is $155.15 billion, with a minor decrease of 0.12% [4] - Nissan's market capitalization is $86.35 billion, reflecting an increase of 3.8% [4]

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of June 27, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $600.00 billion 3. Baidu: $500.00 billion [3] - Other notable companies in the top 10 include: - JD.com: $479.44 billion - SMIC: $460.02 billion - Kuaishou: $345.20 billion [4] Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Li Auto: $299.83 billion - Tencent Music: $289.65 billion - Beike: $221.41 billion [5] - The rankings continue with companies such as NIO at $77.45 billion and Vipshop at $76.25 billion, showcasing a diverse range of technology and internet firms [4][5].